Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, March fourteen two. Coming up to sour
Speaker 1: Russia increases its aerial attacks on the western areas closer
Speaker 1: to Ukraine's porter with Poland. The U. S And China
Speaker 1: behold their first high level in person thomps since the
Speaker 1: war began. Of the Wall Street Firm, concerts s and
Speaker 1: p five hundred targets and the beds expected to raise
Speaker 1: interest rates this week. The and YPD is looking for
Speaker 1: a suspect and fatally attack homeless men who are sleeping
Speaker 1: in the streets. Plus, North Korea made teston I CBM
Speaker 1: as soon as this week. I'm Michael Ballad, I'm John Stage.
Speaker 1: Are in sports. Tom Brady's but sirement is over and
Speaker 1: he's back with Sampa Bay. The Yankees made the big trade,
Speaker 1: The Neds beat the Nags. That's all trendy ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg E Live in Freeo, New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixty, San Francisco, Syria's x M one nineteen
Speaker 1: and around the world. On Bloomberg, Radyo dot com and
Speaker 1: via the Bloomberg Business Actor. Good morning, I'm John Tucker
Speaker 1: and I'm Karen. Moscow and futures are higher this morning.
Speaker 1: We're coming up to five o one on Wall Street
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg. Right now is in the futures
Speaker 1: are up twenty seven points down, futures up two hundred
Speaker 1: forty nine and NASDAG future is up forty five. The
Speaker 1: decks in Germany is up two point one percent. Ten
Speaker 1: year treasury down seventeen thirty seconds yield two point oh
Speaker 1: five percent. They yield on the two year one point
Speaker 1: seven eight percent. Nine X screwed oil is down three
Speaker 1: and a half percent, down three dollars cents and a
Speaker 1: hundred five dollars forty four cents of barrel and comexs
Speaker 1: gold is down seven tenths percent, John, Karen, We're going
Speaker 1: to have more on the markets in a minute, but first,
Speaker 1: negotiators from Russia and Ukraine are set to hold more
Speaker 1: talks today after a weekend where Moscow increased its aerial
Speaker 1: attacks on western areas close to Ukraine's border with Poland. Meanwhile,
Speaker 1: US officials say Russia has asked China for military assistance
Speaker 1: for its war in Ukraine. Bloomberg Samy Morris has more
Speaker 1: from our n newsroom in Washington. It appears Vladimir Putin
Speaker 1: has faced more setbacks than he expected in the war
Speaker 1: with Ukraine, when US official tells Bloomberg the request for
Speaker 1: eight from China isn't new, but did not say what
Speaker 1: kind of equipment Moscow is asking for. This. As Pentagon
Speaker 1: spokesman John Kirby tells ABC S this week, the US
Speaker 1: continues to back Ukraine. We're going to continue to flow
Speaker 1: security assistance to them, the kinds of things we know
Speaker 1: they most need, the kinds of things that they're using
Speaker 1: so well, We're going to continue to help get them,
Speaker 1: get them into their hands. Meanwhile, Russia attacked the military
Speaker 1: base that acts as a hub for cooperation between Ukraine
Speaker 1: and NATO countries. That raises the possibility the Alliance could
Speaker 1: be drawn into the fight in Washington. I maybe more
Speaker 1: as Bloomberg daybreak. All right, Amy, thank you, The U
Speaker 1: S and Shina will hole the first high level in
Speaker 1: person talks since Russia's full invasion of Ukraine. We get
Speaker 1: more from Bloomberg Stephen Angle in Hong Kong, the National
Speaker 1: Security Advisor Jake Sullivan will be meeting face to face
Speaker 1: with Young j He is China's top diplomat. He is
Speaker 1: a top ranking official on the Polar Bureau. So they
Speaker 1: are raising, um, you know, the level of contact because
Speaker 1: the White House, while stopping short of, you know, outright
Speaker 1: condemning Beijing's neutral stance, they're trying to court Beijing's efforts
Speaker 1: to you know, wield its influence on Moscow, to a
Speaker 1: enforce the sanctions and as well, of course, ultimately help
Speaker 1: persuade Vladimir Putin to end his war in Ukraine, and
Speaker 1: Bloomberry Stephen Angeles says the meeting will take place in Rome,
Speaker 1: and Russian prosecutors reportedly are threatening US companies such as McDonald's,
Speaker 1: Yum and IBM for criticizing the government or pulling out
Speaker 1: of the country. According to The Wall Street Journal, assets
Speaker 1: could be seized or corporate leaders could be targeted for arrest.
Speaker 1: I Yance Chief Economic Advisor Mohammed Hilarian is saying the
Speaker 1: economic fallout from Russian President Vladimir Putin's full scare invasion
Speaker 1: of Ukraine is likely to include a further pickup in
Speaker 1: US inflation, there will be a putent inflation component. I
Speaker 1: estimate that at seven point nine percent, we will probably
Speaker 1: get very close or about ten percent before we come down,
Speaker 1: and that difference will be all because of the disruption
Speaker 1: that Putin's war imply for commodity prices, supply chains, and shipments.
Speaker 1: Muhammed Hilarian, who is also a Bloomberg contributor, made the
Speaker 1: comments on CBSS Face the Nation, which can be heard
Speaker 1: Sundays on Bloomberg Radio, and inflation is a key reason
Speaker 1: why investors expect the Fed to begin raising interest rates
Speaker 1: this week. Let's get more from Bloomberg's Fanny Down. The
Speaker 1: Fed meets Tuesday and Wednesday, and central bankers I signalville
Speaker 1: lift rates after a big cut to near zero at
Speaker 1: the start of the pandemic in March, Americans are losing
Speaker 1: ground to inflation, and that's putting a big consumer confidence
Speaker 1: lows going back to the financial crisis more than a
Speaker 1: decade ago. Data Tuesday in February, wholesale prices could show
Speaker 1: a year over year gain of ten percent. Three Kink
Speaker 1: reports this week, retail sales and industrial production could point
Speaker 1: to moderating economic growth across the US. Bene jud S
Speaker 1: Bloomberg day Break, Right, Bennie, thank you all. Higher interest
Speaker 1: rates a commodity crunch in the war has won Wall
Speaker 1: Street firm cutting its stock targets once again. We get
Speaker 1: the latest line from Bloomberg's renaed A Young, good morning,
Speaker 1: Ready to good morning, Karen. Goldman Sachs strategists are lowering
Speaker 1: their SNP five hundred target for the second time in
Speaker 1: a month, this time from forty to forty hundred. The
Speaker 1: index closed just above forty two hundred on Friday. Now
Speaker 1: it comes as the global commodity crunch, triggered by Russia's
Speaker 1: invasion of Ukraine, deepens the slump in US stocks last month,
Speaker 1: Goldman cut its initial year in target of fifty one
Speaker 1: points for the SNP five Live in New York. I'm
Speaker 1: gonna need a young Bloomberg Daybreak, thanks for a huge
Speaker 1: sell off over night and tech stocks in Asia. Let's
Speaker 1: get the rica from Bloomberg's Juliet Sally and Singapore. Good morning, Juliet,
Speaker 1: Good morning, John, and Karen. A plunge of as much
Speaker 1: as eight and a half percent in a gauge of
Speaker 1: Chinese tech firms listed in Hong Kong reverberated around the region,
Speaker 1: leaving the ms CI Asia Pacific Index in the red
Speaker 1: for a second session. A COVID lockdown in Shenjen, which
Speaker 1: is a tech hub, added to geopolitical and regulatory risks
Speaker 1: facing the sectum. A Bloomberg Intelligence gauge tracking Macaw gaming
Speaker 1: and casino stocks slumped as much as nine percent to
Speaker 1: a record low as China place the southern city into lockdown,
Speaker 1: and elsewhere. A week again saw the neck two to
Speaker 1: five games, six tenths of one percent in Tokyo in Singapore.
Speaker 1: Juliet Sally Bloomberg Daybreak a right, Juliet, thank you all.
Speaker 1: Bitcoin ether and dodge cooin got a quick boost today
Speaker 1: after Elon Musk tweeted that he owns the digital tokens
Speaker 1: and is not planning to sell Bitcoin, which has fallen
Speaker 1: almost three percent before a Musk tweet right now is
Speaker 1: trading at thirty nine thousand, eighteen dollars. It's up about
Speaker 1: nine tenths per cent again. Futures are higher this morning,
Speaker 1: S ANDP futures up thirty two points to down futures
Speaker 1: up two hundred six and NASDAG futures up sixty six
Speaker 1: and straight ahead, your latest local headlines, plus a check
Speaker 1: of sports, and this is Bloomberg. Thanks Karen. Five Wall
Speaker 1: Street hand time to bring in Michael Barr with more
Speaker 1: on what else is going on in New York Hands
Speaker 1: around the world, John, thank you very much, Sarah Police
Speaker 1: saying they are searching for a man who is believed
Speaker 1: to have attacked multiple people who are sleeping on the
Speaker 1: streets in New York City and Washington, d C, killing
Speaker 1: two of his victims and injuring three others. DC police
Speaker 1: said they are working with the NYPD to find the
Speaker 1: man who fatally shot and stabbed a man in the
Speaker 1: district and then killed another man Saturday. In New York City,
Speaker 1: New York Mayor Eric Adams says a city task force
Speaker 1: would focus on finding homeless people in the subway and
Speaker 1: other locations and urged them to take refuge at city
Speaker 1: owned shelters. We're going to take extra steps to encourage
Speaker 1: individuals to go into the shelters for safety reasons as
Speaker 1: well as the coring whether condition. Mayor Adams says this
Speaker 1: is a clear case of how there are too many
Speaker 1: illegal guns on the streets. New York City police say
Speaker 1: they have identified demand who they say snapped two employees
Speaker 1: of the Museum of Modern Art. Video released by police
Speaker 1: shows a man identified a sixty year old Gary Cobnana
Speaker 1: entering the museum lobby through a revolving door, then climbing
Speaker 1: onto the desk and leaving over it before cornering the
Speaker 1: two employees and stabbing them. Authorities say the employees suffered
Speaker 1: non life threatening injuries. North Korea could reportedly launch an
Speaker 1: i CBM as soon as this week. That's according to
Speaker 1: the onhapp news agency. It would be its most serious
Speaker 1: provocation in five years. New York City Health Commissioner Dave
Speaker 1: Choky is talking about the mental health toll from the
Speaker 1: spread of COVID nineteen. Dr Chatsky says that even members
Speaker 1: of his own families struggled emotionally due to the impact
Speaker 1: from the coronavirus. Many people have not actually been asked about,
Speaker 1: but then when you do, there is this opening up
Speaker 1: that occurs because so many people have felt disconnected in
Speaker 1: some way. Dr Chowsky's plan on stepping down today. Today,
Speaker 1: a ceremony will be held to mark his last day
Speaker 1: as New York City's health commissioner. An Oscar winning actor
Speaker 1: William Hurd. His died at age seventy one. His films
Speaker 1: included Broadcast News and The Big Chill. Herd Son sat
Speaker 1: in a statement that his father died of natural causes.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Tank, powered by more than journalists and
Speaker 1: ninalists more than a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg, John, Michael, thank you very much. Yeah.
Speaker 1: Five vote line of Wall Street Camp. That's time with
Speaker 1: the Blueberg Sports up tape. Good Morning, John Stown Show.
Speaker 1: All right, John, Good morning. That was quick. Tom Brady
Speaker 1: retired on February one, forty days later changed his mind,
Speaker 1: setting a statement that time will come, but it's not now.
Speaker 1: My place is on the field, not in the stands.
Speaker 1: He's forty four, not as if he can't play anymore.
Speaker 1: Just had a terrific season with Tampa Bay. Will now
Speaker 1: play a third season with the Bucks after twenty in
Speaker 1: New England. In Tampa, the Yankees just held their first
Speaker 1: official team workout and then made a trade with the
Speaker 1: Minnesota Twins, sent packing Gary Sanchez, the Yanks starting catchers
Speaker 1: since two thousand seventeen, and g o Or Shella, they're
Speaker 1: starting third baseman. The last three seasons, the Yanks acquired
Speaker 1: a new left side of the infield, veteran third baseman
Speaker 1: Josh Donaldson and shortstop Isaiah Kiner. Fef twenty six year
Speaker 1: old was a Gold Glove winning third baseman with Texas
Speaker 1: and twenty they moved him to shortstop last season. They
Speaker 1: traded him to the Twins on Saturday, and the next day,
Speaker 1: the Twins shipped him to the Yanks. Nets be the
Speaker 1: next one ten one oh seven, Kevin rant scored fifty
Speaker 1: three points. The unvaccinated Kyrie Irving not allowed to play
Speaker 1: home games, but he was at the Barkley Center sitting
Speaker 1: in the stands. That led Kadi to reach out to
Speaker 1: New York City Mayor Eric Adams and I say, Eric,
Speaker 1: you gotta I mean, you gotta figure something out, man,
Speaker 1: because you know it's looking crazy, especially on national TV.
Speaker 1: And we can come to the game and not play
Speaker 1: like come on. And they has said since city workers
Speaker 1: lost their jobs for not getting the vaccine, Irving should
Speaker 1: not get special treatment. Islanders beat the Ducks for three
Speaker 1: n C double A tournament Field announced Ruttors will play
Speaker 1: Notre Dame on Wednesday, Seaton Hall takes on TCU on Friday.
Speaker 1: John Stashward Bloomberg Sports. John all right, John, thanks a lot,
Speaker 1: and ahead of the cashowup a lot of ball Street
Speaker 1: futures in the US. They are higher right now, all
Speaker 1: DEA futures three D twenty four points, the ESSP futures
Speaker 1: up thirty seven and the ADS that he made futures
Speaker 1: right now they are up eighty two points. And you're
Speaker 1: listening to burg Tape break is the cure for higher prices,
Speaker 1: higher prices. Just ahead, we're going to speak with the
Speaker 1: commas Dennis Garthen this bed week. You're listening to Bloomberg
Speaker 1: tay break, markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland,
Speaker 1: at Bloomberg Quick Tape. This is a Bloomberg Business lash
Speaker 1: and I'm Karen Moscow. Stocks in Europe are rising along
Speaker 1: with US stock index futures as negotiators from Russia and
Speaker 1: Ukraine prepare for a new route of talks. A global
Speaker 1: bond route deepened with the five year treasury yield cresting
Speaker 1: two for the first time since and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: Right now, S and P futures up thirty two points.
Speaker 1: Now futures have two hundred ninety two and nasdak features
Speaker 1: up sixty three. The decks in Germany's up two and
Speaker 1: a half percent, the ten year treasury down twenty thirty seconds,
Speaker 1: the yel two point out eight percent. They yield on
Speaker 1: the two year one point eight zero percent. Nimex screwed
Speaker 1: oil is down three point eight percent, down four dollars
Speaker 1: sixteen cents at a hundred five dollars sixteen cents of
Speaker 1: Arrol Comic School down eight tenths per cent, or sixteen
Speaker 1: dollars thirty cents at nineteen sixty eight fifty announced. The
Speaker 1: Euro one point oh nine six four against the dollar,
Speaker 1: British pound one point three zero four eight, the ends
Speaker 1: at one seventeen point eight one, and Bitcoin this morning
Speaker 1: is higher, up eight tens of a percent at thirty
Speaker 1: eight thousand, nine hundred fifty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's metel Bar with more on what's going on
Speaker 1: around the world. Muddle, Good morning, Good morning, Karen. Russia's
Speaker 1: military forces are keeping up their campaign to capture Ukraine's capital,
Speaker 1: as residents of other besieged cities hold out hope that
Speaker 1: renewed diplomatic talks might open the way for more civilians
Speaker 1: to evacuate or emergency supply is to reach them. A
Speaker 1: day after expanding the war in Ukraine with an air
Speaker 1: strike on a military base close to the Polish border,
Speaker 1: Russian force has fired artillery on suburbs north and east
Speaker 1: of Keith. NFL superstar Tom Brady announced that his short
Speaker 1: lived retirement is over. Brady posted on Instagram that he
Speaker 1: believes his time isn't over yet on the field and
Speaker 1: he will return for a twenty third season with the
Speaker 1: Tampa Bay Buccaneers in the NBA. The Nets beat the
Speaker 1: next Celtics lost in the NHL. The Islanders won global
Speaker 1: news twenty four hours a day on here and on
Speaker 1: Bloomberg quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and then alst to more than a hundred twenty countries. Hi,
Speaker 1: Michael Barr, and this is Bloomberg John Michael, Thank you
Speaker 1: very much, and he is coming up on five twenty
Speaker 1: on Wall Street. We're live on the Bloomberg intraand to
Speaker 1: Broker Studios this is Bloomberg Day Break time to get
Speaker 1: you set up for the trading day. We are joined
Speaker 1: now by economist Dennis Scartman, the University of Akron in Downland, Chair,
Speaker 1: former publisher of the Gartment letter Happy Monday. Dennis. Of course,
Speaker 1: Federals are publicy makers widely expected to raise their benchmark
Speaker 1: cancers rate this week. What's going to be the impact
Speaker 1: for equity investors? Well, I think, first of all, let's
Speaker 1: understand that, yes, the Feed is going to raise the
Speaker 1: overnight fet funds rate by twenty five basis points. Mr
Speaker 1: Powell has made that abundantly clear. There was talk two
Speaker 1: and three weeks ago before Mr Powell made it clear
Speaker 1: that perhaps they had raised it by fifty basis points,
Speaker 1: but now it appears to seven will probably twenty five
Speaker 1: basis points for every meeting this year, and it means
Speaker 1: over time that the yield curve is probably going to
Speaker 1: go to a slight inversion by year end, which would
Speaker 1: be recessionary. On balance, I think that that's detrimental to
Speaker 1: stock prices in the long run. But something that I
Speaker 1: watched on a close basis is the CNN Fair and
Speaker 1: Greed Index, which is a compendium of seven different indicators
Speaker 1: of the internal components of the market, and it goes
Speaker 1: from a hundred to zero. The highest I've ever seen
Speaker 1: it when the market is overbought, as which was in
Speaker 1: the Lady late before the market crashed, and the lowest
Speaker 1: I've seen it was two, which was in March of
Speaker 1: at the height of the of the pandemic concerns or
Speaker 1: the start of the pandemic concerns. And right now we're
Speaker 1: down to eleven. Actually we're turning up from to fourteen.
Speaker 1: When you're down to those levels, when you're down under
Speaker 1: twenty and turn higher. The market has been extremely oversold
Speaker 1: and do for a bounce, and that's what we're getting.
Speaker 1: So I think that the talk this morning of peace
Speaker 1: talks once again is giving way to a bounce in
Speaker 1: the stock market. I don't think it will last very long,
Speaker 1: but we're gonna get it. We need a bounce. It's aggressively,
Speaker 1: egregiously oversold, and the bounce is long overdoing. That's what
Speaker 1: we're getting. Beyond that index, I'm looking at the fear gage,
Speaker 1: the volatility index this morning, thirty eight six. That's elevated,
Speaker 1: but certainly nowhere near the levels that we saw during
Speaker 1: the start of the pandemic. No, it's not near the
Speaker 1: levels that we got in February and March of but
Speaker 1: anytime in my in my book, when you get over
Speaker 1: thirty and turn lower, that's the the The VIX is
Speaker 1: part of the CNN Fair and Greed Index itself, and
Speaker 1: it's I think it's a bit overextended, so a little
Speaker 1: exception at this point. I think at thirty it's it's
Speaker 1: a little high. It can go. We we've seen it
Speaker 1: decide at forty five at times, and that's during periods
Speaker 1: of extreme price movements. One time last week, I think
Speaker 1: you've got its highest thirty six inter day at thirty.
Speaker 1: I think it's a little extended and one of the
Speaker 1: one of the seven component parts of the Fair and
Speaker 1: Greed Index, which is I said, has been down below
Speaker 1: twenty and has turned higher. And when it does that,
Speaker 1: you get a bounce. And that's what we're getting this morning.
Speaker 1: In the commodity space. What is the term structure telling us?
Speaker 1: The term structure has been I think something that you
Speaker 1: need to follow very closely. I started in this bit
Speaker 1: in the early nineteen seventies in the cotton market, and
Speaker 1: I learned to watch how the front month's trade versus
Speaker 1: the back months, whether we're in backwardation or contango. And
Speaker 1: I learned long ago to watch the change in the
Speaker 1: backwardation and watch the change in contango. We would do
Speaker 1: in this run up in the in in crude oil,
Speaker 1: when we got to what a hundred and thirty seven
Speaker 1: dollars a barrel for w T I, the backwardation was
Speaker 1: widening every single day. That would go up more on
Speaker 1: on up days, the front month would lose less. On
Speaker 1: down days, the backwardation would widen. And for a while
Speaker 1: last week it was interesting, as the market was going higher,
Speaker 1: the backwardation began to narrow. That's atypical, that's unusual, and
Speaker 1: that was telling me that that the crude role market
Speaker 1: was making its highs. I think we'll keep what the
Speaker 1: crude roil market is doing. Keep an eye on what
Speaker 1: the backwardation is doing. Uh. In in backward dated markets,
Speaker 1: you don't want to be you don't want to be
Speaker 1: a bear, But certainly when you start to see the
Speaker 1: backwardation begin to narrow, you you lose your impetus of
Speaker 1: being bullis. So keep an eye on the term structure.
Speaker 1: I think in in in all carrying charge markets. Whether
Speaker 1: it's corn, whether it's uh wheat, whether it's soybeans, whether
Speaker 1: it's sugar, whether it's coffee, whether it's cocoa. Importantly, when
Speaker 1: it's crude oil. The change in the in the in
Speaker 1: the nature of the backwardation, the change in the nature
Speaker 1: of the term structure is evidence of informed well hedging
Speaker 1: money inform money wise money and the term structure was
Speaker 1: beginning to turn barish in crude oil last week with
Speaker 1: the idea that the higher prices cure higher prices. Are
Speaker 1: you seeing demand destructure? Good? About twenty seconds. There's no
Speaker 1: question you're seeing demand destruction. People are changing the manner
Speaker 1: which they're driving the bills. People are changing the manner
Speaker 1: which they're eating their houses. All all prices made at
Speaker 1: the margin. When the last two percent of the buyers
Speaker 1: become sellers, markets change. When the last two percent of
Speaker 1: sellers become buyers, markets change. And there's no question at
Speaker 1: the margin, people are changing the manner in which they're
Speaker 1: using energy. So yes, demand destruction is part of the future.
Speaker 1: Oh he's a pleasure, sir. Accountabist Dennis Gartman, the University
Speaker 1: of acron Endowment Chair and former publisher of the Gartman
Speaker 1: Blender Dow futures up two DRED seventy two four and
Speaker 1: SMP futures there are up thirty points. NaN's day futures
Speaker 1: of fifty four at the Bloomberg weather for today should
Speaker 1: be a nice day. Morning clowns give me away the sunshine.
Speaker 1: The high temperature in the mid fifties. Tomorrow is sunny
Speaker 1: and mild by sixty to sixty five Wednesday sunshine, I
Speaker 1: sneer sixty. This is Bloomberg broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York. Bloomberg having freed to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one oh six one,
Speaker 1: does San Francisco, Bloomberg nine sixty to the country Sirius
Speaker 1: XM Gentle one and around the globe the Bloomberg Business
Speaker 1: apt in Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Spreet. Good morning, I'm John
Speaker 1: Tucker and I'm Perard Moscow. We're just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date in the news. You need to know
Speaker 1: at this hour, do you not? It states plans to
Speaker 1: hold its first high level in person talks with China
Speaker 1: since Russia's invasion of Ukraine began. It comes as the
Speaker 1: US says Russia has asked China for military equipment to
Speaker 1: support its invasion. Bloomberg said, Bachelor has the story. The
Speaker 1: US says nobody should help replace Russian losses during the invasion.
Speaker 1: National Security Advisor Jake Sullivan heads to Rome today for
Speaker 1: high level talks, which China's top foreign policy official, Young
Speaker 1: Jay Sheer. Meanwhile, Russia has shelled a Ukrainian military base
Speaker 1: ten miles away from the border with Poland, and Sullivan
Speaker 1: says if anything lands in Poland, NATO will respond if
Speaker 1: the United States will work with our allies to defend
Speaker 1: every inch of NATO territory, and he used the term
Speaker 1: full force reaction. In San Francisco, I'm at Baxter Bloomberg
Speaker 1: Gay Break Thanks said. Negotiators from Ukraine and Russia are
Speaker 1: set to speak today. Ukrainian President Vladimir Zelenski hopes it
Speaker 1: will lead to a meeting between himself and Russian President
Speaker 1: Ladimir Putin should then, representatives of our countries are holding
Speaker 1: daily talks via video conference. Our delegation has a clear
Speaker 1: task to do everything to arrange the meeting of the presidents.
Speaker 1: The meeting I'm sure people are waiting for. Vladimir Zelenski
Speaker 1: says a path to talks with Putin is difficult but necessary.
Speaker 1: On Wall Street, John higher interest rates. A commodity crunch
Speaker 1: in the war has one firm cutting at stock targets.
Speaker 1: Once again, we get the latest line from Bloomberg's re
Speaker 1: need a young good morning, Ready down, Good morning, Karen Goldman.
Speaker 1: Sachs strategists are lowering their SNP five hundred target for
Speaker 1: the second time in a month, this time from fort
Speaker 1: d to hundred. The index closed at just above forty
Speaker 1: two hundred on Friday. It comes as the global commodity crunch,
Speaker 1: triggered by Russia's invasion of Ukraine, deepened the slump in
Speaker 1: US stocks last month, Goldman cut its initial year in
Speaker 1: target of points for the SNP five Live in New York,
Speaker 1: I'm rened a young Bloomberg, Debrie, thanks for native looking
Speaker 1: to curb inflation the reserve of spent at the hike
Speaker 1: intust rates of this week's f o MC meeting. Fetchair
Speaker 1: Jerome Powell. Recently it's old lawmakers he'd recommend a quarter
Speaker 1: point rate hike, and doge coin experienced brief agains following
Speaker 1: a tweet from billionaire Elon Musk John, who said he
Speaker 1: isn't planning to sell any of the digital tokens. Bitcoin
Speaker 1: is currently trading at thirty nine thousand and sixty dollars.
Speaker 1: It's up about one percent this morning. Futures are also
Speaker 1: higher this morning. And straight ahead your latest local headlines
Speaker 1: plus a check of sports, and this is Bloomberg. That's
Speaker 1: final thirty three on Wall Street. Time to bring in
Speaker 1: Michael Barr with more of wells is going on to
Speaker 1: New York hand around the world, John, thank you very much.
Speaker 1: Police in New York City are searching for a Suspectona
Speaker 1: Say shot and killed a homeless person and wounded another
Speaker 1: in separate attacks over the weekend. Both victims were sleeping
Speaker 1: when they was shot. New York Mayor Eric Adams not
Speaker 1: committing the crime. I was sleeping on the streets. A
Speaker 1: total abandonment and betrayal of trust for this action to
Speaker 1: have taken place in a manner that it did. Mayor
Speaker 1: Adams announced a city task force would focus on finding
Speaker 1: homeless people in the subways and other locations and urged
Speaker 1: them to take sleep in city owned shelters. North Korea
Speaker 1: could launch an i CBM as soon as this week.
Speaker 1: The Yonhap news agencies sided unidentified South Korean government officials
Speaker 1: it would be its most serious provocation in five years.
Speaker 1: As South Korea undergoes a presidential transition and the world
Speaker 1: focuses on Russia's invasion of Ukraine. Gasoline thefts are on
Speaker 1: the rise. In Houston, for example, police are looking for
Speaker 1: thieves who stole about a thousand gallons of diesel fuel
Speaker 1: from the underground storage tanks of a family owned gas station.
Speaker 1: Station manager Gary Phail says surveillance video recorded the thieves
Speaker 1: pulling up in a van over the lids of the
Speaker 1: station's underground storage tanks. The van drives on top of
Speaker 1: the fuel tank. That's all you see. No one comes out.
Speaker 1: They have a trap door inside their vehicle, which it
Speaker 1: was crazy. Station manager Jerry Thale says the thieves struck
Speaker 1: three times last week and were chased off during a
Speaker 1: fourth robbery attempt. Former President Barack Obama says he has
Speaker 1: tested positive for COVID. Obama says, outside of a scratchy throat,
Speaker 1: he is feeling fine otherwise. Obama says his wife Michelle
Speaker 1: is tested negative and calls on people to get vaccinated.
Speaker 1: Oscar winning actor William Hurt has died as many films
Speaker 1: include Broadcast News and The Big Chill. Herd Son said
Speaker 1: in a statement that his father died of natural causes.
Speaker 1: At a global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Tank, powered by more than
Speaker 1: seven hundred journalists and analysts in more than a hundred
Speaker 1: twenty countries. I'm Michael bar this is Bloomberg, John, Michael,
Speaker 1: thank you at least now fine three, he says, So
Speaker 1: walls for Efence, time for Bluebird Sports, saying, here's John
Speaker 1: stan Shower. John. It's not as if Tom Brady is
Speaker 1: the first athlete to change their mind about retirement. Rett
Speaker 1: Farve did it a few times. Several box rooms have
Speaker 1: done it, but usually the retirement lasts a little longer.
Speaker 1: For Brady, a forty day retirement. So much for wanting
Speaker 1: to spend more time at home. He's back with Tampa
Speaker 1: Bay at age forty, coming off statistically one of his
Speaker 1: best seasons. Brady said in a statement, my place is
Speaker 1: on the field, not in the stand. The Yankees did
Speaker 1: not make any moves before the lockout. Now that it's
Speaker 1: over a trade with the Minnesota Twins. They traded Gary Sanchez.
Speaker 1: He made a big splash with his power back in
Speaker 1: two thousand seventeen, but his average fell all the way
Speaker 1: down to one forty seven a couple of years ago.
Speaker 1: Never strong defensively, Geo or Jella was terrific defensively a
Speaker 1: third base, but he was also dealt. In return, Yanks
Speaker 1: get thirty six year old third baseman Josh Donaldson the
Speaker 1: a l m v P, though that was back in
Speaker 1: two thousand and fifteen. He's bounced around in ecent years
Speaker 1: with four different teams. Yanks also acquired twenty six year
Speaker 1: old short stop Isaiah Kiner Filepo, who the Twins had
Speaker 1: just acquired on Saturday from Texas, and they get a
Speaker 1: young catcher, Ben rourkevilt At the Parklay Center, Nets beat
Speaker 1: the next one ten one oh seven. Cabinda Ran scored
Speaker 1: fifty three points and then wondered why Kyrie Irving wasn't
Speaker 1: allowed to play, considering Irving was at the game sitting
Speaker 1: in the stands ridiculous. I don't understand it, oh, I mean,
Speaker 1: as a few people in our arena has owned backs, right,
Speaker 1: They they lifted all of that in our arena, right,
Speaker 1: So it's the I don't get it. Irving's still only
Speaker 1: playing road games. Islanders into their six game homestand with
Speaker 1: a third straight win, fourth three over Anaheim n ci
Speaker 1: A tournament field and as Rutgers got in, has to
Speaker 1: play a first four game Wednesday against Notre Dame. John
Speaker 1: Stashwer Bloomberg Sports. John. All Right, John, thanks very much,
Speaker 1: fine thirty settling on Wall Street, It's time for the
Speaker 1: Try and State Business Report. For that, We're joined by
Speaker 1: Bloomberg's Scott Carr. New Jersey is set to receive six
Speaker 1: hundred forty one million dollars out of an opioid k
Speaker 1: settlement with New Brunswick based Johnson and Johnson and the
Speaker 1: nation's three biggest pharmaceutical distributors, McKesson, Cardinal Health, and Amera
Speaker 1: source Bergen. A statement from Governor Phil Murphy's office says
Speaker 1: the settlement will be paid through and will fund programs
Speaker 1: focused on treatment, prevention, and other ways to combat the
Speaker 1: epidemic in the state. A yearly analysis of Connecticut's jobs
Speaker 1: data shows the state drop it's unemployment rate to five
Speaker 1: point one percent at the end of last year, before
Speaker 1: oh Macrown related job losses pushed that figure up to
Speaker 1: five point three percent in January. Both figures are below
Speaker 1: the five point eight percent mark that analysts had previously
Speaker 1: expected in December of last year. They say that indicates
Speaker 1: a comeback for Connecticut from the COVID lockdowns, though gradual
Speaker 1: may be stronger than expected. David Busters will open a
Speaker 1: second location in Brooklyn next month. It's set to open April.
Speaker 1: That's the Bloomberg Tri State Business Report. I'm Scott Carr.
Speaker 1: Thanks Scott. It is now eight on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. And let's check in now with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Podascan on ten ten Wins in New York.
Speaker 1: We're talking about the financial worry of America's high school students.
Speaker 1: Um Courtney's Donahoe on Carol Dan Dallas. Some travel industry
Speaker 1: executives are expecting one of the best summer seasons ever.
Speaker 1: I'm Gina Servettian for w w b D. I'm in Chicago.
Speaker 1: I'm reporting that for McDonald's, continuing to pay workers in Russia,
Speaker 1: along with other costs, will add up to about fifty
Speaker 1: million a month. I'm Caroline head Killed bloom Bag d
Speaker 1: A b Dishal Radium in London. Were punting on the
Speaker 1: UK's refugee responts, the government's scraps in person visa applications
Speaker 1: and offers households cash to house refugees. I'm Scott Carr
Speaker 1: on w d c H in Washington. I'm reporting on
Speaker 1: Beltway businesses getting a boost from the war in Ukraine,
Speaker 1: and those are some of the stories. Are twenty seven
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. In a
Speaker 1: bid to ease pressure on global energy supplies, the US
Speaker 1: is open talks with the government of Venezuelan leader Nicholas Maduro,
Speaker 1: which could lead to the lifting of some sanctions against
Speaker 1: his regime. Such an outcome would be a blow to
Speaker 1: Venezuela's opposition and its desire to see Madua removed from power,
Speaker 1: the US should move forward anyway. Re Establishing diplomatic ties
Speaker 1: with Venezuela is a necessary step toward harnessing its immense
Speaker 1: energy producing potential. It could also drive a wedge between
Speaker 1: Venezuela and its chief patron Russia. Austin Maduro was a
Speaker 1: defensible goal, but the strategic environment has changed. Biden should
Speaker 1: aim for a policy that balances economic and security needs
Speaker 1: with a commitment to democratic values and provide a path
Speaker 1: to a more productive relationship with Venezuela and its long
Speaker 1: suffering people. This editorial was written by the Bloomberg Opinion
Speaker 1: editorial board. I'm David Shipley. For more Bloomberg Opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or ope and
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Bloomberg Opinion editorials can be heard every weekday. At this time,
Speaker 1: terminal customers could read more at op I n go.
Speaker 1: This is Bloomberg day break and ahead of the cash
Speaker 1: open up, Wall Street futures in the US pointed to
Speaker 1: a higher open down futures of three hundred six points
Speaker 1: S and P futures of thirty five and the landsdeckum
Speaker 1: made futures seventy five points higher. This is Bloomberg Markets
Speaker 1: headlines and breaking news twenty four hours a day, at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Out, and at Bloomberg
Speaker 1: Quick Tape. This is a Bloomberg Business lash and I'm
Speaker 1: Karen Moscow. Stocks in Europe are climbing along with US
Speaker 1: stock index futures as negotiators from Russia and you and
Speaker 1: prepare for a new round of talks on global bond
Speaker 1: route deepens, with the eels on the five and ten
Speaker 1: year treasury rising to their highest since twenty nineteen. We
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg SNP future is up thirty nine points down,
Speaker 1: futures up three hundred thirty seven. Nsday features up ninety six.
Speaker 1: The decks in Germany is up three point one percent,
Speaker 1: ten year Treasury down twenty nine thirty seconds, the yel
Speaker 1: two point o nine percent. They yield on the two
Speaker 1: year one point eight zero percent. Non mex screude oil
Speaker 1: is down more than four and a half percent, down
Speaker 1: five dollars three cents at a hundred four dollars twenty
Speaker 1: four cents of barrel. Comex school is down one percent,
Speaker 1: or nineteen dollars fifty cents at nineteen sixty five fifty announced.
Speaker 1: The euro one point o nine seven four against the dollar.
Speaker 1: British found one point three zero five two. The yun
Speaker 1: is at one seventeen point eight three Bitcoin higher by
Speaker 1: one point two percent. It's at thirty nine thousand, one
Speaker 1: hundred thirty dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. US officials say Russia
Speaker 1: has asked China for military assistance for its war in Ukraine.
Speaker 1: A spokesman for China's Foreign ministry rejected the reports today
Speaker 1: as disinformation and malicious. NFL superstar Tom Brady announced that
Speaker 1: his short lived retirement is over. Brady says he will
Speaker 1: return for the twenty third season with the Tampa Bay Buccaneers.
Speaker 1: And in baseball, a big trade for the Yankees. The
Speaker 1: New York Yankees have acquired former a l m v P.
Speaker 1: Josh Donaldson, shortstop Isaiah Kinner Felefa, and backup catcher Ben
Speaker 1: Roortveldt from the Minnesota, twins for catcher Gary Sanchez and
Speaker 1: third baseman Geo Ershlin. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quickday, powered by more
Speaker 1: than twenty seven hundred journalists an antalists in more than
Speaker 1: twenty countries. Michael bar this is Bloomberg, John, Michael, thank
Speaker 1: you very much. Fine forty nine on Wall Street. Were
Speaker 1: lying for the Bloomberg Interact Brokers Studios a time for
Speaker 1: an update on the war in Ukraine. Were joined out
Speaker 1: by Mark Champion, Bloomberg Senior reporter for International Affairs. Mark,
Speaker 1: you just heard Michael mentioned that US officials say Russia
Speaker 1: has asked SHNA for military assistance for its war in Ukraine.
Speaker 1: How likely is that? Mark Champion? Can you hear us?
Speaker 1: All right? As we try to re establish contact with
Speaker 1: our Bloomberg senior reporter for International Affairs, Mark Champion, Karen,
Speaker 1: we're going to head over to you for the time being.
Speaker 1: All Right, it is five forty nine on Wall Street. John,
Speaker 1: it is time for the Bloomberg Law Report. It has
Speaker 1: brought to you by American Arbitration Association. This is his
Speaker 1: future inevitable resolve faster with the American Arbitration Association, the
Speaker 1: global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d R dot org. Let's get to
Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger,
Speaker 1: Maxwell's lawyers argue that they didn't have the ability to quit.
Speaker 1: Millions of Americans living in states that don't adjust their
Speaker 1: tax brackets to account for surging inflation are facing hidden
Speaker 1: tax increases in their paychecks. Florida will leave the nation
Speaker 1: in sales tax holidays. Lawmakers plan to vote today to
Speaker 1: waive state levies on gasoline and a range of consumer products.
Speaker 1: The Texas Supreme Court agreed to review whether state universities
Speaker 1: have the power to revoke degrees of former students long
Speaker 1: after the students have left the institutions. Bloomberg Law everything
Speaker 1: you need, all on one legal research platform, including guidance
Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg
Speaker 1: Law dot com. Right, Jeff, thank you. Now. Another legal
Speaker 1: story we're watching. Lane Maxwell's lawyers are asking the trial
Speaker 1: judge to throw out the verdict against her for sex
Speaker 1: trafficking underage girls with Jeff re Epstein. They want a
Speaker 1: new trial because a juror did not disclose a history
Speaker 1: of childhood's sexual abuse during jury selection, but then, in
Speaker 1: interviews after the verdict, said that he had used his
Speaker 1: history to convince fellow jurors to convict Maxwell. The juror
Speaker 1: denied lying intentionally when he testified at a hearing last week.
Speaker 1: For more, Bloomberg's Juan Grosso speaks to former federal prosecutor
Speaker 1: Jessica Roth, a professor at Cardozo Law School. Maxwell's lawyers
Speaker 1: argue that they didn't have the ability to question him
Speaker 1: about possible bias, and that they would have tried to
Speaker 1: get him dismissed. So, no matter if he did it
Speaker 1: unintentionally or intentionally, isn't this the kind of juror that
Speaker 1: the defense should get a chance to knock off the jury? Well,
Speaker 1: if he had answered yet to these questions that disclosed
Speaker 1: his relevant own history of sexual abuse, there would have
Speaker 1: been follow up questions for him, as there were for
Speaker 1: other perspective jurs who disclosed that they had also been
Speaker 1: the victims of sexual abuse. There were other such prospective jurors,
Speaker 1: and when they disclosed that information, they were asked additional
Speaker 1: questions to inquire into whether they could be fair and
Speaker 1: impartial jurors in the case, the court would also have
Speaker 1: to decide whether or not he could have nevertheless have
Speaker 1: been a fair and impartial juror. And that was the
Speaker 1: kind of information that court was trying to elicit at
Speaker 1: the hearing, which was essentially to ask the follow up
Speaker 1: questions and to try to get at the very same
Speaker 1: inquiry the court would have been engaged in during the
Speaker 1: vodiar process had he answered the questions in the affirmative
Speaker 1: the first time around. Does the judge consider the fact
Speaker 1: that the victims would have to testify again and the
Speaker 1: length of time it took to try maxwell are those considerations.
Speaker 1: They're not considerations in an immediate sense. They're not part
Speaker 1: of the legal standard that the court is going to
Speaker 1: be applying here, which is much more specific to whether
Speaker 1: or not the juror was fair and impartial. But in
Speaker 1: a sense, considerations about the impact on witnesses and concerns
Speaker 1: about finality are essentially baked into the overall standards that
Speaker 1: courts apply when considering motions for a new trial. Motions
Speaker 1: for a new trial are disavored in part because of
Speaker 1: the disruption to victims lives and witnesses lives, the idea
Speaker 1: that they would have to testify again, And so courts
Speaker 1: are instructed generally under the standards governing emotions for a
Speaker 1: new trial that they should only be green when there's
Speaker 1: senily manifest injustice. Would you be surprised if the judge
Speaker 1: granted a new trial? It happened so rarely. It does
Speaker 1: happen so rarely. I think a lot is going to
Speaker 1: turn on the judges evaluation of the witness's credibility in
Speaker 1: answering these questions about why he did not give statements
Speaker 1: that were true, Because whether it's dispositive or not, whether
Speaker 1: or not he's intentionally lied, it's certainly going to be
Speaker 1: a very heavy factor. If the court finds that he lied,
Speaker 1: that would tend to suggest more a motivation on his
Speaker 1: part to try to get on the jury, and that
Speaker 1: in turn suggest more of a bias towards the defendants,
Speaker 1: and therefore that he would not have been fair and impartial.
Speaker 1: And as Jessica Roth, the professor at Cardoza Law Schools,
Speaker 1: speaking at the Bloomberg's Ding Groans and you can catch
Speaker 1: more of that interview plus analysis of the latest legal
Speaker 1: news by listening to the Bloomberg Law Show at ten
Speaker 1: pm Eastern time. John. Thanks Karen Head. We've established contact
Speaker 1: with our Mark Champion Bloomberg, senior reporter for international affairs.
Speaker 1: Sorry for the disconnect a little earlier, and uh an
Speaker 1: update on the war in Ukraine, Mark A good morning.
Speaker 1: US officials say Russia has asked China for military assistance.
Speaker 1: How likely is that and does it also risk sanctions
Speaker 1: on China? Uh? Yes, the Chinese have denied it. The
Speaker 1: partnership that they have with Russia is in part military.
Speaker 1: China has brought a lot of equipment from Russia Russian
Speaker 1: you know, less in the other direction. Um. And also
Speaker 1: they've conducted military exercises together. So it would not be
Speaker 1: a huge surprise at all if Russia were to ask
Speaker 1: if they were having any issues with supplies of missiles
Speaker 1: for example, which you know there is some uh, you
Speaker 1: know reports that they may have used fewer precision guided
Speaker 1: missiles because they just don't have enough of them in stock. Um.
Speaker 1: So it wouldn't be too surprising if they were to
Speaker 1: try and get the plenishments. Um. You know, whether that
Speaker 1: has happened or not is hard to say. Um. You know,
Speaker 1: the Chinese would have to bear in mind that it's
Speaker 1: likely that anything that they do supply would eventually show
Speaker 1: up on the battlefield, so it will become clear. It
Speaker 1: does it to indicate some level of desperation, if that's
Speaker 1: the word on the part of the Russian military. Well,
Speaker 1: they do seem to have had some logistics issues, and
Speaker 1: they've had some you know, issues with with munitions. Apparently
Speaker 1: at least they haven't used as many as people would
Speaker 1: have expected them to use. Um, So I'm not sure
Speaker 1: if the word is desperation, but they do have issues.
Speaker 1: They having to sort of call up mercenaries from Syria
Speaker 1: in order to replenish their troops. Clearly, this campaign has
Speaker 1: not gone the way that they expected it to go,
Speaker 1: and any in a minute military analysts will tell you
Speaker 1: that in three or weeks or four weeks into any
Speaker 1: military campaign, a major replenishment is needed, both of troops
Speaker 1: and equipment that starts to break down, equipment that's destroyed
Speaker 1: and so on. Just about forty five seconds left the
Speaker 1: US and China plan to hold in person talks. I
Speaker 1: think that's in wrong. Can you tell us more on
Speaker 1: what's going to happen with that? Uh, Well, the Americans
Speaker 1: have made it clear that they're gonna say to the
Speaker 1: Chinese that there will be sitting in a serious repercussions
Speaker 1: if the Chinese provide either weapons or work around so
Speaker 1: that they can help the Russians to escape sanctions. So
Speaker 1: and that that will be the pressure from the the
Speaker 1: American side. The Chinese have tried to show themselves as
Speaker 1: neutral in the conflict, but you know, on the other
Speaker 1: hand they have back the Russian narrative, in particular meanchemical weapons.
Speaker 1: Mark Ho is a pleasure, appreciate it to Mark Champion Bloomberg,
Speaker 1: Senior reporter for International Affairs with the update there on
Speaker 1: the latest on the war in Ukraine. Ahead of a
Speaker 1: cash open on Wall Street this morning, we have futures
Speaker 1: in the US. They are higher, with the down futures
Speaker 1: of three D ninety seven points, the Ryans at one
Speaker 1: point two percent, smp E Mini futures forty seven points higher,
Speaker 1: up one point one percent, and the Techa A Nastac
Speaker 1: futures right now up one D thirty one points, that
Speaker 1: is a rise of one percent. Tenure yield in the
Speaker 1: US two point zero nine percent, that's up ten basis
Speaker 1: points this morning. The two year at one point eight
Speaker 1: one percent. That's up six basis points. You're listening the
Speaker 1: Bloomberg day Break