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Speaker 1: A five from the Bloomberg Interactive Burger Studios. This is

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Speaker 1: Bloomberg day Break for Friday, March eighteen two. Coming up,

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Speaker 1: the Tower President invite and speaks with China's Shi Jinking

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Speaker 1: in an effort to help end the war in Ukraine.

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Speaker 1: Kentdagon morens that Russia may threaten to use nuclear weapons

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Speaker 1: if it's invasion of Ukraine is stalled. Investors brace for

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Speaker 1: more volatility as the trading week comes to a close

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Speaker 1: and the Dirner requests FDA approval for a fourth COVID shot.

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Speaker 1: Former New York Governor Clomo says he's opened to running

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Speaker 1: for his old job. Plus Sarah Palin is appealing or

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Speaker 1: loss in the deformation suit against The New York Times'

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Speaker 1: Michael Laaren More ahead, I'm John Staddar in sports Islanders

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Speaker 1: stopped the Rangers at the Garden and Sat Peter's stunned

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Speaker 1: Kentucky in the n C Double Day Tournament. That's all

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Speaker 1: straight ahead on Bloomberg day Break on Bloomberg Element Trio,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one O

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Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x

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Speaker 1: M one, nineteen and around the world old on Bloomberg

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Speaker 1: Radio dot com and via the Bloomberg Business. Thank good

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Speaker 1: Friday morning. I'm Nathan Hagar and I'm Karen Moscow, and

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Speaker 1: futures are lower this morning. We're coming up to five

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Speaker 1: o one on Wall Street, and we check the markets

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Speaker 1: every fifteen minutes throughout the trading day on Bloomberg SMP

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Speaker 1: futures down twenty three points to down, futures down a

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Speaker 1: hundred sixty four NASDACK futures down d the decks in

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Speaker 1: Germany's down half percent. Ten year treasury up four thirty seconds,

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Speaker 1: l two point one five percent, and they yield on

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Speaker 1: the two year one point nine two nim X screwed

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Speaker 1: oil is up seven ten percent or seventy two cents

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Speaker 1: and a hundred three dollars seventy cents of barrel. The

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Speaker 1: euro one point one zero six seven against the dollar. Nathan,

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Speaker 1: all right, Karen, we'll have more on the markets in

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Speaker 1: just a minute, but first, this could be a pivotal

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Speaker 1: day in Russia's war with Ukraine. In just a few hours,

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Speaker 1: President Biden holds his first call in months with one

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Speaker 1: of Vladimir Putin's closest allies Chinese president she Jin Ping.

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Speaker 1: This comes as Russia's forces appear bogged down outside Ukraine's

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Speaker 1: capital city, Kiev. We get more from Bloomberg's Amy Morris

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Speaker 1: in Washington. While the UK Ministry of Defense believes Russia's

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Speaker 1: invasion has stalled on all fronts, that has not stopped

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Speaker 1: the intense battles and shelling around schools, hospitals, and residential areas,

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Speaker 1: leading US officials to believe war crimes have been committed. Now,

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Speaker 1: President Biden meets today with China President shi Jinping. Secretary

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Speaker 1: of State Anthony Lincoln says Biden will issue a warning

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Speaker 1: to Beijing that helping Russia will have consequences. We believe China,

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Speaker 1: in particular has a responsibility to use its influence with

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Speaker 1: President Putin and to defend the international rules and principles

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Speaker 1: that it professes to support. Instead, it appears that China

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Speaker 1: is moving in the opposite direction. This as the Pentagon

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Speaker 1: warns Russia may threaten to use nuclear weapons if their

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Speaker 1: invasion of Ukraine is stalled. In Washington, I'm Maymy Morris,

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Speaker 1: Bloomberg daybreak, All right, Amy, thank you. Well. As stiff

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Speaker 1: defense from Ukraine and economic sanctions raised speculation of nuclear

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Speaker 1: threats from Russia. Simer, Secretary of Defense and CIA director

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Speaker 1: Leon Panetta says diplomatic talks won't be enough to deter Putin.

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Speaker 1: Panetta said the U S should continue to arm Ukraine

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Speaker 1: as Putin doubles down. This is a power game. Putin

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Speaker 1: understands power. He really doesn't understand diplomacy very much. He

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Speaker 1: understands power. And the only way to convince Putin that

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Speaker 1: this is not going anywhere and that he should take

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Speaker 1: some kind of off ramp is to continue to beat

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Speaker 1: him on the battlefield. Former Defense Secretary Leon Panetta made

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Speaker 1: the comments on Bloomberg's Balance of Power with David weston

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Speaker 1: Catch the program of week Days at noon Wall Street

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Speaker 1: Time on both Bloomberg Radio and television. The cost of

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Speaker 1: ensuring Russian debt against default has dropped. This morning. Karen

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Speaker 1: Bloomberg News has learned funds earmarked for interest payments on

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Speaker 1: the Russian government's dollar notes were sent to the payment agent.

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Speaker 1: Sources say JP Morgan Chase process the funds and sent

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Speaker 1: the money onto City Group, and that is spring optimism.

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Speaker 1: The bonds may still be settled in dollars. Well, Nathan,

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Speaker 1: if the war and a FED rate high were not

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Speaker 1: enough for in esters to handle. There could be more

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Speaker 1: volatility than usual today and we get the latest live

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Speaker 1: with Bloomberg's John Tucker. John, good morning, Good morning, Karen.

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Speaker 1: It's the quarterly event known as triple witching. Single stock

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Speaker 1: and index level options are set to expire today. At

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Speaker 1: the same time, more near the money options are maturing

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Speaker 1: than at any time. Since. If that's not enough, there's

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Speaker 1: a rebalancing of benchmark index is a combination that tends

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Speaker 1: to sparks single day volumes that rank among the highest

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Speaker 1: of the year. Lori Calvacine ahead of US Equity Strategy

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Speaker 1: at RBC Capital Markets. As the wild swings won't end here,

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Speaker 1: I think that volatility is likely to stay elevated for

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Speaker 1: quite some time. We like balanced portfolios between growth and value.

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Speaker 1: We do think that growth stocks are ultimately going to recover,

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Speaker 1: but we think that's going to be because markets are

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Speaker 1: going to continue to price in nervousness and what high

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Speaker 1: quality exposure. That's Lori Calvasine at RBC. The rebalance in

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Speaker 1: the index alone could lead to thirty three billion dollars

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Speaker 1: of stock trades in today's session. Line to New York

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Speaker 1: on John Tucker Bloomberg Daybreak. All right, John, thanks, there's

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Speaker 1: also another day of volatility in nickel trading in London

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Speaker 1: this morning. Let's go live to the city get the

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Speaker 1: latest of Bloomberg's You and Parts. Good morning You, Good

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Speaker 1: morning Nathan and Karen. Yet another glitchy open for the

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Speaker 1: nickel market today, as the price continues its retreat from

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Speaker 1: an unprecedented short squeeze last week. Nickel dropped by the

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Speaker 1: maximum allowed for a third straight day, nickel tumbling twelve

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Speaker 1: percent to the new daily limit, a limit you've only

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Speaker 1: just been increased from eight percent in the previous session.

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Speaker 1: A frustrating Friday, after a frustrating week for the London

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Speaker 1: Metal Exchange. They will be very pleased that tomorrow is

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Speaker 1: Saturday live in London. I'm you and pots Pin Big Daybreak,

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Speaker 1: are you and thank you? Back here in the US

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Speaker 1: and corporate news, General Electric has slash CEO Larry Cops

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Speaker 1: paypackage by ten million dollars a year. It's a surprise

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Speaker 1: move in response to last year's rebooked by rebuke by shareholders.

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Speaker 1: Copps total target compensation went from about twenty one million

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Speaker 1: to eleven million. All right, let's take a look at

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Speaker 1: some stocks moving in early trading this morning. Carrien shows

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Speaker 1: of FedEx, who down about three and a half percent

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Speaker 1: the delivery come but he posted quarterly profit below analyst estimates.

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Speaker 1: Rising costs related to a US labor shortage and lower

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Speaker 1: than expected package volume dragged on gains from pricing increases

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Speaker 1: at FedEx, and shares of Game Stopper down nearly seven percent.

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Speaker 1: That company reported a surprise loss during the holiday quarter,

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Speaker 1: and we turned to the pandemic. Now, Nathan Maderna is

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Speaker 1: asking for US government approval for a fourth COVID shot

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Speaker 1: for adults. So we get the latest lie from Bloomberg's

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Speaker 1: Reny to Young. Good morning Rady, Now, good morning Karen.

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Speaker 1: This would cover significantly more people than Fiser's earlier request

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Speaker 1: for emergency authorization for a fourth shot for those over

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Speaker 1: sixty five years old. Right now, there's a heated debate

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Speaker 1: over how long vaccines protect from infection and whether repeated

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Speaker 1: shots are necessary to prevent severe disease and death. Meantime,

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Speaker 1: Dr Anthony Fauci says the US could see COVID nineteen

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Speaker 1: cases rise again and vulnerable people would likely need a

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Speaker 1: fourth dose. Live in New York I'm reneed a young

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Speaker 1: Bloomberg debreak rened to thank you. SMP futures right now

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Speaker 1: down twenty three point. Staff futures are lower by a

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Speaker 1: hundred sixty seven and Nastack futures down eight one points.

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Speaker 1: The tenure treasury is up four thirty seconds, the yield

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Speaker 1: two point one five yield on the two year note

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Speaker 1: one point nine seven percent. Straight ahead your latest local

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Speaker 1: headlines and a check of sports. This is Bloomberg. It's

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Speaker 1: now five oh seven on Wall Street where fifty one

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Speaker 1: degrees in Central Park already got a crash northbound Route

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Speaker 1: one by Plainfield Avenue and Edison to tails coming up

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Speaker 1: in traffic. First, Michael Barr is here with what else

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Speaker 1: is going on in New York and around the world.

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Speaker 1: We made it to Friday, Michael, Yes we did. Nathan,

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Speaker 1: Thank you very much and good morning. New York. Governor

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Speaker 1: Kathy Hocle says that state agencies and public authorities will

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Speaker 1: cease business with companies that have continued to do business

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Speaker 1: with Russia. Hoc Will previously signed an executive order banning

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Speaker 1: state agencies from doing business with Russian companies. Hocal's Folk

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Speaker 1: and Younkers where now We're going to prohibit any state

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Speaker 1: agencies and authorities from the contract with any entities that

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Speaker 1: are still doing business in Russia. Governor Hocoll also said

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Speaker 1: New York will also send one hundred thousand pounds of

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Speaker 1: medical supplies, including masks and gowns, to Ukraine. Andrew Cuomo

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Speaker 1: says he's open to running for New York governor again,

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Speaker 1: it would consider creating his own political party to do so. Cuomo,

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Speaker 1: a Democrat who resigned in August amid a sexual harassment scandal,

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Speaker 1: delivered his second public address in as many weeks, this

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Speaker 1: time to a group of clergy in the Bronx Knew.

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Speaker 1: Details are emerging about the driver of a pickup truck

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Speaker 1: that slammed into a college golf team van in West Texas,

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Speaker 1: killing nine people. According to the NTSB, it was the

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Speaker 1: failure of the left front tire of the pickup. In

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Speaker 1: TSB vice chair Bruce Landsberg says, as for the driver

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Speaker 1: of the pickup, a thirteen year old child was behind

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Speaker 1: the wheel of the pickup truck. The NTSB s Bruce

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Speaker 1: Landsberg says the spare tire failed on the pickup at

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Speaker 1: seventy five hour that resulted in the truck veering into

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Speaker 1: the golf team bus. At least five people died and

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Speaker 1: several were injured in a chain reaction crash involving dozens

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Speaker 1: of vehicles on an interstate in southeast Missouri. Police say

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Speaker 1: thick fog led to the crash about a hundred fifty

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Speaker 1: miles south of St. Louis. Forecasters say the multi year

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Speaker 1: mega drought that's drained western US reservoirs and parched crop

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Speaker 1: lands across California shows no signs of easing. The National

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Speaker 1: Oceanic and Atmospheric Administration says the region faces another spring

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Speaker 1: and summer of dwindling water resources and rising temperatures. Sarah

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Speaker 1: Palin is appealing or loss in the defamation suit she

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Speaker 1: filed against The New York Times. Palin says she was

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Speaker 1: denied a fair trial. The former Alaska governor sued over

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Speaker 1: an opinion piece that linked her to a deadly shooting.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

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Speaker 1: hundred journalists and analysts in more than a hundred twenty

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Speaker 1: countries on Michael bar this is Bloomberg. Nathan all right, Michael,

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Speaker 1: thank you come up to five ten on Wall Street

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Speaker 1: time for the Bloomberg Sports up date. Good morning John Session,

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Speaker 1: Good morning Nathan. They are celebrated in Jersey City. A

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Speaker 1: couple of months ago. St. Peter's record was three and six,

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Speaker 1: lost to l i U, lost to Stony Brook, lost

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Speaker 1: to St. John's by twenty one, and yet the Peacock

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Speaker 1: is able to win their conference. Sturney gain entry to

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Speaker 1: the n C Double A Tournament, where they pulled off

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Speaker 1: a huge first round stunner, beating Mighty Kentucky eighty five,

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Speaker 1: seventy nine and overtime, only the tenth time ever a

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Speaker 1: fifteen seed has beaten a two arrow Banks to twenty

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Speaker 1: seven point. It was amazing, you know, playing basketball. You

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Speaker 1: grew up watching college basht on college basketball, the Marsh

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Speaker 1: Matters tournament. So just letting that sink game, knowing that

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Speaker 1: the game was over, we got it just overally good.

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Speaker 1: It was the biggest upset of the day, not the

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Speaker 1: only one. Twelveth seed in New Mexico State knocked off

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Speaker 1: Yukon and Richmond upset Iowa. Since seeding began in nineteen

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Speaker 1: seventy nine, Richmond has won nine times as a twelve

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Speaker 1: seed or lower. No other school has done it more

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Speaker 1: than four were times at the Garden. Islanders got a

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Speaker 1: Kyle palm Mery go with less than privments to play

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Speaker 1: and beat the Rangers two to one. The Ranger goal

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Speaker 1: the forty the year for Chris Rider. Twenty one of

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Speaker 1: those have been on the power play NIX and nets

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Speaker 1: both at home games. Tonight, Yankees play the Pirates in Bradenton.

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Speaker 1: They're brief the opener. The Giants have released veteran safety

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Speaker 1: Logan Ryan Big. NFL trade went down last night. Green

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Speaker 1: base and Star wide receiver Davante Adams to Las Vegas

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Speaker 1: for first and second round draft picks, and Adams is

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Speaker 1: already breed to a new five year contract with the Raiders.

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Speaker 1: Brown's quarterback Baker Mayfield has requested a trade upset that

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Speaker 1: Cleveland showed interest in acquiring to Shaun Watson. Watson is

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Speaker 1: expected to be dealt by Houston, but to either Atlanta

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Speaker 1: or New Orleans. John stash Ower, Bloomberg Sports, Nacren all Right,

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Speaker 1: John thanks SMP futures now down twenty five point, Staff

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Speaker 1: futures down a hundred seventy eight, Nastack futures down eighty

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Speaker 1: seven points ten your treasure. You have four thirty seconds.

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Speaker 1: The yield two point one five percent. President Biden set

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Speaker 1: to call China's shi Jin Ping on the war in Ukraine,

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Speaker 1: will preview it next with Bloomberg's and the current in

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Speaker 1: Hong Kong. This is Bloomberg Bloomberg eleven three oh weather

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Speaker 1: clouds and Patchee fog give way to sunshine today behind

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Speaker 1: in your seventy degrees, periods of rain Tomorrow low sixties,

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Speaker 1: upper fifties, partly sunny by Sunday right now fifty one

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Speaker 1: and partly cloudy in Central Park Markets. Headlines and breaking

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Speaker 1: news twenty four hours a day at Bloomberg dot Com,

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Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's

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Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Futures are

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Speaker 1: lower this morning, SMP futures down twenty eight points down,

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Speaker 1: futures down a hundred ninety two, Nastack futures down ninety eight.

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Speaker 1: The ten year treasury up four thirty seconds, YELD two

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Speaker 1: point one five percent held on the two year one

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Speaker 1: point nine one. Nimex screwed oils up seven ten percent

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Speaker 1: or seventy cents at a hundred three dollars sixty three

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Speaker 1: cents of barrel and Bitcoin this morning is at forty thousand,

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Speaker 1: five hundred seventy dollars, down four tens per set. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more

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Speaker 1: on what's going on around the world. Muncale, Good morning,

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Speaker 1: Good morning, Karen. World leaders called for an investigation of

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Speaker 1: Russia's repeat attacks on civilian targets in Ukraine. Meanwhile, rescue

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Speaker 1: workers search for survivors in the ruins of a theater

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Speaker 1: that was serving as a shelter in Meryupole. Top seeds Gunzaga, Baylor,

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Speaker 1: and Kansas have advanced to the second round of the

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Speaker 1: n C Double Amen's basketball Tournament. On a day a

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Speaker 1: number two seed was dispatched, the f team's seeded St.

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Speaker 1: Peter's Peacocks and Living Color beat Kentucky eight five seventy

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Speaker 1: nine in overtime. In the NHL, the Islanders beat the

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Speaker 1: Rangers to one. The Capital's one global news twenty four

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Speaker 1: hours a day on air and on Bloomberg quick Take,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This

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Speaker 1: is Bloomberg David. All right, Michael, thank you for coming

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Speaker 1: up to five nineteen on Wall Street Live from the

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Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we

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Speaker 1: continue our global team in coverage of the war in Ukraine.

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Speaker 1: Were joined this morning from Hong Kong by Bloomberg Chief

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Speaker 1: Asia Economics correspondent and the Current and from Brussels Bloomberg's

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Speaker 1: Maria Today, Oh is with us as well, and what

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Speaker 1: could be a pivotal day in the war in Ukraine

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Speaker 1: as we're awaiting a call, the first call in months

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Speaker 1: between President Joe Biden of the United States and Chinese

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Speaker 1: President shi Jinping. Is part of the US president's overall

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Speaker 1: effort to try to put global pressure on Russia to

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Speaker 1: try to stop Ukraine. So, and I'll start with you

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Speaker 1: from the perspective of China. Obviously we know what the

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Speaker 1: president is looking to achieve when it comes to this

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Speaker 1: call today with a president she what is China hoping

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Speaker 1: to get out of it? But China is so far

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Speaker 1: hasn't condemned the invasion of Ukraine, not or has it

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Speaker 1: even described it as an invasion. It is kind of

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Speaker 1: tried to thread the middle ground. On the one hand,

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Speaker 1: it has spoken about the need to respect sovereignty and independence,

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Speaker 1: and it has called for a peaceful ending to the conflict.

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Speaker 1: On the other hand, out that has also backed up

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Speaker 1: some of Russia's allegations against the West and the US

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Speaker 1: and the like. And I think what most people will

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Speaker 1: be hoping for out of its call tonight is at

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Speaker 1: least some clarity in terms of where China will be

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Speaker 1: going next in in this conflict. I mean, are they

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Speaker 1: going to go full bore and support Russia and in

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Speaker 1: which case, of course, that risk sanctions on China's own economy,

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Speaker 1: or will they come out and start explicitly calling for

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Speaker 1: peace and explicitly calling for a way out of this contact.

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Speaker 1: We had a six hour meeting between officials in Rome

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Speaker 1: earlier this week that we're described as constructive. This is

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Speaker 1: the first call between Biden and Sheets in the last November,

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Speaker 1: so I think there is a lot you know, expectations

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Speaker 1: might be low, but there's still a lot of writing

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Speaker 1: in terms of what signals will come out of it

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Speaker 1: for China's next steps. A Marie of today on in Brussels,

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Speaker 1: I'll turn to you because I know you've been in

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Speaker 1: very close contact with Ukrainian diplomats. What's the European perspective

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Speaker 1: on this call this morning? Look, I think, of course

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Speaker 1: they keep a very close eye because China, of course

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Speaker 1: is a huge geo political agent, and of course it

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Speaker 1: could really help Russia if they do deliver these weapons

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Speaker 1: that they it was reported Russia had asked for. But

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Speaker 1: I think for the European Union is very important, almost

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Speaker 1: as important as it is for the United States to

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Speaker 1: get a clear sense in terms of what does Russia

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Speaker 1: want out of this Excuse me, China went out of

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Speaker 1: this conflict and what role are they going to play

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Speaker 1: going forward for the Europeans. They also believe that, frankly,

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Speaker 1: the Chinese do not have an interest in getting involved

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Speaker 1: in here, because of course there would be repercussions. The

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Speaker 1: European Union has a trade deal with China which is

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Speaker 1: waiting for approval. Many would tell you by the way, China,

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Speaker 1: no China or conflict in Ukraine. This trade deal between

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Speaker 1: China and the EU is dead because this relationship is

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Speaker 1: getting very frosty from the two sides. But you know,

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Speaker 1: they really have an interest in finding out what is

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Speaker 1: it that China wants to war plan around Ukraine. The

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Speaker 1: other thing, of course, that I would note, Um, you

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Speaker 1: mentioned the conversation that I had with a deputy to

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Speaker 1: the Ukrainian President Lanski earlier today, and he told me

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Speaker 1: just minutes ago, I hope that China is smart enough

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Speaker 1: to know that they'll get nothing out of stepping in

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Speaker 1: in Ukraine. China is a wise country and they won't

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Speaker 1: want to get involved. So that is also the language

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Speaker 1: coming out from the Ukrainian side, and I'll turn it

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Speaker 1: back to you. Obviously, there's a very close relationship between

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Speaker 1: China and Russia. We have this Defense Department assessment that

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Speaker 1: if Russia continues to get bogged down in Ukraine, that

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Speaker 1: Russia could threaten to use nuclear weapons. What kind of

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Speaker 1: leverage does China have to try to avoid that kind

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Speaker 1: of strong rhetoric, that sort of threat from Russia. Well,

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Speaker 1: both sides have been growing the economic linkages in recent years,

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Speaker 1: on the one hand of Russia selling China energy and

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Speaker 1: the wheat. On the other hand, of course, Shina selling

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Speaker 1: Russia lots of merchandise. Good recently, just before the Olympic

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Speaker 1: Games that started February, the kind of brought a peak

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Speaker 1: to their relations when they put out a communication saying

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Speaker 1: there's no limits to friendship between both sides. All of

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Speaker 1: that being said as though, this is where it gets

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Speaker 1: complicated for China because it will not want to get

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Speaker 1: caught up in the Western sanctings. Number one, for its

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Speaker 1: banks or its companies. Number two, it likes to be

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Speaker 1: seen as playing a global a good global citizen on

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Speaker 1: the world stage, regardless of one's use of its internal politics.

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Speaker 1: And of course number three, China itself is pushing for

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Speaker 1: a year of stability because it has a very important

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Speaker 1: physical conference at the end of the year when President

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Speaker 1: seesting Thing is expected to get an other terms. So

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Speaker 1: the weight of all of this is expectatily towards China

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Speaker 1: and making an intervention using its incluends like you ask,

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Speaker 1: it's economic and it's it's alliance influence with Russia to

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Speaker 1: try and bring this to an end somehow. But a

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Speaker 1: big question is how will use that leverage, What kind

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Speaker 1: of solution will it push to push Russia towards r

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Speaker 1: and D does it not choose that pass into the

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Speaker 1: double down on harsh rhetoric against the broad US West

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Speaker 1: alliance and to continue to support Russia. Remember One variable

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Speaker 1: to consider in this is that if China comes out

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Speaker 1: of this conflict having been seen it back to the

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Speaker 1: wrong horse, that of course will be judgment on the

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Speaker 1: present cheating thing in the government for having gone too

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Speaker 1: far and building its alliance with Russia in the first

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Speaker 1: place and ultimately having to swing around to the western

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Speaker 1: side of the store. There's a lot of stake for

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Speaker 1: China and navigating the path out of this will not

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Speaker 1: be simple, and I think that's why a lot of

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Speaker 1: people are waiting now for clarity from this read out

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Speaker 1: from the court side to see whether or not China

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Speaker 1: is starting to move its position to the point of

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Speaker 1: whether China is backing the wrong horse here Maria today, Oh,

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Speaker 1: what is the Ukrainian relationship with China? Like I know

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Speaker 1: Ukraine has been in recent decades moving toward a more

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Speaker 1: close relationship with the West. But in terms of the

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Speaker 1: Chinese relationship, what is it like between China and Ukraine.

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Speaker 1: Well know, if you ask me that question, what's the

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Speaker 1: relationship between Ukraine and China? My answer to you as

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Speaker 1: we actually don't know, because the reality is for Ukraine

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Speaker 1: this is not a top priority, is not a relationship

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Speaker 1: that they actively search because over the past essentially for

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Speaker 1: three years, their efforts have purely and mostly concentrated on

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Speaker 1: the European Union and the United States. We've been trying

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Speaker 1: to build coloration with the even recent years. I think

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Speaker 1: there's a Bloomberg's and occurring with us this morning from

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Speaker 1: Hong Kong. Thanks as well to Bloomberg's Maria Today Oh

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Speaker 1: in Brussels. Our global team coverage on day twenty three

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Speaker 1: of the war in Ukraine. Karen, all right, Nathan, thank you,

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Speaker 1: and it's five thirty on Wall Street. Good morning. I'm

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Speaker 1: Karen Moscow along with Nathan Hagar, and we're just about

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Speaker 1: four hours away from the open of US trading. Let's

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Speaker 1: get you up to date on the news you need

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Speaker 1: to know at this hour. Russia's invasion continues as missiles

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Speaker 1: struck western Ukraine and regions close to the border of Poland.

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Speaker 1: According to new Pentagon intelligence, Russian President Vladimir Putin may

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Speaker 1: soon leave be nuclear threats against the West in an

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Speaker 1: attempt to project strength. Well back in Washington, Karen, President

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Speaker 1: Biden his schedule to speak with China's President she jinping

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Speaker 1: about the war. We get the latest from Bloomberg's head

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Speaker 1: Baxter the White House is saying it gives President Biden

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Speaker 1: a chance to really assess where President She stands and

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Speaker 1: to step up pressure for him to cooperate. Spokes on

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Speaker 1: when John Sake, saying it will give she a chance

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Speaker 1: to announce the Russian invasion. This flies in the face,

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Speaker 1: of course, of everything China stands for, including the basic

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Speaker 1: principles of the UN Charter, including the basic principles of

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Speaker 1: respect for sovereignty of nations, and sources the Bloomberg say

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Speaker 1: the White House is concerned that China's muted response may

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Speaker 1: be a sign that it may be moving closer to

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Speaker 1: supporting Moscow. It says this meeting will tell that story.

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Speaker 1: In San Francisco, I'm at Baxter Bloomberg daybreak, Okay, and

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Speaker 1: thank you. On Capitol Hill, yesterday the House voted to

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Speaker 1: end regular trade relations with Russia. Well on Wall Street,

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Speaker 1: Nathan Financial Marcus expect more fireworks today, and Bloomberg John

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Speaker 1: Tucker joins us have to explain. John Darren, three and

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Speaker 1: a half trillion dollars of single stock and index level

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Speaker 1: options are sent to expire today, and at the same time,

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Speaker 1: more near the money options are maturing than at any

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Speaker 1: time since twenty nineteen, triple witching Friday, this coin science

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Speaker 1: with a rebalancing of benchmark indexes. It's a combination that

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Speaker 1: tends to spark single day volumes that rank among the

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Speaker 1: highest of the year. I watch today. If investors rebuild

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Speaker 1: their holdings of protective puts or chase the market rebound

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Speaker 1: with call contracts, all adds up to a vulnerable day

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Speaker 1: ahead Live in New York on John Tucker Bloomberg Daybreak.

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Speaker 1: All right, John, thanks checking that market volatility. Right now,

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Speaker 1: US futures are falling. Oil has surpassed a hundred dollars

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Speaker 1: of barrel again West Texas Centermedia crewed right now training

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Speaker 1: and a hundred three dollars seventy two cents. Well, turning

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Speaker 1: to the pandemic, Nathan Madonna is asking for US government

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Speaker 1: approval for a fourth COVID shot for adults, and we

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Speaker 1: get the latest live from Bloomberg's Rena Young Good Morning

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Speaker 1: Ray to Good Morning Care and Moderna's request would cover

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00:22:56,520 --> 00:23:00,320
Speaker 1: significantly more people than Fighter's earlier request for Emerger Agency

432
00:23:00,359 --> 00:23:03,400
Speaker 1: authorization for a fourth shot, which was for those over

433
00:23:03,520 --> 00:23:06,760
Speaker 1: sixty five years old. Right now, there's a heated debate

434
00:23:06,880 --> 00:23:10,480
Speaker 1: over how long vaccines protect from infection, and whether repeated

435
00:23:10,480 --> 00:23:14,640
Speaker 1: shots are necessary to prevent severe disease and death live

436
00:23:14,680 --> 00:23:17,000
Speaker 1: in New York. I'm gonna need to young Bloomberg Day break,

437
00:23:17,040 --> 00:23:20,040
Speaker 1: all right, Nita, thank you, And futures are lower this morning.

438
00:23:20,200 --> 00:23:23,640
Speaker 1: SMP futures are down twenty two points in down futures

439
00:23:23,640 --> 00:23:26,960
Speaker 1: down one two and NOWS day futures down seventy eight

440
00:23:27,480 --> 00:23:30,760
Speaker 1: and straight I had your latest local headlines, plus a

441
00:23:30,840 --> 00:23:39,560
Speaker 1: check of sports, and this is Bloomberg three on Wall Street.

442
00:23:39,640 --> 00:23:41,080
Speaker 1: Let's bring in Michael bar for a look at what's

443
00:23:41,080 --> 00:23:42,879
Speaker 1: going on in New York and around the world. Michael,

444
00:23:42,880 --> 00:23:45,320
Speaker 1: thank you very much. Nathan. New York Governor Kathy Opal

445
00:23:45,400 --> 00:23:49,720
Speaker 1: says that state agencies and public authorities will cease business

446
00:23:49,720 --> 00:23:52,560
Speaker 1: with companies that have continued to do business in Russia.

447
00:23:52,840 --> 00:23:56,280
Speaker 1: The Democratic governor previously signed and executive order banning state

448
00:23:56,320 --> 00:23:59,920
Speaker 1: agencies from doing business with Russian companies. So this is

449
00:24:00,080 --> 00:24:03,800
Speaker 1: not just directly with Russian companies, it is with companies

450
00:24:03,880 --> 00:24:07,400
Speaker 1: American companies that are continuing to do business in Russia

451
00:24:07,480 --> 00:24:10,119
Speaker 1: in light of what's happening. So that is the message

452
00:24:10,160 --> 00:24:13,360
Speaker 1: that we're delivering to our state agencies. Governor Hokel, speaking

453
00:24:13,359 --> 00:24:16,679
Speaker 1: in Yonkers, also says New York will send one hundred

454
00:24:16,720 --> 00:24:21,360
Speaker 1: thousand pounds of medical supplies, including masks and gowns, to Ukraine.

455
00:24:21,640 --> 00:24:25,280
Speaker 1: Former New York Governor Andrew Cuomo is dangling the possibility

456
00:24:25,440 --> 00:24:28,000
Speaker 1: he may run for his former job. Just six months

457
00:24:28,160 --> 00:24:32,000
Speaker 1: after he resigned amid sexual harassment allegations, Cuomo gave a

458
00:24:32,040 --> 00:24:34,600
Speaker 1: campaign style speech to a friendly audience of about a

459
00:24:34,640 --> 00:24:38,080
Speaker 1: hundred people in the Bronx. Asked afterwards if he would

460
00:24:38,160 --> 00:24:41,439
Speaker 1: run for office, Cuomo told reporters he is open to

461
00:24:41,520 --> 00:24:46,040
Speaker 1: all options. Former Alaska Governor Sailah Palin is appealing her

462
00:24:46,160 --> 00:24:49,280
Speaker 1: loss in the defamation suit she filed against The New

463
00:24:49,359 --> 00:24:53,119
Speaker 1: York Times. She sued Times and former opinion page editor

464
00:24:53,200 --> 00:24:57,400
Speaker 1: James Bennett in seventeen over a piece mistakenly linking her

465
00:24:57,680 --> 00:25:00,560
Speaker 1: to a deadly shooting. Palin claimed the errors were driven

466
00:25:00,600 --> 00:25:04,440
Speaker 1: by bias against her. Investigators are learning more about Tuesday

467
00:25:04,520 --> 00:25:06,960
Speaker 1: night's deadly collision of a pickup truck and a van

468
00:25:07,440 --> 00:25:10,720
Speaker 1: carrying New Mexico College students and a golf coach. The

469
00:25:10,840 --> 00:25:14,040
Speaker 1: NTSB says the driver of the pickup truck was only

470
00:25:14,119 --> 00:25:17,600
Speaker 1: thirteen years old, too young to drive in TSB Vice

471
00:25:17,680 --> 00:25:21,280
Speaker 1: chair Bruce Landsberg. The left front tire, which was a

472
00:25:21,400 --> 00:25:26,040
Speaker 1: spare tire, had failed, which resulted in the vehicle pulling

473
00:25:26,080 --> 00:25:29,840
Speaker 1: hard to the left and crossing into the opposing lane.

474
00:25:30,119 --> 00:25:32,800
Speaker 1: The pickup went head on into the van carrying the

475
00:25:32,840 --> 00:25:35,840
Speaker 1: golf team, killing seven inside. Both people in the pickup

476
00:25:35,880 --> 00:25:38,760
Speaker 1: were also killed. A pile up on a Missouri Understate

477
00:25:38,920 --> 00:25:42,280
Speaker 1: left at least five people dead. The fog shrouded thirteen

478
00:25:42,280 --> 00:25:45,680
Speaker 1: mile stretch was closed for hours. Global News twenty four

479
00:25:45,720 --> 00:25:48,919
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

480
00:25:48,920 --> 00:25:51,560
Speaker 1: by more than dred journalists and analyst more than a

481
00:25:51,640 --> 00:25:55,440
Speaker 1: hundred twenty countries. I'm Michael Barr, this is Bloomberg, Nathan Michael,

482
00:25:55,440 --> 00:26:02,639
Speaker 1: Thank you. Five On Wall Street, John Stannshire has the

483
00:26:02,640 --> 00:26:05,760
Speaker 1: Bloomberg Sports update D did. It was truly a David

484
00:26:05,920 --> 00:26:10,119
Speaker 1: versus Golive type upset. And in Indiana that's where the

485
00:26:10,119 --> 00:26:13,520
Speaker 1: movie Hoosiers took place. He had Kentucky State School thirty

486
00:26:13,520 --> 00:26:17,119
Speaker 1: two pousand students, winners of eight n C Double A tournaments,

487
00:26:17,160 --> 00:26:20,520
Speaker 1: and he had St. Peter's Tiny Jesuit school from Jersey

488
00:26:20,520 --> 00:26:23,040
Speaker 1: City had never won an n C Double A game. Before,

489
00:26:23,040 --> 00:26:25,800
Speaker 1: and yet the Peacocks right there with the Wildcats all

490
00:26:25,880 --> 00:26:29,000
Speaker 1: night and they wanted it overtime eighty five seventy nine

491
00:26:29,320 --> 00:26:31,399
Speaker 1: coach to the Peacocks. You know, at the end of

492
00:26:31,400 --> 00:26:33,679
Speaker 1: the day, you know, every team that made it to

493
00:26:33,720 --> 00:26:36,280
Speaker 1: the NC double a torment d every team that made

494
00:26:36,359 --> 00:26:39,159
Speaker 1: DC double torments think they take advance. You know this.

495
00:26:39,720 --> 00:26:42,120
Speaker 1: You just have to be good on this night. It's

496
00:26:42,119 --> 00:26:43,880
Speaker 1: not about your records, not about what school you at

497
00:26:44,240 --> 00:26:46,840
Speaker 1: is who who's ever good on that night? And tonight

498
00:26:46,840 --> 00:26:48,800
Speaker 1: you know it was a night Tampa time. Ever A

499
00:26:48,920 --> 00:26:51,680
Speaker 1: fifteen seed knocked off two is one of three overtime

500
00:26:51,720 --> 00:26:54,879
Speaker 1: games Last night, Murray State dept. By San Francisco. Creighton

501
00:26:54,960 --> 00:26:58,200
Speaker 1: trailed for about forty minutes, but rallied past San Diego State.

502
00:26:58,200 --> 00:27:01,399
Speaker 1: Twelve city New Mexico State upset John Teddy Allen thirty

503
00:27:01,440 --> 00:27:04,840
Speaker 1: seven points for the Aggies. Twelve seedon Richmond upset Iowa.

504
00:27:04,880 --> 00:27:07,720
Speaker 1: Even Gonzaga, the thirty's top overall seat, had a struggle,

505
00:27:08,160 --> 00:27:10,800
Speaker 1: led Georgia's State by only four with ten minutes left,

506
00:27:10,840 --> 00:27:14,359
Speaker 1: then Gonzaga one on to one run. Sixteen more games

507
00:27:14,359 --> 00:27:16,760
Speaker 1: today and tonight. Last game of the first round Seaton

508
00:27:16,800 --> 00:27:20,040
Speaker 1: Hall against TCU in San Diego is under stopped. The

509
00:27:20,119 --> 00:27:21,720
Speaker 1: Rangers too want at the Garden on a late cal

510
00:27:21,760 --> 00:27:24,680
Speaker 1: palmary Go. Chris Pryder scored the Ranger goal his forty.

511
00:27:25,240 --> 00:27:28,280
Speaker 1: Only one NHL player has more. Aaron Rodgers decided to

512
00:27:28,359 --> 00:27:30,240
Speaker 1: keep playing in Green Bay, but he won't have his

513
00:27:30,320 --> 00:27:33,400
Speaker 1: best weapon to throw through. The Packers traded star wide

514
00:27:33,400 --> 00:27:36,160
Speaker 1: out Davante Adams to Las Vegas for first and second

515
00:27:36,240 --> 00:27:39,960
Speaker 1: round draft picks. John Stasheller, Bloomberg Sports Snap thanks John

516
00:27:40,520 --> 00:27:42,639
Speaker 1: seven on Wall Street Time for the Trice State Business

517
00:27:42,640 --> 00:27:45,680
Speaker 1: Report with Bloomberg Scott Carr. The New York City apartment

518
00:27:45,720 --> 00:27:48,439
Speaker 1: rental market has remained durable, but at least according to

519
00:27:48,440 --> 00:27:51,840
Speaker 1: Compass real estate broker Isaac Rosenberg. He tells New York

520
00:27:51,880 --> 00:27:55,240
Speaker 1: Business Journal Compass has seem dramatically increased market activity for

521
00:27:55,280 --> 00:27:58,240
Speaker 1: the first time since twenty nineteen. In his opinion, if

522
00:27:58,240 --> 00:28:00,720
Speaker 1: you haven't found a tenant for your rental property by

523
00:28:00,880 --> 00:28:04,520
Speaker 1: fifteen days in, you're doing something wrong. With gas prices

524
00:28:04,560 --> 00:28:08,280
Speaker 1: at or near record highs, New Jersey Congressman Frank Malone Jr.

525
00:28:08,320 --> 00:28:11,240
Speaker 1: Is pressing oil company exects to explain why if you

526
00:28:11,280 --> 00:28:14,040
Speaker 1: will cost so much, and ja dot Com reports the

527
00:28:14,080 --> 00:28:17,080
Speaker 1: powerful Democratic chair of the House Energy Committee as asking

528
00:28:17,160 --> 00:28:20,679
Speaker 1: executives with BP, Chevron, ex On Mobile and other suppliers

529
00:28:20,680 --> 00:28:23,520
Speaker 1: to come to Capitol Hill to answer questions. For the

530
00:28:23,560 --> 00:28:26,480
Speaker 1: third year in a row, lawmakers in Connecticut are considering

531
00:28:26,480 --> 00:28:29,399
Speaker 1: a ban on flavored vaping products, still being one of

532
00:28:29,480 --> 00:28:31,399
Speaker 1: only a few states in the region that have not

533
00:28:31,520 --> 00:28:34,800
Speaker 1: limited their sale. Hartford Bus Journal reports a proposal this

534
00:28:34,880 --> 00:28:38,520
Speaker 1: year would only target flavored vaping products. That's the Bloomberg

535
00:28:38,560 --> 00:28:41,640
Speaker 1: Trish Stay Business Report. I'm Scott Carr, Thank you, Scott,

536
00:28:41,680 --> 00:28:43,880
Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on

537
00:28:43,920 --> 00:28:46,160
Speaker 1: the air from San Francisco to New York, London to

538
00:28:46,240 --> 00:28:48,360
Speaker 1: Hong Kong. Let's check in with our global news team

539
00:28:48,360 --> 00:28:50,000
Speaker 1: for some of the top stories are on our three

540
00:28:50,040 --> 00:28:56,200
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Podascant

541
00:28:56,240 --> 00:28:58,560
Speaker 1: on ten ten Wins in New York. We're talking about

542
00:28:58,600 --> 00:29:02,400
Speaker 1: Amazon facing a core petition to rehire a Staten Island

543
00:29:02,440 --> 00:29:07,080
Speaker 1: warehouse worker behind organizing efforts um Corney Tanaho on w

544
00:29:07,320 --> 00:29:10,160
Speaker 1: h S and Louisville FedEx posted a profit that missed

545
00:29:10,240 --> 00:29:14,000
Speaker 1: estmates on rising costs I'm Gina Servetti and for w

546
00:29:13,960 --> 00:29:17,400
Speaker 1: w BBM in Chicago. I'm reporting that United Airline says

547
00:29:17,440 --> 00:29:21,440
Speaker 1: passenger volume for spring break is near pre pandemic levels.

548
00:29:21,600 --> 00:29:24,440
Speaker 1: I'm Caroline Hedko on Blueberg d A B Digital Radio

549
00:29:24,480 --> 00:29:27,440
Speaker 1: in London. We're reporting on Nickel on the London Metal

550
00:29:27,520 --> 00:29:30,480
Speaker 1: Exchange dropping by the maximum allowed for third day in

551
00:29:30,480 --> 00:29:33,720
Speaker 1: a row, so there's been very little trading time. Scott

552
00:29:33,760 --> 00:29:36,560
Speaker 1: car on w d c H in Washington, reporting on

553
00:29:36,640 --> 00:29:39,880
Speaker 1: solar powers continue to ramp up in the region. Those

554
00:29:39,920 --> 00:29:42,800
Speaker 1: are some of the stories our twenty Bloomberg journalists and

555
00:29:42,800 --> 00:29:45,160
Speaker 1: analysts working on this morning around the world. It's five

556
00:29:45,240 --> 00:29:48,280
Speaker 1: thirty nine on Wall Street. The following is an editorial

557
00:29:48,400 --> 00:29:52,800
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg

558
00:29:53,000 --> 00:29:56,560
Speaker 1: Editorial Board. In a surprise move this week, the U.

559
00:29:56,680 --> 00:29:59,280
Speaker 1: S sent had passed a bill to make daylight saving

560
00:29:59,360 --> 00:30:04,840
Speaker 1: time permanent. In one sense, reform is welcome. Changing clocks

561
00:30:04,880 --> 00:30:08,120
Speaker 1: twice a year of policy adopted during World War One

562
00:30:08,240 --> 00:30:12,840
Speaker 1: to conserve energy disrupts people sleep and health. But why

563
00:30:13,000 --> 00:30:17,440
Speaker 1: stick with daylight saving time? Standard time is better aligned

564
00:30:17,480 --> 00:30:22,760
Speaker 1: with human circadian rhythms. Perhaps lawmakers don't remember how unhappy

565
00:30:22,760 --> 00:30:27,360
Speaker 1: Americans were the last time Congress imposed year round daylight

566
00:30:27,440 --> 00:30:31,320
Speaker 1: saving time in the nineteen seventies. Although the change was

567
00:30:31,440 --> 00:30:34,960
Speaker 1: popular at first, late sunrises in the debt of winter

568
00:30:35,240 --> 00:30:39,240
Speaker 1: soon weighed on people's minds. Support for the initiative plummeted,

569
00:30:39,400 --> 00:30:44,080
Speaker 1: and Congress quickly reversed course. Nearly fifty years later, the

570
00:30:44,160 --> 00:30:48,920
Speaker 1: fate of daylight saving time once again rests with House lawmakers.

571
00:30:49,160 --> 00:30:52,680
Speaker 1: They should be wary of repeating a failed experiment. This

572
00:30:52,920 --> 00:30:56,360
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more

573
00:30:56,400 --> 00:31:00,280
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Indian

574
00:31:00,400 --> 00:31:03,719
Speaker 1: or O P I N go on the Bloomberg terminal.

575
00:31:04,000 --> 00:31:07,160
Speaker 1: This has been Bloomberg opinion. You can hear Bloomberg opinion

576
00:31:07,280 --> 00:31:11,480
Speaker 1: editorials every weekday at this time standard or daylight Terminal

577
00:31:11,520 --> 00:31:14,520
Speaker 1: Customers can read more at OPI N going. Future is

578
00:31:14,560 --> 00:31:19,440
Speaker 1: moving lower on this triple witching day. This is Bloombergen

579
00:31:22,680 --> 00:31:25,200
Speaker 1: Bloomberg eleven three oh. Weather clouds, patchy fog give way

580
00:31:25,240 --> 00:31:28,120
Speaker 1: to sunshine and a high Your seventy today, rain tomorrow.

581
00:31:28,160 --> 00:31:30,640
Speaker 1: Low sixties will be back in the sunshine, but upper

582
00:31:30,680 --> 00:31:34,000
Speaker 1: fifties for Sunday highs right now clouds and fifty one

583
00:31:34,120 --> 00:31:40,120
Speaker 1: in Central Park. Markets, headlines and breaking news twenty four

584
00:31:40,160 --> 00:31:43,200
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business

585
00:31:43,200 --> 00:31:52,640
Speaker 1: Out and at Bloomberg Quick Takes a Bloomberg Business Flash

586
00:31:53,040 --> 00:31:55,240
Speaker 1: and I'm camer in Moscow. This update brought to you

587
00:31:55,320 --> 00:31:59,400
Speaker 1: by s EI. Crises bring out the best in people, character, community,

588
00:31:59,480 --> 00:32:02,800
Speaker 1: partners ship together as one s E I go to

589
00:32:03,000 --> 00:32:05,320
Speaker 1: s C I C dot com slash I M s

590
00:32:05,800 --> 00:32:09,400
Speaker 1: us Dock Index futures lower this morning along with European

591
00:32:09,560 --> 00:32:12,600
Speaker 1: shares as traders wigh nixed signals from the peace docks

592
00:32:12,680 --> 00:32:17,280
Speaker 1: between Russia and Ukraine, embrace for volatility from expiring options.

593
00:32:17,480 --> 00:32:19,880
Speaker 1: We checked the markets every fifteen minutes throughout the trading

594
00:32:19,960 --> 00:32:23,320
Speaker 1: day on Bloomberg s and P futures down twenty seven

595
00:32:23,360 --> 00:32:26,840
Speaker 1: points down, futures down one hundred seventy eight and nasdack

596
00:32:26,920 --> 00:32:29,880
Speaker 1: futures down in ninety The decks in Germany's down eight

597
00:32:29,920 --> 00:32:32,960
Speaker 1: tenths of upper cent, CAC in Paris down seven tenths

598
00:32:32,960 --> 00:32:34,800
Speaker 1: per cent, and the foot Sea one hundred is down

599
00:32:34,840 --> 00:32:37,440
Speaker 1: to tenths of upper set in n K to twenty

600
00:32:37,440 --> 00:32:39,960
Speaker 1: five in Japan gained about seven tenths of upper cent,

601
00:32:40,040 --> 00:32:42,280
Speaker 1: and the Hanks sing in Hong Kong was down four

602
00:32:42,320 --> 00:32:45,880
Speaker 1: tenths of upper set ten. Your treasury up six thirties seconds,

603
00:32:45,960 --> 00:32:48,840
Speaker 1: YELD two point one four percent yield on the two

604
00:32:48,880 --> 00:32:52,320
Speaker 1: year one point nine one percent. Nivex screwed oil is

605
00:32:52,400 --> 00:32:54,880
Speaker 1: up one percent or a dollar two at a hundred

606
00:32:54,880 --> 00:32:57,800
Speaker 1: four dollars of barrel. Comic schoold is down about six

607
00:32:57,800 --> 00:33:01,320
Speaker 1: tenths of uppercent, down ten dollars seventies sense at nineteen

608
00:33:01,440 --> 00:33:05,440
Speaker 1: thirty seven fifty announced. And that's in Bloomberg Business Flash Show.

609
00:33:05,520 --> 00:33:07,800
Speaker 1: Here's Michael Borrow with more on what's going on around

610
00:33:07,800 --> 00:33:10,760
Speaker 1: the world. Michael Karen, thank you very much. Russian forces

611
00:33:10,800 --> 00:33:14,200
Speaker 1: are pressing their assaults on Ukrainian city, striking on the

612
00:33:14,240 --> 00:33:18,000
Speaker 1: outskirts of the capital Kiev and the western city of Aviv.

613
00:33:18,520 --> 00:33:21,440
Speaker 1: Rescue workers are still searching for survivors the ruins of

614
00:33:21,480 --> 00:33:23,960
Speaker 1: a theater that was serving as a shelter in the

615
00:33:23,960 --> 00:33:27,920
Speaker 1: besieged southern city of Mariupol. President Joe Biden will talk

616
00:33:27,960 --> 00:33:31,040
Speaker 1: on the phone with Chinese President shi Jing Ping. Biden

617
00:33:31,160 --> 00:33:34,400
Speaker 1: hopes Beijing will ratchet up pressure on Moscow to end

618
00:33:34,400 --> 00:33:36,960
Speaker 1: its war in Ukraine. In the n C Double A

619
00:33:37,000 --> 00:33:40,240
Speaker 1: Men's basketball Tournament, St. Peter's as Proud as a peacock.

620
00:33:40,600 --> 00:33:44,160
Speaker 1: The Jersey City team, ranked fifteenth, beat number two seed

621
00:33:44,240 --> 00:33:48,360
Speaker 1: Kentucky seventy nine in overtime. Top seeds Gonzaga, Baylor, and

622
00:33:48,480 --> 00:33:51,440
Speaker 1: Kansas advance to the second round. In the NHL, the

623
00:33:51,480 --> 00:33:54,960
Speaker 1: Islanders beat the Rangers to one. The Capitals one Global

624
00:33:55,000 --> 00:33:57,120
Speaker 1: News twenty four hours a day on air and on

625
00:33:57,160 --> 00:34:00,040
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven and

626
00:34:00,080 --> 00:34:03,560
Speaker 1: under journalist analyst more than countries. I'm Michael Barr. This

627
00:34:03,720 --> 00:34:05,800
Speaker 1: is Bloomberg. Nathan all right, Michael, thank you. It is

628
00:34:05,840 --> 00:34:08,680
Speaker 1: five forty nine on Wall Street Live from the Bloomberg

629
00:34:08,719 --> 00:34:12,840
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined

630
00:34:12,840 --> 00:34:17,120
Speaker 1: now by Patrick Palfrey, cohead of Quantitative Research, senior equity

631
00:34:17,200 --> 00:34:21,960
Speaker 1: Strategists at Credit Suie. On another morning where futures are falling,

632
00:34:22,440 --> 00:34:26,160
Speaker 1: bonds and oil are rising, kind of feels like how

633
00:34:26,160 --> 00:34:29,600
Speaker 1: it's felt since the start of the war, Patrick, Is

634
00:34:29,680 --> 00:34:34,640
Speaker 1: this a headline driven market from here on out? Well,

635
00:34:34,680 --> 00:34:38,560
Speaker 1: certainly it shows that the volatility that we're experiencing day

636
00:34:38,560 --> 00:34:41,120
Speaker 1: to days, is remains quite elevated, and even in your day,

637
00:34:41,160 --> 00:34:43,719
Speaker 1: we're seeing very big moves. I think it comes down

638
00:34:43,760 --> 00:34:45,920
Speaker 1: to what you mentioned earlier, that that the headlines are

639
00:34:45,920 --> 00:34:48,560
Speaker 1: really driving the market. We have too complete dynamics. We

640
00:34:48,600 --> 00:34:50,799
Speaker 1: have what's going on with that policy, and we have

641
00:34:50,840 --> 00:34:53,960
Speaker 1: what's going on with the invasion Ukraine. Uh. Sometimes there

642
00:34:53,960 --> 00:34:57,400
Speaker 1: at odds in the sense that we have policy shifting

643
00:34:57,440 --> 00:35:01,040
Speaker 1: potentially more favorably from markets, and then at other times

644
00:35:01,080 --> 00:35:03,480
Speaker 1: they expect of response from the Fed is is potentially

645
00:35:03,480 --> 00:35:05,840
Speaker 1: more hawkish and it causes more more problems and in

646
00:35:05,920 --> 00:35:08,440
Speaker 1: actually seem a little bit more volatility. So there's two

647
00:35:08,480 --> 00:35:10,840
Speaker 1: competing odds and they're playing out very violently right now

648
00:35:10,920 --> 00:35:13,399
Speaker 1: within the markets. Well, let's take a look at one

649
00:35:13,440 --> 00:35:17,040
Speaker 1: of those factors, Fed policy. How much more pricing in

650
00:35:17,120 --> 00:35:19,920
Speaker 1: do you think this market needs to do when it

651
00:35:19,960 --> 00:35:24,680
Speaker 1: comes to this tightening cycle. Well, right now, the market

652
00:35:24,719 --> 00:35:29,000
Speaker 1: shouldn't be surprised by the pace of inflation. And when

653
00:35:29,040 --> 00:35:32,360
Speaker 1: you look at, for example, the two ten spread, the

654
00:35:32,360 --> 00:35:34,839
Speaker 1: difference between the two year and the tenure, you see

655
00:35:34,880 --> 00:35:37,320
Speaker 1: something that's twenty five basis points and it's been flattening

656
00:35:37,360 --> 00:35:40,759
Speaker 1: in response to the expectation that the Fed's gonna hike. UM,

657
00:35:40,840 --> 00:35:43,439
Speaker 1: so there's no surprise that this is happening. I think

658
00:35:43,440 --> 00:35:47,319
Speaker 1: what was interesting from the FED meeting on Wednesday with

659
00:35:47,400 --> 00:35:50,520
Speaker 1: the fact that pal came out and dramatically increased his

660
00:35:51,040 --> 00:35:54,560
Speaker 1: end of year inflation target, and it shows that, uh,

661
00:35:54,600 --> 00:35:56,719
Speaker 1: this is going to be stickier than I think they

662
00:35:56,719 --> 00:35:58,920
Speaker 1: had expected, and I think there's gonna be some persistence,

663
00:35:58,920 --> 00:36:01,279
Speaker 1: but the Fed is going to take this seriously. So

664
00:36:01,880 --> 00:36:05,160
Speaker 1: the market is making the appropriate adjustments. We have priced

665
00:36:05,160 --> 00:36:07,160
Speaker 1: in a lot of that UM, but but on the

666
00:36:07,160 --> 00:36:09,480
Speaker 1: margin there's still fine tuning going on because when you

667
00:36:09,520 --> 00:36:12,560
Speaker 1: have inflation running at elevated levels, it leads volatility higher.

668
00:36:13,640 --> 00:36:15,600
Speaker 1: Do you think the Fed's gonna hike at every meeting

669
00:36:17,800 --> 00:36:19,640
Speaker 1: in order to hit the goal of which they're looking

670
00:36:19,680 --> 00:36:22,719
Speaker 1: to It seems like that's going to be the case.

671
00:36:23,080 --> 00:36:25,279
Speaker 1: I think the question is how many hikes can they

672
00:36:25,320 --> 00:36:29,480
Speaker 1: get in as well, And ultimately it appears that they're

673
00:36:29,480 --> 00:36:32,080
Speaker 1: looking to do seven potentially this year and then four

674
00:36:32,160 --> 00:36:35,799
Speaker 1: potentially next year. Uh. It's it's a dramatic move, particularly

675
00:36:35,800 --> 00:36:38,879
Speaker 1: where you look at UH. Perhaps you know this time

676
00:36:38,880 --> 00:36:41,799
Speaker 1: a year ago for sure, but even last summer. We

677
00:36:41,800 --> 00:36:45,080
Speaker 1: weren't expecting anywhere near this level of of FED move.

678
00:36:45,200 --> 00:36:47,560
Speaker 1: So it's been a dramatic shift in a short period

679
00:36:47,560 --> 00:36:48,879
Speaker 1: of time, and it's been a lot for the market

680
00:36:48,920 --> 00:36:52,360
Speaker 1: st to digest. But it shouldn't be problematic for equities. Well,

681
00:36:52,400 --> 00:36:55,120
Speaker 1: it could have been problematic for the growth picture. I mean,

682
00:36:55,160 --> 00:36:59,040
Speaker 1: if we start to see the economy is slow down

683
00:36:59,120 --> 00:37:02,040
Speaker 1: or uh you know, some are talking about recession as well,

684
00:37:02,080 --> 00:37:05,359
Speaker 1: what could that mean for six I mean, let's let's

685
00:37:05,360 --> 00:37:08,680
Speaker 1: be clear, the the economy on a real basis is slowing.

686
00:37:08,680 --> 00:37:11,320
Speaker 1: It's it's a function of coming out of a bounce

687
00:37:11,400 --> 00:37:14,719
Speaker 1: that's um off the bottom of an economic cycle. I

688
00:37:14,760 --> 00:37:18,640
Speaker 1: think what's important is to remember that nominal GDP is

689
00:37:18,760 --> 00:37:21,640
Speaker 1: actually continuing to increase. And that's important because companies live

690
00:37:21,640 --> 00:37:25,960
Speaker 1: in a phenomenal world. They receive price UH and units

691
00:37:26,040 --> 00:37:29,760
Speaker 1: when they calculate their sales, so many companies actually benefit

692
00:37:29,800 --> 00:37:31,680
Speaker 1: from this inflationary environment and they're not going to see

693
00:37:31,719 --> 00:37:34,640
Speaker 1: the impact. I think what's interesting this time around, and

694
00:37:34,680 --> 00:37:37,760
Speaker 1: it makes the analogy to this eventues and eighties more difficult,

695
00:37:38,120 --> 00:37:41,400
Speaker 1: is we have high inflation, yes, but interest rates remain

696
00:37:42,040 --> 00:37:46,359
Speaker 1: very low. So you're getting to benefit to corporate profits

697
00:37:46,440 --> 00:37:49,960
Speaker 1: without necessarily the offset and impact the PS. And that's

698
00:37:49,960 --> 00:37:52,279
Speaker 1: why we think equities can continue to do quite well

699
00:37:52,280 --> 00:37:54,680
Speaker 1: in this environment, despite the fact that these dynamics feels

700
00:37:54,760 --> 00:37:57,560
Speaker 1: very uncomfortable to investors and the minute left here, I

701
00:37:57,560 --> 00:37:59,040
Speaker 1: think it's safe to say that at the start of

702
00:37:59,080 --> 00:38:01,680
Speaker 1: the year, before this hiking cycle began, your shop has

703
00:38:01,719 --> 00:38:03,880
Speaker 1: been one of the most bullish on Wall Street. Do

704
00:38:03,920 --> 00:38:07,239
Speaker 1: you see that optimism continuing? Where do you see the

705
00:38:07,280 --> 00:38:10,400
Speaker 1: market ending up by the end of this year. We

706
00:38:10,480 --> 00:38:13,000
Speaker 1: we still do see a tremendous mount of optimism on

707
00:38:13,040 --> 00:38:16,160
Speaker 1: the horizon, and it really comes from the fact that, yes,

708
00:38:16,239 --> 00:38:18,520
Speaker 1: there's there's a lot of dynamics investors point too, but

709
00:38:18,560 --> 00:38:21,759
Speaker 1: I think they're really selectively cherry picking the data. We

710
00:38:21,840 --> 00:38:25,320
Speaker 1: are still going to see g EP grow maturely above

711
00:38:25,480 --> 00:38:28,120
Speaker 1: the pace that has grown for the last twenty years.

712
00:38:28,600 --> 00:38:32,399
Speaker 1: Uh So, yes, things are softening, but once again that's

713
00:38:32,400 --> 00:38:34,360
Speaker 1: just a reflection of where we are coming out of

714
00:38:34,360 --> 00:38:38,120
Speaker 1: the bounds. Backdrop remains incredibly robust and intact. I s

715
00:38:38,200 --> 00:38:41,799
Speaker 1: mp M eyes remained very strong. Unemployment demands for labor

716
00:38:41,840 --> 00:38:45,400
Speaker 1: is indicating there's tremendous amount of robustness within the labor market.

717
00:38:45,440 --> 00:38:48,440
Speaker 1: All these point to positive pictures. Yes, there are certainly

718
00:38:49,520 --> 00:38:52,760
Speaker 1: cracks and in issues, but but on a balance note

719
00:38:52,880 --> 00:38:55,520
Speaker 1: that the optimism should be there. Great to have you

720
00:38:55,520 --> 00:38:58,120
Speaker 1: on with us this morning, Patrick. Thank you, Patrick Palfrey's

721
00:38:58,160 --> 00:39:01,319
Speaker 1: cohead of quant Research and see your quitty strategist at

722
00:39:01,320 --> 00:39:05,000
Speaker 1: Credit Suite, Karen Nathan. It is five fifty four on

723
00:39:05,080 --> 00:39:07,720
Speaker 1: Wall Street. It's time now for the Bloomberg Law Report,

724
00:39:07,760 --> 00:39:12,000
Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable,

725
00:39:12,239 --> 00:39:15,960
Speaker 1: resolve faster with the American Arbitration Association, the global leader

726
00:39:16,000 --> 00:39:19,440
Speaker 1: and alternative dispute resolution for over ninety years. More at

727
00:39:19,480 --> 00:39:22,520
Speaker 1: a d R dot org. Now here's a legal story

728
00:39:22,560 --> 00:39:25,600
Speaker 1: we're watching this morning. Mark Zuckerberg will not have to

729
00:39:25,640 --> 00:39:29,040
Speaker 1: testify in the District of Columbia's suit against Facebook over

730
00:39:29,080 --> 00:39:32,080
Speaker 1: its handling of user data after a ruling by the

731
00:39:32,160 --> 00:39:36,360
Speaker 1: judge overseeing the case. In fact, Judge Maurice Ross says

732
00:39:36,640 --> 00:39:39,319
Speaker 1: the attempt by the d C Attorney General to add

733
00:39:39,480 --> 00:39:42,319
Speaker 1: Zuckerberg to the suit and to post him smacked of

734
00:39:42,440 --> 00:39:46,120
Speaker 1: bad faith and he found it frankly annoying. Quote for

735
00:39:46,200 --> 00:39:49,560
Speaker 1: more Bloomberg, Jon Grassos speaks to Bloomberg the legal reporter

736
00:39:49,760 --> 00:39:54,279
Speaker 1: Eric Larson. The DC Attorney General wanted to add Zuckerberg

737
00:39:54,440 --> 00:39:58,560
Speaker 1: to the lawsuit and deposed Zuckerberg because he said that

738
00:39:58,640 --> 00:40:02,760
Speaker 1: allowing third party apps like Cambridge Analytica to access user

739
00:40:02,880 --> 00:40:08,880
Speaker 1: data was Zuckerberg's brain child. What did the judge decide, Well,

740
00:40:08,960 --> 00:40:11,560
Speaker 1: he wasn't going to have it. He shot down the

741
00:40:11,600 --> 00:40:15,440
Speaker 1: attorney general's proposal pretty harshly, I would say. The judge

742
00:40:15,480 --> 00:40:18,800
Speaker 1: denied the Attorney General's motion to add Zuckerberg as a

743
00:40:18,880 --> 00:40:23,640
Speaker 1: defendant and granted Facebook's motion for a protective order to

744
00:40:23,880 --> 00:40:28,319
Speaker 1: block the Attorney General from trying to depose Zuckerberg. So

745
00:40:28,440 --> 00:40:31,960
Speaker 1: the judge said, look, this is a consumer protection lawsuits.

746
00:40:32,200 --> 00:40:37,200
Speaker 1: This is about financial damages basically for consumers. The judge said,

747
00:40:37,280 --> 00:40:40,400
Speaker 1: based on what he had heard, the Attorney General already

748
00:40:40,400 --> 00:40:43,040
Speaker 1: had plenty of information to go ahead with his case

749
00:40:43,080 --> 00:40:45,760
Speaker 1: and bring the current claims that he had to trial.

750
00:40:46,160 --> 00:40:47,920
Speaker 1: He was pretty critical at some point, I would say

751
00:40:47,920 --> 00:40:51,680
Speaker 1: he was shouting at the district lawyers saying that they

752
00:40:51,680 --> 00:40:54,399
Speaker 1: basically were trying to turn this case into a case

753
00:40:54,400 --> 00:40:58,040
Speaker 1: about Mark Zuckerberg, inst that a case about Facebook, and

754
00:40:58,400 --> 00:41:00,879
Speaker 1: it was really critical of their attempt to to add

755
00:41:01,000 --> 00:41:04,160
Speaker 1: some thing that they did not need to depose Mark

756
00:41:04,280 --> 00:41:08,600
Speaker 1: Zuckerberg in order to potentially get damages from this data

757
00:41:08,640 --> 00:41:12,239
Speaker 1: breach for the district consumer. So at one point the

758
00:41:12,320 --> 00:41:15,160
Speaker 1: judge did say, look, if you find that Mark Zuckerberg

759
00:41:15,239 --> 00:41:17,759
Speaker 1: did something wrong with the evidence, you have final a

760
00:41:17,760 --> 00:41:20,600
Speaker 1: criminal complaining against him. He was being a little flippant,

761
00:41:20,640 --> 00:41:22,799
Speaker 1: but he's the point he was making is if Mark

762
00:41:22,920 --> 00:41:26,480
Speaker 1: Zuckerberg did something wrong, maybe that's a different case. But

763
00:41:26,600 --> 00:41:29,120
Speaker 1: for the purposes of this lawsuit, he wanted to narrow

764
00:41:29,200 --> 00:41:30,920
Speaker 1: it in. He wanted to feed it up that the

765
00:41:30,920 --> 00:41:33,480
Speaker 1: case has been going on too long. Whether or not

766
00:41:33,560 --> 00:41:36,080
Speaker 1: Mark Zuckerberg personally said do this or don't do this,

767
00:41:36,520 --> 00:41:38,880
Speaker 1: I think the judge is saying, it's irrelevant to the

768
00:41:38,960 --> 00:41:41,560
Speaker 1: claims and the complaints, and we can't leave out that.

769
00:41:41,640 --> 00:41:44,920
Speaker 1: The judge quoted from the movie Jerry Maguire in his

770
00:41:45,120 --> 00:41:48,560
Speaker 1: career Lega said he had said that for the purposes

771
00:41:48,600 --> 00:41:51,359
Speaker 1: of a consumer protection complaint, it's about getting money back

772
00:41:51,440 --> 00:41:54,080
Speaker 1: to consumers at the end of the day, not proving,

773
00:41:54,280 --> 00:41:57,400
Speaker 1: you know, some sweeping wrong doing by Mark Zuckerberg. So

774
00:41:57,480 --> 00:41:59,960
Speaker 1: he's saying, if this is about money damages, which consumer

775
00:42:00,040 --> 00:42:02,960
Speaker 1: protection is. He said, you know, it's like Jerry McGuire,

776
00:42:03,120 --> 00:42:06,000
Speaker 1: He's like Cuber getting Junior show me the money. So

777
00:42:06,560 --> 00:42:09,680
Speaker 1: he did mention that he likes to reference pop culture

778
00:42:09,880 --> 00:42:12,839
Speaker 1: and is hearing it's on occasion and as Bloomberg Legal

779
00:42:12,880 --> 00:42:15,880
Speaker 1: reporter Eric Larson speaking with the Bloomberg stun Gross So

780
00:42:15,960 --> 00:42:18,480
Speaker 1: catch more of that interview plus analysis of the latest

781
00:42:18,520 --> 00:42:20,880
Speaker 1: legal news by listening to The Bloomberg Law Show at

782
00:42:20,920 --> 00:42:24,560
Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast.

783
00:42:24,600 --> 00:42:27,520
Speaker 1: An Attorneys can find exceptional legal research and business development

784
00:42:27,520 --> 00:42:31,680
Speaker 1: tools at Bloomberg Law dot com. Futures are lower this morning,

785
00:42:31,800 --> 00:42:34,840
Speaker 1: SMP futures down about twenty four points, at OWN futures

786
00:42:35,120 --> 00:42:37,960
Speaker 1: down one hundred sixty one, and NASDAGG futures down to

787
00:42:38,120 --> 00:42:40,759
Speaker 1: seventy five. Still ahead on Bloomberg Daybreak and check on

788
00:42:40,800 --> 00:42:42,840
Speaker 1: the business headlines and all the news you need to

789
00:42:42,880 --> 00:42:45,920
Speaker 1: start your day and MS is Bloomberg