WEBVTT - Trump Seeks Normalization With Syria; US Stocks Now Higher on Year

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin in Saudi Arabia, where President Trump has

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<v Speaker 3>kicked off the second day of his four day Middle

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<v Speaker 3>Eastern trip. This morning, the President met with Syrian president

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<v Speaker 3>and former rebel leader Akmad Alshara. It was the first

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<v Speaker 3>face to face between US and Syrian leaders in twenty

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<v Speaker 3>five years, and at a meeting with the Golf Cooperation

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<v Speaker 3>Council in Riot, President Trump said he is exploring normalizing

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<v Speaker 3>relations with Syria.

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<v Speaker 4>The whole world is watching the Middle East, and many

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<v Speaker 4>are watching with envy.

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<v Speaker 5>You have something very special going on.

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<v Speaker 2>Incredible opportunities are within reach for this region if we

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<v Speaker 2>can simply stop the aggression from a small group of

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<v Speaker 2>pretty bad actors.

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<v Speaker 3>President Trump's remarks come after a day focused on deals

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<v Speaker 3>at the US Investment Forum. We get more on that

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<v Speaker 3>from Bloomberg's Jumana Barssecci. In the Saudi capitol, the White.

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<v Speaker 6>House published the statements saying that they had agreed to

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<v Speaker 6>six hundred billion dollars worth of investments Saudi investments going

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<v Speaker 6>into the US that is to be spread out over

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<v Speaker 6>the next four years, and then later during the conference's speech,

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<v Speaker 6>he said that they're working on increasing that number to

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<v Speaker 6>one trillion dollars.

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<v Speaker 7>So huge figures coming through.

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<v Speaker 3>Bloomberg's Jumana Barsettchi reports some of the biggest deals are

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<v Speaker 3>with advanced US chip makers in Nvidia and Advanced micro

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<v Speaker 3>Devices have agreed to a ten billion dollar project to

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<v Speaker 3>provide their most cutting edge AI chips to Saudi Arabia's

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<v Speaker 3>humane infrastructure effort.

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<v Speaker 2>Nathan from Saudi Arabia. President Trump will head today to Cutter,

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<v Speaker 2>where he's already taking criticism over a luxury gift. Cutter

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<v Speaker 2>is offering a Boeing seven forty seven eight jumbo jet

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<v Speaker 2>for the president to use as Air Force one. In

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<v Speaker 2>a social media post, the President says it'll only be

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<v Speaker 2>temporary until Boeing delivers newer versions of the presidential plane,

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<v Speaker 2>but Senate Minority Leader Chuck Schumer says taking this gift

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<v Speaker 2>would be unconstitutional.

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<v Speaker 5>Gifting Donald Trump a four hundred million dollar private jet

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<v Speaker 5>to use as Air Force one is so corrupt that

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<v Speaker 5>even Putin would give a double take. This is not

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<v Speaker 5>just naked corruption, it is also a grave national security threat.

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<v Speaker 2>Senate Minority Leader Chuck Schumer says he'll block President Trump's

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<v Speaker 2>a Justice Department nominees until he gets more answers.

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<v Speaker 3>With certain markets. Now, Karen, it may have seemed unfathomable

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<v Speaker 3>a month ago, but stocks are now higher on the year.

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<v Speaker 3>The Nasdaq one hundred had been down twenty three percent

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<v Speaker 3>from its February nineteenth high to its April eighth low

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<v Speaker 3>after President Trump slapped broad tariffs on America's key trading partners.

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<v Speaker 3>The S and P also hit its low. Then it

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<v Speaker 3>was down fifteen percent on the year at the time.

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<v Speaker 3>That index is now higher by a tenth of a

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<v Speaker 3>percent in twenty twenty five. Brian Belski is chief investment

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<v Speaker 3>strategist at BEMO Capital Markets.

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<v Speaker 8>Well, I think too many investors, quite frankly, try to

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<v Speaker 8>time the market instead of just being invested. And from

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<v Speaker 8>our perspective, stocks are hire six months from now, stocks

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<v Speaker 8>are higher twelve months from now. The resiliency of the

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<v Speaker 8>US market remains so and we think too many people

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<v Speaker 8>were led by fear and made binary decisions based on

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<v Speaker 8>emotion and not process or discipline. And that's why we

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<v Speaker 8>remain bullish, and that's why we think the secular bowl

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<v Speaker 8>market remains well in place.

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<v Speaker 3>FEMO Capital Markets Brian Belski says his bowl case for

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<v Speaker 3>the sm P five hundred is sixty seven hundred. That's

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<v Speaker 3>about a fifteen percent gain from current levels.

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<v Speaker 2>Nathan, it's been big tech that's been fueling the rally

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<v Speaker 2>over the past month. In Nvidia and Tesla's surged more

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<v Speaker 2>than thirty five percent. Well, Microsoft is that more than

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<v Speaker 2>twenty percent?

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<v Speaker 9>Well.

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<v Speaker 2>The S and P five hundreds plunge after Trump's tariff

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<v Speaker 2>announcement on April second was fast eleven percent in just

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<v Speaker 2>two sessions. It's bounce back has been almost as breathless.

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<v Speaker 2>The index rows seventeen percent from April fourteenth to May second,

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<v Speaker 2>the kind of thing that historically happens when the market

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<v Speaker 2>is recovering from a major catastrophe like the dot com bust,

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<v Speaker 2>the two thousand and eight financial crisis, and the COVID

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<v Speaker 2>nineteen pandemic.

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<v Speaker 3>Well, Karen, President Trump may want oil prices to go lower.

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<v Speaker 3>In fact, Goldman Sachs, citing an in house analysis of

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<v Speaker 3>the president's social media posts, says he appears to prefer

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<v Speaker 3>oil between forty and fifty dollars a barrel WTI, which

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<v Speaker 3>right now is trading around sixty three dollars fifty cents,

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<v Speaker 3>has shed twelve percent so far this year, heard by

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<v Speaker 3>the fallout from the President's trade tariffs, as well as

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<v Speaker 3>a decision by OPEC plus to loosen supply curves at

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<v Speaker 3>a faster than expected pace.

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<v Speaker 2>Nathan, there's optimism in Washington that House Republicans may reach

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<v Speaker 2>a compromise on the state and local tax deduction, and

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<v Speaker 2>we get the latest from Bloomberg's John Tucker.

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<v Speaker 10>John Good morning, Good morning, Karen. Add this has been

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<v Speaker 10>a real big sticking point. House Speaker Mike Johnson telling

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<v Speaker 10>reporters that a deal on salt will be likely today.

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<v Speaker 10>It would represent a breakthrough in one of the thorniest

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<v Speaker 10>policy debates in President Trump's economic package. The Tax writing

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<v Speaker 10>Houseways and Means Committee is debating a proposal that calls

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<v Speaker 10>for increasing the salt cap from ten thousand to thirty

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<v Speaker 10>thousand dollars, phasing out for individuals who earn at least

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<v Speaker 10>two hundred thousand. Is a big deal for high tax

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<v Speaker 10>states where residents paid large property tax bills. Representative Mike Lawler,

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<v Speaker 10>a New York Republican who attended a meeting with Johnson

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<v Speaker 10>said the two signs are making progress, but another advocate

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<v Speaker 10>for Salt, Representative Nick Lolota, so the proposals floated are

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<v Speaker 10>still very far from what he wants. In New York,

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<v Speaker 10>I'm John Tucker Bloomberg Radio.

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<v Speaker 3>All right, John, thank you. President Trump's tariffs may have

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<v Speaker 3>a major impact on the state of California. According to

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<v Speaker 3>Governor Gavin Newsom's finance department, the president's tariff policies are

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<v Speaker 3>projected to cut California's tax revenue by sixteen billion dollars

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<v Speaker 3>in the next fiscal year. However, that four percent revenue

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<v Speaker 3>dropped from a previous estimate is largely due to the

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<v Speaker 3>stock downturn last month after the President announced a sweeping

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<v Speaker 3>tariff campaign. Stocks, as we mentioned, have since rebounded well.

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<v Speaker 2>Nathan Harvard Universe City is escalating its legal battle with

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<v Speaker 2>the White House. The Ivy League school has expanded its

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<v Speaker 2>lawsuit against the Trump administration for freezing billions of dollars

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<v Speaker 2>in federal funds. Harvard claims that federal agencies illegally halted

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<v Speaker 2>funding because the university refused to submit to government control

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<v Speaker 2>over its academic programs, and that the funding freeze will

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<v Speaker 2>chill its exercise a First Amendment rights. Yesterday, the Trump

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<v Speaker 2>administration cut another four hundred and fifty million dollars in

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<v Speaker 2>grants to Harvard University. That's in addition to the two

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<v Speaker 2>point two billion that was previously frozen. Time now for

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<v Speaker 2>a look at some of the other stories making news

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<v Speaker 2>in New York and around the world. And for that

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<v Speaker 2>we're joined by Bloomberg's Michael Barr. Michael, Good Morning, Good.

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<v Speaker 11>Morning, Karen. It is day three of the sex trafficking

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<v Speaker 11>and racketeering trial of Sean Diddy Comb's. Yesterday, Combe's former

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<v Speaker 11>girlfriend Cassie Ventura took the stand to test via about

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<v Speaker 11>her decade long relationship with the music mogul, including about

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<v Speaker 11>alleged day's long sexual marathons. Ventura says she was worse

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<v Speaker 11>to take part. Criminal defense lawyer Bernerda Villolona gave her

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<v Speaker 11>analysis of Tuesday's testimony.

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<v Speaker 9>I was in the courtroom to hear her testimony. Than

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<v Speaker 9>what you saw was a woman that was broken, a

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<v Speaker 9>woman that was full of emotion and of regret and

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<v Speaker 9>is now having the courage and the strength to come

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<v Speaker 9>forward and say what happened to her.

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<v Speaker 11>Criminal defense lawyer BERNARDA. Villolona Ventura is expected to return

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<v Speaker 11>to the witness stand today. Eric and Lyol Menendez will

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<v Speaker 11>have a new chance at freedom after thirty five years

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<v Speaker 11>behind bars from murdering their parents. A judge rule to

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<v Speaker 11>reduce the brother's sentences from life without parole to fifty

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<v Speaker 11>years to life. The resentencing means they are eligible for parole.

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<v Speaker 11>Their attorney Mark Gerrigos, reacting to the decision outside the courthouse.

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<v Speaker 12>We have evolved.

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<v Speaker 1>This is not the nineties anymore.

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<v Speaker 12>We have a more robust understanding of a lot of things.

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<v Speaker 11>They were convicted of murdering their entertainment executive father and

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<v Speaker 11>mother in their Beverly Hills home nineteen eighty nine. Prosecutors

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<v Speaker 11>opposed their resentencing, arguing that the brothers had not taken

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<v Speaker 11>full accountability for the crime. There is more talk of

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<v Speaker 11>a possible strike by New Jersey Transit that could begin

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<v Speaker 11>later this week. Talks had been underway before federal mediators

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<v Speaker 11>between the Brotherhood of Local Engineers and Trainmen and the

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<v Speaker 11>head of NJ Transit. The union that represents the engineers

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<v Speaker 11>is threatening to walk off the job as soon as

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<v Speaker 11>twelve oh one am Friday of a contract deal is

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<v Speaker 11>not reached and it could potentially impact three hundred and

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<v Speaker 11>fifty thousand commuters. Governor Phil Murphy, I.

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<v Speaker 10>Think you'll leave all options on the table.

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<v Speaker 3>I'm still hoping that we find some resolution here, but

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<v Speaker 3>we are.

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<v Speaker 4>Preparing for the worst.

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<v Speaker 11>Audio courtesy of ABC seven. A possible NJ transit strike

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<v Speaker 11>could have more of an impact than just on the

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<v Speaker 11>work commute. Shakira is scheduled to perform at Medlife Stadium

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<v Speaker 11>on Thursday and Friday night and earlier this week. NJ

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<v Speaker 11>Transit tolder fans not to count on train or bus

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<v Speaker 11>service to the stadium. Global News twenty four hours in

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<v Speaker 11>and whenever you want it with the Bloomberg News Now,

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<v Speaker 11>Michael Barr, this is Bloomberg Carrot.

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<v Speaker 2>All right, Michael Barr, thank you time now for the

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<v Speaker 2>Bloomberg Sports Update. Here's John Stanshawer, John, good morning.

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<v Speaker 4>Good morning, Caunt. A two to one win for the Mets,

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<v Speaker 4>a two to one loss for the Yankees at Cityfield.

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<v Speaker 4>Brett Baty finally living up to the promise he's shown

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<v Speaker 4>in the miners with an opposite field seventh inning homer,

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<v Speaker 4>and the Mets top the Pirates, improving to seventeen and

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<v Speaker 4>four at home, the Mets won despite having only five hits.

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<v Speaker 4>In Seattle, Yankees, with just five hits did tie the

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<v Speaker 4>game of the ninetheenning, but the Mariners scored on the

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<v Speaker 4>eleventh for the victory. Of the road trip ends for

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<v Speaker 4>the day game today. The Nationals lost their seventh in

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<v Speaker 4>a row five to two in Atlanta. The Red Sox

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<v Speaker 4>lost in Detroit ten to nine in eleven ins. The

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<v Speaker 4>Tigers won on Hobby Bias' second three run homer of

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<v Speaker 4>the game. The Indiana Pacers, who took out the Nixon

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<v Speaker 4>Round two a year ago, this time took out Cleveland,

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<v Speaker 4>who had the great regular season with the Cavs, who

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<v Speaker 4>only lost seven home games over six months, lost three

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<v Speaker 4>and nine days. Facers came from nineteen down won the series,

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<v Speaker 4>clinching Game five one fourteen to one oh five. They'll

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<v Speaker 4>now play either the Knicks or Celtics, except three to

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<v Speaker 4>one going for the clincher tonight in Boston. The Celtics,

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<v Speaker 4>without Jason Tatum due to the torn achilles suffered late

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<v Speaker 4>in Game four. In the West, Denver and Oklahoma City

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<v Speaker 4>played a tight game five.

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<v Speaker 12>Seven to shooting his team is down by three roles

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<v Speaker 12>tosses it up, Jokers wild to shoot, some help from Murray,

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<v Speaker 12>Kick George Extra Williams, Tomaway, Thunder late by.

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<v Speaker 4>Thray Tantata Call. Oklahoma City won one twelve, one oh

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<v Speaker 4>five despite forty four points by Denvers Nicola Yokis Thunder

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<v Speaker 4>lead the series three two Dallas Stars three one win

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<v Speaker 4>over Winnipeg three to one series lead. It was the

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<v Speaker 4>Dave Pete Rose never lived to see, but his family

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<v Speaker 4>had recently lobbied on his behalf for his reinstatement to Baseball,

0:10:53.920 --> 0:10:56.839
<v Speaker 4>and Commisioner Rob Manford finally granted it. Satan's statement that

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<v Speaker 4>Rose can no longer present a threat to the games integrity,

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<v Speaker 4>so Baseball's hit king can now posthumously be voted to

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<v Speaker 4>the Hall of Fame. Tho, the earliest to what happened

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<v Speaker 4>is twenty twenty eight. John Stanshewer, Bloomberg Sports Kereny.

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<v Speaker 1>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. President Donald Trump is shifting

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<v Speaker 3>focus from deal making to diplomacy as he kicks off

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<v Speaker 3>day two of his four day Middle Eastern trip. At

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<v Speaker 3>a meeting with the Golf Club Operation Council in Riod

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<v Speaker 3>this morning, heard live on Bloomberg Radio, the President said,

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<v Speaker 3>the days of the US turning its back on golf

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<v Speaker 3>allies are over.

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<v Speaker 2>The Gulf nations.

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<v Speaker 5>Are at the forefront of creating a stable, peaceful, and

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<v Speaker 5>prosperous Middle East, and I have to say that I've

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<v Speaker 5>seen such progress.

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<v Speaker 2>It's really incredible.

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<v Speaker 5>I've also seen great unity and friendship.

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<v Speaker 3>President Trump there speaking at the Golf Cooperation Council this morning,

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<v Speaker 3>joining us from Riad once again. Bloomberg Horizons anchor Jumana

0:12:03.880 --> 0:12:06.680
<v Speaker 3>Barsechi Jamana, thanks so much for joining us, and I

0:12:06.679 --> 0:12:09.000
<v Speaker 3>guess the biggest headline to come out of the President's

0:12:09.040 --> 0:12:12.920
<v Speaker 3>remarks this morning is that the US is exploring normalized

0:12:12.960 --> 0:12:16.720
<v Speaker 3>relations with Syria. This would be quite the reversal among

0:12:16.840 --> 0:12:19.000
<v Speaker 3>many reversals we've seen on this trip so far.

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<v Speaker 11>Good morning.

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<v Speaker 7>Certainly unbelievable to think that we could be at the

0:12:22.840 --> 0:12:25.360
<v Speaker 7>phase six months ago. If you were wind back Assyria

0:12:25.520 --> 0:12:27.720
<v Speaker 7>was still under the grips of the Assad regime. So

0:12:27.800 --> 0:12:29.720
<v Speaker 7>much has changed in the region in the last six

0:12:29.760 --> 0:12:34.000
<v Speaker 7>months and I think today's meeting really encapsulates that. And

0:12:34.040 --> 0:12:37.280
<v Speaker 7>the fact that President Trump in has remarked yesterdy very

0:12:37.320 --> 0:12:40.280
<v Speaker 7>long speech that he gave at the Saudi Business Investment Forum,

0:12:40.520 --> 0:12:43.000
<v Speaker 7>obviously talking about all of the deals with big investments,

0:12:43.000 --> 0:12:45.600
<v Speaker 7>but one of the big headline moments, and I was

0:12:45.640 --> 0:12:48.520
<v Speaker 7>in the room, it was an electric atmosphere, was when

0:12:48.520 --> 0:12:51.080
<v Speaker 7>he announced that the US we're looking to remove the

0:12:51.120 --> 0:12:54.640
<v Speaker 7>sanctions on the Syrian government. And that was not with

0:12:54.800 --> 0:12:58.000
<v Speaker 7>a standing ovation and the loudest applause that he received

0:12:58.040 --> 0:13:01.120
<v Speaker 7>throughout the whole speech, and then followed up by a

0:13:01.120 --> 0:13:04.200
<v Speaker 7>one to one meeting that he had with that is

0:13:04.240 --> 0:13:07.360
<v Speaker 7>the new Syrian president today on the sidelines of the GCC.

0:13:07.920 --> 0:13:10.400
<v Speaker 7>The Syrian president obviously was a special invite, he's not

0:13:10.440 --> 0:13:12.040
<v Speaker 7>part of the g c C. He was invited to

0:13:12.040 --> 0:13:14.360
<v Speaker 7>at time this event, and then a picture was taken

0:13:14.480 --> 0:13:19.040
<v Speaker 7>with the Crown Prince, President Trump and Syrian President Ahman

0:13:19.080 --> 0:13:23.520
<v Speaker 7>Shada talking about the birth of a new Syria, and

0:13:24.320 --> 0:13:27.360
<v Speaker 7>President Trump quite literally said that this is their chance

0:13:27.400 --> 0:13:31.079
<v Speaker 7>to shine. There's an understanding that the Syrian government has

0:13:31.120 --> 0:13:33.480
<v Speaker 7>been or the Syrian that contry has been crippled by

0:13:33.480 --> 0:13:35.320
<v Speaker 7>the sanctions that have been in place for over a

0:13:35.320 --> 0:13:37.920
<v Speaker 7>decade now, a country that has been ravaged by war

0:13:38.320 --> 0:13:43.359
<v Speaker 7>under the oppressive Assad regime. Now is the focus on reconstruction,

0:13:43.600 --> 0:13:47.680
<v Speaker 7>rebuilding institutions, and regaining political stability, which I think is

0:13:47.760 --> 0:13:50.440
<v Speaker 7>one of the most powerful messages that came out of

0:13:50.440 --> 0:13:53.440
<v Speaker 7>President Trump's speech yesterday in terms of how the Trump

0:13:53.440 --> 0:13:56.720
<v Speaker 7>administration is thinking about the region and their priorities the

0:13:56.720 --> 0:13:57.400
<v Speaker 7>next few years.

0:13:57.679 --> 0:14:01.880
<v Speaker 3>How seriously Jumana do Gulf al take the potential for

0:14:01.920 --> 0:14:05.640
<v Speaker 3>a pivot in the Syrian regime following the fall of

0:14:05.679 --> 0:14:08.559
<v Speaker 3>Bashar al Assade. Of course, Syria has long been an

0:14:08.559 --> 0:14:09.840
<v Speaker 3>ally of Russia and.

0:14:09.679 --> 0:14:13.920
<v Speaker 7>Iran very seriously, and I think the president, the new

0:14:13.920 --> 0:14:17.320
<v Speaker 7>president is trying to say the right things and do

0:14:17.520 --> 0:14:21.640
<v Speaker 7>the right things. We can't forget he has jihadi roots,

0:14:21.720 --> 0:14:24.640
<v Speaker 7>Let's not forget that. So he's a bit of a

0:14:24.680 --> 0:14:28.600
<v Speaker 7>reformed politician, I should say himself. Even the way he dresses.

0:14:28.920 --> 0:14:32.040
<v Speaker 7>He dresses more in civilian clothes and he did, you

0:14:32.080 --> 0:14:34.400
<v Speaker 7>know five six years ago when he was a fighter

0:14:35.000 --> 0:14:38.320
<v Speaker 7>fighting against the Asad regime. But there's been also a

0:14:38.320 --> 0:14:41.840
<v Speaker 7>lot of talk about the type of governance that needs

0:14:41.840 --> 0:14:45.240
<v Speaker 7>to be in place and the need for pluralistic society,

0:14:45.240 --> 0:14:49.240
<v Speaker 7>one that respects all minorities, and that was the major concern.

0:14:49.320 --> 0:14:50.960
<v Speaker 7>If you remember, there was an incident a couple of

0:14:50.960 --> 0:14:54.280
<v Speaker 7>months back where I was actually a mass killing that

0:14:54.320 --> 0:14:57.160
<v Speaker 7>took place of the Alla white minority and one of

0:14:57.200 --> 0:15:00.480
<v Speaker 7>the coastal towns, and there was concerns here turns back

0:15:00.520 --> 0:15:03.960
<v Speaker 7>then that Syria may be gripped by again sectarian division.

0:15:04.560 --> 0:15:07.440
<v Speaker 7>But they've tried to thwart that move past it and

0:15:07.880 --> 0:15:12.360
<v Speaker 7>create a government that does feel more pluralistic. Obviously, it

0:15:12.720 --> 0:15:14.800
<v Speaker 7>remains to be seen how successful they're going to be.

0:15:15.280 --> 0:15:19.040
<v Speaker 7>That the only foreign trip that President shout out has

0:15:19.120 --> 0:15:21.120
<v Speaker 7>mete outside in the least with the France. Last week

0:15:21.120 --> 0:15:23.320
<v Speaker 7>he met with President macarel as being an easing of

0:15:23.440 --> 0:15:26.560
<v Speaker 7>sanctions from Europe. And now there's this double step of

0:15:26.560 --> 0:15:29.120
<v Speaker 7>the possible easing of sanctions from the United States as well.

0:15:29.200 --> 0:15:32.800
<v Speaker 7>So the United States really is presenting them with an opportunity,

0:15:32.920 --> 0:15:36.640
<v Speaker 7>alongside the GCC, to create something more stable in the region.

0:15:37.360 --> 0:15:40.800
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