WEBVTT - Bloomberg Daybreak: May 27, 2022 - Hour 2 (Radio) 0:00:02.360 --> 0:00:05.600 Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 0:00:05.680 --> 0:00:09.360 day Break for Friday May two. Coming up this hour. 0:00:09.600 --> 0:00:12.160 Stocks are on track for their first weekly gain in 0:00:12.320 --> 0:00:15.600 two months. City Group downgrades US equities on the risk 0:00:15.680 --> 0:00:18.599 of our session. The U S And Taiwan plant talks 0:00:18.640 --> 0:00:22.440 to increase economic ties, and Texas Governor Greg Abbott will 0:00:22.440 --> 0:00:26.040 reportedly not address the n r a's meeting in person today. 0:00:26.320 --> 0:00:28.960 Triple Lass people will back the roads for the long 0:00:29.040 --> 0:00:32.200 Memorial Day weekend. Plus the w h JOE confirmed nine 0:00:32.280 --> 0:00:35.280 cases of monkeypox in the U S. I'm Michael Barr. 0:00:35.360 --> 0:00:40.080 More ahead, Latice, got Edinburg, Yankees women, the Rangers face elimination. 0:00:40.280 --> 0:00:45.360 I'll have that more coming up in sports. That's all's training. 0:00:45.440 --> 0:00:48.760 Head on Bloomberg day Break on Bloomberg eleven, Free on 0:00:48.840 --> 0:00:53.239 New York, Bloomberg one, Washington, d C, Bloomberg one oh 0:00:53.360 --> 0:00:58.080 six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XAM 0:00:58.160 --> 0:01:01.200 one nineteen and around the world. Old on Bloomberg Radio 0:01:01.320 --> 0:01:08.319 dot Com and via the Bloombird Business And good Morning. 0:01:08.360 --> 0:01:11.479 I'm Karen Moscow. I'm Nathan Hacker. Bloomberg Daybreak is brought 0:01:11.520 --> 0:01:14.560 to you by B and Y Melon, Pershing's inside conference 0:01:14.600 --> 0:01:16.960 back in person June fifteen through the seventeenth that the 0:01:16.959 --> 0:01:20.200 Gaylord Resort in Grapevine, Texas. Don't miss it. Register now 0:01:20.240 --> 0:01:23.959 at Insight dot b n y Melon dot com and 0:01:24.120 --> 0:01:26.720 US futures are higher this morning six o one on 0:01:26.760 --> 0:01:29.160 Wall Street. We checked the markets every fifteen minutes throughout 0:01:29.160 --> 0:01:32.120 the trading day. On Bloomberg, SNP Future is up seventeen 0:01:32.160 --> 0:01:35.120 points down Future is up sixty six Nasdack Future is 0:01:35.160 --> 0:01:38.200 up seventy five. The ten year Treasury little change yield 0:01:38.240 --> 0:01:40.399 two point seven four percent, and they yield on the 0:01:40.440 --> 0:01:43.760 two year two point four six percent. Nathan Karen, the 0:01:43.880 --> 0:01:46.440 SNP five hundreds on track for its first weekly gain 0:01:46.520 --> 0:01:49.760 in nearly two months. The index rose two percent yesterday 0:01:49.760 --> 0:01:52.480 for its biggest gain in ten days. Max Wasserman is 0:01:52.480 --> 0:01:56.720 founder and senior portfolio manager at Merrimar Capital. I'm optimistic 0:01:56.720 --> 0:01:58.800 in a long term. It doesn't mean you could get 0:01:58.840 --> 0:02:00.960 it more downside, and we could see another five to 0:02:01.000 --> 0:02:03.920 seven percent on the downside, but we think we're through 0:02:03.960 --> 0:02:06.440 the majority of the problem and it's been a bad market. 0:02:06.480 --> 0:02:09.359 I mean, the Majeck was down and the SNP was 0:02:09.360 --> 0:02:11.880 close to down twenty. It could still go further, but 0:02:12.040 --> 0:02:14.799 we're not We're not bailing on this market. Mira Mark 0:02:14.840 --> 0:02:17.799 Capitals Max Wasserman made the comments on Bloomberg Business Week. 0:02:17.800 --> 0:02:20.239 Catch the program weekdays from two to five pm Wall 0:02:20.240 --> 0:02:23.560 Street Time on Bloomberg Radio. Meantime, Nathan's City Group is 0:02:23.560 --> 0:02:26.160 getting more bearish on stock. Shall we get the details 0:02:26.160 --> 0:02:28.760 life from Bloomberg's or any young? Good Morning, Rady Down, 0:02:28.800 --> 0:02:31.960 Good morning Karen. City Group cut its recommendation on US 0:02:32.000 --> 0:02:35.320 stocks to neutral on the risk of a recession. Strategist 0:02:35.400 --> 0:02:38.360 there join an increasing number of banks and warning of 0:02:38.400 --> 0:02:41.160 a growth slow down. They say, with this high level 0:02:41.160 --> 0:02:44.480 of uncertainty and a lack of reassurance from the Federal Reserve, 0:02:44.840 --> 0:02:48.200 the market is showing elements of a deflating bubble. But 0:02:48.280 --> 0:02:52.280 opinion on US equities remains divided. Some Wall Street analysts 0:02:52.280 --> 0:02:55.120 are betting on a rebound. They believe that the odds 0:02:55.120 --> 0:02:58.600 of a recession are overstated. Live in New York, I'm 0:02:58.600 --> 0:03:01.400 renned a young Bloomberg day. We need to thanks. Solid 0:03:01.400 --> 0:03:04.960 retail earnings helped sentiment yesterday. Today, retail results are not 0:03:05.040 --> 0:03:09.000 helping gap shares are down nine after the company's first 0:03:09.040 --> 0:03:12.040 quarter profit missed estimates. We get the story from Bloomberg's 0:03:12.080 --> 0:03:16.440 Charlie Pellett. It shows that operational missteps and higher costs 0:03:16.560 --> 0:03:20.400 are hurting the apparel retailer. The company, which also owns 0:03:20.480 --> 0:03:24.040 the Banana Republic and Old Navy brands, posted a loss 0:03:24.080 --> 0:03:26.880 of forty four cents of share in the quarter ending April, 0:03:27.560 --> 0:03:31.480 below analysts average estimates. Foliar earnings are now seen at 0:03:31.520 --> 0:03:34.560 between forty and seventy cents a share, well below the 0:03:34.639 --> 0:03:38.480 dollar eighty five to two oh five range previously provided 0:03:39.040 --> 0:03:42.160 In New York Charlie pet Bloomberg Day Break, Ye Charley, 0:03:42.240 --> 0:03:45.400 thank you will US futures are still higher despite those 0:03:45.440 --> 0:03:48.920 results from Gap. Sentiment was also strong overnight in Asia 0:03:49.240 --> 0:03:52.320 after solid earning from Chinese tech companies. They get the 0:03:52.360 --> 0:03:56.000 recount from Bloomberg's Juliette Sally In Singapore. Good morning, Juliette, 0:03:56.040 --> 0:03:59.000 Good morning Karen. The Regional Benchmark Index posted its miss 0:03:59.000 --> 0:04:00.960 gain in a week, rising for the first time in 0:04:01.040 --> 0:04:04.200 four sessions to set itself up for a second weekly advance. 0:04:04.400 --> 0:04:07.280 Alibama and Baidu Shares rallied in Hong Kong, lifting the 0:04:07.320 --> 0:04:11.160 hang same Tech index after both beat sales forecast. Japanese 0:04:11.160 --> 0:04:13.920 equities also rose as the nation announced it would reopen 0:04:13.960 --> 0:04:17.560 to selectors on package tools from June ten, and Australian 0:04:17.560 --> 0:04:21.240 retailers recorded a fourth consecutive months of sales gains, highlighting 0:04:21.279 --> 0:04:24.240 underlying momentum in the economy and a degree of resilience 0:04:24.240 --> 0:04:28.520 among consumers in Singapore. Juliet Sally Bloomberg, day break, All right, Juliet. 0:04:28.560 --> 0:04:30.960 Thanks In Shanghai, we're seeing more signs of the extreme 0:04:31.040 --> 0:04:34.440 steps being taken to keep factories running during COVID lockdowns. 0:04:34.720 --> 0:04:37.960 Workers at an Apple supplier, Quanta Computer, have started to 0:04:38.000 --> 0:04:40.520 revolt against their bosses after being locked down in their 0:04:40.520 --> 0:04:43.560 factory for almost two months. They've been fighting with guards 0:04:43.760 --> 0:04:47.400 and rushing past isolation barriers in search of daily necessities. 0:04:47.680 --> 0:04:50.640 The current system forces workers to live and sleep on 0:04:50.920 --> 0:04:54.039 factory sites, and now Nathan China is coming under even 0:04:54.040 --> 0:04:56.960 more pressure from the White House, as Bloomberg said, Baxter 0:04:57.040 --> 0:04:59.880 reports Secretary of State Anthony Blankel is vowing to in 0:05:00.000 --> 0:05:04.160 fluence China's behavior by shaping the world around Beijing. B 0:05:04.200 --> 0:05:06.920 Lincoln says this is a charged moment for the globe 0:05:06.920 --> 0:05:09.120 and says while he would like to work with China, 0:05:09.240 --> 0:05:12.520 Beijing cannot be trust as stand ready doing prestarted recommunication 0:05:12.600 --> 0:05:16.039 with Beijing across a full range of issues, and we 0:05:16.160 --> 0:05:19.520 hope that that can happen, but we cannot rely on 0:05:19.560 --> 0:05:22.960 Beijing to change its trajectory. B Lincoln says, alliances like 0:05:23.080 --> 0:05:25.800 the Quad this. At the same time, the U, S 0:05:25.839 --> 0:05:28.920 and Taiwan have announced plans to enter into economic talks 0:05:29.360 --> 0:05:34.880 enhancing economic cooperation and supply chain resiliency. Ian San Francisco, 0:05:34.920 --> 0:05:37.760 I'm at Baxter Bloomberg daybreak al right. At thanks meantime, 0:05:37.800 --> 0:05:40.240 the war in Ukraine rages on, and now the US 0:05:40.360 --> 0:05:44.039 is rejecting a food for sanctions relief plan by Russian 0:05:44.080 --> 0:05:48.400 President Vladimir Putin. The proposal would facilitate fertilizer and grain exports, 0:05:48.440 --> 0:05:51.719 but if sanctions on Russia are lifted, that's the condition, 0:05:52.240 --> 0:05:55.320 US says. The Kremlin's blocking the shipments and stoking concerns 0:05:55.320 --> 0:05:57.880 of a global food shortage. Well, we turn out closer 0:05:57.920 --> 0:06:00.280 to home, Nathan, with the latest on the school rooting 0:06:00.279 --> 0:06:03.760 in Jivaldi, Texas. The National Rifle Association is holding its 0:06:03.800 --> 0:06:07.640 annual convention in Houston today, but Texas Governor Greg Abbott 0:06:07.680 --> 0:06:10.320 won't be there. The Dallas Morning News says he's dropped 0:06:10.320 --> 0:06:12.640 plans to address the event in person. He'll give a 0:06:12.680 --> 0:06:17.000 prerecorded speech instead. Anytime, Senate Democrats say there's room for 0:06:17.040 --> 0:06:20.039 a compromise on gun control legislation, and we spoke with 0:06:20.080 --> 0:06:22.920 Maryland Democrat Ben Kurden. What I'd like to see don 0:06:23.120 --> 0:06:26.720 is certainly closed. The loopholes in the background check red 0:06:26.760 --> 0:06:30.200 flags are consistent with that. We need to deal with 0:06:30.240 --> 0:06:35.080 the military style UH and high capacity magazines that are 0:06:35.120 --> 0:06:39.320 out there that are the weapon choice for those who 0:06:39.360 --> 0:06:42.400 want to commit mass murders. Senator Ben Kurten in Maryland 0:06:42.400 --> 0:06:45.520 spoke with our Washington correspondent Joe Matthew on Bloomberg Sound 0:06:45.560 --> 0:06:47.760 on Catch the show weekdays at five pm Eastern on 0:06:47.760 --> 0:06:50.880 Bloomberg Radio. And in the interest of transparency, we should 0:06:50.880 --> 0:06:53.400 note that Michael Bloomberg, the founder and majority owner of 0:06:53.400 --> 0:06:56.559 Bloomberg LP, the parent of Bloomberg Radio, is a donor 0:06:56.600 --> 0:06:59.240 to groups that support gun control. And what more, note 0:06:59.240 --> 0:07:01.320 out of Washington this morning, Karen, the White House is 0:07:01.360 --> 0:07:04.279 scrambling to do something about record high gas prices this 0:07:04.360 --> 0:07:07.280 election year. Bloomberg News has learned the Biden administration has 0:07:07.279 --> 0:07:10.640 reached out to the oil industry about restarting closed refineries. 0:07:10.920 --> 0:07:13.360 The average price of a gallon of regular unletted stood 0:07:13.360 --> 0:07:17.000 at a record four dollars sixty cents as of Wednesday. 0:07:17.240 --> 0:07:24.040 You're listening to Bloomberg Daybreak and it sounds six o 0:07:24.160 --> 0:07:26.880 seven on Wall Street where sixty five degrees in Central Park. 0:07:26.880 --> 0:07:29.560 I've got accident clean up on the westbound l I 0:07:29.640 --> 0:07:31.920 E at the b Que. The off ramp is closed. 0:07:31.920 --> 0:07:34.800 There more coming up in traffic. First Michael Barr with 0:07:34.880 --> 0:07:36.640 more on what else is going on in New York 0:07:36.680 --> 0:07:39.160 and around the world. Michael, thank you very much. Nathan. 0:07:39.400 --> 0:07:42.360 If you're traveling this Memorial Day weekend, getting ready for 0:07:42.440 --> 0:07:46.280 busy airports and roads despite the rising costs of gas 0:07:46.400 --> 0:07:49.600 and airfare, The Triple A says more than thirty nine 0:07:49.600 --> 0:07:52.840 million people will travel fifty miles or more during the 0:07:52.880 --> 0:07:56.920 holiday weekend. Triple A spokesman Andrew Gross says the majority 0:07:56.960 --> 0:07:59.800 of them will be hitting the roads despite these record 0:08:00.120 --> 0:08:03.520 gasoline crisis. We are expecting, based on what we're seeing 0:08:03.520 --> 0:08:05.920 from Memorial Day, that it's going to be a very 0:08:06.080 --> 0:08:10.480 robust travel period for summer people just want to get 0:08:10.520 --> 0:08:13.680 out and go. A gallon of regular now tops four 0:08:13.720 --> 0:08:17.080 dollars in all fifty states. New York City will bid 0:08:17.080 --> 0:08:20.200 to host the Democratic National Convention at Madison Square Garden 0:08:20.200 --> 0:08:24.160 in four. Mayor Eric Adams says this is a team 0:08:24.280 --> 0:08:27.600 New York moment. This is not about Democrat or republic 0:08:27.640 --> 0:08:30.080 and it's about how do we bring resources to while 0:08:30.080 --> 0:08:32.719 we're city. The last time New York City hosted the 0:08:32.760 --> 0:08:37.800 Democratic Convention was in and former President Bill Clinton was nominated. 0:08:38.360 --> 0:08:41.680 Federal health officials say there are now nine presumptive cases 0:08:41.720 --> 0:08:44.319 of monkey pots in the US, including one in New 0:08:44.400 --> 0:08:47.719 York City. The city's Department of Health and Mental Hygiene 0:08:47.760 --> 0:08:50.760 said that officials will be treating this as a probable 0:08:50.840 --> 0:08:55.200 case and will continue its contact tracing efforts globally. The 0:08:55.360 --> 0:08:57.720 w h L says it has confirmed about two hundred 0:08:57.760 --> 0:09:02.200 monkey pox cases. The w HLS Dr Maria van Kerhof 0:09:02.600 --> 0:09:06.080 has addressed misinformation about the spread of the virus. She 0:09:06.160 --> 0:09:09.200 notes that it can be spread through sexual contact, but 0:09:09.320 --> 0:09:12.760 it is not an STD and although it's not a 0:09:12.760 --> 0:09:15.400 new virus, it's now popping up in countries where it 0:09:15.440 --> 0:09:18.920 does not usually spread. We are asking countries to expand 0:09:18.960 --> 0:09:22.640 surveillance so that we are looking for cases of monkeypox um, 0:09:22.800 --> 0:09:27.679 cases of rash um, particularly in people who presents at 0:09:27.720 --> 0:09:32.600 sexual health clinics or emergency departments. Dr Maria Vankerhove answered 0:09:32.679 --> 0:09:36.720 questions on the whose Facebook page. A California parole panel 0:09:36.760 --> 0:09:40.760 has recommended the release of Charles Manson follower Patricia Krenwinkle. 0:09:41.240 --> 0:09:43.880 She rolled helter skelter on a wall using the blood 0:09:43.920 --> 0:09:46.559 of one of her victims, including actor Sharon Tate. In 0:09:47.520 --> 0:09:50.120 nine Global News twenty four hours a day on air, 0:09:50.160 --> 0:09:53.559 rand on Bloomberg Quick Take powered by more than journalists 0:09:53.559 --> 0:09:56.880 and analysts in more than a hundred twenty countries. Michael Barr, 0:09:57.000 --> 0:10:00.000 this is Bloomberg. Nathan all right, Michael, thank you very much. 0:10:04.880 --> 0:10:07.320 And it's almost six ten on Wall Street. Now time 0:10:07.360 --> 0:10:12.160 for the Bloomberg Sports Update. Here's Scott Seidenberg. Thanks Nathan Nesty. 0:10:12.280 --> 0:10:15.559 Nestor lives up to his name. Nestor Cortez through eight 0:10:15.600 --> 0:10:17.840 innings of one run balls, the Yankees beat the race 0:10:17.960 --> 0:10:21.520 seven two. At the Trump Cortez allowed just four hits, 0:10:21.559 --> 0:10:25.679 retiring fourteen straight. At one point, here was Aaron Booney. 0:10:25.800 --> 0:10:27.400 I think how efficient he got, you know, I had 0:10:27.440 --> 0:10:29.560 to work a little bit in a first inning, and 0:10:29.600 --> 0:10:32.280 then he just dialed in from from a command standpoint 0:10:32.320 --> 0:10:36.160 and kind of cruise there, uh for much of the game. Um, 0:10:36.160 --> 0:10:38.120 but I thought he was really sharp. Prior to the game, 0:10:38.160 --> 0:10:41.760 the Yankees signing former Cardinals all star Mett Carpenter. He 0:10:41.840 --> 0:10:44.640 went over two with a walk as the designated hitter. 0:10:44.679 --> 0:10:46.400 The Mets were off last night. They begin to set 0:10:46.400 --> 0:10:49.319 with the Phillies tonight at City Field. The Rangers are 0:10:49.360 --> 0:10:52.760 on the brink of elimination after falling to Carolina three 0:10:52.800 --> 0:10:55.800 one last night. Game six at the Garden tomorrow or 0:10:55.920 --> 0:10:59.400 nights elsewhere. The Oilers onto the Western Conference Finals after 0:10:59.440 --> 0:11:03.280 beating the flame Is five four in overtime. NBA last night, 0:11:03.320 --> 0:11:05.720 the Warriors beat the Mavericks to earn a trip back 0:11:05.760 --> 0:11:08.120 to the NBA Finals for the sixth time in the 0:11:08.200 --> 0:11:11.600 last eight seasons. Tonight, the Celtics look to close out 0:11:11.640 --> 0:11:14.400 the heat in the Eastern Conference Finals. Tennis at the 0:11:14.440 --> 0:11:17.800 French Open, make it thirties straight for Egos to the Optic. 0:11:18.080 --> 0:11:20.640 The world's number one defeated Allison Risk to extend the 0:11:20.720 --> 0:11:23.960 longest winning streak in women's tennis, and Serena won thirty 0:11:23.960 --> 0:11:27.760 four matches in a row back in ten. I'm Scott 0:11:27.920 --> 0:11:32.160 Edinburg with Bloomberg Sports. Nathan Scott, thanks for that. SMP 0:11:32.280 --> 0:11:34.400 Future is right now up eleven points. Staff Future is 0:11:34.440 --> 0:11:37.839 up thirty seven. NASTAC futures leading the games this morning. 0:11:37.840 --> 0:11:40.480 They are higher by fifty three points, and the tenure 0:11:40.480 --> 0:11:43.760 Treasury right now is up to thirty seconds. Yield now 0:11:43.960 --> 0:11:47.040 just shy of two point seven four percent yield on 0:11:47.120 --> 0:11:51.000 the two year two point four five percent. Stay with us. 0:11:51.040 --> 0:11:54.920 A Bloomberg News exclusive coming up here on Bloomberg day Break, 0:11:54.920 --> 0:11:57.640 a one on one conversation with the Prime Minister of 0:11:57.800 --> 0:12:02.400 the UK Boris Johnson. That's X. You're listening to Bloomberg 0:12:02.600 --> 0:12:10.000 Daybreak Bloomber eleven three. Weather showers and storms developing this 0:12:10.080 --> 0:12:13.480 afternoon with the high near eighty degrees. Afternoon showers possible 0:12:13.480 --> 0:12:16.160 tomorrow as well with the hind your eighty sunshine prevails 0:12:16.200 --> 0:12:22.640 Sunday right now at sixty five in Central Park Markets. 0:12:22.720 --> 0:12:25.800 Headlines and breaking news twenty four hours a day at 0:12:25.840 --> 0:12:29.240 Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 0:12:29.280 --> 0:12:38.520 Quick Tape. He's a Bloomberg Business Flash and I'm Karen 0:12:38.600 --> 0:12:41.840 Moscow and stocks are rallying as dip buyers return, with 0:12:41.920 --> 0:12:45.520 European shares heading for the best weekly advanced since mid March, 0:12:45.600 --> 0:12:48.080 and US stock index futures are also on the rise. 0:12:48.640 --> 0:12:51.320 SNP future is up about thirteen points this morning, Down 0:12:51.320 --> 0:12:54.760 Future is up thirty seven and nowesday futures of fifty six. 0:12:54.800 --> 0:12:57.400 The decks in Germany's up seven tenths percent, CAC in 0:12:57.440 --> 0:12:59.920 Paris up nine tenths per cent, and the foot Sea 0:13:00.000 --> 0:13:02.680 one hundred is up at tenth of a percent. And 0:13:02.840 --> 0:13:05.480 we want to see what individual stocks are moving this 0:13:05.520 --> 0:13:08.760 morning with Bloomberg Radio and TV markets reporter Credy Goofta 0:13:08.880 --> 0:13:11.360 Market created Good morning, Good morning. Let's start with a 0:13:11.440 --> 0:13:14.559 retailer story. Gap of course, reporting GPS after the belt 0:13:14.840 --> 0:13:18.920 last night, down to guidance cut that was more than expected, 0:13:19.120 --> 0:13:22.120 prompting brokers to lower their targets and downgrade the stock. 0:13:22.160 --> 0:13:23.840 Of course, that wall of warri we've been talking about 0:13:23.840 --> 0:13:27.840 for retailers hitting gap across the board, inflation, the margin story, inventory, 0:13:27.880 --> 0:13:30.200 supply chain, you name it. A similar story for cost 0:13:30.280 --> 0:13:32.400 go c O s T is your taker down one 0:13:32.440 --> 0:13:35.120 point eight percent, the margin story hitting them to freight 0:13:35.200 --> 0:13:38.079 costs really in the spotlight there. We also have to 0:13:38.080 --> 0:13:40.120 talked about d D d I d I, the Chinese 0:13:40.200 --> 0:13:42.559 ride shailer up six and a half percent after the 0:13:42.640 --> 0:13:45.679 Bloomberg report that the state owned automaker China f a 0:13:45.960 --> 0:13:49.440 W Group is considering acquiring a significant state in the 0:13:49.520 --> 0:13:51.360 ride hailing company. Keep an eye on those shares, and 0:13:51.440 --> 0:13:52.920 of course we also have to keep an eye on 0:13:53.040 --> 0:13:55.600 z Scaler. Z S is your ticker up three point 0:13:55.679 --> 0:13:59.160 six percent of security software company reporting third quarter results 0:13:59.200 --> 0:14:02.480 that beat x actations, coming off of strength in multi 0:14:02.520 --> 0:14:06.360 product deals. According to analyst Karen Alright, Critty Group Dot, 0:14:06.400 --> 0:14:08.000 thank you, and of course we'll be checking back in 0:14:08.040 --> 0:14:10.680 with you in about twenty minutes from now for an update. 0:14:10.720 --> 0:14:13.280 Taking a look at treasuries, the ten year yield moving 0:14:13.280 --> 0:14:16.040 lower this morning at two point seven three percent right now, 0:14:16.080 --> 0:14:17.960 the yield on a two year two point four or 0:14:17.960 --> 0:14:21.240 five percent. Nine night screwed oils lower down half percent, 0:14:21.320 --> 0:14:23.800 now down sixty cents at a hundred thirteen dollars fifty 0:14:23.800 --> 0:14:26.560 five cents of Barrel Comics gold is up half percent 0:14:26.640 --> 0:14:29.360 or eight dollars ninety cents at eighteen sixty two seventy 0:14:29.360 --> 0:14:31.960 an ounce the euro one point oh seven one one 0:14:31.960 --> 0:14:34.360 against the dollar, British pound one point to six oh 0:14:34.400 --> 0:14:37.360 six the end one seven point oh nine and watching 0:14:37.400 --> 0:14:39.720 bitcoin has always down what and a half percent at 0:14:40.040 --> 0:14:43.360 twenty nine thousand dollars, and that's a Bloomberg business flash. 0:14:43.400 --> 0:14:45.760 Now here's Michael Barr with more on what's going on 0:14:45.840 --> 0:14:48.880 around the world. Michael, thank you very much, Karen. Texas 0:14:48.920 --> 0:14:52.360 Governor Greg Abbott reportedly dropped plans to address the National 0:14:52.480 --> 0:14:56.240 Rifle Association's annual meeting in person. The event, starting to 0:14:56.320 --> 0:14:58.840 day in Houston comes just days after the deadly school 0:14:58.840 --> 0:15:02.640 shooting in Uvalde. A week filled with goodbyes continues for 0:15:02.720 --> 0:15:05.360 families and friends of victims of the racist attack on 0:15:05.440 --> 0:15:09.960 a Buffalo supermarket. Funeral services set for today for three 0:15:10.080 --> 0:15:13.680 of those killed. The US rejected a plan by Russian 0:15:13.680 --> 0:15:18.280 President Vladimir Putin to facilitate grain and fertilizer exports only 0:15:18.600 --> 0:15:21.840 if sanctions on his country are lifted. The US blames 0:15:21.880 --> 0:15:25.640 the Kremlin for blocking shipments and stoking concerns of global 0:15:25.760 --> 0:15:29.240 food shortages. In the NHL playoffs, the Rangers are on 0:15:29.280 --> 0:15:32.359 the brink of elimination. New York lost to the Hurricanes 0:15:32.360 --> 0:15:35.360 in Game five in the NBA Playoffs. The Warriors are 0:15:35.360 --> 0:15:37.960 in the finals. They won the West, beating the Mavericks. 0:15:39.000 --> 0:15:41.520 In baseball, the Yankees beat the Rays. New York and 0:15:41.600 --> 0:15:45.240 Tampa Bay dedicated their Twitter feeds last night posting gun 0:15:45.240 --> 0:15:49.600 awareness messages rather than baseball stats. The Red Sox Nationals 0:15:49.600 --> 0:15:53.360 won the A's Lost. Global news twenty four hours a 0:15:53.440 --> 0:15:56.640 day on air and on Bloomberg Quicktake, powered by more 0:15:56.720 --> 0:15:59.600 than twenty seven hundred journalists and analysts in more than 0:15:59.600 --> 0:16:04.800 one h twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael, 0:16:04.800 --> 0:16:07.440 thank you. It is six one on Wall Street Live 0:16:07.480 --> 0:16:11.560 from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. 0:16:11.640 --> 0:16:13.920 Let's get more now on the war in Ukraine and 0:16:13.960 --> 0:16:18.520 the response from Europe. Boris Johnson wants even more military 0:16:18.560 --> 0:16:21.680 support for Ukraine as it continues to battle Russian forces. 0:16:22.200 --> 0:16:25.320 The UK Prime Minister sat down for an exclusive interview 0:16:25.320 --> 0:16:28.760 with Bloomberg Goose this morning. We spoke with him aboard 0:16:28.760 --> 0:16:30.960 a train as he travels today. Let's listen in to 0:16:31.040 --> 0:16:34.320 part of that conversation right now. I think it's very, 0:16:34.440 --> 0:16:37.280 very important but we do not get into we do 0:16:37.360 --> 0:16:40.760 not get lulled because of the incredible roism of the 0:16:40.840 --> 0:16:44.560 Ukrainians in uh In, pushing the Russians back from the 0:16:44.600 --> 0:16:50.640 gates of Kien, because of the amazing valor of President Zelenski, 0:16:51.000 --> 0:16:53.480 we should not believe that this problem has gone away. 0:16:53.480 --> 0:16:57.120 On the contrary, I'm afraid that Putin, at great cost 0:16:57.240 --> 0:16:59.960 to himself and to to to Russian mistry, he's can 0:17:00.000 --> 0:17:05.000 sinuing to chew through ground in don Bat, He's continuing 0:17:05.040 --> 0:17:10.159 to make gradual, slow but I'm afraid palpable progress, and 0:17:10.240 --> 0:17:14.160 therefore it is absolutely vital that we continue to support 0:17:14.200 --> 0:17:17.760 the Ukrainians military, and indeed, I think that they what 0:17:17.880 --> 0:17:25.120 they need now is the type of rocketry multiple launch 0:17:25.240 --> 0:17:29.880 rocketism l l r S that will enable them to 0:17:29.920 --> 0:17:34.720 defend themselves against his very brutal Russian artillery. And that's 0:17:34.720 --> 0:17:37.560 where the world needs to needs to go down. Okay, 0:17:37.880 --> 0:17:41.640 final question, and this is about President Selinski. Years you've 0:17:41.720 --> 0:17:44.600 stood shoulder to shoulder with him. But there's certain calls 0:17:44.640 --> 0:17:48.160 around Europe, pat from France, from Germany to maybe settled 0:17:48.160 --> 0:17:52.000 with Putin. Try and trying what I would say to 0:17:52.080 --> 0:17:57.479 any to any such proponent of a deal with Putin? 0:17:57.640 --> 0:18:00.119 How can you deal? How can you deal? And the 0:18:00.200 --> 0:18:03.040 crocodile when it's in the middle of meeting your left leg, 0:18:03.760 --> 0:18:06.960 you know what's what's the negotiation, and that is what 0:18:07.000 --> 0:18:09.840 Putin is doing, and any kind of he will try 0:18:09.880 --> 0:18:12.080 to freeze the conflict. He will try and call for 0:18:12.119 --> 0:18:16.840 a ceasefar while he remains in possession of substantial parts 0:18:16.880 --> 0:18:21.199 of you. And I make that point to all my 0:18:21.240 --> 0:18:24.480 friends and colleagues in the in the G seven and 0:18:24.520 --> 0:18:27.840 at Nata, and by the way, everybody gets that once, 0:18:27.920 --> 0:18:30.840 once you go through the logic, you can see that 0:18:30.920 --> 0:18:35.760 it's very, very difficult to get a negotiated solution. We 0:18:35.840 --> 0:18:38.680 desperately need need it to end. We dobt the world 0:18:38.720 --> 0:18:41.600 needs it to end. But the one way that it 0:18:41.680 --> 0:18:47.600 can end is for Putin to accept that. Let us 0:18:47.640 --> 0:18:52.600 say that the d Nartification of Ukraine has taken place, 0:18:54.400 --> 0:18:58.000 and that he's able to withdraw with dignity and honor, 0:18:58.359 --> 0:19:02.440 and that would be that's what needs to happen. I'm 0:19:02.480 --> 0:19:04.399 not saying I'm not saying that they're wearing any Nazis 0:19:04.440 --> 0:19:07.000 in Ukraine, but you know, I think one of the 0:19:07.040 --> 0:19:11.240 interesting things about the situation is the very strong support 0:19:11.280 --> 0:19:15.040 that Putin commands in Russia for what he anything that 0:19:15.080 --> 0:19:18.240 he says, well does I think he has the political 0:19:18.320 --> 0:19:21.359 margin of maneuver to make an end to this. And 0:19:21.400 --> 0:19:25.840 that was Boris Johnson speaking exclusively this morning with Bloomberg News. 0:19:26.160 --> 0:19:29.560 We spoke with the UK Prime Minister as he's traveling today. 0:19:29.840 --> 0:19:32.560 Stay tuned for more from that conversation. Will have it 0:19:32.680 --> 0:19:37.040 for you throughout the day on Bloomberg Radio and Bloomberg Television. 0:19:37.359 --> 0:19:39.920 Looking ahead to the market open on this Friday, futures 0:19:39.920 --> 0:19:42.480 are higher. We have SMP futures right now up eleven points, 0:19:42.480 --> 0:19:45.439 Staff futures up thirty. Nastack futures are higher by fifty 0:19:45.480 --> 0:19:48.679 five points ten. Your treasury is up three thirty seconds. 0:19:48.720 --> 0:19:51.920 That yield now two point seven on the tenure note. 0:19:51.960 --> 0:19:55.560 Yield on the two year two point four five. Nime 0:19:55.680 --> 0:19:58.320 X screwed lower at the moment, down four tenths percent 0:19:58.359 --> 0:20:00.679 at a hundred thirteen dollars fifty nine. Sense of barrel. 0:20:01.359 --> 0:20:08.720 You're listening to Bloomberg Daybreak, Bloomberg eleven three oh Weather 0:20:08.760 --> 0:20:11.720 mostly cloudy today, Showers and thunderstorms developing this afternoon with 0:20:11.800 --> 0:20:14.440 highs in the upper seventies. Afternoon showers and storms possible 0:20:14.480 --> 0:20:18.160 tomorrow as well, highs again in the upper seventies. Sunshine Sunday. 0:20:18.359 --> 0:20:23.760 Right now six in Central Park, Broadcasting live from the 0:20:23.840 --> 0:20:27.960 Bloomberg Interactive Broker Studio in New York. Bloomberg looking for 0:20:28.040 --> 0:20:32.399 you to Washington, d C. Bloomberg to Boston, Bloomberg one 0:20:32.720 --> 0:20:35.800 six one, to San Francisco, Bloomberg No. Sixt to the 0:20:35.840 --> 0:20:38.919 country Sirius XM Toto one nine team, and around the 0:20:38.960 --> 0:20:43.000 globe the Bloomberg Business and Bloomberg Radio dot Com. This 0:20:43.359 --> 0:20:51.920 is Bloomberg Daybreak at six thirty on Wall Street. Good morning, 0:20:51.920 --> 0:20:54.960 I'm Nathan Hagar and I'm Karen Moscow or just about 0:20:55.000 --> 0:20:57.440 three hours away from the open of US trading time 0:20:57.480 --> 0:20:59.359 for the five things you need to notice. Start your 0:20:59.440 --> 0:21:04.320 day brunch, you buy Interactive Broker Simple IBPR Global Trader app, 0:21:04.520 --> 0:21:07.360 deposit in your local currency, and trade stocks in the US, 0:21:07.480 --> 0:21:10.040 Europe and Asia. Start a free trial at ib k 0:21:10.320 --> 0:21:13.760 R dot com slash Global Trader. Well at first. US 0:21:13.840 --> 0:21:16.080 futures are higher as we close out a trading week 0:21:16.080 --> 0:21:17.920 that has the S and P five hundred on track 0:21:18.000 --> 0:21:20.840 for its first weekly gain in two months. However, one 0:21:20.920 --> 0:21:24.080 Wall Street firm sees more paint a head for investors 0:21:24.280 --> 0:21:26.200 to get the latest line for a Bloomberg shre need 0:21:26.200 --> 0:21:28.560 a young good morning, Ready to good morning. Karen City 0:21:28.560 --> 0:21:31.720 Group cut its recommendation on US stocks to neutral on 0:21:31.760 --> 0:21:35.160 the risk of a recession. Strategist they're joining an increasing 0:21:35.240 --> 0:21:38.560 number of banks and warning of a growth slowdown. They say, 0:21:38.600 --> 0:21:40.720 with this high level of uncertainty and a lack of 0:21:40.800 --> 0:21:44.400 reassurance from the Federal Reserve, the market is showing elements 0:21:44.400 --> 0:21:48.520 of a deflating bubble. But opinion on US equities remains divided. 0:21:48.920 --> 0:21:52.200 Some Wall Street analysts are betting on a rebound. They 0:21:52.240 --> 0:21:55.920 believe that the odds of a recession are overstated. Live 0:21:55.960 --> 0:21:58.400 in New York, I'm gonna need a young Bloomberg day break. 0:21:59.080 --> 0:22:02.240 Thank you. A retailer Arnings helped boost sentiment yesterday. This morning, 0:22:02.280 --> 0:22:05.560 it's a much different story. Shares of Gap are down 0:22:06.080 --> 0:22:09.200 eighteen percent in early trading. The retailer lowered its full 0:22:09.280 --> 0:22:13.160 year forecast after posting profit that missed estimates. Well. Geo 0:22:13.240 --> 0:22:16.240 politics also and focus this morning, Nathan with the latest 0:22:16.320 --> 0:22:19.479 US challenged at China, the Boden administration and Taiwan are 0:22:19.480 --> 0:22:23.919 announcing negotiations to increase economic ties tooms would focus on 0:22:24.040 --> 0:22:28.000 enhancing economic cooperation and supply chain resiliency, but it falls 0:22:28.040 --> 0:22:31.120 short of a free trade agreement. Beijing has warned Washington 0:22:31.160 --> 0:22:34.600 about its relationship with Taiwan. Van Karen, Texas Governor Grey 0:22:34.640 --> 0:22:38.480 Gabbott has dropped plans to attend today's National Rifle Association convention. 0:22:38.680 --> 0:22:40.679 The Dallas Morning News reports he's going to give her 0:22:40.720 --> 0:22:43.800 prerecorded speech instead while he visits the school in Vivaldi 0:22:43.840 --> 0:22:46.640