WEBVTT - Bloomberg Daybreak: April 11, 2022 - Hour 2 (Radio) 0:00:00.600 --> 0:00:04.800 Bike from the Bloomberg Interactive Brooker Studios is his Bloomberg 0:00:04.840 --> 0:00:08.479 Daybreak for Monday, April eleventh, two. Coming up this hour, 0:00:08.920 --> 0:00:12.639 Ukraine expects Russia to whiten it's offensive. This week, Emmanuel 0:00:12.720 --> 0:00:15.400 mcrown is set to face his nationalist rival Marine le 0:00:15.560 --> 0:00:17.960 Penn in the final round of the French election. A 0:00:18.079 --> 0:00:22.080 surgeon Treasury yield sends ripples across global markets and Twitter 0:00:22.160 --> 0:00:24.680 shares line after Elon Musk turns down a spot on 0:00:24.720 --> 0:00:28.400 the company's board. New York Mayor Eric Adams desks positive 0:00:28.440 --> 0:00:31.360 for COVID plus. The Biden administration plans to announce new 0:00:31.440 --> 0:00:35.120 rules today around ghost guns. I like labarn or ahead. 0:00:35.320 --> 0:00:38.000 I'm John Stash toward sports losses for the Yankees and 0:00:38.080 --> 0:00:40.919 Matts wins for the Knicks and Nets, and Scottie Scheffler 0:00:41.000 --> 0:00:46.839 won the Masters. That's all's trendy head on Bloomberg Daybreak 0:00:47.159 --> 0:00:51.480 on Bloomberg eleven Free on New York, Bloomberg one, Washington, 0:00:51.600 --> 0:00:55.240 d C, Bloomberg one oh six one, Boston, Bloomberg nine 0:00:55.280 --> 0:00:59.520 sixties and Francisco syrius XM one nine team and around 0:00:59.520 --> 0:01:02.400 the world on Bloomberg Radio dot Com and via the 0:01:02.400 --> 0:01:09.240 Bloomberg Business App. Good morning, I'm Nathan Hager and I'm 0:01:09.319 --> 0:01:13.080 Karen Moscow and futures are lower to start the week. 0:01:13.160 --> 0:01:15.720 We are coming up to six oh one on Wall Street. 0:01:15.760 --> 0:01:18.000 We check the markets every fifteen minutes throughout the trading 0:01:18.080 --> 0:01:21.000 day on Bloomberg. S and P futures are down amost 0:01:21.040 --> 0:01:23.959 fifteen points this morning. Daw features down nineteen, nas Day 0:01:24.000 --> 0:01:28.280 features down one two contending. Your treasury down thirteen thirty seconds. 0:01:28.360 --> 0:01:30.680 He'll two point seven five percent, and the yield on 0:01:30.760 --> 0:01:33.840 the two year two point five seven percent. Name x 0:01:33.880 --> 0:01:35.880 Scrude oil is down two and a half percent, down 0:01:35.880 --> 0:01:38.479 two dollars forty eight cents at ninety five seventy eight 0:01:38.520 --> 0:01:41.000 cents of barrel. The euro is at one point oh 0:01:41.080 --> 0:01:43.839 no to five against the dollar. Nathan, all right, Karen, 0:01:43.840 --> 0:01:45.640 we'll have more on the markets in a minute. First, 0:01:45.680 --> 0:01:48.640 the latest on the war in Ukraine. Austria's chancellor says 0:01:48.640 --> 0:01:51.440 he will meet with Russian President Vladimir Putin in Moscow 0:01:51.480 --> 0:01:55.240 today as fighting intensifies in the east. Ukraine says Russian 0:01:55.240 --> 0:01:58.360 missiles destroyed the airport in its fourth largest city, tonepro 0:01:58.720 --> 0:02:01.600 president Vladimir's lynch. He says he expects Russia to turn 0:02:01.680 --> 0:02:04.680 to even more large scale action this week. In an 0:02:04.680 --> 0:02:08.160 interview on CBS IS sixty Minutes, correspondent Scott Pelley asked 0:02:08.240 --> 0:02:13.640 Zelenski what Ukraine needs from the US and NATO weapons 0:02:13.919 --> 0:02:16.960 Number One, They need to be very serious about it. 0:02:17.360 --> 0:02:21.799 They definitely understand what I'm talking about right now. They 0:02:21.880 --> 0:02:25.120 have to supply weapons to Ukraine as if they were 0:02:25.160 --> 0:02:29.760 defending themselves and their own people. Ukrainian President Vladimir Zelenski 0:02:29.800 --> 0:02:32.200 made those comments on CBS IS sixty minutes, which can 0:02:32.240 --> 0:02:36.639 be heard every Sunday on Bloomberg in Washington. Meanwhile, Nathan 0:02:36.720 --> 0:02:39.400 cries are growing louder around the world for Russia to 0:02:39.440 --> 0:02:42.040 face a war crimes tribunal. They get the story from 0:02:42.040 --> 0:02:45.519 Bloomberg's head Baxter n s A director Jake Sullivan says, 0:02:45.560 --> 0:02:47.880 it's gone beyond the pale. I think we can all 0:02:48.080 --> 0:02:52.160 say that these are mass atrocities, These are war crimes. 0:02:52.160 --> 0:02:55.720 These are shocking and brutal ax that are completely unacceptable 0:02:56.040 --> 0:02:59.280 beyond the pale for the international community. Sullivan on ABC 0:02:59.480 --> 0:03:03.360 has heard here. Bloomberg says they lead directly to Vladimir Poot. 0:03:03.400 --> 0:03:07.720 Make no mistake the larger issue of broad scale war 0:03:07.800 --> 0:03:10.840 crimes and atrocities in Ukraine lies at the feet of 0:03:10.880 --> 0:03:14.680 the Kremlin. This as Ukraine expects a major Russian invasion 0:03:14.760 --> 0:03:18.160 of the East. In San Francisco, I'm at Baxter Bloomberg daybreak, 0:03:18.160 --> 0:03:20.760 All right, and thanks. Turning to politics, a runoff election 0:03:20.880 --> 0:03:24.280 is coming in the presidential race in France. President Emmanuel 0:03:24.400 --> 0:03:27.440 mccron will square off with nationalist Marine Lepin after a 0:03:27.520 --> 0:03:30.440 tight first round vote. We get more from Bloomberg's Fencing 0:03:30.520 --> 0:03:35.160 Laqua in Paris. It's a rerun of the contest. According 0:03:35.200 --> 0:03:38.000 to first projections, mccollon got around twenty eight percent of 0:03:38.000 --> 0:03:40.880 the vote compared with about twenty four percent for Lepin 0:03:41.200 --> 0:03:44.480 in the first round. But mccon win is far from certain, 0:03:44.520 --> 0:03:48.280 as votes from trailing candidates such as John Nickminonchan may 0:03:48.320 --> 0:03:51.880 go to Lepin. While the presidents perceived arrogance turned off 0:03:51.920 --> 0:03:54.560 many voters and helped Lupin to frame him as a 0:03:54.600 --> 0:03:57.880 president for the rich, he's made France a favorite destination 0:03:57.920 --> 0:04:01.320 for foreign investors and pushed employee and to the highest 0:04:01.480 --> 0:04:05.000 on record in Paris and from Sin Laqua Bloomberg Daybreak, 0:04:05.120 --> 0:04:07.480 All right, Francie, Thank you. Another major story we are 0:04:07.480 --> 0:04:10.680 following involves the US economy. The relentless rise of treasury 0:04:10.760 --> 0:04:13.880 yields continues to send waves through global markets. Ten your 0:04:13.960 --> 0:04:16.600 yields climbed through two point seven five for the first 0:04:16.600 --> 0:04:19.080 time in more than three years, as investors priced in 0:04:19.120 --> 0:04:23.040 the impact of the federal reserves tightening plan and accelerating inflation. 0:04:23.320 --> 0:04:26.320 Cleveland Fed President the Redemester is confident the US will 0:04:26.360 --> 0:04:29.840 avoid a recession despite the high inflation. I think that 0:04:29.920 --> 0:04:31.960 it will take some time to get inflation down because, 0:04:32.000 --> 0:04:33.719 as you know, there's other things going on in the 0:04:33.760 --> 0:04:37.600 economy that are adding the price pressures, including the commodity 0:04:37.680 --> 0:04:41.680 praising increases and energy price increases that are happening UM 0:04:41.720 --> 0:04:44.120 as well. So I think inflation will remain above two 0:04:44.120 --> 0:04:47.280 percent this year and even next year, but the trajectory 0:04:47.320 --> 0:04:49.840 will be that will be moving down. In Cleveland Fed. 0:04:49.839 --> 0:04:52.560 President the Redemester made the comments on CBS is Faith 0:04:52.640 --> 0:04:55.320 and Nation, which can be heard Sundays on Bloomberg Radio. 0:04:55.800 --> 0:04:58.839 Another major stories developing on the equity front, Karen It 0:04:58.880 --> 0:05:02.280 has shares of Twitter sliding this morning. Elon Musk has 0:05:02.320 --> 0:05:05.520 decided not to join the board of the social media company. 0:05:05.640 --> 0:05:08.400 After all, let's get the latest lie from Bloomberg's or 0:05:08.440 --> 0:05:10.719 need a young good morning, Good morning, Nathan. It was 0:05:10.839 --> 0:05:13.440 just a week ago that Twitter swored more than twenty 0:05:13.480 --> 0:05:16.440 seven percent after Elon Musk took his nine point two 0:05:16.480 --> 0:05:19.440 percent stake in the company. Twitter said shortly after that 0:05:19.520 --> 0:05:22.039 Musk would join the board, and the billionaire has been 0:05:22.160 --> 0:05:24.440 vocal about changes he'd like to see a Twitter in 0:05:24.480 --> 0:05:28.000 the name of free speech. But Musk's abrupt reversal in 0:05:28.120 --> 0:05:31.359 his decision to join the board ignites renewed speculation about 0:05:31.360 --> 0:05:35.200 his intentions for Twitter as its largest individual shareholder, and 0:05:35.240 --> 0:05:37.599 if he does not join the board, Musk would not 0:05:37.680 --> 0:05:40.280 be subject to an agreement to keep his steak at 0:05:40.360 --> 0:05:44.000 no more than fourteen point nine percent. Live in New York, 0:05:44.040 --> 0:05:46.440 I'm gonned a young Bloomberg day break, All right, Grinita, 0:05:46.480 --> 0:05:48.240 Thank you a boy. The Musk news is having an 0:05:48.240 --> 0:05:50.720 impact on the blank check company that is bringing Donald 0:05:50.720 --> 0:05:53.840 Trump's media venture public Digital World acquisition is that more 0:05:53.880 --> 0:05:56.640 than eight percent in pre market trading. Well Earnings will 0:05:56.640 --> 0:05:59.000 also be in focus this week, Karen. With big banks 0:05:59.080 --> 0:06:01.599 kicking off reporting season for the first quarter, we get 0:06:01.600 --> 0:06:04.960 more from Bloomberg's Charlie Pellett, Investors will learn how Wall 0:06:05.000 --> 0:06:08.400 Street fair last quarter amid heightened volatility stemming from the 0:06:08.480 --> 0:06:11.520 rush of Ukraine conflict, and to focus on the federal 0:06:11.600 --> 0:06:16.440 reserves tightening path. Tony Dwyer is equity strategist at Canecord Genuity. 0:06:16.440 --> 0:06:19.560 It's going to be a positive earning season. The commentary 0:06:19.640 --> 0:06:22.160 is going to be sketchy. It's going to create this volatility. 0:06:22.320 --> 0:06:24.640 JP Morgan Chase will be first out of the gate 0:06:24.640 --> 0:06:28.120 with earnings on Wednesday. Thursday gets very busy with reports 0:06:28.120 --> 0:06:32.160 from City Group, Wells Fargo, Goldman, Sacks, Morgan, Stanley, and 0:06:32.320 --> 0:06:36.839 p MC in New York. Charlie Pellett bloom Bird daybreak right, Charlie, 0:06:36.880 --> 0:06:39.080 thank you all. Turning to the pandemic, COVID is back 0:06:39.120 --> 0:06:42.960 on the rise, driven by the vo omicron subvariant. Infections 0:06:42.960 --> 0:06:45.200 are at their highest levels in about a month. White 0:06:45.200 --> 0:06:48.560 House Chief Medical Adviser Dr. And Anthony Fauci says Americans 0:06:48.600 --> 0:06:51.200 will need to make their own risk assessments going forward. 0:06:51.480 --> 0:06:53.599 There will be a level of infection. This is not 0:06:53.680 --> 0:06:56.360 going to be eradicated and it's not going to be eliminated. 0:06:56.800 --> 0:06:58.960 And what's gonna happen is that we're going to see 0:06:59.320 --> 0:07:01.359 that each of the visual is going to have to 0:07:01.400 --> 0:07:04.480 make their calculation of the amount of risk that they 0:07:04.520 --> 0:07:07.359 want to take. And Anthony Faucci made the comments on 0:07:07.400 --> 0:07:11.160 ABC's This Week, which can be heard Sundays on Bloomberg Radio, 0:07:11.880 --> 0:07:14.720 and futures are moving lower This morning, straight ahead your 0:07:14.760 --> 0:07:17.920 latest local headlines, plus a check of sports. And this 0:07:18.320 --> 0:07:24.640 is Bloomberg. Thanks ten six o seven on Wall Street, 0:07:24.640 --> 0:07:27.480 forty one degrees in Central Park beyond accident and Wayne 0:07:27.520 --> 0:07:29.680 the off band from Route eighty to Root twenty three 0:07:29.760 --> 0:07:32.640 or forty six is closed. Michael Barr has more on 0:07:32.680 --> 0:07:34.800 what's going on in New York and around the world. Michael, 0:07:34.880 --> 0:07:37.200 thank you very much. Nathan, New York City Mayor Eric 0:07:37.240 --> 0:07:40.680 Adams has tested pot of positive of COVID nineteen. The 0:07:40.720 --> 0:07:43.280 spokesperson for the mayor says that Adams woke up with 0:07:43.280 --> 0:07:47.520 a brasspy voice yesterday. Adams took a PCR test that 0:07:47.760 --> 0:07:50.960 came back positive. Mayor Adams was one of dozens of 0:07:51.040 --> 0:07:55.560 high profile politicians that tested positive after attending the Gridiron 0:07:55.640 --> 0:07:59.600 Dinner in Washington. D c Dr Eric Asher with Lennox 0:07:59.680 --> 0:08:02.800 Hill Hospital says the Mayor's infection is a reminder that 0:08:02.840 --> 0:08:07.080 the virus does not discriminate. Anybody is validiable to get COVID, 0:08:07.240 --> 0:08:09.560 and we just hope that the more folks that are 0:08:09.640 --> 0:08:13.640 vaccinated and boosted, we'll have my older cases. Dr Eric 0:08:13.680 --> 0:08:17.120 Asher Mayor Adams has no other symptoms, but has canceled 0:08:17.160 --> 0:08:19.960 all public events for the week. The virus is also 0:08:20.000 --> 0:08:23.760 affecting Broadway again, with some shows having to cancel performances 0:08:24.080 --> 0:08:28.040 due to positive cases. The Marquee Stars of Plaza Suite 0:08:28.440 --> 0:08:31.160 tested positive for COVID, making it the third production to 0:08:31.440 --> 0:08:35.240 temporarily shut down because of new infections. People in Times 0:08:35.280 --> 0:08:38.520 Square had a scary moment last evening. It started fleeing 0:08:38.600 --> 0:08:41.559 after a series of explosions. This man was walking by 0:08:41.720 --> 0:08:44.679 with one of the explosions happened once I'm saying the fire, 0:08:44.760 --> 0:08:46.640 the cops that are telling me to back up. I 0:08:46.720 --> 0:08:49.640 slowly started backing up, but still I started like then 0:08:49.640 --> 0:08:52.240 a gas thought proceeding lights of fire, and then it's 0:08:52.280 --> 0:08:54.120 actually exploded right in front of me, and that's when 0:08:54.120 --> 0:08:57.160 I just started running. Officials say it turned out a 0:08:57.360 --> 0:09:00.160 cable failure caused one man hold to a run up 0:09:00.440 --> 0:09:03.760 and the second man hole was smoking, no one was hurt, 0:09:03.840 --> 0:09:06.960 and there was no property damage. Today, the Biden Administration 0:09:06.960 --> 0:09:09.560 will announce changing for the first time since the Gun 0:09:09.640 --> 0:09:13.920 Control Act of nineteen sixty eight, the definition of firearm. 0:09:13.960 --> 0:09:16.960 It comes as Senate Majority Leader Chuck Schumer says the 0:09:16.960 --> 0:09:21.600 Biden administration must immediately rein in ghost gun sales. The 0:09:21.640 --> 0:09:24.520 New York senator says ghost gun kits must be treated 0:09:24.559 --> 0:09:28.199 as firearms. The preference would be for Congress to pass 0:09:28.240 --> 0:09:30.959 a law, but we've tried and it's been blocked by 0:09:30.960 --> 0:09:34.800 our Republican colleagues. So we're now asking the administration to 0:09:34.840 --> 0:09:38.120 do this on its own through regulation. Someone will challenge 0:09:38.120 --> 0:09:40.400 it in court, but I think the law will stand. 0:09:40.880 --> 0:09:43.960 Schumer says. Sales of ghost guns are rising around the country. 0:09:44.280 --> 0:09:46.480 Global News twenty four hours a day on a or 0:09:46.480 --> 0:09:49.560 and on Bloomberg Quickdake, powered by more than twenty seven 0:09:49.640 --> 0:09:52.240 hundred journalist and analysts more than a hundred twenty countries. 0:09:52.520 --> 0:09:59.960 Michael Barr and this is Bloomberg. Nathan. Thanks Michael say 0:10:00.080 --> 0:10:02.120 So nine on All Street time for the Bloomberg Sports 0:10:02.200 --> 0:10:05.400 Update with John Stenshower. All right, Nathan, Scottie Scheffler began 0:10:05.480 --> 0:10:07.720 the year having never won a PGA tournament. For what 0:10:07.840 --> 0:10:10.280 a year he is having for a three shot with 0:10:11.440 --> 0:10:16.800 chef behind it, puts it and it's it, and Scotty 0:10:16.920 --> 0:10:21.240 Scheffler hats one of the lake starts to a year 0:10:21.400 --> 0:10:27.720 in Gulf history with his first major championship. The number 0:10:27.720 --> 0:10:31.120 one player in the world there's won four times in 0:10:31.320 --> 0:10:36.360 three months at He's won the twenty two Masters Tournament. 0:10:36.360 --> 0:10:38.960 As his radio her here on Bloomberg Radio. Rory McElroy 0:10:39.000 --> 0:10:41.520 started the day ten shots behind. He finished second with 0:10:41.559 --> 0:10:43.640 a sixty four that tied the record for a Master's 0:10:43.640 --> 0:10:46.920 final round. McIlroy finished his round by holding out of 0:10:46.960 --> 0:10:49.439 the bunker for a birdie, and then his playing partner, 0:10:49.679 --> 0:10:52.760 Colin Morrikawa did the same thing. Yankees and Matt's going 0:10:52.800 --> 0:10:55.640 for season opening sweeps, both lost. Yanks left eleven on 0:10:55.720 --> 0:10:58.319 base when Bobby Doll back homeward sixteting the Red Sox 0:10:58.360 --> 0:11:01.200 one four to three. Anthony so and John Carlos Stanton 0:11:01.280 --> 0:11:04.280 drove in the Yankees runs. They've driven in ten of 0:11:04.360 --> 0:11:06.640 the thirteen runs the Yanks have scored so far. Mets 0:11:06.640 --> 0:11:08.679 had a two one lead eighth Dienn in Washington scored 0:11:08.720 --> 0:11:11.720 three times one four to two Nelson Cruz first stenning 0:11:11.720 --> 0:11:14.199 Homer and later at two one single. Nick's closed out 0:11:14.280 --> 0:11:16.520 the season beating Toronto at the Garden one oh five 0:11:16.640 --> 0:11:20.000 ninety four and I opening weekend for the Knicks. Obie Topping, 0:11:20.400 --> 0:11:23.560 always a fan favorite. Topping sport thirty five points on Friday, 0:11:23.600 --> 0:11:26.719 had forty two points last night, and Emmanuel quickly had 0:11:26.720 --> 0:11:29.680 at thirty four. Net's got thirty five from Kyrie Irving 0:11:29.760 --> 0:11:33.720 beat Indiana one twenty six. They'll host Cleveland tomorrow. Winner 0:11:33.760 --> 0:11:36.240 advances to play Boston in the first round of the playoff. 0:11:36.320 --> 0:11:40.080 The loser will play again on Friday. Joks Dashower, Boomberg Sports, 0:11:40.120 --> 0:11:42.160 Nathan Okay, John, thank you right now. S and P 0:11:42.360 --> 0:11:46.880 futures are down fifteen points down, futures down, NASAC futures 0:11:46.920 --> 0:11:49.680 down a hundred six points. The tenure treasury is down 0:11:50.160 --> 0:11:52.720 UH fourteen thirty seconds. The yield back up to two 0:11:52.720 --> 0:11:55.920 point seven five percent. Yield on the two year two 0:11:55.960 --> 0:12:00.640 point five seven percent. Stay with us, you're listening to 0:12:00.800 --> 0:12:08.920 Bloomberg Daybreak. Bloomberg Daybreak, brought to you by the Jewish 0:12:08.920 --> 0:12:11.320 Communal Fund j c F. Stner Advice Fund, is the 0:12:11.360 --> 0:12:14.679 smart choice to manage your philanthropy, especially in times of crisis. 0:12:14.720 --> 0:12:17.760 Make your giving impactful. Is that JCF and walk dot 0:12:17.920 --> 0:12:24.880 org markets headlines and breaking news twenty four hours a 0:12:24.960 --> 0:12:27.959 day at Bloomberg dot com, the Bloomberg Business at and 0:12:28.120 --> 0:12:37.800 at Bloomberg Quicktake. This is a Bloomberg Business flash and 0:12:37.880 --> 0:12:41.160 I'm Cameron Moscow. Socks and bond falling today as political 0:12:41.200 --> 0:12:43.880 and economic risks away on sentiment. We checked the markets 0:12:43.920 --> 0:12:46.679 every fifteen minutes throughout the trading day on Bloomberg. Right now, 0:12:46.760 --> 0:12:49.640 SNP futures are down twelve points down, futures down five, 0:12:50.120 --> 0:12:53.000 nasdack future is down ninety five. The decks in Germany 0:12:53.080 --> 0:12:56.040 is down about half percent ten. Your treasury down thirteen 0:12:56.080 --> 0:12:58.839 thirty seconds. You two point seven five percent. They yield 0:12:58.880 --> 0:13:01.840 on the two year two point five seven percent. NIMEX 0:13:01.880 --> 0:13:04.160 screude oil is down two point four percent on two 0:13:04.200 --> 0:13:07.400 dollars thirty six cents at ninety seven cents of barrel. 0:13:07.679 --> 0:13:10.760 Comics called up nine ten percent or sixteen dollars sixty cents. 0:13:10.760 --> 0:13:14.439 In nineteen sixty two, twenty announced the euro one three 0:13:14.480 --> 0:13:16.920 two against the dollar. British found one point three zero 0:13:17.040 --> 0:13:19.120 five four the end at one twenty five point to 0:13:19.400 --> 0:13:22.920 seven and Bitcoin this morning down three point six percent 0:13:23.000 --> 0:13:27.079 at forty one thousand, five seventy dollars and Toma Bravo 0:13:27.160 --> 0:13:29.640 will pay sixty five five cents a share for a 0:13:29.760 --> 0:13:32.560 sale point that according to the Financial Times, which sided 0:13:32.559 --> 0:13:35.600 two people with direct knowledge of the details, sale Point 0:13:35.760 --> 0:13:38.760 is up about twenty seven percent in early trading. That's 0:13:38.760 --> 0:13:41.280 a Bloomberg business flash. Now here's Michael Barr with more 0:13:41.360 --> 0:13:44.559 on what's going on around the world. Michael Karen, thank 0:13:44.559 --> 0:13:47.880 you very much. Ostreous Chancellor said he'll meet Russian President 0:13:48.000 --> 0:13:51.960 Vladimir Putin in Moscow today. Meanwhile, Ukraine expects Russia the 0:13:51.960 --> 0:13:55.400 White and it's offensive in the East this week as 0:13:55.440 --> 0:13:58.160 the war continues. A U. S Attorney and the Obama 0:13:58.200 --> 0:14:01.760 Administration is being nominated by President Joe Biden to run 0:14:01.800 --> 0:14:06.520 the Bureau of Alcohol, Tobacco, Firearms and Explosives. Today's announcement 0:14:06.600 --> 0:14:10.160 of Steve dentel Back comes as the Biden administration unveils 0:14:10.160 --> 0:14:13.920 its formal rules rain in ghost guns. In golf, Scottie 0:14:13.920 --> 0:14:17.000 Scheffler has won the Masters. In baseball, the Red Sox 0:14:17.000 --> 0:14:19.520 beat the Yankees for three The Nationals beat the Mets 0:14:19.560 --> 0:14:22.760 four two, The Giants and A's won, the Orioles lost. 0:14:23.080 --> 0:14:27.120 On the final day of the regular NBA season, the Nets, Nick's, 0:14:27.120 --> 0:14:30.360 Celtics and war Riors won, the Wizards lost. In the NHL, 0:14:30.440 --> 0:14:34.000 the Capital's beat the Bruins. For two Global News twenty 0:14:34.000 --> 0:14:36.960 four hours a day on here and on Bloomberg Quickdake, 0:14:37.240 --> 0:14:40.200 powered by more than twenty seven hundred journalist and analyist 0:14:40.280 --> 0:14:43.080 more than a hundred twenty countries. Michael Barr and this 0:14:43.480 --> 0:14:46.120 is Bloomberg. Nathan, Okay, Michael, thank you. It is six 0:14:46.240 --> 0:14:49.800 nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 0:14:49.920 --> 0:14:52.800 This is Bloomberg Daybreak. We want to focus a little 0:14:52.800 --> 0:14:55.640 bit on Twitter now because it seems like the drama 0:14:55.760 --> 0:15:00.240 at the social media company just doesn't stop. First, uslo 0:15:00.360 --> 0:15:02.880 CEO Elon Musk reveals he's taken a stake in the 0:15:02.920 --> 0:15:06.680 company rather big one. Then Twitter said that he's joining 0:15:06.720 --> 0:15:11.400 the board. Now they're saying he's actually turned down their 0:15:11.480 --> 0:15:13.800 board offer. Let's try to make sense of what's going 0:15:13.840 --> 0:15:16.880 on at Twitter. Bloomberg Quick Take correspondent Alex Webb is 0:15:16.920 --> 0:15:19.840 with us. He also writes about tech for Bloomberg Opinion. 0:15:20.120 --> 0:15:23.120 Alex good morning. Almost sounds like Twitter might want an 0:15:23.200 --> 0:15:26.280 edit button just for its board moves. I think that 0:15:26.360 --> 0:15:29.960 certainly seems to be what Ellen is making happen right now. 0:15:30.320 --> 0:15:33.720 It's it's in one some way surprising, but then equally, 0:15:33.760 --> 0:15:38.240 in the grand scheme of Elon's you know, tribulations, particularly 0:15:38.240 --> 0:15:41.560 on social media, probably isn't that surprising. It was always 0:15:41.600 --> 0:15:44.560 slightly puzzling because it seems as though his interest do 0:15:44.640 --> 0:15:47.920 not necessarily align with the interests or Twitter shareholders. And 0:15:47.960 --> 0:15:50.600 Twitter shareholders lie they want to make a financial return. 0:15:50.800 --> 0:15:53.400 Elon does not need Twitter to make a financial return. 0:15:53.720 --> 0:15:57.320 The if Twitter gave a thousand percent over the past 0:15:57.320 --> 0:15:59.680 two weeks, that would have been in line with the 0:15:59.720 --> 0:16:02.480 game he made on his Tesla stock. So this was 0:16:02.520 --> 0:16:06.080 really for him more of a an influence play, it seemed, 0:16:06.120 --> 0:16:08.480 and that means his interests were not necessarily the same 0:16:08.520 --> 0:16:11.240 as the rest of the investors, and he still has 0:16:11.480 --> 0:16:15.320 that influence play in play doesn't even with a nine 0:16:15.360 --> 0:16:17.640 point two percent steak with if he's not going to 0:16:17.720 --> 0:16:21.400 join the board, the limit goes off in terms of 0:16:21.480 --> 0:16:24.520 how much bigger he can make that steak now exactly, 0:16:24.520 --> 0:16:26.640 And I think that that is One of the key 0:16:26.680 --> 0:16:29.560 points here that by joining the board as part of 0:16:29.560 --> 0:16:33.080 that agreement, he would have pledged not to expand his 0:16:33.080 --> 0:16:38.280 steak beyond fourteen point nine percent of the stock, and 0:16:39.320 --> 0:16:41.160 by then not joining the board, he can buy as 0:16:41.200 --> 0:16:43.600 big a steak as he wants. Now. Obviously, whether he 0:16:43.640 --> 0:16:47.200 will do so is purely speculation, but it has triggered 0:16:47.240 --> 0:16:50.800 a lot of that speculation. And if he has, you know, 0:16:50.920 --> 0:16:53.280 several board seats which he might get if he were 0:16:53.280 --> 0:16:54.640 to have a bigger steake, or if you were to 0:16:54.640 --> 0:16:56.600 require the whole company, which is a very big if, 0:16:56.880 --> 0:16:59.920 then he could do whatever he wants. And the question 0:17:00.040 --> 0:17:02.440 of whether whatever he wants is still a big one 0:17:02.480 --> 0:17:04.640 as well. Just looking at his Twitter feed, he's thrown 0:17:04.800 --> 0:17:07.520 so many ideas on the wall. Some sound like they 0:17:07.560 --> 0:17:11.000 may be serious, others sound like they aren't. I mean, 0:17:11.119 --> 0:17:14.840 where could this girl from here? I wonder whether Ellen 0:17:14.880 --> 0:17:18.199 knows himself. You know, sometimes you see even in his 0:17:18.280 --> 0:17:21.040 product roadmaps, you know, he will announce these products which 0:17:21.080 --> 0:17:24.120 he wants to bring to market, and then five years 0:17:24.200 --> 0:17:26.120 later there's still no sign of them. So maybe he's 0:17:26.160 --> 0:17:27.800 got the seed of an idea of something he would 0:17:27.840 --> 0:17:30.159 like to do. Maybe it's something to do with free speech. 0:17:30.200 --> 0:17:32.679 Maybe it's just about ensuring that he continues to have 0:17:32.680 --> 0:17:35.359 a voice, because Twitter is an important platform when it 0:17:35.400 --> 0:17:39.120 comes to marketing Tesla for instance, and so ensuring that 0:17:39.160 --> 0:17:41.520 there's no clamp down on that for any reason the 0:17:41.640 --> 0:17:45.080 coming weeks, months, and indeed years, that might be as 0:17:45.119 --> 0:17:47.320 big a reason as anything else. He gets a lot 0:17:47.320 --> 0:17:50.840 of earned media through his Twitter posts. Now does he 0:17:50.880 --> 0:17:53.440 get two point nine billion worth of earned media? That's 0:17:53.440 --> 0:17:56.760 a different question, but it's certainly an important mouthpiece for him. Yeah, 0:17:56.760 --> 0:17:59.400 and when we see all this going on at Twitter, Alex, 0:17:59.440 --> 0:18:02.560 what is this mean for social media more broadly? I mean, 0:18:02.640 --> 0:18:07.160 how do Facebook, for example, or former President Donald Trump's 0:18:07.280 --> 0:18:11.840 nascent venture get affected by what's going on with Elon 0:18:11.920 --> 0:18:14.560 Musk messing around with Twitter. I think the key thing 0:18:14.600 --> 0:18:16.919 to remember here, and this is something particularly important when 0:18:16.920 --> 0:18:20.240 you think about Trump truth social Twitter is not a 0:18:20.240 --> 0:18:24.080 big company in the grand scheme of things. Twitter has 0:18:24.240 --> 0:18:26.880 three hundred and something. I think he's the actually active 0:18:27.040 --> 0:18:29.959 users something like two hundred million active users. Facebook has 0:18:30.000 --> 0:18:32.560 two point nine billion active users. Facebook is a six 0:18:32.640 --> 0:18:35.240 hundred and something billion dollar company. Twitter is a thirty 0:18:35.240 --> 0:18:38.560 billion dollar companies five percent the size of Facebook. I 0:18:38.600 --> 0:18:41.119 often say to people here in the UK that Twitter's 0:18:41.359 --> 0:18:44.240 revenue is the same as the profit that BT, the 0:18:44.280 --> 0:18:46.240 old British telecom makes. You know, it is not a 0:18:46.280 --> 0:18:47.959 big company in the grand scheme of things. It has 0:18:47.960 --> 0:18:49.280 a lot of influence because a lot of people and 0:18:49.280 --> 0:18:50.960 the media use it. If you then look at Trump 0:18:51.200 --> 0:18:53.600 Truth Social, this is also not a big company. It 0:18:53.640 --> 0:18:55.800 is also not going to have anything near the number 0:18:55.800 --> 0:18:58.120 of views that Facebook, or indeed that TikTok has. So 0:18:58.560 --> 0:19:01.760 these things they sometimes make outside noise because you know, 0:19:01.880 --> 0:19:04.040 we use them as people in the media. All the 0:19:04.119 --> 0:19:06.199 influential people around the world use it, but it is 0:19:06.280 --> 0:19:09.840 not as influential as Facebook is or any of the 0:19:09.880 --> 0:19:14.439 Facebook other platforms. Yeah, full disclosure. I use Twitter. Thanks Alex, 0:19:14.480 --> 0:19:19.959 Hey appreciate that. Thank you. Alex Webb, Bloomberg Quick Take correspondent, 0:19:20.040 --> 0:19:22.600 also Twitter user by the wins your handle a t 0:19:22.760 --> 0:19:25.919 web is that it? I think we lost Alex already. 0:19:25.920 --> 0:19:28.520 Alex Webb also writes about tech for Bloomberg Opinion. Well, 0:19:28.680 --> 0:19:31.000 we'll find Alex on Twitter. He's definitely there. Just search 0:19:31.040 --> 0:19:34.080 Alex Webb under the search Twitter bar looking at shares 0:19:34.119 --> 0:19:36.760 of Twitter right now they are down uh two point 0:19:36.840 --> 0:19:39.879 three percent in the pre market. As for the market 0:19:40.359 --> 0:19:42.879 as a whole, the futures are moving lower. We have 0:19:42.960 --> 0:19:46.360 SMP futures down sixteen points now, DEW futures down twenty three, 0:19:46.440 --> 0:19:49.560 NASDAC futures down a hundred thirteen points, and the tenure 0:19:49.560 --> 0:19:52.640 Treasury is down fifteen thirty seconds. The yield two point 0:19:52.720 --> 0:19:56.320 seven five Just ahead. Ukraine braces for an even tougher 0:19:56.400 --> 0:19:58.399 fight to the east, and the French election heads to 0:19:58.440 --> 0:20:01.639 a runoff. Five things you need to know to start 0:20:01.640 --> 0:20:07.840 your day. Coming up. I'm Bloomberg day Break. Bloomberg day 0:20:07.840 --> 0:20:10.600 Break brought you by ancient accountants and advisors. Challenging times 0:20:10.600 --> 0:20:13.960 call for proactive advisors who help minimize taxes, increase cash flow, 0:20:14.000 --> 0:20:16.879 and create opportunities for the future of your business. Visit 0:20:16.960 --> 0:20:25.360 Ancient dot Com broadcasting live from the Bloomberg Interactive Broker's 0:20:25.359 --> 0:20:28.760 studio in New York. Bloomberg E Living Freedom to Washington, 0:20:28.840 --> 0:20:32.919 d C, Bloomberg to Boston, Bloomberg one O six one 0:20:33.040 --> 0:20:36.520 does San Francisco, Bloomberg nine sixty to the country Sirius 0:20:36.680 --> 0:20:39.800 XM Channel one nineteen and around the globe. The Bloomberg 0:20:39.880 --> 0:20:44.320 Business and Bloomberg Radio dot com. This is Bloomberg Daybreak. 0:20:49.760 --> 0:20:51.840 It's six thirty on Wall Street. Good morning. I'm Nathan 0:20:51.840 --> 0:20:54.880 Hager and I'm Cameron Moscow. We are just about three 0:20:54.960 --> 0:20:57.240 hours away from the open of US trading. It is 0:20:57.320 --> 0:20:59.240 time for the five things you need to notice. Start 0:20:59.280 --> 0:21:02.320 your day. Brock to you by Interactive Brokers Simple ib 0:21:02.440 --> 0:21:06.160 k our Global Trader app. Deposit in your local currency 0:21:06.200 --> 0:21:08.800 and trade stocks in the US, Europe and Asia. Start 0:21:08.880 --> 0:21:12.240 your free trial at ibkr dot com, Slash Global Trader 0:21:12.880 --> 0:21:16.520 First Ukraine says Russian air strikes destroy the airport in 0:21:16.640 --> 0:21:21.440 Ukraine's fourth largest city, Dinepro. As the war continues, Austria's 0:21:21.520 --> 0:21:24.119 chancellor heads to Moscow today meet with to meet with 0:21:24.160 --> 0:21:27.720 Vladimir Putin, two days after visiting Kiev. Well meantime, caring 0:21:27.720 --> 0:21:31.040 a new Russian military commander's drawing alarm among US officials, 0:21:31.040 --> 0:21:33.320 with the Russian army expected to mount an offensive for 0:21:33.440 --> 0:21:37.120 control of parts of eastern Ukraine. President Vladimir's Lensky tells 0:21:37.160 --> 0:21:39.840 CBS is Scott Pelly he will not leave his nation. 0:21:40.040 --> 0:21:43.640 I'm the president of our people, and even if I 0:21:43.720 --> 0:21:48.879 wasn't president, I would have stayed here. My family understood, 0:21:49.119 --> 0:21:54.840 not only understood, but fully supported my decision. Fully. Ukrainian 0:21:54.880 --> 0:21:58.000