WEBVTT - Bloomberg Daybreak: March 24, 2022 - Hour 2 (Radio) 0:00:01.720 --> 0:00:05.080 Live from the Bloomberg Interactive Brokers studios. This is Bloomberg 0:00:05.160 --> 0:00:09.080 day Break for Thursday, March two. Coming up this hour, 0:00:09.200 --> 0:00:12.400 President Blyden meets with Allies and Brussels to discuss ramping 0:00:12.440 --> 0:00:15.200 up pressure on Russia. The US and EU close in 0:00:15.240 --> 0:00:18.120 on a deal to slash Europe's dependency on Russian energy, 0:00:18.280 --> 0:00:21.360 and Supreme Court nominee Katashi Brown Jackson fends off a 0:00:21.400 --> 0:00:25.400 barrage of attacks that are confirmation hearings. State Comptroller Monopoli 0:00:25.520 --> 0:00:28.600 says New York will fully divest all Russian holdings. Plus 0:00:28.680 --> 0:00:31.840 tributes continue for former Secretary of State medal In Albrey. 0:00:31.920 --> 0:00:34.879 I'm Michael bar more Ahead, I'm John Stashtward Sports New 0:00:34.960 --> 0:00:38.320 York City is dropping the vaccine mandate that prevented Gyrie 0:00:38.360 --> 0:00:41.000 Irving from playing home games. The Nets lost in Memphis, 0:00:41.000 --> 0:00:45.320 the nixt one in chart Room. That's all straight ahead 0:00:45.400 --> 0:00:49.160 on Bloomberg day Break on Bloomberg Elementary on New York, 0:00:49.280 --> 0:00:54.040 Bloomberg N one, Washington, d C, Bloomberg one, O six one, Boston, 0:00:54.200 --> 0:00:59.160 Bloomberg nine sixties, San Francisco, Sirius XM one nineteen, and 0:00:59.200 --> 0:01:02.319 around the world on Bloomberg Radio Dot Com and via 0:01:02.400 --> 0:01:09.000 the Bloomberg Business At good morning, I'm Nathan Hagar and 0:01:09.080 --> 0:01:11.200 I'm John Tucker. Bloomberg Day Break being brought to you 0:01:11.240 --> 0:01:14.520 by Interactive Brokers Simple id b k R Global Trader 0:01:14.640 --> 0:01:18.399 app deposited your local currency trade stocks in the US, 0:01:18.480 --> 0:01:21.680 Europe and Asia. Start your free trial at i b 0:01:21.800 --> 0:01:25.240 k R dot com. Slash Global Trader futures are moving 0:01:25.319 --> 0:01:27.039 higher this morning. It is six oh one on Wall 0:01:27.080 --> 0:01:29.160 Street and we checked the markets every fifteen minutes during 0:01:29.160 --> 0:01:31.600 the trading day. On Bloomberg SMP futures are up twenty 0:01:31.640 --> 0:01:34.280 three points, Staff futures up a hundred twenty seven, Nastack 0:01:34.360 --> 0:01:37.360 futures higher by eighty seven points. The tenure treasury is 0:01:37.400 --> 0:01:40.080 down twenty thirty seconds, the yield two point three six 0:01:40.760 --> 0:01:42.640 The yield on the two year John is at two 0:01:42.680 --> 0:01:45.360 point one four percent. And Nathan, we begin with the 0:01:45.400 --> 0:01:48.160 wars that reaches the one month mark. President Biden meets 0:01:48.160 --> 0:01:51.200 with Allies and Brussels today to discuss ramping up pressure 0:01:51.240 --> 0:01:54.920 on Vladimir Putin to withdraw forces from Ukraine. New sanctions 0:01:55.040 --> 0:01:58.600 among the options on the table. Details from Bloomberg's head Baxter, 0:01:59.000 --> 0:02:01.520 along with the show ups solidarity. The US wants some 0:02:01.640 --> 0:02:05.680 even stiffer penalties placed on Russia, and National Security Advisor 0:02:05.760 --> 0:02:09.679 Jake Sullivan says enforcement is very important to agree on 0:02:10.000 --> 0:02:15.920 an initiative to coordinate on sanctions enforcement so that Russian 0:02:15.919 --> 0:02:18.640 efforts to evade the sanctions or other country's effort to 0:02:18.720 --> 0:02:22.200 help Russia evade the sanctions can be dealt with effectively 0:02:22.200 --> 0:02:25.280 and in a coordinated fashion. Sullivan says, as well, China 0:02:25.400 --> 0:02:27.919 will be a major concern. NATO, G seven and the 0:02:28.000 --> 0:02:31.880 EU meetings today in San Francisco. I'm at Baxter Bloomberg 0:02:31.960 --> 0:02:34.280 day break and ended the G seven meeting. The nation's 0:02:34.280 --> 0:02:37.640 planned to warn Vladimir Putin against using chemical or nuclear 0:02:37.680 --> 0:02:40.239 weapons in Ukraine. That as according to a draft statement 0:02:40.280 --> 0:02:42.639 the group will issued today. At the same time, US 0:02:42.720 --> 0:02:45.359 and EU are close to a dealt as slash arabs 0:02:45.440 --> 0:02:48.880 dependency on Russian energy. Let's go live to London get 0:02:48.880 --> 0:02:51.840 the very latest on that from Bloomberg's Max Ramsey. Good morning, Max, 0:02:53.240 --> 0:02:55.839 Morning to you, John and Nathan. Yes, what we're hearing 0:02:55.880 --> 0:02:58.680 is that, as soonest tomorrow, the Biden administration and Europe's 0:02:58.720 --> 0:03:01.560 leaders could agree a deal to demand for Russian energy. 0:03:01.800 --> 0:03:04.120 What would this involved well, and official familiar with the 0:03:04.120 --> 0:03:07.440 plans tells us the intention is around supplying American natural 0:03:07.480 --> 0:03:10.280 gas and hydrogen to Europe. It's high up on the 0:03:10.320 --> 0:03:13.760 agenda as Biden meets with Native and European leaders throughout 0:03:13.760 --> 0:03:15.640 the day, and it's seen as an important step in 0:03:15.639 --> 0:03:19.160 their efforts to isolate Moscow over the invasion of Ukraine. 0:03:19.160 --> 0:03:21.760 Live in London, Max Ramsey bloom Back day break. Thanks Max, 0:03:21.840 --> 0:03:24.240 Russia's stock market open for the first time in nearly 0:03:24.280 --> 0:03:27.400 a month. The country's benchmarket index rose as much as 0:03:27.400 --> 0:03:31.400 twelve percent enter Moscow stepped in with support measures. The 0:03:31.440 --> 0:03:33.960 government's allowing just two thirds of the stocks of the 0:03:34.000 --> 0:03:36.480 exchange to trade, and that's just for a short and 0:03:36.560 --> 0:03:40.920 four hour session. Russia also banned short selling and restricted 0:03:40.960 --> 0:03:44.000 foreigners from exiting local equities. That's on top of a 0:03:44.040 --> 0:03:46.440 pledge to prop up the stock market with a ten 0:03:46.520 --> 0:03:49.840 billion dollar alright, John, Energy markets remain in focus as 0:03:49.880 --> 0:03:52.440 well as the war in Ukraine's sparks volatility, and a 0:03:52.480 --> 0:03:54.840 couple of Wall Street titans are speaking out now on 0:03:55.040 --> 0:03:58.760 US energy policy. We get the details from Bloomberg's Lisa Mateo, 0:03:59.200 --> 0:04:02.520 source of sg P Morgan Chase CEO Jamie Diamond is 0:04:02.600 --> 0:04:05.760 telling President Biden he needs a martial plan for developing 0:04:05.760 --> 0:04:08.640 more domestic natural gas. That was at a White House 0:04:08.640 --> 0:04:11.880 meeting on Monday. According to sources, Diamond urged the White 0:04:11.920 --> 0:04:14.520 House to reduce the time needed to obtain permits for 0:04:14.560 --> 0:04:18.520 renewable energy projects such as wind farms. Diamond also spoke 0:04:18.520 --> 0:04:21.520 about the need for more short term investment in oil 0:04:21.560 --> 0:04:25.320 and gas despite longer term climate goals. At the same time, 0:04:25.360 --> 0:04:28.920 Black Rock CEO Larry Fink says the invasion of Ukraine 0:04:29.000 --> 0:04:31.560 has the potential to speed up the global shift to 0:04:31.720 --> 0:04:34.440 green energy. He says it could also do the same 0:04:34.480 --> 0:04:37.720 thing for digital currencies, as from Fink's annual letter to 0:04:37.880 --> 0:04:42.320 shareholders in New York. I'm Lisa Matteo Bloomberg Daybreak as Lucid. 0:04:42.360 --> 0:04:45.000 The White House also working on its budget plans right now. 0:04:45.000 --> 0:04:47.800 Bloomberg News has learned President Biden plans to request more 0:04:47.800 --> 0:04:52.799 than eight hundred billion dollars in national security spending, including 0:04:52.839 --> 0:04:55.640 seven hundred seventy three billion for the Pentagon that in 0:04:55.720 --> 0:04:58.800 the fellow budget he'll send a Congress on Monday. That's 0:04:58.800 --> 0:05:01.640 an increase of thirty one million dollars or four percent 0:05:01.720 --> 0:05:04.839 from approved spending for the current fiscal year. Another major 0:05:04.880 --> 0:05:07.000 story we continue to follow. John brings us back to 0:05:07.040 --> 0:05:10.360 Capitol Hill, where Supreme Court confirmation hearings wrap up today 0:05:10.360 --> 0:05:14.200 for Judge Kitangi Brown Jackson. Yesterday, Jackson fended off an 0:05:14.279 --> 0:05:17.479 orchestrated barrage of Republican attacks on her record as things 0:05:17.520 --> 0:05:20.360 got tense among members of the committee. Amy Morris has 0:05:20.400 --> 0:05:24.680 details from our Bloomberg newsroom in Washington, Republican Senator Lindsey 0:05:24.680 --> 0:05:27.200 Graham voted to confirm Jackson less than a year ago, 0:05:27.279 --> 0:05:29.720 but had a sharp exchange with her over sentencing in 0:05:29.800 --> 0:05:32.560 child pornography cases. I think the best way to a 0:05:32.560 --> 0:05:35.000 crime when it comes to child pornography is you lure 0:05:35.080 --> 0:05:37.479 the bloom on anybody who goes on the Internet and 0:05:37.520 --> 0:05:41.520 pulls out these images for their pleasure. Senator, every person 0:05:41.839 --> 0:05:46.280 in all of these UH charts and documents I sent 0:05:46.400 --> 0:05:49.440 to jail committee Chartick Durbin accused Senator Ted Cruz of 0:05:49.520 --> 0:05:52.839 not allowing Jackson to answer the question. Chairman Durbin, I've 0:05:52.880 --> 0:05:56.560 never seen the chairman refused to allow a witness to 0:05:56.600 --> 0:05:59.160 answer a question. You can bang it as loud as 0:05:59.160 --> 0:06:00.920 you want. I can just tell you at some point 0:06:00.920 --> 0:06:03.080 you have to follow the rule. An emotional Senator Cory 0:06:03.080 --> 0:06:06.800 Booker defended Jackson, saying the GOP allegations are without marriage. 0:06:06.839 --> 0:06:10.240 You have earned this spot. You are worthy, You are 0:06:10.360 --> 0:06:13.560 a great American. Jackson's nomination will likely end up in 0:06:13.600 --> 0:06:16.039 a party line deadlock, but that's not likely to stop 0:06:16.080 --> 0:06:18.720 Democrats from confirming her as the first black woman to 0:06:18.760 --> 0:06:22.320 the Supreme Court in Washington. I'm anymore as Bloomberg Daybreak, 0:06:22.520 --> 0:06:25.680 Thanks Amy. Turning to the economy right now, the calls 0:06:25.760 --> 0:06:28.920 for a fifty point fifty basis point rate high Cathy, 0:06:29.000 --> 0:06:32.000 next Federal Reserve meeting of growing louder markets pricing at 0:06:32.000 --> 0:06:34.760 a rate increase at every Central Bank meeting this year, 0:06:35.040 --> 0:06:37.799 we call up with San Francisco FED President Mary Daly. 0:06:38.279 --> 0:06:42.480 I will absolutely um confirm what you know. Jay. Chair 0:06:42.560 --> 0:06:45.640 Powell's confirmed for himself, which is that I have everything 0:06:45.680 --> 0:06:47.400 on the table right now. If we need to do 0:06:47.480 --> 0:06:49.280 fifty fifties, what we'll do. If we need to do 0:06:49.400 --> 0:06:52.000 twenty five and balance sheet, that's what we'll do. But 0:06:52.120 --> 0:06:56.560 the data will help us determine how much is necessary. 0:06:58.240 --> 0:07:00.960 San Francisco reread the president at Mary daily making the 0:07:01.000 --> 0:07:04.200 comments in an interview with Bloomberg's Michael McKee. The Central 0:07:04.200 --> 0:07:08.320 Bank's next policy decision comes on May fourth, ahead of 0:07:08.320 --> 0:07:10.360 the open on Wall Street. This morning, John s and 0:07:10.400 --> 0:07:12.640 p Futures are up twenty two points. Staff Future are up, 0:07:13.800 --> 0:07:16.480 Nastac features hired by eighty four points. Straight ahead. You 0:07:16.520 --> 0:07:18.440 l like its local headlines in the check of sports. 0:07:18.520 --> 0:07:25.040 This is Bloomberg and it's now six o seven on 0:07:25.120 --> 0:07:27.040 Wall Street. Let's bring in Michael Barne Dow to find 0:07:27.040 --> 0:07:29.200 out what else is going on in New York end 0:07:29.600 --> 0:07:31.840 around the world, John, thank you very much, sir. New 0:07:31.920 --> 0:07:35.560 York State Comptroller Thomas Donopoli says New York will fully 0:07:35.640 --> 0:07:40.239 divest all Russian holdings. Dinopoly spoke with Bloomberg's and Allie 0:07:40.240 --> 0:07:42.880 Bassek when the war broke out. We said we're going 0:07:42.960 --> 0:07:46.440 to freeze any new investments, and we were making an 0:07:46.440 --> 0:07:48.720 assessment of what we considered to be the risk of 0:07:48.720 --> 0:07:52.680 the portfolio if we continued to be invested. State Comptroller 0:07:52.720 --> 0:07:56.280 Donopoly says it's largely in the public equity portfolio, a 0:07:56.280 --> 0:07:59.680 little bit in fixed income quantified in about one and 0:07:59.760 --> 0:08:03.720 ten million dollars. Chinese state media say that The search 0:08:03.800 --> 0:08:06.960 area is being expanded for the second black box from 0:08:06.960 --> 0:08:10.840 a China Eastern passenger plane that crashed in southern China 0:08:10.880 --> 0:08:13.200 with a hundred thirty two people on board earlier this week. 0:08:13.560 --> 0:08:16.800 One of the black boxes was found yesterday. Secretary of 0:08:16.840 --> 0:08:20.360 Health and Human Services, how Your Sarah warns Congress that 0:08:20.560 --> 0:08:24.000 funds to fight COVID have already run out. The fund 0:08:24.000 --> 0:08:28.240 Congress established to reimburse doctors and other medical providers for 0:08:28.280 --> 0:08:32.520 COVID care for Americans, in particular, the uninsured, is no 0:08:32.600 --> 0:08:36.720 longer accepting new claims for pro from providers for testing 0:08:37.120 --> 0:08:40.400 or for treatment services. Secretary of Sara at the White 0:08:40.440 --> 0:08:44.120 House COVID nineteen Response Team press conference says if Congress 0:08:44.200 --> 0:08:48.280 does not approve more COVID funding, COVID help for vaccines, pills, 0:08:48.320 --> 0:08:52.079 and other treatment will vanish. US Secretary of State Anthony B. 0:08:52.080 --> 0:08:55.720 Lincoln slam the Taliban for ditching its commitment to reopen 0:08:55.800 --> 0:08:58.480 high schools two girls at the last minute. The sudden 0:08:58.520 --> 0:09:01.400 reversal by the Taliban was met with sharp criticism from 0:09:01.440 --> 0:09:04.800 the United Nations, while B. Lincoln said it would profoundly 0:09:04.920 --> 0:09:08.800 harm the group's ability to build ties abroad. Madeline Albright, 0:09:08.880 --> 0:09:11.679 who rose to become the first female Secretary of State, 0:09:11.960 --> 0:09:15.600 has died of cancer. President Bill Clinton chose Albright as 0:09:15.640 --> 0:09:20.679 America stopped diplomat. In Former U S Ambassador Thomas Pickering 0:09:20.720 --> 0:09:24.239 spoke about Albrights she had little love, I would say 0:09:24.280 --> 0:09:29.360 for Russia, and that skepticism and indeed suspicion about Russia 0:09:29.760 --> 0:09:32.280 has proven to me more true than I think any 0:09:32.320 --> 0:09:35.079 of us had reason to believe when I worked for her. 0:09:35.559 --> 0:09:40.280 Former Ambassador Pickering spoke with Bloomberg's Joe Matthew. Inelve, President 0:09:40.320 --> 0:09:43.559 Barack Obama awarded Albright the Medal of Freedom. Madeline Albright 0:09:43.640 --> 0:09:46.360 was eighty four global news twenty four hours a day 0:09:46.400 --> 0:09:49.320 on air and on Bloomberg Quickdake, powered by more than 0:09:49.840 --> 0:09:52.720 seven hundred journalists and analyists more than a hundred twenty countries. 0:09:53.120 --> 0:10:00.240 Michael Laren, this is Bloomberg, John Michael, thank you and 0:10:00.400 --> 0:10:02.600 the Princess to six Town on Wall Street. Time down 0:10:02.600 --> 0:10:06.800 for the Bloomberg Sports update. Thanks John Carrie. Irving's Brooklyn 0:10:06.880 --> 0:10:09.440 Net season has gone from not playing at all due 0:10:09.440 --> 0:10:12.160 to his decision to not get vaccinated, to playing only 0:10:12.200 --> 0:10:14.880 in road games, but now as the NBA regular season 0:10:14.920 --> 0:10:17.960 winds down. New York City is set to lift the 0:10:18.240 --> 0:10:21.600 private sector mandate for in person work, and Irving will 0:10:21.679 --> 0:10:23.720 finally be a full time member of the team. Played 0:10:23.800 --> 0:10:25.920 last night in Memphis, scored forty three points or the 0:10:25.960 --> 0:10:29.520 Nets lost one thirty two to one twenty. Tyrie was 0:10:29.600 --> 0:10:32.000 later asked to that jumping in in the line of 0:10:32.160 --> 0:10:36.280 jumping out, you know, looking forward hopefully that could could 0:10:36.280 --> 0:10:38.760 be something we could fix, and we passed. I can't 0:10:38.800 --> 0:10:42.000 wait to talk to you guys once this is you know, 0:10:42.080 --> 0:10:45.080 something's efficient and that's expected at a Mayor Adam's mid 0:10:45.200 --> 0:10:48.360 day presser today at City Field. This also affects unvaccinated 0:10:48.440 --> 0:10:50.280 met and Yankee players, although He's still have to be 0:10:50.360 --> 0:10:52.800 vacs to play in Toronto and the Yankees have ten 0:10:52.920 --> 0:10:55.000 games there. Nix, with one of the better games of 0:10:55.000 --> 0:10:57.600 the season one oh six win at Charlotte, did it 0:10:57.640 --> 0:11:01.040 without starters Julius Randall and Mittel. Robinson's seven nicks in 0:11:01.120 --> 0:11:03.680 double figures laid by R. J. Barrett's thirty points. Devils 0:11:03.720 --> 0:11:06.559 lost in Toronto three two. N C Double A Tournament 0:11:06.559 --> 0:11:10.080 returns tonight Double Letters in San Antonio and San Francisco. 0:11:10.160 --> 0:11:13.480 That's where Duke plays Texas Tech, will Duke move on 0:11:13.600 --> 0:11:16.600 or will this be the end of Mike Tazewski's coaching career. 0:11:16.720 --> 0:11:19.160 N I T quarterfinal wins for Texas A and M 0:11:19.160 --> 0:11:22.560 at Washington State. Ron Harper Jr. Leavey Watterers journey pro. 0:11:22.679 --> 0:11:24.720 For a while yesterday looked like the Jets might be 0:11:24.760 --> 0:11:27.600 acquiring star wide out Tyree Hill from Kansas City. The 0:11:27.640 --> 0:11:31.040 Chiefs agreed to deals with the Jets and Dolphins and 0:11:31.080 --> 0:11:33.080 then let Hill decide where he wanted to go, and 0:11:33.120 --> 0:11:36.240 he chose Miami signed a four year, hundred twenty million 0:11:36.240 --> 0:11:39.840 dollar contract with them. John Stashwarer. Bloomberg Sports. John, all right, 0:11:39.880 --> 0:11:42.160 thanks a lot, John, We're still a waiting president by 0:11:42.320 --> 0:11:46.000 an address to NATO ministers in Brussels. Will bring it 0:11:46.080 --> 0:11:49.240 that to live when it happens ahead of the Cans. 0:11:49.240 --> 0:11:51.480 Show them up Wall Street down. Futures right now up 0:11:51.520 --> 0:11:55.960 one fourteen points. The SMP EVENY futures twenty one points 0:11:56.000 --> 0:11:59.400 higher than ZAC futures right now are up eighty points. 0:11:59.720 --> 0:12:07.559 You're listening to Bloomberg Daybreak. Daybreak brought you by the 0:12:07.600 --> 0:12:10.160 Jewish Community Fund. Jason, you have some doughtor advised fund 0:12:10.200 --> 0:12:13.160 is the smart choice to manage your philanthropy, especially in 0:12:13.280 --> 0:12:16.120 times of crisis like you're giving impact old Visit j 0:12:16.240 --> 0:12:23.880 c f n Y dot org, markets headlines and breaking 0:12:23.920 --> 0:12:26.800 news twenty four hours a day at Bloomberg dot com, 0:12:26.920 --> 0:12:30.439 the Bloomberg Business App, and at Bloomberg Quick Tape is 0:12:30.480 --> 0:12:39.520 a Bloomberg Business Lash. I'm Nathan Hager. European stocks are 0:12:39.559 --> 0:12:42.720 moving lower, Treasuries extending their slide, as well as investors 0:12:42.720 --> 0:12:45.160 way the risks of rising inflation and the impact of 0:12:45.160 --> 0:12:47.440 the war in Ukraine. We checked the markets every fifteen 0:12:47.440 --> 0:12:50.480 minutes during the trading day on bloomberg SMP futures are 0:12:50.600 --> 0:12:53.079 still higher, up nineteen points, staff futures up a hundred 0:12:53.080 --> 0:12:56.320 four dast deck futures are up sixty eight points. Germany's 0:12:56.360 --> 0:12:58.240 decks down a half percent. The hack in Paris is 0:12:58.280 --> 0:13:00.120 lower by two tenths of one percent. The ten Your 0:13:00.160 --> 0:13:02.600 treasury is down twenty four thirty seconds, with the yield 0:13:02.600 --> 0:13:04.880 two point three eight percent yield on the two year 0:13:04.880 --> 0:13:08.080 two point one five Nimex crewed down four tenths percent, 0:13:08.160 --> 0:13:10.160 or forty eight cents at a hundred fourteen dollars forty 0:13:10.200 --> 0:13:12.600 five cents a barrel. Comex called up three tenths per 0:13:12.600 --> 0:13:16.080 cent or six dollar sixty cents. In nine announced the 0:13:16.080 --> 0:13:18.760 euro one point zero nine eight three against the dollar. 0:13:18.880 --> 0:13:21.760 The yen is at one point seven two. That's a 0:13:21.800 --> 0:13:24.319 bloomberg business flash. And now here's Michael Barr with more 0:13:24.360 --> 0:13:27.120 on what's going on around the world. Michael Nathan, thank 0:13:27.160 --> 0:13:30.320 you very much. The world's leading economic power has planned 0:13:30.320 --> 0:13:33.960 to warn Russian President of Vladimir Putin against using chemical 0:13:34.240 --> 0:13:37.319 or nuclear weapons in Ukraine in a draft statement from 0:13:37.360 --> 0:13:40.360 the Group of G seven today, The leaders also planned 0:13:40.400 --> 0:13:44.240 to say that they will continue to impose severe consequences 0:13:44.280 --> 0:13:47.400 on Russia. US President Joe Biden is in Brussels for 0:13:47.440 --> 0:13:50.320 a trio of summits with NATO, the G seven, and 0:13:50.480 --> 0:13:53.600 the European Union. New York City Mayor Eric Adams will 0:13:53.640 --> 0:13:57.320 announce today that he's exempting athletes and performers from the 0:13:57.360 --> 0:14:00.960 city's vaccine mandate for private workers. The move will allow 0:14:01.000 --> 0:14:03.720 Brooklyn Nets star Kyrie Irving to play home games and 0:14:03.800 --> 0:14:07.880 let unvaccinated baseball players take the field when their season 0:14:07.920 --> 0:14:11.800 begins NBA games, The Nets lost the Nix and Celtics 0:14:11.840 --> 0:14:15.480 won in the NHL. The Devil's Lost Global News twenty 0:14:15.480 --> 0:14:18.240 four hours a day on here and on Bloomberg Quick Tank, 0:14:18.480 --> 0:14:21.400 powered by more than twenty seven hundred journalist analysts more 0:14:21.400 --> 0:14:24.280 than a hundred twenty countries at Michael barn This is Bloomberg. 0:14:25.320 --> 0:14:29.040 This is the Big Take, the best of Bloomberg's in depth, 0:14:29.080 --> 0:14:31.920 original reporting from around the globe. This is a really 0:14:31.960 --> 0:14:36.200 fascinating story that's caused a lot of outrage among investors. 0:14:36.240 --> 0:14:38.960 This is so fascinating. A market shutdown in a way 0:14:39.000 --> 0:14:42.080 it's never done before. That's gonna have consequences for years 0:14:42.080 --> 0:14:46.120 to come. The Dame Take on Bloomberg Radio and our 0:14:46.240 --> 0:14:50.160 Big Take this morning focuses on the future of globalization. 0:14:50.760 --> 0:14:53.880 The West must save globalization. This is an opinion piece 0:14:53.880 --> 0:14:56.640 co authored by John Nicko Thwaite, editor in chief of 0:14:56.640 --> 0:15:01.440 Bloomberg News Saunt. John joins us this morning from London. John, 0:15:01.440 --> 0:15:03.600 as we filled up the car in the US this morning, 0:15:03.640 --> 0:15:07.600 we griped and blamed events and far off places. More broadly, 0:15:07.600 --> 0:15:10.880 it does raise the question what's the path forward for 0:15:11.400 --> 0:15:14.480 integrating the world's economies. This the sat the first rodeo 0:15:14.600 --> 0:15:17.840 for globalization, is it? No, that's the point and very 0:15:17.920 --> 0:15:21.680 nice to um to be here. John. The the point 0:15:21.800 --> 0:15:24.600 is you go back a hundred years ago. Back then 0:15:24.680 --> 0:15:27.920 we had a global age just over a hundred years ago. 0:15:28.000 --> 0:15:31.120 But go back to we're at the end of the 0:15:31.120 --> 0:15:35.920 first great age of globalization, far far freer in many 0:15:35.920 --> 0:15:39.200 ways than the world in which we business people operate. Now. 0:15:39.400 --> 0:15:42.440 You could move capital, you could move people, you could 0:15:42.440 --> 0:15:45.360 move goods around the world much more easily. You didn't 0:15:45.400 --> 0:15:47.960 need a passport. And there's a famous bit of John 0:15:48.000 --> 0:15:51.680 Mayne Kens where he imagines a Londoner sitting there ordering 0:15:51.720 --> 0:15:54.640 things from around the world, thinking this world is going 0:15:54.720 --> 0:15:56.720 to go on forever, and failing to notice at the 0:15:56.720 --> 0:16:00.520 bottom of his newspaper a little headline about Sarajevo. And 0:16:00.560 --> 0:16:03.160 I think many of us, yes, we've gone through COVID, 0:16:03.160 --> 0:16:05.000 we've seen all these things. In many ways, we have 0:16:05.080 --> 0:16:07.920 fewer excuses in that londoner you get back a couple 0:16:07.960 --> 0:16:10.840 of months ago. Most business people, I think we're counting 0:16:10.880 --> 0:16:14.760 on the world still continuing generally to open up. And 0:16:14.920 --> 0:16:17.840 that is the big danger, I think, the big economic 0:16:17.920 --> 0:16:22.520 danger from Ukraine that accelerates already what's happening in terms 0:16:22.520 --> 0:16:26.800 of decoupling between America and China, but more generally, every 0:16:26.800 --> 0:16:29.400 business person around the world is now thinking about political 0:16:29.480 --> 0:16:32.280 risk in a completely different way. Yeah, and the war 0:16:32.320 --> 0:16:36.040 in Ukraine is more than amusement in the daily newspapers, 0:16:36.080 --> 0:16:38.880 which is and the same, same with the same, with 0:16:39.000 --> 0:16:43.240 the same, with the with the with the with What 0:16:43.280 --> 0:16:46.320 happened in the First World War carnage on an untold scale. 0:16:46.680 --> 0:16:50.560 Before that, what kine Is called the politics of militarialism 0:16:50.560 --> 0:16:54.520 and imperialism were indeed amusements. I think people didn't really, 0:16:55.040 --> 0:16:57.080 they didn't. They didn't see them as being the sort 0:16:57.120 --> 0:16:59.640 of central fact of their age, and business people as well. 0:17:00.080 --> 0:17:01.880 And I think now what has happened as we now 0:17:01.920 --> 0:17:05.400 realize things like nationalism and all these things matter enormously. 0:17:05.400 --> 0:17:08.960 And if you look at the make a big pretentious point, 0:17:09.160 --> 0:17:11.840 you look at the broad sort of progress of man 0:17:12.520 --> 0:17:16.439 in general, Economics and technology tend to win most of 0:17:16.440 --> 0:17:20.520 the time, but there are periods, especially when globalizens sticks 0:17:21.280 --> 0:17:26.000 pushes up for people who is discontent, There are periods 0:17:26.040 --> 0:17:29.680 when these things like cultural things, nationalism, religion, all these 0:17:29.680 --> 0:17:32.800 things matter more. And at this precise moment, we have 0:17:33.080 --> 0:17:38.240 putin doing something which by any means was economically self harming, 0:17:38.640 --> 0:17:41.200 that he did it for different reasons, and that's true 0:17:41.200 --> 0:17:44.240 of many things around the world. Right now, you underscore 0:17:44.280 --> 0:17:48.640 those fits and starts to integrating the global economy. Um, 0:17:48.680 --> 0:17:53.720 it hasn't always been a great poster child for capitalism either. No, 0:17:54.040 --> 0:17:56.479 but again I would I think if you're Joe Biden, 0:17:56.760 --> 0:17:58.359 I think you have to sit there and you have 0:17:58.440 --> 0:18:02.840 to make some serious decision now. Um, Yes, globalization has 0:18:02.880 --> 0:18:06.200 had its problems, but by any measure, it's first made 0:18:06.240 --> 0:18:09.520 the world safer. It's made the world more prosperous, and 0:18:09.560 --> 0:18:12.239 it's made the world freer. Not in every case, in 0:18:12.280 --> 0:18:15.880 every way, but overall it's dragged people out of poverty, 0:18:16.200 --> 0:18:20.080 and it's pushed freedom forward. Right now, Joe Biden is 0:18:20.240 --> 0:18:22.920 singing us one song, and that not doing what he preaches. 0:18:22.960 --> 0:18:25.160 His song is that he wants to build an alliance 0:18:25.160 --> 0:18:28.200 of democracies. Last year I went to Asia. You saw 0:18:28.280 --> 0:18:32.399 Gina Romando, one of his more talented ministers, trying desperately 0:18:32.400 --> 0:18:36.119 to get the Asians interested in sort of frameworks and 0:18:36.160 --> 0:18:38.800 these strange words like that, and they took them for 0:18:38.840 --> 0:18:41.520 what it was, which was meaningless. That they want free 0:18:41.520 --> 0:18:44.520 trade deals and those are the kind of concrete that 0:18:44.560 --> 0:18:46.679 can make these things different. And I think what Biden 0:18:46.720 --> 0:18:49.520 needs to do is he needs to say, look, I 0:18:49.600 --> 0:18:52.760 don't you know, union votes matter, but in the end, 0:18:52.800 --> 0:18:55.800 the security of America matters more from the point of 0:18:55.880 --> 0:19:01.040 view of America's long term security, cementing alliances with other 0:19:01.080 --> 0:19:03.920 democracies around the world really really matters. And he has 0:19:04.080 --> 0:19:08.440 right now an opportunity to remake transatlantic trade with Europe 0:19:08.760 --> 0:19:11.639 and also to reach out across the specific And you 0:19:11.720 --> 0:19:14.720 set up these organizations and that is the way in 0:19:14.800 --> 0:19:17.359 which you kind of remodel globalization. You can take in 0:19:17.400 --> 0:19:20.520 things like forcing companies to pay a bit more tax. 0:19:20.960 --> 0:19:24.919 You can add in things like the environment. But you know, 0:19:25.000 --> 0:19:27.600 in the end, from a liberal point of view, and 0:19:27.640 --> 0:19:30.159 I mean liberal in the sense of the old and 0:19:30.280 --> 0:19:33.320 better British term, the use of that phrase. From a 0:19:33.400 --> 0:19:36.920 liberal point of view, globalization tends to do a lot 0:19:37.000 --> 0:19:40.240 more good than bad. And the economic side of freedom 0:19:40.320 --> 0:19:43.240 is something that Joe Biden needs to learn very quickly. 0:19:43.280 --> 0:19:45.399 I think, as your point out there, a history is 0:19:45.520 --> 0:19:48.200 lass and but more often than art, we don't avoid 0:19:48.280 --> 0:19:51.840 the march of father. Are you optimistic at the moment? 0:19:52.080 --> 0:19:55.840 I think that that whatever happens in Ukraine, Um, you know, 0:19:55.920 --> 0:19:57.880 two things are underway which are going to be quite 0:19:57.880 --> 0:20:00.600 difficult to stop. The first is to suddue a political 0:20:00.680 --> 0:20:04.679 switch towards decoupling, which I think is already underway, and 0:20:04.720 --> 0:20:07.240 from the point of view of President Gene in China, 0:20:07.720 --> 0:20:09.560 this what is happening at the moment in terms of 0:20:09.560 --> 0:20:11.639 the boycotts and things that the West is mounting. That 0:20:11.760 --> 0:20:15.359 is another reason for China to turn somewhat inwards, certainly 0:20:15.400 --> 0:20:18.040 towards Asia and setting up its own block, and that's 0:20:18.080 --> 0:20:21.760 something that is already underway. From zero point seven five 0:20:21.840 --> 0:20:24.639 to one point five eight percent rates subject to change. 0:20:25.000 --> 0:20:29.760 Learn more at I b k R dot com slash compare. First, 0:20:29.800 --> 0:20:32.520 we are a month now into Russia's invasion of Ukraine 0:20:32.560 --> 0:20:36.040 and President Biden is in Brussels for marathon meetings with allies. 0:20:36.080 --> 0:20:39.840 They will discuss new plans to pressure Vladimir Putin to 0:20:39.960 --> 0:20:43.920 withdraw his forces. Bloomberg Senior reporter Mark Champion says these 0:20:43.920 --> 0:20:47.359 meetings are crucial. It is important. We've had a month 0:20:47.400 --> 0:20:50.840 of war now and he's going to be sitting down 0:20:50.920 --> 0:20:53.879 with leaders that he's been talking to biphone by video 0:20:53.920 --> 0:20:59.080 link throughout and trying to really coordinate a response. They 0:20:59.119 --> 0:21:02.240 have to think about what happens if Russia desises to escalate. 0:21:02.440 --> 0:21:05.360 They need to think about China. If China does come 0:21:05.359 --> 0:21:09.640 in and support Russia, either economically or with weapon There's 0:21:09.640 --> 0:21:12.760 a lot to talk about. Bloomberg's Mark Champion reports the 0:21:12.760 --> 0:21:16.000 Group of Seven Nations plans to warn Vladimir Putin against 0:21:16.119 --> 0:21:19.320 using chemical or nuclear weapons in Ukraine. That is according 0:21:19.320 --> 0:21:21.760 to a draft statement that G seven will issue today. 0:21:22.119 --> 0:21:24.120 At the same time, the U S and the European 0:21:24.200 --> 0:21:26.680 Union are close to a deal to slash Europe's dependency 0:21:26.720 --> 0:21:29.320 on Russian energy, and agreement on that could be announced 0:21:29.320 --> 0:21:31.760 as soon as tomorrow. And stocks in Russia it's trading 0:21:31.760 --> 0:21:34.160 for the first time in nearly a month. They're trading higher, 0:21:34.280 --> 0:21:37.840 but under heavy restrictions. The governments allowing just two thirds 0:21:37.840 --> 0:21:41.440 of equities to trade. Russia has also banned short selling 0:21:41.840 --> 0:21:46.120 and restricted foreigners from exiting local equities. Turning to US 0:21:46.200 --> 0:21:50.440 politics now, John confirmation hearings conclude today for Supreme Court 0:21:50.480 --> 0:21:55.320 nominee Katangi Brown Jackson. Yesterday saw Jackson fend off GOP 0:21:55.480 --> 0:21:59.920 attacks on several fronts, including her record on crime, child pornography, 0:22:00.160 --> 0:22:04.679 and abortion. I would do what I've done for the 0:22:04.720 --> 0:22:12.240 past decade, which is to rule from a position of neutrality, 0:22:12.359 --> 0:22:16.760