1 00:00:02,120 --> 00:00:05,439 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,480 --> 00:00:09,920 Speaker 1: Daybreak for Friday, April late. Coming up this hour, economic 3 00:00:09,960 --> 00:00:12,959 Speaker 1: pressure ratchets up on Russia. We are live in Europe 4 00:00:12,960 --> 00:00:15,920 Speaker 1: with the latest. Jenny Yellens, pushed for a global tax agreement, 5 00:00:15,960 --> 00:00:19,280 Speaker 1: suffers a setback. The war hits food supply as prices 6 00:00:19,320 --> 00:00:22,079 Speaker 1: surged at the fastest pace ever, and Elon Muska is 7 00:00:22,079 --> 00:00:24,520 Speaker 1: said to address the staff at Twitter after taking a 8 00:00:24,600 --> 00:00:27,240 Speaker 1: stake in the company. New York lawmakers struck a two 9 00:00:27,320 --> 00:00:30,440 Speaker 1: hundred twenty billion dollar budget deal. Plus today President Bike 10 00:00:30,520 --> 00:00:34,920 Speaker 1: will celebrate future Supreme Court Justice Jackson. Michael barn Or Ahead, 11 00:00:35,080 --> 00:00:37,600 Speaker 1: I'm John stashdown and swords the season opening win for 12 00:00:37,600 --> 00:00:39,400 Speaker 1: the met the big win for the Rangers, and they'll 13 00:00:39,400 --> 00:00:44,520 Speaker 1: play the second round of the Masters today. That's all 14 00:00:44,560 --> 00:00:48,199 Speaker 1: stready ahead on Bloomberg Daybreak on Bloomberg eleven three on 15 00:00:48,320 --> 00:00:52,400 Speaker 1: New York, Bloomberg N one, Washington, d C, Bloomberg one 16 00:00:52,400 --> 00:00:56,600 Speaker 1: oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius 17 00:00:56,760 --> 00:00:59,760 Speaker 1: x AM one nineteen and around the world on Bloomberg 18 00:00:59,800 --> 00:01:08,480 Speaker 1: Radio dot com and via the Bloomberg Business Act and 19 00:01:08,680 --> 00:01:11,920 Speaker 1: good Friday morning. I'm Nathan Hagar and I'm Karen Moscow, 20 00:01:11,959 --> 00:01:14,640 Speaker 1: and US futures are higher to end the week. We're 21 00:01:14,720 --> 00:01:16,240 Speaker 1: coming up to five o one on Wall Street, and 22 00:01:16,280 --> 00:01:18,880 Speaker 1: we check the markets every fifteen minutes throughout the trading day. 23 00:01:18,959 --> 00:01:22,480 Speaker 1: On Bloomberg SMP futures of eleven points down, futures up 24 00:01:22,560 --> 00:01:25,920 Speaker 1: ninety six, nasdack futures up forty three, The dacks in 25 00:01:25,959 --> 00:01:29,160 Speaker 1: Germany's at one point one percent ten. Your treasury down 26 00:01:29,160 --> 00:01:32,360 Speaker 1: six thirty seconds, yield two point six eight percent, and 27 00:01:32,400 --> 00:01:34,959 Speaker 1: the yield on the two year two point five one percent, 28 00:01:35,200 --> 00:01:38,839 Speaker 1: and Nimex screwed oil is up half percent. Nathan, all right, Karen, 29 00:01:38,880 --> 00:01:40,600 Speaker 1: we'll have more on the markets in a minute. First, 30 00:01:40,600 --> 00:01:42,160 Speaker 1: we need to bring you the latest on the war. 31 00:01:42,360 --> 00:01:45,280 Speaker 1: Ukraine now says dozens have been killed this morning in 32 00:01:45,319 --> 00:01:48,760 Speaker 1: a Russian attack on a railway station. Meantime, the United 33 00:01:48,840 --> 00:01:51,600 Speaker 1: Nations General Assembly has voted to suspend Russia from the 34 00:01:51,680 --> 00:01:54,720 Speaker 1: Human Rights Council. And that's just the first step. Bloomberg 35 00:01:54,840 --> 00:01:59,320 Speaker 1: Z Baxter reports. Secretary of State Antony Blanken says exactly 36 00:01:59,360 --> 00:02:02,520 Speaker 1: the right move. When US Ambassador the UN Linda Thomas 37 00:02:02,520 --> 00:02:06,800 Speaker 1: Greenfield says the body must proceed with investigation and punishment. 38 00:02:06,880 --> 00:02:11,200 Speaker 1: It's about the credibility of the U n Right now, 39 00:02:11,320 --> 00:02:15,040 Speaker 1: the world is looking to us. They're asking if the 40 00:02:15,120 --> 00:02:19,959 Speaker 1: United Nations is prepared to meet this moment. Greenfield calls 41 00:02:20,000 --> 00:02:23,200 Speaker 1: it an historic moment with work left to be done. 42 00:02:23,720 --> 00:02:26,799 Speaker 1: In San Francisco, i'mad Baxter Bloomberg daybreak, All right, and 43 00:02:26,960 --> 00:02:29,440 Speaker 1: thank you For the first time, the European Union has 44 00:02:29,480 --> 00:02:33,079 Speaker 1: now targeted Russia's crucial energy revenues. And we go live 45 00:02:33,120 --> 00:02:35,600 Speaker 1: to London and get the latest with Bloomberg's UN pads. 46 00:02:35,680 --> 00:02:39,160 Speaker 1: Good morning, UN, Good morning counter Nathan Cole. Imports from 47 00:02:39,240 --> 00:02:41,840 Speaker 1: Russia are to be banned. That's the agreement reached by 48 00:02:41,880 --> 00:02:45,000 Speaker 1: the twenty seven nations of the European Union. It's a 49 00:02:45,040 --> 00:02:48,080 Speaker 1: significant move for the region which remains reliance on fossil 50 00:02:48,160 --> 00:02:52,000 Speaker 1: fuels from Moscow. The block's fifth sanctions package, which also 51 00:02:52,040 --> 00:02:55,440 Speaker 1: includes a ban on most Russian trucks and ships from 52 00:02:55,600 --> 00:02:58,760 Speaker 1: entering the European Union. As the blocking oil and gas 53 00:02:58,760 --> 00:03:02,000 Speaker 1: from Russia, well, that is an altogether more difficult proposition. 54 00:03:02,360 --> 00:03:05,480 Speaker 1: Live in London, i'mmun Pults break to say the least, 55 00:03:05,480 --> 00:03:08,120 Speaker 1: thank you you and Many analysts believe energy sanctions, though, 56 00:03:08,160 --> 00:03:11,320 Speaker 1: will put more pressure on Vladimir Putin. Haggar Shamali is 57 00:03:11,360 --> 00:03:14,560 Speaker 1: a former policy advisor in the Treasury Department Sanctions Division. 58 00:03:15,040 --> 00:03:17,000 Speaker 1: The language he understands the most is the threat of 59 00:03:17,040 --> 00:03:19,320 Speaker 1: military force, and so I don't want to equate the 60 00:03:19,360 --> 00:03:22,640 Speaker 1: threat of sanctions to the threat of military force when 61 00:03:22,680 --> 00:03:25,400 Speaker 1: it comes to changing his behavior and compelling him to 62 00:03:25,480 --> 00:03:29,640 Speaker 1: negotiate um. But it helps further the pressure and it 63 00:03:29,720 --> 00:03:34,640 Speaker 1: helps most importantly limit his ability to finance his violence machine. 64 00:03:34,960 --> 00:03:37,880 Speaker 1: Former Treasury Department advisor Hagar Shamali was a guest on 65 00:03:37,920 --> 00:03:41,040 Speaker 1: Bloomberg Sound On Catch the program weekdays at five pm 66 00:03:41,080 --> 00:03:44,680 Speaker 1: Eastern on Bloomberg Radio. Meantime, Nathan, the war in Ukraine 67 00:03:44,760 --> 00:03:47,200 Speaker 1: is having a major impact on the cost of food. 68 00:03:47,280 --> 00:03:50,360 Speaker 1: Global food prices are surging at the fastest pace ever, 69 00:03:50,560 --> 00:03:52,880 Speaker 1: as the war Reeks have on supply chains in the 70 00:03:52,880 --> 00:03:55,960 Speaker 1: Black Sea region that send food prices to a record 71 00:03:56,000 --> 00:03:59,080 Speaker 1: with the United Nations Index of World Costs oring thirteen 72 00:03:59,600 --> 00:04:02,840 Speaker 1: last There's more economic news this morning, Karen Is. Several 73 00:04:02,880 --> 00:04:06,040 Speaker 1: Fed officials wigh and on policy. St. Louis President Jim 74 00:04:06,040 --> 00:04:09,680 Speaker 1: Bullard says he favors raising interest rates sharply to counter 75 00:04:09,720 --> 00:04:13,559 Speaker 1: the highest inflation in four decades. This Taylor rule calculation 76 00:04:13,720 --> 00:04:15,560 Speaker 1: is telling us that where we should be in a 77 00:04:15,680 --> 00:04:20,560 Speaker 1: minimal under minimal assumptions, very generous assumptions. It's saying it 78 00:04:20,560 --> 00:04:22,479 Speaker 1: should be a three and a half percent, where we 79 00:04:22,560 --> 00:04:26,440 Speaker 1: actually only one third of one percent or thirty seven 80 00:04:26,480 --> 00:04:29,400 Speaker 1: and a half basis points. So you're too low by 81 00:04:29,480 --> 00:04:33,000 Speaker 1: about three basis points. St. Louis FED President Jim Bullard 82 00:04:33,040 --> 00:04:36,280 Speaker 1: is suggesting he backs a half percentage point half h 83 00:04:37,360 --> 00:04:41,039 Speaker 1: percentage point hike in May. However, Atlanta's Raphael Bostick supports 84 00:04:41,040 --> 00:04:42,919 Speaker 1: increases more in line with the path laid out by 85 00:04:42,960 --> 00:04:45,400 Speaker 1: the Fed's projections or dot plot. I think it's fully 86 00:04:45,400 --> 00:04:49,120 Speaker 1: appropriate that we move our policy uh closer to a 87 00:04:49,200 --> 00:04:52,039 Speaker 1: neutral position, but I think we need to do it 88 00:04:52,080 --> 00:04:56,440 Speaker 1: in a measured way. Atlanta FED President Raphael Bostick is 89 00:04:56,440 --> 00:04:58,200 Speaker 1: a voter this year on the rate setting f o 90 00:04:58,360 --> 00:05:01,760 Speaker 1: MC meantime, N and FED meetings could see some new 91 00:05:01,800 --> 00:05:05,160 Speaker 1: faces on the way. Senate Banking Chairman Sheared Brown says 92 00:05:05,160 --> 00:05:08,080 Speaker 1: he expects votes by the full Chamber on President Biden's 93 00:05:08,080 --> 00:05:10,840 Speaker 1: for FED board nominees later this month to get the 94 00:05:10,880 --> 00:05:13,960 Speaker 1: details from Bloomberg's Charley Pillett. He thinks that will happen 95 00:05:14,000 --> 00:05:16,839 Speaker 1: after the Senate's two week break, The Ohio Democrats said. 96 00:05:16,839 --> 00:05:19,800 Speaker 1: He also hopes Biden will have nominated a new vice 97 00:05:19,880 --> 00:05:23,680 Speaker 1: chair of Supervision by then. Brown said he expects Lisa Cook, 98 00:05:23,880 --> 00:05:27,240 Speaker 1: a pick for Fed Governor or Lele Brainerd nominated as 99 00:05:27,360 --> 00:05:30,960 Speaker 1: vice chair, to be the first to be confirmed. Republicans 100 00:05:31,000 --> 00:05:34,480 Speaker 1: have lined up in opposition to Cook, but four Republicans 101 00:05:34,520 --> 00:05:38,240 Speaker 1: back Brainerd in the Banking Committee in New York. Charlie 102 00:05:38,360 --> 00:05:40,560 Speaker 1: Bloomberg day Break. All right, Charlie, thank you. At the 103 00:05:40,600 --> 00:05:43,279 Speaker 1: Treasury Department this morning, there's a a parents set back 104 00:05:43,320 --> 00:05:46,240 Speaker 1: for Janet Yellin's pushed for a global tax agreement. Let's 105 00:05:46,240 --> 00:05:48,960 Speaker 1: get the latest on that life from Bloomberg's John Tucker. John, 106 00:05:49,279 --> 00:05:52,719 Speaker 1: and it looks like big business is not backing the plan, Nathan. 107 00:05:52,800 --> 00:05:56,920 Speaker 1: Executives at eight major US based multinational corporations interviewed by 108 00:05:56,960 --> 00:06:00,680 Speaker 1: Bloomberg said that far too much remains unknown about the deal. 109 00:06:01,040 --> 00:06:04,159 Speaker 1: Treasure Secretary Yelling is counting on their support, which could 110 00:06:04,160 --> 00:06:07,320 Speaker 1: be critical to help win passage in Congress. The corporate 111 00:06:07,400 --> 00:06:10,760 Speaker 1: leaders agree the ground baking global deal yelling secured last 112 00:06:10,839 --> 00:06:14,960 Speaker 1: year could deliver important benefits by helping to reduce disputes 113 00:06:15,000 --> 00:06:17,880 Speaker 1: and prevent trade wars, but they also called the plan 114 00:06:18,320 --> 00:06:21,840 Speaker 1: overly complex. Live in New York on John Tucker Bloomberg Daybreak. 115 00:06:22,040 --> 00:06:24,320 Speaker 1: All right, John, thank you all. Turning to corporate news. Now, 116 00:06:24,320 --> 00:06:26,920 Speaker 1: it's all about Twitter again this morning. Just days after 117 00:06:26,960 --> 00:06:29,760 Speaker 1: announcing a stake in the company, Elon Musk is reportedly 118 00:06:29,800 --> 00:06:32,200 Speaker 1: set to address the staff, and we get the details 119 00:06:32,240 --> 00:06:35,279 Speaker 1: live from Bloomberg's Ranida Young. Good morning, Nia, Good morning Karen. 120 00:06:35,360 --> 00:06:37,880 Speaker 1: Twitter is planning to host Elon Musk for a Q 121 00:06:38,080 --> 00:06:41,120 Speaker 1: and A session with employees. That's according to a company 122 00:06:41,160 --> 00:06:44,760 Speaker 1: messages obtained by The Washington Post, which say they are 123 00:06:44,880 --> 00:06:49,640 Speaker 1: internal outcries over Musk's appointment to Twitter's board of directors. 124 00:06:50,200 --> 00:06:53,240 Speaker 1: Town Hall meetings like this are not new to Silicon Valley, 125 00:06:53,360 --> 00:06:55,360 Speaker 1: but it's rare to host a board member at one. 126 00:06:55,720 --> 00:06:58,840 Speaker 1: Twitter is hoping to calm any anxiety workers have about 127 00:06:58,920 --> 00:07:02,480 Speaker 1: Musk's impact and company culture by giving them the chance 128 00:07:02,560 --> 00:07:05,680 Speaker 1: to ask him anything. Live in New York. I'm really 129 00:07:05,760 --> 00:07:07,720 Speaker 1: need a Young Bloomberg day Break, All right, We need 130 00:07:07,760 --> 00:07:09,680 Speaker 1: to thank S. S and P. Futures up eight point, 131 00:07:09,720 --> 00:07:13,160 Speaker 1: staff futures up eight five. Nastact futures higher by thirty 132 00:07:13,160 --> 00:07:16,320 Speaker 1: one points. Straight ahead, your latest local headlines and a 133 00:07:16,400 --> 00:07:23,960 Speaker 1: check of sports. This is Bloomberg and South five oh 134 00:07:24,000 --> 00:07:26,800 Speaker 1: seven on Wall Street. We're fifty one degrees in Central Park. 135 00:07:26,840 --> 00:07:29,040 Speaker 1: We got an accident on the cross prose To Expressway 136 00:07:29,120 --> 00:07:32,280 Speaker 1: west bound by the Sheridan. The tails coming up in traffic. First. 137 00:07:32,400 --> 00:07:34,280 Speaker 1: Michael Barr with laur on what's going on in New 138 00:07:34,400 --> 00:07:37,440 Speaker 1: York and around the world. Happy Friday, Michael, Happy Friday 139 00:07:37,480 --> 00:07:41,000 Speaker 1: to you, Nathan. New York Governor Kathy Hokel and legislative 140 00:07:41,080 --> 00:07:44,119 Speaker 1: leaders struck a two hundred forty billion dollar budget deal 141 00:07:44,520 --> 00:07:47,680 Speaker 1: that promises a little less pain at the gas bump, 142 00:07:48,040 --> 00:07:51,560 Speaker 1: help for working parents, and new tax breaks. It is 143 00:07:51,680 --> 00:07:56,680 Speaker 1: balanced and appairs a bold vision with a fiscally responsible approach. 144 00:07:57,000 --> 00:08:00,120 Speaker 1: Very important to me. We are making historic investment that 145 00:08:00,160 --> 00:08:03,960 Speaker 1: will make different people's lives right now, but also more importantly, 146 00:08:04,280 --> 00:08:07,640 Speaker 1: these are legacy achievements to be noted for years to come. 147 00:08:07,880 --> 00:08:10,800 Speaker 1: Governor Hokel says the budget is buoyed by more than 148 00:08:10,960 --> 00:08:15,000 Speaker 1: twenty six billion dollars in pandemic recovery money and higher 149 00:08:15,000 --> 00:08:19,120 Speaker 1: than anticipated tax collections. The Democratic leaders agreed to forego 150 00:08:19,320 --> 00:08:22,880 Speaker 1: one d sixty two million dollars in revenue by accelerating 151 00:08:22,880 --> 00:08:26,360 Speaker 1: a scheduled reduction in personal income tax rates. They also 152 00:08:26,440 --> 00:08:29,720 Speaker 1: decided on a two point two billion dollar homeowner tax rebate, 153 00:08:30,280 --> 00:08:33,520 Speaker 1: six months suspension of the state's fuel tax, and a 154 00:08:33,559 --> 00:08:38,439 Speaker 1: two hundred eighty seven million dollar child tax credit. Manhattan 155 00:08:38,440 --> 00:08:41,599 Speaker 1: District Attorney Alvin Bragg says a criminal investigation and the 156 00:08:41,679 --> 00:08:45,520 Speaker 1: former President Donald Trump and his business practices is continuing 157 00:08:45,920 --> 00:08:48,880 Speaker 1: despite a recent shake up in the Probes leadership. It 158 00:08:49,040 --> 00:08:51,280 Speaker 1: was part of a double dose of bad legal news 159 00:08:51,360 --> 00:08:54,920 Speaker 1: for Trump. New York Attorney General Letitia James also asked 160 00:08:54,960 --> 00:08:58,120 Speaker 1: a court to hold Trump in contempt and find them 161 00:08:58,120 --> 00:09:01,280 Speaker 1: ten thousand dollars per day for failing to comply with 162 00:09:01,320 --> 00:09:05,400 Speaker 1: the subpoena for documents in her ongoing civil investigation. Trump 163 00:09:05,440 --> 00:09:09,640 Speaker 1: slam James as an operative for the Democrat Party President 164 00:09:09,679 --> 00:09:12,720 Speaker 1: Joe Biden. Today was celebrate the confirmation of Judge Ktanji 165 00:09:12,800 --> 00:09:16,520 Speaker 1: Brown Jackson to the Supreme Court. Vice President Kamala Harris 166 00:09:16,559 --> 00:09:19,320 Speaker 1: said she was honored to preside over the Senate for 167 00:09:19,400 --> 00:09:23,160 Speaker 1: yesterday's confirmation. Vote. The Senate approved Judge Jackson in a 168 00:09:23,240 --> 00:09:26,040 Speaker 1: fifty three to forty seven vote, making her the first 169 00:09:26,040 --> 00:09:29,080 Speaker 1: black woman to serve as a Supreme Court justice. What 170 00:09:29,200 --> 00:09:34,920 Speaker 1: a glorious day in the evening, it is what Aday 171 00:09:36,200 --> 00:09:38,840 Speaker 1: Vice President Harras spoke about the vote during an event 172 00:09:39,160 --> 00:09:42,040 Speaker 1: at the National Art Gallery last night. One person who 173 00:09:42,120 --> 00:09:45,320 Speaker 1: can't be at today's celebration is how speaker Nancy Pelosi. 174 00:09:45,679 --> 00:09:49,200 Speaker 1: She tested positive for COVID yesterday. Global News twenty four 175 00:09:49,200 --> 00:09:51,760 Speaker 1: hours a day on air and on Bloomberg Quick Take, 176 00:09:51,840 --> 00:09:55,080 Speaker 1: powered by more than twenty seven hundred journalists analyst more 177 00:09:55,080 --> 00:09:59,400 Speaker 1: than a hundred twenty countries. Michael Barrn this is Bloomberg, Nathan. Alright, Michael, 178 00:09:59,400 --> 00:10:05,520 Speaker 1: thank you on coming up to five ten on Wall 179 00:10:05,520 --> 00:10:08,040 Speaker 1: Street time for the Bluebird Sports Update to Morning John 180 00:10:08,080 --> 00:10:11,920 Speaker 1: stash Our, Morning Nathan. Since nineteen seven, Mets we won 181 00:10:11,920 --> 00:10:14,439 Speaker 1: the World Series once. For what they have done over 182 00:10:14,480 --> 00:10:17,560 Speaker 1: the last fifty three years is be dominant on opening 183 00:10:17,640 --> 00:10:20,680 Speaker 1: day and incredible record of forty and thirteen. It was 184 00:10:20,720 --> 00:10:24,360 Speaker 1: five to one in Washington, Tyler McGill's surprise opening day 185 00:10:24,360 --> 00:10:27,520 Speaker 1: starter five scoreless innings. Eight of the nine Mets starters 186 00:10:27,559 --> 00:10:30,240 Speaker 1: at hits. Robinson Canoe, Pete Alonso, and Mark Canna all 187 00:10:30,280 --> 00:10:32,880 Speaker 1: had two hits tonight In d C. It's Max scherz 188 00:10:32,960 --> 00:10:35,040 Speaker 1: Or his Mets debut, will face his little team with 189 00:10:35,080 --> 00:10:37,720 Speaker 1: the Skies now clear, Yankees and Red Sox set to 190 00:10:37,760 --> 00:10:40,520 Speaker 1: open the season today at the Stadium. Garrett Cole versus 191 00:10:40,600 --> 00:10:42,439 Speaker 1: Nathan of All the also this afternoon. Round two of 192 00:10:42,480 --> 00:10:44,800 Speaker 1: the Masters Tiger Woods has a late tea time that 193 00:10:44,880 --> 00:10:47,720 Speaker 1: gives him a chance to recover from his first competitive 194 00:10:47,840 --> 00:10:49,520 Speaker 1: round in a year and a half. It was a 195 00:10:49,679 --> 00:10:52,920 Speaker 1: very impressive one for Taggery one under Parlar seveny one 196 00:10:53,000 --> 00:10:54,640 Speaker 1: is to play this golf course and to do what 197 00:10:54,679 --> 00:10:59,199 Speaker 1: I did today, to make the hit the shuts in 198 00:10:59,240 --> 00:11:00,640 Speaker 1: the right spot title and I know where to hit 199 00:11:00,679 --> 00:11:02,000 Speaker 1: it to a lot of these pins and I'm missing 200 00:11:02,000 --> 00:11:04,360 Speaker 1: the correct spots and give myself good angles. And I 201 00:11:04,400 --> 00:11:05,960 Speaker 1: did that all day and I was able to make 202 00:11:05,960 --> 00:11:07,400 Speaker 1: a few cuts and end up in the red like 203 00:11:07,480 --> 00:11:10,600 Speaker 1: I am right now. Year old Korean Sunjay Im shot 204 00:11:10,640 --> 00:11:12,600 Speaker 1: sixty seven's got a one shot lead on the Austin 205 00:11:12,679 --> 00:11:15,560 Speaker 1: Cameron Smith Hourly updates on Bloomberg Radio. The Master's Tonight 206 00:11:15,600 --> 00:11:18,440 Speaker 1: wrap up show at eleven if the NHL season ended out, 207 00:11:18,440 --> 00:11:20,520 Speaker 1: the Rangelers would play Pittsburgh in the opening round. They 208 00:11:20,520 --> 00:11:23,000 Speaker 1: have met the Penguins three times over the last two weeks, 209 00:11:23,320 --> 00:11:25,120 Speaker 1: and one all three. It was three nothing at the 210 00:11:25,120 --> 00:11:27,559 Speaker 1: Garden with Engors historic and making thirty saves for his 211 00:11:27,640 --> 00:11:31,280 Speaker 1: fourth shutout. Persons January Devil has lost in Montreal seven 212 00:11:31,320 --> 00:11:33,400 Speaker 1: to four. Final weekend of the NBA regular season. The 213 00:11:33,440 --> 00:11:36,640 Speaker 1: Knicks closed out tonight in Washington and then Sunday versus Toronto. 214 00:11:37,120 --> 00:11:40,760 Speaker 1: Nets have home games Tomorrow and Sunday against Cleveland and Indian. 215 00:11:40,960 --> 00:11:44,360 Speaker 1: John Statue, Bloomberg Sports, Okay, John, Thanks, want to pass 216 00:11:44,360 --> 00:11:46,160 Speaker 1: along a couple of red headlines related to the war 217 00:11:46,200 --> 00:11:49,280 Speaker 1: in Ukraine that just across the Bloomberg terminal. Japan's Prime 218 00:11:49,320 --> 00:11:52,400 Speaker 1: minister says his country will ban Russian coal imports, and 219 00:11:52,440 --> 00:11:55,920 Speaker 1: the UK has just added the daughters of Vladimir Putin 220 00:11:56,000 --> 00:11:59,480 Speaker 1: and Russian farm minister Sergey Lavroff to its sanctions list. 221 00:11:59,800 --> 00:12:02,000 Speaker 1: More are on the US response to the war next 222 00:12:02,040 --> 00:12:08,760 Speaker 1: with Bloomberg Government's Emily Wilkins Bloomberg eleven three oh weather 223 00:12:08,800 --> 00:12:10,800 Speaker 1: A mix of sun and clouds today, chance for a shower, 224 00:12:10,880 --> 00:12:13,000 Speaker 1: low sixties for highs will be in the upper fifties 225 00:12:13,000 --> 00:12:15,280 Speaker 1: with a chance for a shower tomorrow mix of sun 226 00:12:15,320 --> 00:12:23,679 Speaker 1: and clouds low fifties on Sunday right now forty nine degrees. Markets, 227 00:12:23,760 --> 00:12:26,839 Speaker 1: headlines and breaking news twenty four hours a day at 228 00:12:26,840 --> 00:12:30,760 Speaker 1: Bloomberg dot Com, The Bloomberg Business Atland at Bloomberg Quicktake, 229 00:12:31,000 --> 00:12:40,600 Speaker 1: this is a Bloomberg Business Flash and I'm Karen Moscow. 230 00:12:40,679 --> 00:12:42,599 Speaker 1: Stocks are ending the week on a positive note, with 231 00:12:42,720 --> 00:12:46,040 Speaker 1: European equities snapping two days of decline sparked by the 232 00:12:46,040 --> 00:12:49,960 Speaker 1: federal reserves plan for aggressive monetary policy tightening. We checked 233 00:12:49,960 --> 00:12:52,280 Speaker 1: the markets every fifteen minutes throughout the trading day on 234 00:12:52,320 --> 00:12:55,920 Speaker 1: Bloomberg SMP futures are higher up ten points down, Future 235 00:12:55,960 --> 00:12:58,719 Speaker 1: is up ninety four, NAZAC futures up thirty eight. The 236 00:12:58,840 --> 00:13:02,120 Speaker 1: decks in Germany's at point to percent pen Your treasury 237 00:13:02,160 --> 00:13:04,720 Speaker 1: down six thirty seconds, held two point six eight percent. 238 00:13:04,800 --> 00:13:07,320 Speaker 1: They yield down the two year two point five one percent. 239 00:13:07,800 --> 00:13:10,199 Speaker 1: Ni Max Screwed oil is up eight tens percent or 240 00:13:10,240 --> 00:13:12,800 Speaker 1: seventy seven cents at ninety six dollars. Seventy eight cents 241 00:13:12,840 --> 00:13:15,160 Speaker 1: of barrel. Comic School is down a tenth of upper 242 00:13:15,200 --> 00:13:17,720 Speaker 1: cent or two dollars twenty cent at nineteen thirty five 243 00:13:17,800 --> 00:13:21,120 Speaker 1: sixty announced the euro one point eight seven three against 244 00:13:21,160 --> 00:13:23,640 Speaker 1: the dollar. British found one point three zero four zero, 245 00:13:23,920 --> 00:13:26,280 Speaker 1: and they yet at one twenty four point one zero 246 00:13:26,400 --> 00:13:29,720 Speaker 1: and Bitcoin this morning it is higher, up four tens 247 00:13:29,760 --> 00:13:33,320 Speaker 1: percent at forty three thousand, seven hundred seventy dollars. That's 248 00:13:33,320 --> 00:13:36,080 Speaker 1: a Bloomberg Business flashow. Here's Michael Barr with more on 249 00:13:36,120 --> 00:13:39,160 Speaker 1: what's going on around the world. Unchel, Good morning, Good morning, Karen. 250 00:13:39,200 --> 00:13:42,120 Speaker 1: The UN General Assembly builded to suspend Russia from the 251 00:13:42,200 --> 00:13:47,800 Speaker 1: organization's leading human rights body over allegations of atrocities in Ukraine. Meanwhile, 252 00:13:47,960 --> 00:13:52,320 Speaker 1: European Union countries agreed demand coal imports from Russia. President 253 00:13:52,320 --> 00:13:55,400 Speaker 1: Biden will hold a ceremony today for Katangi Brown Jackson, 254 00:13:55,440 --> 00:13:58,760 Speaker 1: who was confirmed to the Supreme Court yesterday. In golf, 255 00:13:58,760 --> 00:14:01,920 Speaker 1: had the Master's Sunday m leads the field after round 256 00:14:01,960 --> 00:14:05,280 Speaker 1: one with five under. Tiger Woods is four shots back 257 00:14:05,360 --> 00:14:08,320 Speaker 1: from the lead. Stay tuned for updates every hour on 258 00:14:08,360 --> 00:14:11,720 Speaker 1: Bloomberg Radio and a special edition of Masters Tonight coming 259 00:14:11,800 --> 00:14:15,040 Speaker 1: up at eleven pm. Eastern Major League Baseball, the MAT's 260 00:14:15,120 --> 00:14:18,280 Speaker 1: beat the Nationals five one and their opener. The Yankees 261 00:14:18,320 --> 00:14:21,080 Speaker 1: host the Red Sox today after yesterday's schedule to open 262 00:14:21,080 --> 00:14:23,560 Speaker 1: it was postponed because of rain. In the NHL, the 263 00:14:23,680 --> 00:14:26,880 Speaker 1: Rangers won the Devil's Lost. Global News twenty four hours 264 00:14:26,880 --> 00:14:29,960 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 265 00:14:30,000 --> 00:14:33,120 Speaker 1: more than twenty seven hundred journalist and analysts in more 266 00:14:33,120 --> 00:14:38,040 Speaker 1: than one d twenty countries. Michael Barr and this is Bloomberg. Nathan. Okay, Michael. Thanks, 267 00:14:38,040 --> 00:14:40,800 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 268 00:14:40,840 --> 00:14:44,800 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And Emily Wilkins 269 00:14:44,920 --> 00:14:48,000 Speaker 1: joins us now a Bloomberg government reporter from our Bloomberg 270 00:14:48,720 --> 00:14:51,640 Speaker 1: studios in the nation's capital, as we continue to follow 271 00:14:51,720 --> 00:14:54,720 Speaker 1: developments of the war in Ukraine. Emily, good morning, along 272 00:14:54,760 --> 00:14:58,160 Speaker 1: with the reported atrocities in northern Ukraine. Now we're just 273 00:14:58,200 --> 00:15:01,720 Speaker 1: getting this report from Ukraine officials in the Dunettes region 274 00:15:01,800 --> 00:15:05,920 Speaker 1: saying that maybe thirty civilians were killed by Russian shelling 275 00:15:06,000 --> 00:15:09,440 Speaker 1: at a railway station where people were trying to evacuate. 276 00:15:09,640 --> 00:15:13,640 Speaker 1: If there was any sense that Russia is concerned about 277 00:15:13,680 --> 00:15:16,480 Speaker 1: feeling like a pariah country after all the response from 278 00:15:16,520 --> 00:15:18,480 Speaker 1: the rest of the world. It does not seem like 279 00:15:18,520 --> 00:15:21,440 Speaker 1: that's the case now if this is confirmed. I mean, 280 00:15:21,720 --> 00:15:24,720 Speaker 1: there's definitely a lot of concern, particularly with these new 281 00:15:24,720 --> 00:15:27,600 Speaker 1: reports that we are hearing come out just really that 282 00:15:27,720 --> 00:15:30,720 Speaker 1: give the scope of of what has happened um in 283 00:15:30,840 --> 00:15:35,640 Speaker 1: Ukraine at this point, um and we're trying to get 284 00:15:35,720 --> 00:15:39,200 Speaker 1: a really sort of a sense of exactly how the 285 00:15:39,200 --> 00:15:42,960 Speaker 1: war is shifting, of course um at and what else 286 00:15:43,040 --> 00:15:45,720 Speaker 1: is needed to be done. Obviously, there was some optimism 287 00:15:45,800 --> 00:15:49,080 Speaker 1: I think last week when it seemed like negotiations had 288 00:15:49,120 --> 00:15:51,760 Speaker 1: made some sort of progress, but it's clear at this 289 00:15:51,880 --> 00:15:55,119 Speaker 1: point it seems that Russia has simply regrouped and refocused 290 00:15:55,160 --> 00:15:57,480 Speaker 1: its forces more in the east and less on the 291 00:15:57,560 --> 00:16:01,040 Speaker 1: area of Kiev. Of the US and other countries are 292 00:16:01,080 --> 00:16:04,080 Speaker 1: still trying to figure out ways to put additional pressure 293 00:16:04,240 --> 00:16:08,480 Speaker 1: on putin UH with additional Russian sanctions. You saw the 294 00:16:08,520 --> 00:16:11,960 Speaker 1: Senate and the House a move very quickly yesterday passing 295 00:16:12,000 --> 00:16:16,640 Speaker 1: two bills, one that would ban UH ban Russian imports 296 00:16:16,640 --> 00:16:19,800 Speaker 1: of oil to the US and another one that would 297 00:16:19,920 --> 00:16:23,280 Speaker 1: end a permanent normal trade relations status between the US 298 00:16:23,360 --> 00:16:26,280 Speaker 1: and Russia. Now those bills, they say had gotten held 299 00:16:26,360 --> 00:16:29,560 Speaker 1: up a little bit over some concerns from Senator Rampaul 300 00:16:29,720 --> 00:16:33,080 Speaker 1: who says that aspects about being Russian being punished for 301 00:16:33,200 --> 00:16:37,160 Speaker 1: humanitarian abuses was not specific enough um at what that 302 00:16:37,240 --> 00:16:39,800 Speaker 1: would be done. But they did come to an agreement. 303 00:16:40,040 --> 00:16:42,760 Speaker 1: They were able to pass that legislation, both bills. Every 304 00:16:42,800 --> 00:16:45,920 Speaker 1: single Senator voted for them, and they got overwhelming support 305 00:16:46,000 --> 00:16:49,280 Speaker 1: in the House. And we know more legislation is coming. 306 00:16:49,280 --> 00:16:51,920 Speaker 1: We're seeing lawmakers continue to say that there's a need 307 00:16:52,000 --> 00:16:54,880 Speaker 1: to correct out on Putin, to find other things with sanctions, 308 00:16:55,040 --> 00:16:57,800 Speaker 1: and I know that President Biden is also urging his 309 00:16:57,880 --> 00:17:02,600 Speaker 1: European allies to find ways to remove themselves from Russian oil, 310 00:17:02,680 --> 00:17:06,040 Speaker 1: which is certainly much harder in Russias in Europe rather 311 00:17:06,119 --> 00:17:09,080 Speaker 1: than in the US. But something the US is trying 312 00:17:09,119 --> 00:17:11,240 Speaker 1: to find a way to help their allies with. I mean, 313 00:17:11,280 --> 00:17:14,880 Speaker 1: that's really the key here, isn't it. The idea that 314 00:17:15,200 --> 00:17:18,959 Speaker 1: Europe needs to wean itself more from Russian oil and gas. 315 00:17:19,000 --> 00:17:22,520 Speaker 1: I mean, even when you see a unanimous Senate, something 316 00:17:22,560 --> 00:17:27,240 Speaker 1: you hardly ever seen these days. Uh, the US focus 317 00:17:27,400 --> 00:17:31,360 Speaker 1: on Russian trade, is it nearly as as important as 318 00:17:31,400 --> 00:17:35,840 Speaker 1: it is in Europe? Right? Yes, I mean, there's definitely 319 00:17:37,560 --> 00:17:40,639 Speaker 1: there's there's an importance, and there's also a lot of 320 00:17:41,160 --> 00:17:43,560 Speaker 1: I mean, just in terms of backing up Ukraine, there 321 00:17:43,640 --> 00:17:47,160 Speaker 1: is a lot of support that you're seeing within the US. 322 00:17:47,200 --> 00:17:51,719 Speaker 1: It's still bipartisan, it's still very strong. So what are 323 00:17:51,720 --> 00:17:53,720 Speaker 1: you gonna be looking for in the days to come? 324 00:17:53,760 --> 00:17:56,920 Speaker 1: I mean, what further pressure can the US put on Russia? 325 00:17:57,000 --> 00:18:00,040 Speaker 1: What further support can the US provide to Ukraine in 326 00:18:00,320 --> 00:18:04,600 Speaker 1: terms of weapons and humanitarian aid? Those are all really 327 00:18:04,600 --> 00:18:08,120 Speaker 1: good questions, Nathan, and we have seen additional calls from 328 00:18:08,280 --> 00:18:11,800 Speaker 1: Ukraine for additional weapons, things that are a little more 329 00:18:11,800 --> 00:18:15,040 Speaker 1: heftier than what the US has been currently providing in 330 00:18:15,160 --> 00:18:18,160 Speaker 1: terms of force. One thing that we've definitely heard from 331 00:18:18,200 --> 00:18:20,639 Speaker 1: a number of experts really is that what Putin is 332 00:18:20,680 --> 00:18:23,320 Speaker 1: responding to right now is not sanctions, but Putin is 333 00:18:23,400 --> 00:18:26,000 Speaker 1: responding to force, and so there is a need for 334 00:18:26,080 --> 00:18:30,200 Speaker 1: more more military equipment, more missiles, more weapons, more tanks 335 00:18:30,320 --> 00:18:32,760 Speaker 1: on the ground, and that's certainly something the US is 336 00:18:32,800 --> 00:18:35,480 Speaker 1: looking into, as well as humanitarian aid. What is going 337 00:18:35,520 --> 00:18:38,280 Speaker 1: to happen with the refugees, What is going to happen, 338 00:18:38,320 --> 00:18:40,439 Speaker 1: What is the future of cities that have been almost 339 00:18:40,480 --> 00:18:44,199 Speaker 1: completely destroyed like mariupol Um. And we don't know. Congress 340 00:18:44,280 --> 00:18:46,120 Speaker 1: is out for the next two weeks, so we're not 341 00:18:46,200 --> 00:18:48,800 Speaker 1: expecting to see a lot of action from them at 342 00:18:48,840 --> 00:18:52,120 Speaker 1: this time, but we know that there is additional legislation 343 00:18:52,200 --> 00:18:55,000 Speaker 1: that would just continue sanctions on Putin and on those 344 00:18:55,000 --> 00:18:58,840 Speaker 1: and Putin's inner circle. Alright, Bloomberg Government reporter Emily Wilkins 345 00:18:58,840 --> 00:19:01,399 Speaker 1: with us from Washington, EC will be checking back with 346 00:19:01,480 --> 00:19:05,000 Speaker 1: you later on in the program. With so much more 347 00:19:05,359 --> 00:19:10,000 Speaker 1: going on, even with Congress heading into this two week recess, 348 00:19:10,040 --> 00:19:12,680 Speaker 1: we've had history made in terms of the Supreme Court, 349 00:19:12,760 --> 00:19:14,919 Speaker 1: and of course, UH got a bit of a COVID 350 00:19:14,920 --> 00:19:17,560 Speaker 1: outbreak happening in the nation's capital as well. So we'll 351 00:19:17,600 --> 00:19:21,119 Speaker 1: be checking back with Emily in the next hour for 352 00:19:21,240 --> 00:19:24,040 Speaker 1: more on what's happening in the nation's capital. Looking ahead 353 00:19:24,040 --> 00:19:26,720 Speaker 1: to the market open on Wall Street, we're seeing some 354 00:19:26,760 --> 00:19:29,960 Speaker 1: gains for futures right now, with SMP futures up ten points, 355 00:19:29,960 --> 00:19:33,240 Speaker 1: staff futures up eighty nine, NASTAC futures are higher by 356 00:19:33,359 --> 00:19:36,919 Speaker 1: forty three points ten your treasuries down five thirty seconds 357 00:19:36,920 --> 00:19:39,040 Speaker 1: the old two point six seven percent yield on the 358 00:19:39,119 --> 00:19:42,400 Speaker 1: two year two point five one, nime X screwed up 359 00:19:42,640 --> 00:19:44,760 Speaker 1: a little more than one percent up a dollar one 360 00:19:45,920 --> 00:19:49,440 Speaker 1: oh four barrel, and uh comics gold right now down 361 00:19:49,440 --> 00:19:52,960 Speaker 1: to ten percent to ninety six even announced straight ahead 362 00:19:53,000 --> 00:19:55,800 Speaker 1: a setback for a global tax deal. And to be 363 00:19:55,880 --> 00:19:58,720 Speaker 1: a fly on the wall today at Twitter your top 364 00:19:58,800 --> 00:20:02,360 Speaker 1: stories of the morning. Just to head on Bloomberg Daybreak. 365 00:20:02,400 --> 00:20:08,840 Speaker 1: Good morning, Bloomberg eleven three oh weather. Chance for a 366 00:20:08,880 --> 00:20:11,000 Speaker 1: shower today, otherwise it mikes of sun in clouds, low 367 00:20:11,080 --> 00:20:13,440 Speaker 1: sixties to win the week partly Sunday tomorrow another chance 368 00:20:13,480 --> 00:20:16,080 Speaker 1: for a shower upper fifties. Makes of sun in clouds 369 00:20:16,080 --> 00:20:19,160 Speaker 1: low fifties on Sunday right now forty nine in Central Park, 370 00:20:22,800 --> 00:20:27,359 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 371 00:20:27,440 --> 00:20:30,920 Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg ninety 372 00:20:31,000 --> 00:20:33,920 Speaker 1: nine one to Boston, Bloomberg What on six one to 373 00:20:34,000 --> 00:20:37,760 Speaker 1: San Francisco, Bloomberg nine sixteen to the country, Sirius XM 374 00:20:37,800 --> 00:20:40,080 Speaker 1: to the one nine ten, and around the globe the 375 00:20:40,080 --> 00:20:44,000 Speaker 1: Bloomberg Business app in Bloomberg Radio dot com. This is 376 00:20:44,000 --> 00:20:52,680 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street good morning. 377 00:20:52,680 --> 00:20:55,879 Speaker 1: I'm Nathan Hagar and I'm Teren Moscow. We're just about 378 00:20:55,880 --> 00:20:58,440 Speaker 1: four hours away from the open of US trading. Let's 379 00:20:58,440 --> 00:20:59,760 Speaker 1: get you up to date on the news you need 380 00:20:59,840 --> 00:21:02,720 Speaker 1: to know at this hour. Ukraine says dozens have been 381 00:21:02,800 --> 00:21:06,280 Speaker 1: killed in a Russian attack on a railway station. Meantime, 382 00:21:06,320 --> 00:21:09,280 Speaker 1: the UN General Assembly is voted to suspend Russia from 383 00:21:09,280 --> 00:21:14,040 Speaker 1: the Human Rights Council. US Ambassador Linda Thomas Greenfield let 384 00:21:14,080 --> 00:21:19,639 Speaker 1: us continue to hold Russia accountable for this unprovoked, unjust, 385 00:21:19,920 --> 00:21:24,159 Speaker 1: unconscionable war, and to do everything in our power to 386 00:21:24,280 --> 00:21:28,560 Speaker 1: stand with the people of Ukraine. Ambassador Linda Thomas Greenfield says, 387 00:21:28,600 --> 00:21:31,399 Speaker 1: it's a collective step in the right direction. We meantime 388 00:21:31,440 --> 00:21:34,280 Speaker 1: caring for the first time, the European Union's targeting Russia's 389 00:21:34,320 --> 00:21:37,320 Speaker 1: crucial energy reserves. The Block has agreed to ban Russian 390 00:21:37,440 --> 00:21:40,920 Speaker 1: coal imports. It's also banning most Russian trucks and ships 391 00:21:40,920 --> 00:21:44,040 Speaker 1: from entering the EU. Meantime, the war in Ukraine is 392 00:21:44,080 --> 00:21:46,560 Speaker 1: having a major impact on the cost of food. Global 393 00:21:46,600 --> 00:21:49,400 Speaker 1: food prices are surging at the fastest pace ever has 394 00:21:49,440 --> 00:21:52,439 Speaker 1: The war raks havoc on supply chains. The United Nations 395 00:21:52,440 --> 00:21:55,800 Speaker 1: index of world costs or thirteen percent last month. At 396 00:21:55,840 --> 00:21:58,480 Speaker 1: the Treasury Department. This morning, there's an appearance setback for 397 00:21:58,560 --> 00:22:02,040 Speaker 1: Janet Yellen. We're told big businesses pushing back at her 398 00:22:02,080 --> 00:22:04,760 Speaker 1: plans for a global tax agreement. Let's get the details 399 00:22:04,760 --> 00:22:08,280 Speaker 1: live from Bloomberg's John Tucker John Nathan Transury Secretary yelling 400 00:22:08,400 --> 00:22:11,080 Speaker 1: counting on the support of corporate America for her global 401 00:22:11,119 --> 00:22:14,520 Speaker 1: tax deal to win passage in Congress, but big business 402 00:22:14,560 --> 00:22:18,040 Speaker 1: nowhere close to backing the plan. Executives at eight major 403 00:22:18,160 --> 00:22:22,479 Speaker 1: US based multinational corporations interview blind Bloomberg say far too 404 00:22:22,600 --> 00:22:25,800 Speaker 1: much remains unknown about it. Most of the executives says 405 00:22:25,840 --> 00:22:28,480 Speaker 1: some version of the deal could eventually pass, but not 406 00:22:28,800 --> 00:22:32,760 Speaker 1: on its current timeline. Live in New York on John Tucker, Bloomberg, Gabriak. 407 00:22:32,920 --> 00:22:35,080 Speaker 1: All right, John, thank you all. Turning to corporate news now, 408 00:22:35,080 --> 00:22:37,960 Speaker 1: it's all about Twitter again this morning. Just days after 409 00:22:38,000 --> 00:22:40,760 Speaker 1: announcing a stake in the company, Elon Musk is reportedly 410 00:22:40,800 --> 00:22:43,000 Speaker 1: set to address the staff, and we get the details 411 00:22:43,040 --> 00:22:45,679 Speaker 1: live from Bloomberg's Real Need a Young Good Morning, Ready down, 412 00:22:45,680 --> 00:22:48,400 Speaker 1: Good morning, Karen. Twitter is planning to host Elon Musk 413 00:22:48,480 --> 00:22:51,440 Speaker 1: for a Q and a session with employees. That's according 414 00:22:51,440 --> 00:22:54,960 Speaker 1: to company messages obtained by The Washington Post, which says 415 00:22:55,040 --> 00:22:58,600 Speaker 1: there are internal outcries over Musk's appointment to Twitter's board 416 00:22:58,600 --> 00:23:01,560 Speaker 1: of directors. Town hall meetings like this. They're not new 417 00:23:01,560 --> 00:23:04,200 Speaker 1: to Silicon Valley, but it's rare to host a board 418 00:23:04,240 --> 00:23:07,240 Speaker 1: member at one. Twitter is hoping to calm any anxiety 419 00:23:07,280 --> 00:23:11,080 Speaker 1: workers have about Musk's impact on company culture. Live in 420 00:23:11,119 --> 00:23:13,679 Speaker 1: New York, I'm rened to young Bloomberg debris. All right, 421 00:23:13,680 --> 00:23:15,480 Speaker 1: we need to thank you. In futures this morning on 422 00:23:15,520 --> 00:23:18,360 Speaker 1: the rise, SNP Future is up about ten points down 423 00:23:18,359 --> 00:23:21,320 Speaker 1: Future is up ninety NASTAC Futures up forty and a 424 00:23:21,359 --> 00:23:24,560 Speaker 1: ten year treasury down five thirty seconds yield two point 425 00:23:24,640 --> 00:23:27,280 Speaker 1: six seven percent. They yield on the two year two 426 00:23:27,320 --> 00:23:30,600 Speaker 1: point five one per cent. And straight ahead your latest 427 00:23:30,640 --> 00:23:34,520 Speaker 1: local headlines plus a check of sports, and this is Bloomberg. 428 00:23:38,440 --> 00:23:41,560 Speaker 1: Thanks King on Wall Street nine degrees in Central Park. 429 00:23:41,600 --> 00:23:44,080 Speaker 1: We've got accident clean up in South Brunswick. It's got 430 00:23:44,119 --> 00:23:47,120 Speaker 1: Root one closed both ways at New Road. Tails coming 431 00:23:47,160 --> 00:23:49,400 Speaker 1: up in traffic First, Michael Barr with more on what's 432 00:23:49,400 --> 00:23:51,200 Speaker 1: going on in New York and around the world, Michael, 433 00:23:51,200 --> 00:23:53,640 Speaker 1: thank you very much, Nathan. New York Governor Kathy Hogol 434 00:23:53,640 --> 00:23:57,240 Speaker 1: has announced what she calls a conceptual agreement with legislators 435 00:23:57,280 --> 00:24:01,320 Speaker 1: on a two twenty billion dollars state Hocal says New 436 00:24:01,400 --> 00:24:04,160 Speaker 1: York will to build billions of dollars to help families 437 00:24:04,200 --> 00:24:09,320 Speaker 1: pay for childcare, boost healthcare worker wages, and temporarily cut 438 00:24:09,400 --> 00:24:12,840 Speaker 1: state gasoline taxes. I said that this moment is a 439 00:24:12,960 --> 00:24:16,679 Speaker 1: once in a generation opportunity to not just bring relief 440 00:24:16,720 --> 00:24:19,800 Speaker 1: to families and put more money in people's pockets, but 441 00:24:20,000 --> 00:24:23,480 Speaker 1: also make historic investments in our people and on our state. 442 00:24:23,640 --> 00:24:26,560 Speaker 1: Governor huncle The budget was due April first, but has 443 00:24:26,600 --> 00:24:30,320 Speaker 1: been held up by the last minute policy and spending disagreements. 444 00:24:30,560 --> 00:24:33,760 Speaker 1: Federal workers will face renewed priceure to get COVID nineteen 445 00:24:33,800 --> 00:24:37,080 Speaker 1: shots or risk losing their jobs. Under a court ruling, 446 00:24:37,359 --> 00:24:40,840 Speaker 1: the Federal Appeals Court told a trial judge the throwout 447 00:24:40,840 --> 00:24:44,480 Speaker 1: a challenge the President Joe Biden's vaccine mandate covering two 448 00:24:44,480 --> 00:24:48,199 Speaker 1: point one million US government civilian employees. The judge in 449 00:24:48,240 --> 00:24:53,120 Speaker 1: Texas had previously blocked the presidential order nationwide. Today, President 450 00:24:53,119 --> 00:24:57,040 Speaker 1: Biden will celebrate the confirmation of Judge Katangi Brown Jackson 451 00:24:57,359 --> 00:24:59,960 Speaker 1: as the first black woman to reach the Supreme Court. 452 00:25:00,640 --> 00:25:04,119 Speaker 1: Vice President Kamala Harris said she was honored to preside 453 00:25:04,119 --> 00:25:07,280 Speaker 1: over the Senate for Thursday's vote confirming Jackson. The Senate 454 00:25:07,280 --> 00:25:15,000 Speaker 1: approved Judge Jackson on a fifty three to seven vote. 455 00:25:16,000 --> 00:25:20,560 Speaker 1: We continue to witness history. Vice President Harris spoke during 456 00:25:20,560 --> 00:25:23,800 Speaker 1: an event at the National Art Gallery last night. Space 457 00:25:23,840 --> 00:25:27,160 Speaker 1: Access scheduled to head this morning to the International Space 458 00:25:27,200 --> 00:25:31,280 Speaker 1: Station with its first all private astronaut crew, organized by 459 00:25:31,400 --> 00:25:35,160 Speaker 1: Axiom Space. It's a startup building a commercial space station 460 00:25:35,240 --> 00:25:37,800 Speaker 1: to replace the current one, which is expected to be 461 00:25:38,000 --> 00:25:41,280 Speaker 1: decommissioned by the end of the decade. Bird flu has 462 00:25:41,320 --> 00:25:45,480 Speaker 1: been detected in a northern Indiana duck farm. State officials 463 00:25:45,520 --> 00:25:47,879 Speaker 1: say it marks the disease is spread to a third 464 00:25:47,880 --> 00:25:51,240 Speaker 1: poultry species. Global News twenty four hours a day on 465 00:25:51,280 --> 00:25:54,600 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 466 00:25:54,680 --> 00:25:57,600 Speaker 1: seven hundred journalist and analysts more than a hundred twenty countries. 467 00:25:57,960 --> 00:26:06,080 Speaker 1: Michael Barr, this is Bloomberg, Nathan. Thanks Michael. Five on 468 00:26:06,119 --> 00:26:09,399 Speaker 1: Wall Street Time for the Bloomberg Sports Update with John Senshaw, Alrie, 469 00:26:09,440 --> 00:26:11,760 Speaker 1: Nathan Mets scenes, an opener pushed back a week due 470 00:26:11,760 --> 00:26:13,800 Speaker 1: to the lockout and then pushed back three hours through 471 00:26:13,800 --> 00:26:16,119 Speaker 1: the rain in Washington, and they waited another hour after that. 472 00:26:16,280 --> 00:26:19,119 Speaker 1: Worth the way a five o one Mets victory and 473 00:26:19,160 --> 00:26:21,679 Speaker 1: Buck show Walters first game as manager. Who needs Jacob 474 00:26:21,680 --> 00:26:24,600 Speaker 1: de Graham and Max Scherzer when you have Tyler McGill. 475 00:26:24,680 --> 00:26:27,080 Speaker 1: He was terrific. Five scoreless sittings, the Mets broke through 476 00:26:27,119 --> 00:26:29,280 Speaker 1: with two runs in the fifth, got run scoring hits 477 00:26:29,280 --> 00:26:31,480 Speaker 1: from Mark Canna and Jeff McNeil. In the sixth inning, 478 00:26:31,520 --> 00:26:34,560 Speaker 1: another from Francisco then door in the seventh. NAT's got 479 00:26:34,560 --> 00:26:37,000 Speaker 1: only a Juan Soto home runoff Trevor May and the sixth. 480 00:26:37,040 --> 00:26:40,480 Speaker 1: The Mets are forty and thirteen on opening Day since 481 00:26:40,600 --> 00:26:44,200 Speaker 1: nineteen seventy. Shurtzer goes tonight his Mets debut against his 482 00:26:44,240 --> 00:26:46,320 Speaker 1: old team. Yankees and Red Sox have their rain delaid 483 00:26:46,359 --> 00:26:49,000 Speaker 1: opener this afternoon in the Bronx at the Garden. The 484 00:26:49,080 --> 00:26:52,320 Speaker 1: Rangers shutout Pets Pittsburgh three nothing. Thirty says for Igor, 485 00:26:52,400 --> 00:26:54,680 Speaker 1: says Thirk. In the Rangers forty six win, they moved 486 00:26:54,880 --> 00:26:57,639 Speaker 1: six points ahead of the Penguins and anamally two behind 487 00:26:58,080 --> 00:27:01,160 Speaker 1: first place Carolina Rangers seven teen and one at home 488 00:27:01,160 --> 00:27:03,840 Speaker 1: when they store the first goal. Opening around the Masters, 489 00:27:03,880 --> 00:27:06,520 Speaker 1: the twenty four year old Korean Sunjay M shot sixty 490 00:27:06,600 --> 00:27:09,680 Speaker 1: seven leads the Austine Cameron Smith by one shot. Dustin Johnson, 491 00:27:09,920 --> 00:27:11,879 Speaker 1: we won the green jacket two years ago, trails by 492 00:27:11,920 --> 00:27:15,840 Speaker 1: two Tiger Woods in twenty three Masters five victories, only 493 00:27:15,880 --> 00:27:18,639 Speaker 1: twice has broken seventy of the opening round. He had 494 00:27:18,680 --> 00:27:22,359 Speaker 1: a seventy one, which is remarkable considering the injuries and 495 00:27:22,400 --> 00:27:24,920 Speaker 1: the long layoff. Tiger then gave a forecast or what's 496 00:27:24,920 --> 00:27:27,120 Speaker 1: ahead right, Dust and we got a long way to gold. 497 00:27:27,119 --> 00:27:32,760 Speaker 1: This golf course is gonna change dramatically. Um. Cooler, dryer, windier. Um. 498 00:27:32,920 --> 00:27:35,320 Speaker 1: You can hear the sub arizon out there. So uh, 499 00:27:35,359 --> 00:27:36,919 Speaker 1: this colf course is gonna change, and it's gonna get 500 00:27:36,920 --> 00:27:39,199 Speaker 1: a lot more difficult round to today. Our early update too. 501 00:27:39,200 --> 00:27:42,400 Speaker 1: On Bloomberg Radio when the Master's Tonight Show, John stash 502 00:27:42,440 --> 00:27:46,000 Speaker 1: Award Bloomberg Sports nathm sounds fun. Thanks John seven On 503 00:27:46,080 --> 00:27:48,600 Speaker 1: Wall Street Time for the Tri State Business Report. Here 504 00:27:48,640 --> 00:27:52,880 Speaker 1: Sploomberg's head Corey to Go drinks. The pandemic era lifeline 505 00:27:52,880 --> 00:27:55,200 Speaker 1: for many New York City restaurants will as soon to 506 00:27:55,200 --> 00:27:57,720 Speaker 1: be part of the state's new normal, but the terms 507 00:27:57,720 --> 00:28:00,359 Speaker 1: outlined in a budget built Thursday, come with a hatch. 508 00:28:00,840 --> 00:28:03,359 Speaker 1: Customers will have to buy some food to go along 509 00:28:03,400 --> 00:28:06,879 Speaker 1: with it. The terms are part of legislation unveiled on Thursday. 510 00:28:07,240 --> 00:28:10,000 Speaker 1: A Manhattan apartment building on the Upper West Side, formerly 511 00:28:10,040 --> 00:28:14,200 Speaker 1: branded Trump Place, sold for two hundred sixty six million dollars. 512 00:28:14,600 --> 00:28:17,280 Speaker 1: New York based department investor A and E Real Estate 513 00:28:17,320 --> 00:28:21,240 Speaker 1: purchased the tower at one forty Riverside Boulevard from Sam's 514 00:28:21,240 --> 00:28:24,520 Speaker 1: El's Equity Residential. According to a person familiar with the matter, 515 00:28:25,240 --> 00:28:28,480 Speaker 1: American Airlines is hired a bus company to carry passengers 516 00:28:28,480 --> 00:28:32,439 Speaker 1: between Philadelphia and a couple of nearby airports. The service 517 00:28:32,480 --> 00:28:36,040 Speaker 1: will start Tune third between Philadelphia International and airports in 518 00:28:36,080 --> 00:28:40,400 Speaker 1: Atlantic City and Allentown, Pennsylvania. It'll operate the service with 519 00:28:40,440 --> 00:28:44,600 Speaker 1: a company called Landline That you Bloomberg try State Business Report. 520 00:28:44,680 --> 00:28:48,520 Speaker 1: I'm Ed Corey. Thanks on Wall Street. Bloomberg Radio is 521 00:28:48,520 --> 00:28:50,840 Speaker 1: on the air from San Francisco to New York, London 522 00:28:50,880 --> 00:28:52,960 Speaker 1: to Hong Kong. Let's check in with our global news 523 00:28:52,960 --> 00:28:54,640 Speaker 1: team for some of the top stories heard on our 524 00:28:54,680 --> 00:29:01,080 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 525 00:29:01,200 --> 00:29:03,880 Speaker 1: Polist and on ten ten Wins in New York. We're 526 00:29:03,920 --> 00:29:06,600 Speaker 1: talking about how remote work appears to be making the 527 00:29:06,720 --> 00:29:10,640 Speaker 1: white collar work day longer and longer. I'm Corney's Donaho 528 00:29:10,800 --> 00:29:14,000 Speaker 1: on kfydan omahaw Global food prices are surging at the 529 00:29:14,080 --> 00:29:17,360 Speaker 1: fastest pace ever on the Ukraine War time Genus Servetti 530 00:29:17,440 --> 00:29:20,280 Speaker 1: and for w BBM in Chicago, I'm reporting that some 531 00:29:20,480 --> 00:29:24,200 Speaker 1: United Airline workers who sued over a COVID vaccine mandate 532 00:29:24,280 --> 00:29:26,960 Speaker 1: say the company is breaking promises when it comes to 533 00:29:27,000 --> 00:29:30,400 Speaker 1: workers getting their old jobs back. I'm Caroline head Killed, BlueBag, 534 00:29:30,440 --> 00:29:33,000 Speaker 1: d ap Dish, Javid lives it with a pushing old poet, 535 00:29:33,080 --> 00:29:37,040 Speaker 1: Johnson welcoming the jumb and chosen Eno Schultz talks on Ukraine. 536 00:29:37,360 --> 00:29:40,320 Speaker 1: I'm Ad Corri on w w J in Detroit. Time 537 00:29:40,360 --> 00:29:44,080 Speaker 1: reporting health insurance pre approvals will becoming faster in Michigan. 538 00:29:44,600 --> 00:29:46,800 Speaker 1: And those are some of the stories our twenty sudd 539 00:29:46,800 --> 00:29:49,520 Speaker 1: Bloomberg journalists and analysts are working on this morning around 540 00:29:49,560 --> 00:29:52,200 Speaker 1: the world. It's five thirty nine on Wall Street. The 541 00:29:52,240 --> 00:29:56,760 Speaker 1: following is an editorial from Bloomberg opinion. This editorial was 542 00:29:56,800 --> 00:30:01,720 Speaker 1: written by the Bloomberg Editorial Board. Rim scenes of devastation 543 00:30:01,800 --> 00:30:06,160 Speaker 1: in Ukraine have made one thing clear. Europe must end 544 00:30:06,360 --> 00:30:10,440 Speaker 1: its reliance on Russian fossil fuels as soon as possible. 545 00:30:10,800 --> 00:30:14,040 Speaker 1: It's a tall order, to be sure, but the consensus 546 00:30:14,040 --> 00:30:17,920 Speaker 1: among the European Unions twenty seven member states is moving 547 00:30:18,000 --> 00:30:21,200 Speaker 1: in the right direction. A proposal has been aired to 548 00:30:21,400 --> 00:30:25,400 Speaker 1: embargo Russian coal, and discussions are underway to do the 549 00:30:25,440 --> 00:30:30,680 Speaker 1: same with oil, reducing Russian gas imports, although more contentious 550 00:30:30,720 --> 00:30:33,720 Speaker 1: should also be on the table. Meanwhile, the build out 551 00:30:33,720 --> 00:30:37,720 Speaker 1: of new liquefied natural gas terminals to accept shipments from 552 00:30:37,720 --> 00:30:41,160 Speaker 1: other countries should be paired with a strong push to 553 00:30:41,280 --> 00:30:45,800 Speaker 1: boost renewable energy across the continent. Europeans have rightly been 554 00:30:45,800 --> 00:30:49,520 Speaker 1: eager to show solidarity with Ukraine. They can do so 555 00:30:49,880 --> 00:30:55,200 Speaker 1: by refusing to fund Russia's war machine. This editorial was 556 00:30:55,280 --> 00:30:58,920 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 557 00:30:59,080 --> 00:31:02,680 Speaker 1: please go to bloom dot com, slash opinion or opie 558 00:31:02,800 --> 00:31:06,000 Speaker 1: I n go on the Bloomberg terminal. This has been 559 00:31:06,040 --> 00:31:10,280 Speaker 1: Bloomberg opinion and you can hear Bloomberg opinion editorials every weekday. 560 00:31:10,360 --> 00:31:13,840 Speaker 1: At this time, terminal customers can read more at ope 561 00:31:13,920 --> 00:31:18,080 Speaker 1: I n GO Futures moving higher. You're listening to Bloomberg 562 00:31:18,160 --> 00:31:24,440 Speaker 1: Day Break Bloomberg eleven three oh weather sun and clouds today, 563 00:31:24,520 --> 00:31:27,240 Speaker 1: chance for a shower, low sixties for high is partly sunny. 564 00:31:27,240 --> 00:31:30,520 Speaker 1: Another shower possible tomorrow up for fifties. Mix of sun 565 00:31:30,520 --> 00:31:38,640 Speaker 1: and clouds and low fifties on Sunday. Is the current temperature. Markets, 566 00:31:38,720 --> 00:31:41,800 Speaker 1: headlines and breaking news twenty four hours a day at 567 00:31:41,840 --> 00:31:45,800 Speaker 1: Bloomberg dot com. The Bloomberg Business at end at Bloomberg Quicktape. 568 00:31:45,920 --> 00:31:55,320 Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow 569 00:31:55,400 --> 00:31:57,520 Speaker 1: stocks ending the week on a positive note, but the 570 00:31:57,560 --> 00:32:00,760 Speaker 1: European equity snapping two days of the lines sparked by 571 00:32:00,800 --> 00:32:04,120 Speaker 1: the federal reserves plan for aggressive monetary policy tightening, and 572 00:32:04,240 --> 00:32:07,040 Speaker 1: US knock index futures on the rise. We check the 573 00:32:07,080 --> 00:32:10,200 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 574 00:32:10,200 --> 00:32:12,680 Speaker 1: Guess and P futures have nine points this morning. Down 575 00:32:12,680 --> 00:32:16,160 Speaker 1: Future is up eighty nine, Nastack futures up thirties six. 576 00:32:16,240 --> 00:32:18,880 Speaker 1: The decks in Germany is up one and a third percent. 577 00:32:18,920 --> 00:32:20,959 Speaker 1: So is the cat in Paris. The foot See one 578 00:32:21,000 --> 00:32:23,600 Speaker 1: had rid up one percent. Nik to twenty five in 579 00:32:23,720 --> 00:32:25,880 Speaker 1: Japan gained a third of a percent, and the Hanks 580 00:32:25,920 --> 00:32:27,640 Speaker 1: Sang in Hong Kong was up three tenths of a 581 00:32:27,800 --> 00:32:30,959 Speaker 1: percent ten. Your treasury down four thirty seconds, held two 582 00:32:31,000 --> 00:32:33,920 Speaker 1: point six seven percent yield on the two year two 583 00:32:33,920 --> 00:32:36,920 Speaker 1: point five one percent. Nine x screwe oil is up 584 00:32:36,960 --> 00:32:39,440 Speaker 1: one point one percent of a dollar six and nineties 585 00:32:39,520 --> 00:32:42,640 Speaker 1: seven dollars ninth cents of barrel comex Scholl down about 586 00:32:42,640 --> 00:32:44,920 Speaker 1: two tenths per cent, or two dollars ninety cents and 587 00:32:45,040 --> 00:32:48,120 Speaker 1: one thousand, nine hundred thirty five dollars announced. The euro 588 00:32:48,240 --> 00:32:51,040 Speaker 1: one point oh eight seven one against the dollar, British 589 00:32:51,040 --> 00:32:53,880 Speaker 1: found one point three zero four seven and the end 590 00:32:53,960 --> 00:32:56,680 Speaker 1: is at one twenty four point oh eight. Bitcoin this 591 00:32:56,760 --> 00:32:58,800 Speaker 1: morning is on the rise, up a tenth of a 592 00:32:58,920 --> 00:33:03,720 Speaker 1: percent at forty three gausand dollars. That's a Bloomberg business flash. 593 00:33:03,720 --> 00:33:05,920 Speaker 1: Now here's Nuchael bar with Moore and what's going on 594 00:33:06,040 --> 00:33:09,520 Speaker 1: around the world. Michael Karen, thank you very much. Russia 595 00:33:09,800 --> 00:33:13,040 Speaker 1: is giving its take on its recent pullback from positions 596 00:33:13,040 --> 00:33:17,479 Speaker 1: around Kiev in the Ukraine, President Putin Just pokesman Dmitri 597 00:33:17,640 --> 00:33:21,280 Speaker 1: Peskoff told Sky News the troops were really withdrawn from 598 00:33:21,320 --> 00:33:25,160 Speaker 1: the regions as an act of goodwill during the negotiations 599 00:33:25,200 --> 00:33:29,000 Speaker 1: between the two delegations. He also acknowledged that Russia suffered 600 00:33:29,000 --> 00:33:32,920 Speaker 1: a significant loss of troops in Ukraine. The US Congress 601 00:33:33,000 --> 00:33:36,960 Speaker 1: voted overwhelmingly district Russia's normal trade status with the US 602 00:33:37,280 --> 00:33:41,280 Speaker 1: and band imports of its gas oil and coal. In 603 00:33:41,440 --> 00:33:44,479 Speaker 1: golf at The Master's Son, Jay m leads the field 604 00:33:44,520 --> 00:33:48,080 Speaker 1: after round one with five under. Tiger Woods has four 605 00:33:48,120 --> 00:33:51,840 Speaker 1: shots back from the lead round two today. Stay tuned 606 00:33:51,840 --> 00:33:54,400 Speaker 1: for updates every hour on Bloomberg Radio and a special 607 00:33:54,520 --> 00:33:58,400 Speaker 1: edition of Master's Tonight coming up at eleven pm Eastern. 608 00:33:58,720 --> 00:34:01,520 Speaker 1: Major League Baseball The Man to Be the Nationals five one. 609 00:34:01,840 --> 00:34:05,160 Speaker 1: The Yankees host the Red Sox today after yesterday's scheduled 610 00:34:05,200 --> 00:34:08,719 Speaker 1: opener was postponed because of rain. In the NHL, the 611 00:34:08,800 --> 00:34:12,480 Speaker 1: Rangers won The Devil's Lost. Global News twenty four hours 612 00:34:12,480 --> 00:34:15,560 Speaker 1: a day on here and on Bloomberg Quicktake, powered by 613 00:34:15,600 --> 00:34:19,640 Speaker 1: more than journalists analysts more than twenty countries. Michael barn 614 00:34:19,760 --> 00:34:22,800 Speaker 1: This is Bloomberg, Karen Hery, Michael Thank you. It is 615 00:34:23,120 --> 00:34:25,920 Speaker 1: forty nine on Wall Street. Time for the Bloomberg Law Report, 616 00:34:25,960 --> 00:34:30,320 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable, 617 00:34:30,360 --> 00:34:34,399 Speaker 1: resolve faster with the American Arbitration Association, the global leader 618 00:34:34,400 --> 00:34:38,080 Speaker 1: in alternative dispute resolution for over ninety years. More at 619 00:34:38,120 --> 00:34:40,920 Speaker 1: a dr dot org. Now, let's get to the legal 620 00:34:41,000 --> 00:34:47,440 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. David 621 00:34:47,520 --> 00:34:50,759 Speaker 1: Wiolens withdrawing his name from consideration for the role of 622 00:34:50,760 --> 00:34:54,400 Speaker 1: the nation's chief wage hour regulator after his nomination was 623 00:34:54,480 --> 00:34:58,000 Speaker 1: defeated in the Senate. A federal judge in California freed 624 00:34:58,040 --> 00:35:01,680 Speaker 1: Alphabet and its directors from a holder lawsuit claiming that 625 00:35:01,760 --> 00:35:05,560 Speaker 1: they failed to oversee compliance with a federal children's privacy law. 626 00:35:06,040 --> 00:35:10,000 Speaker 1: Owners of Chrysler PACIFICA plug in hybrid minivans are proposing 627 00:35:10,000 --> 00:35:13,360 Speaker 1: a class action against f c A. The plaintiffs claim 628 00:35:13,440 --> 00:35:17,240 Speaker 1: they overpaid for vehicles that are fired around explosion prone 629 00:35:17,520 --> 00:35:22,360 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 630 00:35:22,520 --> 00:35:27,160 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 631 00:35:27,200 --> 00:35:31,359 Speaker 1: at Bloomberg Law dot com. Okay, Jeff, thanks, it's coming 632 00:35:31,400 --> 00:35:33,960 Speaker 1: up to five fifty one on Wall Street. We are 633 00:35:34,000 --> 00:35:37,400 Speaker 1: live from the Bloomberg Interactive Broker's studios and you're listening 634 00:35:37,440 --> 00:35:39,960 Speaker 1: to Bloomberg day Break. Good morning, I'm Nathan Hagar. Let's 635 00:35:39,960 --> 00:35:42,120 Speaker 1: take a look at this market now as we get 636 00:35:42,160 --> 00:35:44,759 Speaker 1: you set for a Friday morning STI Dweck is with 637 00:35:44,880 --> 00:35:47,920 Speaker 1: US now, chief investment officer at Flow Bank on a 638 00:35:48,000 --> 00:35:52,360 Speaker 1: morning STI where we're looking for some gains, particularly strong 639 00:35:52,600 --> 00:35:56,000 Speaker 1: surge this morning in European stocks, as Karen mentioned earlier, 640 00:35:56,040 --> 00:35:58,880 Speaker 1: after two days of declines on the FED. But given 641 00:35:58,880 --> 00:36:02,000 Speaker 1: what's happening with the war in Ukraine, is there still 642 00:36:02,000 --> 00:36:04,640 Speaker 1: a chance that we could see some negative moves for 643 00:36:04,760 --> 00:36:10,520 Speaker 1: markets depending on how the war develops. Good morning. For sure, 644 00:36:10,680 --> 00:36:14,680 Speaker 1: we've seen that the war headlines are having less of 645 00:36:14,719 --> 00:36:18,280 Speaker 1: an overall impact on markets, but punctually you can still 646 00:36:18,320 --> 00:36:23,520 Speaker 1: have that impact on certain regions, especially on Europe. But 647 00:36:23,600 --> 00:36:27,080 Speaker 1: I think the doublish surprise that you had from the 648 00:36:27,200 --> 00:36:31,000 Speaker 1: e c B yesterday where they did re emphasize that 649 00:36:31,040 --> 00:36:33,920 Speaker 1: they think inflation is going to cool and they have 650 00:36:33,960 --> 00:36:37,000 Speaker 1: a much bigger growth concern than than in the US, 651 00:36:37,080 --> 00:36:39,920 Speaker 1: I think that probably for now, at least carrying over 652 00:36:40,040 --> 00:36:45,080 Speaker 1: and hopefully will outweigh the war headlines, just because we've 653 00:36:45,120 --> 00:36:48,240 Speaker 1: gone back and forth on those uh many many times 654 00:36:48,239 --> 00:36:50,480 Speaker 1: and it shouldn't be such a surprise that they're not 655 00:36:50,560 --> 00:36:54,320 Speaker 1: as positive as one might have thought or talk about 656 00:36:54,480 --> 00:36:57,759 Speaker 1: the inflation outlook for the US. Here we're starting to 657 00:36:57,840 --> 00:37:00,920 Speaker 1: hear from some analysts that we may have hit peak inflation. 658 00:37:01,280 --> 00:37:04,399 Speaker 1: Is that what you're seeing here? And what impacts could 659 00:37:04,400 --> 00:37:08,520 Speaker 1: the FED have? Well, we're starting to see whether we 660 00:37:08,560 --> 00:37:11,400 Speaker 1: are at peak or close to peak. We've been saying 661 00:37:11,440 --> 00:37:13,640 Speaker 1: that for a few months, and of course we we 662 00:37:13,719 --> 00:37:17,480 Speaker 1: keep getting these upside surprises. UM. I do think that 663 00:37:17,560 --> 00:37:20,680 Speaker 1: inflation is gradually going to abate. And when you take 664 00:37:20,719 --> 00:37:23,520 Speaker 1: a step back and think of what's driving inflation, you 665 00:37:23,600 --> 00:37:26,640 Speaker 1: kind of have this triple problem for the FED. You 666 00:37:26,719 --> 00:37:29,960 Speaker 1: have the supply driven inflation that are due to the 667 00:37:30,000 --> 00:37:35,160 Speaker 1: supply chain disruptions and that again was or is still 668 00:37:35,200 --> 00:37:37,560 Speaker 1: I guess transitory is a tough word to use, but 669 00:37:37,719 --> 00:37:41,479 Speaker 1: just a much longer transition period because of China zero 670 00:37:41,560 --> 00:37:45,040 Speaker 1: COVID policy, because we've continued to have on and off lockdown, 671 00:37:45,160 --> 00:37:49,480 Speaker 1: so that is improving but slowly. Then you have the 672 00:37:49,520 --> 00:37:52,520 Speaker 1: war related if I can use that term inflation, which 673 00:37:52,520 --> 00:37:56,399 Speaker 1: is food and energy prices that are obviously soaring. Uh, 674 00:37:56,640 --> 00:38:00,279 Speaker 1: probably haven't seen the end of that entirely coming through. 675 00:38:00,880 --> 00:38:03,200 Speaker 1: And on that really on both of the first you 676 00:38:03,360 --> 00:38:06,480 Speaker 1: really don't think the FED rate hikes are going to 677 00:38:06,600 --> 00:38:09,239 Speaker 1: have that much of an impact on their Where they 678 00:38:09,280 --> 00:38:11,560 Speaker 1: could have more of an impact is on the wage side, 679 00:38:11,560 --> 00:38:14,120 Speaker 1: which we are seeing rising again, which is a concern 680 00:38:14,640 --> 00:38:18,520 Speaker 1: for the FED because that's what could stay entrenched for longer. 681 00:38:19,200 --> 00:38:21,279 Speaker 1: And so you have a FED that's really trying to 682 00:38:21,360 --> 00:38:25,560 Speaker 1: re anchor those medium to long term inflation expectations. They're 683 00:38:25,600 --> 00:38:28,720 Speaker 1: trying to bring these seven eight percent numbers back down 684 00:38:29,600 --> 00:38:31,960 Speaker 1: hopefully into the end of the year, we're back towards 685 00:38:31,960 --> 00:38:36,600 Speaker 1: four or five, down towards three for next year. Um. 686 00:38:36,640 --> 00:38:38,600 Speaker 1: But that it's it's going to be a very tricky 687 00:38:38,640 --> 00:38:43,080 Speaker 1: balancing act because this soft landing is very difficult to achieve. Yeah, 688 00:38:43,120 --> 00:38:45,520 Speaker 1: to say the least, how aggressively do you think the 689 00:38:45,560 --> 00:38:49,000 Speaker 1: FED is going to move against inflation? Of course, you've 690 00:38:49,040 --> 00:38:51,879 Speaker 1: heard the talk about perhaps a fifty basis point hike 691 00:38:52,000 --> 00:38:55,200 Speaker 1: at next month's meeting and perhaps in subsequent meetings as well. 692 00:38:55,239 --> 00:38:58,880 Speaker 1: Do you think the FED will go that hard. I 693 00:38:58,920 --> 00:39:02,520 Speaker 1: think it's a very high probability for May in the 694 00:39:02,560 --> 00:39:05,520 Speaker 1: sense that the market is pretty much absorbed it and 695 00:39:05,600 --> 00:39:10,440 Speaker 1: accepted it UH to some extent and um and that 696 00:39:10,480 --> 00:39:13,400 Speaker 1: should allow the Fed to just get a little extra in. 697 00:39:13,520 --> 00:39:17,000 Speaker 1: They're trying to frontload it a bit. I do still 698 00:39:17,000 --> 00:39:19,080 Speaker 1: think they're going to have to pause at some point 699 00:39:19,080 --> 00:39:21,040 Speaker 1: in the second half of the year. They're not going 700 00:39:21,080 --> 00:39:25,320 Speaker 1: to be able to continue just keep hiking. We're already 701 00:39:25,360 --> 00:39:28,160 Speaker 1: seeing the FED fund future start to pricing rate cuts 702 00:39:28,560 --> 00:39:32,600 Speaker 1: at the end of So how aggressively do you want 703 00:39:32,600 --> 00:39:35,120 Speaker 1: to hike if a year later you might have to 704 00:39:35,160 --> 00:39:39,360 Speaker 1: be cutting. So May probably fifty. Whether they try to 705 00:39:39,360 --> 00:39:42,319 Speaker 1: get one more fifty in the in Q two or 706 00:39:42,440 --> 00:39:45,800 Speaker 1: I'd say June July is possible, maybe a little less likely, 707 00:39:46,120 --> 00:39:48,000 Speaker 1: But I don't see hikes at every meeting. And to 708 00:39:48,120 --> 00:39:50,640 Speaker 1: the end of the year. Do you see the more 709 00:39:50,640 --> 00:39:53,359 Speaker 1: aggressive stance if it does pan out from the Fed 710 00:39:53,440 --> 00:39:58,279 Speaker 1: having an impact on stock valuations. At this point, we're 711 00:39:58,280 --> 00:40:02,400 Speaker 1: already pricing in so many rate hikes that it's difficult 712 00:40:02,400 --> 00:40:04,719 Speaker 1: to say the market isn't pricing it in. We had 713 00:40:04,719 --> 00:40:10,160 Speaker 1: a surprise this week where the markets saw Leo Brenner's 714 00:40:10,280 --> 00:40:13,319 Speaker 1: comments as being more hawkish in terms of the balance sheet, 715 00:40:13,360 --> 00:40:16,000 Speaker 1: and we had an impact there, But from a rate 716 00:40:16,040 --> 00:40:18,719 Speaker 1: hike perspective, it's difficult to price in much more than 717 00:40:18,760 --> 00:40:22,359 Speaker 1: what's already in the market. So you can have again 718 00:40:22,360 --> 00:40:24,759 Speaker 1: you're gonna have a very big meeting in May, more 719 00:40:24,800 --> 00:40:27,480 Speaker 1: news on the balance sheet. That can have a choppy 720 00:40:27,640 --> 00:40:30,879 Speaker 1: and even a painful second quarter for stocks. Beyond that, 721 00:40:30,920 --> 00:40:34,040 Speaker 1: I think things should improve. And on the valuation side, 722 00:40:34,040 --> 00:40:37,839 Speaker 1: we've already seen quite a big correction because of these 723 00:40:37,920 --> 00:40:40,480 Speaker 1: rate hike expectations and just because the markets had a 724 00:40:40,480 --> 00:40:43,439 Speaker 1: tough start to the year, and that should improve into 725 00:40:43,480 --> 00:40:45,720 Speaker 1: the end of year as well. And of course, before 726 00:40:45,719 --> 00:40:48,239 Speaker 1: the main meeting, we have earning season kicking off in 727 00:40:48,280 --> 00:40:51,600 Speaker 1: Earnest next week with the big banks starting things off. 728 00:40:51,920 --> 00:40:56,440 Speaker 1: What's your expectation for earnings? You mentioned wage pressures. Is 729 00:40:56,440 --> 00:41:00,839 Speaker 1: that going to affect margins? I probably only not yet. 730 00:41:01,600 --> 00:41:07,520 Speaker 1: I don't think anyone's expecting a stellar first quarter earnings result. Um, 731 00:41:07,680 --> 00:41:09,600 Speaker 1: we're gonna start with the banks, so we're gonna see 732 00:41:09,600 --> 00:41:12,240 Speaker 1: a little bit what the consumers looking like, see how 733 00:41:12,360 --> 00:41:14,920 Speaker 1: how the outlook pans out for the year, which should 734 00:41:14,960 --> 00:41:19,879 Speaker 1: probably be a little bit more downbeat despite higher net 735 00:41:19,880 --> 00:41:25,120 Speaker 1: interest margins um you're seeing some companies able to pass 736 00:41:25,160 --> 00:41:27,680 Speaker 1: on some of the costs, which is why we're seeing 737 00:41:27,680 --> 00:41:31,600 Speaker 1: these inflation numbers. And I don't think we've seen enough 738 00:41:31,719 --> 00:41:34,600 Speaker 1: which increases. And again it might depend on the segment 739 00:41:34,680 --> 00:41:37,400 Speaker 1: and on the and on the sector for that to 740 00:41:37,640 --> 00:41:40,440 Speaker 1: have an impact on margins for the businesses. Today, only 741 00:41:40,480 --> 00:41:43,160 Speaker 1: about thirty seconds left here. St Are you turning defensive 742 00:41:43,160 --> 00:41:45,200 Speaker 1: in terms of what you're advising your clients or do 743 00:41:45,239 --> 00:41:50,040 Speaker 1: you think growth stocks can continue to outperform. I think 744 00:41:50,120 --> 00:41:53,440 Speaker 1: there's still potential for growth stocks. We've had a barbell 745 00:41:53,520 --> 00:41:57,160 Speaker 1: approach and we're keeping it. We think tech is going 746 00:41:57,200 --> 00:42:00,319 Speaker 1: to come back and demand investors look for quality and 747 00:42:00,400 --> 00:42:03,520 Speaker 1: sustainable earnings, and that again might take a little bit 748 00:42:03,520 --> 00:42:05,479 Speaker 1: of time, but it should feed through throughout the whole 749 00:42:05,480 --> 00:42:07,880 Speaker 1: of the year. Thanks so much, great having you with 750 00:42:07,960 --> 00:42:09,600 Speaker 1: us this morning. Hope you have a good weekend. St. 751 00:42:09,760 --> 00:42:12,800 Speaker 1: Dwack with us now for much Flow Bank, the chief 752 00:42:12,800 --> 00:42:16,279 Speaker 1: investment officer over at Flow Bank, looking ahead to the 753 00:42:16,280 --> 00:42:20,319 Speaker 1: market open. SMP futures are moving higher. We're by ten 754 00:42:20,360 --> 00:42:22,920 Speaker 1: points on the SNP EM and he's now futures up 755 00:42:22,920 --> 00:42:26,920 Speaker 1: a hundred four points, Nasdaq futures higher by thirty eight points. 756 00:42:26,920 --> 00:42:29,600 Speaker 1: The tenure Treasury right now is down four thirty seconds. 757 00:42:29,640 --> 00:42:32,279 Speaker 1: The yield two point six seven percent yield on the 758 00:42:32,320 --> 00:42:35,880 Speaker 1: two year two point five one NIMEX crude is up 759 00:42:35,960 --> 00:42:38,520 Speaker 1: nine tenths per cent, up eighty four cents ninety six 760 00:42:38,560 --> 00:42:41,880 Speaker 1: dollars eighty seven cents a barrel. And look at a 761 00:42:41,920 --> 00:42:44,480 Speaker 1: bitcoin little change right now around forty three thousand, five 762 00:42:44,560 --> 00:42:47,640 Speaker 1: hundred dollars. You're listening to bloom Bird day break