Speaker 1: A five from the Bloomberg Interactive Burger Studios. This is
Speaker 1: Bloomberg day Break for Friday, March eighteen two. Coming up,
Speaker 1: the Tower President invite and speaks with China's Shi Jinking
Speaker 1: in an effort to help end the war in Ukraine.
Speaker 1: Kentdagon morens that Russia may threaten to use nuclear weapons
Speaker 1: if it's invasion of Ukraine is stalled. Investors brace for
Speaker 1: more volatility as the trading week comes to a close
Speaker 1: and the Dirner requests FDA approval for a fourth COVID shot.
Speaker 1: Former New York Governor Clomo says he's opened to running
Speaker 1: for his old job. Plus Sarah Palin is appealing or
Speaker 1: loss in the deformation suit against The New York Times'
Speaker 1: Michael Laaren More ahead, I'm John Staddar in sports Islanders
Speaker 1: stopped the Rangers at the Garden and Sat Peter's stunned
Speaker 1: Kentucky in the n C Double Day Tournament. That's all
Speaker 1: straight ahead on Bloomberg day Break on Bloomberg Element Trio,
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one O
Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x
Speaker 1: M one, nineteen and around the world old on Bloomberg
Speaker 1: Radio dot com and via the Bloomberg Business. Thank good
Speaker 1: Friday morning. I'm Nathan Hagar and I'm Karen Moscow, and
Speaker 1: futures are lower this morning. We're coming up to five
Speaker 1: o one on Wall Street, and we check the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg SMP
Speaker 1: futures down twenty three points to down, futures down a
Speaker 1: hundred sixty four NASDACK futures down d the decks in
Speaker 1: Germany's down half percent. Ten year treasury up four thirty seconds,
Speaker 1: l two point one five percent, and they yield on
Speaker 1: the two year one point nine two nim X screwed
Speaker 1: oil is up seven ten percent or seventy two cents
Speaker 1: and a hundred three dollars seventy cents of barrel. The
Speaker 1: euro one point one zero six seven against the dollar. Nathan,
Speaker 1: all right, Karen, we'll have more on the markets in
Speaker 1: just a minute, but first, this could be a pivotal
Speaker 1: day in Russia's war with Ukraine. In just a few hours,
Speaker 1: President Biden holds his first call in months with one
Speaker 1: of Vladimir Putin's closest allies Chinese president she Jin Ping.
Speaker 1: This comes as Russia's forces appear bogged down outside Ukraine's
Speaker 1: capital city, Kiev. We get more from Bloomberg's Amy Morris
Speaker 1: in Washington. While the UK Ministry of Defense believes Russia's
Speaker 1: invasion has stalled on all fronts, that has not stopped
Speaker 1: the intense battles and shelling around schools, hospitals, and residential areas,
Speaker 1: leading US officials to believe war crimes have been committed. Now,
Speaker 1: President Biden meets today with China President shi Jinping. Secretary
Speaker 1: of State Anthony Lincoln says Biden will issue a warning
Speaker 1: to Beijing that helping Russia will have consequences. We believe China,
Speaker 1: in particular has a responsibility to use its influence with
Speaker 1: President Putin and to defend the international rules and principles
Speaker 1: that it professes to support. Instead, it appears that China
Speaker 1: is moving in the opposite direction. This as the Pentagon
Speaker 1: warns Russia may threaten to use nuclear weapons if their
Speaker 1: invasion of Ukraine is stalled. In Washington, I'm Maymy Morris,
Speaker 1: Bloomberg daybreak, All right, Amy, thank you. Well. As stiff
Speaker 1: defense from Ukraine and economic sanctions raised speculation of nuclear
Speaker 1: threats from Russia. Simer, Secretary of Defense and CIA director
Speaker 1: Leon Panetta says diplomatic talks won't be enough to deter Putin.
Speaker 1: Panetta said the U S should continue to arm Ukraine
Speaker 1: as Putin doubles down. This is a power game. Putin
Speaker 1: understands power. He really doesn't understand diplomacy very much. He
Speaker 1: understands power. And the only way to convince Putin that
Speaker 1: this is not going anywhere and that he should take
Speaker 1: some kind of off ramp is to continue to beat
Speaker 1: him on the battlefield. Former Defense Secretary Leon Panetta made
Speaker 1: the comments on Bloomberg's Balance of Power with David weston
Speaker 1: Catch the program of week Days at noon Wall Street
Speaker 1: Time on both Bloomberg Radio and television. The cost of
Speaker 1: ensuring Russian debt against default has dropped. This morning. Karen
Speaker 1: Bloomberg News has learned funds earmarked for interest payments on
Speaker 1: the Russian government's dollar notes were sent to the payment agent.
Speaker 1: Sources say JP Morgan Chase process the funds and sent
Speaker 1: the money onto City Group, and that is spring optimism.
Speaker 1: The bonds may still be settled in dollars. Well, Nathan,
Speaker 1: if the war and a FED rate high were not
Speaker 1: enough for in esters to handle. There could be more
Speaker 1: volatility than usual today and we get the latest live
Speaker 1: with Bloomberg's John Tucker. John, good morning, Good morning, Karen.
Speaker 1: It's the quarterly event known as triple witching. Single stock
Speaker 1: and index level options are set to expire today. At
Speaker 1: the same time, more near the money options are maturing
Speaker 1: than at any time. Since. If that's not enough, there's
Speaker 1: a rebalancing of benchmark index is a combination that tends
Speaker 1: to sparks single day volumes that rank among the highest
Speaker 1: of the year. Lori Calvacine ahead of US Equity Strategy
Speaker 1: at RBC Capital Markets. As the wild swings won't end here,
Speaker 1: I think that volatility is likely to stay elevated for
Speaker 1: quite some time. We like balanced portfolios between growth and value.
Speaker 1: We do think that growth stocks are ultimately going to recover,
Speaker 1: but we think that's going to be because markets are
Speaker 1: going to continue to price in nervousness and what high
Speaker 1: quality exposure. That's Lori Calvasine at RBC. The rebalance in
Speaker 1: the index alone could lead to thirty three billion dollars
Speaker 1: of stock trades in today's session. Line to New York
Speaker 1: on John Tucker Bloomberg Daybreak. All right, John, thanks, there's
Speaker 1: also another day of volatility in nickel trading in London
Speaker 1: this morning. Let's go live to the city get the
Speaker 1: latest of Bloomberg's You and Parts. Good morning You, Good
Speaker 1: morning Nathan and Karen. Yet another glitchy open for the
Speaker 1: nickel market today, as the price continues its retreat from
Speaker 1: an unprecedented short squeeze last week. Nickel dropped by the
Speaker 1: maximum allowed for a third straight day, nickel tumbling twelve
Speaker 1: percent to the new daily limit, a limit you've only
Speaker 1: just been increased from eight percent in the previous session.
Speaker 1: A frustrating Friday, after a frustrating week for the London
Speaker 1: Metal Exchange. They will be very pleased that tomorrow is
Speaker 1: Saturday live in London. I'm you and pots Pin Big Daybreak,
Speaker 1: are you and thank you? Back here in the US
Speaker 1: and corporate news, General Electric has slash CEO Larry Cops
Speaker 1: paypackage by ten million dollars a year. It's a surprise
Speaker 1: move in response to last year's rebooked by rebuke by shareholders.
Speaker 1: Copps total target compensation went from about twenty one million
Speaker 1: to eleven million. All right, let's take a look at
Speaker 1: some stocks moving in early trading this morning. Carrien shows
Speaker 1: of FedEx, who down about three and a half percent
Speaker 1: the delivery come but he posted quarterly profit below analyst estimates.
Speaker 1: Rising costs related to a US labor shortage and lower
Speaker 1: than expected package volume dragged on gains from pricing increases
Speaker 1: at FedEx, and shares of Game Stopper down nearly seven percent.
Speaker 1: That company reported a surprise loss during the holiday quarter,
Speaker 1: and we turned to the pandemic. Now, Nathan Maderna is
Speaker 1: asking for US government approval for a fourth COVID shot
Speaker 1: for adults. So we get the latest lie from Bloomberg's
Speaker 1: Reny to Young. Good morning Rady, Now, good morning Karen.
Speaker 1: This would cover significantly more people than Fiser's earlier request
Speaker 1: for emergency authorization for a fourth shot for those over
Speaker 1: sixty five years old. Right now, there's a heated debate
Speaker 1: over how long vaccines protect from infection and whether repeated
Speaker 1: shots are necessary to prevent severe disease and death. Meantime,
Speaker 1: Dr Anthony Fauci says the US could see COVID nineteen
Speaker 1: cases rise again and vulnerable people would likely need a
Speaker 1: fourth dose. Live in New York I'm reneed a young
Speaker 1: Bloomberg debreak rened to thank you. SMP futures right now
Speaker 1: down twenty three point. Staff futures are lower by a
Speaker 1: hundred sixty seven and Nastack futures down eight one points.
Speaker 1: The tenure treasury is up four thirty seconds, the yield
Speaker 1: two point one five yield on the two year note
Speaker 1: one point nine seven percent. Straight ahead your latest local
Speaker 1: headlines and a check of sports. This is Bloomberg. It's
Speaker 1: now five oh seven on Wall Street where fifty one
Speaker 1: degrees in Central Park already got a crash northbound Route
Speaker 1: one by Plainfield Avenue and Edison to tails coming up
Speaker 1: in traffic. First, Michael Barr is here with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: We made it to Friday, Michael, Yes we did. Nathan,
Speaker 1: Thank you very much and good morning. New York. Governor
Speaker 1: Kathy Hocle says that state agencies and public authorities will
Speaker 1: cease business with companies that have continued to do business
Speaker 1: with Russia. Hoc Will previously signed an executive order banning
Speaker 1: state agencies from doing business with Russian companies. Hocal's Folk
Speaker 1: and Younkers where now We're going to prohibit any state
Speaker 1: agencies and authorities from the contract with any entities that
Speaker 1: are still doing business in Russia. Governor Hocoll also said
Speaker 1: New York will also send one hundred thousand pounds of
Speaker 1: medical supplies, including masks and gowns, to Ukraine. Andrew Cuomo
Speaker 1: says he's open to running for New York governor again,
Speaker 1: it would consider creating his own political party to do so. Cuomo,
Speaker 1: a Democrat who resigned in August amid a sexual harassment scandal,
Speaker 1: delivered his second public address in as many weeks, this
Speaker 1: time to a group of clergy in the Bronx Knew.
Speaker 1: Details are emerging about the driver of a pickup truck
Speaker 1: that slammed into a college golf team van in West Texas,
Speaker 1: killing nine people. According to the NTSB, it was the
Speaker 1: failure of the left front tire of the pickup. In
Speaker 1: TSB vice chair Bruce Landsberg says, as for the driver
Speaker 1: of the pickup, a thirteen year old child was behind
Speaker 1: the wheel of the pickup truck. The NTSB s Bruce
Speaker 1: Landsberg says the spare tire failed on the pickup at
Speaker 1: seventy five hour that resulted in the truck veering into
Speaker 1: the golf team bus. At least five people died and
Speaker 1: several were injured in a chain reaction crash involving dozens
Speaker 1: of vehicles on an interstate in southeast Missouri. Police say
Speaker 1: thick fog led to the crash about a hundred fifty
Speaker 1: miles south of St. Louis. Forecasters say the multi year
Speaker 1: mega drought that's drained western US reservoirs and parched crop
Speaker 1: lands across California shows no signs of easing. The National
Speaker 1: Oceanic and Atmospheric Administration says the region faces another spring
Speaker 1: and summer of dwindling water resources and rising temperatures. Sarah
Speaker 1: Palin is appealing or loss in the defamation suit she
Speaker 1: filed against The New York Times. Palin says she was
Speaker 1: denied a fair trial. The former Alaska governor sued over
Speaker 1: an opinion piece that linked her to a deadly shooting.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts in more than a hundred twenty
Speaker 1: countries on Michael bar this is Bloomberg. Nathan all right, Michael,
Speaker 1: thank you come up to five ten on Wall Street
Speaker 1: time for the Bloomberg Sports up date. Good morning John Session,
Speaker 1: Good morning Nathan. They are celebrated in Jersey City. A
Speaker 1: couple of months ago. St. Peter's record was three and six,
Speaker 1: lost to l i U, lost to Stony Brook, lost
Speaker 1: to St. John's by twenty one, and yet the Peacock
Speaker 1: is able to win their conference. Sturney gain entry to
Speaker 1: the n C Double A Tournament, where they pulled off
Speaker 1: a huge first round stunner, beating Mighty Kentucky eighty five,
Speaker 1: seventy nine and overtime, only the tenth time ever a
Speaker 1: fifteen seed has beaten a two arrow Banks to twenty
Speaker 1: seven point. It was amazing, you know, playing basketball. You
Speaker 1: grew up watching college basht on college basketball, the Marsh
Speaker 1: Matters tournament. So just letting that sink game, knowing that
Speaker 1: the game was over, we got it just overally good.
Speaker 1: It was the biggest upset of the day, not the
Speaker 1: only one. Twelveth seed in New Mexico State knocked off
Speaker 1: Yukon and Richmond upset Iowa. Since seeding began in nineteen
Speaker 1: seventy nine, Richmond has won nine times as a twelve
Speaker 1: seed or lower. No other school has done it more
Speaker 1: than four were times at the Garden. Islanders got a
Speaker 1: Kyle palm Mery go with less than privments to play
Speaker 1: and beat the Rangers two to one. The Ranger goal
Speaker 1: the forty the year for Chris Rider. Twenty one of
Speaker 1: those have been on the power play NIX and nets
Speaker 1: both at home games. Tonight, Yankees play the Pirates in Bradenton.
Speaker 1: They're brief the opener. The Giants have released veteran safety
Speaker 1: Logan Ryan Big. NFL trade went down last night. Green
Speaker 1: base and Star wide receiver Davante Adams to Las Vegas
Speaker 1: for first and second round draft picks, and Adams is
Speaker 1: already breed to a new five year contract with the Raiders.
Speaker 1: Brown's quarterback Baker Mayfield has requested a trade upset that
Speaker 1: Cleveland showed interest in acquiring to Shaun Watson. Watson is
Speaker 1: expected to be dealt by Houston, but to either Atlanta
Speaker 1: or New Orleans. John stash Ower, Bloomberg Sports, Nacren all Right,
Speaker 1: John thanks SMP futures now down twenty five point, Staff
Speaker 1: futures down a hundred seventy eight, Nastack futures down eighty
Speaker 1: seven points ten your treasure. You have four thirty seconds.
Speaker 1: The yield two point one five percent. President Biden set
Speaker 1: to call China's shi Jin Ping on the war in Ukraine,
Speaker 1: will preview it next with Bloomberg's and the current in
Speaker 1: Hong Kong. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: clouds and Patchee fog give way to sunshine today behind
Speaker 1: in your seventy degrees, periods of rain Tomorrow low sixties,
Speaker 1: upper fifties, partly sunny by Sunday right now fifty one
Speaker 1: and partly cloudy in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Futures are
Speaker 1: lower this morning, SMP futures down twenty eight points down,
Speaker 1: futures down a hundred ninety two, Nastack futures down ninety eight.
Speaker 1: The ten year treasury up four thirty seconds, YELD two
Speaker 1: point one five percent held on the two year one
Speaker 1: point nine one. Nimex screwed oils up seven ten percent
Speaker 1: or seventy cents at a hundred three dollars sixty three
Speaker 1: cents of barrel and Bitcoin this morning is at forty thousand,
Speaker 1: five hundred seventy dollars, down four tens per set. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more
Speaker 1: on what's going on around the world. Muncale, Good morning,
Speaker 1: Good morning, Karen. World leaders called for an investigation of
Speaker 1: Russia's repeat attacks on civilian targets in Ukraine. Meanwhile, rescue
Speaker 1: workers search for survivors in the ruins of a theater
Speaker 1: that was serving as a shelter in Meryupole. Top seeds Gunzaga, Baylor,
Speaker 1: and Kansas have advanced to the second round of the
Speaker 1: n C Double Amen's basketball Tournament. On a day a
Speaker 1: number two seed was dispatched, the f team's seeded St.
Speaker 1: Peter's Peacocks and Living Color beat Kentucky eight five seventy
Speaker 1: nine in overtime. In the NHL, the Islanders beat the
Speaker 1: Rangers to one. The Capital's one global news twenty four
Speaker 1: hours a day on air and on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This
Speaker 1: is Bloomberg David. All right, Michael, thank you for coming
Speaker 1: up to five nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we
Speaker 1: continue our global team in coverage of the war in Ukraine.
Speaker 1: Were joined this morning from Hong Kong by Bloomberg Chief
Speaker 1: Asia Economics correspondent and the Current and from Brussels Bloomberg's
Speaker 1: Maria Today, Oh is with us as well, and what
Speaker 1: could be a pivotal day in the war in Ukraine
Speaker 1: as we're awaiting a call, the first call in months
Speaker 1: between President Joe Biden of the United States and Chinese
Speaker 1: President shi Jinping. Is part of the US president's overall
Speaker 1: effort to try to put global pressure on Russia to
Speaker 1: try to stop Ukraine. So, and I'll start with you
Speaker 1: from the perspective of China. Obviously we know what the
Speaker 1: president is looking to achieve when it comes to this
Speaker 1: call today with a president she what is China hoping
Speaker 1: to get out of it? But China is so far
Speaker 1: hasn't condemned the invasion of Ukraine, not or has it
Speaker 1: even described it as an invasion. It is kind of
Speaker 1: tried to thread the middle ground. On the one hand,
Speaker 1: it has spoken about the need to respect sovereignty and independence,
Speaker 1: and it has called for a peaceful ending to the conflict.
Speaker 1: On the other hand, out that has also backed up
Speaker 1: some of Russia's allegations against the West and the US
Speaker 1: and the like. And I think what most people will
Speaker 1: be hoping for out of its call tonight is at
Speaker 1: least some clarity in terms of where China will be
Speaker 1: going next in in this conflict. I mean, are they
Speaker 1: going to go full bore and support Russia and in
Speaker 1: which case, of course, that risk sanctions on China's own economy,
Speaker 1: or will they come out and start explicitly calling for
Speaker 1: peace and explicitly calling for a way out of this contact.
Speaker 1: We had a six hour meeting between officials in Rome
Speaker 1: earlier this week that we're described as constructive. This is
Speaker 1: the first call between Biden and Sheets in the last November,
Speaker 1: so I think there is a lot you know, expectations
Speaker 1: might be low, but there's still a lot of writing
Speaker 1: in terms of what signals will come out of it
Speaker 1: for China's next steps. A Marie of today on in Brussels,
Speaker 1: I'll turn to you because I know you've been in
Speaker 1: very close contact with Ukrainian diplomats. What's the European perspective
Speaker 1: on this call this morning? Look, I think, of course
Speaker 1: they keep a very close eye because China, of course
Speaker 1: is a huge geo political agent, and of course it
Speaker 1: could really help Russia if they do deliver these weapons
Speaker 1: that they it was reported Russia had asked for. But
Speaker 1: I think for the European Union is very important, almost
Speaker 1: as important as it is for the United States to
Speaker 1: get a clear sense in terms of what does Russia
Speaker 1: want out of this Excuse me, China went out of
Speaker 1: this conflict and what role are they going to play
Speaker 1: going forward for the Europeans. They also believe that, frankly,
Speaker 1: the Chinese do not have an interest in getting involved
Speaker 1: in here, because of course there would be repercussions. The
Speaker 1: European Union has a trade deal with China which is
Speaker 1: waiting for approval. Many would tell you by the way, China,
Speaker 1: no China or conflict in Ukraine. This trade deal between
Speaker 1: China and the EU is dead because this relationship is
Speaker 1: getting very frosty from the two sides. But you know,
Speaker 1: they really have an interest in finding out what is
Speaker 1: it that China wants to war plan around Ukraine. The
Speaker 1: other thing, of course, that I would note, Um, you
Speaker 1: mentioned the conversation that I had with a deputy to
Speaker 1: the Ukrainian President Lanski earlier today, and he told me
Speaker 1: just minutes ago, I hope that China is smart enough
Speaker 1: to know that they'll get nothing out of stepping in
Speaker 1: in Ukraine. China is a wise country and they won't
Speaker 1: want to get involved. So that is also the language
Speaker 1: coming out from the Ukrainian side, and I'll turn it
Speaker 1: back to you. Obviously, there's a very close relationship between
Speaker 1: China and Russia. We have this Defense Department assessment that
Speaker 1: if Russia continues to get bogged down in Ukraine, that
Speaker 1: Russia could threaten to use nuclear weapons. What kind of
Speaker 1: leverage does China have to try to avoid that kind
Speaker 1: of strong rhetoric, that sort of threat from Russia. Well,
Speaker 1: both sides have been growing the economic linkages in recent years,
Speaker 1: on the one hand of Russia selling China energy and
Speaker 1: the wheat. On the other hand, of course, Shina selling
Speaker 1: Russia lots of merchandise. Good recently, just before the Olympic
Speaker 1: Games that started February, the kind of brought a peak
Speaker 1: to their relations when they put out a communication saying
Speaker 1: there's no limits to friendship between both sides. All of
Speaker 1: that being said as though, this is where it gets
Speaker 1: complicated for China because it will not want to get
Speaker 1: caught up in the Western sanctings. Number one, for its
Speaker 1: banks or its companies. Number two, it likes to be
Speaker 1: seen as playing a global a good global citizen on
Speaker 1: the world stage, regardless of one's use of its internal politics.
Speaker 1: And of course number three, China itself is pushing for
Speaker 1: a year of stability because it has a very important
Speaker 1: physical conference at the end of the year when President
Speaker 1: seesting Thing is expected to get an other terms. So
Speaker 1: the weight of all of this is expectatily towards China
Speaker 1: and making an intervention using its incluends like you ask,
Speaker 1: it's economic and it's it's alliance influence with Russia to
Speaker 1: try and bring this to an end somehow. But a
Speaker 1: big question is how will use that leverage, What kind
Speaker 1: of solution will it push to push Russia towards r
Speaker 1: and D does it not choose that pass into the
Speaker 1: double down on harsh rhetoric against the broad US West
Speaker 1: alliance and to continue to support Russia. Remember One variable
Speaker 1: to consider in this is that if China comes out
Speaker 1: of this conflict having been seen it back to the
Speaker 1: wrong horse, that of course will be judgment on the
Speaker 1: present cheating thing in the government for having gone too
Speaker 1: far and building its alliance with Russia in the first
Speaker 1: place and ultimately having to swing around to the western
Speaker 1: side of the store. There's a lot of stake for
Speaker 1: China and navigating the path out of this will not
Speaker 1: be simple, and I think that's why a lot of
Speaker 1: people are waiting now for clarity from this read out
Speaker 1: from the court side to see whether or not China
Speaker 1: is starting to move its position to the point of
Speaker 1: whether China is backing the wrong horse here Maria today, Oh,
Speaker 1: what is the Ukrainian relationship with China? Like I know
Speaker 1: Ukraine has been in recent decades moving toward a more
Speaker 1: close relationship with the West. But in terms of the
Speaker 1: Chinese relationship, what is it like between China and Ukraine.
Speaker 1: Well know, if you ask me that question, what's the
Speaker 1: relationship between Ukraine and China? My answer to you as
Speaker 1: we actually don't know, because the reality is for Ukraine
Speaker 1: this is not a top priority, is not a relationship
Speaker 1: that they actively search because over the past essentially for
Speaker 1: three years, their efforts have purely and mostly concentrated on
Speaker 1: the European Union and the United States. We've been trying
Speaker 1: to build coloration with the even recent years. I think
Speaker 1: there's a Bloomberg's and occurring with us this morning from
Speaker 1: Hong Kong. Thanks as well to Bloomberg's Maria Today Oh
Speaker 1: in Brussels. Our global team coverage on day twenty three
Speaker 1: of the war in Ukraine. Karen, all right, Nathan, thank you,
Speaker 1: and it's five thirty on Wall Street. Good morning. I'm
Speaker 1: Karen Moscow along with Nathan Hagar, and we're just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you up to date on the news you need
Speaker 1: to know at this hour. Russia's invasion continues as missiles
Speaker 1: struck western Ukraine and regions close to the border of Poland.
Speaker 1: According to new Pentagon intelligence, Russian President Vladimir Putin may
Speaker 1: soon leave be nuclear threats against the West in an
Speaker 1: attempt to project strength. Well back in Washington, Karen, President
Speaker 1: Biden his schedule to speak with China's President she jinping
Speaker 1: about the war. We get the latest from Bloomberg's head
Speaker 1: Baxter the White House is saying it gives President Biden
Speaker 1: a chance to really assess where President She stands and
Speaker 1: to step up pressure for him to cooperate. Spokes on
Speaker 1: when John Sake, saying it will give she a chance
Speaker 1: to announce the Russian invasion. This flies in the face,
Speaker 1: of course, of everything China stands for, including the basic
Speaker 1: principles of the UN Charter, including the basic principles of
Speaker 1: respect for sovereignty of nations, and sources the Bloomberg say
Speaker 1: the White House is concerned that China's muted response may
Speaker 1: be a sign that it may be moving closer to
Speaker 1: supporting Moscow. It says this meeting will tell that story.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg daybreak, Okay, and
Speaker 1: thank you. On Capitol Hill, yesterday the House voted to
Speaker 1: end regular trade relations with Russia. Well on Wall Street,
Speaker 1: Nathan Financial Marcus expect more fireworks today, and Bloomberg John
Speaker 1: Tucker joins us have to explain. John Darren, three and
Speaker 1: a half trillion dollars of single stock and index level
Speaker 1: options are sent to expire today, and at the same time,
Speaker 1: more near the money options are maturing than at any
Speaker 1: time since twenty nineteen, triple witching Friday, this coin science
Speaker 1: with a rebalancing of benchmark indexes. It's a combination that
Speaker 1: tends to spark single day volumes that rank among the
Speaker 1: highest of the year. I watch today. If investors rebuild
Speaker 1: their holdings of protective puts or chase the market rebound
Speaker 1: with call contracts, all adds up to a vulnerable day
Speaker 1: ahead Live in New York on John Tucker Bloomberg Daybreak.
Speaker 1: All right, John, thanks checking that market volatility. Right now,
Speaker 1: US futures are falling. Oil has surpassed a hundred dollars
Speaker 1: of barrel again West Texas Centermedia crewed right now training
Speaker 1: and a hundred three dollars seventy two cents. Well, turning
Speaker 1: to the pandemic, Nathan Madonna is asking for US government
Speaker 1: approval for a fourth COVID shot for adults, and we
Speaker 1: get the latest live from Bloomberg's Rena Young Good Morning
Speaker 1: Ray to Good Morning Care and Moderna's request would cover
Speaker 1: significantly more people than Fighter's earlier request for Emerger Agency
Speaker 1: authorization for a fourth shot, which was for those over
Speaker 1: sixty five years old. Right now, there's a heated debate
Speaker 1: over how long vaccines protect from infection, and whether repeated
Speaker 1: shots are necessary to prevent severe disease and death live
Speaker 1: in New York. I'm gonna need to young Bloomberg Day break,
Speaker 1: all right, Nita, thank you, And futures are lower this morning.
Speaker 1: SMP futures are down twenty two points in down futures
Speaker 1: down one two and NOWS day futures down seventy eight
Speaker 1: and straight I had your latest local headlines, plus a
Speaker 1: check of sports, and this is Bloomberg three on Wall Street.
Speaker 1: Let's bring in Michael bar for a look at what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. New York Governor Kathy Opal
Speaker 1: says that state agencies and public authorities will cease business
Speaker 1: with companies that have continued to do business in Russia.
Speaker 1: The Democratic governor previously signed and executive order banning state
Speaker 1: agencies from doing business with Russian companies. So this is
Speaker 1: not just directly with Russian companies, it is with companies
Speaker 1: American companies that are continuing to do business in Russia
Speaker 1: in light of what's happening. So that is the message
Speaker 1: that we're delivering to our state agencies. Governor Hokel, speaking
Speaker 1: in Yonkers, also says New York will send one hundred
Speaker 1: thousand pounds of medical supplies, including masks and gowns, to Ukraine.
Speaker 1: Former New York Governor Andrew Cuomo is dangling the possibility
Speaker 1: he may run for his former job. Just six months
Speaker 1: after he resigned amid sexual harassment allegations, Cuomo gave a
Speaker 1: campaign style speech to a friendly audience of about a
Speaker 1: hundred people in the Bronx. Asked afterwards if he would
Speaker 1: run for office, Cuomo told reporters he is open to
Speaker 1: all options. Former Alaska Governor Sailah Palin is appealing her
Speaker 1: loss in the defamation suit she filed against The New
Speaker 1: York Times. She sued Times and former opinion page editor
Speaker 1: James Bennett in seventeen over a piece mistakenly linking her
Speaker 1: to a deadly shooting. Palin claimed the errors were driven
Speaker 1: by bias against her. Investigators are learning more about Tuesday
Speaker 1: night's deadly collision of a pickup truck and a van
Speaker 1: carrying New Mexico College students and a golf coach. The
Speaker 1: NTSB says the driver of the pickup truck was only
Speaker 1: thirteen years old, too young to drive in TSB Vice
Speaker 1: chair Bruce Landsberg. The left front tire, which was a
Speaker 1: spare tire, had failed, which resulted in the vehicle pulling
Speaker 1: hard to the left and crossing into the opposing lane.
Speaker 1: The pickup went head on into the van carrying the
Speaker 1: golf team, killing seven inside. Both people in the pickup
Speaker 1: were also killed. A pile up on a Missouri Understate
Speaker 1: left at least five people dead. The fog shrouded thirteen
Speaker 1: mile stretch was closed for hours. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than dred journalists and analyst more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, this is Bloomberg, Nathan Michael,
Speaker 1: Thank you. Five On Wall Street, John Stannshire has the
Speaker 1: Bloomberg Sports update D did. It was truly a David
Speaker 1: versus Golive type upset. And in Indiana that's where the
Speaker 1: movie Hoosiers took place. He had Kentucky State School thirty
Speaker 1: two pousand students, winners of eight n C Double A tournaments,
Speaker 1: and he had St. Peter's Tiny Jesuit school from Jersey
Speaker 1: City had never won an n C Double A game. Before,
Speaker 1: and yet the Peacocks right there with the Wildcats all
Speaker 1: night and they wanted it overtime eighty five seventy nine
Speaker 1: coach to the Peacocks. You know, at the end of
Speaker 1: the day, you know, every team that made it to
Speaker 1: the NC double a torment d every team that made
Speaker 1: DC double torments think they take advance. You know this.
Speaker 1: You just have to be good on this night. It's
Speaker 1: not about your records, not about what school you at
Speaker 1: is who who's ever good on that night? And tonight
Speaker 1: you know it was a night Tampa time. Ever A
Speaker 1: fifteen seed knocked off two is one of three overtime
Speaker 1: games Last night, Murray State dept. By San Francisco. Creighton
Speaker 1: trailed for about forty minutes, but rallied past San Diego State.
Speaker 1: Twelve city New Mexico State upset John Teddy Allen thirty
Speaker 1: seven points for the Aggies. Twelve seedon Richmond upset Iowa.
Speaker 1: Even Gonzaga, the thirty's top overall seat, had a struggle,
Speaker 1: led Georgia's State by only four with ten minutes left,
Speaker 1: then Gonzaga one on to one run. Sixteen more games
Speaker 1: today and tonight. Last game of the first round Seaton
Speaker 1: Hall against TCU in San Diego is under stopped. The
Speaker 1: Rangers too want at the Garden on a late cal
Speaker 1: palmary Go. Chris Pryder scored the Ranger goal his forty.
Speaker 1: Only one NHL player has more. Aaron Rodgers decided to
Speaker 1: keep playing in Green Bay, but he won't have his
Speaker 1: best weapon to throw through. The Packers traded star wide
Speaker 1: out Davante Adams to Las Vegas for first and second
Speaker 1: round draft picks. John Stasheller, Bloomberg Sports Snap thanks John
Speaker 1: seven on Wall Street Time for the Trice State Business
Speaker 1: Report with Bloomberg Scott Carr. The New York City apartment
Speaker 1: rental market has remained durable, but at least according to
Speaker 1: Compass real estate broker Isaac Rosenberg. He tells New York
Speaker 1: Business Journal Compass has seem dramatically increased market activity for
Speaker 1: the first time since twenty nineteen. In his opinion, if
Speaker 1: you haven't found a tenant for your rental property by
Speaker 1: fifteen days in, you're doing something wrong. With gas prices
Speaker 1: at or near record highs, New Jersey Congressman Frank Malone Jr.
Speaker 1: Is pressing oil company exects to explain why if you
Speaker 1: will cost so much, and ja dot Com reports the
Speaker 1: powerful Democratic chair of the House Energy Committee as asking
Speaker 1: executives with BP, Chevron, ex On Mobile and other suppliers
Speaker 1: to come to Capitol Hill to answer questions. For the
Speaker 1: third year in a row, lawmakers in Connecticut are considering
Speaker 1: a ban on flavored vaping products, still being one of
Speaker 1: only a few states in the region that have not
Speaker 1: limited their sale. Hartford Bus Journal reports a proposal this
Speaker 1: year would only target flavored vaping products. That's the Bloomberg
Speaker 1: Trish Stay Business Report. I'm Scott Carr, Thank you, Scott,
Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
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Speaker 1: for some of the top stories are on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Podascant
Speaker 1: on ten ten Wins in New York. We're talking about
Speaker 1: Amazon facing a core petition to rehire a Staten Island
Speaker 1: warehouse worker behind organizing efforts um Corney Tanaho on w
Speaker 1: h S and Louisville FedEx posted a profit that missed
Speaker 1: estmates on rising costs I'm Gina Servetti and for w
Speaker 1: w BBM in Chicago. I'm reporting that United Airline says
Speaker 1: passenger volume for spring break is near pre pandemic levels.
Speaker 1: I'm Caroline Hedko on Blueberg d A B Digital Radio
Speaker 1: in London. We're reporting on Nickel on the London Metal
Speaker 1: Exchange dropping by the maximum allowed for third day in
Speaker 1: a row, so there's been very little trading time. Scott
Speaker 1: car on w d c H in Washington, reporting on
Speaker 1: solar powers continue to ramp up in the region. Those
Speaker 1: are some of the stories our twenty Bloomberg journalists and
Speaker 1: analysts working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. In a surprise move this week, the U.
Speaker 1: S sent had passed a bill to make daylight saving
Speaker 1: time permanent. In one sense, reform is welcome. Changing clocks
Speaker 1: twice a year of policy adopted during World War One
Speaker 1: to conserve energy disrupts people sleep and health. But why
Speaker 1: stick with daylight saving time? Standard time is better aligned
Speaker 1: with human circadian rhythms. Perhaps lawmakers don't remember how unhappy
Speaker 1: Americans were the last time Congress imposed year round daylight
Speaker 1: saving time in the nineteen seventies. Although the change was
Speaker 1: popular at first, late sunrises in the debt of winter
Speaker 1: soon weighed on people's minds. Support for the initiative plummeted,
Speaker 1: and Congress quickly reversed course. Nearly fifty years later, the
Speaker 1: fate of daylight saving time once again rests with House lawmakers.
Speaker 1: They should be wary of repeating a failed experiment. This
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Indian
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Speaker 1: This has been Bloomberg opinion. You can hear Bloomberg opinion
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Speaker 1: moving lower on this triple witching day. This is Bloombergen
Speaker 1: Bloomberg eleven three oh. Weather clouds, patchy fog give way
Speaker 1: to sunshine and a high Your seventy today, rain tomorrow.
Speaker 1: Low sixties will be back in the sunshine, but upper
Speaker 1: fifties for Sunday highs right now clouds and fifty one
Speaker 1: in Central Park. Markets, headlines and breaking news twenty four
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Speaker 1: Out and at Bloomberg Quick Takes a Bloomberg Business Flash
Speaker 1: and I'm camer in Moscow. This update brought to you
Speaker 1: by s EI. Crises bring out the best in people, character, community,
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Speaker 1: s C I C dot com slash I M s
Speaker 1: us Dock Index futures lower this morning along with European
Speaker 1: shares as traders wigh nixed signals from the peace docks
Speaker 1: between Russia and Ukraine, embrace for volatility from expiring options.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg s and P futures down twenty seven
Speaker 1: points down, futures down one hundred seventy eight and nasdack
Speaker 1: futures down in ninety The decks in Germany's down eight
Speaker 1: tenths of upper cent, CAC in Paris down seven tenths
Speaker 1: per cent, and the foot Sea one hundred is down
Speaker 1: to tenths of upper set in n K to twenty
Speaker 1: five in Japan gained about seven tenths of upper cent,
Speaker 1: and the Hanks sing in Hong Kong was down four
Speaker 1: tenths of upper set ten. Your treasury up six thirties seconds,
Speaker 1: YELD two point one four percent yield on the two
Speaker 1: year one point nine one percent. Nivex screwed oil is
Speaker 1: up one percent or a dollar two at a hundred
Speaker 1: four dollars of barrel. Comic schoold is down about six
Speaker 1: tenths of uppercent, down ten dollars seventies sense at nineteen
Speaker 1: thirty seven fifty announced. And that's in Bloomberg Business Flash Show.
Speaker 1: Here's Michael Borrow with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. Russian forces
Speaker 1: are pressing their assaults on Ukrainian city, striking on the
Speaker 1: outskirts of the capital Kiev and the western city of Aviv.
Speaker 1: Rescue workers are still searching for survivors the ruins of
Speaker 1: a theater that was serving as a shelter in the
Speaker 1: besieged southern city of Mariupol. President Joe Biden will talk
Speaker 1: on the phone with Chinese President shi Jing Ping. Biden
Speaker 1: hopes Beijing will ratchet up pressure on Moscow to end
Speaker 1: its war in Ukraine. In the n C Double A
Speaker 1: Men's basketball Tournament, St. Peter's as Proud as a peacock.
Speaker 1: The Jersey City team, ranked fifteenth, beat number two seed
Speaker 1: Kentucky seventy nine in overtime. Top seeds Gonzaga, Baylor, and
Speaker 1: Kansas advance to the second round. In the NHL, the
Speaker 1: Islanders beat the Rangers to one. The Capitals one Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven and
Speaker 1: under journalist analyst more than countries. I'm Michael Barr. This
Speaker 1: is Bloomberg. Nathan all right, Michael, thank you. It is
Speaker 1: five forty nine on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined
Speaker 1: now by Patrick Palfrey, cohead of Quantitative Research, senior equity
Speaker 1: Strategists at Credit Suie. On another morning where futures are falling,
Speaker 1: bonds and oil are rising, kind of feels like how
Speaker 1: it's felt since the start of the war, Patrick, Is
Speaker 1: this a headline driven market from here on out? Well,
Speaker 1: certainly it shows that the volatility that we're experiencing day
Speaker 1: to days, is remains quite elevated, and even in your day,
Speaker 1: we're seeing very big moves. I think it comes down
Speaker 1: to what you mentioned earlier, that that the headlines are
Speaker 1: really driving the market. We have too complete dynamics. We
Speaker 1: have what's going on with that policy, and we have
Speaker 1: what's going on with the invasion Ukraine. Uh. Sometimes there
Speaker 1: at odds in the sense that we have policy shifting
Speaker 1: potentially more favorably from markets, and then at other times
Speaker 1: they expect of response from the Fed is is potentially
Speaker 1: more hawkish and it causes more more problems and in
Speaker 1: actually seem a little bit more volatility. So there's two
Speaker 1: competing odds and they're playing out very violently right now
Speaker 1: within the markets. Well, let's take a look at one
Speaker 1: of those factors, Fed policy. How much more pricing in
Speaker 1: do you think this market needs to do when it
Speaker 1: comes to this tightening cycle. Well, right now, the market
Speaker 1: shouldn't be surprised by the pace of inflation. And when
Speaker 1: you look at, for example, the two ten spread, the
Speaker 1: difference between the two year and the tenure, you see
Speaker 1: something that's twenty five basis points and it's been flattening
Speaker 1: in response to the expectation that the Fed's gonna hike. UM,
Speaker 1: so there's no surprise that this is happening. I think
Speaker 1: what was interesting from the FED meeting on Wednesday with
Speaker 1: the fact that pal came out and dramatically increased his
Speaker 1: end of year inflation target, and it shows that, uh,
Speaker 1: this is going to be stickier than I think they
Speaker 1: had expected, and I think there's gonna be some persistence,
Speaker 1: but the Fed is going to take this seriously. So
Speaker 1: the market is making the appropriate adjustments. We have priced
Speaker 1: in a lot of that UM, but but on the
Speaker 1: margin there's still fine tuning going on because when you
Speaker 1: have inflation running at elevated levels, it leads volatility higher.
Speaker 1: Do you think the Fed's gonna hike at every meeting
Speaker 1: in order to hit the goal of which they're looking
Speaker 1: to It seems like that's going to be the case.
Speaker 1: I think the question is how many hikes can they
Speaker 1: get in as well, And ultimately it appears that they're
Speaker 1: looking to do seven potentially this year and then four
Speaker 1: potentially next year. Uh. It's it's a dramatic move, particularly
Speaker 1: where you look at UH. Perhaps you know this time
Speaker 1: a year ago for sure, but even last summer. We
Speaker 1: weren't expecting anywhere near this level of of FED move.
Speaker 1: So it's been a dramatic shift in a short period
Speaker 1: of time, and it's been a lot for the market
Speaker 1: st to digest. But it shouldn't be problematic for equities. Well,
Speaker 1: it could have been problematic for the growth picture. I mean,
Speaker 1: if we start to see the economy is slow down
Speaker 1: or uh you know, some are talking about recession as well,
Speaker 1: what could that mean for six I mean, let's let's
Speaker 1: be clear, the the economy on a real basis is slowing.
Speaker 1: It's it's a function of coming out of a bounce
Speaker 1: that's um off the bottom of an economic cycle. I
Speaker 1: think what's important is to remember that nominal GDP is
Speaker 1: actually continuing to increase. And that's important because companies live
Speaker 1: in a phenomenal world. They receive price UH and units
Speaker 1: when they calculate their sales, so many companies actually benefit
Speaker 1: from this inflationary environment and they're not going to see
Speaker 1: the impact. I think what's interesting this time around, and
Speaker 1: it makes the analogy to this eventues and eighties more difficult,
Speaker 1: is we have high inflation, yes, but interest rates remain
Speaker 1: very low. So you're getting to benefit to corporate profits
Speaker 1: without necessarily the offset and impact the PS. And that's
Speaker 1: why we think equities can continue to do quite well
Speaker 1: in this environment, despite the fact that these dynamics feels
Speaker 1: very uncomfortable to investors and the minute left here, I
Speaker 1: think it's safe to say that at the start of
Speaker 1: the year, before this hiking cycle began, your shop has
Speaker 1: been one of the most bullish on Wall Street. Do
Speaker 1: you see that optimism continuing? Where do you see the
Speaker 1: market ending up by the end of this year. We
Speaker 1: we still do see a tremendous mount of optimism on
Speaker 1: the horizon, and it really comes from the fact that, yes,
Speaker 1: there's there's a lot of dynamics investors point too, but
Speaker 1: I think they're really selectively cherry picking the data. We
Speaker 1: are still going to see g EP grow maturely above
Speaker 1: the pace that has grown for the last twenty years.
Speaker 1: Uh So, yes, things are softening, but once again that's
Speaker 1: just a reflection of where we are coming out of
Speaker 1: the bounds. Backdrop remains incredibly robust and intact. I s
Speaker 1: mp M eyes remained very strong. Unemployment demands for labor
Speaker 1: is indicating there's tremendous amount of robustness within the labor market.
Speaker 1: All these point to positive pictures. Yes, there are certainly
Speaker 1: cracks and in issues, but but on a balance note
Speaker 1: that the optimism should be there. Great to have you
Speaker 1: on with us this morning, Patrick. Thank you, Patrick Palfrey's
Speaker 1: cohead of quant Research and see your quitty strategist at
Speaker 1: Credit Suite, Karen Nathan. It is five fifty four on
Speaker 1: Wall Street. It's time now for the Bloomberg Law Report,
Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable,
Speaker 1: resolve faster with the American Arbitration Association, the global leader
Speaker 1: and alternative dispute resolution for over ninety years. More at
Speaker 1: a d R dot org. Now here's a legal story
Speaker 1: we're watching this morning. Mark Zuckerberg will not have to
Speaker 1: testify in the District of Columbia's suit against Facebook over
Speaker 1: its handling of user data after a ruling by the
Speaker 1: judge overseeing the case. In fact, Judge Maurice Ross says
Speaker 1: the attempt by the d C Attorney General to add
Speaker 1: Zuckerberg to the suit and to post him smacked of
Speaker 1: bad faith and he found it frankly annoying. Quote for
Speaker 1: more Bloomberg, Jon Grassos speaks to Bloomberg the legal reporter
Speaker 1: Eric Larson. The DC Attorney General wanted to add Zuckerberg
Speaker 1: to the lawsuit and deposed Zuckerberg because he said that
Speaker 1: allowing third party apps like Cambridge Analytica to access user
Speaker 1: data was Zuckerberg's brain child. What did the judge decide, Well,
Speaker 1: he wasn't going to have it. He shot down the
Speaker 1: attorney general's proposal pretty harshly, I would say. The judge
Speaker 1: denied the Attorney General's motion to add Zuckerberg as a
Speaker 1: defendant and granted Facebook's motion for a protective order to
Speaker 1: block the Attorney General from trying to depose Zuckerberg. So
Speaker 1: the judge said, look, this is a consumer protection lawsuits.
Speaker 1: This is about financial damages basically for consumers. The judge said,
Speaker 1: based on what he had heard, the Attorney General already
Speaker 1: had plenty of information to go ahead with his case
Speaker 1: and bring the current claims that he had to trial.
Speaker 1: He was pretty critical at some point, I would say
Speaker 1: he was shouting at the district lawyers saying that they
Speaker 1: basically were trying to turn this case into a case
Speaker 1: about Mark Zuckerberg, inst that a case about Facebook, and
Speaker 1: it was really critical of their attempt to to add
Speaker 1: some thing that they did not need to depose Mark
Speaker 1: Zuckerberg in order to potentially get damages from this data
Speaker 1: breach for the district consumer. So at one point the
Speaker 1: judge did say, look, if you find that Mark Zuckerberg
Speaker 1: did something wrong with the evidence, you have final a
Speaker 1: criminal complaining against him. He was being a little flippant,
Speaker 1: but he's the point he was making is if Mark
Speaker 1: Zuckerberg did something wrong, maybe that's a different case. But
Speaker 1: for the purposes of this lawsuit, he wanted to narrow
Speaker 1: it in. He wanted to feed it up that the
Speaker 1: case has been going on too long. Whether or not
Speaker 1: Mark Zuckerberg personally said do this or don't do this,
Speaker 1: I think the judge is saying, it's irrelevant to the
Speaker 1: claims and the complaints, and we can't leave out that.
Speaker 1: The judge quoted from the movie Jerry Maguire in his
Speaker 1: career Lega said he had said that for the purposes
Speaker 1: of a consumer protection complaint, it's about getting money back
Speaker 1: to consumers at the end of the day, not proving,
Speaker 1: you know, some sweeping wrong doing by Mark Zuckerberg. So
Speaker 1: he's saying, if this is about money damages, which consumer
Speaker 1: protection is. He said, you know, it's like Jerry McGuire,
Speaker 1: He's like Cuber getting Junior show me the money. So
Speaker 1: he did mention that he likes to reference pop culture
Speaker 1: and is hearing it's on occasion and as Bloomberg Legal
Speaker 1: reporter Eric Larson speaking with the Bloomberg stun Gross So
Speaker 1: catch more of that interview plus analysis of the latest
Speaker 1: legal news by listening to The Bloomberg Law Show at
Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast.
Speaker 1: An Attorneys can find exceptional legal research and business development
Speaker 1: tools at Bloomberg Law dot com. Futures are lower this morning,
Speaker 1: SMP futures down about twenty four points, at OWN futures
Speaker 1: down one hundred sixty one, and NASDAGG futures down to
Speaker 1: seventy five. Still ahead on Bloomberg Daybreak and check on
Speaker 1: the business headlines and all the news you need to
Speaker 1: start your day and MS is Bloomberg