Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow.
Speaker 3: Here are the stories we're following today, Karen.
Speaker 2: Momentum is building in the market for a possible longer
Speaker 2: ceasefire between the US and Iran, the source tells Bloomberg News.
Speaker 2: Both sides are considering a two week extension to allow
Speaker 2: for more talks around contentious issues like reopening the Strait
Speaker 2: of horror moves and Iran's nuclear program. White House Press
Speaker 2: Secretary Caroline Levitt says the US has not asked for
Speaker 2: a formal extension yet.
Speaker 4: We've remained very much engaged in these negotiations. In these talks,
Speaker 4: you heard from the Vice President directly and the President
Speaker 4: this week that these conversations are productive and ongoing, and
Speaker 4: that's where we are right now.
Speaker 2: Press Secretary Caroline Levitt at the White House. We get
Speaker 2: more from Bloomberg's Jumana Bursecci in Dubai.
Speaker 5: No date has been set, there's no official confirmation yet
Speaker 5: that these talks are happening. Actually, the White House Press
Speaker 5: Secretory Caroline Levitt said yesterday that the US had not
Speaker 5: put in a formal proposal to extend the seasfire by
Speaker 5: two weeks, but she did say if another round of
Speaker 5: talks are going to be held, they would likely be
Speaker 5: held in Islamabad in Pakistan. And Pakistan for their port
Speaker 5: I will say are working the diplomatic channels aggressively. The
Speaker 5: Army chief site semineers in Tehran for ceasefire talks and
Speaker 5: meeting with some of the chief negotiators on the Iranian side.
Speaker 5: The Iranian state media are reporting that the US have
Speaker 5: relayed a message via the Pakistani mediators to the Iranian side,
Speaker 5: so we'll see what their response is going to be.
Speaker 2: In the meantime, Bloomberg's Jumani Barsetti reports the US naval
Speaker 2: blockade of the Strait of Hornmuz continues. Iran State Television
Speaker 2: reports the Iranian military sees prolonging the blockade as a
Speaker 2: prelude to a breach of the ceasefire.
Speaker 3: Well if in former Secretary of State John Carey played
Speaker 3: a key role in the nuclear deal with the Rum
Speaker 3: that President Trump rejected in his first term, he tells
Speaker 3: Bloomberg's fancy in Lachwa could have been avoided if the
Speaker 3: President had stuck with the deal.
Speaker 6: What's happened is a war that had been certainly postponed
Speaker 6: and probably avoided. Most likely it was made inevitable almost
Speaker 6: when the President pulled out, and we are where we
Speaker 6: are but now.
Speaker 3: Secretary Kerry says the blockade of the Strait of Juamuz
Speaker 3: could be a smart decision to pressure Iran, but only
Speaker 3: if the US is willing to compromise.
Speaker 2: The Karen talks are scheduled to continue now between Israel
Speaker 2: and Lebanon, and Israeli official says Prime Minister Benjamin NETANYAHUO
Speaker 2: and Lebanese President Joseph Ayun will speak today following ambassador
Speaker 2: level talks in the US earlier this week. Those were
Speaker 2: the first direct discussions between the Middle Eastern countries in
Speaker 2: more than three decades.
Speaker 3: Month in a series of suspiciously well timed trades in
Speaker 3: the oil futures market during the war has caught the
Speaker 3: attention of the Commodity Futures Trading Commission. Bloomberg's Amy Morris
Speaker 3: has more from Washington.
Speaker 7: Investigators are looking into instances over a peer of about
Speaker 7: two weeks where trading volumes surged just before major announcements
Speaker 7: and policy pivots by President Trump that raised alarm bells
Speaker 7: about the potential misuse of non public information tied to
Speaker 7: Trump's shifting stance on the war in Iran. The CFTC
Speaker 7: wants to see the data from the exchanges, including who
Speaker 7: was behind the trades. That investigation is now focused on
Speaker 7: trading of oil futures contracts on platforms belonging to CME
Speaker 7: Group and enter Continental Exchange in Washington. Amy Morris Bloomberg Radio.
Speaker 7: Amy Thanks back on Wall Street. The global stock market
Speaker 7: rally continues this morning. Stocks in Japan closed at an
Speaker 7: all time high. The MSCI All Country Index, which had
Speaker 7: dropped as much as nine percent since the start of
Speaker 7: the war, has erased those declines, and the S and
Speaker 7: P five hundred closed above the seven thousand level for
Speaker 7: the first time, while the Nasdaq one hundred also ended
Speaker 7: the yesterday session at an all time high. Wall Street
Speaker 7: veteran Ed Yardenny says investors are looking past the war
Speaker 7: and focusing now on fundamentals.
Speaker 8: When you look at the history of geopolitical crises, especially
Speaker 8: as they affected the S and P five hundred, history
Speaker 8: shows that geopolitical crisis turned out to be great buying opportunities.
Speaker 8: So just when everything looks most dire and grim, that's
Speaker 8: when investors come in and conclude that the war will
Speaker 8: eventually end and peace will follow.
Speaker 2: At Yard Denny with your Denny Research notes the S
Speaker 2: and P five hundred reached its bottom on March thirtieth, Well, Nathan.
Speaker 3: Despite the market optimism, voices at this week's World Bank
Speaker 3: and International Monetary Fund meetings in Washington are more cautious.
Speaker 3: IMF Managing Director Chris de Alina Georgieva says investors maybe
Speaker 3: underestimating the economic damage from the war.
Speaker 9: Why are markets so optimistic? I think part of the
Speaker 9: reason is because there is a high concentration of financial
Speaker 9: assets in the United States. US economy is doing well.
Speaker 9: It is relatively not so impacted because the US is
Speaker 9: a now export and not importer, and that creates that
Speaker 9: picture of dynamism and vibrancy. But I can tell you
Speaker 9: that's not the story of the rest of the world.
Speaker 9: In the rest of the world already there is a
Speaker 9: lot of pain.
Speaker 3: I am F Managing Director Kristallina Georgiaeva made the comments
Speaker 3: in an interview with Bloomberg's Friends, saying, lochwa catch our
Speaker 3: full conversation with Georgiaeva and former Secretary of State John
Speaker 3: Kerry and our new video experience on the Bloomberg Business App.
Speaker 2: Well, let's check some stocks in the news this morning. Now,
Speaker 2: Karen Taiwan's Semiconductor Manufacturing is raising its revenue outlook for
Speaker 2: the year. The upbeat forecast underscores the resilience of AICHIP
Speaker 2: demand despite concerns about the economic fallout from the war
Speaker 2: CSMC is the main chip maker for Nvidia and Apple.
Speaker 2: It expects revenue to grow more than thirty percent.
Speaker 3: This afternoon, Nathan we get earnings from a streaming giant, Netflix,
Speaker 3: and Bloomberg's Town Busby has a preview.
Speaker 10: Well, this is the first earnings report from Netflix and
Speaker 10: to walked away from an ugly battle to acquire most
Speaker 10: of Warner Brothers.
Speaker 11: Discovery.
Speaker 10: Analysts expect the company to report a fifteen percent increase
Speaker 10: in revenue thanks to live sporting and concert events and
Speaker 10: from advertising. Raising its subscription fee in March to twenty
Speaker 10: dollars for the standard plan without ads also helped Bloomberg
Speaker 10: consensus calls for revenue of twelve point one seven billion
Speaker 10: dollars on earnings per share of seventy six cents. Tom
Speaker 10: Busby Bloomberg Radio Okay Tom.
Speaker 2: Thanks to a federal jury in New York has found
Speaker 2: Live Nation Entertainment illegally monopolized the live events industry and
Speaker 2: overcharged fans. The verdict marks a major win for a
Speaker 2: coalition of thirty three states and Washington, DC that pursued
Speaker 2: this case despite the Justice Department's recent settlement that allowed
Speaker 2: Live Nation to keep its ticket master unit. Jenniferree is
Speaker 2: a senior antitrust litigation analyst at Bloomberg Intelligence.
Speaker 12: I think this ruling is significant because, honestly, it's been
Speaker 12: over the years very very difficult for plaintiffs to win
Speaker 12: monopolization suits against bacmpanies, and in particular a suit like
Speaker 12: this one where the federal government is no longer in
Speaker 12: the case because they settled, and it's a group of
Speaker 12: states only going out on their own. And it just
Speaker 12: shows that that plaintiffs can win these monopolization suits where
Speaker 12: they have compelling evidence, even where it's really hard fought
Speaker 12: by the defense.
Speaker 2: Bloomberg Intelligence analyst Jenri says the states are now seeking
Speaker 2: as much as seven hundred million dollars in damages and
Speaker 2: possibly additional penalties. Live Nation says it will appeal.
Speaker 3: Time now for a look at some many of their
Speaker 3: stories making news in New York and around the world,
Speaker 3: and for that we're joined by Bloomberg's Michael Barr.
Speaker 11: Michael, good Morning, Good Morning Karen. Today, New Jersey voters
Speaker 11: will pick Governor Monkey Cheryl's replacement in Congress. Cheryl had
Speaker 11: to give up her eleventh district seat after being elected.
Speaker 11: Governor Randolph Mayor Joe Hathaway is the Republican nominee.
Speaker 13: One of my big platforms is to freeze taxes for
Speaker 13: first time home buyers.
Speaker 7: Home ownership in New Jersey is more challenging than ever.
Speaker 11: Progressive Annaliliya Mahea is the Democratic nominee.
Speaker 14: We lost the healthcare tax credits because of the Republican Party,
Speaker 14: and now healthcare costs are up one hundred and seventy
Speaker 14: five percent in one year. We lost energy tax credits
Speaker 14: and that's why energy prices are up.
Speaker 11: Audio courtesy of ABC seven New York City. Dorman and
Speaker 11: other staff voted to authorize a strike, which would disrupt
Speaker 11: operations at co ops, condos, and apartment buildings as soon
Speaker 11: as April twenty first. The workers are pushing back against
Speaker 11: possible reductions in healthcare coverage, advocating for pay hikes and
Speaker 11: demanding that building owners strengthen the pension fund. The fallout
Speaker 11: continues after Vice President Vance made comments about Pope Leo's
Speaker 11: criticism of the war in Iran. The Vice President said
Speaker 11: Pope Leo should be careful when he talks about matters
Speaker 11: of theology. Yesterday, House Speaker Mike Johnson weighed in on
Speaker 11: the comments.
Speaker 10: It is a very well settled matter of a Christian theology.
Speaker 3: There's something called the just war doctrine, a time to
Speaker 3: every purpose under heaven.
Speaker 11: The pope criticized President Trump's rhetoric about destroying a civilization.
Speaker 11: New Yorkers have been soaking up some sun as some
Speaker 11: parts of the country deal with damaging severe storms. The
Speaker 11: East Coast is enjoying eighty five to ninety degree days.
Speaker 11: This woman was out in Washington Square Park.
Speaker 13: How abready the.
Speaker 7: UVS eight so trying to tan.
Speaker 12: Yeah, got some.
Speaker 11: Ice cream today. Once again it will be mostly sunny man.
Speaker 10: Huh.
Speaker 11: Global news twenty four hours a day and whenever you
Speaker 11: wanted with Bloomberg News now, not Michael barn, this is
Speaker 11: Bloomberg hearen.
Speaker 10: Thanks Michael.
Speaker 3: Time now for our Bloomberg sports update, and for that
Speaker 3: we bring in John stash hour.
Speaker 13: Thanks Garrett Twomore NBA play in games. Philadelphia had to
Speaker 13: play without Joe Lmby due to his appendectomy. The Sixers
Speaker 13: still beat Orlando one oh nine ninety seven. That makes
Speaker 13: Philly the seventh seed in the East. They'll play the
Speaker 13: Celtics in the first round. It means the Magic will
Speaker 13: play again on Friday at home against Charlotte and the
Speaker 13: Winter will be the eighth seed. Played Detroit Golden Stay
Speaker 13: led by Steph Curry over the Clippers in LA. That
Speaker 13: moves the Warriors to a game tomorrow in Phoenix to
Speaker 13: see who'll be the eighth seed in the West. The
Speaker 13: season over for the Clippers. That's the Bloomberg Sports Update.
Speaker 3: Stay with us. More from Bloomberg Daybreak coming up after this.
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 2: Good morning on Nathan Hager. There's some optimism now that
Speaker 2: the break in fighting between the US and Iran could
Speaker 2: last a little longer. Bloomberg News has learned both countries
Speaker 2: are considering a ceasefire extension the White House. Press Secretary
Speaker 2: Caroline Levitt says the US hasn't asked for one yet.
Speaker 4: I saw some reporting, again bad reporting this morning, that
Speaker 4: we had formally requested an extension of the ceasefire. That
Speaker 4: is not true at this moment.
Speaker 2: That was Press Secretary Caroline Levit at the White House
Speaker 2: yesterday joining us this morning from Dubai is Bloomberg Mida
Speaker 2: Least corresponded Jumana Brossecci, the anchor of Bloomberg Horizons. So
Speaker 2: Jumana just to pick up on what Caroline leve was saying.
Speaker 2: What is true this morning? What do we know about
Speaker 2: the prospect for further talks? Good morning?
Speaker 15: Yeah, well, Caroline love it. They're saying that the US
Speaker 15: had not formally requested a c's for our extension. But
Speaker 15: she also went on to say that if there were
Speaker 15: going to be if there was going to be a
Speaker 15: second round of talks, it would likely happen in Islamabad.
Speaker 15: And we know that the diplomatic channels are being actively worked.
Speaker 15: Over the last twenty four hours, the Chief of Army
Speaker 15: of Pakistan made a visit to Tehran. Apparently he is
Speaker 15: conveying messages from the US, and those messages have been
Speaker 15: relaid back and forth, so Pakistan also acting as sort
Speaker 15: of a message go between between the US and Iran here.
Speaker 15: At the same time, the Pakistani Prime Minister, long alongside
Speaker 15: the delegation, is making a trip through the region. Yesterday
Speaker 15: he was in Saudi Arabia. Today he's heading to Katar,
Speaker 15: and then he's going to Turkey and again all of
Speaker 15: those three countries, increasingly more so Saudi Arabia as well,
Speaker 15: looking to play some form of a diplomatic mediation role
Speaker 15: should these talks go ahead. But I should say at
Speaker 15: this point, no time and no venue has been confirmed.
Speaker 2: Okay, Well, we've heard from President Trump saying that the
Speaker 2: next two days could be key toward getting potentially a
Speaker 2: big deal. I believe that was two days ago. What's
Speaker 2: the prospect of that at this point.
Speaker 15: Well, there is a clock that's sticking in the background,
Speaker 15: and it's less to do with Trump's deadline and more
Speaker 15: to do with the ceasefire x fire, which I guess
Speaker 15: that goes back to President Trump, But technically it expires
Speaker 15: on the twenty second over here in the region, twenty
Speaker 15: first in the US, and so we do have a
Speaker 15: couple of more days before decision has to be made
Speaker 15: about whether that ceasfire expires, whether it continues. Remember yesterday
Speaker 15: we were reporting that at the same time as we're
Speaker 15: speaking about the big efforts on the diplomatic side of things,
Speaker 15: there has continued to be a build up military assets
Speaker 15: in the region as well. So perhaps from the US perspective,
Speaker 15: looking to continually apply a pressure to the Iranian side
Speaker 15: to come back to the table. But at the same time,
Speaker 15: you've got all of those mediators and even I would say,
Speaker 15: and I should have mentioned this before, even the UAE
Speaker 15: received a call from the Iranian Speaker of the parliament yesterday,
Speaker 15: the first time that UE has spoken to Iran since
Speaker 15: the inception of the war. So there is a feeling
Speaker 15: from the region that there's momentum to de escalate. What
Speaker 15: shape or format we just don't know yet.
Speaker 2: Okay, Well, in the meantime, of course, we have this
Speaker 2: trickle moving through the strait of hormones, the blockade of
Speaker 2: the blockade as it were, How does that potentially complicate things?
Speaker 2: And are Iran's leaders in Iran's military on the same
Speaker 2: page when it comes to enforcement of the blockade.
Speaker 15: Yeah, So what we understand is there are a couple
Speaker 15: of sticking points still when it comes to those negotiations.
Speaker 15: One of them, of course, still the fate of the strait,
Speaker 15: so to speak. The Central commands that are saying, and
Speaker 15: they said they've iterated this overnight that they have full
Speaker 15: superiority over maritime shipping, that there have been around a
Speaker 15: dozen merchant vessels that have been forced to turn back
Speaker 15: and go back to Iranian ports. As you say, there's
Speaker 15: still a trickle of vessels coming in. They're being closely monitored,
Speaker 15: and it's quite difficult to monitor because many of them
Speaker 15: just turned their signals off as they're passing through the strait.
Speaker 15: But the point is we're very far away from where
Speaker 15: we were before the war even kicked off, and now
Speaker 15: half a dozen vessels going through the street today isn't
Speaker 15: going to move the needle on energy. But I think
Speaker 15: the objective, as we spoke about yesterday, is really for
Speaker 15: the US to apply increasing the economic pressure on Iran
Speaker 15: to cut off this key lifeline for their oil exports,
Speaker 15: that when they do come to the next round of negotiations,
Speaker 15: they potentially would be more open to give concessions.
Speaker 3: This is Bloombery Daybreak, your morning podcast and the stories
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