Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin in Saudi Arabia, where President Trump has
Speaker 3: kicked off the second day of his four day Middle
Speaker 3: Eastern trip. This morning, the President met with Syrian president
Speaker 3: and former rebel leader Akmad Alshara. It was the first
Speaker 3: face to face between US and Syrian leaders in twenty
Speaker 3: five years, and at a meeting with the Golf Cooperation
Speaker 3: Council in Riot, President Trump said he is exploring normalizing
Speaker 3: relations with Syria.
Speaker 4: The whole world is watching the Middle East, and many
Speaker 4: are watching with envy.
Speaker 5: You have something very special going on.
Speaker 2: Incredible opportunities are within reach for this region if we
Speaker 2: can simply stop the aggression from a small group of
Speaker 2: pretty bad actors.
Speaker 3: President Trump's remarks come after a day focused on deals
Speaker 3: at the US Investment Forum. We get more on that
Speaker 3: from Bloomberg's Jumana Barssecci. In the Saudi capitol, the White.
Speaker 6: House published the statements saying that they had agreed to
Speaker 6: six hundred billion dollars worth of investments Saudi investments going
Speaker 6: into the US that is to be spread out over
Speaker 6: the next four years, and then later during the conference's speech,
Speaker 6: he said that they're working on increasing that number to
Speaker 6: one trillion dollars.
Speaker 7: So huge figures coming through.
Speaker 3: Bloomberg's Jumana Barsettchi reports some of the biggest deals are
Speaker 3: with advanced US chip makers in Nvidia and Advanced micro
Speaker 3: Devices have agreed to a ten billion dollar project to
Speaker 3: provide their most cutting edge AI chips to Saudi Arabia's
Speaker 3: humane infrastructure effort.
Speaker 2: Nathan from Saudi Arabia. President Trump will head today to Cutter,
Speaker 2: where he's already taking criticism over a luxury gift. Cutter
Speaker 2: is offering a Boeing seven forty seven eight jumbo jet
Speaker 2: for the president to use as Air Force one. In
Speaker 2: a social media post, the President says it'll only be
Speaker 2: temporary until Boeing delivers newer versions of the presidential plane,
Speaker 2: but Senate Minority Leader Chuck Schumer says taking this gift
Speaker 2: would be unconstitutional.
Speaker 5: Gifting Donald Trump a four hundred million dollar private jet
Speaker 5: to use as Air Force one is so corrupt that
Speaker 5: even Putin would give a double take. This is not
Speaker 5: just naked corruption, it is also a grave national security threat.
Speaker 2: Senate Minority Leader Chuck Schumer says he'll block President Trump's
Speaker 2: a Justice Department nominees until he gets more answers.
Speaker 3: With certain markets. Now, Karen, it may have seemed unfathomable
Speaker 3: a month ago, but stocks are now higher on the year.
Speaker 3: The Nasdaq one hundred had been down twenty three percent
Speaker 3: from its February nineteenth high to its April eighth low
Speaker 3: after President Trump slapped broad tariffs on America's key trading partners.
Speaker 3: The S and P also hit its low. Then it
Speaker 3: was down fifteen percent on the year at the time.
Speaker 3: That index is now higher by a tenth of a
Speaker 3: percent in twenty twenty five. Brian Belski is chief investment
Speaker 3: strategist at BEMO Capital Markets.
Speaker 8: Well, I think too many investors, quite frankly, try to
Speaker 8: time the market instead of just being invested. And from
Speaker 8: our perspective, stocks are hire six months from now, stocks
Speaker 8: are higher twelve months from now. The resiliency of the
Speaker 8: US market remains so and we think too many people
Speaker 8: were led by fear and made binary decisions based on
Speaker 8: emotion and not process or discipline. And that's why we
Speaker 8: remain bullish, and that's why we think the secular bowl
Speaker 8: market remains well in place.
Speaker 3: FEMO Capital Markets Brian Belski says his bowl case for
Speaker 3: the sm P five hundred is sixty seven hundred. That's
Speaker 3: about a fifteen percent gain from current levels.
Speaker 2: Nathan, it's been big tech that's been fueling the rally
Speaker 2: over the past month. In Nvidia and Tesla's surged more
Speaker 2: than thirty five percent. Well, Microsoft is that more than
Speaker 2: twenty percent?
Speaker 9: Well.
Speaker 2: The S and P five hundreds plunge after Trump's tariff
Speaker 2: announcement on April second was fast eleven percent in just
Speaker 2: two sessions. It's bounce back has been almost as breathless.
Speaker 2: The index rows seventeen percent from April fourteenth to May second,
Speaker 2: the kind of thing that historically happens when the market
Speaker 2: is recovering from a major catastrophe like the dot com bust,
Speaker 2: the two thousand and eight financial crisis, and the COVID
Speaker 2: nineteen pandemic.
Speaker 3: Well, Karen, President Trump may want oil prices to go lower.
Speaker 3: In fact, Goldman Sachs, citing an in house analysis of
Speaker 3: the president's social media posts, says he appears to prefer
Speaker 3: oil between forty and fifty dollars a barrel WTI, which
Speaker 3: right now is trading around sixty three dollars fifty cents,
Speaker 3: has shed twelve percent so far this year, heard by
Speaker 3: the fallout from the President's trade tariffs, as well as
Speaker 3: a decision by OPEC plus to loosen supply curves at
Speaker 3: a faster than expected pace.
Speaker 2: Nathan, there's optimism in Washington that House Republicans may reach
Speaker 2: a compromise on the state and local tax deduction, and
Speaker 2: we get the latest from Bloomberg's John Tucker.
Speaker 10: John Good morning, Good morning, Karen. Add this has been
Speaker 10: a real big sticking point. House Speaker Mike Johnson telling
Speaker 10: reporters that a deal on salt will be likely today.
Speaker 10: It would represent a breakthrough in one of the thorniest
Speaker 10: policy debates in President Trump's economic package. The Tax writing
Speaker 10: Houseways and Means Committee is debating a proposal that calls
Speaker 10: for increasing the salt cap from ten thousand to thirty
Speaker 10: thousand dollars, phasing out for individuals who earn at least
Speaker 10: two hundred thousand. Is a big deal for high tax
Speaker 10: states where residents paid large property tax bills. Representative Mike Lawler,
Speaker 10: a New York Republican who attended a meeting with Johnson
Speaker 10: said the two signs are making progress, but another advocate
Speaker 10: for Salt, Representative Nick Lolota, so the proposals floated are
Speaker 10: still very far from what he wants. In New York,
Speaker 10: I'm John Tucker Bloomberg Radio.
Speaker 3: All right, John, thank you. President Trump's tariffs may have
Speaker 3: a major impact on the state of California. According to
Speaker 3: Governor Gavin Newsom's finance department, the president's tariff policies are
Speaker 3: projected to cut California's tax revenue by sixteen billion dollars
Speaker 3: in the next fiscal year. However, that four percent revenue
Speaker 3: dropped from a previous estimate is largely due to the
Speaker 3: stock downturn last month after the President announced a sweeping
Speaker 3: tariff campaign. Stocks, as we mentioned, have since rebounded well.
Speaker 2: Nathan Harvard Universe City is escalating its legal battle with
Speaker 2: the White House. The Ivy League school has expanded its
Speaker 2: lawsuit against the Trump administration for freezing billions of dollars
Speaker 2: in federal funds. Harvard claims that federal agencies illegally halted
Speaker 2: funding because the university refused to submit to government control
Speaker 2: over its academic programs, and that the funding freeze will
Speaker 2: chill its exercise a First Amendment rights. Yesterday, the Trump
Speaker 2: administration cut another four hundred and fifty million dollars in
Speaker 2: grants to Harvard University. That's in addition to the two
Speaker 2: point two billion that was previously frozen. Time now for
Speaker 2: a look at some of the other stories making news
Speaker 2: in New York and around the world. And for that
Speaker 2: we're joined by Bloomberg's Michael Barr. Michael, Good Morning, Good.
Speaker 11: Morning, Karen. It is day three of the sex trafficking
Speaker 11: and racketeering trial of Sean Diddy Comb's. Yesterday, Combe's former
Speaker 11: girlfriend Cassie Ventura took the stand to test via about
Speaker 11: her decade long relationship with the music mogul, including about
Speaker 11: alleged day's long sexual marathons. Ventura says she was worse
Speaker 11: to take part. Criminal defense lawyer Bernerda Villolona gave her
Speaker 11: analysis of Tuesday's testimony.
Speaker 9: I was in the courtroom to hear her testimony. Than
Speaker 9: what you saw was a woman that was broken, a
Speaker 9: woman that was full of emotion and of regret and
Speaker 9: is now having the courage and the strength to come
Speaker 9: forward and say what happened to her.
Speaker 11: Criminal defense lawyer BERNARDA. Villolona Ventura is expected to return
Speaker 11: to the witness stand today. Eric and Lyol Menendez will
Speaker 11: have a new chance at freedom after thirty five years
Speaker 11: behind bars from murdering their parents. A judge rule to
Speaker 11: reduce the brother's sentences from life without parole to fifty
Speaker 11: years to life. The resentencing means they are eligible for parole.
Speaker 11: Their attorney Mark Gerrigos, reacting to the decision outside the courthouse.
Speaker 12: We have evolved.
Speaker 1: This is not the nineties anymore.
Speaker 12: We have a more robust understanding of a lot of things.
Speaker 11: They were convicted of murdering their entertainment executive father and
Speaker 11: mother in their Beverly Hills home nineteen eighty nine. Prosecutors
Speaker 11: opposed their resentencing, arguing that the brothers had not taken
Speaker 11: full accountability for the crime. There is more talk of
Speaker 11: a possible strike by New Jersey Transit that could begin
Speaker 11: later this week. Talks had been underway before federal mediators
Speaker 11: between the Brotherhood of Local Engineers and Trainmen and the
Speaker 11: head of NJ Transit. The union that represents the engineers
Speaker 11: is threatening to walk off the job as soon as
Speaker 11: twelve oh one am Friday of a contract deal is
Speaker 11: not reached and it could potentially impact three hundred and
Speaker 11: fifty thousand commuters. Governor Phil Murphy, I.
Speaker 10: Think you'll leave all options on the table.
Speaker 3: I'm still hoping that we find some resolution here, but
Speaker 3: we are.
Speaker 4: Preparing for the worst.
Speaker 11: Audio courtesy of ABC seven. A possible NJ transit strike
Speaker 11: could have more of an impact than just on the
Speaker 11: work commute. Shakira is scheduled to perform at Medlife Stadium
Speaker 11: on Thursday and Friday night and earlier this week. NJ
Speaker 11: Transit tolder fans not to count on train or bus
Speaker 11: service to the stadium. Global News twenty four hours in
Speaker 11: and whenever you want it with the Bloomberg News Now,
Speaker 11: Michael Barr, this is Bloomberg Carrot.
Speaker 2: All right, Michael Barr, thank you time now for the
Speaker 2: Bloomberg Sports Update. Here's John Stanshawer, John, good morning.
Speaker 4: Good morning, Caunt. A two to one win for the Mets,
Speaker 4: a two to one loss for the Yankees at Cityfield.
Speaker 4: Brett Baty finally living up to the promise he's shown
Speaker 4: in the miners with an opposite field seventh inning homer,
Speaker 4: and the Mets top the Pirates, improving to seventeen and
Speaker 4: four at home, the Mets won despite having only five hits.
Speaker 4: In Seattle, Yankees, with just five hits did tie the
Speaker 4: game of the ninetheenning, but the Mariners scored on the
Speaker 4: eleventh for the victory. Of the road trip ends for
Speaker 4: the day game today. The Nationals lost their seventh in
Speaker 4: a row five to two in Atlanta. The Red Sox
Speaker 4: lost in Detroit ten to nine in eleven ins. The
Speaker 4: Tigers won on Hobby Bias' second three run homer of
Speaker 4: the game. The Indiana Pacers, who took out the Nixon
Speaker 4: Round two a year ago, this time took out Cleveland,
Speaker 4: who had the great regular season with the Cavs, who
Speaker 4: only lost seven home games over six months, lost three
Speaker 4: and nine days. Facers came from nineteen down won the series,
Speaker 4: clinching Game five one fourteen to one oh five. They'll
Speaker 4: now play either the Knicks or Celtics, except three to
Speaker 4: one going for the clincher tonight in Boston. The Celtics,
Speaker 4: without Jason Tatum due to the torn achilles suffered late
Speaker 4: in Game four. In the West, Denver and Oklahoma City
Speaker 4: played a tight game five.
Speaker 12: Seven to shooting his team is down by three roles
Speaker 12: tosses it up, Jokers wild to shoot, some help from Murray,
Speaker 12: Kick George Extra Williams, Tomaway, Thunder late by.
Speaker 4: Thray Tantata Call. Oklahoma City won one twelve, one oh
Speaker 4: five despite forty four points by Denvers Nicola Yokis Thunder
Speaker 4: lead the series three two Dallas Stars three one win
Speaker 4: over Winnipeg three to one series lead. It was the
Speaker 4: Dave Pete Rose never lived to see, but his family
Speaker 4: had recently lobbied on his behalf for his reinstatement to Baseball,
Speaker 4: and Commisioner Rob Manford finally granted it. Satan's statement that
Speaker 4: Rose can no longer present a threat to the games integrity,
Speaker 4: so Baseball's hit king can now posthumously be voted to
Speaker 4: the Hall of Fame. Tho, the earliest to what happened
Speaker 4: is twenty twenty eight. John Stanshewer, Bloomberg Sports Kereny.
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager. President Donald Trump is shifting
Speaker 3: focus from deal making to diplomacy as he kicks off
Speaker 3: day two of his four day Middle Eastern trip. At
Speaker 3: a meeting with the Golf Club Operation Council in Riod
Speaker 3: this morning, heard live on Bloomberg Radio, the President said,
Speaker 3: the days of the US turning its back on golf
Speaker 3: allies are over.
Speaker 2: The Gulf nations.
Speaker 5: Are at the forefront of creating a stable, peaceful, and
Speaker 5: prosperous Middle East, and I have to say that I've
Speaker 5: seen such progress.
Speaker 2: It's really incredible.
Speaker 5: I've also seen great unity and friendship.
Speaker 3: President Trump there speaking at the Golf Cooperation Council this morning,
Speaker 3: joining us from Riad once again. Bloomberg Horizons anchor Jumana
Speaker 3: Barsechi Jamana, thanks so much for joining us, and I
Speaker 3: guess the biggest headline to come out of the President's
Speaker 3: remarks this morning is that the US is exploring normalized
Speaker 3: relations with Syria. This would be quite the reversal among
Speaker 3: many reversals we've seen on this trip so far.
Speaker 11: Good morning.
Speaker 7: Certainly unbelievable to think that we could be at the
Speaker 7: phase six months ago. If you were wind back Assyria
Speaker 7: was still under the grips of the Assad regime. So
Speaker 7: much has changed in the region in the last six
Speaker 7: months and I think today's meeting really encapsulates that. And
Speaker 7: the fact that President Trump in has remarked yesterdy very
Speaker 7: long speech that he gave at the Saudi Business Investment Forum,
Speaker 7: obviously talking about all of the deals with big investments,
Speaker 7: but one of the big headline moments, and I was
Speaker 7: in the room, it was an electric atmosphere, was when
Speaker 7: he announced that the US we're looking to remove the
Speaker 7: sanctions on the Syrian government. And that was not with
Speaker 7: a standing ovation and the loudest applause that he received
Speaker 7: throughout the whole speech, and then followed up by a
Speaker 7: one to one meeting that he had with that is
Speaker 7: the new Syrian president today on the sidelines of the GCC.
Speaker 7: The Syrian president obviously was a special invite, he's not
Speaker 7: part of the g c C. He was invited to
Speaker 7: at time this event, and then a picture was taken
Speaker 7: with the Crown Prince, President Trump and Syrian President Ahman
Speaker 7: Shada talking about the birth of a new Syria, and
Speaker 7: President Trump quite literally said that this is their chance
Speaker 7: to shine. There's an understanding that the Syrian government has
Speaker 7: been or the Syrian that contry has been crippled by
Speaker 7: the sanctions that have been in place for over a
Speaker 7: decade now, a country that has been ravaged by war
Speaker 7: under the oppressive Assad regime. Now is the focus on reconstruction,
Speaker 7: rebuilding institutions, and regaining political stability, which I think is
Speaker 7: one of the most powerful messages that came out of
Speaker 7: President Trump's speech yesterday in terms of how the Trump
Speaker 7: administration is thinking about the region and their priorities the
Speaker 7: next few years.
Speaker 3: How seriously Jumana do Gulf al take the potential for
Speaker 3: a pivot in the Syrian regime following the fall of
Speaker 3: Bashar al Assade. Of course, Syria has long been an
Speaker 3: ally of Russia and.
Speaker 7: Iran very seriously, and I think the president, the new
Speaker 7: president is trying to say the right things and do
Speaker 7: the right things. We can't forget he has jihadi roots,
Speaker 7: Let's not forget that. So he's a bit of a
Speaker 7: reformed politician, I should say himself. Even the way he dresses.
Speaker 7: He dresses more in civilian clothes and he did, you
Speaker 7: know five six years ago when he was a fighter
Speaker 7: fighting against the Asad regime. But there's been also a
Speaker 7: lot of talk about the type of governance that needs
Speaker 7: to be in place and the need for pluralistic society,
Speaker 7: one that respects all minorities, and that was the major concern.
Speaker 7: If you remember, there was an incident a couple of
Speaker 7: months back where I was actually a mass killing that
Speaker 7: took place of the Alla white minority and one of
Speaker 7: the coastal towns, and there was concerns here turns back
Speaker 7: then that Syria may be gripped by again sectarian division.
Speaker 7: But they've tried to thwart that move past it and
Speaker 7: create a government that does feel more pluralistic. Obviously, it
Speaker 7: remains to be seen how successful they're going to be.
Speaker 7: That the only foreign trip that President shout out has
Speaker 7: mete outside in the least with the France. Last week
Speaker 7: he met with President macarel as being an easing of
Speaker 7: sanctions from Europe. And now there's this double step of
Speaker 7: the possible easing of sanctions from the United States as well.
Speaker 7: So the United States really is presenting them with an opportunity,
Speaker 7: alongside the GCC, to create something more stable in the region.
Speaker 2: This is Bloomberg Daybreak, your morning podcast and the stories
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Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for
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Speaker 3: here on Bloomberg dabray