WEBVTT - Bloomberg Daybreak: March 11, 2022 - Hour 1 (Radio) 0:00:02.600 --> 0:00:06.440 Live from the Bloomberg Interactor Burgers Studios. Is Floomberg Daybreak 0:00:06.440 --> 0:00:10.200 for Friday, March eleven two. Coming up this hour. Russia 0:00:10.280 --> 0:00:13.200 continues air strikes in Ukraine as the death toll from 0:00:13.200 --> 0:00:15.760 the war mounts. President Biden calls for an end to 0:00:15.840 --> 0:00:19.160 normal trade relations with Russia. The Senate clears the spending 0:00:19.200 --> 0:00:22.520 bill that includes aid for Ukraine, and Goldman Sachs warn't 0:00:22.560 --> 0:00:25.319 about the risk of a US recession. New York Mayor 0:00:25.440 --> 0:00:29.120 Eric Adams unveils his economic development plan. Plus New Jersey 0:00:29.160 --> 0:00:33.720 residents say no self served gasoline. I'm Michael bar More Ahead, 0:00:33.920 --> 0:00:37.240 I'm John Stashdown Sports. The baseball lockout is over. Opening 0:00:37.320 --> 0:00:39.560 day of April seventh. Big win for the Nets. The 0:00:39.720 --> 0:00:45.040 Rangers lost, heartbreaking loss for St. John. That's all straight 0:00:45.040 --> 0:00:49.280 Ahead on Bloomberg day Break on Bloomberg elim Freo, New York, 0:00:49.400 --> 0:00:54.120 Bloomberg n Washington, d C, Bloomberg one oh six one, Boston, 0:00:54.280 --> 0:00:59.160 Bloomberg nine sixties, San Francisco, Sirius x M one nine Team, 0:00:59.160 --> 0:01:01.880 and around the world. Old on Bloomberg Radio dot Com 0:01:02.000 --> 0:01:08.839 and via The Bloomberg Business or Good Morning. I'm Nathan Hagar, 0:01:09.360 --> 0:01:12.119 and I'm fair at Moscow and US DOT Index futures 0:01:12.120 --> 0:01:15.000 are moving higher this morning and it's coming up to 0:01:15.000 --> 0:01:16.520 five oh one on Wall Street. IM gonna check the 0:01:16.560 --> 0:01:19.720 markets every fifteen minutes throughout the trading day. On Bloomberg 0:01:19.800 --> 0:01:23.160 SNP futures of seventeen points down, futures have one hundred 0:01:23.240 --> 0:01:26.840 five NASDAG futures up sixty four the decks in Germany's 0:01:26.880 --> 0:01:29.720 at one point two percent ten. Your treasury down one 0:01:29.720 --> 0:01:32.120 thirty second you had one point nine eight percent and 0:01:32.120 --> 0:01:35.120 they yield on the two year one point seven one percent, 0:01:35.520 --> 0:01:37.560 and n i'm ex screwde oil is up one point 0:01:37.680 --> 0:01:40.839 eight percent, up a dollar ninety and hundred seven dollars 0:01:40.920 --> 0:01:43.360 ninety two cents a barrel. Day been all right, Karen. 0:01:43.360 --> 0:01:45.240 We'll have more on the markets in a minute, but first, 0:01:45.280 --> 0:01:48.000 the latest on the war in Ukraine to cities in 0:01:48.080 --> 0:01:51.640 western Ukraine were hit by air strikes overnight. Those locations 0:01:51.640 --> 0:01:54.320 had been far from the site of recent fighting. Russia 0:01:54.440 --> 0:01:56.760 is also not letting up on the city of Mariopol 0:01:56.800 --> 0:02:00.320 after the bombing of a maternity and children's hospital. Brigs 0:02:00.360 --> 0:02:03.920 and Baxter as the latest civilians trapped inside the frigid 0:02:04.000 --> 0:02:08.440 city are scrounging for food and fuel under constant bombardment. 0:02:08.480 --> 0:02:11.359 Many don't even have heat. Michael nine, Highest, President and 0:02:11.440 --> 0:02:14.799 CEO of UNISEF, says the toll on children is immeasurable. 0:02:14.919 --> 0:02:19.160 Then in Ukraine, for years we have that Steven in 0:02:19.800 --> 0:02:22.480 in eight different locations there that are were working directly 0:02:22.480 --> 0:02:26.120 with children, children that are in bunker's, children that are fleeing. 0:02:26.440 --> 0:02:29.560 Ukraine says more than thirte hundred people have died in 0:02:29.560 --> 0:02:32.680 the ten day surge in the city in San Francisco. 0:02:32.720 --> 0:02:35.320 I'm at Baxter Bloomberg Daybreak, all right, and thank you. 0:02:35.360 --> 0:02:38.760 The US is making more moves to isolate Moscow. Now 0:02:38.800 --> 0:02:41.400 it looks like Russia will lose its preferred trade status 0:02:41.400 --> 0:02:43.799 with the United States, and Amy Morris has details from 0:02:43.800 --> 0:02:48.679 our Bloomberg newsroom in Washington. President Biden today is expected 0:02:48.680 --> 0:02:51.680 to call for an and to normal trade relations with Russia, 0:02:51.880 --> 0:02:54.880 putting them in the same category as Cuba and North Korea. 0:02:55.240 --> 0:02:59.200 This clears the way for increased tariffs on Russian imports. Biden, 0:02:59.240 --> 0:03:01.480 can't UNI, I do a really call for the change 0:03:01.560 --> 0:03:04.839 in Russia's trade status. That authority lies with Congress, where 0:03:04.919 --> 0:03:08.920 lawmakers are calling for that revocation, and sources tell Bloomberg 0:03:08.960 --> 0:03:11.840 News the president's announcement will come alongside the Group of 0:03:11.840 --> 0:03:15.400 Seven Nations and European Union leaders, which are also calling 0:03:15.440 --> 0:03:18.600 for their own reveal of Russia's trade status. In Washington, 0:03:18.680 --> 0:03:21.240 I'm amy more as Bloomberg daybreak, al right, Amy, thanks. 0:03:21.280 --> 0:03:23.959 The Senate has passed a spending bill that includes security 0:03:24.000 --> 0:03:27.000 and humanitarian aid for Ukraine. Let's get the details life 0:03:27.000 --> 0:03:29.120 from Bloomberg's who need a young Good morning Radida, Good 0:03:29.120 --> 0:03:32.560 morning Nathan. Just over thirteen billion dollars of that package 0:03:32.600 --> 0:03:36.360 goes to Ukraine for humanitarian and security aid, and it's 0:03:36.440 --> 0:03:41.320 overwhelmingly approved under a bipartisan sense of urgency. Now for Democrats, 0:03:41.360 --> 0:03:44.760 completing this bill in an era of hyperpartisanship is a 0:03:44.840 --> 0:03:48.560 major achievement. The government had been using Trump era program 0:03:48.560 --> 0:03:50.920 funding levels since the start of the fiscal year on 0:03:51.000 --> 0:03:54.400 October one, and now domestic agencies will get a nearly 0:03:54.520 --> 0:03:58.640 seven percent boost. The spending bill now helps to President 0:03:58.680 --> 0:04:01.800 Biden's desk for his Nature live in New York. I'm 0:04:01.840 --> 0:04:05.160 goneed a young Bloomberg daybreak, all right, berneda thank you. Meantime, 0:04:05.200 --> 0:04:08.280 we are seeing more financial companies cutting ties with Russia, 0:04:08.320 --> 0:04:11.480 including JP Morgan and Bloomberg's Charlie Pellett has a story. 0:04:11.800 --> 0:04:14.760 JP Morgan is the biggest American bank, and in a 0:04:14.880 --> 0:04:18.600 statement it said it is currently engaging in limited activities. 0:04:18.960 --> 0:04:21.400 Goldman was the first of the major Wall Street banks 0:04:21.440 --> 0:04:24.640 to announce its intention to exit Russia, saying it is 0:04:24.680 --> 0:04:28.640 winding down business there. The finance industry titans are joining 0:04:28.640 --> 0:04:32.000 those in other sectors, including McDonald's and Coca Cola, that 0:04:32.080 --> 0:04:35.120 have already said they will halt business operations in the 0:04:35.240 --> 0:04:39.200 nation as the death toll rises in Ukraine and millions 0:04:39.279 --> 0:04:43.239 of refugees fleet in New York. Charlie Pellett Bloomberg Daybreak, 0:04:43.279 --> 0:04:45.200 All right, Charlie, thanks in the war in Ukraine now 0:04:45.240 --> 0:04:48.800 has Wall Street cutting its forecasts for US economic growth. 0:04:48.920 --> 0:04:52.520 Let's get that story live from Bloomberg's John Tucker, John Nathan. 0:04:52.560 --> 0:04:55.320 There's more than one in three chance the US will 0:04:55.360 --> 0:04:59.000 fall into recession, according to the economist at Goldben Sachs. 0:04:59.360 --> 0:05:01.880 The down grade it comes as US consumer prices or 0:05:02.000 --> 0:05:05.719 to a fresh forty year high on rising gasoline, food 0:05:05.760 --> 0:05:08.960 and housing costs, and inflations poised to rise even further 0:05:09.040 --> 0:05:12.960 following Russia's invasion of Ukraine. Earlier this week, fed share 0:05:13.040 --> 0:05:15.720 Jerome Palell reaffirmed plans to raise the interest rates this 0:05:15.760 --> 0:05:18.960 month and commence a series of hikes to curb high prices. 0:05:19.240 --> 0:05:22.880 The International Monetary Fund also expected to cut its forecast 0:05:22.920 --> 0:05:25.479 for global growth this year. Live in New York on 0:05:25.560 --> 0:05:28.360 John Tucker Bloomberg Daybreak, All right, John, thank you, Let's 0:05:28.360 --> 0:05:31.880 turn to China now or GDP figures are also in focus. 0:05:32.000 --> 0:05:34.320 Premier le Ka cheng amits it won't be easy to 0:05:34.400 --> 0:05:37.280 hit the country's growth target this year, and Bloombery Daybreak 0:05:37.279 --> 0:05:39.880 Asia anchor Bryan Curtis has more the growth rate was 0:05:39.960 --> 0:05:42.160 set at about five and a half percent this year. 0:05:42.400 --> 0:05:46.520 The comments of difficulty reaching dot will likely stoke expectations 0:05:46.760 --> 0:05:49.680 that more support is on the way, and Lee did 0:05:49.720 --> 0:05:52.400 say that government spending will be beefed up. He spoke 0:05:52.440 --> 0:05:55.360 at the end of the annual NPC meetings and said 0:05:55.360 --> 0:05:58.320 that China can cope with the challenges. He said tax 0:05:58.360 --> 0:06:01.080 breaks for companies will be like getting oxygen two mountain 0:06:01.120 --> 0:06:04.880 climbers on Ukraine. The Premier set China supports the cease 0:06:04.920 --> 0:06:08.600 fire on Hong Kong. China supports the delay in elections 0:06:08.720 --> 0:06:12.320 to combat the virus. Brian Curtis Bloomberg Daybreak and Brian 0:06:12.360 --> 0:06:15.040 thanks Lekacheng is also announcing an end to his time 0:06:15.080 --> 0:06:17.600 as Chinese Premier. Li says he will step down from 0:06:17.640 --> 0:06:20.440 his post after this year, pointing to a coming reshuffle 0:06:20.480 --> 0:06:24.679 in the presidency of Shi jin Ping and Nathan. Turning 0:06:24.720 --> 0:06:26.599 to the markets, now, let's take a look at some 0:06:26.680 --> 0:06:29.599 stocks on the move this morning. Shares A Docusigner down 0:06:29.640 --> 0:06:33.360 eighteen percent and early trading, the electronic signature company forecast 0:06:33.440 --> 0:06:36.840 first quarter revenue below estimate. Shares A det Global Or 0:06:36.880 --> 0:06:40.280 down twenty Sources say the right hailing company haunted A 0:06:40.360 --> 0:06:42.800 planned a listed shares in Hong Kong after failing to 0:06:42.839 --> 0:06:46.160 appease regulator demands about user data and shares A Rivy 0:06:46.160 --> 0:06:48.960 and Automotive down eleven and a half percent. The electric 0:06:48.960 --> 0:06:51.960 pickup maker says plans to accelerate production are being hit 0:06:52.000 --> 0:06:55.600 by overstretched supply chains. And finally, Karen. It was two 0:06:55.680 --> 0:06:58.599 years ago today that the World Health Organization labeled the 0:06:58.640 --> 0:07:02.080 COVID nineteen outbreak up pandemic. Now a new study says 0:07:02.120 --> 0:07:05.359 the global death toll could be eighteen point two million, 0:07:05.480 --> 0:07:08.840 three times higher than official records suggest to study from 0:07:08.880 --> 0:07:11.320 the University of Washington points to a lack of testing 0:07:11.600 --> 0:07:16.040 and unreliable data to explain the discrepancy. Futures moving higher. 0:07:16.080 --> 0:07:18.240 Right now, straight ahead, your latest local headlines and a 0:07:18.320 --> 0:07:24.160 check of sports. This is Bloomberg. It's not five oh 0:07:24.240 --> 0:07:26.400 seven on Wall Street. We're forty degrees in Central Park. 0:07:26.440 --> 0:07:28.679 We gotta crash on westbound Route eighty. It's near Exit 0:07:28.760 --> 0:07:31.560 fifty eight. Details coming up in traffic. First, Michael Barr 0:07:31.680 --> 0:07:33.840 is here with more on what's going on in New 0:07:33.920 --> 0:07:36.640 York and around the world. Good Friday morning, Michael, Good 0:07:36.640 --> 0:07:39.600 morning to you, Nathan. After two years of the pandemic 0:07:39.720 --> 0:07:42.960 battering New York City, Mayor Eric Adams is open to 0:07:43.000 --> 0:07:46.800 steer the city toward an economic revival by learning tourists 0:07:46.840 --> 0:07:49.840 back and beautifying the streets. You could fill the energy. 0:07:50.000 --> 0:07:53.240 Someone called me this morning and it said Eric. I 0:07:53.400 --> 0:07:57.000 was at the Ferry. It was crowded. This is the 0:07:57.080 --> 0:08:00.520 first week where I had to wait on an elevata 0:08:00.920 --> 0:08:05.120 because it was so full. You know. The Democratic mayor 0:08:05.240 --> 0:08:08.760 unveiled an economic development plan that he said would usher 0:08:08.840 --> 0:08:11.840 in a new New York. The recovery is not going 0:08:11.960 --> 0:08:15.560 to be about getting back to it always. It's going 0:08:15.640 --> 0:08:18.160 to get back to the new ways of doing things, 0:08:18.640 --> 0:08:22.640 and we're going to take this opportunity to reboot our 0:08:22.880 --> 0:08:26.320 entire system and make changes that are going to include 0:08:26.320 --> 0:08:31.880 equity and inclusive inclusiveness. Mayor Adam's plan calls for helping 0:08:31.920 --> 0:08:37.320 small businesses and cultivating specific industries, including pharmaceuticals, manufacturing, and 0:08:37.440 --> 0:08:40.679 the legal pot industry. People in New Jersey are saying 0:08:40.840 --> 0:08:45.000 new Way to lawmakers attempts to allow self service gasoline. 0:08:45.320 --> 0:08:48.400 The Rutgers Eagleton Pole found that seventy three percent of 0:08:48.440 --> 0:08:51.360 residents prefer to have an attendant do it for them. 0:08:51.600 --> 0:08:55.600 Among women, it's t shirts and magnets have sprung up 0:08:55.640 --> 0:08:58.920 saying Jersey girls don't pump gas. It looks like North 0:08:59.000 --> 0:09:02.760 Korea tested the new missile system. U S Intelligence has 0:09:02.800 --> 0:09:06.360 now assessed that to ballistic missile tests carried out late 0:09:06.440 --> 0:09:10.480 last month and last week involved a relatively new intercontinental 0:09:10.480 --> 0:09:14.880 ballistic missile system North Korea is developing. A senior Administration 0:09:14.920 --> 0:09:17.800 official is calling it a serious escalation by North Korea 0:09:18.160 --> 0:09:21.960 and serious violations of U N Security Council rules. Jesse 0:09:22.120 --> 0:09:24.440 small Lett has been sentenced to one hundred fifty days 0:09:24.440 --> 0:09:26.960 in jail for lying to police in a racist and 0:09:26.960 --> 0:09:30.800 homophobic attack that he staged himself. Cook County Judge James 0:09:30.920 --> 0:09:34.280 Lynn tore into the disgraced actor. He took some scamps off, 0:09:34.320 --> 0:09:37.480 some healy wounds, and you've ripped him apart for one reason. 0:09:37.679 --> 0:09:39.640 You want to make yourself more famous, and for a 0:09:39.679 --> 0:09:42.559 while it worked. Judge Lynn also sentenced small Let to 0:09:42.559 --> 0:09:45.360 pay back a hundred twenty dollars to the City of Chicago. 0:09:45.679 --> 0:09:48.520 And the actor who played Louise on TV Sesame Street 0:09:48.559 --> 0:09:51.160 has died. Emilio Delgado died at the age of eighty 0:09:51.160 --> 0:09:53.840 one from blood cancer. Global News twenty four hours a 0:09:53.880 --> 0:09:56.520 day on air and on Bloomberg Quick Tank, powered by 0:09:56.520 --> 0:09:58.920 more than twenty seven hundred journalists analyst for more than 0:09:58.920 --> 0:10:01.520 a hundred twenty countries. I'm Michael Barr. This is Bloomberg. 0:10:01.880 --> 0:10:08.840 Thanks Michael. Come up to five ten on Wall Street. 0:10:08.880 --> 0:10:12.240 Time for the Bloomberg Sports Update. Spring is here, John Stash, 0:10:12.559 --> 0:10:16.400 lay Ball, and Nathan Technically. The baseball lockout lasted nine days, 0:10:16.400 --> 0:10:19.280 but all in the off season, though twice MLB announced 0:10:19.280 --> 0:10:22.080 cancellations of games. They'll end up playing all one hundred 0:10:22.120 --> 0:10:24.240 and sixty two, so and nobody lost the paycheck. Players 0:10:24.240 --> 0:10:27.559 expecting to start showing up for spring training today, mandatory 0:10:27.600 --> 0:10:32.240 by Sunday, exhibition games next weekend and opening day April seventh. 0:10:32.240 --> 0:10:34.520 It's expected the Yankees will open at home against the 0:10:34.559 --> 0:10:37.600 Red Sox with the Mets in Washington. They compromised on 0:10:37.640 --> 0:10:40.520 some economic issues. The minimum salary was raised, the playoffs 0:10:40.559 --> 0:10:43.760 expanded to twelve teams. National League will start using the 0:10:43.880 --> 0:10:46.400 d H. Other rule changes could be coming next year. 0:10:46.600 --> 0:10:49.720 Commissioner Rob Manford was asked why when it seemed like 0:10:49.760 --> 0:10:52.240 the lockout might end, it didn't, and then when it 0:10:52.240 --> 0:10:55.360 looked like it wouldn't it did. Booking back at it, 0:10:55.440 --> 0:11:00.000 I think we used deadlines effectively to move the process 0:11:00.120 --> 0:11:03.400 points in time when it needed to move, and you 0:11:03.440 --> 0:11:07.640 know who out flanked two. My view is there's only 0:11:07.679 --> 0:11:09.880 one win, and that's getting an agreement, and we got one. 0:11:09.920 --> 0:11:12.640 Infan says he hopes to have a better relationship with players. 0:11:12.640 --> 0:11:15.960 Going fuller nets some sixers in Philly first time since 0:11:16.000 --> 0:11:19.480 the big trade. It was all Brooklyn d Kevin Duran 0:11:19.559 --> 0:11:22.240 twenty five points, and Seth Curry, who was part of 0:11:22.240 --> 0:11:24.839 the trade at twenty four. James hard New engineered the 0:11:24.920 --> 0:11:28.199 Nets trading in to Philly. Struggled mightily against this whole team. 0:11:28.240 --> 0:11:31.080 Shot three of seventeen Rangers who lost the other night 0:11:31.120 --> 0:11:33.600 five to two, lost six to in St. Louis, All 0:11:33.640 --> 0:11:36.640 Islanders six nothing over Columbus, the hatrick for andrews Lee. 0:11:36.640 --> 0:11:39.520 Devils lost to Winnipeg to one. Big East Turney St. 0:11:39.559 --> 0:11:41.960 John's was going for a major upset blew a big 0:11:42.040 --> 0:11:44.920 League lost to Villanova by one. Seaton Hall lost to 0:11:45.000 --> 0:11:46.760 you kind of went for Fordham to advance at the 0:11:46.760 --> 0:11:50.480 Atlantic ten John stash Ally Bloomberg Stage, Nathan Okay, John, 0:11:50.520 --> 0:11:53.560 thank you, SMP futures up twenty points now, futures up 0:11:53.559 --> 0:11:56.880 a hundred thirty three futures are hired by seventy four points. 0:11:57.320 --> 0:11:59.840 Send your treasury little change with the yield one point 0:12:00.040 --> 0:12:08.400 nine eight percent. You're listening to Bloomberg Daybreak Bloomberg eleven 0:12:08.440 --> 0:12:11.560 three oh Weather partly Sunday today, low fifties, rainy, windy Tomorrow, 0:12:11.559 --> 0:12:14.040 could mix with some wet snow before ending early afternoon. 0:12:14.400 --> 0:12:17.360 Early highs in the upper forties. By Sunday will be 0:12:17.360 --> 0:12:23.160 in the upper thirties right now, forty degrees, markets, headlines 0:12:23.200 --> 0:12:26.160 and breaking news twenty four hours a day at Bloomberg 0:12:26.240 --> 0:12:29.880 dot Com, The Bloomberg Business and at Bloomberg Quicktake. This 0:12:30.280 --> 0:12:39.480 is a Bloomberg Business Flash and I'm Karen Moscow. Raging 0:12:39.520 --> 0:12:42.760 volatility continues to whip song global markets, capping the final 0:12:42.800 --> 0:12:45.599 week before a new US rate cycle, and or in 0:12:46.160 --> 0:12:49.400 is worsening. War in Ukraine boost inflation and threatens to 0:12:49.440 --> 0:12:51.959 sink global growth. We checked the markets every fifteen minutes 0:12:51.960 --> 0:12:55.080 throughout the trading day. Bloomberg s and P futures are 0:12:55.160 --> 0:12:59.640 up down futures five Nowaday futures up seventy one. The 0:12:59.720 --> 0:13:02.160 day in Germany is up wanted a third percent. The 0:13:02.160 --> 0:13:04.959 ten year treasury little change at one point nine eight percent, 0:13:05.360 --> 0:13:07.319 and the yield on the two year one point seven 0:13:07.400 --> 0:13:10.160 one percent. Nine x Scrude oil is up two point 0:13:10.200 --> 0:13:12.199 three percent, up two dollars forty eight cents at a 0:13:12.280 --> 0:13:15.439 hundred eight dollars fifty cents A barrel. Comic school is 0:13:15.480 --> 0:13:17.560 down to tens per cent, or four dollars ten cents 0:13:17.600 --> 0:13:21.000 at nineteen ninety six ten announce. The euro is at 0:13:21.040 --> 0:13:23.360 one point o nine seven four against the dollar. British 0:13:23.360 --> 0:13:26.199 found one point three zero seven four and again is 0:13:26.240 --> 0:13:30.280 at one sixteen point nine to bitcoin. This morning, it 0:13:30.640 --> 0:13:33.240 is moving lower down about sixtensive upper cent at thirty 0:13:33.320 --> 0:13:36.079 nine thousand, one hundred dollars. That's a Bloomberg business flash. 0:13:36.160 --> 0:13:38.240 Now here's Michael Barr with more on what's going on 0:13:38.360 --> 0:13:41.240 around the world. Unchael, good morning, Good morning, Karen. Russian 0:13:41.320 --> 0:13:44.160 strikes have hit near airports in western Ukraine as the 0:13:44.240 --> 0:13:48.480 military offensive whitened and invading troops kept up pressure on 0:13:48.520 --> 0:13:53.200 the capitol Kiev and the besieged ports city of Mariupol. Meanwhile, 0:13:53.280 --> 0:13:56.440 the Senate has given final congressional approval to a thirteen 0:13:56.520 --> 0:14:00.360 point six billion dollar emergency package of milled Jerry and 0:14:00.400 --> 0:14:04.240 you managed erryan aide for besieged Ukraine and its European allies. 0:14:04.559 --> 0:14:08.240 Major League Baseball reached new labor agreements with its players union, 0:14:08.320 --> 0:14:10.640 and in a three month lockout, it paved the way 0:14:10.720 --> 0:14:13.240 for the season to start next month. In the NBA, 0:14:13.400 --> 0:14:16.439 the Nets and Warriors one. In the NHL, the Rangers 0:14:16.520 --> 0:14:20.760 and Devils lost, The Islanders and Bruins won. Global News 0:14:20.840 --> 0:14:24.160 twenty four hours a day on air and on Bloomberg Quicktake, 0:14:24.400 --> 0:14:27.600 powered by more than twenty seven hundred journalists and analysts 0:14:27.800 --> 0:14:30.080 in more than a hundred twenty countries. I'm Michael bar 0:14:30.280 --> 0:14:33.320 This is Bloomberg, Nathan. Thanks Michael, five nineteen on Wall 0:14:33.400 --> 0:14:36.360 Street Life from the Bloomberg Interactive Broker Studios. This is 0:14:36.480 --> 0:14:39.480 Bloomberg Daybreak and Julie Norman is with us this morning, 0:14:39.520 --> 0:14:43.120 professor and lecturer on Politics and International Relations at University 0:14:43.200 --> 0:14:46.240 College London. With Russia's war in Ukraine now in today 0:14:46.400 --> 0:14:50.720 sixteen professor, Good morning. As Michael mentioned, the fighting has 0:14:50.760 --> 0:14:53.640 spread out to cities in western Ukraine that had been 0:14:53.800 --> 0:14:55.800 far from where the fighting had been up to now. 0:14:56.360 --> 0:14:59.680 And we're also getting reports that President Putin is saying 0:14:59.760 --> 0:15:04.720 that he's bringing in Middle Eastern volunteer fighters and fighters 0:15:04.800 --> 0:15:07.280 from other countries to get involved. What does this tell 0:15:07.360 --> 0:15:11.080 you about where this war is going from here? Well, 0:15:11.160 --> 0:15:13.440 good morning, Nathan, and yes, we have seen a different 0:15:13.520 --> 0:15:16.560 kind of expansion over the last day or two, as 0:15:16.600 --> 0:15:19.680 you mentioned, expanding the offensive to new cities that had 0:15:19.760 --> 0:15:23.600 not previously been targeted. And this is of course just 0:15:23.840 --> 0:15:27.800 increasing the cost and the toll on civilians quite directly, 0:15:28.200 --> 0:15:30.680 it's also increasing the number of people who have been 0:15:30.800 --> 0:15:33.800 displaced already over two million, and now that will increase 0:15:33.840 --> 0:15:36.240 in these new areas. And there's also kind of the 0:15:36.680 --> 0:15:39.280 the ongoing slow burn effect of all these things, to 0:15:39.600 --> 0:15:42.080 the sense that these cities are increasingly being cut off 0:15:42.160 --> 0:15:45.920 from heat, from water, from electricity, from food imports, and 0:15:45.960 --> 0:15:49.120 so the humanitarian conditions in these cities where the offensive 0:15:49.200 --> 0:15:52.040 is extending to just becomes more and more dire as well. 0:15:52.520 --> 0:15:54.800 We did hear also this week that Prutin has been 0:15:54.840 --> 0:15:58.720 trying to recruit some volunteers from Syria, which is where 0:15:58.760 --> 0:16:00.880 a Rush of course is very involved in the Syrian 0:16:00.960 --> 0:16:03.360 Civil War, and seems to be trying to play on 0:16:03.520 --> 0:16:06.640 that that kind of relationship there. I haven't heard exactly 0:16:06.720 --> 0:16:09.000 how many are actually taking him up on that offer, 0:16:09.120 --> 0:16:11.040 but there do seem to be those kinds of overtures 0:16:11.080 --> 0:16:13.560 happening in terms of where it all goes. Again, this 0:16:13.720 --> 0:16:16.520 is something that we've all been trying to um to 0:16:17.080 --> 0:16:20.320 ascertain since the beginning. Um Again, I think as the 0:16:20.400 --> 0:16:25.040 squeeze on humanitarian populations continues, uh, and as the squeeze 0:16:25.080 --> 0:16:27.880 on Russian continues with sanctions, you know, the hope is 0:16:27.920 --> 0:16:30.760 obviously there will be a bit more nudge towards negotiations 0:16:30.840 --> 0:16:33.880 and there are some tangible things to actually discuss in 0:16:34.040 --> 0:16:36.960 terms of territory, in terms of proposed neutrality, but I 0:16:37.000 --> 0:16:38.880 don't think either side is quite at that point yet. 0:16:40.000 --> 0:16:41.960 When you think about the war in Syria and the 0:16:42.080 --> 0:16:44.600 idea of fighters coming in from there, we all remember 0:16:44.600 --> 0:16:47.000 the atrocities that have taken place over this more than 0:16:47.120 --> 0:16:50.320 decade long war in Syria. And now the Russians are 0:16:50.760 --> 0:16:55.520 pointing out these sort of disputed reports about US and 0:16:55.760 --> 0:17:00.360 urine Ukrainian biochemical weapons development. It's ray see a lot 0:17:00.400 --> 0:17:02.160 of concern, isn't it that that could be some kind 0:17:02.160 --> 0:17:05.480 of false flag for Russia perhaps mirror some of the 0:17:05.560 --> 0:17:08.359 same tactics that have taken place in Syria when it 0:17:08.400 --> 0:17:12.840 comes to banned weapons. Absolutely, and we see the Biden 0:17:12.840 --> 0:17:15.639 administration and allies trying to get out ahead of this, 0:17:15.880 --> 0:17:19.679 as they have with previous UH intelligence that they had 0:17:19.800 --> 0:17:22.680 leading up to the current invasion, where they had a 0:17:22.760 --> 0:17:26.120 sense that Russia was trying to use misinformation about Ukrainian 0:17:26.160 --> 0:17:28.800 development of something, in this case chemical weapons that might 0:17:28.880 --> 0:17:32.640 actually indicate something Russia itself is planning to do. UM Again, 0:17:32.720 --> 0:17:35.280 none of that is confirmed yet, but it is certainly 0:17:35.480 --> 0:17:39.119 UM considered a very possible threat. And again this is 0:17:39.200 --> 0:17:41.840 something that you know, we've seen Russia take very um 0:17:42.119 --> 0:17:45.480 costly actions against civilians, not only in this crisis, but 0:17:45.600 --> 0:17:47.920 as you mentioned in Syria, also in Technia in the 0:17:48.040 --> 0:17:52.080 past when gros and umensities like Aleppo were you just 0:17:52.160 --> 0:17:55.720 had very massive civilian casualties, not only through chemical weapons, 0:17:55.800 --> 0:17:58.119 but more over just through conventional weapons and the use 0:17:58.200 --> 0:18:01.600 of areads in particular, which we haven't seen extensively yet 0:18:01.960 --> 0:18:04.919 in Ukraine, but could certainly ramp up if if Russia 0:18:04.960 --> 0:18:07.840 decides to play that card. The White House, as President 0:18:07.920 --> 0:18:10.000 Biden is going to make an announcement of further action 0:18:10.080 --> 0:18:13.239 against Russia this morning. Bloomberg News is reporting he's going 0:18:13.280 --> 0:18:17.320 to call for an end to Russia's preferred normal trade relations. 0:18:17.400 --> 0:18:21.240 Do you see that making any difference? So Biden has 0:18:21.280 --> 0:18:24.879 been in conversation with European allies about this move. So 0:18:25.240 --> 0:18:27.560 this call is supposed to come today, most likely in 0:18:27.680 --> 0:18:31.160 concert with the EU and the G seven. For the US, 0:18:31.200 --> 0:18:33.960 it will allow the US to obviously put more tariffs 0:18:34.000 --> 0:18:37.480 on Russian goods that's only about twenty billion dollars. Only 0:18:37.480 --> 0:18:40.119 about five percent of Russian exports come to the US. 0:18:40.400 --> 0:18:42.760 But about a third of Russian exports go to the EU, 0:18:43.000 --> 0:18:45.119 So if the EU and the G seven make this 0:18:45.240 --> 0:18:47.720 move in concert, that's more where we'll have the effect 0:18:47.760 --> 0:18:49.320 then with the US, But for the U S it's 0:18:49.320 --> 0:18:52.200 an important political movement the less only about thirty seconds 0:18:52.280 --> 0:18:54.760 left here, Professors, there a risk that public support for 0:18:54.840 --> 0:18:58.920 pressure on Ukraine changes if the economic pain gets worse 0:18:59.320 --> 0:19:03.280 for a mayor, Arikans and Europeans. Well, obviously that's been 0:19:03.320 --> 0:19:05.640 a threat since the beginning. But so far, Nathan, we've 0:19:05.680 --> 0:19:10.080 seen just unprecedented solidarity from UH people around the world, 0:19:10.119 --> 0:19:12.119 but also from the private sector around the world and 0:19:12.200 --> 0:19:15.600 really kind of pushing back at this aggression from Russia. UM. 0:19:15.760 --> 0:19:18.120 With that said, you know, we've seen the numbers coming 0:19:18.160 --> 0:19:20.919 out this week in the US, highest inflation in decades 0:19:20.960 --> 0:19:23.159 and just keeps getting higher. So I do think that 0:19:23.200 --> 0:19:27.719 will affect people's perceptions, but I think anyone paying attention 0:19:27.800 --> 0:19:30.800 knows that the inflation issues started before the war. It's 0:19:30.840 --> 0:19:32.880 been exacerbated by it, but there's a lot of other 0:19:32.920 --> 0:19:36.280 factors going into that as well. Thank you as always, Professor, 0:19:36.359 --> 0:19:38.320 good having you on with us this morning. Julie Norman, 0:19:38.359 --> 0:19:42.560 Professor and lecture on Politics and International Relations at University 0:19:42.640 --> 0:19:45.880 College London. Future is moving higher at the moment. SMP 0:19:46.000 --> 0:19:48.479 futures up twenty points, staff futures up a hundred thirty four, 0:19:48.560 --> 0:19:51.240 nasty futures higher by sixty eight points. In the tenure 0:19:51.280 --> 0:19:54.719 treasury right now little chains yield one point nine eight percent. 0:19:54.920 --> 0:19:58.439 Just ahead. More Ukraine aid coming in a massive government 0:19:58.480 --> 0:20:02.159 funding bill, and the or leads to more growth downgrades 0:20:02.240 --> 0:20:08.399 in the US. This is Bloomberg Bloomberg eleven three oh 0:20:08.440 --> 0:20:11.879 weather partly sunny, low fifties today, rainy, windy tomorrow. The 0:20:11.960 --> 0:20:14.399 rain may wicks with what snow. Early highs in the 0:20:14.480 --> 0:20:17.000 upper forties with temperatures falling through the afternoon. We'll only 0:20:17.040 --> 0:20:20.040 get to upper thirties by Sunday. Right now forty degrees 0:20:22.000 --> 0:20:26.480 broadcasting live from the Bloomberg Interactive Broker Studio in New York. 0:20:26.640 --> 0:20:30.440 Bloomberg E Loving Freedom to Washington, d C, Bloomberg On 0:20:30.720 --> 0:20:33.920 to Boston, Bloomberg one O six one does San Francisco, 0:20:34.000 --> 0:20:37.439 Bloomberg sixty to the country, Sirius XM to the one 0:20:37.520 --> 0:20:40.639 nine and around the globe, the Bloomberg Business app and 0:20:40.720 --> 0:20:50.560 Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 0:20:50.640 --> 0:20:52.920 thirty on Wall Street. Good morning. I'm Nathan Hagar and 0:20:53.000 --> 0:20:55.760 I'm Karen Moscow. We are just about four hours away 0:20:55.840 --> 0:20:57.600 from the open of US trading. Let's get you have 0:20:57.680 --> 0:20:58.959 to date on the news you need to know at 0:20:59.000 --> 0:21:02.200 this hour. Beginning with day sixteen of the war in Ukraine, 0:21:04.760 --> 0:21:07.399 sirens heard again in a capital, Kiev. The mayor of 0:21:07.440 --> 0:21:10.119 the city says almost half of its citizens have fled 0:21:10.280 --> 0:21:14.119 since Russia's invasion began. Cities in western Ukraine are now 0:21:14.359 --> 0:21:17.760 under attack to taking fire from a long distance strikes. 0:21:18.200 --> 0:21:21.439 In the south, the city of Mariopol remains under siege. 0:21:21.720 --> 0:21:25.159 The death toll there has reportedly passed thirteen hundred. Meantime, 0:21:25.200 --> 0:21:27.639 back in d C, Karen, President Biden is set to 0:21:27.720 --> 0:21:30.800 call for an end to normal trade relations with Russia. 0:21:31.040 --> 0:21:33.560 Sources say the plans would allow for increased tariffs on 0:21:33.640 --> 0:21:37.399 Russian imports, putting Moscow on par with Cuba and North Korea. Well. 0:21:37.400 --> 0:21:39.359 At the same time, Nathan, the Senate has passed a 0:21:39.440 --> 0:21:42.960 spending bill that includes security and humanitarian aid for Ukraine, 0:21:42.960 --> 0:21:45.600 and we get the details live with the Bloomberg's Ranida Young. 0:21:45.640 --> 0:21:48.800 Good morning, Ranida Good morning, Karen. Just over thirteen billion 0:21:48.880 --> 0:21:52.000 dollars of that package goes to Ukraine for humanitarian and 0:21:52.160 --> 0:21:55.480 security aid. For Democrats, passing this bill in an era 0:21:55.560 --> 0:21:59.679 of hyper partisanship is a major achievement. The government had 0:21:59.720 --> 0:22:02.960 been using Trump era program funding level since the start 0:22:03.000 --> 0:22:06.040 of the fiscal year on October one, and now domestic 0:22:06.119 --> 0:22:09.880