Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager and I'm Lisa Mateo. Here
Speaker 2: are the top stories we're following today.
Speaker 3: The developing story in India and Air India plane reportedly
Speaker 3: headed for London's Gatwick Airport that has now been confirmed
Speaker 3: in fact has crashed shortly after take off. Bloomberg's John
Speaker 3: Tucker joins us with the very latest.
Speaker 4: John, all right, this is an Air India Boeing seven
Speaker 4: eighty seven Nathan traveling from Ahmabad Airport to London's Gatwick Airport.
Speaker 4: This is flight one seventy one. It crashed shortly after takeoff.
Speaker 4: The flight was carrying two hundred and forty two passengers
Speaker 4: and crew. The airliner had reached an altitude of six
Speaker 4: hundred and twenty five feet This according to data from
Speaker 4: flight Radar twenty four no. Social media videos also show
Speaker 4: black smoke billowing from the scene. Faz Akhmad Kidwawi, the
Speaker 4: Director General of the Directorate of Civil Aviation in India,
Speaker 4: is telling the Associated Press that flight one seventy one
Speaker 4: crashed into a residential area called Megani five minutes after
Speaker 4: taking off at one thirty eight pm local time. This
Speaker 4: is a seven eighty seven Dreamliner. It's a wide body,
Speaker 4: twin engine plane and supposedly the first crash ever of
Speaker 4: a Boeing seven to eighty seven aircrap This, at least
Speaker 4: according to Aviation Safety Network Database, way way too early, Nathan,
Speaker 4: and even to speculate about a cause, No indication of
Speaker 4: any foul play, but it is worth noting we do
Speaker 4: have to note this. This comes at a time of
Speaker 4: intensified tension between India and neighboring Pakistan. And of course
Speaker 4: all morning long, stay with us right here on Bloomberg Radio.
Speaker 4: We'll bring you any update as soon as it becomes available.
Speaker 3: We continue to monitor the latest as well on the
Speaker 3: immigration protests in Los Angeles that have spread nationwide. Now,
Speaker 3: the downtown area of LA has been under curfew for
Speaker 3: a second night as local leaders try to stop vandalism
Speaker 3: and looting. LA County Sheriff Robert Luna is urging demonstrators
Speaker 3: to remain peaceful.
Speaker 5: There's a big distinction between individuals that protest and demonstrate
Speaker 5: to violent, destructive basically anarchists, I mean, just creating that chaos.
Speaker 3: And as police try to keep the peace, the federal
Speaker 3: government is expanding its show of force. The National Guard
Speaker 3: is assisting US Immigration and Customs enforcement with immigration arrests,
Speaker 3: and Attorney General Pam Bondi says the administration is invoking
Speaker 3: the Hobbs Act to let federal prosecutors take over local
Speaker 3: criminal cases.
Speaker 1: We're going to do everything within our legal authority to
Speaker 1: protect our law.
Speaker 2: Enforcement officers and all the people in California right now.
Speaker 3: I Meanwhile, the Justice Department is asking a federal judge
Speaker 3: not to interfere with the deployment of Marines and National
Speaker 3: Guard in La. Hearing is set for this afternoon. All
Speaker 3: this as protests to other cities, including New York, Chicago,
Speaker 3: and Milwaukee. Texas Governor Greg Abbott has promised to send
Speaker 3: the National Guard to respond to protests planned in his
Speaker 3: state this week, and a curfew was declared last night
Speaker 3: in Spokane, Washington as well, in response to protests there well.
Speaker 2: He downturns of the latest on the trade front, Nathan
Speaker 2: President Trump says he's planning to send letters to trading
Speaker 2: partners within the next two weeks to set unilateral tariff rates.
Speaker 2: That move comes ahead of a July ninth deadline to
Speaker 2: reimpose higher duties on dozens of economies once the current
Speaker 2: ninety day pause expires. President Trump spoke to reporters yesterday.
Speaker 6: We're rocket in terms of deals. Now at a certain point,
Speaker 6: we're just going to send letters out. And I think
Speaker 6: you understand that, saying this is the deal. You can
Speaker 6: take it or you can leave it. You don't have
Speaker 6: to use it, you don't have to shop in the
Speaker 6: United States.
Speaker 2: As I say, So far, the White House has only
Speaker 2: reached a yet to be implemented trade framework with the
Speaker 2: UK and a tariff truce with China and Lisa.
Speaker 3: Commerce Secretary Howard Ltnix says the European Union is likely
Speaker 3: to be among the last deals the US completes. He
Speaker 3: tells CNBC the expects to see deals with other countries
Speaker 3: to start coming next week, and the week after and
Speaker 3: the week after.
Speaker 2: In his words, Japan's Prime Minister still sees a large
Speaker 2: gap between the US and Japanese stances on trade talks now,
Speaker 2: she grew. Ishaba is expected to meet President Trump on
Speaker 2: the sidelines of the Group of Seven leaders gathering in
Speaker 2: Canada starting Sunday. Ishaba says he doesn't have a particular
Speaker 2: timeline in mind for reaching an agreement.
Speaker 3: In Washington, debate continues over President Trump's big tax and
Speaker 3: spending cut bill. A top Republican negotiator says senators are
Speaker 3: considering a thirty thousand dollars cap on the state and
Speaker 3: local tax deduction that would be down from the forty
Speaker 3: thousand in the House past bill. Republican Congressman Lisa McClain
Speaker 3: of Michigan says she hopes the Senate doesn't change salt
Speaker 3: too much.
Speaker 7: The Salt Caucus, which we have here in the House
Speaker 7: and they don't have in the Senate for obvious reasons,
Speaker 7: they've been pretty dug in. And I'm not here to
Speaker 7: say they're right. I'm not here to s they're wrong,
Speaker 7: but they've been pretty dug in, and that was one
Speaker 7: of our biggest issues in the House that just can't
Speaker 7: be touched.
Speaker 3: Michigan Republican Lisa McClain spoke on Bloomberg Television. Senate Republicans
Speaker 3: also planned to scale back some cuts to federal food
Speaker 3: aid in the House built The Senate's version would sell
Speaker 3: millions of acres of federal land to help pay for
Speaker 3: the measure. That move is expected to raise up to
Speaker 3: ten billion dollars over ten years.
Speaker 2: Well Hell Secretary Robert F. Kennedy Junior has named eight
Speaker 2: new vaccine policy advisors to replace the panel that he
Speaker 2: abruptly dismissed earlier this week. They include several vocal vaccine
Speaker 2: critics and one who identifies as a quote anti vaxer.
Speaker 2: The move comes as Kennedy makes major changes to how
Speaker 2: immunizations are studied and administered in the US and paves
Speaker 2: the way for a more skeptical approach to the use
Speaker 2: of shots that prevent deadly infections.
Speaker 3: Lisa Oil is retreating this morning, following yesterday's nearly five
Speaker 3: percent gain that came after the US government ordered a
Speaker 3: partial evacuation of its embassy. In Your Rock amid rising
Speaker 3: security risks, we get more from Bloomberg News Energy reporter
Speaker 3: Anthony Depowa.
Speaker 8: If we look at that picture, it's really that risk
Speaker 8: of something happening in terms of the Middle East and
Speaker 8: in terms of an outbreak of potential violence in the
Speaker 8: Middle East between the US and Iran, between Israel and Iran.
Speaker 8: That's really the risk that is pushing prices higher.
Speaker 3: But s Bloomberg Energy reporter Anthony Depella, and this morning,
Speaker 3: the State Department is limiting travel for US embassy staff
Speaker 3: in Israel, citing regional tensions. The Middle East produces about
Speaker 3: a third of the world's oil.
Speaker 9: Well.
Speaker 2: Turning to the economy now Nathan, A day after underlying
Speaker 2: inflation rose by less than forecast for the fourth month
Speaker 2: in a row, we get another key reading this morning
Speaker 2: at eight thirty am Wall Street time, we get the
Speaker 2: main reading for producer prices. Bloomberg's Michael McKee has a preview.
Speaker 10: Economists fooled by the benign rise in consumer prices, We'll
Speaker 10: again look for tariff induced inflation in today's data on
Speaker 10: what companies are charging for goods and services. Once again,
Speaker 10: the expectation is for a rise in prices in both
Speaker 10: the headline and core PPI easier to do in this
Speaker 10: report because both declined in April. While price increases haven't
Speaker 10: flowed into retail price tags. Many companies have reported passing
Speaker 10: some or all of the tariffs onto their customers, particularly manufacturers,
Speaker 10: While another downside surprise would chair markets. The real impact
Speaker 10: will come when economists break down changes in individual categories
Speaker 10: to forecast the Fed's primary inflation indicator, the PCE index,
Speaker 10: out at the end of the month. Michael McKee, Bloomberg Radio.
Speaker 2: And the equity fund. Shares of Oracle up more than
Speaker 2: seven percent in early trading after the bell. The company
Speaker 2: said its cloud infrastructure sales will grow more than seventy
Speaker 2: percent this fiscal year. Brent Bill is an equity research
Speaker 2: analyst at Jeffries.
Speaker 11: Oracle's got their mojo back. We've said this, this company
Speaker 11: was trying to find their way. They were late to cloud,
Speaker 11: they were laid to cloud applications. They're a little bit
Speaker 11: late to AI. But I think they're back in the
Speaker 11: in the race now.
Speaker 2: Jeffrey's analyst Brent Phil speaking to us after the earnings report,
Speaker 2: CEO Safferkat says that Oracle is on its way to
Speaker 2: becoming quote one of the world's largest cloud infrastructure companies.
Speaker 3: And repeating the breaking news this morning, Lisa Air India
Speaker 3: says a Boeing seven eighty seven aircraft traveling from m
Speaker 3: Debad to London's Gatwick Airport has crashed. Local media say
Speaker 3: the flight one seventy one was carrying two hundred and
Speaker 3: forty two passengers and crew. Boeing shares are extending their
Speaker 3: declines in the pre market, now down more than five percent.
Speaker 2: Now time for a look at some of the other
Speaker 2: stories making news in New York and around the world
Speaker 2: for that were joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 12: Good Morning Lisa. Protests are growing across the country over
Speaker 12: the Trump administration's immigration raids and the federal troop response
Speaker 12: to protests in Los Angeles. The NYPD arrested several people
Speaker 12: last night in Lower Manhattan. These two protesters were in
Speaker 12: New York's Foley Square.
Speaker 13: I think success is stopping as many people from being
Speaker 13: unlawfully taken from their families. Successes seeing people treated like
Speaker 13: human beings, people putting due process back in place right
Speaker 13: and actually respondowing our law institution.
Speaker 12: However, Wednesday was much calmer than Tuesday night, when dozens
Speaker 12: were arrested. A new Jersey federal judge rule the Trump
Speaker 12: administration cannot detain or deport Mackmud Khalil for the reasons
Speaker 12: it's cited. The judge granted a preliminary injunction, concluding the
Speaker 12: Columbia University graduate student would continue to suffer irreparable harm
Speaker 12: if he remains detained. Last week, the court hill that Khalil,
Speaker 12: who'd been involved with student protests in support of the
Speaker 12: people of Gaza, would likely succeed in his challenge to
Speaker 12: the administration's attempts to deport him on foreign policy grounds.
Speaker 12: Former movie mogul Harvey Weinstein has been convicted of one
Speaker 12: of the top charges in his sex crimes re trial.
Speaker 12: A jury found Weinstein guilty of engaging in a criminal
Speaker 12: sax act on Mimi Haley, but he has been acquitted
Speaker 12: of engaging in the criminal sax act on Kanya Soculluk,
Speaker 12: the more recent accuser who had come forward. Jurors were
Speaker 12: as yet unable to reach a verdict on a third
Speaker 12: charge involving Jessica Man and will resumed deliberations. Today, Global
Speaker 12: News twenty four hours a day and whenever you want
Speaker 12: it with the Bloomberg News Now Michael barn This is
Speaker 12: Bloomberg Leaser.
Speaker 2: Thank you, Michael. Time now for our Bloomberg Sports Up.
Speaker 2: They brought to you by Tri State Audi. For that,
Speaker 2: we bring in John stash Hour. Good morning, John, Good morning.
Speaker 14: Listen to the Idiana Pacers. Yet to lose two playoff
Speaker 14: games in a row, yet to trail in a series
Speaker 14: off the Game two loss at Oklahoma City, the Pacers
Speaker 14: came home got their first Game three win of the postseason.
Speaker 14: They beat the thunder one sixteen one oh seven. They
Speaker 14: lead the NBA Finals two games to one. Benedict Methern
Speaker 14: off the bench to lead in the with twenty seven points.
Speaker 14: OKC had seventeen turnovers. Game four is tomorrow. The Dallas
Speaker 14: Mavericks are the third team to tell the Knicks, we
Speaker 14: are not letting you interview our coach to be your coach.
Speaker 14: The day after Houston and Minnesota did it, the MAVs
Speaker 14: denied permission for the Knicks to speak with Jason Kidd.
Speaker 14: Another Mets win at City Field, where there are now
Speaker 14: twenty six and seven of five nothing shut out of
Speaker 14: Washington a rare complete game. It came from David Peters
Speaker 14: sitting out only six hits. Did not welcome bat Our
Speaker 14: Brandon Nimo home or twice. Another Yankee win over Kansas City.
Speaker 14: They are five and zero against the Royals and twelve
Speaker 14: and three over the last two seasons, including that playoff
Speaker 14: victory of the Yanks. Bkse six to three, six scoreless
Speaker 14: sittings by Clark Schmidt and yet another home run by
Speaker 14: Aaron Judge. Red Sox top the Raise four to three
Speaker 14: early tea times this morning to begin the US Open
Speaker 14: at Oakmont defending champion Brison de Shambo starts his round
Speaker 14: at seven thirty years. To Shambo's thoughts on the Oakmont course.
Speaker 15: You can't just vomit on every single hole and glass
Speaker 15: over bunkers and have a wedge run up to the
Speaker 15: front of the green. You can on a lot of
Speaker 15: the holes, but not on every one of them. So
Speaker 15: I think this golf course you have to be just
Speaker 15: a fraction more strategic, especially, I mean the rough is
Speaker 15: so long.
Speaker 14: Rory McElroy T's off at seven forty this morning. Scottie
Speaker 14: Scheffler's the big favorite. He will play this afternoon. They'll
Speaker 14: play Game four, the Stanley Cup Final tonight, Florida hosting
Speaker 14: Edmonton and leading the series two to one. The Rangers
Speaker 14: are said to be close to a deal the trade
Speaker 14: Chris Drider to Anaheim, a Ranger for thirteen years, the
Speaker 14: third leading school goldscorer in Ranger history. John stanhalah Were
Speaker 14: Bloomberg Sports, Lisa Nathan, all right.
Speaker 2: Thank you, John. Taking a look at the markets right now.
Speaker 2: We have SMP futures. They're down about three tens of
Speaker 2: a percent down. Future is falling half a percent. Two
Speaker 2: hundred and twenty four points. Nasdaq futures down three tenths
Speaker 2: of a percent or seventy five points. Going to the
Speaker 2: Bloomberg Dollar Spot Index, it's down four tenths of a percent.
Speaker 2: Over to the yield space, we have the two year
Speaker 2: yield three point nine three percent, that's down two basis points,
Speaker 2: and the yield on the tenure four point four zero percent,
Speaker 2: and that's down one basis point.
Speaker 1: Coast to coast on Bloomberg Radio nationwide on Sirius XAM
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, following developing news out of
Speaker 3: western India where an Air India flight carrying two hundred
Speaker 3: and forty two passengers and crew has crashed near Mdabad
Speaker 3: in the western state of Gujarat. Joining US now for
Speaker 3: the very latest is Bloomberg News Aviation reporter Danny Lee.
Speaker 3: And Danny obviously this is a fast developing story. What
Speaker 3: is the latest that we know so far?
Speaker 9: Good morning, Yeah, Nathan, Good morning. So this is a
Speaker 9: breaking news development. So it's Neir India Boeing Co seven
Speaker 9: eighty seven Dreamliner which crashed shortly off takeoff from a
Speaker 9: Midabad and it was heading to London's Gatwick Airports, so
Speaker 9: it was taking off around roughly half past one local
Speaker 9: time in the afternoon. And there's been various video circulated
Speaker 9: on social media, including one of the plane flying at
Speaker 9: low altitude and heading into the ground and then smoke
Speaker 9: and the fire billowing from that. So we have seen
Speaker 9: though the markets react quite swiftly and the shares pre
Speaker 9: market shares in bowing down five and a half percent
Speaker 9: on this news. For investors, when you look at Boeing,
Speaker 9: it's clearly too early to tell what has happened, what
Speaker 9: will be the cause of this crash, but at least
Speaker 9: for the moment, there will be a lot of reaction.
Speaker 9: And we have some reaction from Indian officials commenting on
Speaker 9: the crash, saying they are shocked and devastated about the accident.
Speaker 9: We have India confirming that there was an accident that
Speaker 9: had taken place today, but they don't have any further
Speaker 9: details at the moment. But of course, for the flight involved,
Speaker 9: it was carrying two hundred and forty two passengers and
Speaker 9: crew according to some local media reports.
Speaker 3: Yeah, certainly we could go into the struggles that Boeing
Speaker 3: has been trying to get out from under ever since
Speaker 3: the door plug blowout situation more than a year ago
Speaker 3: and the change under new CEO Kelly Ordberg. But before
Speaker 3: we get to all that, Danny, do we know anything
Speaker 3: in terms of the conditions on the ground, anything that
Speaker 3: could tell us what might have caused this crash?
Speaker 9: It's very hard to tell what could be the kind
Speaker 9: of contributing factors. I mean, whether it be weather, where
Speaker 9: it be any mechanical issues with the plane. You know
Speaker 9: what we can say this plane was around eleven years old,
Speaker 9: so it's not too new, not too old. It's somewhere
Speaker 9: in the middle basically. But you know it's for the
Speaker 9: Boeing seventy seven aircraft. It would mark the first whole
Speaker 9: loss in the entire time it has entered service, which
Speaker 9: is now many many years.
Speaker 3: Is what do we know about the condition of the
Speaker 3: fleet of air India's Boeing lineup? Is it an aging fleet?
Speaker 3: Is it relatively new?
Speaker 9: Well for India, it has been going through an extensive
Speaker 9: overhaul of its fleet. You know, exist it's existing fleet
Speaker 9: right now is aging. Let's not to say that they
Speaker 9: don't keep their planes in good condition. Already, but they
Speaker 9: are investing a lot of money buying a lot of
Speaker 9: new Boeing and Airbus aircraft in order to overhaul its
Speaker 9: fleet and also to expand. So under new ownership coming
Speaker 9: in being privatized from coming from state ownership under the
Speaker 9: Tartar Group, it has undergone a huge amount of investment
Speaker 9: and it's just time it takes to get those planes.
Speaker 9: New planes are particularly delivered, but it has been working
Speaker 9: through that process, and a multi year process at that,
Speaker 9: and as.
Speaker 3: We continue to monitor the situation, we're getting further confirmations
Speaker 3: from more sources about the fact that this has happened.
Speaker 3: We just saw a post on X from London's Gatwick Airport,
Speaker 3: which is the destination of Air India flight one P
Speaker 3: seventy one, confirming on its end that that plane was
Speaker 3: due to land at London Gatwick later on this evening
Speaker 3: local time, So further confirmation that at least that flight
Speaker 3: was at the center of this. Danny, of course, I
Speaker 3: know your background is in aviation, but it can't be
Speaker 3: ignored that this is coming just a couple of weeks
Speaker 3: after pretty heightened tensions between India and Pakistan as well.
Speaker 3: Obviously we're really at a very early stage in terms
Speaker 3: of trying to figure out the cause of this, whether
Speaker 3: it was something mechanical or something more nefarious, But that
Speaker 3: could enter into the conversation as well as we start
Speaker 3: to gather more details and facts on the ground.
Speaker 9: Yeah, I think the authorities will be looking at a
Speaker 9: whole wide range of information at this stage. No one
Speaker 9: would be in a position to rule out anything until
Speaker 9: particularly they start to locate and recover the so called
Speaker 9: black boxes. These are the information flight data recorded copric
Speaker 9: voice recorder that would give all the necessary clues to
Speaker 9: understand what happened to this aircraft. But yes, as you
Speaker 9: alluded to, there has been heightened state of tensions in
Speaker 9: recent weeks between India and Pakistan, although of late they
Speaker 9: have tensions have calmed down, particularly as US President Donald
Speaker 9: Trump has intervened and there has been a cessation of
Speaker 9: hostilities in particular.
Speaker 3: This is Bloomberg day Break, your morning podcast on the
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Speaker 2: And I'm Lisa Matteo. Join us again tomorrow morning for
Speaker 2: all the news you need to start your day right
Speaker 2: here on Bloomberg Daybreak