Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, March two. Coming up this hour,
Speaker 1: President Biden heads to Europe to push for tougher sanctions
Speaker 1: on Russia. Supreme Court Nominique Kitangi Brown Jackson's on Capitol
Speaker 1: Hill for day three of confirmation hearings, and global bomb
Speaker 1: markets suffer on precedented losses since speaking last year. New
Speaker 1: York City may lift rules requiring face masks for children
Speaker 1: under five. Plus. A deadly tornado cuts a destructive path
Speaker 1: through New Orleans by Michael barn More. I'm John Stash,
Speaker 1: Aaron's boards, a loss for the next the win for
Speaker 1: the Alders, the Devils beat the Rangers, and the top
Speaker 1: women's tennis player in the world is retiring. That's all
Speaker 1: straight ahead on Bloomberg day Break on Bloomberg Elementary, on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O
Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x
Speaker 1: M one nineteen, and around the world on Bloomberg Radio
Speaker 1: dot Com and via The Bloomberg Business at Good Morning.
Speaker 1: I'm John Tucker. I'm Nathan Hagar. Futures moving lower this morning.
Speaker 1: We're coming up to six o one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes during the
Speaker 1: trading day on Bloomberg. Right now, SMP futures are down
Speaker 1: almost fifteen points, Staff futures down ninety four, Nastack futures
Speaker 1: are lower by almost fifty nine points. The tenure treasury
Speaker 1: is up seven thirty seconds. The yield two point three
Speaker 1: five percent yield on the two year two point one
Speaker 1: one nime X screwed is up one and a half percent,
Speaker 1: or a dollar sixty five to a hundred ten dollars
Speaker 1: cents of barrel. John and Nathan will have more on
Speaker 1: the markets in a minute, but first, the latest on
Speaker 1: the war in Ukraine. Ukraine's President Filoadimrzlyinsky says about one
Speaker 1: hundred thousand people remain in the besieged city of Maripol,
Speaker 1: there without food, water, in medicine, and under constant bombardment. Meantime,
Speaker 1: President Biden heads to Europe to rally allies around tougher
Speaker 1: sanctions on Russia. That story from Bloomberg's at Baxter National
Speaker 1: Security Advice or Jake Sullivan says the Biden trip this
Speaker 1: week will firm the plans he will join our partners
Speaker 1: in imposing further sanctions on Russia and tightening the existing
Speaker 1: sanctions to crack down on evasion and to ensure robust enforcement.
Speaker 1: And reports are that the Biden administration is preparing sanctions
Speaker 1: on most members of Russia State Duma, the lower house
Speaker 1: of parliament, more than three hundred. They will be coordinated
Speaker 1: with the EU. In San Francisco, I'm at Baxter Bloomberg Daybreak. Alright,
Speaker 1: and thanks another major story where following takes us back
Speaker 1: to Capitol Hill, where it will be day three of
Speaker 1: Judge Kittanji Brown Jackson's Supreme Court hearings before the Senate
Speaker 1: Judiciary Committee. Yesterday mark Jackson's first chance to field questions
Speaker 1: from senators. Amy Morris has details from our Bloomberg newsroom
Speaker 1: in Washington. Republican Senator Marsha Blackburn pressed Jackson on abortion
Speaker 1: and whether she would respect the Supreme Court's ruling in
Speaker 1: the event that the Court effectively guts Roe v. Wade. Senator,
Speaker 1: whatever the Supreme Court decides in Dobbs will be the
Speaker 1: president of the Supreme Court art and I commit to
Speaker 1: treating it as I would any other President. Republican Senator
Speaker 1: Tom Cotton pressed to Jackson on policing and the role
Speaker 1: of law enforcement. I asked a simple eider or question,
Speaker 1: does United States need more or fewer police? Senator? The
Speaker 1: determination about whether there should be more or fewer police
Speaker 1: is a policy decision by another branch of government. It
Speaker 1: is not something that judges have control over. More questioning
Speaker 1: by senators is set for today in Washington. I'm any
Speaker 1: more as Bloomberg Daybreak, Thanks Savy, we turned from Washington
Speaker 1: to China down the latest details on the deadly plane
Speaker 1: crash this week. The China Eastern jet to crash Monday
Speaker 1: was traveling close to the speed of sound just moments
Speaker 1: before plunged into a hillside. Let's get more from Bloomberg's Asia,
Speaker 1: corresponded Stephen Angle. When the airplane is traveling at that speed,
Speaker 1: crashing into the ground, it obliterates everything, including potentially the
Speaker 1: flight and voice day, the recorders, the so called black boxes,
Speaker 1: which are actually of course orange, and those have been
Speaker 1: found and that will be critical, of course to determine
Speaker 1: what exactly caused this mystery crash and Bloomberg Steven Angle
Speaker 1: reports that a black box was found just today after all,
Speaker 1: one two people on board died in the crash. Back
Speaker 1: here in the US, John for markets, it's all about
Speaker 1: the FED. Central Bank officials are joining j Powell's hawk
Speaker 1: ish call on interest rates. Cleveland FED President Loretta Mester
Speaker 1: says more than a quarter point hike maybe needed. I
Speaker 1: don't think fifty days this point should be off the table.
Speaker 1: You know, my fungery paths is a little steeper than
Speaker 1: the median path. So if you do the math, you know, um,
Speaker 1: I think what we're gonna probably need to move some
Speaker 1: some of those meetings fifty. But we're gonna go into
Speaker 1: every meeting looking at what the data is telling us
Speaker 1: about the outlet before we determine. We don't predetermine before
Speaker 1: we go there. Loretta Master joined St. Louis FED President
Speaker 1: Jim Bullard and calling for quicker tightening. Bullard tells Bloomberg,
Speaker 1: faster is better when it comes to right, Hi, So
Speaker 1: what you have to do is move the policy rate
Speaker 1: up discreetly a fair amount, not to be too disruptive,
Speaker 1: but I think fifty basis point moves will definitely be
Speaker 1: in the mix, and then get to a level that
Speaker 1: we can be neutral, and then from there we can
Speaker 1: decide if we want to be restrictive and put further
Speaker 1: downward pressure on In flash of Jim Bullard's reiterating his
Speaker 1: call for interest rates to rise above three percent this year,
Speaker 1: Stay tuned for more from the Fed today when we'll
Speaker 1: speak live with San Francisco President Mary Daily. That's coming
Speaker 1: up at eleven thirty a m. Wall Street time on
Speaker 1: Bloomberg Radio and Television. Nathan, the prospect of higher rates
Speaker 1: taking a toll on the bomb market. That Bloomberg Global
Speaker 1: Aggregate Index that's a benchmark for government and corporate debt
Speaker 1: total returns has fallen eleven percent from its high in
Speaker 1: January of last year. That's the biggest decline from a
Speaker 1: peak in data. Stretching back to it equates to a
Speaker 1: drop in the index market value of about two point
Speaker 1: six trillion dollars. When it comes to stocks, John, now
Speaker 1: is not the time to I that's according to Muhammad
Speaker 1: al Arian, the Bloomberg opinion columnist and chief Economic advisor Alliance.
Speaker 1: He says investors should pair their holdings. If I'm investing
Speaker 1: over the next twelve month horizon, I would reduce equities
Speaker 1: at this point. I would take some money off the
Speaker 1: table I think the market is giving you a wonderful
Speaker 1: opportunity to come out. Muhammadal Arian says equity markets have
Speaker 1: yet to factor in what's to come for the economy.
Speaker 1: And speaking of the economy, we have French data on wages.
Speaker 1: This morning, there's a new study that shows many Americans
Speaker 1: are still seeing pay below fifteen dollars an hour, and
Speaker 1: Bloomberg's Really the Young joins us live with details, Really
Speaker 1: the good morning, Good morning John. A report from Oxfam
Speaker 1: America finds one in three U S workers is still
Speaker 1: making less than fifteen dollars an hour, and the share
Speaker 1: of women and people of color earning that amount is
Speaker 1: even greater. The report helps quantify how many Americans could
Speaker 1: be impacted by the Raise the Wage Act, which would
Speaker 1: set a fifteen federal minimum wage. The legislation is still
Speaker 1: pinned in Congress. Of men earned less than fifteen dollars
Speaker 1: an hour, the figure is fort for women and for
Speaker 1: working women of color. Live in New York. I'm really
Speaker 1: need a Young Bloomberg day break. Allright, we need to
Speaker 1: thanks very much. Dal Futures right now down, SMP futures
Speaker 1: down fourteen, Mrs Bloomberg, And that brings us to six
Speaker 1: oh seven on wal Street. Let's bring in Michael barn
Speaker 1: now to find out what else is going on in
Speaker 1: New York and around the world. Yeahn thank you very much, sir.
Speaker 1: New York City Mayor Eric Adams just preparing to lift
Speaker 1: requirements that children under the age of five where face
Speaker 1: masks in school. We'll announcing that if the numbers continue
Speaker 1: to show a low level of risk. Let me see
Speaker 1: that again. If the numbers continue to show a low
Speaker 1: level of risk, mask would be optional for two to
Speaker 1: four years old students is schools and in daycare. Adam
Speaker 1: says it will start April fourth, if case rates and
Speaker 1: the risk of the virus spreading remained low. Adams two
Speaker 1: weeks ago lifted several pandemic related rules, including that students
Speaker 1: five and older ware masks in school. A new federal
Speaker 1: lawsuit accuses the NYPD of taking and storing d n
Speaker 1: A as part of an illegal and unregulated database. The
Speaker 1: lawsuit accuses the department of turning tens of thousands of
Speaker 1: people into quote permanent criminal suspects. It happens when someone
Speaker 1: is arrested or brought in for questioning, and each drinks
Speaker 1: or smokes while on the premises. The NYPD admits it
Speaker 1: collects DNA in this way, but says it is within
Speaker 1: the law. A large, destructive tornado struck the east side
Speaker 1: of New Orleans last night. St. Bernard Parish President Guy
Speaker 1: McGinnis says the damage is widespread. I was lifted off
Speaker 1: this foundation and put it to the street right around
Speaker 1: a carner for him. Parish President Guy McGinnis says at
Speaker 1: least one person was killed old The twister was part
Speaker 1: of an outbreak of severe thunderstorms across the Deep South
Speaker 1: and followed the siege of tornadoes in Texas. On Monday,
Speaker 1: Hillary Clinton tested positive for COVID nineteen and had some
Speaker 1: mild cold symptoms. According to a tweet, the former Secretary
Speaker 1: of State and former presidential candidate says she is feeling fine,
Speaker 1: and White House Press Secretary Jen Saki tested positive for
Speaker 1: COVID nineteen and will no longer travel with the President
Speaker 1: Joe Biden to Europe. Zaki says she is experiencing only
Speaker 1: mild symptoms and will isolate for five days. Biden tested negative.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg quick Take, powered by more than twenty seven
Speaker 1: under journalist and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg, John, Michael, thank you
Speaker 1: at It's six o nine on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update. Here's John Stesshower. All right, John.
Speaker 1: The Knicks last season finished fourth in the East. This
Speaker 1: year they are twelfth, and any faint hopes of sneaking
Speaker 1: in the playoffs may avenge. With the home loss to
Speaker 1: Atlanta one seventeen one eleven left the Knicks six games out,
Speaker 1: only ten to play. Trey Young lead the Hops. He
Speaker 1: scored forty five points. R J. Barrett had thirty for
Speaker 1: the Knicks and Newark nightmare second period for the Rangers.
Speaker 1: Devils wanted five nothing, scoring all five and a thirteen
Speaker 1: minutes span. They won the game seven to four. The
Speaker 1: Islanders won three nothings over Ottawa. Ash Party is the
Speaker 1: best women's tennis player in the world, ranked number one.
Speaker 1: She just won Wimbledon and then the Native Asse captured
Speaker 1: the Australian Open. But she's retiring at age twenty five.
Speaker 1: She's the anti Tom Brady. Party says she no longer
Speaker 1: has the physical drive or the emotional wants she's getting married.
Speaker 1: She says, she's said to enjoy the next phase of
Speaker 1: her life. Baseball's open to day two weeks from tomorrow.
Speaker 1: Yankees alost the Red Sox right now. The question is
Speaker 1: whether unvaccinated Yankees will be allowed to play or will
Speaker 1: it be a Kyrie Irving situation, not allowed to play
Speaker 1: home games uder the city's private employer mandate in person
Speaker 1: Worth Mayor Adams said yesterday they may peel it back slowly,
Speaker 1: but that most businesses like the mandate. Here, Yankee manator
Speaker 1: Aaron Boone think there's a lot up in the air
Speaker 1: and a lot left to play out and and we'll
Speaker 1: just see. But no, we haven't had a big group
Speaker 1: discussion on these kind of things. Where again, um, I
Speaker 1: feel like Grandy's on top of that and handling that,
Speaker 1: and we'll see where it goes. And when it comes
Speaker 1: to time and that we have to address it, we
Speaker 1: will reference Yankee President Randy Levin, who used to work
Speaker 1: at city Hall, not knowing how many or which Yankees
Speaker 1: are unbacked, not to fash our Bloomberg Sports John all right, John,
Speaker 1: thanks a lot ahead of the cash shop on Wall
Speaker 1: Street this morning. Futures right now in the red. The down.
Speaker 1: Futures down ninety five points. That's a decline of three
Speaker 1: tents of eight percent. Smp E many futures sixteen points slower.
Speaker 1: That's down three tents. And when I say futures right now,
Speaker 1: down sixty two points, down four tenths of a percent.
Speaker 1: As we also have to focus on the bond market
Speaker 1: this morning, as far as treasuries are concerned, the tenure
Speaker 1: getting a bit of a bid this morning. Tenure yield
Speaker 1: is at two thirty six, that is down two basis points.
Speaker 1: The two year yield is at two point. This is
Speaker 1: Bloomberg Daybreak, brought to you by the Jewish Community Fund
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Speaker 1: dot org, markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Act
Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Lash.
Speaker 1: I'm Nathan Hagar. Stocks are drifting lower along with US
Speaker 1: futures as global bond markets stabilized from an unprecedented route.
Speaker 1: We check the markets every fifteen minutes during the training
Speaker 1: day on Bloomberg SMP futures right now are down fourteen
Speaker 1: points down, futures down eighty eight, nastack futures lower by
Speaker 1: sixty three points. Both Germany's decks and the CAC in
Speaker 1: Paris are down by two tenths of one percent. The
Speaker 1: tenure treasury is up four thirty seconds. The yield two
Speaker 1: point three six percent yield on the two year two
Speaker 1: point one two percent. Nimex crewed up one percent of
Speaker 1: two dollars four cents at a hundred eleven dollars thirty
Speaker 1: one cents a barrel. Comex gold is up six tenths
Speaker 1: percent or ten dollar seventy cents at nine forty announced.
Speaker 1: The Euro one point one zero zero two against the dollar,
Speaker 1: British pound one point three two two five. The n
Speaker 1: is at zero free and that is a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Anathan, thank you very much. One
Speaker 1: of two black boxes has been located in the crash
Speaker 1: of a China Eastern plain with a hundred thirty two
Speaker 1: people on board. However, the Civil Aviation Authority of China
Speaker 1: says the recorder is so damaged that they are not
Speaker 1: able to tell whether it is the flight data recorder
Speaker 1: or the cockpit voice recorder. President Joe Biden's trip to
Speaker 1: Europe comes at a critical moment for the war in Ukraine,
Speaker 1: which could become a bloody stalemate as Russia pummel cities
Speaker 1: with air strikes and artillery. Biden departs today on a
Speaker 1: four day trip. You'll head the Brussels in later Poland.
Speaker 1: In the NBA, the Knicks and Warriors lost. In the NHL,
Speaker 1: the Devils beat the Rangers seven four, The Islanders won,
Speaker 1: the Capitals lost. Global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. I'm Michael Barn. This is Bloomberg Jump Michael,
Speaker 1: thank you, coming up on six twenty All Street, relying
Speaker 1: for the Bloomberg Interact of Broker Studios. This is Bloomberg
Speaker 1: Daybreak A global bond markets have suffered unprecedented losses and
Speaker 1: money as a result has been flowing to stocks. For
Speaker 1: closer look at the markets this morning, get just set
Speaker 1: up for the trading day. Head were joined by Tracy mcmillion,
Speaker 1: head of Global ASCID Allocations Strategy, Wells Fargo Investment Institute.
Speaker 1: She's joining us from Winston Salem, North Carolina this morning.
Speaker 1: Nice for being nice to have you with us this morning.
Speaker 1: Are stocks the correct alternative to bonds? So? Uh, you know,
Speaker 1: this week what we have seen is an investors moving
Speaker 1: into stocks and out of the bond market UM, putting
Speaker 1: that money into equities where you know, companies still have
Speaker 1: the ability to raise prices to offset inflation. UM. And
Speaker 1: the issue appears to be UM one for another day,
Speaker 1: that higher rates will inevitably slow growth, you know, perhaps
Speaker 1: to the point of recession. UM. We are in a
Speaker 1: highly charged, highly levered economy where interest rate increases. That
Speaker 1: though this far as ist s fast, will probably have
Speaker 1: a disruptive effect on equity markets at some point. But
Speaker 1: for today, investors are looking at equities versus six income
Speaker 1: equities versus cash and saying I will stick with the
Speaker 1: inflation hedge of equities for now. I mean, it sounds
Speaker 1: like you have to be a lot more selective in
Speaker 1: terms of looking at the margins and who has the
Speaker 1: pricing powers this point you do. And you know, investors
Speaker 1: are also looking at earning season that starts in a
Speaker 1: couple of weeks here, and surprisingly earnings really haven't on
Speaker 1: the forecast for earnings really haven't seen big revisions here.
Speaker 1: So we think that that's probably a result of um,
Speaker 1: you know, COVID starting to wane here in the US.
Speaker 1: UM at the same time that's being balanced by uh,
Speaker 1: you know, worsening consumer's sentiment. But that's the two of
Speaker 1: them are kind of keeping earnings estimates pretty stable. So
Speaker 1: we think investors will be listening to companies quarterly reports
Speaker 1: to see what their forecasts are for the future and
Speaker 1: how much pricing power they have, how much margin pressures
Speaker 1: they're facing here. Uh, so they will start to be
Speaker 1: more selective. You know, it's just the back to fix
Speaker 1: income just for for a moment, and I do want
Speaker 1: to focus just on equities. But when you consider the
Speaker 1: ration risk, can the treasures be a safe haven? They
Speaker 1: can be, uh, and they are when periods of significant
Speaker 1: market volatility. And you know, the yield curve right now
Speaker 1: is flashing a yellow warning sign because you know, yields
Speaker 1: had moved up so much on the front end. But
Speaker 1: we think that's giving investors an opportunity to invest in
Speaker 1: those shorter term and immediate term bonds and generate more income,
Speaker 1: a lot more income than they were generating just a
Speaker 1: couple of months ago. And that does provide a hedge
Speaker 1: in an equity portfolio. But I gotta wonder if the
Speaker 1: if for the average investor, that portfolio is pretty much
Speaker 1: dead and buried at this point. M Yeah, it's a
Speaker 1: tough here for a sixty forty portfolio because both equities
Speaker 1: and fixed income, you know, have had negative returns so
Speaker 1: far this year, So a sixty forty is experiencing negative returns.
Speaker 1: And that's why we think investors need to diversify beyond
Speaker 1: just equities and fixed income and invest in things like commodities,
Speaker 1: which have had a pretty good year, UM invest in
Speaker 1: hedge funds that are market neutrals, that have strategies that
Speaker 1: can benefit in both up markets and down markets. So
Speaker 1: there's some diversification that probably should be happening here beyond
Speaker 1: its traditional sixty forty. You touched on this briefly before,
Speaker 1: but maybe a little deeper diver in the minute we
Speaker 1: have left Canda. The global economy weather of a sustained
Speaker 1: period of higher finance and costs. Yeah, so, UM, we
Speaker 1: we think so. To some extent, UM investors have been
Speaker 1: calling for the Fed to get toplan inflation UM to
Speaker 1: prevent UH an even more problematic outcome in the future.
Speaker 1: So you know, a hawk is hawk is bed right
Speaker 1: now is counterintuitively being seen as the market's friend. UM.
Speaker 1: And you know, in the presence of so much uncertainty, UM,
Speaker 1: markets are really lasting onto these short lived themes UM,
Speaker 1: and that's causing significant price movements. We think that you know,
Speaker 1: for the new year term, we probably are going to
Speaker 1: be able to avoid a recession, but we're growing a
Speaker 1: little bit more concerned about three. Tracy, your pleasure, Thanks
Speaker 1: for being with us this morning. Tracy McMillian, head of
Speaker 1: Global Lasset Allocations Strategy, Wells Fargo Investment Institute and ahead
Speaker 1: of the cash Olten on Wolf Street. The down futures
Speaker 1: right now one points lower, that's down three tents pent
Speaker 1: SMP even in futures seventeen points lower than ant futures
Speaker 1: found seventies seven. Tracy mentioned the yield curve flattening the
Speaker 1: difference between twos and tents right out twenty two basis points.
Speaker 1: You're listening to Bloomberg day Break. Daybreak being drunk to
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Speaker 1: advisors who helped minimize taxes, increased cash flow, and great
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Speaker 1: Com broadcasting live from the Bloomberg Interacted Broker's studio in
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Speaker 1: nine team, and around the globe, the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak, be
Speaker 1: at six thirty on Wall Street. Good morning, I'm John Tucker.
Speaker 1: I'm Nathan Hager. We're about three hours away from the
Speaker 1: open of US trading. Time for the five things you
Speaker 1: need to know to start your day. Brought to you
Speaker 1: by I v k R Investment Advisors switched to Interactive
Speaker 1: brokers for lowest cost global trading and turn key custody solutions,
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Speaker 1: R dot com slash r I A first President Biden
Speaker 1: heads to Europe today to radley allies around tougher sanctions
Speaker 1: on Russia for its invasion of Ukraine. We get the
Speaker 1: latest from Bloomberg senior reporter Mark Champion. What they are
Speaker 1: trying to do is to get ahead of what they
Speaker 1: know will be a continuing issue with Russia over Ukraine.
Speaker 1: So try and get ahead on issues like how do
Speaker 1: we make sure that the sanctions take real effect, how
Speaker 1: do we resolve our differences of that have to do
Speaker 1: with energy, particular oil. Bloomberg's Mark Champions says President Biden
Speaker 1: will join back to back summits, first with NATO members
Speaker 1: in Brussels, then the Group of Seven and European Union.
Speaker 1: It's day three of Judge Katangi Brown jackson Supreme Court
Speaker 1: hearing before the Senate Judiciary Committee. Yesterday marked their first
Speaker 1: chance to field questions from Congress and defend her record.
Speaker 1: My record demonstrates that I am not proceeding from any
Speaker 1: sort of preconceived notion about how a case comes out.
Speaker 1: Jackson face questions from Republicans about her religion, critical rice theory,
Speaker 1: child pornography, and abortion. I'm not ruling consistent with any
Speaker 1: sort of ideology. I'm doing what impartial and fair judges do,
Speaker 1: which is to decide in every case based only on
Speaker 1: the facts and the law. Jackson returns to Capitol Hill
Speaker 1: for more questioning Today. Turning the markets now, John Global
Speaker 1: bonds remained under heavy pressure. The Bloomberg Global Aggregate Index,
Speaker 1: a benchmark for government and corporate dead total returns, has
Speaker 1: fallen eleven percent from high in January last year. That's
Speaker 1: the biggest decline from a peak in data, stretching back
Speaker 1: to the bomb market and focus. Tune in today for
Speaker 1: more from the Fed. We're gonna speak live this morning
Speaker 1: with San Francisco President Mary Daily. Catch that at eleven
Speaker 1: thirty am Wall Street Time, and looking at the economy now,
Speaker 1: a new study shows many Americans are still seeing wages
Speaker 1: below fifteen dollars an hour. Bloomberg's Jornita Young joins us
Speaker 1: live with that Ranita Nathan. A report from OXFA America
Speaker 1: finds one in three U S workers is still making
Speaker 1: less than fifteen dollars an hour, and the share of
Speaker 1: women and people of color earning that amount is even greater.
Speaker 1: The report helps quantify the impact from the Raise the
Speaker 1: Wage Act, which would set a fifteen in our federal
Speaker 1: minimum wage. The legislation is still pending in Congress. Live
Speaker 1: in New York. I'm Ranita Young Bloomberg Daybreak. All right, Ranita,
Speaker 1: thank you. Those are the five things you need to
Speaker 1: know to start your day. Brought to you by Interactive Brokers.
Speaker 1: Right now, I S and P futures are lower by
Speaker 1: fourteen points, nastact futures down. Sixty five local headlines in
Speaker 1: the check of sports. Up next, this is Bloomberg Payton
Speaker 1: thanks sixty three Wall Street. Time to bring in Michael
Speaker 1: barn to tell us what else is going on in
Speaker 1: New York hand around the world. Yeah, thank you very much, sir.
Speaker 1: New York City Mayor Eric Adams is preparing to lift
Speaker 1: for requirements that children under the age of five where
Speaker 1: face masks in schools. Adam says that he will make
Speaker 1: masks optional for those in daycare and pre kindergartens starting
Speaker 1: April fourth, if case rates and the risk of the
Speaker 1: virus spreading remain low. And let me tell you something,
Speaker 1: it doesn't matter what decisions you make on this, You're
Speaker 1: going to have voiciferous people on both sides of the conversations.
Speaker 1: And so we we can't go by the noise. We
Speaker 1: have to go by the science, and we have to
Speaker 1: go buy the safety about children. Two weeks ago, Mayor
Speaker 1: Adams lifted several pandemic related rules, including requirements that students
Speaker 1: five and older wear masks in school. The Gateway Rail Project,
Speaker 1: tunnel between New York and New Jersey, is expected to
Speaker 1: compete for some of the two point nine billion dollars
Speaker 1: in grants that the Biodministration is making available for infrastructure
Speaker 1: projects of regional or national significance. According to the Transportation
Speaker 1: Secretary Pete Buddha Diage, two types of projects that are
Speaker 1: eligible under these programs are intercity passenger rail infrastructure and
Speaker 1: interstate bridges, and the tunnel touches both of those categories.
Speaker 1: At least one person is dead after a tornado tour
Speaker 1: through parts of New Orleans and its suburbs last night,
Speaker 1: flipping cars and ripping roofs off homes. Parts of Saint
Speaker 1: Bernard Parish, which borders New Orleans to the southeast, appeared
Speaker 1: to take the brunt of the twister. Louis Pomas Is,
Speaker 1: the St. Bernard Parish Board Yard Chief of Operations. They
Speaker 1: didn't walk through an epic street that will damage the
Speaker 1: road Yard chief Louis Pomas. The damage comes after other
Speaker 1: tornadoes spawned by the same storm system hit parts of
Speaker 1: Texas and Oklahoma. White House Press Secretary Jen Saki has
Speaker 1: tensed it positive for COVID. It's the second time she
Speaker 1: has tested positive for the virus. Saki says she will
Speaker 1: no longer travel with President Joe Biden to Europe. Hillary
Speaker 1: Clinton says she has tested positive for COVID, and a tweet,
Speaker 1: Clinton says she has some mild cold symptoms but is
Speaker 1: feeling fine. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalist and analysts more than one hundred twenty countries.
Speaker 1: Michael Barr, this is Bloomberg, John, Michael, thank you. It's
Speaker 1: six thirty six d Wall Street. Time for the Bloomberg
Speaker 1: Sports Update. Good morning John, Stashower, Morning John. Last season
Speaker 1: and for the Knicks, with a loss at the Guard
Speaker 1: into the Tree, Young lead Atlanta Hawks last night. Young
Speaker 1: was back. He scored forty five points and led Atlanta
Speaker 1: to a one seventeen one eleven victory, then likely ended
Speaker 1: the Knicks already faint playoff. Holks R J. Barrett scored
Speaker 1: thirty nicks for without the injured Julius Randall, who got
Speaker 1: fined forty thousand dollars for using hostile lane wind towards
Speaker 1: the ref As if Randall's season hasn't gone poorly enough,
Speaker 1: He's now been fined a total of a hundred thirty
Speaker 1: thousand dollars. Rangers into Jersey led to nothing second Fury,
Speaker 1: Then the Devil scored five goals in thirteen minutes. Jack
Speaker 1: Used added two more in the third. The Devil's won
Speaker 1: seven to four. Islanders are three nothing shut out of Ottawa.
Speaker 1: N I T wins for Xavier and St. Bonaventure. Both
Speaker 1: will come to the Garden next week to the n
Speaker 1: i T Final four in Port St. Lucie. Mets over
Speaker 1: the Marlins two nothing. Welcome back Jacob de Graham. He
Speaker 1: got six outs, five by strikeout to Graham's brilliant season
Speaker 1: came to an end in early July. Georgan Montgomery roughed
Speaker 1: up Toronto beat the Yankees ninety two. Baseball is bringing
Speaker 1: back the ghost runner. Extra innings will again begin with
Speaker 1: a runner at second base. The filia is with the
Speaker 1: shortened spring training and for the best not to have
Speaker 1: extra long games. There's also expanding the rosters. In April,
Speaker 1: stunning news from tennis world number one Ash Party announced
Speaker 1: her retirement. I don't have that in me anymore. I
Speaker 1: don't have the the physical drives, the emotional um want
Speaker 1: and and kind of everything it takes to challenge yourself
Speaker 1: at the very top of the level anymore. And I
Speaker 1: think I just know that I'm absolutely I am spent um.
Speaker 1: I just know physically I have nothing more to get
Speaker 1: parties only. She did step away from tennis once to
Speaker 1: four John DASHWARER, Bloomberg Sports, John John, thanks very much.
Speaker 1: Stefferings us to six thirties seven out of Wall Street
Speaker 1: tied down to take a look at stocks and so
Speaker 1: that any that are moving in the pre market for that,
Speaker 1: we're joined by Bloomberg Radio and TV markets for responded
Speaker 1: critic Gupta. You know, one of my favorite functions on
Speaker 1: the Bloomberg is imp go, so you can take an
Speaker 1: index and break it down. See what the big movers yesterday.
Speaker 1: May be no surprise there was only one uh uh
Speaker 1: industry mover in the red of all the eleven industry
Speaker 1: groups in the SMP five hundred. That was energy. So
Speaker 1: a complete reversal of that today and that those are
Speaker 1: the moves are actually moving higher. You have a lot
Speaker 1: of kind of red on the screen. But today it
Speaker 1: goes back to the trade that we've been talking about
Speaker 1: for weeks, for months, the idea of hopping into American
Speaker 1: oil companies basically so occidental of course, is gonna be
Speaker 1: at the top of that list. Two point two percent
Speaker 1: gains in the pre market for O x Y, that's
Speaker 1: your taker. They're joined by similar companies. Marathon Oil up
Speaker 1: one point six percent. M R OS your taker. Haliburton
Speaker 1: not too far away, h A L is your taker,
Speaker 1: They're up one point. Even those diversified oil names are
Speaker 1: doing better. Chevron's cd X, X on x O M
Speaker 1: both up about eight tenths of a percent. Of course,
Speaker 1: this is following higher oil prices, so no surprise that's
Speaker 1: going to seep into what you're gonna see in stock market.
Speaker 1: Brent crewed, for example, at a hundred and eighteen dollars
Speaker 1: a barrel, and I was reading a story this morning,
Speaker 1: looks at the consensus here is that we're headed for
Speaker 1: a hundred and fifty dollars a barrel when it comes
Speaker 1: to oil. So if that's your bet, then energy stocks
Speaker 1: are probably gonna rally with that. Okay, wah wah on
Speaker 1: thirty six this morning, and New Jersey was just under
Speaker 1: and I think nine tenths. So what are you tell
Speaker 1: that's going high when you think when I'm sorry, okay, yeah,
Speaker 1: that's where that's the convenience store. Yes, yes, yes, I know.
Speaker 1: It's very very supposed to it in Virginia. I'm a
Speaker 1: Texas girl, and when I went to college in Virginia,
Speaker 1: everyone was obsessed with Wawa. I did not understand the obsession, um,
Speaker 1: but but I get it. Sort of. What's what's going
Speaker 1: on with in video this morning? Yeah, this is gonna
Speaker 1: be the other story. So the other side of this trade, right,
Speaker 1: there's kind of two spectrum of the trade. On the
Speaker 1: one hand, you have big tech, your safe haven um,
Speaker 1: but also you're really heavy waiters. On the other hand,
Speaker 1: you have the battered oil sector. So on days that
Speaker 1: the battered oil sector really outperforms, like what kind of
Speaker 1: looks like today is going to be that kind of day,
Speaker 1: big tech and video is included kind of underperformed, So
Speaker 1: and video is actually under pressure right now. N v
Speaker 1: d A is your ticker down about seven tenths of
Speaker 1: a percent in the pre market. And this is significant
Speaker 1: because it goes to something very important. They had an
Speaker 1: investor day yesterday and they're actually talking about buy backs here.
Speaker 1: A lot of investors were expecting after the deal to
Speaker 1: acquire ARM forty billion dollar deal would have been the
Speaker 1: biggest chip making acquisition in history. Well, obviously they didn't
Speaker 1: get uh, the regulatory approval for that, so and Video
Speaker 1: a lot of investors were expecting and Video to ramp
Speaker 1: up their buy backs instead, with all the other extra
Speaker 1: cash they had lying around in the investor day, they said, Nope,
Speaker 1: we're not doing that. So investors not to not too
Speaker 1: thrilled about that this morning. Thanks appreciate it. You know,
Speaker 1: walwas felt upside down as Mama Bloomer. He'd work markets
Speaker 1: Resapondi Critty, good to Thanks for johnas And as we
Speaker 1: look at US stocks on the whole of this morning,
Speaker 1: down futures down ninety three. Right now, the SMP EVENI
Speaker 1: futures they are down sixteen points, and the nasday futures
Speaker 1: seventy five points lower. As far as treasures the tenure
Speaker 1: at two thirty six, at least the yield that's down
Speaker 1: two basis points. This is Bloomberg and Bloomberg Weather from
Speaker 1: Rob Caroline. Thickening clouds with showers arriving that will be
Speaker 1: just before evening tonight. The high temperature today fifty tomorrow
Speaker 1: occasional rain. The high temperature fifty to fifty five degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg Business flash. I'm Nathan Hager. Stocks
Speaker 1: are drifting lower as global markets in bonds stabilized from
Speaker 1: an unprecedented round. Europeans docks paused after their longest winning
Speaker 1: streaks since November. SNP contracts pointing lower after the index
Speaker 1: claud back half the decline that began in January. We
Speaker 1: check the markets every fifteen minutes during the trading day
Speaker 1: on Bloomberg. Right now, SMP futures are down eighteen point,
Speaker 1: STAFF futures down a hundred thirteen. NASACT futures are lower
Speaker 1: by ninety one points. The decks in Germany, cat in
Speaker 1: Paris both down four tenths of one percent. The tenure
Speaker 1: treasury is up four thirty seconds. The yield is two
Speaker 1: point three six percent yield on the two year two
Speaker 1: point one three percent. Nime X crewed up two and
Speaker 1: a half percent now of two dollars seventy three cents
Speaker 1: at a hundred twelve dollars. Even a barrel Comex gold
Speaker 1: up six tenths percent, up eleven dollars ninety cents at
Speaker 1: nineteen thirty eight sixty announced. The euro one point one
Speaker 1: zero zero two against the dollar, British pound one point
Speaker 1: three two two two, the yen is at one one
Speaker 1: point oh two and Bitcoin one percent lower on the
Speaker 1: session at about forty two thousand, two hundred dollars. That
Speaker 1: is a bloomberg business flash. Now here's Michael Barner with
Speaker 1: more on what's going on around the world. Michael Nathan,
Speaker 1: thank you very much. China says one of two black
Speaker 1: boxes from the China Eastern plane crash was found in
Speaker 1: severely damaged condition. The recorder is so damaged that they
Speaker 1: are not able to tell whether it is the flight
Speaker 1: data recorder or the cockpit voice recorder. One thirty two
Speaker 1: people were killed in that plane crash. President Joe Biden
Speaker 1: is seeking to rally US allies around harder hitting sanctions
Speaker 1: to punish Russia for invading Ukraine. Biden leaves today for
Speaker 1: back to back summits Thursday with NATO, the Group of Seven,
Speaker 1: and the European Union in Brussels. The President will then
Speaker 1: head to Poland on Friday. In the NBA, the Knicks
Speaker 1: and Warriors lost. In the NHL, The Devil's beat the
Speaker 1: Rangers seven for the Islanders won The Capitol's lost. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts in
Speaker 1: more than one twenty countries. How Michael Bard, this is Bloomberg, Nathan,
Speaker 1: Thank you Michael on Wall Street. Now let's turn to
Speaker 1: news in science and technology. The Bloomberg n j I
Speaker 1: T STEM Report is brought to you by New Jersey
Speaker 1: Institute of Technology, ranked in the top two percent nationally
Speaker 1: for alumni mid career earnings and number one in the
Speaker 1: nation for student upper economic mobility. More at n j
Speaker 1: I T dot e DU. Now Here's what's making news
Speaker 1: and science, technology, engineering and math. More Than a third
Speaker 1: of last week's coronavirus cases in the US were caused
Speaker 1: by the omicron B, a two subvariant that is a
Speaker 1: notable increase from a week earlier. CDC says the subvariant
Speaker 1: is most common in New England and the New York region.
Speaker 1: B A two is not believed to be more dangerous
Speaker 1: than other strains, but it may be more infectious. Federal
Speaker 1: officials have proposed designating the Northern long eared bat, once
Speaker 1: common but ravaged by a deadly fungus, as an endangered species.
Speaker 1: The population has plummeted since colonies infected with white nose
Speaker 1: syndrome were spotted in New York caves in the mid
Speaker 1: two thousands. That bat, the Northern long ear, is likely
Speaker 1: to go extinct without a dramatic turnaround. And FIFA has
Speaker 1: added Crypto dot Com as one of the sponsors for
Speaker 1: this year's Soccer World Cup and cat Heart the high
Speaker 1: profile sponsors of deal comes just months after Singapore based
Speaker 1: Crypto dot Com said it would from the place Staples
Speaker 1: as the title sponsor of downtown Los Angeles iconic Arena.
Speaker 1: Crypto dot Com getting around. That's the Bloomberg and j
Speaker 1: I T Stem Report. John, all right, thanks Nathan. We're
Speaker 1: live on the Bloomberg Interact and Brokers Studios where eighty
Speaker 1: is now six fifty on Wall Street and that's time
Speaker 1: to check what's going on in d C. Some of
Speaker 1: the top stories in our nation's capital this morning include,
Speaker 1: of course, President Biden taking a tough on putin message
Speaker 1: to the allies as he said to travel overseas, the
Speaker 1: US has got to hold the largest military drill in
Speaker 1: decades with the Philippines, and Judge Jackson Parry's Republican attacks
Speaker 1: inches toward joining the Supreme Court, and also one of
Speaker 1: three U s workers learning less than fifteen dollars in
Speaker 1: an hour. We've been taking a closer look at that
Speaker 1: all morning. Let's take a deeper dive now into some
Speaker 1: of these stories with Bloomberg Government reporter Jack Fitzpatrick. Jack,
Speaker 1: thanks for being with us this morning. What's the message
Speaker 1: that the President Biden takes with him as he heads
Speaker 1: to Europe this week? Big week for for diplomacy. Yeah, Well,
Speaker 1: the biggest thing is that they're looking to make an announcement,
Speaker 1: according to Jake Sullivan, the President's National security advisor, regarding
Speaker 1: further sanctions. We don't have all the details on what
Speaker 1: exactly those sanctions are going to be, but there's gonna
Speaker 1: be a conversation between the US and European allies UH,
Speaker 1: Sullivan has said on trying to increase European energy independence
Speaker 1: from Russia. Obviously, a lot of talking, a little bit
Speaker 1: of pushback recently from German Chancellor all Off Schultz on
Speaker 1: the idea of actually cutting off German imports of oil
Speaker 1: and natural gas from Russia. But some sort of reduction
Speaker 1: of imports UH and a reduction of European reliance on
Speaker 1: Russian energy is on the docket, as well as a
Speaker 1: conversation about getting everyone on the same page in terms
Speaker 1: of what the response would be if China were to
Speaker 1: materially support Russia. Obviously, there were some warnings from the
Speaker 1: US last week on repercussions for China if they get
Speaker 1: involved on behalf of Russia, and that is something that
Speaker 1: the President is looking to follow up on in a
Speaker 1: conversation with European allies, particularly with the energy sanctions being
Speaker 1: dependent on Russia for a lot of things. Is the
Speaker 1: resolve as strong as it appears to be on the
Speaker 1: surface right now, Well, you know, even on the surface,
Speaker 1: there is some hesitance and and just difficulty to move away. UH.
Speaker 1: For the U s it's one thing to ban imports
Speaker 1: of fossil fuels from Russia because we get a very
Speaker 1: small percentage on the imports, about three percent of our
Speaker 1: oil and natural gas from Russia UM. But countries like
Speaker 1: Germany again have a much harder time and it raises
Speaker 1: more long term questions about exactly how their energy systems
Speaker 1: work and how they would move away from that. That's
Speaker 1: not something you can solve in a day or a month,
Speaker 1: or even very easily in a year. So there's going
Speaker 1: to be a conversation about what is feasible to move
Speaker 1: those more reliant countries away from Russia and what's possible
Speaker 1: in the short term. But it is a very difficult thing,
Speaker 1: and that's why the President in conversations with Congress, when
Speaker 1: they're pushing him to impose further sanctions, whether it's on
Speaker 1: nord Stream too or elsewhere in the energy sector, he
Speaker 1: has at times pumped the brakes a little bit and
Speaker 1: said that he wants to run this by European allies
Speaker 1: and really take an international approach because it's very difficult
Speaker 1: for them. And this also was sort of on the
Speaker 1: foreign relations front, the US holding a military drill one
Speaker 1: of the biggest decades with the Philippines and guests. Who
Speaker 1: sends uh sends this sends a message too. I guess
Speaker 1: it's one of the questions. Yeah, it's it's hard to
Speaker 1: read this in any other context other than a message
Speaker 1: to China. This is a very large military drill with
Speaker 1: the Philippines uh IN in a region that's gotten a
Speaker 1: lot of attention lately. This is happening March through April
Speaker 1: eight UM. Obviously one with the warnings as I mentioned,
Speaker 1: about China taking any role uh in materially aiding Russia.
Speaker 1: Uh this is this is not the easiest time for
Speaker 1: conversations between the US and China. The conversation last week
Speaker 1: between Presidents Biden and She focusing more on Russia. But this,
Speaker 1: you know, it potentially could even send a bit of
Speaker 1: a message about US cooperation with allies in the region,
Speaker 1: almost an Indo Pacific version of NATO, as the US
Speaker 1: looks to shore up uh cooperation with countries like the
Speaker 1: Philippines and other military allies in the area. China hasn't
Speaker 1: pushed back on this very hard, but it's it's the
Speaker 1: kind of thing that the context is this is read
Speaker 1: as a bit of a message to China about the
Speaker 1: US his presence in that region. Yeah, finally on the
Speaker 1: hill there UH, Judge Jackson pairing with the GOP, the
Speaker 1: inching tour the Supreme Court, UH with the nomination Judge
Speaker 1: Kanji Brown Jackson. UH, the Republicans on the panels that
Speaker 1: it wouldn't descend into anything like the capitall hearings. Where
Speaker 1: does it stand right now? While there was some pointed
Speaker 1: question questioning from UH some some of the more I
Speaker 1: guess high profile Senate Republicans, we heard from Ted Cruz
Speaker 1: and Josh Holly, UH sort of seeing if if there
Speaker 1: are holes in her record. That the line of questioning
Speaker 1: regarding UH ten instances in which she handed down lesser
Speaker 1: sentences to people convicted on child pornography charges than what
Speaker 1: federal guidelines might have have called for. She really pushed
Speaker 1: back on that and said that on the whole that
Speaker 1: she has in no way a weak record on that. UH.
Speaker 1: Nothing seemed to change in terms of changing the minds
Speaker 1: of Democrats who planned to support her. UH, it's still
Speaker 1: really expected that she can manage at least a slight majority. Jack,
Speaker 1: Thanks very much, Bloomberg Government reported Jack Fitzpatrick, and you
Speaker 1: could read more about these stories on Bloomberg dot com
Speaker 1: or the Bloomberg terminal reminder. You can follow all the
Speaker 1: latest on Bloomberg Radio in Washington. That's Bloomberg ninety nine
Speaker 1: one and one oh five points seven FM HD two.
Speaker 1: Nathan all Right, John, Thanks six fifty six on Wall Street,
Speaker 1: this is Bloomberg Daybreak. Of course, March is Women's History Month,
Speaker 1: and every day this month we're celebrating significant moments in
Speaker 1: women's history. Now with their installment from March twenty three,
Speaker 1: here is Bloomberg's Nita Young on this day in Women's History.
Speaker 1: In nineteen seventeen, Virginia Wolf establishes the Hogarth Press with
Speaker 1: her husband Leonard Wolf in the dining room of their home.
Speaker 1: They published works by key modernist writers, and on the
Speaker 1: day they established the Hogarth Press, Virginia and Leonard were
Speaker 1: walking down the street in London and saw the Excelsior
Speaker 1: Printing Supply Company window. Before that, they'd been turned down
Speaker 1: at the St Bride School of Printing, but when they
Speaker 1: walked into Excelsior, and assistant convinced them that with the
Speaker 1: help of a sixteen page booklet, they'd be able to
Speaker 1: teach themselves all they needed to start their own printing business.
Speaker 1: So the Wolfs bought a small hand printing press and
Speaker 1: launched the business. Virginia would print several of her own books,
Speaker 1: and she's now considered one of the most innovative writers
Speaker 1: of the twentieth century. Through their non linear approaches to writing,
Speaker 1: Virginia's novels greatly influenced the narrative genre that's sitting in
Speaker 1: women's history. I'm rend A Young, Bloomberg Radio. All right, Rinita,
Speaker 1: thank you. Future is moving lower on this Wednesday morning.
Speaker 1: Bloomberg Surveillance is up next for John Tucker. I'm Nathan Hagar.
Speaker 1: This is Bloomberg