Speaker 1: Live from the Bloomberg Interactor Berger Studios. This is Bloomberg
Speaker 1: Daybreak for a Thursday, April two. Coming up this hour,
Speaker 1: shares of Netta surge after Facebook adds more users than expected.
Speaker 1: Apple and Amazon report this afternoon. President Biden plans to
Speaker 1: deliver remarks today on more support for Ukraine, and Americans
Speaker 1: grow more pessimistic about their finances as infliction takes a toll.
Speaker 1: New York's MTA wants to ramp up its fleet of
Speaker 1: electric buses. Plus docr FLGI clarifies is a comment that
Speaker 1: the US is not in the pandemic phase. I'm Michael
Speaker 1: blarn More Ahead, I'm John Stay Sharon Sports fit straight
Speaker 1: win for the Yankees, the Mets lost as the benches
Speaker 1: empty in the NFL draft, agins tonight. That's all training
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three, on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nineteen and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: via The Bloomberg Business. Good Morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, and futures this morning are higher. SNP
Speaker 1: futures up seventy five points down futures have three hundred
Speaker 1: eighty five and Naztec futures have three hundred twenty three.
Speaker 1: Ten year treasury up to thirty seconds, you have two
Speaker 1: point eight two percent and a yield on the two
Speaker 1: year two point five eight percent. And I make screwed
Speaker 1: oil is up eight ten percent or eighty five cents
Speaker 1: at a hundred two dollars eighty five cents and barrel
Speaker 1: Nathan Karen, we are seeing a two and a half
Speaker 1: percent lift and Nastac futures this morning. It comes after
Speaker 1: Facebook parent Metas earnings shares are up almost eighteen percent
Speaker 1: after Facebook's main social network added more users than projected.
Speaker 1: Company says revenue would have been higher if not for
Speaker 1: the war in Ukraine. Man Deep Singh is senior technology
Speaker 1: analysts for Bloomberg Intelligence. The core of Facebook and Instagram
Speaker 1: engagement seems to be holding up quite well, so I
Speaker 1: think these are are definitely good numbers. They missed on
Speaker 1: the top line, but we know it's because of the
Speaker 1: ad pricing, and I think that was sort of expectant
Speaker 1: Bloomberg Intelligence senior analyst Mandieve Singh says Facebook added thirty
Speaker 1: one million new daily active users in the recent quarter. Well, Nathan,
Speaker 1: let's look at some other stocks on the move following earnings.
Speaker 1: Your poor shares a qual calm Or up more than
Speaker 1: seven percent. The chipmaker gave a strong sales forecast with
Speaker 1: the current quarter. Ford beat earnings estimates and reaffirmed its
Speaker 1: guidence for the year. That stocks out more than two percent,
Speaker 1: And the biggest loser this morning is Telenoc Health shares
Speaker 1: are plunging more than thirty five percent, the telemedicine company
Speaker 1: cutting its revenue and earnings guidance for the year, and
Speaker 1: the earnings continue to roll in today, Karen, With big
Speaker 1: tech once again leading the way. After the bell, we
Speaker 1: hear from Apple and Amazon, and we get a preview
Speaker 1: now from Bloomberg's Tom Busby. Well investors will see if
Speaker 1: Apple saw continued growth and sales of iPhones, iPads, max
Speaker 1: and services despite supply chain problems and chip shortages. Forecast
Speaker 1: call for earnings per share of one dollar forty three
Speaker 1: cents on revenue of just over ninety four billion dollars.
Speaker 1: Apple also expected to announce a share buyback program of
Speaker 1: as much as ninety billion dollars. As for Amazon investors,
Speaker 1: we'll see if it's Amazon Web Services, the cloud computing
Speaker 1: unit will off set and expected slow down and online
Speaker 1: sales now that many pandemic restrictions have been lifted. Forecast
Speaker 1: call for earnings per share of eight fifty five on
Speaker 1: revenues of more than a hundred sixteen billion. I'm Tom Busby,
Speaker 1: Bloomberg Daybreak. All right, Tom, thank you. Well. It's also
Speaker 1: a busy day for earnings in Europe, with seventy companies reporting.
Speaker 1: Shares a barclayser up almost two percent, fixed income, currency
Speaker 1: and commodities revenue jump, thirty seven percent of the British bank.
Speaker 1: Shares of Standard Chartered are soaring thcent. Earnings topped estimates
Speaker 1: and the lender raised its revenue outlook. And it's also
Speaker 1: a big day on the economic front, Karen, we get
Speaker 1: a closely watched reading on first quarter GDP this morning.
Speaker 1: The forecast is for a one percent gain. Bloomberg's Michael
Speaker 1: McKee has details COVID and Russia's war slowed growth dramatically
Speaker 1: in the first three months of the year. Some analysts
Speaker 1: even fake the economy contracted, but a dismal GDP figure
Speaker 1: will mask some true strength. Consumers spending is forecast to
Speaker 1: be strong, and business investment appears to be holding up.
Speaker 1: Real estate was a strong point during the quarter. The
Speaker 1: impact on growth is likely largely to have come from
Speaker 1: a slower pace of inventory building as companies finally restocked.
Speaker 1: Higher oil prices play a role as well. Michael McKee
Speaker 1: Bloomberg Daybreak, All right, Michael, thank you, But higher inflation
Speaker 1: as taking a toll on the personal finances of many Americans,
Speaker 1: and it's also heading their outlook. We get the latest
Speaker 1: line from Bloomberg's Randy A Young. Good morning Randia, Good
Speaker 1: morning Karen. A gallop pole shows less than half of
Speaker 1: Americans rate their financial situation as good or excellent, and
Speaker 1: some forty eight percent say it's worsening. That's a similar
Speaker 1: level seen a month into the pandemic and during the
Speaker 1: financial crisis of twenty eight So what's driving to worry?
Speaker 1: The survey finds that a record thirty two percent of
Speaker 1: Americans rank inflation and a high cost of living as
Speaker 1: the most important financial problem facing their family today. Live
Speaker 1: in New York, I'm renned a Young Bloomberg Day break
Speaker 1: all right, Nita, thank you. Let's turn to some moves
Speaker 1: in Asia now. Overnight, the Japanese yen hit a two
Speaker 1: decade low against the dollar. The move comes after the
Speaker 1: Bank of Japan doubled down on bond purchases. The central
Speaker 1: Bank said it would buy an unlimited amount of bonds
Speaker 1: that fixed rates every business day and checking the end
Speaker 1: right now it is at one thirty point nine five
Speaker 1: against the dollar. Well, now, Nathan will look at the
Speaker 1: latest on the war in Ukraine. President Biden plans to
Speaker 1: deliver remarks later today on support for Ukraine as his
Speaker 1: administration looks as end Congress a proposal for weapons that
Speaker 1: Bloomberg said Baxter has that story. The White House says
Speaker 1: it could go to the Hill as early as today.
Speaker 1: Spokeswoman Jansaki says they're still working on the final ast.
Speaker 1: You don't have a number for you at this point
Speaker 1: in time, but there is plans for this to be
Speaker 1: a proposal to go through the fiscal year, and it
Speaker 1: will include um as our path packages have included security
Speaker 1: or military assistance, humanitarian economic assistance, which seems to suggest
Speaker 1: a large number. The President has promised delivery by the
Speaker 1: end of the week. In San Francisco. I'm at Baxtter
Speaker 1: Bloomberg day Break. All right, ed, thanks Meantime, in Europe,
Speaker 1: several countries are looking for clearer guidance from the EU
Speaker 1: on Russia's demand to pay for natural gas in rubles.
Speaker 1: Russia cut the taps to Poland and Bulgaria yesterday because
Speaker 1: they refused to pay in the currency, and now The
Speaker 1: Financial Times reports several European nations, including Germany, are preparing
Speaker 1: to open ruble accounts to meet Vladimir Putin's demands. This
Speaker 1: all adds to a volatile energy market. According to Patrick Dehan,
Speaker 1: head of petroleum analysis at gas Buddy, there's a lot
Speaker 1: in said about Russia and Ukraine and now Russia today
Speaker 1: escalating the situation by UH stifling the flow of natural
Speaker 1: gas to Poland and Bulgaria. And of course we have
Speaker 1: a global economy that's been rebounding. Patrick de Han with
Speaker 1: gas Buddy spoke with our Washington correspondent Joe Matthew on
Speaker 1: Bloomberg Sound On. You can catch the show weekdays at
Speaker 1: five pm Eastern on Bloomberg Radio. Right now, SMP futures
Speaker 1: are up seventy five point STOUT future is up three
Speaker 1: nastack future is up three twenty five points. That's a
Speaker 1: game of two and a half percent ten. Your treasury
Speaker 1: is up to thirty seconds. The yield two two and
Speaker 1: the yield on the two year right now two point
Speaker 1: five eight percent. Straight ahead, your latest local headlines and
Speaker 1: a check of sports. This is Bloomberg in sound five
Speaker 1: oh seven on Wall Street where a forty one degrees
Speaker 1: in Central Park dealing with a truck accident on Route
Speaker 1: one and nine towards Route four forty in Jersey City.
Speaker 1: Details kind of in traffic. First, Michael Bars here with
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York's
Speaker 1: MTA plans to ramp up its number of electric buses,
Speaker 1: part of the agency's goal for zero emissions by twenty forty.
Speaker 1: For the nation's largest bus fleet, The m t A
Speaker 1: anticipate sixty new electric buses will start arriving later this year,
Speaker 1: with another four hundred seventy coming in three to four years.
Speaker 1: It will transition its shifty eight hundred bus fleet to
Speaker 1: all electric vehicles. Dr Anthony Fauci has clarifying comments he
Speaker 1: made suggesting that the COVID nineteen pandemic is over in
Speaker 1: the US. Fauci said this initially on the PBS News Hour.
Speaker 1: We are certainly right now in this country out of
Speaker 1: the pandemic faith. But now Dr Fauci says the pandemic
Speaker 1: in the U s isn't over, but is in a
Speaker 1: more controlled stage. New York's highest court has rejected new
Speaker 1: congressional maps widely seen as favoring Democrats. The state's Court
Speaker 1: of Appeals agreed with a group of Republican voters who
Speaker 1: said the district boundaries were unconstitutionally gerrymandered and that the
Speaker 1: legislature didn't follow proper procedure in passing the maps. The
Speaker 1: decision may delay New York primary elections by as much
Speaker 1: as two months. The parents of American Trevor Reid said
Speaker 1: they dared not build up their hopes when they first
Speaker 1: heard their son might be freed from Russia after being
Speaker 1: held three years. Yesterday they got the call that they
Speaker 1: have been waiting for. The former marine was swapped for
Speaker 1: a Russians and are being held by the US. They
Speaker 1: expect read to come home in a few days. Key
Speaker 1: negotiator and former US Ambassador to the United Nations. Bill
Speaker 1: Richardson says that he has worked with two different administrations
Speaker 1: since twenty nineteen to secure Read's release and notes that
Speaker 1: these kinds of deals take a long time to come
Speaker 1: to fruition. These exchanges take a long time. During the
Speaker 1: Trump administration, it didn't work, and the relationship between President
Speaker 1: Trump and the Russians was better than it is now,
Speaker 1: but it didn't work, so it depends on timing luck.
Speaker 1: Richardson says. Other Americans are still being held in Russia,
Speaker 1: including w n B A Star, Britney Grinder, and another
Speaker 1: former Marine, Paul Wheeland. The crew for astronauts arrived on
Speaker 1: our inside the International Space Station and dragon hatches open
Speaker 1: and they are welcoming the crew for extronauts on board.
Speaker 1: The NASA crew blasted off from Florida yesterday morning. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than hundred journalist tod
Speaker 1: analists more than a hundred, twenty countries. I'm Michael bar
Speaker 1: This is Bloomberg, Nathan Michael. Thank you almost five ten
Speaker 1: on All Street time for the Bloomberg Sports Update. Good morning,
Speaker 1: John Stanho Alright, good morning. They think a couple of
Speaker 1: Yankees sluggers have been quiet heating up, so the Yankees
Speaker 1: there fifth in the row five two over Baltimore Stadium.
Speaker 1: Joey Gallo, no home runs in his first fourteen games,
Speaker 1: now two and two nights, and Giant Carlos Stanton, with
Speaker 1: his first home run since the second game of the season,
Speaker 1: finally gets to three hundred and fifty career home runs.
Speaker 1: Only six players that have ever gotten there faster. Yanks
Speaker 1: go for the sweep this afternoon. Mets failed to get
Speaker 1: to sweep in St. Louis. Had a four one lead
Speaker 1: early on, but the Cardinals erupted and one ten to five.
Speaker 1: Nolan Eronado erupted in the eighth inning. Did not appreciate
Speaker 1: Joan Lopez is up and in pitch, the bench is empty,
Speaker 1: the Cardinals manager, Carlos Marmal. When you come up top
Speaker 1: like that and and jeopardize someone's career in life, yeah,
Speaker 1: I take it. And uh, I don't think anyone in
Speaker 1: the big leagues appreciates getting thrown up top. No one
Speaker 1: has every right to react the way he did and
Speaker 1: go after him, and we'll protect that. The Mets. J. D.
Speaker 1: Davis got there with a pitch of the top of
Speaker 1: the eighth was the fifth time in the series of
Speaker 1: met got hit nineteenth time this season. No other team
Speaker 1: has been hit by a pitch more than eleven times.
Speaker 1: Rangers at the Garden lost to Montreal four to three.
Speaker 1: Close out the regular season tomorrow night where Washington. That
Speaker 1: could affect whether they then played the Cats in the
Speaker 1: first round of Pittsburgh beats Columbus. Tomorrow, the Rangers will
Speaker 1: face the Penguins. The Bucks will face the Celtics in
Speaker 1: the NBA second round. Milwaukee finished off Chicago. Golden State
Speaker 1: closed at a series with Denver. NFL Draft starts tonight
Speaker 1: in Las Vegas. Like last year, Jacksonville has the first pick,
Speaker 1: Jets have the fourth and tenth picks. Giants have the
Speaker 1: fifth and set up John stash Hewn Bloomberg Sports Nathan
Speaker 1: all Right, John, thank you. SMP futures up seventy two points,
Speaker 1: staff futures up three hundred seventy NASTAC futures higher by
Speaker 1: three hundred one points or two and a third percent.
Speaker 1: You're listening to Bloomberg Daybreak. Bloomberg Daybreak brought to you
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Speaker 1: y C. Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quicktape. This is a Bloomberg Business flash
Speaker 1: and I'm Cara at Moscow. European stocks rallying along with
Speaker 1: US stock index futures after upbeed earning strengthen the bull
Speaker 1: gage for the economy and markets contracts on the tech
Speaker 1: heavy NASDACK jumping more than two percent, paced by gains
Speaker 1: and meta platforms, just after Facebook's main social network added
Speaker 1: more users than projected. Facebook shares are up about sevent
Speaker 1: in early trading. Yes p futures they're up seventy points
Speaker 1: down Future is up three hundred fifty five and nastack
Speaker 1: Future is up two hundred ninety four. Again, that's up
Speaker 1: to and a quarter percent. The decks in Germany's up
Speaker 1: one point nine percent. Ten year treasury of three thirty
Speaker 1: seconds yield two point eight two percent, a yield on
Speaker 1: the two year two point five eight percent, nine make screwed.
Speaker 1: Oil is up half percent, or forty eight cents at
Speaker 1: a hundred two dollars. Forty nine cents of barrel comes gold.
Speaker 1: Little change in eighteen eighty seven. Sixty announced the euro
Speaker 1: one point zero five to four against the dollar, British
Speaker 1: bound one point to five three two, and the yen
Speaker 1: is at one thirty point nine four. Bitcoin this morning
Speaker 1: up one point seven percent at thirty nine thousand, seven
Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world. Muchael,
Speaker 1: Good morning, Good morning, Karen. President Joe Biden plans to
Speaker 1: deliver remarks today on support for Ukraine. His administration looks
Speaker 1: too soon send the Congress a proposal for weapons and
Speaker 1: umnitarian assistance for Key that would last through September. Dr
Speaker 1: Anthony Falci is clarifying com n team made suggesting that
Speaker 1: the COVID nineteen pandemic is over in the US. Punty
Speaker 1: now says the pandemic is not over, but in a
Speaker 1: different phase. Round one of the NFL draft begins to night.
Speaker 1: The Jaguars have the overall number one pick. The Jets
Speaker 1: have the fourth and tenth pick, the Giant select fifth
Speaker 1: and seventh. In the NBA Playoffs, the Warriors advanced to
Speaker 1: the next round after beating the Nuggets in Game five one.
Speaker 1: In baseball, the Yankees beat the Orioles five to The
Speaker 1: Medicine Nationals lost the Red Sox one. The A shut
Speaker 1: out the Giants one zip. In the NHL, the Rangers lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barr. This is Bloomberg Naked, all right, Michael. Thanks,
Speaker 1: It's five nineteen on Wall Street Life from the Bloomberg
Speaker 1: interractor broker's studios. This is Bloomberg Daybreak. I'll go ahead
Speaker 1: and go there. There is a lot for investors in
Speaker 1: Facebook parent meta too, like the shares are surging, with
Speaker 1: the social media giant reporting a return to use their
Speaker 1: growth after last quarters first ever loss in that category.
Speaker 1: Let's turn out a man Deep seeing get more on
Speaker 1: these earnings. Senior tech analyst at Bloomberg Intelligence, Man Deep,
Speaker 1: good morning. So can we say then that the user
Speaker 1: dropped in the previous quarter was a fluke, well not necessarily,
Speaker 1: I think the expectations going into the quarter or dire.
Speaker 1: The sentiment was really negative and so what they did
Speaker 1: was really didn't come out with any further bad news
Speaker 1: as well as they said they're going to curtail their
Speaker 1: expense growth around metal wors, so net net revenue growth
Speaker 1: both slow and nothing has changed on that point. It's
Speaker 1: just the expense growth won't ramp up as fast as
Speaker 1: they laid out the last timber on. We were certainly though,
Speaker 1: seeing investors really piling into this stock this morning. What
Speaker 1: do you think is behind the move that we're seeing
Speaker 1: for the shares? Well, so you look advertise, I think
Speaker 1: is a large trillion dollar plus market and it continues
Speaker 1: to be a duopoly with Alphabet and Meta being the
Speaker 1: true top players. And at the scale that Meta is
Speaker 1: at at, even if there is a deceleration in top
Speaker 1: line growth, this company still has over thirty operating margins.
Speaker 1: And if they are telling us that, you know, costs
Speaker 1: won't go up the same way as it did last quarter,
Speaker 1: you know, costs were up whereas revenue was up seven
Speaker 1: but going forward it will probably the cost night of
Speaker 1: the equation will look much better. I think that is
Speaker 1: what is pacifying the investor. And as I said, the
Speaker 1: multiples had compressed to a point where they were pricing
Speaker 1: in a worst case scenarios. Obviously that won't play out.
Speaker 1: Do you buy that cost story though? Man Deep, but
Speaker 1: the I mean certainly. Mark Zuckerberg has been talking about
Speaker 1: spending quite a lot of money on the meta side
Speaker 1: of meta platforms, and inflation still out there. We also
Speaker 1: inflat ship doesn't impact Facebook's operations as much as it
Speaker 1: does other companies. Yes, other companies will pull back on advertising,
Speaker 1: but eventually the ad spending will go up if we
Speaker 1: are not going into a recession. So the top line
Speaker 1: book come back. And on the cost side, look, metal
Speaker 1: worse was a big thing for Facebook CEO last quarter.
Speaker 1: This time around, the tone had changed considerably. Now it
Speaker 1: was more about, okay, this is something for their ads.
Speaker 1: Will continue to invest, but we will invest in line with,
Speaker 1: you know, the expectations of the market around metal works
Speaker 1: and not be as aggressive as they laid out the
Speaker 1: last time around. So definitely a big change in tune
Speaker 1: in terms of the spending on the metal works. So
Speaker 1: does that change in Toneman deep point to more of
Speaker 1: a focus than on competition on the social media side.
Speaker 1: It is pretty pitched competition for uh, not just you know, Twitter,
Speaker 1: some of the like see if you can call them
Speaker 1: that social media platforms, but of course TikTok absolutely, So
Speaker 1: what they're doing now is really pivoting aggressively to you know,
Speaker 1: match TikTok's algorithm, the AI based approach that TikTok has taken,
Speaker 1: and so Facebook is doing the same. And the risk
Speaker 1: over there is Facebook's core kind of mode is around
Speaker 1: their social graphs, so now that they're making this pivot
Speaker 1: to AI based recommendation, they lose that advantage. At the
Speaker 1: same time, Facebook is kind of throwing a lot of
Speaker 1: resources to catch up to TikTok and YouTube, and I
Speaker 1: do think because of facebooks or meta scale in this business,
Speaker 1: they still have that advertiser base that will trust them
Speaker 1: to you know, improve the r o I on ad
Speaker 1: spending just about thirty seconds left here, Mande. But just
Speaker 1: out of curiosity, do you see any impact for Facebook
Speaker 1: elon Musk's takeover of Twitter. No. I think twitdle was
Speaker 1: too small of a player in the ad space, so
Speaker 1: it doesn't have uh that kind of daring on the
Speaker 1: digital ad space. But at the same time, I think
Speaker 1: that was probably a bottom in terms of evaluation in
Speaker 1: the digital ad space. Thanks for this, mandep great having
Speaker 1: you on this morning. Thanks for getting up early. Really appreciated.
Speaker 1: Man Deep Saying, senior tech analyst at Bloomberg Intelligence with
Speaker 1: us this morning. As we continue to watch shares of
Speaker 1: Facebook in the pre market after the positive earnings result,
Speaker 1: we are seeing a surge with metal platform shares up
Speaker 1: just about seventeen percent in early trading. As far as
Speaker 1: overall broader markets go, that's helping to drive a lift
Speaker 1: for futures contracts. You have SMP futures up seventy one point,
Speaker 1: staff futures up there at sixty. NAZAC Future is leading
Speaker 1: the way with a two and a third percent gain
Speaker 1: up three hundred two points, just ahead a big slowdown
Speaker 1: expected in first quarter GDP and inflations taking a hit
Speaker 1: on the how sold outlook. Top stories of the morning
Speaker 1: just ahead on Bloomberg day Break, Bloomberg eleven three oh
Speaker 1: weather varying amounts of clouds and sun breezy today with
Speaker 1: high sneer fifty five degrees. We could get up to
Speaker 1: around sixty with sunshine and a breeze tomorrow, mostly sunny,
Speaker 1: low sixties for Saturday. Right now forty one in Central Park,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Looving Freedom to Washington, d C, Bloomberg On
Speaker 1: to Boston, Bloomberg one, O six one does San Francisco
Speaker 1: Bloomberg and I'm sixteen to the country, Sirius XM CHO
Speaker 1: one nineteen and around the globe the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg daybreak. Man, It's
Speaker 1: five thirty on Wall Street. Good morning, I'm Nathan Hager
Speaker 1: and I'm camerin Moscow. We are just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. Meta shares are up almost seventeen percent
Speaker 1: this morning. That's after earning showed Facebook adding more users
Speaker 1: than projected. Man Deep sing as senior technology analyst at
Speaker 1: Bloomberg Intelligence, and he says the overall report is strong
Speaker 1: despite missing revenue estimates. Last time. They give us a
Speaker 1: surprise that they're spending an additional you know, twenty billion
Speaker 1: dollars on this Reality Labs. That's the first time we
Speaker 1: learned about those numbers this time around. There saying they
Speaker 1: don't plan to increase it, but they plan to pair
Speaker 1: back a little bit. And the core Facebook and Instagram
Speaker 1: engagement seems to be holding up quite well. Bloomberg Intelligence
Speaker 1: analyst man Deep Singh says Facebook added more than thirty
Speaker 1: million new users in the quarter, and big tech earnings
Speaker 1: continue today. Karen with Amazon and Apple reporting after the bell.
Speaker 1: Bloomberg Intelligence says Amazon sales may slow and Apple's growth
Speaker 1: could be down compared to last year. Well. Turning to
Speaker 1: the economy, Nathan, we get a reading on growth today.
Speaker 1: Us GDP is expected to show a one person game
Speaker 1: when the figures are released this morning, and according to
Speaker 1: new finding, scaring higher inflation is affecting many Americans financial outlook.
Speaker 1: Let's get the latest on that live from Bloomberg's You
Speaker 1: Need a Young Good morning, Grina, Good morning Nathan. A
Speaker 1: gallop pole shows less than half of Americans rate their
Speaker 1: financial situation as good or excellent, and some forty eight
Speaker 1: percent say it's worsening. That's similar to levels seen a
Speaker 1: month into the pandemic and during the financial crisis of
Speaker 1: two thousand eight, So what's driving the worry? The survey
Speaker 1: finds that a record thirty two percent of Americans rank
Speaker 1: inflation at a high cost of living as the most
Speaker 1: important financial problem they're facing today. Live in New York,
Speaker 1: I'm gonna need a Young Bloomberg day break, all right,
Speaker 1: RI need to thank you well. Overseas, the Japanese en
Speaker 1: hit a two decade low against the dollar. Right now,
Speaker 1: the rant the end is trading at one thirty point
Speaker 1: four and nine against the dollar. In turning to Ukraine, Karen,
Speaker 1: President Biden delivers remarks today as he prepares a proposal
Speaker 1: for Congress to ship more weapons and aid to Kiev.
Speaker 1: And meantime, the Financial Times reports Germany and other European
Speaker 1: nations could open ruble accounts to pay for Russian gas.
Speaker 1: Patrick de Haunt of gas Buddy says uncertainty in Russia
Speaker 1: and COVID and China could cause continued volatility and gas prices.
Speaker 1: Certainly a very bumpy and volatile summer as we continue
Speaker 1: to see markets digest burying headlines that seemingly are on
Speaker 1: opposite ends of the spectrum. Patrick Dehn with gas Buddy
Speaker 1: spoke with our Washington correspondent Joe Matthew on Bloomberg. Sound
Speaker 1: on Catch the Show weekdays at five pm Eastern on
Speaker 1: Bloomberg Radio, and futures are high er SNP Future is
Speaker 1: up sixty nine points down. Futures have three hundred forty
Speaker 1: nine at nashtak Future is jumping up two hundred nineties.
Speaker 1: Straight ahead your latest local headlines plus a check of sports.
Speaker 1: This is Bloomberg. Thanks caring on Wall Street forty degrees
Speaker 1: in Central Park. We got accident clean up down the
Speaker 1: northbound uh Grood one and nine at Root four forty
Speaker 1: in New Jersey City. Now Michael Bars here with more
Speaker 1: on what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. New York's mt A is
Speaker 1: going for zero emissions by forty The authority plans to
Speaker 1: ramp up its number of elect trick buses. The m
Speaker 1: t A anticipate sixty new electric buses will start arriving
Speaker 1: later this year. The m t A plans to transition
Speaker 1: it's fifty hundred bus fleet to all of interature vehicles.
Speaker 1: Dr Anthony Fauci caused quite a stir after comments he
Speaker 1: made to PBS suggesting that the US is not in
Speaker 1: the pandemic phase of COVID nineteen anymore. He clarified those comments,
Speaker 1: saying the pandemic isn't over, but the country is now
Speaker 1: in a different phase. Health experts say cases are going
Speaker 1: down because many people now have some kind of immunity
Speaker 1: to the virus. Dr David Aeggis, I think what was
Speaker 1: implied and what was meant is that we're at a
Speaker 1: better state in terms of the war on COVID nineteen.
Speaker 1: What it means is is that we are now having
Speaker 1: significant numbers of COVID ueen infections in the United States,
Speaker 1: has evidenced by the recent infection of our Vice president.
Speaker 1: But at the same time, hospitalizations and deaths are not
Speaker 1: going up. Dr Aggas spoke to CBS. Trevor Reid, a
Speaker 1: former Marine held in Rush since was released to US
Speaker 1: officials as part of a prison swap with Russia. Key
Speaker 1: negotiator and former US Ambassador to the United Nations Bill Richardson,
Speaker 1: says that their focus now turns to other detained Americans
Speaker 1: in Russia, including w n B A Star Brittney Grinder.
Speaker 1: It's very murky what has happened, but she deserves to
Speaker 1: come home. And it's important that we focus on her.
Speaker 1: But also there's another marine. His name is Paul Wheeling.
Speaker 1: He's been there almost three years. Former Ambassador Richardson says
Speaker 1: Reed's parents expect him home in a few days. President
Speaker 1: Biden honored Teachers of the Year at the White House.
Speaker 1: Biden says being a teacher is one of the toughest
Speaker 1: jobs anywhere, and so I think people won't realize it's
Speaker 1: hard how much you prepare. President Biden says he overcame
Speaker 1: his stutter as a child because of his parents and
Speaker 1: his teachers. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Tank, powered by more than
Speaker 1: journalists and analyst and more in a hundred twenty countries.
Speaker 1: Michael Barr, this is Bloomberg Danther. Thank you, Michael wall Street.
Speaker 1: Time for the Bloomberg Sports Update with John all Right,
Speaker 1: Nathan amidst this hot start by the Mets came a
Speaker 1: flurry of Mets getting hit by a pitch nineteen times
Speaker 1: and twenty games. It happened five times in St. Louis,
Speaker 1: so many were wondering when the benches might empty with
Speaker 1: the Met charging the mat instead. It was a cardinal
Speaker 1: who came charging Nolan Eronado eighth inning after an up
Speaker 1: and end pitch by the Mets go On Lopez. Eronado
Speaker 1: had had three hits three RBIs. St. Louis won the
Speaker 1: game ten to five, with Carlos Carrasco gave up seven
Speaker 1: runs eight hits. The Mets still win the series. They've
Speaker 1: won all six series they've played, although they've yet to
Speaker 1: have a sweep. Yankees today go for their second straight
Speaker 1: series sweep. They won their fifth and row with the
Speaker 1: Stadium five to two over Baltimore. Michael King got the
Speaker 1: winning to leave home runs for John Carlos Stanton and
Speaker 1: Joey Gallo, and a Yankee suddenly have the best record
Speaker 1: in the American League. Rangers at the Guard and lost
Speaker 1: in Montreal four to three. Closed out the regular season
Speaker 1: tomorrow against Washington NBA playoffs. Couple of m v p
Speaker 1: s led their teams to series clinching wins. Thirty three
Speaker 1: points for Jana's son to the Compo. Milwaukee finished off
Speaker 1: Chicago thirty for step Durry. Golden State wanted series with
Speaker 1: Denver NFL drafts in Las Vegas, but New York will
Speaker 1: dominate the early going Tonight after picks by Jacksonville, Detroit,
Speaker 1: and Houston, it's the Jets, then the Giants, then Carolina,
Speaker 1: then the Giants again, and three picks after that the
Speaker 1: Jets again, unless there's a tray the Giants GM Joe Shane.
Speaker 1: If you get greedy and you're like, let's move back
Speaker 1: and then that guy's gone, you are you gonna sleep
Speaker 1: better at night knowing you've got an extra sixth round
Speaker 1: pick and you move back four spots, but you lose
Speaker 1: the guy you want, or you just let's just take
Speaker 1: the guy and not degree. So you played through all
Speaker 1: those situations, you'll not known who Jacksonville will take first overall.
Speaker 1: John Stashower, Bloomberg Sports Nat thanks John seven on Wall
Speaker 1: Street Time for the Tri State Business Report with Bloomberg,
Speaker 1: said Corey. Four months ago, New York City lawmakers voted
Speaker 1: to require ads for jobs to include dollery ranges in
Speaker 1: the name of giving job applicants, especially women and people
Speaker 1: of color, a better shot at fair pay. But on
Speaker 1: the verge of implementing the measure, lawmakers will probably vote
Speaker 1: today to postpone it for five months after employers waved
Speaker 1: red flags. More New York compartment renters are declining to
Speaker 1: renew leases as they faced rate hikes landlord equity residentials,
Speaker 1: as the current renewal rate of the company's buildings in
Speaker 1: the area is around sixty percent, down five percentage points
Speaker 1: from the beginning of the year. Thousands of people who
Speaker 1: lined up for the first day of legal retail sales
Speaker 1: at New Jersey marijuana dispensaries ended up spending about one
Speaker 1: hundred fifty three bucks apiece. Spenseries grossed about two million
Speaker 1: dollars for more than twelve thousand customers in the first
Speaker 1: sales day, according to the State. Drew Bloomberg Try State
Speaker 1: Business Report. I'm Ed Corey on Wall Street. Bloomberg Radio
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Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team now for some of the top stories heard
Speaker 1: on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Podas kana K of X in Los Angeles.
Speaker 1: We're talking about California making a top five list of
Speaker 1: the best places to work in tech, but it's not
Speaker 1: number one. I'm Courtney Donahoe on ktr H in Houston.
Speaker 1: The number of Americans upbeat on their finances falls to Lewison.
Speaker 1: I'm Joan Donnager telling k CDs listeners in San Francisco.
Speaker 1: Facebook hosted the User Numbers that Matter to Wall Street.
Speaker 1: I'm Caroline hit called Bloomberg, DAB Digital Media and Onto
Speaker 1: workporting on earnings, beats on parties unstandard charted as almost
Speaker 1: seventy companies in Europe published results today. I'm ed Corey
Speaker 1: on w w J in Detroit. I'm reporting Ford slightly
Speaker 1: beat earnings expectations in the first quarter. And those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. Congress is moving closer toward
Speaker 1: imposed new restrictions on billions of dollars in out banned investments. Unfortunately,
Speaker 1: the rules could overwhelm regulators and entangle US companies and
Speaker 1: red tape. The issue is coming to a head now
Speaker 1: as House and Senate negotiators prepared to reconcile two massive
Speaker 1: bills aimed at improving US competitiveness against China. One proposal
Speaker 1: in the House bill would create a committee scrutinizing investments
Speaker 1: that might increase dependence on China for critical goods and services.
Speaker 1: But it's far too broadly written. Countless harmless transactions could
Speaker 1: fall under his remit. Once more, the required review process
Speaker 1: would be easy to politicize. It would also put US
Speaker 1: companies at a disadvantage to competitors facing less burdensome regulations.
Speaker 1: The US isn't wrong to worry about emerging vulnerabilities, but
Speaker 1: rules like these would create more problems than they solve.
Speaker 1: This editorial was written by the Bloomberg Opinion Editorial Board.
Speaker 1: I'm David Shipley. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or OPA and go on
Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. Listen for
Speaker 1: Bloomberg Opinion editorials every weekday. At this time, terminal customers
Speaker 1: can read more at O P I n GO SMP
Speaker 1: futures up sixty seven points now down, futures up here
Speaker 1: and at thirty four NASTACK futures higher by two hundred
Speaker 1: eighty two points. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather mix of sun and clouds, breezy, mid fifties for
Speaker 1: highest today will be near sixty with sunshine in a
Speaker 1: breeze for Friday, mostly sunny, low sixties on Saturday. Right
Speaker 1: now forty in Central Park. Markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot com, the
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a
Speaker 1: Bloomberg Business flash and I'm camered Moscow. European stocks rallying
Speaker 1: with US stock index futures after UPPIAT earnings after the
Speaker 1: bull cache for the economy and markets to spelling growth
Speaker 1: fears for now contracts on the tech heavy NASDACK jumping
Speaker 1: more than two percent, pacing five gains in meta platforms
Speaker 1: is after Facebook's main social network added more users than projected.
Speaker 1: And we check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg shares the meta platforms, they're rising
Speaker 1: in early trading, up almost seventeen percent. S and P
Speaker 1: futures are higher, up sixties seven points. Now futures are
Speaker 1: three hundred thirty one and NASDAK futures are up two
Speaker 1: eighty four. That's up two point two percent. And attend
Speaker 1: your Treasury up five thirty seconds hell two point eight
Speaker 1: one percent. That's a Bloomberg Business Flash. Now here's Michael
Speaker 1: Barrow with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Russian President Vladimir Putin
Speaker 1: warned that any country is attempting to interfere in Ukraine
Speaker 1: would face a quote lightning fast response from Russia. It
Speaker 1: comes as NATO is saying it will welcome Finland and
Speaker 1: Sweden with open arms should they decide to join. Later today,
Speaker 1: President Joe Biden plans to deliver remarks on support for Ukraine.
Speaker 1: Row One of the NFL draft begins tonight. The Jaguars
Speaker 1: have the overall number one pick, the Jets or fourth.
Speaker 1: The Giants elect five. In the NBA playoffs, the Warriors
Speaker 1: advanced the next round after beating the Nuggets in Game five.
Speaker 1: In baseball, the Yankees beat the Orioles five to the
Speaker 1: Mats and Nationals lost the Red Sox one. The a
Speaker 1: shut out the Giants one zip. In the NHL, the
Speaker 1: Rangers lost Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: hundred journalists and analysts in more than a hundred twenty countries.
Speaker 1: Michael Barr, this is Bloomberg, Nathan, Michael, thanks for coming
Speaker 1: up to five forty nine on Wall Street Life from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg, Dave break.
Speaker 1: Let's get more now in these earnings from Meta platforms
Speaker 1: and a return to user growth for Facebook. The shares,
Speaker 1: as Karen mentioned, are surging this morning, and we're joined
Speaker 1: now by Angelo Zeno, senior industry analyst at c f R.
Speaker 1: A Angelo, good morning. Up in the pre market, but
Speaker 1: Meta is still well off, it's high for the year.
Speaker 1: You're changing your price target after these earnings. Well, we
Speaker 1: we didn't change our target price. We actually lowered it
Speaker 1: to two dollars. It was just more tempering some of them,
Speaker 1: the higher expectations we kind of had several months ago, um,
Speaker 1: you know, kind of compressing the multiples a bit down
Speaker 1: to about seventeen times three estimate. So um at the
Speaker 1: end of the day, yeah, I mean tempering the expectations here. Um,
Speaker 1: I think you've overall in the in the broader market,
Speaker 1: you've kind of just seen a downwardly revised um, you know,
Speaker 1: shift in multiples, and that's where we sit right now.
Speaker 1: So what's driving this down shift in expectations for you? Yeah, listen,
Speaker 1: I think as far as the the mobile AD space
Speaker 1: or the broader AD space, UM goes, this is just
Speaker 1: an environment that that's just extremely me challenging to deal with,
Speaker 1: probably the worst we've seen in years and overall, I mean,
Speaker 1: we we just came out of two great years for
Speaker 1: the AD space and we're now having to kind of
Speaker 1: deal with mounting headwinds related to rash Ukraine, which is
Speaker 1: leading to europe softness, unfavorable currency because of UM. You
Speaker 1: know that some of the moves by the FED here
Speaker 1: in more competitive landscape and overall lower engagement levels when
Speaker 1: you kind of look at some of the pandemic numbers
Speaker 1: a year ago. So overall, kind of that mix UM
Speaker 1: is leading towards kind of our lower expectations, not only
Speaker 1: for alpha for meta, but for the broader UH media space.
Speaker 1: Do you think meta platforms is going to have to
Speaker 1: do more with the meta side of meta platforms? Yeah,
Speaker 1: I mean, unfortunately that's going to be a kind of
Speaker 1: a three, five, potentially ten year type of endeavor. But
Speaker 1: you know, when we think about meta in general, they
Speaker 1: do have a number of kind of growth opportunities tied
Speaker 1: to them, including reels, which is kind of more of
Speaker 1: those shorter form videos out there. That's that seems like
Speaker 1: it's really gaining some nice traction in a quick way. Um,
Speaker 1: it's kind of their answer towards TikTok You've kind of
Speaker 1: got there. They're looking at more of an AI driven
Speaker 1: ad platform to combat to some of the issues we've
Speaker 1: seen with the I O S changes from Apple. And then,
Speaker 1: of course, to your point, the Metaverse Reality Labs did
Speaker 1: growth thirty year of a year. Uh So overall, they're
Speaker 1: seeing some good traction on that side of things, but
Speaker 1: off a very low base. Again, this is gonna be
Speaker 1: a multi year project on the on there and trying
Speaker 1: to retool their platform to better serve a younger audience
Speaker 1: out there. You mentioned that to forty price target from
Speaker 1: out of platforms. Right now, the shares are trading at
Speaker 1: two oh four fifty in the pre market, so not
Speaker 1: too far from that benchmark you mentioned Apple Angelo. They're
Speaker 1: going to be reporting after the bell today, continuing with
Speaker 1: the big tech earnings this week. What are your expectations,
Speaker 1: what are you looking for going into Apple's reporting? Yeah,
Speaker 1: so as far as Apple is concerned, we're looking for
Speaker 1: about five percent year of a year growth on the
Speaker 1: revenue side of things, very similar type numbers for the
Speaker 1: June quarter. I think it's an extremely important UM number
Speaker 1: to be looking at here in terms of UM. What
Speaker 1: they're going to say as far as not only on
Speaker 1: the smartphone side of things, which is seeing some struct
Speaker 1: which saw some sharp declines in the first quarter, specifically
Speaker 1: out of China UM due to some of the issues
Speaker 1: going on there. But but what they have to say
Speaker 1: as as far as supply constraints have to go, how
Speaker 1: they're handling it, especially as they kind of guide for
Speaker 1: that June quarter. And then UM for us, it's all
Speaker 1: about capitals. It's all about the services number. We're looking
Speaker 1: for seventeen percent growth on the services side of things.
Speaker 1: That's what's gonna keep the multiple going. In terms of Apple,
Speaker 1: if there is a big hiccup on the services side
Speaker 1: of things, I think you start seeing problems in terms
Speaker 1: of the Apple story. But we're not looking for that
Speaker 1: at well. And then of course Apple capital allocation is
Speaker 1: the other side of story for Apple in the March quarter,
Speaker 1: and we're looking for a hundred billion dollar buy back
Speaker 1: in a seven percent division years. Ye. Yeah, I was
Speaker 1: gonna ask Angel with about thirty seconds left here, if
Speaker 1: the China slowdown continues, does that put more emphasis on
Speaker 1: services for Apple in the quarters of upcoming Yeah, it
Speaker 1: absolutely does. But again this is this really is the
Speaker 1: growth story for Apple. The company trades that amid mid
Speaker 1: twenty type multiple because of that services stories. So as
Speaker 1: long as they can continue in the mid teens type
Speaker 1: of growth number, I think we should be fine. Um
Speaker 1: or long term investors should be fine out there. All right,
Speaker 1: Angelo's you know, senior industry analyst at cf are a
Speaker 1: great to get your thoughts this morning. Thanks for being
Speaker 1: with us, Karen, great, Nathan, thank you. It is five
Speaker 1: fifty three on Wall Street at this time. Now for
Speaker 1: the Bloomberg Law Reboard, brought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d R dot org. Now, one of
Speaker 1: the stories we're following this morning this week, the Supreme
Speaker 1: Court question President Joe Biden's effort to resend that Trump
Speaker 1: were a main in Mexico policy, which has forced tens
Speaker 1: and thousands of asylum seekers to say south of the
Speaker 1: border while their asylum applications are processed. Texas and Missouri
Speaker 1: contend the program is legally required under an immigration law
Speaker 1: because the number of asylum seekers far outstrips the detention
Speaker 1: capacity during oral arguments the courts. Conservative justice is generally
Speaker 1: signal support for a lower court order that forced the
Speaker 1: administration to restart the program for more of Bloombergs Jon
Speaker 1: Grossos speech to ly On Fresco, a partner at Holland
Speaker 1: and Knight. This is a Trump era policy. Administrations change
Speaker 1: and policies change. Why can't the Biden administration institute its
Speaker 1: own policy. Well, because there's two separate arguments that are
Speaker 1: being made by the State of Texas, and we'll find
Speaker 1: out if they're correct or not. The first is that
Speaker 1: the statute itself actually requires the Biden administration to use
Speaker 1: this remain in Mexico policy in a situation where there's
Speaker 1: not enough detention space to actually hold every single person
Speaker 1: coming across the border while their case is decided. That's
Speaker 1: the argument that the State of Texas is making. That's
Speaker 1: their first argument, and so if the Biden administration is
Speaker 1: actually violating a statute, then that's a very simple argument
Speaker 1: per State of Texas to make and to prevail on.
Speaker 1: And then their second argument is, well, even if they
Speaker 1: didn't violate the statute and they have discretion for how
Speaker 1: to interpret the statute, their ending of the migration protocols
Speaker 1: in this situation is arbitrary and capricious because they're not
Speaker 1: providing sufficiently good enough reasons for ending the Migration Protection
Speaker 1: protocol or what's known as remain in Mexico. Can you
Speaker 1: read anything into the fact that the Supreme Court rejected
Speaker 1: the Biden administration's request to block the lower court's decision,
Speaker 1: You would think, ordinarily that that would be the end
Speaker 1: all be alls, that it's very clear you're gonna end
Speaker 1: up back with the Saints the three decision to philosophized
Speaker 1: administration from listing the migration protection protocols. But what you
Speaker 1: could sense in the argument was these justices personally grappling
Speaker 1: with a lot of the argument in a way that
Speaker 1: made it clear that perhaps they hadn't really been as
Speaker 1: informed as to the details of both the statutes and
Speaker 1: the policies placed on the border, such as there's certainly
Speaker 1: reason to believe that the decision could change. They didn't
Speaker 1: seem to be fully aware of everything going on as
Speaker 1: this argument, and so from that I could see the
Speaker 1: position changing. But of course, I think if you were
Speaker 1: a person who was trying to stay on the safe side,
Speaker 1: you would say, well, of course it's going to stay
Speaker 1: at the same six to three as it was before.
Speaker 1: I think that would be logical as the conventional wisdom.
Speaker 1: But I just think that there was enough new information
Speaker 1: and insight from this hearing that I can see at
Speaker 1: least one vote changing. The question is whether there will
Speaker 1: be two. That's an interesting question. And that's Leon Fresco,
Speaker 1: our partner at Holland and Nights, speaking at the Bloomberg
Speaker 1: Student Grasso. Catch more of that interview, plus analysis of
Speaker 1: the latest legal news, by subscribing to the Bloomberg Law
Speaker 1: Podcast or downloading this show at Bloomberg dot com slash podcast.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b Law. Go and again. Futures are jumping this morning.
Speaker 1: S and P Futures up sixty three points down. Futures
Speaker 1: up three hundred and four. Nasdaq futures have more than
Speaker 1: two percent, up two hundred sixties seven points ten, Your
Speaker 1: Treasury up six thirty seconds. Yeld two point eight zero
Speaker 1: per cent and still ahead. On Bloomberg day break and
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Speaker 1: need to start your day. This is Bloomberg.