WEBVTT - Bloomberg Daybreak: May 26, 2022 - Hour 1 (Radio) 0:00:01.840 --> 0:00:06.360 Broadcasting live from the Bloomberg Interacted Broker's studio in New York, 0:00:06.480 --> 0:00:11.160 Bloomberg Living Freedom to Washington, d C. Bloomberg to Boston, 0:00:11.280 --> 0:00:14.680 Bloomberg one six one does San Francisco. Bloomberg and M 0:00:14.720 --> 0:00:17.560 sixteen to the country. Sirius XM had a one nine 0:00:17.600 --> 0:00:21.079 team and around the globe the Bloomberg Business and Bloomberg 0:00:21.160 --> 0:00:30.560 Radio dot Com. This is Bloomberg Daybreak. It's time thirty 0:00:30.560 --> 0:00:32.919 on Wall Street. Good morning, got John Tucker and I'm 0:00:33.000 --> 0:00:35.960 kerin Moscow, or just about four hours away from the 0:00:35.960 --> 0:00:37.879 open of US trading. Let's get you up to date 0:00:37.920 --> 0:00:39.800 on the news you need to know at this hour. 0:00:40.120 --> 0:00:44.120 SNP futures are little change this morning after the SMP 0:00:44.320 --> 0:00:47.400 climbed about one percent yesterday. We've been up and down 0:00:47.400 --> 0:00:50.240 all week as traders assessed the path of Fed policy. 0:00:50.600 --> 0:00:53.320 Jane Foley, as head of f X strategy at Rubble Bank, 0:00:53.680 --> 0:00:55.720 I think that is more likely to go the full monthy. 0:00:55.760 --> 0:00:57.960 They need to get their credibility back, you know, there's 0:00:58.000 --> 0:01:00.160 been so many accusations over the last few months they 0:01:00.200 --> 0:01:03.279 are behind the curve that they could affected sina on inflation. 0:01:03.320 --> 0:01:05.160 Even some of their own have admitted that perhaps they 0:01:05.160 --> 0:01:07.520 should have started to hike before they did. At the 0:01:07.640 --> 0:01:11.720 end of last to keep demand in check. Trainfoliot robo 0:01:11.800 --> 0:01:14.559 banks seized all their strength. Continuing minutes from the latest 0:01:14.560 --> 0:01:17.160 FED meeting show officials looking to raise interest rates by 0:01:17.160 --> 0:01:20.160 fifty basis points at each of their next two decisions. 0:01:20.560 --> 0:01:23.120 Is the time to buy the dipping stocks. That's according 0:01:23.120 --> 0:01:26.000 to strategist at the City Group, who say shares in 0:01:26.040 --> 0:01:29.840 Europe and emerging markets are the most attractive cities. Bear 0:01:29.959 --> 0:01:34.760 market checklist currently warning on just six of eighteen red flags. 0:01:34.800 --> 0:01:38.120 That compares to thirteen red flags before the two thousand 0:01:38.080 --> 0:01:41.080 and eight financial crisis. Well, big tech is in focus 0:01:41.080 --> 0:01:43.760 this morning. John after week earnings from Nvidia shares the 0:01:43.880 --> 0:01:47.080 chipmaker down five and a half percent. It says China's 0:01:47.120 --> 0:01:50.000 COVID lockdowns in the war in Ukraine will weigh on results, 0:01:50.200 --> 0:01:52.560 and he has said batt'll cut sales by about five 0:01:52.640 --> 0:01:55.640 hundred million dollars this quarter. We also have French news 0:01:55.640 --> 0:01:58.480 from Apple. Sources say the company plans to keep iPhone 0:01:58.520 --> 0:02:02.000 production flat this year as the environment turns challenging for 0:02:02.080 --> 0:02:05.440 the smartphone industry. At the same time, Apple boosting pay 0:02:05.480 --> 0:02:08.280 for its workers. The companies raise the US salaries by 0:02:08.320 --> 0:02:11.440 ten percent or more as it faces a tight labor 0:02:11.480 --> 0:02:14.760 market and efforts to unionize. Shares it down more than 0:02:14.840 --> 0:02:18.440 one well. Twitter is gaining in pre market trading. John 0:02:18.440 --> 0:02:21.320 after Elon must change plans to find his acquisition. He's 0:02:21.320 --> 0:02:23.239 no longer looking to use a margin loan for his 0:02:23.360 --> 0:02:26.160 forty four billion dollar purchase of the social media company, 0:02:26.320 --> 0:02:28.640 and Bloomberg's or Needy Young is here live with the story. 0:02:28.720 --> 0:02:32.040 Good Morning Renny to Good morning Karen. A regulatory filing 0:02:32.080 --> 0:02:35.120 shows Elon Musk is providing an additional six point to 0:02:35.320 --> 0:02:38.760 five billion dollars in equity financing to buy out Twitter. 0:02:39.120 --> 0:02:41.760 That'll increase the size of the deal's equity component to 0:02:41.880 --> 0:02:44.919 thirty three point five billion dollars, and it's enough to 0:02:45.000 --> 0:02:48.480 eliminate the margin loan. This new structure could reduce the 0:02:48.600 --> 0:02:51.079 risk of the deal for both Musk and his lenders, 0:02:51.120 --> 0:02:55.240 particularly given the recent slide in Tesla stock price. Shares 0:02:55.280 --> 0:02:58.520 of Tesla have sunk about forty percent since Musk first 0:02:58.560 --> 0:03:01.800 announced his stake in Twitter in early April. Live in 0:03:01.840 --> 0:03:04.680 New York. I'm gonna need a Young Bloomberg daybreak, all right, 0:03:04.720 --> 0:03:07.080 Thanks for Nita and ahead of the open on Wall 0:03:07.160 --> 0:03:09.919 Street to SMP futures right now they have turned flat. 0:03:10.000 --> 0:03:14.160 Nansday futures down thirty four down, futures up thirty four points. 0:03:14.200 --> 0:03:20.400 This is Bloomberg. That's not fine. Three on Wall Street. 0:03:20.400 --> 0:03:22.480 Time to bring in Michael Barr with Moore of when 0:03:22.520 --> 0:03:25.560 else is going on in New York and around the world, John, 0:03:25.600 --> 0:03:28.840 Thank you, Sarah. Texas Governor Greg Abbott says several concerning 0:03:28.880 --> 0:03:32.240 social media posts from the gunmen were discovered moments before 0:03:32.240 --> 0:03:36.840 the rampage began and rob elementary school in Uvalde. Twenty 0:03:36.880 --> 0:03:39.640 one people died before the eighteen year old gunmen was 0:03:39.720 --> 0:03:43.320 killed by law enforcement. Governor Rabbit brushed aside calls for 0:03:43.400 --> 0:03:47.040 strict gun legislation, noting that major cities have their own 0:03:47.080 --> 0:03:49.680 gun laws in place, but they don't work, and we 0:03:49.760 --> 0:03:52.600 need to realize that the people who think that, well, 0:03:52.640 --> 0:03:56.480 maybe we just implement tough for gun laws. It's gonna 0:03:56.520 --> 0:04:01.240 solve it. Chicago, in l A and New York disproved 0:04:01.240 --> 0:04:05.400 the thesis during the briefing. Beda O'Rourke, who is running 0:04:05.400 --> 0:04:08.440 against Abbot for governor, interrupted the news conference, saying this 0:04:08.520 --> 0:04:13.080 shooting was totally predictable. New York Governor Kathy Hoko wants 0:04:13.120 --> 0:04:16.440 to raise the age to one for purchasing the type 0:04:16.480 --> 0:04:20.040 of firearms used in recent mass shootings in Buffalo and Texas. 0:04:20.360 --> 0:04:23.080 The governor also says she held an emergency meeting with 0:04:23.160 --> 0:04:26.640 state police and I said, I want state police patrols 0:04:27.480 --> 0:04:32.320 visiting our schools doing daily check ins every single day 0:04:32.360 --> 0:04:34.640 from today to the end of the school year. Governor 0:04:34.720 --> 0:04:37.760 huncle the man accused of randomly murdering the passenger on 0:04:37.800 --> 0:04:41.040 the New York City subway train, was denied bail. During 0:04:41.040 --> 0:04:44.920 his first court appearance, Andrew Abdulla's lawyer urged the judge 0:04:44.920 --> 0:04:47.520 and the public not to rush to judgment. On the 0:04:47.560 --> 0:04:50.720 second anniversary of the death of George Floyd, President Biden 0:04:50.800 --> 0:04:55.160 signed an executive order to address police accountability. The executive 0:04:55.240 --> 0:05:00.360 order raises standards fans chokeholes, restricts, no knock warrants, use 0:05:00.400 --> 0:05:04.880 of force policies, emphasized de escalation and duty. Do you 0:05:04.960 --> 0:05:08.760 just stop another officer from using executive force? President Biden 0:05:08.839 --> 0:05:11.800 also criticized the Senate for not passing reforms and the 0:05:11.880 --> 0:05:15.920 George Floyd Justice and Policing Act. The Close Race between 0:05:15.920 --> 0:05:19.920 Trump backed Memodaz and David McCormick has triggered a recount 0:05:19.920 --> 0:05:23.119 in the Republican primary for a Pennsylvania US Senate seat. 0:05:23.560 --> 0:05:26.320 Global News twenty four hours a day on air and 0:05:26.520 --> 0:05:30.599 on Bloomberg Quicktake, powered by more than journalists and analyst 0:05:30.680 --> 0:05:34.280 more than twenty countries. Michael barn This is Bloomberg, John Michael, 0:05:34.320 --> 0:05:41.080 thank you as five thirty six Street. That's Dive the 0:05:41.120 --> 0:05:45.279 Bloomberg Sports Update. Here's Scott Seidenberg. Good morning, John rookie 0:05:45.400 --> 0:05:48.800 JP Sears made his first big league start, tossing five 0:05:48.839 --> 0:05:51.719 scoreless innings as the Yankees blanked the Orioles to nothing, 0:05:51.800 --> 0:05:53.839 both runs coming in the bottom of the fourth inning 0:05:53.880 --> 0:05:57.000 on a Miguel Andrew Hoar single and a throwing error. 0:05:57.160 --> 0:05:59.640 Prior to the game, the Yankees placed John Carlos Stanton 0:05:59.680 --> 0:06:02.080 on the day. I l Aaron Boone after the game, 0:06:02.120 --> 0:06:05.240 talked about the win with players stepping up. Yeah, I mean, 0:06:05.279 --> 0:06:07.320 it's been a tough couple of days for us, just 0:06:07.600 --> 0:06:10.000 just with you know, some people going down and things, 0:06:10.080 --> 0:06:13.279 and I'm really excited to see those guys step in 0:06:13.320 --> 0:06:16.680 and play key roles and help us get another series victory. 0:06:16.720 --> 0:06:19.599 It was a different story for the Mets. Rookie starter 0:06:19.760 --> 0:06:22.520 Thomas Sapucky, who was roughed up in his first big 0:06:22.640 --> 0:06:26.479 league start. Evan Longoria homer twice. Jock Peterson went deep 0:06:26.520 --> 0:06:28.839 for the fourth time in two games as the Giants 0:06:28.880 --> 0:06:32.520 route the Mets nine three. Sabucky tag for all nine 0:06:32.600 --> 0:06:34.920 runs on seven hits and three walks in just an 0:06:34.920 --> 0:06:37.360 inning and a third, the Mets losing back to back 0:06:37.400 --> 0:06:42.080 games for just the first time since April tenth and eleventh. Hockey. Tonight, 0:06:42.120 --> 0:06:45.400 it's Game five between the Rangers and the Hurricanes from Carolina, 0:06:45.480 --> 0:06:48.080 with the series tied at two games a piece. NBA, 0:06:48.160 --> 0:06:50.440 the Celtics are one win away from the NBA Finals 0:06:50.520 --> 0:06:54.480 after a night win over the Heat last night in Miami. Tonight, 0:06:54.520 --> 0:06:56.800 the Warriors look to close out the Mavericks in Game 0:06:56.839 --> 0:07:00.200 five of the Western Finals. Tennis, at the French Open, 0:07:00.360 --> 0:07:04.120 Raphael Nadal reached three hundred Grand Slam match victories with 0:07:04.279 --> 0:07:07.560 his second round win. Only Roger Federer with three sixty 0:07:07.600 --> 0:07:10.360 nine and Novak Djokovic with three twenty five have more 0:07:10.400 --> 0:07:14.720 wins at major tournaments. I'm Scott Edinburg with Bloomberg Sports. 0:07:14.840 --> 0:07:18.119 John all Right, Thanks Scott, five seven on Wall Street 0:07:18.120 --> 0:07:20.440 Time now for the tri State Business Report, and for 0:07:20.560 --> 0:07:24.560 that we're joined by Bloomberg's Ed Quarry. New York City's 0:07:24.560 --> 0:07:27.800 tax revenue will likely decline him in an economic slowdown 0:07:27.880 --> 0:07:31.560 due to the Fed's projected rate hikes this year. George Sweeting, 0:07:31.640 --> 0:07:34.960 the Budget office is Acting Director, says the agency has 0:07:35.000 --> 0:07:38.400 lowered its annual March tax revenue forecasts for the next 0:07:38.440 --> 0:07:41.200 three fiscal years due to plans by the FED to 0:07:41.240 --> 0:07:46.240 continue tightening monetary policy. Robert A. M. Stern is bringing 0:07:46.320 --> 0:07:49.480 his New York touch to West Palm Beach. The architect, 0:07:49.520 --> 0:07:52.800 whose firm designed some of the top residential buildings in 0:07:52.840 --> 0:07:55.640 New York, is working on a project in West Palm 0:07:55.680 --> 0:07:58.640 where prices are expected to set records for a city 0:07:58.680 --> 0:08:01.960 that was once seen as Palm Beach is less glamorous 0:08:02.000 --> 0:08:06.200 neighbor Bello Airlines begin serving the Windy City today with 0:08:06.360 --> 0:08:10.120 non stop service to Southern Connecticut from Chicago Midway. The 0:08:10.160 --> 0:08:13.440 airline stays the flight offers Chicago a more convenient and 0:08:13.480 --> 0:08:17.040 affordable gateway to the New England and New York areas 0:08:17.560 --> 0:08:21.240 that your Bloomberg Trying State Business Report. I'm d Corey, Thanks, 0:08:21.280 --> 0:08:24.000 said It is Fine thirty eight on Wall Street. Bloomberg 0:08:24.080 --> 0:08:26.680 Radio is on the air from San Francisco to New York, 0:08:26.720 --> 0:08:29.440 London to Hong Kong. Let's check in now with our 0:08:29.440 --> 0:08:31.640 global news team for some of the top stories heard 0:08:31.680 --> 0:08:35.480 on our three hundred at Filigate radio stations around the world. 0:08:38.559 --> 0:08:41.560 I'm Steve Potas scan Chen Chen Wins in New York. 0:08:41.679 --> 0:08:45.240 We're talking about how the biggest US cities got smaller 0:08:45.440 --> 0:08:49.520 during the pandemic um Cornyanahoan kat r H in Houston. 0:08:49.679 --> 0:08:53.000 Drivers are beginning to bault their record high gas prisis. 0:08:53.360 --> 0:08:56.840 I'm Carlin hit complement Debbie Digjelado. In London. We're reporting 0:08:56.880 --> 0:08:59.560 of how Forest Johnson's government is hoping to move on 0:08:59.720 --> 0:09:02.040 from the party Gate scandal with a package of new 0:09:02.080 --> 0:09:05.199 measures to help households hit by the cost of living crisis. 0:09:05.559 --> 0:09:09.600 I'm Gina Servettian for WDBM in Chicago. I'm reporting that 0:09:09.679 --> 0:09:12.160 the city has moved a step closer to getting its 0:09:12.160 --> 0:09:15.679 first ever casino. My mid Gory on w w J 0:09:15.840 --> 0:09:20.040 and Detroit, I'm reporting the Aloft Hotel Downtown will become 0:09:20.160 --> 0:09:25.960 part of Marriott's autograph collection. And those are some of 0:09:25.960 --> 0:09:29.200 the stories are twenty seven d Bloomberg journalists and analysts 0:09:29.200 --> 0:09:32.360 are working on this morning around the world. It is 0:09:32.400 --> 0:09:35.600 now thirty nine on Wall Street. The following is an 0:09:35.760 --> 0:09:40.240 editorial from Bloomberg Opinion. After a gunman killed nineteen children 0:09:40.240 --> 0:09:43.280 and two educators at a Texas elementary school this week, 0:09:43.480 --> 0:09:48.280 Americans responded with grief and anger as the collective shock subsized. However, 0:09:48.559 --> 0:09:51.719 it needs to give way to purposeful outrage. After all, 0:09:51.760 --> 0:09:54.640 no other country in the world has persistent mass shootings 0:09:54.720 --> 0:09:58.480 like this, and most American support passing common sense gun 0:09:58.480 --> 0:10:01.559 safety laws. From time to time, Congress has come close 0:10:01.600 --> 0:10:05.640 to acting than failed to. This is a dereliction of duty. 0:10:05.920 --> 0:10:09.440 Voters should marshal their anger and directed against politicians and 0:10:09.559 --> 0:10:13.719 interests who have persistently blocked reasonable reforms. The US is 0:10:13.800 --> 0:10:16.360 not yet at the point where mass shootings failed to 0:10:16.360 --> 0:10:20.560 elicit shock, sadness, and outrage, but that's not much comfort, 0:10:20.720 --> 0:10:23.320 especially when the steps we can take to prevent another 0:10:23.360 --> 0:10:27.199 massacre or so manifestly before us. This editorial was written 0:10:27.200 --> 0:10:30.480 by the Bloomberg Opinion Editorial Board. I'm David Shipley. For 0:10:30.600 --> 0:10:33.360 more Bloomberg Opinion, please got to Bloomberg dot com. Slash 0:10:33.360 --> 0:10:36.640 opinion or opia and go on the Bloomberg terminal. This 0:10:36.880 --> 0:10:41.080 has been Bloomberg Opinion. Bloomberg Opinion editorials can be heard 0:10:41.160 --> 0:10:44.800 every week day at this time, terminal customers read Moore 0:10:45.040 --> 0:10:48.880 at opie, I n go dal futures right now turned 0:10:49.080 --> 0:10:53.160 up thirty eight points and sop futures unchanged, and then 0:10:53.200 --> 0:10:56.720 astag is still lower there down thirty six points. You're 0:10:56.760 --> 0:11:03.600 listening to Bloomberg Daybreak and the weather forecast for today cloudy, 0:11:03.679 --> 0:11:08.440 maybe a shower, high around seventy. Tomorrow, cloud showers, thunderstorms. Saturday, 0:11:08.520 --> 0:11:12.120 showers and storms Sunday partly Sunday Memorial Day, mix of 0:11:12.200 --> 0:11:18.520 sun and plows, high eighty by from the Bloomberg Interactive 0:11:18.559 --> 0:11:21.840 Brooker's Studios is Bloomberg day Break for a Thursday May 0:11:23.800 --> 0:11:26.480 coming up this hour. Big Tech feels the pinch of 0:11:26.600 --> 0:11:31.200 supply chain bottlenecks and COVID lockdowns. Elon must survive. Twitter 0:11:31.280 --> 0:11:34.400 bids send shares higher in the pre market, and President 0:11:34.440 --> 0:11:38.240 Biden signs that key executive order. Two years after George 0:11:38.240 --> 0:11:41.040 Floyd's death, New York Governor hukel wants to raise the 0:11:41.120 --> 0:11:44.720 aged by guns plus the alleged gunmen in Sunday's deadly 0:11:44.760 --> 0:11:48.040 subway shooting is being held without mail. I'm Michael Blarr. 0:11:48.120 --> 0:11:52.200 More ahead, I'm Scottsburg. Yi's win the Mets losing the 0:11:52.280 --> 0:11:55.480 Rangers go for a three tiers series lead today. I'll 0:11:55.520 --> 0:11:59.920 have that more coming up in the sports. That's all 0:12:00.160 --> 0:12:03.800 trendy ahead on Bloomberg Daybreak on Bloomberg eleven Free on 0:12:03.880 --> 0:12:08.320 New York, Bloomberg one, Washington, d C, Bloomberg one oh 0:12:08.400 --> 0:12:13.160 six one Boston, Bloomberg nine sixty San Francisco, Sirius Exam 0:12:13.200 --> 0:12:16.280 one nine team and around the world on Bloomberg Radio 0:12:16.400 --> 0:12:23.560 dot Com and via the Bloomberg Business App. And good morning. 0:12:23.600 --> 0:12:26.959 I'm Karen Moscow and I'm John Tucker. Bloomberg Daybreak being 0:12:26.960 --> 0:12:29.800 brought to you by Informatica. In the cloud, your data 0:12:29.880 --> 0:12:33.360 has the power to do the extraordinary. Managed data across 0:12:33.400 --> 0:12:37.160 any location. Of the clowns were accurate and actionable insights 0:12:37.520 --> 0:12:41.520 more at Informatica dot Com, and futures are lower being 0:12:41.600 --> 0:12:44.120 dragged down by technology shares. We're coming up to five 0:12:44.160 --> 0:12:45.800 o one on Wall Street and we checked the markets 0:12:45.800 --> 0:12:48.800 every fifteen minutes throughout the trading day on Bloomberg. Right now, 0:12:48.880 --> 0:12:52.360 NOWSDACK futures are down fifty four points. That's down almost 0:12:52.360 --> 0:12:55.199 half percent. Doesn't P futures down about five points, and 0:12:55.280 --> 0:12:58.880 down futures are a little changed. John and Karen, it 0:12:58.880 --> 0:13:01.400 looks like markets are looking for direction this morning. It's 0:13:01.400 --> 0:13:04.400 been an up and down week. The nasdacks lower in 0:13:04.640 --> 0:13:08.040 early trading following some shake ups in big tech. Pepper 0:13:08.080 --> 0:13:11.760 International founder and CEO Carol Pepper believes the outlook remains 0:13:11.760 --> 0:13:16.400 strong despite uncertainty when prices get too high on goods. 0:13:16.520 --> 0:13:20.240 Right now, consumers are backing off this diflation instence that 0:13:20.320 --> 0:13:23.480 you have high inflation and that the prices and no growth. 0:13:23.559 --> 0:13:25.600 I just don't think that's going to happen anymore. I 0:13:25.640 --> 0:13:27.080 really think we're going to be much more in a 0:13:27.120 --> 0:13:30.640 situation where inflation will start tapering down and then we'll 0:13:30.679 --> 0:13:33.200 start to get into more normalized market, probably by the 0:13:33.320 --> 0:13:36.360 end of the year. Pepper International founder Carol Pepper also 0:13:36.400 --> 0:13:39.640 believes the US will avoid a recession this year. Well. John, 0:13:39.720 --> 0:13:42.079 Cheers and Video are down in early trading, though off 0:13:42.120 --> 0:13:44.520 their lowest levels. They slid as much as ten percent 0:13:44.559 --> 0:13:48.040 after earnings missed estimates, and in Video said China's COVID 0:13:48.120 --> 0:13:51.600 lockdowns and the war in Ukraine are weighing on sales forecast. 0:13:51.679 --> 0:13:54.679 The chipmaker CEO also says it's doing its best to 0:13:54.760 --> 0:13:58.079 combat supply chain Bottlenecks shares her down about six percent 0:13:58.120 --> 0:14:00.520 in the pre market, and Apple also of those shaking 0:14:00.600 --> 0:14:03.640 up Nasdaq features with a couple of announcements. Sources say 0:14:03.679 --> 0:14:06.960 the company plans to keep iPhone production flat this year. 0:14:07.440 --> 0:14:11.959 It's a supplies to assemble approximately two million iPhones. It's 0:14:11.960 --> 0:14:14.959 about the same as last year. Apple also revealed it's 0:14:15.040 --> 0:14:18.800 raising salaries for US workers by ten percent. Bloom very 0:14:18.840 --> 0:14:21.840 quick to Canker alex webs it's it's an important step 0:14:21.880 --> 0:14:24.320 to retain workers. You have two things where you've got 0:14:24.400 --> 0:14:28.000 this unionization threat on, which is something which has been 0:14:28.000 --> 0:14:30.640 happening across a bunch of tech companies, at least Amazon. 0:14:30.760 --> 0:14:32.720 So there's a suspicion this is sort of trying to 0:14:32.760 --> 0:14:34.520 fend that off and say what we pay you pretty 0:14:34.520 --> 0:14:38.840 well already. There's also the threats of people hiring both 0:14:39.040 --> 0:14:42.560 the engineers but also from those stores, and Bloomberg's alex 0:14:42.600 --> 0:14:45.480 webs as the Apple's biggest number of employers comes from 0:14:45.480 --> 0:14:48.720 its stores. Shares of Apple down one percent in early 0:14:48.760 --> 0:14:52.360 training Well John Yesterday's FED minutes also driving markets this morning, 0:14:52.360 --> 0:14:55.400 officials revealed a less unkish tone then expected. They plan 0:14:55.560 --> 0:14:58.280 to raise interest rates by fifty basis points at each 0:14:58.280 --> 0:15:00.880 of the next two meetings, leaving their with flexibility to 0:15:01.000 --> 0:15:03.920 change course later. And another FED no there's where the 0:15:04.200 --> 0:15:08.000 Kansas City Fed president Esther George will retire in January. 0:15:08.240 --> 0:15:10.360 George will leave her post at about the same time 0:15:10.400 --> 0:15:13.760 a Chicago FED chief, Charles Evans bat will create two 0:15:13.800 --> 0:15:17.520 openings among the twelve regional FED banks next year. Stocks 0:15:17.560 --> 0:15:20.720 in Europe opening to hire. This morning, John Energy shares 0:15:20.720 --> 0:15:23.240 are leading the stock six D following games and oil 0:15:23.280 --> 0:15:27.200 prices Overnight. In Asia, stocks were shoppy following concerning comments 0:15:27.200 --> 0:15:30.360 from a top Chinese official and Bloomberg. Juliet Sally joins 0:15:30.400 --> 0:15:32.800 us with the details from Singapore. Julie, A good morning, 0:15:33.000 --> 0:15:35.680 Good morning, John, and Karen. Chinese stokes fluctuated, while bonds 0:15:35.760 --> 0:15:37.720 rallied and the off show you one led Asian e 0:15:37.880 --> 0:15:40.720 m f f X losses as premierly one. China's economy 0:15:41.000 --> 0:15:44.720 is in some respects faring worse than in Japanese stocks 0:15:44.800 --> 0:15:47.640 edged up on reopening prospects, and Ali Baba was in 0:15:47.680 --> 0:15:50.280 focus in Hong Kong ahead of its earnings report. The 0:15:50.360 --> 0:15:53.120 Korean one weekend after the Bank of Korea raised its 0:15:53.200 --> 0:15:56.760 key interest rate on Thursday and indicated further hikes are coming, 0:15:56.840 --> 0:16:00.960 as it indicated stabilizing inflation is its key goal. In Singapore, 0:16:01.040 --> 0:16:04.560 Juliette Sale Bloomber Daybreak, Juliet Thanks. Back here in the US, 0:16:04.640 --> 0:16:07.560 there's more news from the text actor. Twitter shares higher 0:16:07.560 --> 0:16:11.080 in early trading after Elon Musk changed plans to fund 0:16:11.200 --> 0:16:14.440 his acquisition. He's no longer looking to use a margin 0:16:14.520 --> 0:16:16.960 loan for his forty four billion dollar purchase of the 0:16:17.000 --> 0:16:19.920 social media company, and bloom Versus Nia Young is here 0:16:20.080 --> 0:16:22.560 live with the story. Good morning Nita, Good morning John. 0:16:22.600 --> 0:16:26.480 A regulatory filing shows Elon Musk is providing an additional 0:16:26.560 --> 0:16:29.760 six point to five billion dollars in equity financing to 0:16:29.880 --> 0:16:32.560 buy out Twitter. Bat will increase the size of the 0:16:32.600 --> 0:16:36.000 deal's equity component to thirty three point five billion dollars, 0:16:36.240 --> 0:16:39.280 and it's enough to eliminate the margin loan. Now, this 0:16:39.320 --> 0:16:41.960 news structure could reduce the risk of the deal for 0:16:42.000 --> 0:16:45.440 both Musk and his lenders. Particularly given the recent slide 0:16:45.440 --> 0:16:48.840 in Tesla's stock price. Shares of Tesla have sunk about 0:16:48.920 --> 0:16:52.280 forty since Musk first announced his stake in Twitter in 0:16:52.360 --> 0:16:55.720 early April. Live in New York, I'm Rnita Young bloom 0:16:55.720 --> 0:16:58.360 birthday break all right, Renia, thank you? Returned to politics now. 0:16:58.400 --> 0:17:00.480 In the latest move from the White House, two years 0:17:00.520 --> 0:17:02.920 to the day since George Floyd's and death, President Joe 0:17:02.920 --> 0:17:06.240 Biden signed an executive order aimed at law enforcement accountability 0:17:06.280 --> 0:17:09.600 and Bloomberg's dead. Bacheter has the story. President Biden, along 0:17:09.640 --> 0:17:12.840 with Vice President Kamala Harris, as the administration couldn't wait 0:17:12.880 --> 0:17:16.119 any longer for the Senate to pass legislation, and Harris 0:17:16.119 --> 0:17:20.040 says it's not aimed at hurting police, but communication to 0:17:20.160 --> 0:17:24.639 strength and trust between law enforcement and the communities they served. 0:17:24.720 --> 0:17:28.920 It creates a new National Law Enforcement Accountability Database to 0:17:29.080 --> 0:17:32.679 track records of misconduct so that an officer can't hide 0:17:32.720 --> 0:17:35.760 the misconduct, and mandates the use of body cameras and 0:17:35.800 --> 0:17:39.080 record keeping. He says the administration will continue to try 0:17:39.119 --> 0:17:42.399 and get legislation passed. In San Francisco, I'm at Baxter 0:17:42.480 --> 0:17:45.639 Bloomberg Gay break anything said and in Pennsylvania. This morning, 0:17:46.040 --> 0:17:50.240 high profile Republicans setate race headed for a recount. Amy 0:17:50.320 --> 0:17:54.440 Morris has the tales from our Bloomberg newsroom. In Washington. 0:17:54.920 --> 0:17:58.720 Celebrity doctor memit Oz, who has Donald Trump's support, leads 0:17:58.720 --> 0:18:03.320 former Bridgewater Associate It's CEO David McCormick by nine two votes. 0:18:03.680 --> 0:18:07.560 That's enough to trigger an automatic recount. Pennsylvania's Acting Secretary 0:18:07.600 --> 0:18:11.320 of State Lee Chapman says previous recounts and similar type 0:18:11.400 --> 0:18:13.800 races in the past have not changed the results of 0:18:13.840 --> 0:18:17.080 the elections. Counties have to begin the recount by June one, 0:18:17.440 --> 0:18:20.520 and they must be completed by June seven. In Washington, 0:18:20.600 --> 0:18:23.159 I'm Amy Morris, Bloomberg Day Break, right, Amy, thank you, 0:18:23.320 --> 0:18:25.800 SMP Future is down about six points this morning, down, 0:18:25.840 --> 0:18:28.960 Futures down eleven, NASDAG Futures down fifty three straight, A 0:18:28.960 --> 0:18:31.840 hand your latest local headlines plus a check of sports, 0:18:32.240 --> 0:18:39.879 and this is Bloomberg, right, Thanks Karen five. How settled 0:18:39.880 --> 0:18:42.480 on Wall Street? Hanton to bring in Michael Barr with 0:18:42.600 --> 0:18:44.640 Moore on what else is going on in New York 0:18:45.119 --> 0:18:47.280 and around the world, John, Thank you very much, sir. 0:18:47.359 --> 0:18:50.240 Investigators say they have yet to determine a motive for 0:18:50.480 --> 0:18:53.439 mass shooting at a Texas grade school that left twenty 0:18:53.480 --> 0:18:57.000 one dead. Governor Abbott says the only warning game in 0:18:57.040 --> 0:19:01.160 a series of private Facebook messages sent Tuesday morning, he said, 0:19:01.440 --> 0:19:04.679 I'm going to shoot my grandmother. The second post was 0:19:05.760 --> 0:19:09.600 I shot my grandmother. The third post, maybe less than 0:19:09.640 --> 0:19:13.400 fifteen minutes before arriving at the school, was I'm going 0:19:13.480 --> 0:19:17.159 to shoot an elementary school. Kevinor Rabbit called the eighteen 0:19:17.200 --> 0:19:20.920 year old gunman a demented person. Meanwhile, Houston, Texas, is 0:19:20.960 --> 0:19:25.680 preparing for protests of a National Rifle Association convention beginning tomorrow. 0:19:26.000 --> 0:19:29.399 Former President Trump is expected to attend. New York Governor 0:19:29.480 --> 0:19:32.119 Kathy Hocle is called for raising the age to twenty 0:19:32.200 --> 0:19:35.600 one for purchasing assault weapons. HOCl says she wants to 0:19:35.720 --> 0:19:39.880 raise the legal persons gage for a R fifteen style rifles. 0:19:39.880 --> 0:19:42.440 That's the same type of weapon used in Tuesday's match 0:19:42.440 --> 0:19:45.520 shooting in Texas that left twenty one people dead, including 0:19:45.600 --> 0:19:49.560 nineteen children. We must harness that outrage and that anger, 0:19:50.320 --> 0:19:54.000 and that discussed that there could be someone with such 0:19:54.080 --> 0:19:57.879 want and evil in their heart that they would acquire 0:19:58.640 --> 0:20:02.880 and they are fifteen go to a schoolyard after shooting 0:20:02.920 --> 0:20:07.680 their own grandmother and opening up an innocent children and teachers. 0:20:08.359 --> 0:20:11.040 Governor Local says, I don't want eighteen year olds to 0:20:11.080 --> 0:20:13.400 have guns, at least not in the state of New York. 0:20:13.800 --> 0:20:16.960 A man accused a randomly murdering a fellow passenger on 0:20:17.000 --> 0:20:19.320 the New York City subway train has made his first 0:20:19.320 --> 0:20:22.679 court appearance. A lawyer urged the judge and the public 0:20:22.720 --> 0:20:25.879 not to rush the judgment, and Drew Abdulla was ordered 0:20:25.920 --> 0:20:28.080 held without bail on the death of forty eight year 0:20:28.080 --> 0:20:30.920 old Daniel Enriquez, who was on his way to a 0:20:30.960 --> 0:20:34.840 Sunday brunch in Manhattan when he was shot. Democrat Antonio 0:20:34.920 --> 0:20:38.159 Delgado has been sworn in as New York's Lieutenant Governor, 0:20:38.200 --> 0:20:41.720 becoming the state's first person of Latino heritage to serve 0:20:41.960 --> 0:20:46.680 in statewide office. Delgado takes over for Brian Benjamin, who 0:20:46.720 --> 0:20:50.240 resigned following his arrest in April for federal corruption charges. 0:20:50.640 --> 0:20:53.320 Global News twenty four hours a day on air and 0:20:53.520 --> 0:20:56.680 on Bloomberg quick Take, powered by more than twenty seven 0:20:56.720 --> 0:20:59.400 hundred journalists and analysts more than a hundred twenty countries. 0:20:59.720 --> 0:21:07.960 Mike barn this is Bloomberg, John Michael, thank you. It's 0:21:07.960 --> 0:21:09.720 not fine tent on the wall street to have this 0:21:09.800 --> 0:21:13.120 time of the Bloomberg Sports Up today. Here's Scott Seidenberg. 0:21:13.320 --> 0:21:15.959 Thanks John. The Mets felt to the Giants yesterday. Rookie 0:21:16.000 --> 0:21:19.280 Thomas Szafucky was roughed up in his first big league start. 0:21:19.480 --> 0:21:22.320 Evan Longoria homer twice, Jock Peterson one t for the 0:21:22.320 --> 0:21:24.960 fourth time in two games as the Giants beat the 0:21:25.000 --> 0:21:28.760 Mets nine three For Zapucky, he allowed nine runs on 0:21:28.880 --> 0:21:31.639 seven hits and three walks in just an inning and 0:21:31.720 --> 0:21:35.800 a third. A much different result for Yankees rookie pitcher J. P. Sears, 0:21:35.800 --> 0:21:39.560 making his first big league start. Sears tossed five scoreless 0:21:39.600 --> 0:21:42.840 innings as the Yankees blank the Orioles to nothing. Hockey tonight, 0:21:42.920 --> 0:21:46.920 Game five between the Rangers and Hurricanes from Carolina. Here's 0:21:46.920 --> 0:21:49.120 head coach Gerard Glenn. If we played them two wheel 0:21:49.160 --> 0:21:51.159 their games in the building last week, and you know 0:21:51.200 --> 0:21:52.680 we didn't meant whether the win, but we played two 0:21:52.680 --> 0:21:55.480 good hockey games. So I gotta keep working, keep playing, 0:21:55.520 --> 0:21:58.000 and it's gonna be a big game five and their building. NBA. 0:21:58.119 --> 0:22:00.800 The Celtics beat the Heat ninety three. There now one 0:22:00.840 --> 0:22:03.200 win away from a trip to the NBA Finals. Tonight, 0:22:03.240 --> 0:22:05.240 the Warriors look to close out the Mavericks in game 0:22:05.280 --> 0:22:08.240 five of the Western Finals. Tennis, at the French Open, 0:22:08.359 --> 0:22:11.879 raining women's singles and doubles champ Barbara Krutchykova was upset 0:22:11.880 --> 0:22:14.320 in the first round on Monday, and now she will 0:22:14.359 --> 0:22:17.000 not defend her doubles title as the world's number two 0:22:17.000 --> 0:22:21.359 player tested positive for COVID nineteen. Elsewhere, Raphael Nadal reached 0:22:21.359 --> 0:22:24.600 the three hundred Grand Slam match victories with his second round. 0:22:24.600 --> 0:22:27.639 Women only Roger Federer with three sixty nine and Novak 0:22:27.680 --> 0:22:31.720 Djokovic with three twenty five have more wins at major tournaments. 0:22:31.880 --> 0:22:35.800 I'm Scott Sidinburg with Bloomberg Sports. John alright, thanks so Scott, 0:22:35.960 --> 0:22:38.280 and headed the cash shows on Wall Street. We have 0:22:38.320 --> 0:22:41.760 futures right now kind of treading water down. Futures down 0:22:41.800 --> 0:22:45.159 just to seven points smp E. Many futures just to 0:22:45.240 --> 0:22:47.399 fine points slower right now. That's down a tenth of 0:22:47.400 --> 0:22:51.040