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Speaker 1: My from the Bloomberg Interacted Burger Studios is Bloomberg day

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Speaker 1: Break for Monday, April eighteen two. Coming up this hour,

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Speaker 1: Russia surrounds the sports city of mariopoul Is. The war

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Speaker 1: in Ukraine intensifies US natural gas searches to a thirteen

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Speaker 1: year high. J Powell may Reinforce bets that the FED

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Speaker 1: raises interest rates by a half percentage point next month,

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Speaker 1: and Beg of America kicks off a busy week of earnings.

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Speaker 1: New York's mayor and police commission their address shootings in

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Speaker 1: the city plots. Officials in New Jersey are looking into

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Speaker 1: a link between a high school and brain cancer. Michael

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Speaker 1: barn Or Ahead, I'm John Stasharon sports heartbreak for the Nets.

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Speaker 1: They lost at the Bluzzer in Boston. The Mets one

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Speaker 1: fived and up in the Yankees last five to nothing.

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Speaker 1: That's all straight Ahead on Bloomberg day Break on Bloomberg eleven, TREEO,

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Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one six one, Boston,

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Speaker 1: Bloomberg nine sixty, San Francisco, Sirius x M one ninety

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Speaker 1: and around the world on Bloomberg Radio dot Com and

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Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Hagar

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Speaker 1: and I'm Karen. Moscow and US Dock index futures are

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Speaker 1: lower this morning, and we checked the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg we are coming

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Speaker 1: up to five oh one. On Wall Street, SMP futures

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Speaker 1: are down about nineteen points this morning, down futures down

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Speaker 1: eighty three, and NASDAG future is down about eighty four.

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Speaker 1: The d K to twenty five in Japan was down

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Speaker 1: one point one percent. Ten year treasury down eight thirty seconds,

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Speaker 1: yield two point eight six percent. Yield on the two

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Speaker 1: year two point four eight percent. Nine X screwt oil

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Speaker 1: down three ten percent or thirty cents at a hundred

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Speaker 1: six dollars sixty five cents of barrel comacs gold up

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Speaker 1: one point two percent. It's at one thousand, nine hundred

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Speaker 1: ninety seven dollars eighty cents announced in Nathan, all right, Karen, thanks,

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Speaker 1: we have one of the markets in a minute. First week,

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Speaker 1: you need to bring you the latest on the war

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Speaker 1: in Ukraine. The Russian military says it has the port

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Speaker 1: city of Mara Pulse surrounded as it prepared for a

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Speaker 1: new offensive in the eastern don Bass region. Meantime, Ukrainian

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Speaker 1: officials say at least six people have been killed in

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Speaker 1: Russian strikes on Laviv. That's a western city that's been

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Speaker 1: a haven for people fleeing the war. We get more

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Speaker 1: in this report from Amy Morris in our Bloomberg newsroom

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Speaker 1: in Washington. In his daily address, Ukrainian President vladimir's Olinsky

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Speaker 1: reiterated his country's resolved to fight the Russian forces in

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Speaker 1: the don Bass region, saying that peace talks with Russia

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Speaker 1: have reached a dead end. Ukrainian Prime Minister at Dennis

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Speaker 1: Tomail tells ABC's this week their forces remain ready to

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Speaker 1: defend Ukraine. Quote to the end, do you still are fighting?

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Speaker 1: And we have bottled in the don Bass region right now,

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Speaker 1: but we do not do not have intention to surrender. Meanwhile,

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Speaker 1: Ukrainian officials will be in Washington for this week's meetings

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Speaker 1: of the International Monetary Fund and the World Bank to

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Speaker 1: look for financial support in Washington. I'm Maymy Morris, Bloomberg Daybreak.

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Speaker 1: All right, Amy, thank you all. President Zelenski is urging

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Speaker 1: the President of the United States to visit Kiev and

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Speaker 1: see the devastation for himself. Ukrainian Foreign Minister Dimitriro Kuleba

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Speaker 1: says a meeting between the two leaders could pay the

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Speaker 1: way for new supplies and weapons, as well as discussions

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Speaker 1: on ending the war. We would be happy to see

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Speaker 1: him in our country and it would be an important

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Speaker 1: message of support to us and for a minister. Kuleba

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Speaker 1: spoke on CBSS Face the Nation, heard Sundays on Bloomberg Radio.

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Speaker 1: White House aids have said they hope to send a

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Speaker 1: senior official to Ukraine in the coming days. President Biden

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Speaker 1: has said he wants to visit, but the White House

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Speaker 1: says neither he nor Vice President Harris will make the

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Speaker 1: trip well. Their war in Ukraine is continuing to have

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Speaker 1: an impact on energy markets. Karen Us natural gas prices

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Speaker 1: are trading at a thirteen year high this morning. Suppliers

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Speaker 1: are struggling to meet a post pandemic surge and consumption

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Speaker 1: while turning the economy now. Nathan J. Powell may reinforce

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Speaker 1: bets at the Federal Reservo race interest rates by fifty

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Speaker 1: basis points next month. The FED chair will speak at

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Speaker 1: two events on Thursday, including a panel hosted by the

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Speaker 1: International Monetary Fund aheaded about the FED issues. It's your

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Speaker 1: port Caught in the US economy On Wednesday, Bloomberg's Vinnie

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Speaker 1: Deal Judais has more. The magnitude of upcoming interest rate

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Speaker 1: increases may well depend on the Fed's economic intelligence. The

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Speaker 1: Beige Book will provide fodder for next month's policy meeting.

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Speaker 1: Inflation is running at the fastest pace since the early

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Speaker 1: nineteen eighties, and the prior page book reported an elevated

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Speaker 1: degree of uncertainty. Also one this week's economic calendar variety

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Speaker 1: figures on the property market, builder confidence, housing starts and

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Speaker 1: existing home sales. Rising mortgage rates are an issue. The

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Speaker 1: Meat del Judace Bloombergday Break, All right, Vinny, thank you now.

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Speaker 1: History suggests the FED will face a difficult task in

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Speaker 1: tightening monetary policy enough to cool inflation without causing a recession.

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Speaker 1: We get more live from Bloomberg's Ornita Young, Good Morning Grenada,

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Speaker 1: Good morning Nathan. There's about a thirty five percent risk

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Speaker 1: of a recession over the next two years. That's according

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Speaker 1: to Goldman Sex, and economists there say the Fed's main

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Speaker 1: challenge is to reduce the gap between jobs and workers

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Speaker 1: and slow wage growth to a pace consistent with its

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Speaker 1: two percent inflation goal. They say the FED would need

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Speaker 1: to do that by tightening financial conditions enough to reduce

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Speaker 1: job openings without sharply raising unemployment, but achieving a so

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Speaker 1: called soft landing may be tough. Historically, large declines in

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Speaker 1: the gap in the US have only occurred during recessions,

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Speaker 1: and Goldman's Chief Economists says a recession is not inevitable

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Speaker 1: because post COVID normalizations in labor supply and durable goods

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Speaker 1: prices will help the FED. Live in New York, I'm

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Speaker 1: really need a young Bloomberg day break, all right, Granted

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Speaker 1: to thank you about turning to the equity market's. Much

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Speaker 1: of Europe, along with Australia and Hong Kong, remains shot

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Speaker 1: for Easter, but earnings remain in focus, and nearly seventy

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Speaker 1: companies in the SNP filem hundered reporting this week as

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Speaker 1: Bloomberg stionale Bounce SA reports. Banks will once again be

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Speaker 1: front and center this morning as Bank of America reports

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Speaker 1: earnings today. Investors will keep an eye on whether or

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Speaker 1: not interest income will continue to rise as interest rates rise,

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Speaker 1: or will interest rates start to impact consumer demands for loans.

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Speaker 1: Trading has also held up at most of the major banks,

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Speaker 1: despite investor's fears of a major slowdown. Will Bank of

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Speaker 1: America also be able to keep steady and equities trading

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Speaker 1: and fixed income in commodities as some of the other

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Speaker 1: banks have started to benefit more than investors expected. In

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Speaker 1: New York Omptionali basst bloom Brick Daybreak, Okay, Sally, thank you.

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Speaker 1: Shares of Twitter are up about two percent in early

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Speaker 1: trading as the Elon Musk saga continues. Over the weekend.

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Speaker 1: Musk said the economic interests to Twitter's board are not

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Speaker 1: aligned with shareholders, must treated the comments after the social

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Speaker 1: media company took steps to ward off his takeover attempt.

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Speaker 1: Shares of China's d D Global or downward than twenty

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Speaker 1: The company You said it will hold an extraordinary general

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Speaker 1: meeting next month to vote on delisting its shares from

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Speaker 1: the New York Snoke Exchange is to sign the right

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Speaker 1: hailing giant is heating Beijing's call to address concerns about

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Speaker 1: how it's data is handled abroad and turning to the

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Speaker 1: pandemic Karen Shanghai has reported its first deaths in the

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Speaker 1: midst of China's biggest COVID flare up tens of millions

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Speaker 1: have been barred from leaving their homes. That's led to

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Speaker 1: criticism the China zero COVID policy is inflicting too heavy

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Speaker 1: a social and economic toll. You're listening to Bloomberg Daybreak.

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Speaker 1: It's sound five oh seven on Wall Street where forty

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Speaker 1: one degrees in Central Park. Quiet start, so far getting

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Speaker 1: in this morning. We'll see if that holds up in

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Speaker 1: the traffic report shortly. First, Michael Barr is here with

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Speaker 1: more on what's going on in New York and around

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Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York

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Speaker 1: City residents are still recovering from the terrifying shooting of

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Speaker 1: ten people inside the New York City subway and a

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Speaker 1: subsequent thirty hour manhunt. It comes as many New Yorkers

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Speaker 1: are sharing their fears of rising crimes in their city.

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Speaker 1: New York Mayor Eric Adams says that people should stay

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Speaker 1: vigilant when they encountered violence, both on the street and

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Speaker 1: on the web. I think social media must step up.

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Speaker 1: There's a corporate responsibility. When we are watching hate brew online,

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Speaker 1: we could identify using artificial intelligence and other methods to

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Speaker 1: identify those who are talking about violence. New York City

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Speaker 1: Police Commissioner Teaching Sewul agrees with Mayor Adams and praise

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Speaker 1: the work of the entire city. Last week we had

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Speaker 1: a number of people looking for him, hundreds of the

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Speaker 1: tecers looking for him. But I think one of the

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Speaker 1: key factors also is our false force multiplayer, which are

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Speaker 1: the eyes and ears of our incredible New Yorkers, and

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Speaker 1: we were able to bring him into custody. Commissioners Seul

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Speaker 1: and they're at him. Spoke on a dc S this week,

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Speaker 1: which can be heard Sundays on Bloomberg. New Jersey. Officials

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Speaker 1: are investigating the possible alarming link between cases of brain

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Speaker 1: cancer and students and staff at Colonia High School in

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Speaker 1: the town of Woodbridge, spanning about three decades. So far,

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Speaker 1: a hundred five people have contracted brain tumors, about half

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Speaker 1: of them cancerous. Environmental engineers are now testing the grounds

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Speaker 1: for contamination. Dot Reef Kamal is the Chief Patient Officer

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Speaker 1: for the American Cancer Society. To see any number in

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Speaker 1: the dozens in any particular area, even over a period

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Speaker 1: of twenty five years, is highly unusual and requires some investigation.

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Speaker 1: Dr Reef Kamal says the results are expected at the

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Speaker 1: end of the month. Philadelphia is bringing back the indoor

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Speaker 1: mask mandate today due to a rise in COVID infections.

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Speaker 1: Of the mandates are returning. Mass mandates are returning today

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Speaker 1: to the University of Connecticut. Companies owned by far right

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Speaker 1: radio host Alec Jones filed for bankruptcy after being hit

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Speaker 1: by a flurry of lawsuits. Jones and his companies last

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Speaker 1: year were found liable in a defamation lawsuit brought by

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Speaker 1: relatives of children killed in the twenty twelve Sandy Hook

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Speaker 1: School massacre after Jones called the shootings of hoax. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists

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Speaker 1: and analysts more than a hundred twenty countries. Michael barn

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Speaker 1: This is Bloomberg Naked. Thank Michael. Coming up to five

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Speaker 1: ten on Wall Street. Time for the Bloomberg Sports Update.

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Speaker 1: Good morning, John Sire, Good morning Nathan. A lot of

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Speaker 1: hype for this first round playoff series of again in Boston.

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Speaker 1: That's of course bringing the star power with Kevin Durant

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Speaker 1: Kyrie driving Game one to not disappoint for excitement that's

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Speaker 1: went from down fifteen to five. They were up one

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Speaker 1: when a Durant miss led to the final possession. Here's

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Speaker 1: that what sounded w b Z in Boston nine seconds ago.

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Speaker 1: Taylor's turds the quarter on Drugget eight seconds check out,

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Speaker 1: let's not smart up picks finds the counter. Tatons debat

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Speaker 1: de bunzer, it's Ober, It's Ober. The seventh to b

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Speaker 1: the ball buzzer one one fourteens. Hey then played all

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Speaker 1: but three minutes, scored thirty one points. Kyrie for in

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Speaker 1: thirty nine eight teen in the fourth quarter. Each shot

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Speaker 1: seemingly harder than the last one, but Durant held the

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Speaker 1: twenty three shot just nine of four. Epic Game one

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Speaker 1: Game two Wednesday in Boston, and the home teams all won.

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Speaker 1: Miami over Atlanta, the heat held Hawk star Trey Young

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Speaker 1: the one for twelve student in Milwaukee be Chicago, Phoenix

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Speaker 1: speak New Orleans. The Mets have now played three series,

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Speaker 1: may have won them all. Five nothing over Arizona City

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Speaker 1: Field that David Peterson four relievers held the d Backs

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Speaker 1: to five hits, struck out Tanna two. Go on over

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Speaker 1: for Peter Alonso. He's already got fourteen RBIs the lead

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Speaker 1: the league Mets Hos to Giants Tonight, Yankee bats again,

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Speaker 1: Quiet and Baltimore. The Orioles won five to nothing, scoring

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Speaker 1: all five and the eighth and he Yanks and only

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Speaker 1: four hits all singles. They struck out ten times in

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Speaker 1: two losses of the lowly Oriols, they scored one run

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Speaker 1: in twenty innings, struck out twenty three times. Yanks now

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Speaker 1: five hundred as they played tomorrow in Potroit. John Stash

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Speaker 1: Howard Boomberg sports naked, thank you, john SMP futures now

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Speaker 1: down nineteen point, staff futures down eighty nastack futures lower

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Speaker 1: by eighties six points in the tenure treasuries down eight

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Speaker 1: thirty seconds, the yield two point eight six per cent.

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Speaker 1: As we get ready for a busy week for earnings

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Speaker 1: and fed speak. Check in next with low Acalvacina of RBC.

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Speaker 1: This is Bloomberg Blumber eleven three or whether we've got

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Speaker 1: frost advisories and freeze warnings in parts of the region

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Speaker 1: this morning, chance of late day rain today with behind

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Speaker 1: your fifty five degrees sunshine returns tomorrow. Pies in the

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Speaker 1: mid fifties currently forty one in Central Park, markets, headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot Com, The Bloomberg Business at and at Bloomberg Quicktake,

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Speaker 1: this is a Bloomberg business lash and I'm camera in Moscow,

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Speaker 1: US dot Index Future is moving lower this morning. Treasury

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Speaker 1: yiel to rising as investors way the prospect of faster

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Speaker 1: policy tightening by the Federal Reserve. And we checked the

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Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

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Speaker 1: SNP Future is down nineteen points down, Futures down eighty four,

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Speaker 1: NASDAG futures down five ten ure Treasury don eight thirty

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Speaker 1: seconds here two point eight six percent, then a yield

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Speaker 1: on the two year two point four eight percent. Nine

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Speaker 1: max screwed oils down half percent or fifty six cents

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Speaker 1: and a hundred six dollars forty four cents, and barrel

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Speaker 1: collmics gold up one point one percent or twenty one

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Speaker 1: dollars ninety cents. At nineteen ninety six eighty announced the

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Speaker 1: euro one point oh seven nine five against the dollar,

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Speaker 1: British found one point three zero one seven and again

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Speaker 1: one twenty six point six to. Looking at Bitcoin this morning,

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Speaker 1: down three and a half percent at thirty eight thousand,

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Speaker 1: eight hundred seventy seven dollars, and Back of America's among

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Speaker 1: companies schedule to report earnings today. That's a Bloomberg business flash.

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Speaker 1: Now here's Michael Barr with Moore on what's going on

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Speaker 1: around the world. Michael, thank you very much. Karen. Ukrainian

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Speaker 1: officials say Russian missile strikes on the western Ukrainian city

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Speaker 1: of Leviv f killed six people. Leviv's regional governors said

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Speaker 1: there were four strikes today. Chinese officials say three people

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Speaker 1: have died from COVID nineteen in Shanghai, and the first

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Speaker 1: reported deaths of the latest outbreak in the city. Health

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Speaker 1: officials said all three were elderly, had underlying diseases and

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Speaker 1: we're unvaccinated. In Game one of their NBA playoff series,

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Speaker 1: the Celtics beat the Heat one in the NHL, the

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Speaker 1: Islanders lost. I'm sorry they beat the Nets. My apologies.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quicktake Power by more than the journalists and

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Speaker 1: analysts in more than a twenty countries. I'm MICHAELA. Barr,

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Speaker 1: and this is Bloomberg. Don't upset the Islanders fans. I'm sorry.

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Speaker 1: I'm so sorry, no problems. It's five nineteen on Wall

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Speaker 1: Street Live from the Bloomberg Interactive Brokers studios. This is

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Speaker 1: Bloomberg Daybreak. As we get ready for a very busy

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Speaker 1: week for investors, Let's bring in Lori Calvacina, head of

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Speaker 1: US Equity strategy at RBC Capital Markets. Lots to get

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Speaker 1: to this morning, Lorie, not the least of which is

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Speaker 1: earnings and more FED speak. We're gonna be hearing from

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Speaker 1: Chairman Palette two events before the blackout period begins at

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Speaker 1: the end of the week. Do you think a fifty

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Speaker 1: basis point rate hike gets sealed in this week? Uh? Well,

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Speaker 1: thanks for having me as always, and look, you know,

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Speaker 1: I do try to stay away from the FED forecast.

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Speaker 1: We leave back to our economics team. UM, but I

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Speaker 1: do think that that is the general expectation coming into

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Speaker 1: the week, and we do think that perhaps we've seen

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Speaker 1: a peak FED fear and equity markets them. If you

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Speaker 1: look at the a AII met Gold Bear survey, UM,

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Speaker 1: it's basically been down, you know, sort of in recent weeks,

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Speaker 1: UM at very low levels. UM. Some of those levels

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Speaker 1: have rivaled some of the worst steps that we saw

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Speaker 1: in the pandemic. We actually did a survey recently where

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Speaker 1: we asked investors their view on the FED and it

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Speaker 1: was a little bit funny. I mean, I guess not

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Speaker 1: funny too funny for market participants, but basically we found

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Speaker 1: that nobody has faith in the FED right now. But

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Speaker 1: for different regions, we found that about forty seven percent

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Speaker 1: thought they were going to tighten too much, but there

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Speaker 1: was also a decent contingent that didn't think that they

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Speaker 1: were going to do enough. So, you know, I think

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Speaker 1: at this point the Fed's made nobody happy, but it

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Speaker 1: does seem like, you know, sort of the expectations for

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Speaker 1: very very aggressive move our bike bed. Yeah. Potentially adding

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Speaker 1: to some of that sentiment is the US latest forecast

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Speaker 1: from Goldman Sachs are reporting on this morning. They're putting

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Speaker 1: the odds of a recession in the next two years

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Speaker 1: at thirty five pent. Among the analysts that you're speaking to, LORI,

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Speaker 1: what's the expectation on whether the FED can pull off

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Speaker 1: a soft landing? Sure, So, you know, I think that

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Speaker 1: that's what we're really sort of seen in our survey

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Speaker 1: results that it's it's about, you know, sort of a

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Speaker 1: little less than half think that they're going to do

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Speaker 1: too much, and so it's kind of putting expectations for

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Speaker 1: that soft landing in doubt. But I do think it's

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Speaker 1: interesting that that has not crossed over to the fifty

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Speaker 1: percent threshold UM. I will also tell you that when

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Speaker 1: I talked to my own analysts, and we've done some

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Speaker 1: survey work there recently, so the people who cover individual

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Speaker 1: stocks UM, the assessments of demand are still incredibly robust

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Speaker 1: UM and you know, I think that they're We're seeing

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Speaker 1: that comes through on a lot of these earnings calls

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Speaker 1: so far, including some of the early reporters UM. And

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Speaker 1: I think that it's it's a real sort of conundrum

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Speaker 1: for the market right now. There's a there's a sense

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Speaker 1: of logic prevailing right now saying it's to be very

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Speaker 1: tough for the FED to pull this off. But I

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Speaker 1: do think when we talk to analysts, when we do

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Speaker 1: the bottom up work, we really are reminded that method

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Speaker 1: is doing this from a position of strength from the

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Speaker 1: US economy for consumers and corporations. Now, you led right

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Speaker 1: into it very nicely. The conversation about earnings we are

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Speaker 1: going to be hearing from dozens of companies across many

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Speaker 1: sectors this week, and obviously we've heard from most of

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Speaker 1: the big banks. What's your assessment of how earning season

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Speaker 1: is going so far and how it could go as

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Speaker 1: it plays out. So, you know, we we put a

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Speaker 1: piece out last week saying this reporting season has the

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Speaker 1: potential to be a mess, but it also has the

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Speaker 1: potential to be less bad than feared. And I think

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Speaker 1: that you know, in terms of the mess, will get

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Speaker 1: a good sense of that from industrial companies. Those are

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Speaker 1: going to start to become and focus this week along

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Speaker 1: with the financials, and I think operationally it was a

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Speaker 1: very tough quarter for people. One of the things that

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Speaker 1: I was struck by in some of the early reporters,

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Speaker 1: not so much on the financial side, but other sectors,

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Speaker 1: was just how severe the workforce disruption was from a

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Speaker 1: Macron and COVID. But we are also hearing from companies

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Speaker 1: that that things tend to seem to bounce back pretty

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Speaker 1: quickly out of that. So I think that's one thing

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Speaker 1: that we'll be looking for from the industrial companies. We

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Speaker 1: just just color around that. But so far, I mean,

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Speaker 1: even when we look at the banks, we're still seeing

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Speaker 1: you know, sort of very solid assessments of the state

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Speaker 1: of the American consumer, of the state of the economy.

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Speaker 1: We're not seeing any canaries in the coal mine, really,

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Speaker 1: you know, just in terms of what we're hearing from

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Speaker 1: some companies so far on the economy. Is there a

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Speaker 1: question about whether companies can maintain margins when inflation is

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Speaker 1: at the levels that it's at right now. I think so,

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Speaker 1: and I think that that is a legitimate question that

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Speaker 1: investors are asking. But what I would tell you, again,

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Speaker 1: going back to our investors survey, and this was at

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Speaker 1: the end of March, we're telling me that they thought

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Speaker 1: margins were going to contract over the next six to

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Speaker 1: twelve months. Now, that is much more pessimistic than what

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Speaker 1: we're seeing baked into south side consensus numbers right now.

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Speaker 1: Seuthside consensus members are basically baking at a flattening over

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Speaker 1: the next kind of year, year and a half and

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Speaker 1: some contraction in lateree So arguably the south side still

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Speaker 1: needs to adjust there, but the by side, frankly, is

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Speaker 1: already looking for that. So again it's a it's a

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Speaker 1: big concern, but it's hard to say it's not at

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Speaker 1: least partially baked in the stacks at this point. All right,

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Speaker 1: Laura has always great to get your thoughts as we

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Speaker 1: get set for As I said, a really a busy

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Speaker 1: week for traders. Lorie Calvacina ahead of US Equity Strategy

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Speaker 1: at RBC Capital Markets with US this morning, looking ahead

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Speaker 1: to the market open, futures are pulling back some, with

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Speaker 1: SMP futures down twenty four points down, futures down a

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Speaker 1: hundred fourteen, NASTAC futures are lower by a hundred eight points.

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Speaker 1: The tenure Treasury is down eight thirty seconds. The yield

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Speaker 1: two point eight six percent on the tenure note and

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Speaker 1: the yield on the two year right now two point

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Speaker 1: four eight percent. Looking at NIMEX screwed, it's down a

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Speaker 1: half percent at a hundred six dollars thirty nine cents

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Speaker 1: a barrel. Just ahead, will President Biden visit Ukraine? And

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Speaker 1: Bank of America wraps up big bank earnings. Your top

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Speaker 1: stories of the morning coming up on Bloomberg Daybreak Bloomberg

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Speaker 1: eleven three oh weather Frost advised me for the northwest

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Speaker 1: suburbs in central Long Island freeze warnings for the far

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Speaker 1: Northwest suburbs in eastern Long Island that's all until eight

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Speaker 1: this morning. Right now, forty one degrees in Central Park,

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Speaker 1: broadcasting live from the Bloomberg Interacted Broker's studio in New York,

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Speaker 1: Bloomberg E Living Freeland to Washington, d C. Bloomberg on

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Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg N sixteen to the country Sirius XM to A

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Speaker 1: one nine team, and around the globe the Bloomberg Business

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Speaker 1: app in Bloomberg Radio dot Com. This is Bloomberg Daybreak.

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Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan

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Speaker 1: Hager and I'm Karen mons Galley. Are just about four

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Speaker 1: hours away from the open of US trading. Let's get

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Speaker 1: you up to date on the news you need to

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Speaker 1: know at this hour. We begin with the war in Ukraine,

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Speaker 1: where Russian forces have encircled the port city of Mariopol,

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Speaker 1: but defenders have yet to surrender. Ukrainian President Vladimir Zolenski

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Speaker 1: says talks with the Russian president Vladimir Putin are at

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Speaker 1: a dead end, and told CNN this weekend he hopes

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Speaker 1: for a visit from US President Joe Biden. I think

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Speaker 1: and I think he's it's his decision, of course, and

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Speaker 1: and about the safety situation. It depends and Ukrainian President

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Speaker 1: vladimir's Lenski wants Biden to visit, but White House Press

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Speaker 1: Secretary Jensaki says neither the President nor Vice President Kamala

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Speaker 1: Harris will make the trip. Well. Meantime, in Washington, Karen,

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Speaker 1: Federal Reserve Chair Jerome Powell may reinforce sentiment the FED

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Speaker 1: will raise interest rates by half a percentage point next month.

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Speaker 1: He's said to speak Thursday, ahead of the US Central

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Speaker 1: Banks quiet period. The Fed's next meeting begins my third

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Speaker 1: as the Federal Reserve times monetary policy. One major bank

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Speaker 1: says there's more than a one in three chance the

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Speaker 1: US will enter a recession. We get more Alive from

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Speaker 1: Bloomberg's Randa Young Good Morning Radio, Good Morning Karen. There's

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Speaker 1: about a thirty five percent risk of a recession over

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Speaker 1: the next two years. That's according to Goldman Sex. Economists

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Speaker 1: there say the fifth main challenge is to reduce the

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Speaker 1: gap between jobs and workers and slow wage growth to

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Speaker 1: a pace consistent with its two percent inflation goal. They

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Speaker 1: say the FAN would need to do that by tightening

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Speaker 1: financial contentions, conditions enough to reduce job openings without sharply

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Speaker 1: raising unemployment, but achieving a so called soft landing may

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Speaker 1: be tough. Historically, large declines in the gap in the

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Speaker 1: US have only occurred during recessions, and Goldman's Chief Economists

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Speaker 1: says the recession is not inevitable because post COVID normalizations

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Speaker 1: and labor supply and durable goods prices will help the Fed.

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Speaker 1: Live in New York, I'm Nita Young, Bloomberg Day Break, Na,

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Speaker 1: thank you, turning to Wall Street. A busy week of

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Speaker 1: earnings your least seventy companies in the SMP report as

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Speaker 1: Bank of America leads the way. Today, investors will keep

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Speaker 1: an on whether interest rates will start to affect consumer

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Speaker 1: demand for loans. Well Nathan Equity markets in much of Europe,

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Speaker 1: along with Australia and Hong Kong, remain shot for easter.

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Speaker 1: Natural gas search to a thirteen year high, raising concerns

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00:23:11,640 --> 00:23:15,160
Speaker 1: about a global fuel crunch and long term inflation. Oil

431
00:23:15,280 --> 00:23:18,240
Speaker 1: reversed earlier gains. Right now, non max screwed oil is

432
00:23:18,280 --> 00:23:20,400
Speaker 1: down a third of per cent, or thirty four cents

433
00:23:20,440 --> 00:23:23,080
Speaker 1: at a hundred six dollar sixty one cents of barrel

434
00:23:23,160 --> 00:23:27,240
Speaker 1: futures are also lower. SNP futures down about twenty four points.

435
00:23:27,359 --> 00:23:30,879
Speaker 1: Right now and straight ahead your latest local headlines plus

436
00:23:30,960 --> 00:23:38,639
Speaker 1: a check of sports, and this is Bloomberg all right,

437
00:23:38,720 --> 00:23:40,560
Speaker 1: can't thank you. It's five thirty three in Wall Street

438
00:23:40,560 --> 00:23:42,560
Speaker 1: where forty one degrees in Central Park. We had a

439
00:23:42,600 --> 00:23:45,600
Speaker 1: broken down vehicle southbound six eight four by one sixteen.

440
00:23:45,640 --> 00:23:48,080
Speaker 1: We've got the details in traffic shortly. First Michael bar

441
00:23:48,240 --> 00:23:49,840
Speaker 1: with what else is going on in New York and

442
00:23:49,920 --> 00:23:52,240
Speaker 1: around the world. Michael, thank you very much, Nathan. Many

443
00:23:52,280 --> 00:23:55,800
Speaker 1: New Yorkers are sharing their fears about crime after last

444
00:23:55,840 --> 00:23:58,600
Speaker 1: week's terrifying shooting of ten people inside the New York

445
00:23:58,680 --> 00:24:03,120
Speaker 1: City subway and a subsequent thirty hour manhunt. New York

446
00:24:03,200 --> 00:24:07,080
Speaker 1: City Police Commissioner Teaching Seouls says that after the subway shooting,

447
00:24:07,359 --> 00:24:10,439
Speaker 1: the NYPD will be putting a new emphasis on building

448
00:24:10,480 --> 00:24:13,080
Speaker 1: greater ties with the community. He keeps saying that public

449
00:24:13,119 --> 00:24:16,720
Speaker 1: safety has shared responsibility. This recent case illustrates just that,

450
00:24:17,200 --> 00:24:19,480
Speaker 1: and everyone came together, so we need to build strength

451
00:24:19,480 --> 00:24:22,520
Speaker 1: in our communities with the police. Mayor Eric Adams agrees

452
00:24:22,600 --> 00:24:25,879
Speaker 1: with Commissioners Seoul and says crime is hurting big cities

453
00:24:25,960 --> 00:24:28,600
Speaker 1: all across America. No, I say over and over again,

454
00:24:28,640 --> 00:24:31,920
Speaker 1: there are many rivers, their feet, the sea of violence.

455
00:24:32,160 --> 00:24:34,160
Speaker 1: This is a national issue. That's not a red state.

456
00:24:34,200 --> 00:24:37,800
Speaker 1: Blue state and fat rest states experience a higher murder

457
00:24:37,880 --> 00:24:42,480
Speaker 1: murder rate then Blue states. Mayor Adams and Commissioners. Sewul

458
00:24:42,560 --> 00:24:45,480
Speaker 1: spoke on ABC's This Week, which can be heard Sundays

459
00:24:45,520 --> 00:24:49,119
Speaker 1: on Bloomberg, New Jersey. Officials in Woodbridge are investigating a

460
00:24:49,200 --> 00:24:53,600
Speaker 1: possible alarming link between cases of brain cancer and students

461
00:24:53,640 --> 00:24:57,040
Speaker 1: and staff at Colonia High School. In the past three decades,

462
00:24:57,840 --> 00:25:00,800
Speaker 1: people have contracted brain tumors, about half of them cancerous.

463
00:25:01,359 --> 00:25:05,520
Speaker 1: Environmental engineers are now testing the grounds for contamination. Dr

464
00:25:05,760 --> 00:25:08,640
Speaker 1: Rief Kamal is the Chief Patient officer for the American

465
00:25:08,720 --> 00:25:12,280
Speaker 1: Cancer Society. I'm pretty concerned, and if I were a

466
00:25:12,400 --> 00:25:14,600
Speaker 1: parent or a community member, I would want to know

467
00:25:14,720 --> 00:25:17,359
Speaker 1: a little bit more about what's happening. Brain tumors are

468
00:25:17,480 --> 00:25:21,520
Speaker 1: relatively rare. Dr Kamal says the results are expected at

469
00:25:21,560 --> 00:25:24,600
Speaker 1: the end of the month. Philadelphia is bringing back mask

470
00:25:24,720 --> 00:25:27,560
Speaker 1: mandates today. It comes as there's a steady increase in

471
00:25:27,640 --> 00:25:30,760
Speaker 1: cases for the B A two subvariant of COVID nineteen

472
00:25:30,840 --> 00:25:35,240
Speaker 1: noted in many states. White House COVID nineteen Response Coordinator Dr. A.

473
00:25:35,320 --> 00:25:38,200
Speaker 1: Chief's Jah says, just because this train appears to be

474
00:25:38,280 --> 00:25:41,960
Speaker 1: minor doesn't mean the threat from COVID as a whole disappears.

475
00:25:42,280 --> 00:25:44,600
Speaker 1: The pandemic is not over as much as we all

476
00:25:44,680 --> 00:25:47,120
Speaker 1: wish it were. Um, we've were in much much better

477
00:25:47,200 --> 00:25:49,560
Speaker 1: shape than we were, but we've got to keep plugging away.

478
00:25:50,080 --> 00:25:52,280
Speaker 1: Dr John also spoke on a dc S this week,

479
00:25:52,359 --> 00:25:55,080
Speaker 1: which can be heard Sundays on Bloomberg Global. Dame is

480
00:25:55,119 --> 00:25:58,159
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

481
00:25:58,200 --> 00:26:00,879
Speaker 1: powered by more than twenty have an hundre journalist and

482
00:26:00,880 --> 00:26:03,199
Speaker 1: analysts more than a d twenty countries high. Michael bar

483
00:26:03,320 --> 00:26:11,240
Speaker 1: this is Bloomberg Naken. Okay, Michael, thanks on Wall Street

484
00:26:11,240 --> 00:26:13,840
Speaker 1: time for the Bloomberg Sports Update with John Stinshower Nights

485
00:26:14,000 --> 00:26:15,600
Speaker 1: If and it's only game want, it's only a first

486
00:26:15,720 --> 00:26:18,120
Speaker 1: round series, and you had a classic between the Celtics

487
00:26:18,240 --> 00:26:20,200
Speaker 1: and Nets and Boston a taste of what could be

488
00:26:20,240 --> 00:26:22,840
Speaker 1: a long series of Celtics up by fifteen and the

489
00:26:22,920 --> 00:26:25,560
Speaker 1: third quarter Nets led by five and the fourth Boston

490
00:26:25,640 --> 00:26:28,960
Speaker 1: one at one fifteen one fourteen on a Jason Tatum

491
00:26:29,080 --> 00:26:30,919
Speaker 1: lay up at the buzzer set up by a Marcus

492
00:26:30,960 --> 00:26:34,200
Speaker 1: Smart past hate Um able to twist away from Kyrie Irving,

493
00:26:34,240 --> 00:26:36,560
Speaker 1: who in defeat, put on a show for Brooklyn in

494
00:26:36,600 --> 00:26:39,320
Speaker 1: the fourth quarter. He scored eighteen points, many of his

495
00:26:39,440 --> 00:26:42,600
Speaker 1: shots with a high degree of difficulty. Is the playoff,

496
00:26:42,680 --> 00:26:44,960
Speaker 1: so there's a level of efficiency that you want to

497
00:26:45,040 --> 00:26:48,879
Speaker 1: have throughout the positions that you're able to play uh

498
00:26:49,320 --> 00:26:52,280
Speaker 1: in a game like this. So I was just really

499
00:26:52,359 --> 00:26:54,560
Speaker 1: zeroed in on what the mission was, what the goal was,

500
00:26:54,680 --> 00:26:57,520
Speaker 1: and it was just to play our best basketball. Weather

501
00:26:57,640 --> 00:27:00,320
Speaker 1: the storm, deal with the ups and down. Wants know

502
00:27:00,359 --> 00:27:02,280
Speaker 1: that they're gonna make runs. We're gonna make run. Irving

503
00:27:02,280 --> 00:27:05,560
Speaker 1: finished with thirty nine. The excel they heard from Boston fans,

504
00:27:05,640 --> 00:27:08,840
Speaker 1: and Irving's responded with a couple of middle finger salutes

505
00:27:08,920 --> 00:27:11,280
Speaker 1: gave to Wednesday. In Boston, the Mets won five nothing.

506
00:27:11,320 --> 00:27:13,560
Speaker 1: The Yankees lost five. Now they met some Diamondbacks scoreleers

507
00:27:13,680 --> 00:27:16,080
Speaker 1: until the sixth inin Mets, one of the combined five

508
00:27:16,160 --> 00:27:18,840
Speaker 1: hits shut out. There now seven and three Yankees in

509
00:27:18,920 --> 00:27:22,000
Speaker 1: Orioles scoreless until the eighth. Nestor Cortez terrific on the

510
00:27:22,040 --> 00:27:24,320
Speaker 1: mound for the Yanks struck out twelve and five innings.

511
00:27:24,320 --> 00:27:27,359
Speaker 1: They had an immaculate inning in the fourth, three strikeouts

512
00:27:27,400 --> 00:27:29,840
Speaker 1: on nine pitches. Cortez and two Stars yet to allow

513
00:27:29,880 --> 00:27:32,359
Speaker 1: a run, but the Orioles broke the scoreless tie and

514
00:27:32,440 --> 00:27:35,080
Speaker 1: a pinch single by x Yank Rout metto door. Jonathan

515
00:27:35,160 --> 00:27:37,879
Speaker 1: Loaisaga so good out of the bullpen last season. He's

516
00:27:37,920 --> 00:27:39,600
Speaker 1: got an eight and a half the r A this year.

517
00:27:39,880 --> 00:27:42,280
Speaker 1: And the Yanks lose the series to the Holy Orios.

518
00:27:42,880 --> 00:27:45,959
Speaker 1: John Stashar Bloomberg Sports Nathan al Right, John, Thanks, It's

519
00:27:46,000 --> 00:27:48,159
Speaker 1: five thirty seven on Wall Street. Time now for the

520
00:27:48,200 --> 00:27:51,720
Speaker 1: Tri State Business Report. Here's Bloomberg's d Cory. New York

521
00:27:51,800 --> 00:27:54,920
Speaker 1: City residents and more than three thousand buildings could be

522
00:27:55,080 --> 00:27:59,400
Speaker 1: taking out their own trash soon. Dorman superintendents and other

523
00:27:59,480 --> 00:28:02,639
Speaker 1: employees last week authorized their bargaining committee to call a

524
00:28:02,760 --> 00:28:05,720
Speaker 1: strike if they don't reach a collective bargaining agreement for

525
00:28:05,800 --> 00:28:09,280
Speaker 1: the next four years. The current agreement ends on Wednesday.

526
00:28:09,880 --> 00:28:12,360
Speaker 1: Regulators have approved a four and a half billion dollar

527
00:28:12,440 --> 00:28:15,879
Speaker 1: transmission line that will deliver Canadian hydro power to New

528
00:28:16,000 --> 00:28:18,480
Speaker 1: York City. This is part of the state's effort to

529
00:28:18,560 --> 00:28:22,440
Speaker 1: eliminate carbon from its power grid by twenty forty three

530
00:28:22,520 --> 00:28:26,440
Speaker 1: hundred thirty nine mile Champlain Hudson power expresses, supposed to

531
00:28:26,520 --> 00:28:30,680
Speaker 1: be finished in New Jersey has seen some success in

532
00:28:30,760 --> 00:28:34,240
Speaker 1: attracting movie projects with a film and Digital Media attacks

533
00:28:34,320 --> 00:28:37,399
Speaker 1: credit program. The state says, from its inception through this

534
00:28:37,520 --> 00:28:41,800
Speaker 1: past February, it's distributed awards to more than sixty projects,

535
00:28:42,160 --> 00:28:45,480
Speaker 1: amounting to about two hundred sixty three million dollars. That

536
00:28:45,600 --> 00:28:49,640
Speaker 1: your Bloomberg Tring State Business Report. I'm in Corey, alright, thanks,

537
00:28:49,680 --> 00:28:52,080
Speaker 1: It's thirty eight on Wall Street and Bloomberg Radio and

538
00:28:52,120 --> 00:28:56,280
Speaker 1: Television Markets correspondent Cretty Gupta is with us this morning

539
00:28:56,360 --> 00:28:58,680
Speaker 1: to take a look at this market ahead of a

540
00:28:59,400 --> 00:29:02,240
Speaker 1: very busy start to the week. Here, Crety, we're seeing

541
00:29:02,360 --> 00:29:06,640
Speaker 1: futures moving lower leading the way, the tech heavy, NASTAC

542
00:29:06,760 --> 00:29:09,560
Speaker 1: futures and yields on the rise. Is this all about

543
00:29:09,600 --> 00:29:11,800
Speaker 1: the FED? It might be all about the FED. It

544
00:29:11,920 --> 00:29:15,360
Speaker 1: might be also about some specific heavy waiters inside the index.

545
00:29:15,480 --> 00:29:18,680
Speaker 1: You mentioned NAZAC really leading here. Let's talk about Twitter.

546
00:29:18,760 --> 00:29:20,440
Speaker 1: Let's talk about Tesla, because those seems to be the

547
00:29:20,480 --> 00:29:22,600
Speaker 1: heavy waiters when you look at simply those tech names

548
00:29:22,800 --> 00:29:24,960
Speaker 1: that are moving underneath the hood, and they could impact

549
00:29:25,080 --> 00:29:27,640
Speaker 1: what's happening on the surface level. On the futures level,

550
00:29:27,640 --> 00:29:29,440
Speaker 1: I should say, we're talking about Twitter, Nathan as if

551
00:29:29,480 --> 00:29:32,440
Speaker 1: there's a shortage of that commentary t w t R

552
00:29:32,720 --> 00:29:35,280
Speaker 1: for our audience. That's the ticker up one point three percent.

553
00:29:35,360 --> 00:29:37,360
Speaker 1: It was up as much as four percent about four

554
00:29:37,440 --> 00:29:40,120
Speaker 1: percent earlier in the session. This comes as Elon Musk

555
00:29:40,400 --> 00:29:43,280
Speaker 1: says the economic interests of the boards are not aligned

556
00:29:43,320 --> 00:29:46,240
Speaker 1: with its shareholders. Twitter also setting up a shareholder rights

557
00:29:46,360 --> 00:29:48,880
Speaker 1: plan in which if an investor requires fifteen percent of

558
00:29:48,920 --> 00:29:52,080
Speaker 1: the stock without prior approval, it essentially ensures that anyone

559
00:29:52,200 --> 00:29:55,720
Speaker 1: taking control of Twitter through open market accumulation does it

560
00:29:56,080 --> 00:30:00,080
Speaker 1: with shareholders getting the appropriate premium. Essentially, they're getting what

561
00:30:00,440 --> 00:30:03,200
Speaker 1: they're bargain for. Essentially, no one's getting it cut off

562
00:30:03,280 --> 00:30:06,320
Speaker 1: or ripped off ready matters anyways, that ongoing bid has

563
00:30:06,360 --> 00:30:08,680
Speaker 1: been boosting Twitter shares t W t R up one

564
00:30:08,720 --> 00:30:10,920
Speaker 1: point three and on the same ven, let's talk about

565
00:30:10,920 --> 00:30:14,200
Speaker 1: Tesla here t s l A up about half a percent.

566
00:30:14,320 --> 00:30:17,160
Speaker 1: This comes after they may restart production at Shanghai factory

567
00:30:17,240 --> 00:30:20,200
Speaker 1: as soon as late afternoon Monday, so in just a

568
00:30:20,280 --> 00:30:22,440
Speaker 1: couple of hours that deadline does disappear. We know that

569
00:30:22,520 --> 00:30:25,959
Speaker 1: officials in Shanghai have been encouraging companies to restart production.

570
00:30:26,000 --> 00:30:28,720
Speaker 1: So let's see if Tesla joins the likes of Quanta Computer,

571
00:30:28,800 --> 00:30:31,640
Speaker 1: for example, which makes laptops for Apple. And I'm gonna

572
00:30:31,760 --> 00:30:34,320
Speaker 1: end here, Nathan with China and other Chinese up related

573
00:30:34,320 --> 00:30:37,120
Speaker 1: stock shares of dd Global tumbling by as much as

574
00:30:37,160 --> 00:30:39,960
Speaker 1: twenty four percent now down n d I d I

575
00:30:40,080 --> 00:30:42,040
Speaker 1: s your ticker after the company said it's going to

576
00:30:42,160 --> 00:30:46,680
Speaker 1: hold an extraordinary general meeting on maye to vote on

577
00:30:46,720 --> 00:30:49,000
Speaker 1: the d listing of shares from the New York Stock James,

578
00:30:49,040 --> 00:30:51,080
Speaker 1: that's another saga. Will keep an eye on all right,

579
00:30:51,080 --> 00:30:54,080
Speaker 1: Bloomberg Radio on TV, Markets correspondent Creedy Gupta with us

580
00:30:54,160 --> 00:30:56,160
Speaker 1: this morning. We'll be checking back with who in about

581
00:30:56,200 --> 00:30:59,560
Speaker 1: an hour for even broader look at the pre market trade.

582
00:30:59,840 --> 00:31:03,400
Speaker 1: Right now, SMP futures are moving lower by almost twenty

583
00:31:03,440 --> 00:31:06,360
Speaker 1: four points down, Town futures down a hundred eleven, NASTAC

584
00:31:06,440 --> 00:31:09,440
Speaker 1: futures again leading the declines this morning, down ninety eight

585
00:31:09,520 --> 00:31:12,160
Speaker 1: points or seven tenths of one percent, and the tenure

586
00:31:12,200 --> 00:31:15,480
Speaker 1: Treasury yield two point eight six a drop of eight

587
00:31:15,600 --> 00:31:23,160
Speaker 1: thirty seconds on the tenure. This is Bloomberg Bloomberg eleven

588
00:31:23,200 --> 00:31:25,800
Speaker 1: three oh weather frost advisories for the Northwest Suburbs and

589
00:31:25,960 --> 00:31:28,800
Speaker 1: for central Long Island. We've got freeze warnings for the

590
00:31:29,120 --> 00:31:32,080
Speaker 1: far Northwest suburbs and eastern Long Island. All that till

591
00:31:32,160 --> 00:31:38,120
Speaker 1: eight am, right now forty one in Central Park Markets,

592
00:31:38,240 --> 00:31:41,320
Speaker 1: headlines and breaking news twenty four hours a day at

593
00:31:41,360 --> 00:31:44,760
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

594
00:31:44,840 --> 00:31:54,400
Speaker 1: Quicktape's a Bloomberg Business Flash and I'm fair in Moscow,

595
00:31:54,560 --> 00:31:57,680
Speaker 1: US Knock Index futures are lower this morning and treasury

596
00:31:57,760 --> 00:32:00,360
Speaker 1: yields are rising as investors ware the pro sspect of

597
00:32:00,400 --> 00:32:03,280
Speaker 1: faster policy tightening by the Federal Reserve. We check the

598
00:32:03,320 --> 00:32:06,280
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

599
00:32:06,440 --> 00:32:08,800
Speaker 1: s and P future is down twenty three points down,

600
00:32:08,840 --> 00:32:12,040
Speaker 1: futures down one hundred seven, nasdack futures down ninety seven,

601
00:32:12,280 --> 00:32:14,720
Speaker 1: the ten year treasury down eight thirties seconds, yeld two

602
00:32:14,720 --> 00:32:16,840
Speaker 1: point eight six percent, The yield on the two year

603
00:32:16,960 --> 00:32:20,000
Speaker 1: two point four eight percent. Namax screwed oil is down

604
00:32:20,040 --> 00:32:21,880
Speaker 1: four tenths per cent, or forty three cents and a

605
00:32:22,000 --> 00:32:24,880
Speaker 1: hundred six dollars fifty two cents of barrel. Comack School

606
00:32:25,000 --> 00:32:26,920
Speaker 1: is up one point two percent or twenty three dollars

607
00:32:27,000 --> 00:32:30,120
Speaker 1: at nineteen ninety seven. Ninety announced the euro one point

608
00:32:30,160 --> 00:32:32,480
Speaker 1: oh seven nine three against the dollar, British found one

609
00:32:32,520 --> 00:32:34,760
Speaker 1: point three zero one five and the yain is at

610
00:32:34,800 --> 00:32:37,800
Speaker 1: one twenty six point six one bitcoin this morning lower

611
00:32:38,160 --> 00:32:41,160
Speaker 1: down three point three percent. It's at thirty eight thousand

612
00:32:41,200 --> 00:32:44,120
Speaker 1: and nine hundred forty dollars. That's a Bloomberg business flash.

613
00:32:44,160 --> 00:32:46,320
Speaker 1: Now here's Michael Barrow with Moore on what's going on

614
00:32:46,440 --> 00:32:48,800
Speaker 1: around the world. Michael Karen, thank you very much. The

615
00:32:48,880 --> 00:32:52,720
Speaker 1: Russian military says about twenty hundred Ukrainian fighters are still

616
00:32:52,840 --> 00:32:56,280
Speaker 1: hold up inside of steel plant in the Ukrainian port

617
00:32:56,360 --> 00:33:00,680
Speaker 1: city of Mariupol. Ukrainian forces there to five Russian demands

618
00:33:00,760 --> 00:33:04,360
Speaker 1: to surrender the plant. Officials say even though Maryuple remains

619
00:33:04,440 --> 00:33:09,400
Speaker 1: under Ukrainian control, its residents are suffering unbearable conditions. North

620
00:33:09,520 --> 00:33:12,840
Speaker 1: Korea says it has successfully test launched a newly developed

621
00:33:12,880 --> 00:33:17,440
Speaker 1: tactical guided weapon. South Korea's military says it detected two launches.

622
00:33:17,720 --> 00:33:19,640
Speaker 1: They are the latest in a series of tests by

623
00:33:19,760 --> 00:33:22,920
Speaker 1: North Korea that outside experts say is meant to expand

624
00:33:22,920 --> 00:33:26,360
Speaker 1: the country's nuclear arsenal. In Game one of their NBA

625
00:33:26,480 --> 00:33:30,200
Speaker 1: playoff series, the Celtics beat the Nets one fifteen one four.

626
00:33:30,760 --> 00:33:34,080
Speaker 1: In the NHL, the Islanders lost. Global News twenty four

627
00:33:34,120 --> 00:33:36,600
Speaker 1: hours a day on air and on Bloomberg Quick Take,

628
00:33:36,640 --> 00:33:40,200
Speaker 1: powered by more than twenty seven under journalist and analysts

629
00:33:40,280 --> 00:33:45,640
Speaker 1: more than twenty countries. Michael Barr And this is Bloomberg. Nathan. Okay, Michael. Thanks,

630
00:33:45,720 --> 00:33:48,160
Speaker 1: It's just about five forty nine on Wall Street Live

631
00:33:48,240 --> 00:33:52,640
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak

632
00:33:52,680 --> 00:33:55,320
Speaker 1: as we get ready for a very busy week for

633
00:33:55,400 --> 00:33:59,000
Speaker 1: corporate journeys. It kicks off with the end of bank

634
00:33:59,080 --> 00:34:03,000
Speaker 1: earning season. Bank of America reports in just about an hour.

635
00:34:03,400 --> 00:34:05,720
Speaker 1: It is, of course, the last of the major Wall

636
00:34:05,760 --> 00:34:08,520
Speaker 1: Street firms to open their first quarterbooks. Let's get a

637
00:34:08,560 --> 00:34:11,160
Speaker 1: preview now look at where things stand with Bloomberg Financial

638
00:34:11,200 --> 00:34:15,000
Speaker 1: correspondent Snelly Bastik back with us this morning, Sally, great

639
00:34:15,040 --> 00:34:17,759
Speaker 1: as always to speak with you, and I guess for

640
00:34:17,840 --> 00:34:21,320
Speaker 1: Bank of America, it's really all about what the outlook

641
00:34:21,400 --> 00:34:24,360
Speaker 1: for lending growth is, right, Yeah, well, Bank of America

642
00:34:24,480 --> 00:34:27,880
Speaker 1: it is supposed to benefit from this rising interest rate environment,

643
00:34:28,000 --> 00:34:30,480
Speaker 1: expected to bring in more net interest income. But the

644
00:34:30,600 --> 00:34:33,839
Speaker 1: reason we watch the banks is because they're really bellweathers

645
00:34:33,920 --> 00:34:37,719
Speaker 1: to this economy, and anything that they say about concerns

646
00:34:37,760 --> 00:34:40,719
Speaker 1: about the consumer as interest rates start to rise will

647
00:34:40,760 --> 00:34:44,239
Speaker 1: be a key interest especially after we've already heard the

648
00:34:44,360 --> 00:34:46,799
Speaker 1: likes of JP Morgan say that there are a lot

649
00:34:46,880 --> 00:34:51,279
Speaker 1: of storm clouds on the horizon. So parsing through those

650
00:34:51,440 --> 00:34:54,680
Speaker 1: risks is going to be key for investors and for

651
00:34:54,800 --> 00:34:59,439
Speaker 1: Bank of America specifically, it's really about the consumer loan

652
00:34:59,520 --> 00:35:02,880
Speaker 1: growth that's really the factor for them as opposed to

653
00:35:03,160 --> 00:35:06,160
Speaker 1: commercial loans or am I wrong? That is right? But

654
00:35:06,480 --> 00:35:08,640
Speaker 1: it is also true that Bank of America is one

655
00:35:08,680 --> 00:35:11,760
Speaker 1: of the biggest underwriters on debt deals for Corporate America,

656
00:35:11,960 --> 00:35:14,359
Speaker 1: and we are seeing those deals start to bounce back

657
00:35:14,440 --> 00:35:18,360
Speaker 1: after a really sluggish fourth quarter. Remember that's also about

658
00:35:18,400 --> 00:35:20,840
Speaker 1: weather for the economy. If corporations are borrowing at a

659
00:35:20,920 --> 00:35:23,319
Speaker 1: healthy clip, they can keep investing at a healthy clip,

660
00:35:23,719 --> 00:35:26,399
Speaker 1: and in the face of all of this uncertainty, that's

661
00:35:26,560 --> 00:35:29,800
Speaker 1: a big question mark moving forward as well. And the

662
00:35:29,880 --> 00:35:33,840
Speaker 1: big question mark adding to that is you would expect,

663
00:35:33,920 --> 00:35:37,239
Speaker 1: as you say, that higher interest rates would benefit the

664
00:35:37,360 --> 00:35:40,920
Speaker 1: banks that allow them to make more money on margins

665
00:35:41,320 --> 00:35:45,279
Speaker 1: when it comes to loans. But if the interest rates

666
00:35:45,360 --> 00:35:49,440
Speaker 1: get too high, that potentially puts a squeeze on whether

667
00:35:49,840 --> 00:35:53,320
Speaker 1: customers are going to be able to afford those loans.

668
00:35:53,480 --> 00:35:55,719
Speaker 1: So what kind of tea leaves have we gotten so

669
00:35:56,000 --> 00:35:58,560
Speaker 1: far from the banks that have reported that that could

670
00:35:59,239 --> 00:36:00,839
Speaker 1: give us an idea of what we hear from Bank

671
00:36:00,880 --> 00:36:04,080
Speaker 1: of America. Different businesses are doing differently. So if you

672
00:36:04,200 --> 00:36:07,160
Speaker 1: look at credit card businesses, they are jumping back to

673
00:36:07,320 --> 00:36:11,359
Speaker 1: a healthy degree. But mortgages, there was a incredible news

674
00:36:11,480 --> 00:36:13,920
Speaker 1: last week about mortgages in the US jumping to about

675
00:36:13,960 --> 00:36:16,160
Speaker 1: five or sent, the highest in about a decade or so.

676
00:36:16,680 --> 00:36:19,560
Speaker 1: So you have a lot of fears there about the

677
00:36:19,680 --> 00:36:24,600
Speaker 1: ability of consumers to afford loans, especially afford affordable loans

678
00:36:24,719 --> 00:36:26,800
Speaker 1: it can do. What will this look like for for

679
00:36:26,960 --> 00:36:30,839
Speaker 1: lower income brackets of society? Is it going to get

680
00:36:30,840 --> 00:36:34,160
Speaker 1: a lot tougher? What about for small businesses? That is

681
00:36:34,239 --> 00:36:37,960
Speaker 1: something Bank of America is highly exposed to, and tougher

682
00:36:38,080 --> 00:36:41,839
Speaker 1: times ahead will beg the question of how they're going

683
00:36:41,920 --> 00:36:44,840
Speaker 1: to navigate that while they themselves have cost pressures to

684
00:36:44,880 --> 00:36:48,040
Speaker 1: contend with, and where does Bank of America stack up

685
00:36:48,080 --> 00:36:51,440
Speaker 1: in terms of market share for those loans compared to

686
00:36:51,520 --> 00:36:54,440
Speaker 1: the other banks. Interestingly, when you look at the consumer

687
00:36:54,600 --> 00:36:56,640
Speaker 1: in the US, they are one of the biggest, of

688
00:36:56,719 --> 00:36:59,400
Speaker 1: course them in JP Morgan, but when you look at

689
00:36:59,800 --> 00:37:02,759
Speaker 1: the corporate America side of things, they are also one

690
00:37:02,800 --> 00:37:05,600
Speaker 1: of the biggest. They compete with JP Morgan very heavily.

691
00:37:05,880 --> 00:37:08,880
Speaker 1: When you look at murders and acquisitions, they're about usually

692
00:37:09,000 --> 00:37:11,759
Speaker 1: third or fourth. And so people think of a Bank

693
00:37:11,800 --> 00:37:14,360
Speaker 1: of America as a big consumer bank, but they certainly

694
00:37:14,520 --> 00:37:19,040
Speaker 1: have a lot of exposure to Corporate America and executives

695
00:37:19,080 --> 00:37:22,040
Speaker 1: through their massive wealth management United And you did mention

696
00:37:22,320 --> 00:37:28,200
Speaker 1: the issue of costs, the idea that retaining talent, getting

697
00:37:28,239 --> 00:37:31,080
Speaker 1: talent back into the office, that could be an issue

698
00:37:31,239 --> 00:37:33,479
Speaker 1: as well. What are the expectations what if we heard

699
00:37:34,000 --> 00:37:37,120
Speaker 1: from Brian moynihan, the CEO so far about that, well,

700
00:37:37,160 --> 00:37:39,719
Speaker 1: Bank of America was a little bit more delayed when

701
00:37:39,760 --> 00:37:42,280
Speaker 1: it when you compare it to the likes of Goldman Sachs,

702
00:37:42,280 --> 00:37:46,160
Speaker 1: which brought staff back very early on to bring people

703
00:37:46,200 --> 00:37:47,719
Speaker 1: back to the office. But I also want to talk

704
00:37:47,719 --> 00:37:50,000
Speaker 1: about this in terms of head count as well, because

705
00:37:50,040 --> 00:37:52,719
Speaker 1: Bank of America has actually had declining head count over

706
00:37:52,800 --> 00:37:56,280
Speaker 1: the last couple of quarters, whereas JP Morgan has increased

707
00:37:56,400 --> 00:37:59,279
Speaker 1: their head count. So how is Bank of America going

708
00:37:59,320 --> 00:38:01,600
Speaker 1: to keep a hand along costs at a time where

709
00:38:01,640 --> 00:38:04,960
Speaker 1: they've already been cutting head count and the costs are

710
00:38:05,080 --> 00:38:09,160
Speaker 1: going up. The revenue is supposed to expected to rise

711
00:38:09,239 --> 00:38:12,360
Speaker 1: for Bank of America, but the net income is expected

712
00:38:12,440 --> 00:38:15,160
Speaker 1: to be under pressure. Now we've talking we've been talking

713
00:38:15,239 --> 00:38:19,400
Speaker 1: so much about the loan aspect of it, loan growth

714
00:38:19,840 --> 00:38:23,240
Speaker 1: in our last minute here, Sanelli, what about the trading desks?

715
00:38:23,719 --> 00:38:25,840
Speaker 1: Is that something that could add to Bank of America's

716
00:38:25,880 --> 00:38:28,960
Speaker 1: bottom line or or do they not have as much

717
00:38:29,000 --> 00:38:31,680
Speaker 1: exposure there? Well, the bank's generally face to clients in

718
00:38:31,800 --> 00:38:34,560
Speaker 1: most of their business. Goldman Sachs was a big exception

719
00:38:34,680 --> 00:38:38,239
Speaker 1: because they had such an outstanding presence when it came

720
00:38:38,280 --> 00:38:42,360
Speaker 1: to commodities historically, and they've gained in that business. But

721
00:38:42,800 --> 00:38:45,399
Speaker 1: generally they could do better than expected, just as other

722
00:38:45,480 --> 00:38:48,000
Speaker 1: banks have done, which would put them above Wall Street

723
00:38:48,200 --> 00:38:50,799
Speaker 1: estimates if they were to get that far. Always good

724
00:38:50,840 --> 00:38:53,920
Speaker 1: to talk with you. Great speaking with you. Sanelli bask

725
00:38:54,080 --> 00:38:58,000
Speaker 1: is our global financial correspondent for Bloomberg News. Getting ready

726
00:38:58,040 --> 00:39:00,960
Speaker 1: for Bank of America to report those earnings in just

727
00:39:01,280 --> 00:39:03,640
Speaker 1: about an hour. When the numbers come down, we'll have

728
00:39:03,800 --> 00:39:07,000
Speaker 1: them for you live right here on Bloomberg Daybreak. Karen,

729
00:39:07,400 --> 00:39:09,920
Speaker 1: all right, Nathan, thank you, at five fifty four on

730
00:39:10,080 --> 00:39:13,160
Speaker 1: Wall Street. Now, a legal story we're watching this morning.

731
00:39:13,480 --> 00:39:16,640
Speaker 1: President Joe Biden comes off the victory of Katangi Brown

732
00:39:16,760 --> 00:39:19,960
Speaker 1: Jackson's confirmation to the Supreme Court, but the banklog of

733
00:39:20,080 --> 00:39:23,240
Speaker 1: lower court vacancies that don't have a pending nominee, including

734
00:39:23,440 --> 00:39:26,640
Speaker 1: nineteen A Circuit Court seats. Biden moved quickly to fill

735
00:39:26,719 --> 00:39:29,319
Speaker 1: judicial vacancies in his first year in office, but it's

736
00:39:29,360 --> 00:39:33,480
Speaker 1: put forward only one nomination since Justice Stephen Bryer announced

737
00:39:33,520 --> 00:39:36,520
Speaker 1: plans to retire in late January. The White House must

738
00:39:36,600 --> 00:39:38,600
Speaker 1: pick up the pace if it wants to fill judge

739
00:39:38,640 --> 00:39:42,160
Speaker 1: ships prior to midterm elections that could end Democrats narrow

740
00:39:42,280 --> 00:39:45,440
Speaker 1: sent a majority for more Bloomberg's doing. Grosso speaks to

741
00:39:45,480 --> 00:39:50,319
Speaker 1: Bloomberg Law reporter Madison Alder start by telling us how

742
00:39:50,800 --> 00:39:54,759
Speaker 1: quickly Biden moved to fill judicial vacancies in his first

743
00:39:54,840 --> 00:39:58,800
Speaker 1: year in office. In his first twelve months in office,

744
00:39:59,000 --> 00:40:03,280
Speaker 1: Biden outcase every president then John F. Kennedy with his appointment,

745
00:40:03,719 --> 00:40:07,480
Speaker 1: he who had a really record paced here, even outpacing Trump,

746
00:40:07,680 --> 00:40:12,279
Speaker 1: who definitely made judicial nominations a priority. So Biden got

747
00:40:12,320 --> 00:40:16,080
Speaker 1: off to a really good start in your one. In

748
00:40:16,239 --> 00:40:19,600
Speaker 1: your two, he now had a Supreme Court vacancy to fill,

749
00:40:19,840 --> 00:40:22,600
Speaker 1: and that took up a lot of times for the

750
00:40:22,680 --> 00:40:25,920
Speaker 1: White House and for the Senate to deal with. So

751
00:40:26,080 --> 00:40:29,080
Speaker 1: now Biden is looking at several vacancies at the circuit

752
00:40:29,120 --> 00:40:33,480
Speaker 1: court level, about nine team that don't have a nomination pending,

753
00:40:34,000 --> 00:40:37,319
Speaker 1: a lot of vacancies to fill this year, and that's

754
00:40:37,360 --> 00:40:39,719
Speaker 1: made a little bit more difficult with mid terms right

755
00:40:39,760 --> 00:40:43,200
Speaker 1: around the corner. Does it appear as if the mid terms,

756
00:40:43,360 --> 00:40:48,040
Speaker 1: if the Republicans take back the Senate, how difficult is

757
00:40:48,080 --> 00:40:51,640
Speaker 1: it going to be for Buiding to get his nominees through.

758
00:40:52,160 --> 00:40:54,399
Speaker 1: I'm glad you about that up, because that is really

759
00:40:54,640 --> 00:40:58,359
Speaker 1: what is being people moving. The progressive groups that I've

760
00:40:58,400 --> 00:41:01,640
Speaker 1: I've spoken to our groups that watched udicial nominations, Professors

761
00:41:01,680 --> 00:41:05,400
Speaker 1: to watch judicial nominations really say that that is the

762
00:41:05,480 --> 00:41:09,040
Speaker 1: important factor here because it's the Senate changes hands, there's

763
00:41:09,080 --> 00:41:13,560
Speaker 1: a very high likelihood to nominations are going to become

764
00:41:13,719 --> 00:41:17,200
Speaker 1: much more difficult for the administration, and Republicans have promised

765
00:41:17,239 --> 00:41:20,320
Speaker 1: as much. Lindsey Graham kind of alluded to this during

766
00:41:20,800 --> 00:41:24,239
Speaker 1: Jackson's vote in the committee. He said, the process that

767
00:41:24,440 --> 00:41:28,400
Speaker 1: the Democrats started will rear its head if Republicans are

768
00:41:28,440 --> 00:41:31,680
Speaker 1: in charge, and promise they would talk about the differently.

769
00:41:32,160 --> 00:41:35,000
Speaker 1: You know, that obviously remains to be seen what that

770
00:41:35,080 --> 00:41:38,560
Speaker 1: would look like, but we can use the Obama administration

771
00:41:38,600 --> 00:41:43,200
Speaker 1: as kind of proxy, and Republicans really stymied Obama's judicial

772
00:41:43,280 --> 00:41:47,439
Speaker 1: nomination's efforts, and that definitely could happen with Biden as well.

773
00:41:47,680 --> 00:41:50,520
Speaker 1: So it's been something that we've been talking about for

774
00:41:50,960 --> 00:41:54,399
Speaker 1: Biden's entire administration of how much could they get done

775
00:41:54,960 --> 00:41:59,359
Speaker 1: in these two years before mid term threaten Democrats slim

776
00:41:59,480 --> 00:42:04,440
Speaker 1: senamage already and as Bloomberg Law reporter Madison Alder speaking

777
00:42:04,480 --> 00:42:07,200
Speaker 1: with Bloomberg Stun Grosso cas more in that interview plus

778
00:42:07,239 --> 00:42:09,560
Speaker 1: analysis of the latest legal news by listening to The

779
00:42:09,560 --> 00:42:12,880
Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing

780
00:42:12,920 --> 00:42:16,280
Speaker 1: to the Bloomberg Law podcast, and attorneys can find exceptional

781
00:42:16,360 --> 00:42:20,120
Speaker 1: legal research and business development tools at Bloomberg Law dot com.

782
00:42:20,760 --> 00:42:25,080
Speaker 1: And futures this morning are moving lower. SNP futures down

783
00:42:25,120 --> 00:42:29,160
Speaker 1: about twenty four points down, futures down one five and

784
00:42:29,239 --> 00:42:32,279
Speaker 1: NASDAG futures down ninety nine. The ten year treasury down

785
00:42:32,360 --> 00:42:35,160
Speaker 1: eight thirties seconds held two point eight six percent, and

786
00:42:35,280 --> 00:42:37,800
Speaker 1: they yield on the two years at two point for

787
00:42:38,080 --> 00:42:41,120
Speaker 1: eight percent. Nim X screude oil down three tenths per

788
00:42:41,160 --> 00:42:43,040
Speaker 1: cent and still ahead. On Bloomberg day Break and check

789
00:42:43,080 --> 00:42:44,880
Speaker 1: on the business headlines and all the news you need

790
00:42:44,960 --> 00:42:47,640
Speaker 1: to start your day. And this is Bloomberg