1 00:00:02,320 --> 00:00:05,560 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:05,640 --> 00:00:09,960 Speaker 1: day Break for Friday two. Coming up this hour. Stocks 3 00:00:09,960 --> 00:00:12,960 Speaker 1: are on track for their first weekly gain in two months. 4 00:00:13,320 --> 00:00:16,280 Speaker 1: City Grove downgrades US equities on the risk of our session. 5 00:00:16,520 --> 00:00:20,240 Speaker 1: The US and Taiwan plant talks to increase economic ties, 6 00:00:20,600 --> 00:00:24,159 Speaker 1: and Texas Governor Greg Abbott will reportedly not address the 7 00:00:24,280 --> 00:00:27,520 Speaker 1: n r a's meeting in person. Today. Triples s people 8 00:00:27,520 --> 00:00:30,160 Speaker 1: will pack the roads for the long Memorial Day weekend. 9 00:00:30,200 --> 00:00:33,479 Speaker 1: Plus the w h JOE confirmed nine cases of monkeypox 10 00:00:33,520 --> 00:00:35,760 Speaker 1: in the U S. I'm Michael barr more A and 11 00:00:36,040 --> 00:00:40,040 Speaker 1: Alice got Edinburg and Yankees win in the Rangers face elimination. 12 00:00:40,240 --> 00:00:45,000 Speaker 1: I'll have that more coming up in sports. That's all's 13 00:00:45,040 --> 00:00:48,680 Speaker 1: training ahead on Bloomberg day Break on Bloomberg eleven, Free 14 00:00:48,680 --> 00:00:53,120 Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one 15 00:00:53,120 --> 00:00:57,600 Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius 16 00:00:57,800 --> 00:01:01,200 Speaker 1: x M one nineteen and around the world Bloomberg Radio 17 00:01:01,280 --> 00:01:08,640 Speaker 1: dot Com and via the Bloomberg Business. Good Friday Morning, 18 00:01:08,680 --> 00:01:11,440 Speaker 1: I'm Nathan Hacker and I'm Karen Moscow and US Dock 19 00:01:11,480 --> 00:01:14,120 Speaker 1: Index futures are on the rise this morning. We're coming 20 00:01:14,160 --> 00:01:15,560 Speaker 1: up to five oh one on Wall Street, and we 21 00:01:15,640 --> 00:01:18,120 Speaker 1: check the markets every fifteen minutes throughout the trading day. 22 00:01:18,240 --> 00:01:21,000 Speaker 1: On Bloomberg. Right now, SNP futures are up about twelve 23 00:01:21,000 --> 00:01:23,520 Speaker 1: points down Future is up thirty eight. Nastag Future is 24 00:01:23,600 --> 00:01:26,720 Speaker 1: up fifty one ten. Your treasury down one thirty second. 25 00:01:26,760 --> 00:01:29,280 Speaker 1: The yield two point seven five percent. That yield on 26 00:01:29,360 --> 00:01:32,319 Speaker 1: the two year two point four seven percent. Nin Max 27 00:01:32,360 --> 00:01:34,680 Speaker 1: Screwed Oil is up three ten percent or thirty three 28 00:01:34,760 --> 00:01:37,360 Speaker 1: cents at a hundred fourteen dollars forty two cents of barrel. 29 00:01:37,640 --> 00:01:39,920 Speaker 1: Comex's Gold is up a third of per cent, or 30 00:01:39,920 --> 00:01:44,080 Speaker 1: six dollars ninety cents at eighteen sixty eight announced and Nathan, 31 00:01:44,280 --> 00:01:46,640 Speaker 1: all right, Karen, thank you well. The SNP five hundred 32 00:01:46,680 --> 00:01:49,120 Speaker 1: this morning is on track for its first weekly gain 33 00:01:49,640 --> 00:01:52,720 Speaker 1: in nearly two months. The index rose two percent yesterday. 34 00:01:52,720 --> 00:01:55,760 Speaker 1: It's biggest game there in ten days. Max Wasserman is 35 00:01:55,840 --> 00:01:59,960 Speaker 1: founder and senior portfolio manager at Miramark Capital. I'm optimists 36 00:02:00,000 --> 00:02:02,240 Speaker 1: sticking a long term. It doesn't mean you could get 37 00:02:02,240 --> 00:02:04,360 Speaker 1: it more downside, and we could see another five to 38 00:02:04,400 --> 00:02:07,360 Speaker 1: seven percent on the downside, but we think we're through 39 00:02:07,360 --> 00:02:09,880 Speaker 1: the majority of the problem. And it's been a bad market. 40 00:02:09,919 --> 00:02:12,799 Speaker 1: I mean, the nazeck was down and the SMP was 41 00:02:12,800 --> 00:02:15,320 Speaker 1: close to down twenty. It could still go further, but 42 00:02:15,480 --> 00:02:18,120 Speaker 1: we're not We're not bailing on this market. My mere 43 00:02:18,160 --> 00:02:21,519 Speaker 1: Mark Capitals. Max Watsman made those comments on Bloomberg Business Week. 44 00:02:21,560 --> 00:02:23,720 Speaker 1: You can catch the program weekdays from two to five 45 00:02:23,760 --> 00:02:27,280 Speaker 1: pm Wall Street Time right here on Bloomberg Radio. Meantime, 46 00:02:27,360 --> 00:02:30,160 Speaker 1: Nathan City Group is getting more bearish on stocks, and 47 00:02:30,280 --> 00:02:32,960 Speaker 1: we get the details live from Bloomberg's redit a Young 48 00:02:33,000 --> 00:02:35,560 Speaker 1: good Morning, Ready to good morning, Karen's City Group cut 49 00:02:35,560 --> 00:02:38,800 Speaker 1: its recommendation on US stocks to neutral on the risk 50 00:02:38,840 --> 00:02:42,440 Speaker 1: of a recession. Strategist there joining an increasing number of 51 00:02:42,520 --> 00:02:45,639 Speaker 1: banks and warning of a growth slow down. They stay 52 00:02:45,680 --> 00:02:47,880 Speaker 1: with this high level of uncertainty and the lack of 53 00:02:47,960 --> 00:02:51,600 Speaker 1: reassurance from the Federal Reserve. The market is showing elements 54 00:02:51,680 --> 00:02:56,320 Speaker 1: of a deflating bubble, but opinion on US equities remains divided. 55 00:02:56,680 --> 00:02:59,680 Speaker 1: Some Wall Street analysts are betting on a rebound. They 56 00:02:59,720 --> 00:03:03,560 Speaker 1: believe that the odds of a recession are overstated. Live 57 00:03:03,600 --> 00:03:06,960 Speaker 1: in New York, I'm Reneda Young, Bloomberg Daybreak, Renina, thank you. 58 00:03:07,000 --> 00:03:11,399 Speaker 1: A solid retail elearnings help sentiment yesterday. Today, retail results 59 00:03:11,400 --> 00:03:16,000 Speaker 1: are not helping. GAP shares are down sixteen percent after 60 00:03:16,040 --> 00:03:18,800 Speaker 1: that company's first quarter profit missed estimates. We get that 61 00:03:18,800 --> 00:03:22,959 Speaker 1: story from Bloomberg's Charlie Pellet. It shows that operational missteps 62 00:03:23,000 --> 00:03:27,200 Speaker 1: and higher costs are hurting the apparel retailer. The company, 63 00:03:27,240 --> 00:03:30,720 Speaker 1: which also owns the Banana Republic and Old Navy brands, 64 00:03:30,800 --> 00:03:33,560 Speaker 1: posted a loss of forty four cents of share in 65 00:03:33,560 --> 00:03:38,360 Speaker 1: the quater ending April, below analysts average estimates. Foliar earnings 66 00:03:38,360 --> 00:03:41,440 Speaker 1: are now seen at between forty and seventy cents a share, 67 00:03:41,480 --> 00:03:44,280 Speaker 1: well below the dollar eighty five to two oh five 68 00:03:44,440 --> 00:03:49,160 Speaker 1: range previously provided In New York. Charlie Pellet, Bloomberg day Break, 69 00:03:49,280 --> 00:03:51,480 Speaker 1: A right, Charlie, thank you. All US futures are still 70 00:03:51,560 --> 00:03:54,640 Speaker 1: higher despite those results from Gap, and sentiment was also 71 00:03:54,720 --> 00:03:58,280 Speaker 1: strong overnight in Asia after solid earnings from Chinese tech companies. 72 00:03:58,520 --> 00:04:01,360 Speaker 1: We get the recap from Bloomberg's LEAs Sally and Singapore. 73 00:04:01,400 --> 00:04:04,760 Speaker 1: Good morning, Juliet, Good morning Karen. The Regional Benchmark Index 74 00:04:04,800 --> 00:04:06,920 Speaker 1: posted its best gain in a week, rising for the 75 00:04:06,960 --> 00:04:09,240 Speaker 1: first time in four sessions to set itself up for 76 00:04:09,320 --> 00:04:12,760 Speaker 1: a second weekly advance. Ali Baba and Baidu Shares rallied 77 00:04:12,760 --> 00:04:15,160 Speaker 1: in Hong Kong, lifting the Hang San Tech Index after 78 00:04:15,280 --> 00:04:18,920 Speaker 1: both beat sales forecast. Japanese equities also rose as the 79 00:04:19,000 --> 00:04:21,839 Speaker 1: nation announced it would reopen to select tours on package 80 00:04:21,880 --> 00:04:25,400 Speaker 1: tools from June ten, and Australian retailers recorded a fourth 81 00:04:25,440 --> 00:04:28,760 Speaker 1: consecutive months of sales gains, highlighting underlying momentum in the 82 00:04:28,800 --> 00:04:32,480 Speaker 1: economy and a degree of resilience among consumers. In Singapore 83 00:04:32,560 --> 00:04:36,280 Speaker 1: Juliet Sally Bloomberg, debreak Okay, Juliet, thank you. In Shanghai, 84 00:04:36,360 --> 00:04:39,200 Speaker 1: we're seeing more signs of the extreme steps being taken 85 00:04:39,200 --> 00:04:42,680 Speaker 1: to keep factories running during a COVID lockdown. Workers at 86 00:04:42,720 --> 00:04:46,240 Speaker 1: an Apple supplier, Quanta Computer, have started revolting against their 87 00:04:46,279 --> 00:04:48,520 Speaker 1: bosses after they were locked down in their factory for 88 00:04:48,600 --> 00:04:51,600 Speaker 1: almost two months. They've been fighting with guards and rushing 89 00:04:51,640 --> 00:04:55,640 Speaker 1: past isolation barriers in search of daily necessities. The current 90 00:04:55,680 --> 00:04:58,960 Speaker 1: system forces workers to live and sleep on factory sites, 91 00:05:00,200 --> 00:05:02,720 Speaker 1: and now Nathan China is coming under even more pressure 92 00:05:02,760 --> 00:05:06,160 Speaker 1: from the White House. As Bloomberg said, Baunster reports, Secretary 93 00:05:06,160 --> 00:05:08,960 Speaker 1: of State Anthony B. Lincoln is vowing to influence China's 94 00:05:09,000 --> 00:05:12,600 Speaker 1: behavior by shaping the world around Beijing. B Lincoln says 95 00:05:12,640 --> 00:05:15,320 Speaker 1: this is a charged moment for the globe and says, well, 96 00:05:15,400 --> 00:05:17,960 Speaker 1: he would like to work with China. Beijing cannot be 97 00:05:18,000 --> 00:05:20,400 Speaker 1: trust as stand ready to increase our direct communication with 98 00:05:20,440 --> 00:05:24,159 Speaker 1: Beijing across a full range of issues, and we hope 99 00:05:24,240 --> 00:05:27,680 Speaker 1: that that can happen, but we cannot rely on Beijing 100 00:05:27,839 --> 00:05:32,000 Speaker 1: to change its trajectory. Blincoln says, alliances like the Quad this. 101 00:05:32,120 --> 00:05:34,680 Speaker 1: At the same time, the US and Taiwan have announced 102 00:05:34,680 --> 00:05:39,440 Speaker 1: plans to enter into economic talks enhancing economic cooperation and 103 00:05:39,520 --> 00:05:44,240 Speaker 1: supply chain resiliency. Ian San Francisco, I'm at Baxter Bloomberg daybreak, 104 00:05:44,279 --> 00:05:46,680 Speaker 1: All right, ed, thank you. Meantime, the war in Ukraine 105 00:05:46,880 --> 00:05:49,760 Speaker 1: rages on, and now the US is rejecting a food 106 00:05:49,800 --> 00:05:53,839 Speaker 1: for sanctions relief plan floated by Russian President Vladimir Putin. 107 00:05:53,839 --> 00:05:57,599 Speaker 1: The proposal would facilitate fertilizer and grain exports, but only 108 00:05:57,680 --> 00:06:00,560 Speaker 1: if sanctions on Russia are lifted. The US says, the 109 00:06:00,640 --> 00:06:03,679 Speaker 1: Kremlin's blocking the shipments and stoking concerns of a global 110 00:06:03,680 --> 00:06:06,520 Speaker 1: food shortage, and we turn Closer to home Now Nathan 111 00:06:06,560 --> 00:06:09,240 Speaker 1: with the latest on the school shooting in Yuvaldi, Texas. 112 00:06:09,279 --> 00:06:12,680 Speaker 1: The National Rifle Association is holding its annual convention in 113 00:06:12,800 --> 00:06:16,720 Speaker 1: Houston today, but Texas Governor Greg Abbott won't be there. 114 00:06:17,000 --> 00:06:19,719 Speaker 1: The Dallas Morning News says he's drawn plans to address 115 00:06:19,760 --> 00:06:23,880 Speaker 1: the event in person to give a prerecorded speech instead. Meantime, 116 00:06:23,960 --> 00:06:27,680 Speaker 1: Senate Democrats say there's room for compromise on gun control legislation. 117 00:06:27,880 --> 00:06:31,080 Speaker 1: We spoke with Maryland Democrat Ben Kurten. What I'd like 118 00:06:31,120 --> 00:06:33,919 Speaker 1: to see don is certainly closed. The loopholes in the 119 00:06:33,960 --> 00:06:38,520 Speaker 1: background check red flags are consistent with that. We need 120 00:06:38,560 --> 00:06:41,960 Speaker 1: to deal with the military style UH and high capacity 121 00:06:42,560 --> 00:06:46,920 Speaker 1: UH magazines that are out there that are the weapon 122 00:06:47,200 --> 00:06:50,239 Speaker 1: choice for those who want to commit mass murders. Senator 123 00:06:50,240 --> 00:06:53,120 Speaker 1: Ben Carter of Maryland spoke with our Washington correspondent Joe 124 00:06:53,160 --> 00:06:56,080 Speaker 1: Matthew on Bloomberg Sound on Catch the show weekdays at 125 00:06:56,080 --> 00:06:59,080 Speaker 1: five pm Eastern on Bloomberg Radio, And in the interest 126 00:06:59,120 --> 00:07:01,680 Speaker 1: of transparent see we should note that Michael Bloomberg, the 127 00:07:01,720 --> 00:07:04,440 Speaker 1: founder and majority owner of Bloomberg Help, the parent of 128 00:07:04,440 --> 00:07:07,839 Speaker 1: Bloomberg Radio, is a donor to groups that support gun control. 129 00:07:08,080 --> 00:07:10,080 Speaker 1: All right, Karen, right now, S and P futures are 130 00:07:10,160 --> 00:07:13,160 Speaker 1: up seven point Stout futures up twelve, Nastack futures up 131 00:07:13,160 --> 00:07:15,960 Speaker 1: thirty five. Straight ahead, your latest local headlines and the 132 00:07:16,040 --> 00:07:24,080 Speaker 1: check of sports. This is Bloomberg. It's now five oh 133 00:07:24,120 --> 00:07:26,360 Speaker 1: seven on Wall Street. We're sixty four degrees in Central 134 00:07:26,360 --> 00:07:29,080 Speaker 1: Park dealing with major problems on routes seventy eight this morning. 135 00:07:29,120 --> 00:07:31,360 Speaker 1: We'll get to the details on that traffic shortly. First, 136 00:07:31,360 --> 00:07:33,880 Speaker 1: Michael Bars here with more on what's going on in 137 00:07:33,920 --> 00:07:37,360 Speaker 1: New York and around the world on this Friday morning. Michael, 138 00:07:37,640 --> 00:07:41,120 Speaker 1: Good morning, Nathan, and if you're traveling this Memorial Day weekend, 139 00:07:41,200 --> 00:07:44,640 Speaker 1: get ready for busy airports and roads. Despite the rising 140 00:07:44,720 --> 00:07:48,320 Speaker 1: costs of gas and airfare. The Triple As has more 141 00:07:48,360 --> 00:07:51,320 Speaker 1: than thirty nine million people will travel fifty miles or 142 00:07:51,440 --> 00:07:55,440 Speaker 1: more during the holiday weekend. Triple A spokesman Andrew Gross 143 00:07:55,480 --> 00:07:57,760 Speaker 1: says the majority of them will be hitting the roads 144 00:07:58,080 --> 00:08:01,680 Speaker 1: despite these record I guess line crisis. We are expecting, 145 00:08:01,760 --> 00:08:04,480 Speaker 1: based on what we're seeing Memorial Day, that it's going 146 00:08:04,520 --> 00:08:08,560 Speaker 1: to be a variable bust travel period for summer. People 147 00:08:08,840 --> 00:08:11,640 Speaker 1: just want to get out and go A gallon of 148 00:08:11,720 --> 00:08:15,400 Speaker 1: regular now tops four dollars in all fifty states. New 149 00:08:15,480 --> 00:08:18,640 Speaker 1: York City will bid to host the Democratic National Convention 150 00:08:18,680 --> 00:08:22,760 Speaker 1: in Madison Square Garden in four. Mayor Eric Adams says 151 00:08:22,880 --> 00:08:25,640 Speaker 1: this is a team New York moment. This is not 152 00:08:25,720 --> 00:08:29,760 Speaker 1: about Democratic Republican It's about how do we bring resources 153 00:08:29,800 --> 00:08:32,560 Speaker 1: to our city. The last time New York City hosts 154 00:08:32,559 --> 00:08:37,000 Speaker 1: at the Democratic Convention was when former President Bill Clinton 155 00:08:37,040 --> 00:08:40,640 Speaker 1: was nominated. Federal health officials say there are now nine 156 00:08:40,720 --> 00:08:44,080 Speaker 1: presumptive cases of monkeypox in the US, including one in 157 00:08:44,120 --> 00:08:47,000 Speaker 1: New York City. The city's Department of Health and Mental 158 00:08:47,080 --> 00:08:49,840 Speaker 1: Hygiene said that officials will be treating this as a 159 00:08:49,880 --> 00:08:54,880 Speaker 1: probable case and will continue its contact tracing efforts globally. 160 00:08:54,920 --> 00:08:58,720 Speaker 1: The WHO says it has confirmed about two monkeypox cases. 161 00:08:59,080 --> 00:09:04,120 Speaker 1: The WHOS Dr Maria van Kirkhov is addressing misinformation about 162 00:09:04,160 --> 00:09:06,280 Speaker 1: the spread of the virus. She notes that it can 163 00:09:06,320 --> 00:09:09,880 Speaker 1: be spread through sexual contact, but it is not an 164 00:09:09,920 --> 00:09:13,680 Speaker 1: STD and although it is not a new virus, it's 165 00:09:13,720 --> 00:09:16,400 Speaker 1: now popping up in countries where it doesn't usually spread. 166 00:09:16,800 --> 00:09:19,600 Speaker 1: We are asking countries to expand surveillance so that we 167 00:09:19,640 --> 00:09:23,040 Speaker 1: are looking for cases of monkey pops um cases of 168 00:09:23,120 --> 00:09:28,040 Speaker 1: rash um, particularly in people who present at sexual health 169 00:09:28,040 --> 00:09:33,319 Speaker 1: clinics or emergency departments. Dr Maria van Kirkhov answered questions 170 00:09:33,320 --> 00:09:37,080 Speaker 1: on the whose Facebook page. At California Parole Panel has 171 00:09:37,120 --> 00:09:41,000 Speaker 1: recommended the release of Charles Manson follower Patricia Krenwinkle she 172 00:09:41,280 --> 00:09:43,760 Speaker 1: rolled Helter Skelter on a Wall to using the blood 173 00:09:43,840 --> 00:09:46,360 Speaker 1: of one of their victims, including actor Sharon Tate. In 174 00:09:46,440 --> 00:09:49,440 Speaker 1: nineteen sixty nine, Global News twenty four hours a day 175 00:09:49,480 --> 00:09:52,000 Speaker 1: on air and on Bloomberg Quick Take, powered by more 176 00:09:52,320 --> 00:09:54,720 Speaker 1: than twenty seven hundred journalists and analysts and more than 177 00:09:54,760 --> 00:09:58,520 Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg, Nathan, Michael, 178 00:09:58,640 --> 00:10:05,280 Speaker 1: thank you almost five ten on Wall straight time for 179 00:10:05,320 --> 00:10:09,200 Speaker 1: the Bloomberg Sports up dat. Here Scott Seideberg, Banks, Nathan Nesty, 180 00:10:09,280 --> 00:10:12,559 Speaker 1: Nestor lives up to his name. Nestor Cortes through eight 181 00:10:12,600 --> 00:10:14,840 Speaker 1: innings of one run balls, the Yankees beat the race 182 00:10:14,960 --> 00:10:18,520 Speaker 1: seven too. At the Trump Courts has allowed just four hits, 183 00:10:18,559 --> 00:10:22,600 Speaker 1: retiring fourteen straight. At one point here was Aaron Boone. 184 00:10:22,800 --> 00:10:24,440 Speaker 1: I think how efficient he got, you know, I had 185 00:10:24,400 --> 00:10:26,560 Speaker 1: to work a little bit in a first inning, and 186 00:10:26,600 --> 00:10:29,280 Speaker 1: then he just dialed in from from a command standpoint 187 00:10:29,320 --> 00:10:33,160 Speaker 1: and kind of cruise there, uh for much of the game. Um, 188 00:10:33,160 --> 00:10:35,120 Speaker 1: but I thought he was really sharp. Prior to the game, 189 00:10:35,160 --> 00:10:38,800 Speaker 1: the Yankees signing former Cardinals All star Mett Carpenter. He 190 00:10:38,840 --> 00:10:41,640 Speaker 1: went over two with the walk as the designated hitter. 191 00:10:41,679 --> 00:10:43,400 Speaker 1: The Mets were off last night. They begin to set 192 00:10:43,400 --> 00:10:46,319 Speaker 1: with the Phillies tonight at City Field. The Rangers are 193 00:10:46,360 --> 00:10:49,760 Speaker 1: on the brink of elimination after falling to Carolina three 194 00:10:49,800 --> 00:10:52,800 Speaker 1: one last night. Game six at the Garden tomorrow or 195 00:10:52,920 --> 00:10:56,440 Speaker 1: nights elsewhere. The Oilers onto the Western Conference Finals after 196 00:10:56,480 --> 00:11:00,280 Speaker 1: beating the Flames five four in overtime. NBA allowed flight. 197 00:11:00,360 --> 00:11:02,720 Speaker 1: The Warriors beat the Mavericks to earn a trip back 198 00:11:02,760 --> 00:11:05,120 Speaker 1: to the NBA Finals for the sixth time in the 199 00:11:05,200 --> 00:11:08,600 Speaker 1: last eight seasons. Tonight, the Celtics look to close out 200 00:11:08,640 --> 00:11:11,400 Speaker 1: the heat in the Eastern Conference Finals. Tennis at the 201 00:11:11,440 --> 00:11:14,800 Speaker 1: French Open, make it thirty straight for Egles the Optic, 202 00:11:15,080 --> 00:11:17,640 Speaker 1: The world's number one, defeated Allison Risk to extend the 203 00:11:17,720 --> 00:11:20,960 Speaker 1: longest winning streak in women's tennis in Serena won thirty 204 00:11:20,960 --> 00:11:24,800 Speaker 1: four matches in a row back in twenty I'm Scott 205 00:11:24,920 --> 00:11:28,520 Speaker 1: Edinburg with Bloomberg Sports. Nathan all Right, Scott, Thanks, Let's 206 00:11:28,520 --> 00:11:30,560 Speaker 1: take a look at this market this morning. We have 207 00:11:30,720 --> 00:11:34,240 Speaker 1: futures moving higher, with the SMP points for its first 208 00:11:34,480 --> 00:11:37,920 Speaker 1: weekly gain in what seven weeks now. SMP futures right 209 00:11:37,920 --> 00:11:41,720 Speaker 1: now up almost seven points. DAL futures up six. Dance 210 00:11:41,720 --> 00:11:45,319 Speaker 1: Deck futures are higher by thirty three points. The tenure 211 00:11:45,360 --> 00:11:47,760 Speaker 1: treasury right now is down to thirty seconds, with the 212 00:11:47,800 --> 00:11:50,040 Speaker 1: yield two point seven five percent yield on the two 213 00:11:50,120 --> 00:11:54,080 Speaker 1: year two point four seven Nimex cruds up to three 214 00:11:54,080 --> 00:11:56,200 Speaker 1: tenths of percent, or thirty two cents at a hundred 215 00:11:56,200 --> 00:12:11,720 Speaker 1: fourteen dollars forty one cents to barrel. And it's afternoon, 216 00:12:11,760 --> 00:12:14,640 Speaker 1: a high near eighty degrees. More storms possible tomorrow with 217 00:12:14,679 --> 00:12:18,199 Speaker 1: a high near eighty upper seventies, sunshine Sunday right now 218 00:12:18,720 --> 00:12:24,839 Speaker 1: sixty four degrees. Markets, headlines and breaking news twenty four 219 00:12:24,880 --> 00:12:27,920 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 220 00:12:27,960 --> 00:12:37,400 Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash, 221 00:12:37,840 --> 00:12:42,000 Speaker 1: and I'm far at Moscow and European shares are higher. 222 00:12:42,200 --> 00:12:45,480 Speaker 1: U S Dock indise futures are rising as well. They're 223 00:12:45,480 --> 00:12:47,959 Speaker 1: all following Asian shares higher, heading for the best weekly 224 00:12:48,000 --> 00:12:51,480 Speaker 1: advanced since mid March. It's scorning to European stocks anyway. 225 00:12:51,520 --> 00:12:53,920 Speaker 1: The dollar is dropping. We checked the markets every fifteen 226 00:12:53,960 --> 00:12:56,160 Speaker 1: minutes throughout the trading day. On bloomberg S and P 227 00:12:56,360 --> 00:12:58,679 Speaker 1: Future is up seven points this morning. Down Future is 228 00:12:58,760 --> 00:13:01,320 Speaker 1: up nine and nasday Future is up thirty two. The 229 00:13:01,400 --> 00:13:04,600 Speaker 1: decks in Germany is up half percent ten. Your treasury 230 00:13:04,600 --> 00:13:07,040 Speaker 1: down one thirty second. You have two point seven five percent. 231 00:13:07,160 --> 00:13:09,120 Speaker 1: They yield on the two year two point four six 232 00:13:09,160 --> 00:13:12,000 Speaker 1: percent now. iMX scret oil is up six tents percent 233 00:13:12,080 --> 00:13:14,240 Speaker 1: or sixty eight cents at a hundred fourteen dollar seventy 234 00:13:14,240 --> 00:13:16,839 Speaker 1: seven cents of barrel. Comic School is up half percent 235 00:13:16,920 --> 00:13:19,280 Speaker 1: or eight dollars ninety cents in eighteen sixty two eighty 236 00:13:19,280 --> 00:13:22,000 Speaker 1: announce the euro one point oh seven to eight against 237 00:13:22,040 --> 00:13:24,320 Speaker 1: the dollar, British pound one point to six one three 238 00:13:24,360 --> 00:13:27,199 Speaker 1: and again one twenty seven point oh three Bitcoin this 239 00:13:27,240 --> 00:13:30,000 Speaker 1: morning moving lower, down one point seven percent at twenty 240 00:13:30,000 --> 00:13:32,720 Speaker 1: eight thousand, nine hundred dollars. Today we are watching for 241 00:13:32,800 --> 00:13:35,520 Speaker 1: reports on personal income and spending out at eight thirty 242 00:13:35,520 --> 00:13:39,079 Speaker 1: Wall Street time, along with wholesale inventories and consumer sentiment 243 00:13:39,160 --> 00:13:41,720 Speaker 1: is out at ten. That's a Bloomberg business Flash. Now 244 00:13:41,760 --> 00:13:44,360 Speaker 1: here's Michael Barr with more on what's going on around 245 00:13:44,360 --> 00:13:48,200 Speaker 1: the world. Muchael, Good morning, Good morning Karen. Texas Governor 246 00:13:48,240 --> 00:13:51,679 Speaker 1: Greg Abbott reportedly dropped plans to address the National Rifle 247 00:13:51,760 --> 00:13:55,760 Speaker 1: Association's annual meeting in person just days after the school 248 00:13:55,840 --> 00:13:59,240 Speaker 1: shooting in Uvaldi that left twenty one people dead. According 249 00:13:59,320 --> 00:14:02,559 Speaker 1: to the Dallas Morning News, Abbots scheduled to speak of 250 00:14:02,600 --> 00:14:06,000 Speaker 1: the n A gathering in Houston starting today. The US 251 00:14:06,080 --> 00:14:09,280 Speaker 1: rejected a plan by Russian President of Vladimir Putin to 252 00:14:09,360 --> 00:14:13,640 Speaker 1: facilitate grain and fertilizer exports only if sanctions on his 253 00:14:13,720 --> 00:14:16,360 Speaker 1: country are lifted. The US pins the blame on the 254 00:14:16,440 --> 00:14:21,120 Speaker 1: Kremlin for blocking shipments and stoking concerns of global food shortages. 255 00:14:21,440 --> 00:14:24,240 Speaker 1: In the NHL Playoffs, the Rangers are on the brink 256 00:14:24,240 --> 00:14:27,440 Speaker 1: of elimination. New York lost to the Hurricanes three one 257 00:14:27,480 --> 00:14:30,760 Speaker 1: in Game five. In the NBA Playoffs, the Warriors are 258 00:14:30,760 --> 00:14:33,000 Speaker 1: in the finals. They won the West, beating the Mavericks. 259 00:14:34,600 --> 00:14:37,240 Speaker 1: Global News twenty four hours a day on here and 260 00:14:37,400 --> 00:14:40,280 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 261 00:14:40,320 --> 00:14:42,920 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 262 00:14:43,280 --> 00:14:46,440 Speaker 1: Michael Barron, this is Bloomberg, Nathan. All right, Michael, thanks 263 00:14:46,480 --> 00:14:48,640 Speaker 1: for coming up to five twenty on Wall Street Live 264 00:14:48,720 --> 00:14:52,440 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 265 00:14:52,520 --> 00:14:54,960 Speaker 1: Let's turn out to another major story, a potential new 266 00:14:55,040 --> 00:14:58,280 Speaker 1: challenge to China coming from the United States. Sources tell 267 00:14:58,280 --> 00:15:01,440 Speaker 1: Bloomberg News the Biden administration and is planning economic talks 268 00:15:01,480 --> 00:15:04,400 Speaker 1: with Taiwan. That's after the island was left out of 269 00:15:04,440 --> 00:15:07,720 Speaker 1: the thirteen nation framework that President Biden announced in Tokyo 270 00:15:07,760 --> 00:15:10,040 Speaker 1: earlier this week. From all of this, we're joined live 271 00:15:10,040 --> 00:15:13,560 Speaker 1: from Hong Kong by Bloomberg Is Chief Asia Economics correspondent 272 00:15:13,920 --> 00:15:15,680 Speaker 1: and the Current and they're good to have you with 273 00:15:15,760 --> 00:15:18,160 Speaker 1: us this morning. What do we know about these talks? 274 00:15:18,200 --> 00:15:20,920 Speaker 1: What do we expect them to entail? These folks are 275 00:15:21,000 --> 00:15:24,480 Speaker 1: meant to be announced overcoming weeks, Nathan. The center of 276 00:15:24,520 --> 00:15:26,720 Speaker 1: them seems to be all about working on areas such 277 00:15:26,720 --> 00:15:31,440 Speaker 1: as trade facilitation and supply chains, improving trade in the 278 00:15:31,480 --> 00:15:36,160 Speaker 1: agricultural products products under like. Some of those areas are 279 00:15:36,240 --> 00:15:39,880 Speaker 1: quite similar to the pillars in that new Indo Pacific 280 00:15:39,880 --> 00:15:42,480 Speaker 1: Economic Framework that you mentioned that was announced this week 281 00:15:42,560 --> 00:15:45,840 Speaker 1: by President Biden in Tokyo. The framework, of course doesn't 282 00:15:45,920 --> 00:15:48,280 Speaker 1: yet include Taiwan, so it might be part of the 283 00:15:48,280 --> 00:15:53,720 Speaker 1: process of inching Taiwan closure towards involvement in that Nonetheless, 284 00:15:53,720 --> 00:15:57,680 Speaker 1: though it's suggesting closer economic relations between YUST and Taiwan. 285 00:15:57,720 --> 00:15:59,680 Speaker 1: But the details we have so far for our colleagues, 286 00:15:59,720 --> 00:16:02,400 Speaker 1: Jenny learn out, the DC doesn't yet suggest it's getting 287 00:16:02,440 --> 00:16:06,720 Speaker 1: towards a you know, an outright free trade deal per se. Well, 288 00:16:06,760 --> 00:16:09,280 Speaker 1: that is something that Taiwan has been pressing for for 289 00:16:09,360 --> 00:16:11,840 Speaker 1: some time, a free trade agreement with the United States. 290 00:16:11,880 --> 00:16:15,520 Speaker 1: Have we gotten any reaction from China to this report? 291 00:16:16,040 --> 00:16:20,760 Speaker 1: How would China likely react to this? Well, look, I 292 00:16:20,800 --> 00:16:23,800 Speaker 1: think the Chinese response is all is consistent and fairly predictable. 293 00:16:24,040 --> 00:16:26,200 Speaker 1: Predictable when it comes to this, when Nathan, they will 294 00:16:26,240 --> 00:16:28,640 Speaker 1: all us pushed back against what they considered to be 295 00:16:28,680 --> 00:16:32,880 Speaker 1: interference in its own affairs. We can serve We certainly 296 00:16:32,880 --> 00:16:34,920 Speaker 1: know that in the past, for example, when the US 297 00:16:34,920 --> 00:16:37,840 Speaker 1: has commed it on Taiwan, it has been met with 298 00:16:37,920 --> 00:16:41,200 Speaker 1: a fairly fairly steering rebuke from the Chinese side. But 299 00:16:41,240 --> 00:16:44,840 Speaker 1: nonetheless the U S I just seemed to be keen 300 00:16:45,280 --> 00:16:47,960 Speaker 1: to push for close relations with Taiwan, but at the 301 00:16:48,000 --> 00:16:52,400 Speaker 1: same time in sexual state such as say Lincoln's speech yesterday, 302 00:16:52,520 --> 00:16:54,560 Speaker 1: as you know, he did mention the fact that overall 303 00:16:54,640 --> 00:16:57,800 Speaker 1: US policy for the Taiwan hasn't changed. They don't support 304 00:16:57,840 --> 00:17:01,080 Speaker 1: time and He's independence for example. So clearly the US 305 00:17:01,160 --> 00:17:04,000 Speaker 1: is willing to push the boats to a certain extent 306 00:17:04,119 --> 00:17:07,679 Speaker 1: in terms of US Taiwan economic relations. But you know, 307 00:17:07,720 --> 00:17:11,000 Speaker 1: despite President Biden's comments, as they're also making it clear 308 00:17:11,040 --> 00:17:15,000 Speaker 1: that the overall US Taiwan framework hasn't changed. Does China 309 00:17:15,680 --> 00:17:19,720 Speaker 1: agree with that that the U s policy regarding Taiwan 310 00:17:19,840 --> 00:17:24,480 Speaker 1: has not changed. Well, they're always quite you know, kind 311 00:17:24,480 --> 00:17:27,480 Speaker 1: of aggressive in their response names and they're always quite 312 00:17:27,920 --> 00:17:31,320 Speaker 1: embrasive when there's any commentry on Taiwan. They you know, 313 00:17:31,320 --> 00:17:32,800 Speaker 1: they want to make sure, they want to make clear 314 00:17:32,800 --> 00:17:36,560 Speaker 1: of the red line for China from their perspective of course. 315 00:17:36,800 --> 00:17:40,520 Speaker 1: Um So that's why I think we've seen such a 316 00:17:40,680 --> 00:17:43,919 Speaker 1: ratcheting up of tensions between China and the US in 317 00:17:43,960 --> 00:17:46,840 Speaker 1: recent years in the rush of rhetoric, because even when 318 00:17:47,160 --> 00:17:50,480 Speaker 1: basic policy stabents are really iterated again, they're met by 319 00:17:50,480 --> 00:17:54,080 Speaker 1: a volley of you know, rebuttaled by by either side, 320 00:17:54,160 --> 00:17:56,879 Speaker 1: especially quite barbed on on the Chinese side of when 321 00:17:56,920 --> 00:17:58,920 Speaker 1: it comes to the course the whole role of Wolf Wolf, 322 00:17:59,000 --> 00:18:00,679 Speaker 1: the films in the like. But I think when you 323 00:18:00,680 --> 00:18:02,439 Speaker 1: take it all together, though, you see the U S 324 00:18:02,480 --> 00:18:06,040 Speaker 1: engine towards closer economical relations with Taiwan. You look at 325 00:18:06,040 --> 00:18:08,879 Speaker 1: that overall speech wide secutives, say b Lincoln yesterday outlining 326 00:18:09,760 --> 00:18:12,600 Speaker 1: the you know, in very blunt terms, just where US 327 00:18:12,680 --> 00:18:14,800 Speaker 1: China relations are. I think it goes to show you 328 00:18:14,840 --> 00:18:18,920 Speaker 1: that it's both both sides and are in a very 329 00:18:18,920 --> 00:18:21,880 Speaker 1: competitive state at the very least, if not edging towards 330 00:18:21,880 --> 00:18:25,560 Speaker 1: something even more serious. And then does this have implications 331 00:18:25,560 --> 00:18:29,360 Speaker 1: and for the US China trade relationship. Of course, we're 332 00:18:29,359 --> 00:18:32,000 Speaker 1: in the middle of a Phase one trade deal with China, 333 00:18:32,160 --> 00:18:36,880 Speaker 1: and President Biden is considering making moves on the tariffs 334 00:18:36,920 --> 00:18:38,960 Speaker 1: that have been imposed on China. As we deal with 335 00:18:39,000 --> 00:18:41,600 Speaker 1: this you know, four decade high inflation that we're dealing 336 00:18:41,640 --> 00:18:44,119 Speaker 1: with in the United States right now, it's a big question. 337 00:18:44,160 --> 00:18:48,920 Speaker 1: I mean, both Treasure Checktory Ellen and of course other 338 00:18:49,040 --> 00:18:50,840 Speaker 1: U S officials have made the point that they might 339 00:18:50,840 --> 00:18:54,760 Speaker 1: consider they are considering bringing down TOWERFFS in certain Chinese goods, 340 00:18:54,800 --> 00:18:57,840 Speaker 1: but that would probably be about trying to alleviate the 341 00:18:57,920 --> 00:19:01,119 Speaker 1: US inflation more than resetting on the US relations. I mean, 342 00:19:01,160 --> 00:19:03,360 Speaker 1: that would not be a game changer for the Chinese 343 00:19:03,400 --> 00:19:06,680 Speaker 1: side either. They might welcome it on the margins. But 344 00:19:06,720 --> 00:19:09,199 Speaker 1: when you consider that the US is also report to 345 00:19:09,240 --> 00:19:12,639 Speaker 1: be reported to be considering sanctions, ongoing sanctions, sanctions against 346 00:19:12,720 --> 00:19:16,840 Speaker 1: key Chinese companies for example, When of course you consider 347 00:19:16,920 --> 00:19:20,560 Speaker 1: that you know, the US pushing for closure economic relations 348 00:19:20,640 --> 00:19:23,040 Speaker 1: with time one, none of it suggests that any kind 349 00:19:23,080 --> 00:19:26,199 Speaker 1: of easy enough turf story will be will trigger a 350 00:19:26,240 --> 00:19:28,679 Speaker 1: reset in works on the U S relations. Right And 351 00:19:29,240 --> 00:19:31,280 Speaker 1: you know, even though sector said Lincoln did say in 352 00:19:31,320 --> 00:19:33,960 Speaker 1: his speech, center is room for corporational areas such as 353 00:19:33,960 --> 00:19:37,120 Speaker 1: climate change in North Korea, and they like I think, 354 00:19:37,400 --> 00:19:40,199 Speaker 1: the trajectory of US generations, or at least when it 355 00:19:40,200 --> 00:19:42,680 Speaker 1: comes to competition between both, is set and that's not 356 00:19:42,760 --> 00:19:45,080 Speaker 1: expected to change any time soon. Always going to have 357 00:19:45,080 --> 00:19:46,960 Speaker 1: you with US. Sender, thanks for this and the current 358 00:19:47,040 --> 00:19:51,200 Speaker 1: chief Asia economics correspondent for Bloomberg News. Right now it 359 00:19:51,240 --> 00:19:53,399 Speaker 1: would be future is up, seven points down. Future is 360 00:19:53,440 --> 00:19:56,720 Speaker 1: up eighteen nansect future is highed by thirty seven points 361 00:19:56,720 --> 00:19:59,920 Speaker 1: and the tenure treasury down one thirty second the yield 362 00:20:00,040 --> 00:20:08,680 Speaker 1: two point seven. This is Bloomberg Bloomberg eleven three oh Weather. 363 00:20:08,760 --> 00:20:12,600 Speaker 1: Showers and storms possible this afternoon and tomorrow afternoon as well, 364 00:20:12,640 --> 00:20:16,080 Speaker 1: with highs in the upper seventies both days. Sunshine returns 365 00:20:16,080 --> 00:20:18,360 Speaker 1: Sunday with a high near eighty Right now sixty four 366 00:20:18,520 --> 00:20:25,280 Speaker 1: in Central Park. Broadcasting live from the Bloomberg Interactive Broker 367 00:20:25,400 --> 00:20:28,800 Speaker 1: Studio in New York. Bloomberg e Living Free to Washington, 368 00:20:28,880 --> 00:20:33,240 Speaker 1: d C. Bloomberg to Boston, Bloomberg one six one does 369 00:20:33,240 --> 00:20:36,960 Speaker 1: San Francisco, Bloomberg nine sixty to the Country, Sirius XM 370 00:20:37,000 --> 00:20:39,879 Speaker 1: to the one ninete and around the globe the Bloomberg 371 00:20:39,880 --> 00:20:44,320 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 372 00:20:50,160 --> 00:20:52,560 Speaker 1: It's five thirty on Wall Street, corning up Nathan Hagar 373 00:20:52,800 --> 00:20:55,320 Speaker 1: and I'm Karen Moscow and we're just about four hours 374 00:20:55,359 --> 00:20:57,399 Speaker 1: away from the open of US trading. Let's catch you 375 00:20:57,440 --> 00:20:58,760 Speaker 1: up to date in the news you need to know 376 00:20:58,840 --> 00:21:01,720 Speaker 1: at this hour US in next futures are rising as 377 00:21:01,720 --> 00:21:03,520 Speaker 1: we close out a training week that has the s 378 00:21:03,560 --> 00:21:06,320 Speaker 1: and P five hundred on track for its first weekly 379 00:21:06,359 --> 00:21:09,159 Speaker 1: gain and two months. However, one Wall Street firm sees 380 00:21:09,160 --> 00:21:11,480 Speaker 1: more pain ahead for investors, and we get the latest 381 00:21:11,520 --> 00:21:14,000 Speaker 1: lie from Bloomberg's gonna need a young Good morning, Renny, Now, 382 00:21:14,080 --> 00:21:17,359 Speaker 1: good morning. Karen's City Group cut its recommendation on US 383 00:21:17,400 --> 00:21:20,879 Speaker 1: stocks to neutral on the risk of a recession. Strategist 384 00:21:20,920 --> 00:21:23,720 Speaker 1: there joining an increasing number of banks and warning of 385 00:21:23,760 --> 00:21:26,800 Speaker 1: a growth slowdown. They say, with this high level of 386 00:21:26,880 --> 00:21:30,080 Speaker 1: uncertainty and a lack of reassurance from the Federal Reserve, 387 00:21:30,400 --> 00:21:33,600 Speaker 1: the market is showing elements of a deflating bubble. But 388 00:21:33,680 --> 00:21:37,840 Speaker 1: opinion on US equities remains divided. Some Wall Street animalsts 389 00:21:37,880 --> 00:21:40,639 Speaker 1: are betting on a rebound. They believe that the odds 390 00:21:40,680 --> 00:21:44,240 Speaker 1: of a recession are overstated. Live in New York. I'm 391 00:21:44,240 --> 00:21:46,280 Speaker 1: gonna need a young Bloomberg day break, all right, Ready 392 00:21:46,320 --> 00:21:49,480 Speaker 1: to thank you all. Retail earnings helped boost sentiment yesterday. 393 00:21:49,480 --> 00:21:52,040 Speaker 1: This morning, it's a different story. Shares of Gap are 394 00:21:52,119 --> 00:21:55,640 Speaker 1: down seventeen percent in early training. That retailer lowered its 395 00:21:55,680 --> 00:21:59,760 Speaker 1: full year forecast after posting profit that missed estimates. Politics 396 00:21:59,800 --> 00:22:01,960 Speaker 1: alls so and focus this morning. Nathan with the latest 397 00:22:02,040 --> 00:22:05,239 Speaker 1: US challenged at China. The Biden administration in Taiwan are 398 00:22:05,240 --> 00:22:09,600 Speaker 1: announcing negotiations to increase economic ties. Talks would focus on 399 00:22:09,680 --> 00:22:13,960 Speaker 1: enhancing economic cooperation and supply chain resiliency, but falls short 400 00:22:14,000 --> 00:22:16,880 Speaker 1: of a free trade agreement. Beijing has were in Washington 401 00:22:16,920 --> 00:22:20,280 Speaker 1: about its relationship with Taiwan and Karen. Texas Governor Greg 402 00:22:20,280 --> 00:22:23,040 Speaker 1: Gabbott has dropped his plans to attend today's National Rifle 403 00:22:23,080 --> 00:22:26,240 Speaker 1: Association convention. The Dallas Morning News reports he'll give a 404 00:22:26,280 --> 00:22:29,119 Speaker 1: pre recorded speech instead while he visits the school in 405 00:22:29,200 --> 00:22:32,480 Speaker 1: Uvaldi where nineteen children and two adults were killed this week. 406 00:22:32,720 --> 00:22:36,600 Speaker 1: Houston Mayor Sylvester Turner is rejecting calls to cancel the convention. 407 00:22:36,920 --> 00:22:40,399 Speaker 1: We just don't have that luxury of that option, just 408 00:22:40,600 --> 00:22:44,119 Speaker 1: to cancel a convention that has been on the books 409 00:22:44,160 --> 00:22:48,760 Speaker 1: for two years UH where we are contractually obligated. Houston 410 00:22:48,800 --> 00:22:51,040 Speaker 1: Mayor Sylvester Turner says the n r A could delay 411 00:22:51,080 --> 00:22:52,800 Speaker 1: the convention if it wanted to, but he doesn't think 412 00:22:52,840 --> 00:22:55,480 Speaker 1: it's gonna happen. In the interest of transparency, we should 413 00:22:55,480 --> 00:22:58,040 Speaker 1: note that Michael Bloomberg, the founder and majority owner of 414 00:22:58,040 --> 00:23:00,960 Speaker 1: Bloomberg LP, the parent of Bloomberg Great is a donor 415 00:23:01,000 --> 00:23:04,080 Speaker 1: to groups that support gun control and futures this morning 416 00:23:04,119 --> 00:23:06,680 Speaker 1: are on the rise, Nathan SNP Future is up ten 417 00:23:06,840 --> 00:23:10,159 Speaker 1: points now Future is up thirty one nastagg futures up 418 00:23:10,200 --> 00:23:13,440 Speaker 1: forty four. Ten year Treasury down one thirty second yield 419 00:23:13,480 --> 00:23:15,720 Speaker 1: two point seven five percent, and they yield on the 420 00:23:15,760 --> 00:23:18,800 Speaker 1: two year two point four seven percent. Nine x Screwed 421 00:23:18,800 --> 00:23:20,920 Speaker 1: oil is up six tents per cent or sixty six 422 00:23:20,920 --> 00:23:23,560 Speaker 1: cents at a hundred fourteen dollars seventy five cents a barrel, 423 00:23:23,800 --> 00:23:26,200 Speaker 1: and Bitcoin this morning lower down one and a half 424 00:23:26,240 --> 00:23:29,680 Speaker 1: percent at twenty eight thousand and nine hundred dollars. Trying 425 00:23:29,720 --> 00:23:32,280 Speaker 1: to hand your latest local headlines plus a check of sports. 426 00:23:32,320 --> 00:23:39,639 Speaker 1: This is Bloomberg. Thanks Scared. It's five thirty three on 427 00:23:39,640 --> 00:23:41,840 Speaker 1: Wall Street. We're sixty five degrees in Central Park and 428 00:23:41,880 --> 00:23:44,760 Speaker 1: dealing with a couple of big issues on Roots seventy eight. 429 00:23:44,760 --> 00:23:46,479 Speaker 1: We'll get the details for you in traffic in just 430 00:23:46,520 --> 00:23:48,960 Speaker 1: a few minutes. Michael barrs here first though, with Warre 431 00:23:49,000 --> 00:23:51,040 Speaker 1: on what's going on in New York and around the world. 432 00:23:51,040 --> 00:23:53,880 Speaker 1: Good morning, Michael, Good morning Nathan. In spite of high 433 00:23:53,880 --> 00:23:58,560 Speaker 1: inflation and surgeon gas prices. Triple axpects millions of Americans 434 00:23:58,560 --> 00:24:02,480 Speaker 1: will travel this Memorial A weekend. Spokesman Andrew Gross says 435 00:24:02,480 --> 00:24:05,800 Speaker 1: Triple A estimates thirty nine point two million people in 436 00:24:05,840 --> 00:24:09,080 Speaker 1: the US will travel fifty miles or more from home 437 00:24:09,200 --> 00:24:13,199 Speaker 1: during the holiday weekend. Of that percent are expected to 438 00:24:13,200 --> 00:24:16,080 Speaker 1: go by car. We've never had a Memorial Day travel 439 00:24:16,119 --> 00:24:18,159 Speaker 1: period where so many people are going to go in 440 00:24:18,160 --> 00:24:20,600 Speaker 1: by car at the same time you have these high 441 00:24:20,680 --> 00:24:24,880 Speaker 1: gas prices. Triple A spokesman Gross says, people just want 442 00:24:24,920 --> 00:24:28,240 Speaker 1: to get out and go. New York City will bid 443 00:24:28,280 --> 00:24:31,520 Speaker 1: to host the Democratic National Convention at Madison Square Garden 444 00:24:31,600 --> 00:24:35,679 Speaker 1: in four Mayor Eric Adams says this is a Team 445 00:24:35,760 --> 00:24:39,439 Speaker 1: New York moment, not Democratic Republican. The last time New 446 00:24:39,520 --> 00:24:44,280 Speaker 1: York City hosted the Democratic Convention was when former President 447 00:24:44,320 --> 00:24:47,840 Speaker 1: Bill Clinton was nominated. Federal health officials say there are 448 00:24:47,880 --> 00:24:51,040 Speaker 1: now nine confirmed cases of monkey pox in the US, 449 00:24:51,359 --> 00:24:54,919 Speaker 1: including one presumptive case in New York City. Globally, the 450 00:24:55,080 --> 00:24:58,720 Speaker 1: WHO says it as confirmed about two hundred monkey pox cases. 451 00:24:59,080 --> 00:25:04,119 Speaker 1: The WHO, Dr Maria Vankerhove, is addressing misinformation about the 452 00:25:04,160 --> 00:25:07,359 Speaker 1: spread of the virus. This is not a sexually transmitted 453 00:25:07,359 --> 00:25:11,200 Speaker 1: infection UM. We do know that monkey pocks does transmit 454 00:25:11,240 --> 00:25:15,800 Speaker 1: primarily from physical contact skin to skin contact UM, and 455 00:25:15,840 --> 00:25:20,119 Speaker 1: that includes sexual contact. Dr Maria Vankerhove answered questions on 456 00:25:20,160 --> 00:25:24,560 Speaker 1: the whose Facebook page. Expect more baby formula to be 457 00:25:24,560 --> 00:25:27,399 Speaker 1: flown into the US to ease the shortage problem. The 458 00:25:27,400 --> 00:25:31,080 Speaker 1: White House says more Operation Fly formulashipments should arrive, but 459 00:25:31,119 --> 00:25:34,320 Speaker 1: did not disclose when that will be. Tributes continue to 460 00:25:34,359 --> 00:25:38,480 Speaker 1: come in for actor ray Leota, who died yesterday. Director 461 00:25:38,560 --> 00:25:42,560 Speaker 1: Martin Scorsese says he is shocked and devastated. Leota was 462 00:25:42,960 --> 00:25:46,320 Speaker 1: in big movies including Good Fellas and Field of Dreams. 463 00:25:46,600 --> 00:25:50,040 Speaker 1: Ray Leota was sixty seven Global News twenty four hours 464 00:25:50,040 --> 00:25:53,000 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 465 00:25:53,040 --> 00:25:55,720 Speaker 1: more than hundred journalists and analysts and more than a 466 00:25:55,800 --> 00:25:59,359 Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg, Nathan. Alright, Michael, 467 00:25:59,359 --> 00:26:07,080 Speaker 1: thanks on Wall Street. Time for the Blomberg Sports Update 468 00:26:07,119 --> 00:26:10,240 Speaker 1: with Scott Seidenberg. Good morning, Nathan. The Rangers are on 469 00:26:10,280 --> 00:26:13,520 Speaker 1: the brink of elimination after falling to Carolina three one 470 00:26:13,680 --> 00:26:17,560 Speaker 1: last night. The Hurricanes dominated for the majority of the game, 471 00:26:17,600 --> 00:26:20,400 Speaker 1: according to Gerard Glance, well, I didn't think we played 472 00:26:20,400 --> 00:26:21,960 Speaker 1: a game at all. I thought we were reaching with 473 00:26:22,040 --> 00:26:24,240 Speaker 1: sticks all night instead of finishing checks for the body 474 00:26:24,280 --> 00:26:26,760 Speaker 1: like we did the other nights. Obviously to meet it 475 00:26:26,880 --> 00:26:29,639 Speaker 1: was the worst game in the five games Finals series, 476 00:26:29,880 --> 00:26:33,720 Speaker 1: Game six at the Garden Tomorrow night. Elsewhere, the Oilers 477 00:26:33,800 --> 00:26:36,680 Speaker 1: onto the Western Conference Finals after beating the Flames five 478 00:26:36,720 --> 00:26:40,760 Speaker 1: four in overtime. Baseball Messer Cortez through eight innings of 479 00:26:40,760 --> 00:26:43,000 Speaker 1: one run balls. The Yankees beat the Raise seven to 480 00:26:43,080 --> 00:26:45,320 Speaker 1: two at the trop Prior to the game, the Yankees 481 00:26:45,320 --> 00:26:49,080 Speaker 1: signing former Cardinals All star Matt Carpenter. He went over 482 00:26:49,200 --> 00:26:51,640 Speaker 1: two with a walk as the designated hitter. The Mets 483 00:26:51,640 --> 00:26:53,159 Speaker 1: were off last night. They begin to set with the 484 00:26:53,160 --> 00:26:56,440 Speaker 1: Phillies tonight at City Field, NBA. Last night, the Warriors 485 00:26:56,520 --> 00:26:58,560 Speaker 1: beat the Mavericks to earn a trip back to the 486 00:26:58,680 --> 00:27:02,760 Speaker 1: NBA Finals for the six time in the last eight seasons. Tonight, 487 00:27:02,880 --> 00:27:05,280 Speaker 1: the Celtics looked close out the Heat in the Eastern 488 00:27:05,320 --> 00:27:08,520 Speaker 1: Conference Finals. Tennis at the French Open, make it thirty 489 00:27:08,680 --> 00:27:12,240 Speaker 1: straight for Ego Skiatec, The world's number one defeated Allison 490 00:27:12,359 --> 00:27:15,159 Speaker 1: Risk to extend the longest winning streak in women's tennis 491 00:27:15,160 --> 00:27:17,920 Speaker 1: since Serena won thirty four matches in a row back 492 00:27:18,000 --> 00:27:23,159 Speaker 1: in twent thirteen. I'm Scott Siveinberg with Bloomberg Sports. Nathan Okay. Scott, 493 00:27:23,200 --> 00:27:25,560 Speaker 1: thanks for coming up to five thirty seven on Wall 494 00:27:25,640 --> 00:27:28,920 Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg's 495 00:27:28,920 --> 00:27:31,960 Speaker 1: dead cory. A big tax break for developers is likely 496 00:27:32,000 --> 00:27:34,760 Speaker 1: to go away. The subsidy, known as four one A, 497 00:27:34,920 --> 00:27:38,280 Speaker 1: has been using about every big residential project over its 498 00:27:38,280 --> 00:27:41,280 Speaker 1: fifty one year history. The Time says New York State 499 00:27:41,320 --> 00:27:44,320 Speaker 1: lawmakers are unlikely to renew it. Critics say it has 500 00:27:44,359 --> 00:27:48,400 Speaker 1: amounted to a tax giveaway for developers. Officials have revealed 501 00:27:48,440 --> 00:27:52,040 Speaker 1: and alleged retail theft operation. They say it involved an 502 00:27:52,040 --> 00:27:56,040 Speaker 1: elaborate scheme to shop lived luxury goods from Bloomingdale's Sofa 503 00:27:56,440 --> 00:27:59,200 Speaker 1: and other New York City retail outlets and resell them 504 00:27:59,200 --> 00:28:02,800 Speaker 1: on Amazon and eBay. Charges have been brought against forty 505 00:28:02,960 --> 00:28:05,560 Speaker 1: one people. You have to wait a little longer for 506 00:28:05,640 --> 00:28:08,320 Speaker 1: a revival in the theme park segment of the junk 507 00:28:08,400 --> 00:28:12,080 Speaker 1: municipal bond market. The owner of the Showboat Hotel in 508 00:28:12,119 --> 00:28:15,639 Speaker 1: Atlantic City is taking out a conventional loan to build 509 00:28:15,640 --> 00:28:18,399 Speaker 1: a water park there. The park was supposed to be 510 00:28:18,520 --> 00:28:22,879 Speaker 1: financed originally with an unrated nine million dollar revenue bomb 511 00:28:23,400 --> 00:28:26,560 Speaker 1: and you, Bloomberg try State Business Report. I'm ind Corey. 512 00:28:26,760 --> 00:28:28,800 Speaker 1: Thanks Ed. We're coming up to five thirty eight on 513 00:28:28,840 --> 00:28:31,440 Speaker 1: Wall Street. Now. Bloomberg Radio is on the air from 514 00:28:31,480 --> 00:28:34,680 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 515 00:28:34,760 --> 00:28:36,720 Speaker 1: check in with our global news team for some of 516 00:28:36,760 --> 00:28:39,680 Speaker 1: the top stories heard on our three hundred affiliate radio 517 00:28:39,760 --> 00:28:46,240 Speaker 1: stations around the world. I'm Steve Polaskan Chen Chen Wins 518 00:28:46,240 --> 00:28:48,480 Speaker 1: in New York. We're talking about a bounce in PC 519 00:28:48,800 --> 00:28:52,840 Speaker 1: demand as more people head back to the office. On 520 00:28:52,960 --> 00:28:55,560 Speaker 1: ktr H in Houston, oil is heading for a fifth 521 00:28:55,640 --> 00:28:58,680 Speaker 1: weekly gain ahead of the summer driving season. I'm Genus 522 00:28:58,720 --> 00:29:01,280 Speaker 1: are ready in for douw D. I'm in Chicago. I'm 523 00:29:01,320 --> 00:29:04,800 Speaker 1: reporting that early total show McDonald's investors have voted in 524 00:29:04,840 --> 00:29:08,320 Speaker 1: favor of a proposal calling for an independent civil rights audit. 525 00:29:08,640 --> 00:29:11,800 Speaker 1: I'm Stephen Carol on Bloomberg d AB Digital Radio in London. 526 00:29:11,840 --> 00:29:14,520 Speaker 1: We've been reporting on reaction to the government's announcing a 527 00:29:14,560 --> 00:29:17,360 Speaker 1: windfall attacks on oil and gas companies to help fund 528 00:29:17,360 --> 00:29:20,640 Speaker 1: disbanding package b piece as it's now reviewing its investments 529 00:29:20,640 --> 00:29:24,120 Speaker 1: in Britain. I d gory on w w J and Dedroid. 530 00:29:24,200 --> 00:29:27,760 Speaker 1: I'm reporting dog House Farm has received the city's first 531 00:29:27,800 --> 00:29:32,840 Speaker 1: recreational adult use cannabis flights. And those are just some 532 00:29:32,920 --> 00:29:35,840 Speaker 1: of the stories are twenty seven Bloomberg journalist and analysts 533 00:29:35,840 --> 00:29:38,280 Speaker 1: are working on this morning around the world. It's five 534 00:29:38,360 --> 00:29:41,280 Speaker 1: thirty nine on Wall Street. The following is an editorial 535 00:29:41,400 --> 00:29:46,520 Speaker 1: from Bloomberg opinion. Cryptocurrencies are the opposite of a prudent investment. 536 00:29:46,640 --> 00:29:49,760 Speaker 1: Their ballatle have little practical use and lack the real 537 00:29:49,800 --> 00:29:54,400 Speaker 1: world cash flows that underpinned the values of stocks and bonds. Nevertheless, 538 00:29:54,600 --> 00:29:59,080 Speaker 1: financial institutions are increasingly seeking to get crypto into employers 539 00:29:59,080 --> 00:30:02,120 Speaker 1: sponsored for our one K plans. It's a misguidded idea. 540 00:30:02,400 --> 00:30:05,920 Speaker 1: Americans have a hard enough time navigating the retirement saving 541 00:30:05,960 --> 00:30:10,160 Speaker 1: system without adding a risky option that even professional investors 542 00:30:10,200 --> 00:30:14,840 Speaker 1: struggle to understand and risky. It is the most established cryptocurrency, 543 00:30:15,040 --> 00:30:20,080 Speaker 1: Bitcoin is down more than fift since November. Other cryptocurrencies 544 00:30:20,160 --> 00:30:23,400 Speaker 1: have even less promising track records. People should be free 545 00:30:23,440 --> 00:30:26,320 Speaker 1: to invest the money as they please, but not in 546 00:30:26,440 --> 00:30:30,560 Speaker 1: their tax advantage retirement accounts. And while crypto may someday 547 00:30:30,600 --> 00:30:34,160 Speaker 1: proved to be more than a purely speculative instrument, it's 548 00:30:34,160 --> 00:30:37,160 Speaker 1: nowhere in near that point now. This editorial was written 549 00:30:37,160 --> 00:30:40,360 Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Chipley. For 550 00:30:40,480 --> 00:30:43,200 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 551 00:30:43,280 --> 00:30:46,840 Speaker 1: opinion or op and go on the Bloomberg Terminal. These 552 00:30:46,960 --> 00:30:50,200 Speaker 1: has been Bloomberg opinion and you can hear Bloomberg opinion 553 00:30:50,320 --> 00:30:53,720 Speaker 1: editorials every weekday. At this time, terminal customers can read 554 00:30:53,760 --> 00:30:57,000 Speaker 1: more at O P I N GO. As we look 555 00:30:57,120 --> 00:31:01,080 Speaker 1: at futures on the rise with the SMP poise for 556 00:31:01,120 --> 00:31:03,360 Speaker 1: its first weekly gain at about eight weeks, we have 557 00:31:03,480 --> 00:31:06,840 Speaker 1: SMP futures up now by eleven points, STOUT futures up 558 00:31:06,840 --> 00:31:10,240 Speaker 1: thirty six, NASTACK futures higher by fifty four points. We'll 559 00:31:10,240 --> 00:31:13,960 Speaker 1: get perspective on this market next with Ivy Jack, head 560 00:31:13,960 --> 00:31:17,400 Speaker 1: of equity research at north Start Asset Management. You're listening 561 00:31:17,400 --> 00:31:23,520 Speaker 1: to Bloomberg day Break. Good morning, but we're eleven three 562 00:31:23,560 --> 00:31:25,880 Speaker 1: oh weather. Some showers and storms possible this afternoon with 563 00:31:25,960 --> 00:31:28,520 Speaker 1: highs in the upper seventies. Pretty much the same forecast tomorrow. 564 00:31:28,520 --> 00:31:31,160 Speaker 1: We're expecting sunshine to prevail though on Sunday, with a 565 00:31:31,240 --> 00:31:34,200 Speaker 1: high near eighty degrees. Right now sixty five and funky 566 00:31:34,280 --> 00:31:39,760 Speaker 1: in Central Park markets. Headlines and breaking news twenty four 567 00:31:39,800 --> 00:31:43,160 Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business 568 00:31:43,160 --> 00:31:52,400 Speaker 1: and at Bloomberg Quick Take. He's a Bloomberg Business Flash 569 00:31:52,760 --> 00:31:55,840 Speaker 1: and I'm Karen. Moscow and stalks are rattying as dip 570 00:31:55,880 --> 00:31:58,840 Speaker 1: buyers return, with European shares heading for the best weekly 571 00:31:58,880 --> 00:32:01,720 Speaker 1: advanced since mid Marrow to oil is rising, and we 572 00:32:01,800 --> 00:32:04,320 Speaker 1: check the markets every fifteen minutes throughout the trading day. 573 00:32:04,400 --> 00:32:07,200 Speaker 1: On Bloomberg s and P futures up twelve points this morning. 574 00:32:07,240 --> 00:32:10,680 Speaker 1: Down futures have forty five NASTAC futures have fifty two 575 00:32:10,760 --> 00:32:12,960 Speaker 1: The decks in Germany's up about seven tenths of u 576 00:32:13,080 --> 00:32:16,000 Speaker 1: percent ten Your Treasury down one thirty second deal two 577 00:32:16,000 --> 00:32:18,280 Speaker 1: point seven five percent. They yield on the two year 578 00:32:18,360 --> 00:32:21,240 Speaker 1: two point four six percent. Nine X Screwed oil is 579 00:32:21,320 --> 00:32:23,320 Speaker 1: up six ten percent, or sixty six cents at a 580 00:32:23,400 --> 00:32:26,960 Speaker 1: hundred fourteen dollars seventy five cents of barrel comics gold 581 00:32:26,960 --> 00:32:29,360 Speaker 1: is up half percent or nine dollars at eighteen sixty 582 00:32:29,360 --> 00:32:32,120 Speaker 1: two ninety announce the Euro one point oh seven to 583 00:32:32,360 --> 00:32:34,760 Speaker 1: three against the dollar, British pound one point to six, 584 00:32:35,000 --> 00:32:37,560 Speaker 1: and the en one twenty seven point oh five, and 585 00:32:37,600 --> 00:32:40,360 Speaker 1: Bitcoin this morning down one point six percent at twenty 586 00:32:40,360 --> 00:32:44,080 Speaker 1: eight thousand, nine hundred fifty dollars. As a Bloomberg Business flash. 587 00:32:44,120 --> 00:32:46,280 Speaker 1: Now here's Michael Barr with more on what's going on 588 00:32:46,360 --> 00:32:49,600 Speaker 1: around the world. Michael, thank you very much. Tern Texas 589 00:32:49,640 --> 00:32:52,280 Speaker 1: Governor Greg Abbott will no longer appear in person at 590 00:32:52,320 --> 00:32:56,080 Speaker 1: the n r A convention that begins today in Houston. Instead, 591 00:32:56,160 --> 00:32:59,200 Speaker 1: Abbott says, you will return to Yuvaldi, Texas to meet 592 00:32:59,200 --> 00:33:02,640 Speaker 1: with families and acted by this week's school shooting. In 593 00:33:02,680 --> 00:33:06,000 Speaker 1: the NHL playoffs, the Rangers are on the brink of elimination. 594 00:33:06,080 --> 00:33:08,720 Speaker 1: New York lost to the Hurricanes three one in Game five. 595 00:33:09,200 --> 00:33:12,080 Speaker 1: In the NBA Playoffs, the Warriors are in the finals. 596 00:33:12,160 --> 00:33:16,120 Speaker 1: They won the West beating a maverage. In baseball, the 597 00:33:16,160 --> 00:33:19,560 Speaker 1: Yankees beat the Ray seven to New York, and Tampa 598 00:33:19,600 --> 00:33:23,640 Speaker 1: Bay dedicated their Twitter feeds last night's posting gunawareness messages 599 00:33:23,960 --> 00:33:27,200 Speaker 1: rather than baseball stats. The Red Sox and Nationals won 600 00:33:27,280 --> 00:33:30,400 Speaker 1: the a's Lost Global News twenty four hours a day 601 00:33:30,480 --> 00:33:33,280 Speaker 1: on air and on Bloomberg Quick Take, powered by more 602 00:33:33,320 --> 00:33:36,040 Speaker 1: than seven hundred journalists and analysts in more than a 603 00:33:36,120 --> 00:33:40,160 Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg, Nathan. Okay, Michael, 604 00:33:40,200 --> 00:33:42,240 Speaker 1: thanks for coming up to five forty nine on Wall 605 00:33:42,240 --> 00:33:45,320 Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is 606 00:33:45,320 --> 00:33:48,240 Speaker 1: Bloomberg Daybreak, and Ivy Jack is with us now to 607 00:33:48,240 --> 00:33:50,360 Speaker 1: take a look at this market. Head of Equity Research 608 00:33:50,360 --> 00:33:54,480 Speaker 1: at north Star Asset Management. Futures on the rise this morning. 609 00:33:54,520 --> 00:33:56,920 Speaker 1: Ivy looking at two S and P futures near ob 610 00:33:56,960 --> 00:34:00,520 Speaker 1: session high in the pre market, with US stock set 611 00:34:00,560 --> 00:34:04,719 Speaker 1: to snap a seven week losing streak. Here is this 612 00:34:04,760 --> 00:34:09,080 Speaker 1: a dip you'd buy? Um? Well, first of all, thank 613 00:34:09,080 --> 00:34:12,640 Speaker 1: you for having me, Nathan, I would say, no, this 614 00:34:12,760 --> 00:34:15,439 Speaker 1: is not a dip. I would buy. Um. I think 615 00:34:15,440 --> 00:34:19,320 Speaker 1: there's gonna be a lot more pressure to come. There's 616 00:34:19,360 --> 00:34:23,920 Speaker 1: still so much that we do not know, um, particularly 617 00:34:23,960 --> 00:34:27,719 Speaker 1: as it relates to the fallout from the Ukrainian War. Yes, 618 00:34:27,800 --> 00:34:31,879 Speaker 1: we just got first quarter earnings and it was clear, Um, 619 00:34:31,960 --> 00:34:34,160 Speaker 1: you know, I would say, earnings came out better than 620 00:34:34,239 --> 00:34:37,200 Speaker 1: I had anticipated, and I think it reflects to some 621 00:34:37,360 --> 00:34:39,960 Speaker 1: extent the fact that we haven't seen the full brunt 622 00:34:40,280 --> 00:34:44,040 Speaker 1: in terms of the fallout of the war in Ukraine, 623 00:34:44,120 --> 00:34:46,200 Speaker 1: the impact that it's going to have on the cost 624 00:34:46,280 --> 00:34:48,800 Speaker 1: of fossil fuel and energy, and how that's going to 625 00:34:48,920 --> 00:34:52,160 Speaker 1: trickle out through the rest of our economy. So right now, 626 00:34:52,400 --> 00:34:56,440 Speaker 1: I'm still expecting another five percent down in the market 627 00:34:56,440 --> 00:34:59,040 Speaker 1: in the SMP five hundred, So I would hold off 628 00:35:00,640 --> 00:35:04,799 Speaker 1: given that we have that potential for uncertainty with the 629 00:35:04,920 --> 00:35:09,520 Speaker 1: Ukraine war. Is the FED doing enough here? Is there 630 00:35:09,600 --> 00:35:13,839 Speaker 1: more that the FED can do to tackle that kind 631 00:35:13,880 --> 00:35:18,520 Speaker 1: of inflationary pressure coming from the war? I think the 632 00:35:18,560 --> 00:35:22,640 Speaker 1: FED is doing what it can do. UM. The Fed, 633 00:35:22,960 --> 00:35:24,560 Speaker 1: you know, if we step back and think about it, 634 00:35:24,640 --> 00:35:27,959 Speaker 1: the FED is very limited in the tools that they have, 635 00:35:28,680 --> 00:35:31,759 Speaker 1: and so I think the FED will continue to you know, 636 00:35:32,040 --> 00:35:35,799 Speaker 1: raise um the discount rate fifty basis points a couple 637 00:35:35,920 --> 00:35:39,160 Speaker 1: more times. And I think that's prudent because you've got 638 00:35:39,160 --> 00:35:42,560 Speaker 1: to realize, even though it's the FED for the United States, UH, 639 00:35:42,600 --> 00:35:46,239 Speaker 1: the moves that the FED make impacts the entire global economy. 640 00:35:46,600 --> 00:35:49,680 Speaker 1: So it's very important for them to stay um kind 641 00:35:49,719 --> 00:35:53,879 Speaker 1: of predictable and to continue to signal what they're going 642 00:35:53,920 --> 00:35:57,239 Speaker 1: to do and be consistent about what they do, so 643 00:35:57,520 --> 00:36:00,840 Speaker 1: you know, not to make any quick change is or 644 00:36:01,000 --> 00:36:07,359 Speaker 1: UM any additional hikes until they can start to see 645 00:36:07,440 --> 00:36:10,359 Speaker 1: kind of how this all is going to fall out. 646 00:36:10,440 --> 00:36:12,080 Speaker 1: So I think the Fed is doing what they can 647 00:36:12,160 --> 00:36:15,360 Speaker 1: do right now given the tools that they have. What 648 00:36:15,480 --> 00:36:18,400 Speaker 1: should they be looking at in terms of economic data, 649 00:36:18,520 --> 00:36:22,759 Speaker 1: in terms of what happens with the war Ukraine when 650 00:36:22,800 --> 00:36:26,680 Speaker 1: it comes to being a bit more nimble uh in 651 00:36:26,800 --> 00:36:30,520 Speaker 1: their policy path. Well, I think one of the things 652 00:36:30,520 --> 00:36:32,480 Speaker 1: that they're going to probably continue to look at is 653 00:36:32,520 --> 00:36:35,760 Speaker 1: the health of the consumer and the job market. UM. 654 00:36:35,800 --> 00:36:40,520 Speaker 1: There's no doubt that jobs continue to be strong, consumer 655 00:36:40,560 --> 00:36:43,840 Speaker 1: continues to be healthy. You know, we haven't started seeing 656 00:36:43,880 --> 00:36:47,200 Speaker 1: like an increase in delinquencies, so right now the consumer 657 00:36:47,360 --> 00:36:51,759 Speaker 1: is healthy UM and in terms of jobs and employment, 658 00:36:52,160 --> 00:36:54,200 Speaker 1: things look very good. So if you're the FIT, they're 659 00:36:54,200 --> 00:36:57,960 Speaker 1: probably going to continue to monitor all of these metrics, UM, 660 00:36:58,040 --> 00:37:01,600 Speaker 1: and that's that that's really I think UM going to 661 00:37:01,640 --> 00:37:06,040 Speaker 1: be very important, particularly over the next couple of months. 662 00:37:06,440 --> 00:37:09,880 Speaker 1: Do you expect the consumer to continue to remain healthy. Obviously, 663 00:37:09,920 --> 00:37:13,520 Speaker 1: the market was buoyed somewhat this week by the retail 664 00:37:13,640 --> 00:37:16,520 Speaker 1: data we got and from from some of the retail earnings. 665 00:37:16,520 --> 00:37:20,319 Speaker 1: Notwithstanding the Gap results that came out yesterday, and we're 666 00:37:20,320 --> 00:37:23,720 Speaker 1: seeing the shares getting pumbled there. But what's your outlook 667 00:37:23,760 --> 00:37:28,160 Speaker 1: on the US consumer? I think the US consumer for 668 00:37:28,200 --> 00:37:31,400 Speaker 1: the rest of the year will probably stay fairly healthy. 669 00:37:31,440 --> 00:37:34,000 Speaker 1: I think what you're saying with retailers like the Gap 670 00:37:34,080 --> 00:37:36,800 Speaker 1: and some of the other retailers is, look, we're seeing 671 00:37:37,160 --> 00:37:39,680 Speaker 1: UM a move away from the purchase of goods and 672 00:37:39,719 --> 00:37:42,959 Speaker 1: more focused on purchasing enough services. So this is something 673 00:37:43,000 --> 00:37:45,799 Speaker 1: I think we should have, we should be expecting to see, 674 00:37:45,800 --> 00:37:48,879 Speaker 1: and I don't think that there's anything necessarily wrong with it. UM. 675 00:37:48,880 --> 00:37:51,239 Speaker 1: It might not be good necessarily for the Gap and 676 00:37:51,320 --> 00:37:54,439 Speaker 1: for maybe a Target or Walmart, but in terms of 677 00:37:54,520 --> 00:37:57,160 Speaker 1: the U S consumer UM, I don't think that it 678 00:37:57,239 --> 00:38:01,200 Speaker 1: necessarily tells us that the consumer UM is under pressure. 679 00:38:01,280 --> 00:38:03,319 Speaker 1: But with that being said, as we go through the 680 00:38:03,360 --> 00:38:05,680 Speaker 1: rest of the year, you've got to realize that we're 681 00:38:05,719 --> 00:38:10,239 Speaker 1: cycling the stimulus, but jobs continue to be strong, so 682 00:38:10,360 --> 00:38:13,160 Speaker 1: therefore I think the consumer is still healthy. The consumer 683 00:38:13,200 --> 00:38:16,799 Speaker 1: will probably remain healthy throughout the rest of the year, 684 00:38:16,840 --> 00:38:19,279 Speaker 1: but that that doesn't mean that we shouldn't continue to 685 00:38:19,280 --> 00:38:22,120 Speaker 1: pay close attention. Thanks for this, Ivy good having gone 686 00:38:22,160 --> 00:38:24,600 Speaker 1: with us this morning. Ivy jack Had of Equity Research 687 00:38:24,640 --> 00:38:27,719 Speaker 1: at north Star Asset Management Karry Nathan, it is fine 688 00:38:27,760 --> 00:38:29,759 Speaker 1: to day three on Wall Street. It's time for the 689 00:38:29,760 --> 00:38:32,440 Speaker 1: Bloomberg Law Report. We get to the legal stories we're 690 00:38:32,480 --> 00:38:39,120 Speaker 1: watching this morning from Bloomberg's Joan Donnegher. Republicans on the 691 00:38:39,160 --> 00:38:41,600 Speaker 1: Senate Finance Committee want the I R s to start 692 00:38:41,719 --> 00:38:45,200 Speaker 1: using scanning technology that would allow for faster processing of 693 00:38:45,200 --> 00:38:48,360 Speaker 1: paper tax returns. Ernst and Young is looking at separating 694 00:38:48,400 --> 00:38:50,879 Speaker 1: its audit practice from the rest of its business. Such 695 00:38:50,880 --> 00:38:52,880 Speaker 1: a move would be the largest shake up in accounting 696 00:38:52,960 --> 00:38:55,919 Speaker 1: since Arthur Anderson's collapsed twenty years ago, and a Labor 697 00:38:55,960 --> 00:38:59,920 Speaker 1: Department investigation finds fed x owes two d thirty five Birmingham, 698 00:39:00,000 --> 00:39:03,399 Speaker 1: Alabama workers or than one one tho dollars in back 699 00:39:03,440 --> 00:39:07,000 Speaker 1: pay because subcontractors didn't deep accurate records and paid workers 700 00:39:07,000 --> 00:39:10,680 Speaker 1: a flat weekly rates. Bloomberg Law everything you need, all 701 00:39:10,760 --> 00:39:15,080 Speaker 1: on one legal research platform, including guidance analysis and Bloomberg 702 00:39:15,080 --> 00:39:20,279 Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot Com. 703 00:39:20,320 --> 00:39:23,240 Speaker 1: All right, Joan, thank you. Another legal story where watching 704 00:39:23,360 --> 00:39:27,560 Speaker 1: law enforcement authorities are facing mounting questions and criticism over 705 00:39:27,640 --> 00:39:30,920 Speaker 1: how much time elapsed before they stormed at Texas elementary 706 00:39:30,920 --> 00:39:33,719 Speaker 1: school classroom and put a stop to the rampage by 707 00:39:33,760 --> 00:39:37,000 Speaker 1: a gunman who killed nineteen children and two teachers. And 708 00:39:37,080 --> 00:39:40,719 Speaker 1: despite calls from President Joe Biden for common sense gun legislation, 709 00:39:40,960 --> 00:39:43,400 Speaker 1: there is a partisan deadlock in Congress over how to 710 00:39:43,480 --> 00:39:46,880 Speaker 1: addrest the rising number of deadly massacres in this country. 711 00:39:47,120 --> 00:39:50,120 Speaker 1: For more, Bloomberg student Grosso speaks to Second Amendment law 712 00:39:50,160 --> 00:39:54,320 Speaker 1: expert Joseph Blocker, professor at Duke Law School, doesn't. Biden 713 00:39:54,440 --> 00:39:58,960 Speaker 1: has called on Congress to end gun violence by passing 714 00:39:59,120 --> 00:40:03,160 Speaker 1: common sense stun laws, but Republicans senators like Jim in 715 00:40:03,200 --> 00:40:07,160 Speaker 1: Hope of Oklahoma say that no legislation could prevent these 716 00:40:07,239 --> 00:40:11,719 Speaker 1: tragic mass shootings. Is federal legislation the answer. I think 717 00:40:11,719 --> 00:40:14,920 Speaker 1: it's going to require of riot responses federal states and 718 00:40:15,000 --> 00:40:16,839 Speaker 1: local I think there's some kinds of laws that are 719 00:40:16,840 --> 00:40:19,399 Speaker 1: best known at the federal level. Expanded background checks would 720 00:40:19,400 --> 00:40:22,399 Speaker 1: be a good example. That's the easiest to administer using 721 00:40:22,400 --> 00:40:26,360 Speaker 1: a national background check system, which relies on data that 722 00:40:26,440 --> 00:40:28,799 Speaker 1: comes from the states. But at the state level, there's 723 00:40:28,800 --> 00:40:30,960 Speaker 1: plenty of reforms as well, some of which have some 724 00:40:31,080 --> 00:40:34,160 Speaker 1: bipartisan support, and it's become more popular even in the 725 00:40:34,239 --> 00:40:36,960 Speaker 1: last five years. So the passage of extreme Risk Protection 726 00:40:37,120 --> 00:40:40,200 Speaker 1: order laws often called thread slag laws, that's a good example. 727 00:40:40,320 --> 00:40:42,600 Speaker 1: Is more the twenty states have those now, almost all 728 00:40:42,640 --> 00:40:44,880 Speaker 1: of them have been adopted in the last five years, 729 00:40:44,960 --> 00:40:47,640 Speaker 1: so there's room there. At the local level, things are 730 00:40:47,680 --> 00:40:51,280 Speaker 1: a little trickier because most states right more than forty 731 00:40:51,360 --> 00:40:53,719 Speaker 1: states now have what are called preemption laws, which make 732 00:40:53,800 --> 00:40:56,359 Speaker 1: it hard for local governments to regulate. But in the 733 00:40:56,440 --> 00:40:59,960 Speaker 1: states where local governments still have some regulatory space, they could, 734 00:41:00,080 --> 00:41:03,560 Speaker 1: for example, designates certain places like bars or you know, 735 00:41:03,600 --> 00:41:07,600 Speaker 1: busy public areas, stadiums, etcetera, as sensitive places where guns 736 00:41:07,600 --> 00:41:11,320 Speaker 1: shouldn't be taken. They might impose licensing requirements on people 737 00:41:11,360 --> 00:41:13,880 Speaker 1: carrying guns in the particular places, so kind of require 738 00:41:13,920 --> 00:41:16,399 Speaker 1: I think a broad response with the federal state and club. 739 00:41:16,800 --> 00:41:19,680 Speaker 1: You know, we're waiting for this opinion from the court, 740 00:41:20,160 --> 00:41:23,160 Speaker 1: and most people who listen to those oral arguments are 741 00:41:23,200 --> 00:41:27,480 Speaker 1: anticipating that the court is going to strike down New 742 00:41:27,560 --> 00:41:31,440 Speaker 1: York's law imposing special requirements to get a handgun license. 743 00:41:31,800 --> 00:41:34,560 Speaker 1: What effect will that have? Yeah, I think the challengers 744 00:41:34,560 --> 00:41:36,759 Speaker 1: in that case have reason to feel confident. I think 745 00:41:36,800 --> 00:41:38,919 Speaker 1: that the New York law, at least in the current form, 746 00:41:39,040 --> 00:41:41,080 Speaker 1: is probably going to be struck down. And what we're 747 00:41:41,120 --> 00:41:44,560 Speaker 1: really waiting to hear is on what spaces like how 748 00:41:44,600 --> 00:41:46,920 Speaker 1: broad is the Supreme Court's ruling going to be. The 749 00:41:47,360 --> 00:41:50,360 Speaker 1: challenge is to the New York's current system for issuing 750 00:41:50,520 --> 00:41:54,160 Speaker 1: permits to publicly carry a concealed handgun. And the Court 751 00:41:54,160 --> 00:41:56,880 Speaker 1: could just say, well, New York standard is too strict, 752 00:41:57,000 --> 00:41:59,919 Speaker 1: or New York standard has too much discretion built into 753 00:42:00,000 --> 00:42:02,200 Speaker 1: and that would be relatively limited holding. It will be 754 00:42:02,239 --> 00:42:04,840 Speaker 1: a big one. And the Court could go further and say, 755 00:42:05,000 --> 00:42:09,080 Speaker 1: you know, permit requirements for public carrying our constitutional or 756 00:42:09,600 --> 00:42:12,520 Speaker 1: they all have to be or called shall issue, meaning 757 00:42:12,680 --> 00:42:17,000 Speaker 1: based on purely objective criterion um and those would be broader. 758 00:42:18,600 --> 00:42:20,759 Speaker 1: And it shows if Blocker a professor at Duke Law 759 00:42:20,800 --> 00:42:23,360 Speaker 1: School speaking at the Bloomberg Student Garasso. Catch more of 760 00:42:23,440 --> 00:42:26,160 Speaker 1: that interview, plus analysis of the latest legal news, by 761 00:42:26,280 --> 00:42:29,200 Speaker 1: listening to The Bloomberg Law Show at ten pm Eastern 762 00:42:29,239 --> 00:42:32,480 Speaker 1: time or subscribing to the Bloomberg Law podcast, and attorneys 763 00:42:32,520 --> 00:42:35,400 Speaker 1: can find exceptional legal research and business development tools at 764 00:42:35,440 --> 00:42:39,400 Speaker 1: Bloomberg law dot com. Futures higher this morning, S and 765 00:42:39,400 --> 00:42:42,080 Speaker 1: P futures up about nineteen points and still ahead on 766 00:42:42,080 --> 00:42:44,600 Speaker 1: Bloomberg Daybreak and check on the business headlines and all 767 00:42:44,640 --> 00:42:47,160 Speaker 1: the news you need to start your day. This is 768 00:42:47,160 --> 00:42:47,759 Speaker 1: Bloomberg