Speaker 1: From the Bloomberg Interacted Brooker Studios. This is Bloomberg day
Speaker 1: Break for Monday, April tenth. Coming up today, the end
Speaker 1: maybe in sight for global interest rate hikes. Our new
Speaker 1: survey says the rally and tech stocks could be running
Speaker 1: out of steam. Geopolitical tensions grow as China conducts military
Speaker 1: drills around Taiwan, and the Biden administration weighs its options
Speaker 1: after a federal judge suspense an abortion pill well the
Speaker 1: first time in the university's history. Workers had Rutgers planned
Speaker 1: to strike bloss of Oaks Day to reinstate and expel
Speaker 1: Tennessee representative. I'm Michael laughter. More ahead, I'm trying stat
Speaker 1: charon'sport John rom one of the Masters. The Yankees won,
Speaker 1: the Mets lost, the nick the Nets start the playoffs
Speaker 1: on Saturday. That's all straight ahead on Bloomberg day Break
Speaker 1: on Bloomberg eliven Frio, New York, Bloomberg ninety nine one, Washington,
Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Sirius XAM one nineteen and around the world
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business
Speaker 1: add Good morning. I'm Nathan Hager and I'm Kareron Moscow.
Speaker 1: Here are the stories we're following today. Put on the
Speaker 1: Way and another Spanish superstar. We'll wear a green jacket.
Speaker 1: And it was a come from behind when for the
Speaker 1: twenty eight year old Spaniard. He entered yesterday's tournament in Augusta, Georgia,
Speaker 1: four shots back from brooks Kepka, who ended up tied
Speaker 1: for second with Phil Mickelson. We're going to have much
Speaker 1: more on Rom's victory at the Master's in Sports coming
Speaker 1: up in just a few minutes. Well, we now turned
Speaker 1: to the economy, Nathan, most global central banks maybe nearing
Speaker 1: an end to raising interest rates. When we get the
Speaker 1: details live with the Bloomberg's John Tucker, John, good morning
Speaker 1: and Karen. After the most aggressive global tightening cycle scene
Speaker 1: in decades, peak rates may be in sight. The type
Speaker 1: policy has delivered dancing economic growth and turmoil in the
Speaker 1: banking industry. Still, it's not a simple path of take
Speaker 1: Fridays better than expected payrolls report in the US. Muhammad
Speaker 1: el Area, president of Queen's College, Cambridge, reacted after those
Speaker 1: numbers crossed foot a FED. This increases a probability that
Speaker 1: they'll go twenty five basis points in early May. Now,
Speaker 1: according to Bloomberg Economics, the short lived peat for global
Speaker 1: rates will be six percent in the third quarter. By
Speaker 1: the end of next year, that measure is seen dropping
Speaker 1: to four point nine percent. At least twenty of the
Speaker 1: twenty three major jurisdictions across the globe monitor by Bloomberg
Speaker 1: are projected to be lowering borrowing costs next year. Live
Speaker 1: in New York, I'm John Tucker, Bloomberg Daybreak. Well, Thanks John,
Speaker 1: Well something else that may be short lived? Maybe this
Speaker 1: year's twenty percent rally in tech stocks. At least that's
Speaker 1: according to the latest Bloomberg m Live Pulse survey. More
Speaker 1: than a quarter of respondents expect earnings to stall the
Speaker 1: tech rally. Only fourteen percent predict further gains. Texas also
Speaker 1: looking more expensive, the NASTAC one hundreds trading at twenty
Speaker 1: four times it's forward earnings, well above it's long term
Speaker 1: average of nineteen, and the S and P five hundreds
Speaker 1: multiple of eighteen. Well, Nathan, the biggest tech stock of
Speaker 1: them all, Apple has seen personal computer shipments plunge in
Speaker 1: the first quarter, and we get the latest Live with
Speaker 1: the Bloomberg Steve A. Rappaport, Good morning, Steve, Good morning,
Speaker 1: Karen and Nathan. Shipments by all PC makers combined drop
Speaker 1: twenty nine percent for the quarter, with Apple leading the
Speaker 1: way with more than forty percent. That's according to a
Speaker 1: report from the International Data Corporation. But there's a silver
Speaker 1: lining to the slump. IDC says cooling demand is giving
Speaker 1: manufacturers time and room to make changes as they explore
Speaker 1: factories options outside of China. Experts predict a rebound in
Speaker 1: twenty twenty four, driven by the need to replace aging
Speaker 1: hardware and an improving global economy. Live in New York,
Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, Thanks Steve and other corporate news.
Speaker 1: Tesla says it's going to build a large new battery
Speaker 1: factory in Shanghai. Bloomberg Daybreak Asia anchor Brian Curtis has
Speaker 1: more from Hong Kong. Tesla will make its megapac large
Speaker 1: scale energy storage unit in this new facility. It's a
Speaker 1: move that will be seen as for the cementing China's
Speaker 1: place at the top of the energy storage supply chain.
Speaker 1: The project was announced on Sunday. Construction is set to
Speaker 1: begin the third quarter of this year. The plant will
Speaker 1: start production in the second quarter of next year. The
Speaker 1: megapac is not for evs. It's intended as a massive
Speaker 1: battery to help stabilize energy grids in Hong Kong. Bryan
Speaker 1: Curtis Bloomberg Daybreak. All right, Brian, Thanks. While geopolitical tensions
Speaker 1: are heating up this morning, a US Navy destroyer passed
Speaker 1: or the South China Sea and a show of force
Speaker 1: as China continues military drills around Taiwan. Bloomberg's Amy Morris
Speaker 1: has details from our ninety nine one newsroom in Washington.
Speaker 1: The USS MILIUS guided missile destroyer conducted freedom of navigation
Speaker 1: operations in the South China Sea near the Spratley Islands,
Speaker 1: an area that Beijing says belongs to China. The US
Speaker 1: refuses to acknowledge China's claim and regularly conduct such operations
Speaker 1: to challenge them, something China denounces as an infringement on
Speaker 1: its sovereignty. Meanwhile, China this week held exercises involving aircraft
Speaker 1: and ships near Taiwan. After Taiwan's president returned from a
Speaker 1: visit to the US, which included meetings with the House
Speaker 1: Speaker Kevin McCarthy and other lawmakers in Washington. I'm Amy Morris,
Speaker 1: Bloomberg Daybreak. Thank you, Amy. The Biden administrations on track
Speaker 1: to propose the toughest ever US curbs on car pollution.
Speaker 1: The proposed standards on cars and light trucks are set
Speaker 1: to be announced Wednesday in Detroit. They're expected to govern
Speaker 1: tailpipe emissions of carbon dioxide, smog forming, nitrogen oxide, and
Speaker 1: other pollution from vehicles manufactured in model years twenty twenty
Speaker 1: seven to twenty thirty two. The Washington Post says the
Speaker 1: goal is to have as many as two thirds of
Speaker 1: all new passenger vehicles sales electric by twenty thirty two.
Speaker 1: Well Nathan. The issue of abortion rights back in the
Speaker 1: spotlight thanks to a decision in Texas, a federal judge
Speaker 1: has suspended FDA approval of mepapriss stone, a drug that's
Speaker 1: often used in early stage medication abortions. The drug has
Speaker 1: been deemed safe and effective for decades now. Health in
Speaker 1: Human Services Secretary Javier Basra says he's weighing every option
Speaker 1: to over turn the ruling if a judge decides to
Speaker 1: substitute his preference his personal opinion for that of scientists
Speaker 1: and medical professionals, what drug is it subject to some
Speaker 1: kind of legal challenge? And Health Secretary how Yer Basara
Speaker 1: was on CNN State of the Union. The Texas judge's
Speaker 1: ruling was almost immediately contradicted by a competing decision from
Speaker 1: a judge in Washington State. And this is Bloomberg. It
Speaker 1: is forty two degrees in New York. It's going to
Speaker 1: be sunny today with a high year sixty five. We'll
Speaker 1: get down to the upper forties tonight with just a
Speaker 1: few clouds around. Time Now to take a look at
Speaker 1: some of the other stories making news in New York
Speaker 1: and around the world with Bloomberg's Michael bar Good morning, Michael,
Speaker 1: Good morning Nathan. It looks like more than nine thousand
Speaker 1: Rutgers University union members will go on strike today for
Speaker 1: the first time in the school's two hundred and fifty
Speaker 1: seven year history. Three unions representing educators, researchers, saying clinicians,
Speaker 1: took a formal vote last night to walk off the
Speaker 1: job at nine am after no agreement was made on
Speaker 1: a new contract after nearly a year bargaining. Union president
Speaker 1: Rebecca Givens spoke to ABC seven grad workers, postdocs, counselors,
Speaker 1: biomedical faculty, so called legacy faculty, and we will take
Speaker 1: this momentous step. The strike will affect all three campuses
Speaker 1: of Rutgers in Newark, New Brunswick, and Camden. Nashville, Tennessee's
Speaker 1: Metro board is expected to meet today to start work
Speaker 1: on reappointing expelled state Representative Justin Jones. The Republican controlled
Speaker 1: state House voted last week to expel Jones and another
Speaker 1: black member, Justin Pearson, over their part in a protest
Speaker 1: for gun reform legislation. Nashville Vice Mayor Jim Schulman says
Speaker 1: constituents have been silenced by the punishment. They're speaking out.
Speaker 1: They're speaking out on some serious issues, and they deserve
Speaker 1: to be heard the syst democracy. Meanwhile, Jones visited his
Speaker 1: church on Easter Sunday, bringing the congregation to its feet.
Speaker 1: A New Jersey a mom is recovering after being stabbed
Speaker 1: during morning prayers on Sunday. About two hundred people were
Speaker 1: at the Omar Mosque in Paterson, New Jersey, when an
Speaker 1: attacker rushed said Elkankib and stabbed the a mom twice
Speaker 1: in the back before being restrained by other attendees. The
Speaker 1: mom is in the hospital and stable condition, according to authorities.
Speaker 1: As for the attacker, no motive has been released. The
Speaker 1: former president's attorney general says he thinks the Manhattan criminal
Speaker 1: case against President Donald Trump is weak, but Bill Barr
Speaker 1: thinks the potential charges for where the classified documents seized
Speaker 1: at Mara Lago and the charges stemming from allegedly trying
Speaker 1: to convince Georgia officials to change the States twenty twenty
Speaker 1: election results have much better chances at sticking. Barr said
Speaker 1: Trump has no one to blame but himself for all
Speaker 1: of his legal woes. The President unfortunately has a pensiont
Speaker 1: for engaging in reckless and self destructive behavior that brings
Speaker 1: these kinds of things on him. Barr spoke on ABC's
Speaker 1: This Week, which can't be heard Sundays on Bloomberg Global
Speaker 1: News twenty four hours a day, powered by more than
Speaker 1: twenty seven hundred journalists, analyists, and over one hundred twenty countries.
Speaker 1: I'm Michael Bard. This is Bloomberg Naked. Thanks Michael Than
Speaker 1: for the Bloomberg Sports update. Good morning, John Stanshown In Morning,
Speaker 1: Nathan John Romby Game twenty twenty three by winning three
Speaker 1: of the first seven pg Evanson. Now he's won the
Speaker 1: first major, one of the Master's going away for the
Speaker 1: twelve hundred part meeting Brooks Kepka and Phil Mickelson by
Speaker 1: four shots. Britty, proud of myself from what I did,
Speaker 1: and still really hust in. Same thing yet, and I'm
Speaker 1: looking at this course and I'm still thinking I have
Speaker 1: a couple more holes left to win, and can't really
Speaker 1: say anything else. You know, this one was for Sevy.
Speaker 1: I know he was up there helping, and help he did.
Speaker 1: He's referred to the Late Sevy by Astaros, a golfing
Speaker 1: legend in Rome's native Spain. He won the green jacket
Speaker 1: forty years ago. He kept go lost by four after
Speaker 1: leading by four at the start of the day. He's
Speaker 1: left the PGA Tour to join the Live, as did Mickelson, who,
Speaker 1: at age fifty two, had not been playing well the
Speaker 1: last couple of years, but he turned back to clock
Speaker 1: yesterday with the final round sixty five. Yankees won five
Speaker 1: three at Baltimore, two one runs for Aaron Judge, one
Speaker 1: for Francie Cordero hit two in the series against the
Speaker 1: team that cut him in spring training. Yanks have won
Speaker 1: all three series so far, and they started another one
Speaker 1: tonight at Cleveland. The Mets were going for a city
Speaker 1: field sweep, but Carlos Carrasco roughed up again in Miami
Speaker 1: won seven to two. Carrasco's oh and two with an
Speaker 1: eleven era a Tampa Bay one. Again. That's a second
Speaker 1: straight eleven nothing win over Oakland, and the Rains are
Speaker 1: now nine and ozero. Nicks and Nets both lost their
Speaker 1: regular season finales and then learned their playoff openers will
Speaker 1: be on the road on Saturday. The Knicks will out
Speaker 1: of six o'clock start in Cleveland, the Nets a one
Speaker 1: o'clock tip in Philadelphia. Odell Beckham Junior will not play
Speaker 1: for the Jets or rejoined the Giants he signed with Baltimore.
Speaker 1: John Stashaward Bloomberg Sports, Nathan Okay, John, thank you up.
Speaker 1: Next year. We'll get the trading week started with Dennis Gartman,
Speaker 1: the former publisher of The Gartman Letter, as we look
Speaker 1: to the path ahead for the Fed after last week's
Speaker 1: jobs report and with more inflation data due out later
Speaker 1: this week, as we watch futures trade little changed right now.
Speaker 1: SMP Futures are little changed to the upside Down futures
Speaker 1: are up five points. Nastack futures are lower by nineteen points.
Speaker 1: This is Bloomberg Live from coast to coast, from New
Speaker 1: York to San Francisco, Boston to Washington, DC, nationwide on
Speaker 1: Sirius XAMP, the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. What
Speaker 1: will the Fed do next? It is the ongoing debate
Speaker 1: for markets, and it's gathering more steam after a March
Speaker 1: jobs report that seemed to raise bets for yet another
Speaker 1: interest rate hike. Next month. We get another key round
Speaker 1: of data for this data dependent central bank this week
Speaker 1: when the latest readings on inflation come out. Ahead of that,
Speaker 1: let's bring in Dennis Gartman to get us ready for
Speaker 1: the trading week ahead, the chairman of the University of
Speaker 1: Akron Endowment Investment Committee and the former publisher of the
Speaker 1: Gartman Letter. Dennis, it's great to speak with you. As always,
Speaker 1: where would you say the FED is in this hiking cycle?
Speaker 1: Nathan always going to speak with you, especially the day
Speaker 1: after the Masters. What a great tournament that was. But
Speaker 1: onto the most important stuff. Really very little going on,
Speaker 1: and the consensus is after Friday's non farm payroll's number
Speaker 1: of two hundred thirty six thousand, which was right on
Speaker 1: at the consensus estimation, and a revision upward in the
Speaker 1: previous month, the SET is probably going to move the
Speaker 1: overnight set funds rate at twenty five basis points higher.
Speaker 1: That may well be the last time they moved the
Speaker 1: funds rate at all for a long period of time.
Speaker 1: If you'd have asked me six weeks ago what was
Speaker 1: the SET going to do, I'd have said we had
Speaker 1: at least another twenty five basis points in May, twenty
Speaker 1: five basis points in June, and maybe twenty five basis
Speaker 1: points more or later in the summer. But given the
Speaker 1: banking let's use the term crisis, Given the banking crisis
Speaker 1: that has occurred over the course of the past over weeks,
Speaker 1: that's probably the equivalent of fifty basis points and increase
Speaker 1: in the overnight funds rate or the or the FEDS
Speaker 1: tighter monetary policies, given the fact that banks will probably
Speaker 1: somewhat reticent to make loans going forward, So we probably
Speaker 1: got twenty five basis points coming up at the May
Speaker 1: meeting and that should do it, probably through the course
Speaker 1: of the year, so we'll see what happens. But that's
Speaker 1: my estimation at this point, given the economic circumstances, given
Speaker 1: the banking circumstances, and given the inflation circumstances that prevail.
Speaker 1: Are you concerned that we could see a tightening in
Speaker 1: credit conditions? Are you seeing signs of that from banking
Speaker 1: activity at this point, it's a little too quick to
Speaker 1: say I'm seeing signs of that when I when I
Speaker 1: talk to my local banker in Tidewater, Virginia, there's a
Speaker 1: reticence on their part to be aggressive lenders of money.
Speaker 1: They're watching as I think all regional and smaller banks
Speaker 1: are probably watching there. They're being reticent. Their propensity to
Speaker 1: to be to be out looking for new loans or
Speaker 1: to be extending loans has probably been someone reduced. But
Speaker 1: it's going to take us a month to really find
Speaker 1: out if that's true or not. We'll see it's more
Speaker 1: psychological circumstance at this point. The data is still to
Speaker 1: be gotten. Is there anything that the FED can do
Speaker 1: to curtail the potential risk for a recession if we
Speaker 1: do start to see that pullback of credit conditions. The
Speaker 1: FED has actually been doing reverses with the market and
Speaker 1: injecting reserves back into the system. They should be taking
Speaker 1: sixty five billion dollars worth of assets out of the system,
Speaker 1: that's what they said they were going to do, but
Speaker 1: with this new movement on doing match sales, they're actually
Speaker 1: putting sums of money back into the system. The FED
Speaker 1: is very concerned about what happened with the Signature Bank,
Speaker 1: what happened with the Silicon Valley Bank, what happened with
Speaker 1: the First Republican republic First Bank. So they've actually sort
Speaker 1: of reversed their their propensity to tighten monetary policy as
Speaker 1: as much as they worked early on, the Feed is
Speaker 1: going to be I think reticent to take rates much
Speaker 1: higher than where they are right now. Let's let's just
Speaker 1: be blunt about it. In our last minute or so here, Dennis,
Speaker 1: we do get another reading on inflation later this week
Speaker 1: and consumer and producer prices. What's your expectation there and
Speaker 1: what could that mean for the FED? The SETS is
Speaker 1: going to look at these numbers with a with an
Speaker 1: open eye to watch to see whether the weather inflation
Speaker 1: has curtailed or not. Take a look at grain prices
Speaker 1: there down, take a look at the most noblest prices
Speaker 1: they're down. Take a look at shipping prices there down,
Speaker 1: and the propensor the The consensus estimate is that CPI
Speaker 1: will be up three tenths to four tenths or one percent.
Speaker 1: We'll see if that's that follows through later this week,
Speaker 1: But obviously these are important numbers. The set is not
Speaker 1: going to see another employment number until after the main meetings,
Speaker 1: so the only thing they're going to have to go
Speaker 1: on is going to be the CPI and PPI numbers
Speaker 1: coming out later this week. Are you looking Are you
Speaker 1: looking for any further gains in the gold market. I'm
Speaker 1: the only thing that I have in my own account
Speaker 1: at this point. I'm long a lot of two year notes.
Speaker 1: I'm short a little bit of the stock market about
Speaker 1: four percent. About portfolio is next short, and I'm long
Speaker 1: about five percent gold. I think gold is holding barely
Speaker 1: fairly well, we'll see if it can. It's holding right
Speaker 1: at two thousand dollars per ounce. We need to see
Speaker 1: a trade about twenty twenty five in the spot to
Speaker 1: really get things fired up on the upside. But I'm
Speaker 1: a little bit long of gold in my own account,
Speaker 1: and I actually have the universe of acronlong a little
Speaker 1: bit of gold at the same time to hedge against inflation.
Speaker 1: Time shall tell so in our last thirty seconds here
Speaker 1: what's the trajectory for the stock market? I actually have
Speaker 1: been embarrassed since January fifth, twenty twenty one, and continue
Speaker 1: to be modestly barissed of the stock market. I think
Speaker 1: that earnings are going to be reduced over the course
Speaker 1: of the next several years. I think that the recession
Speaker 1: is probably a certainty over the course of the next
Speaker 1: several months. And I think stock prices are extremely high
Speaker 1: relative to bond prices. I think stock prices are relatively
Speaker 1: high in technical terms. So I'm honestly, quietly, very tinily
Speaker 1: next sort of the stock market at this point. And
Speaker 1: this is from my own account. As always, good to
Speaker 1: get your perspective. Thanks for this. Dennis Gartman, the former
Speaker 1: publisher of the Gartman Letter, now chairman of the University
Speaker 1: of Akron Endowment Investment Committee. This is Bloomberg day Break Today,
Speaker 1: your morning brief on the stories making news from Wall
Speaker 1: Street to Washington and beyond. Look for us on your
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Speaker 1: Time on Bloomberg eleven three zero in New York, Bloomberg
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Speaker 1: Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: Join us again tomorrow morning for all the news you
Speaker 1: need to start your day right here on Bloomberg Daybreak