Speaker 1: Bloomberg, Audio Studios, podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here
Speaker 2: are these stories we're following today.
Speaker 3: We'll begin with the latest on the effort to force
Speaker 3: the sale of the Chinese owned social app TikTok. The
Speaker 3: issues now before the Senate. After the House overwhelmingly passed
Speaker 3: the bill that would ban TikTok in the US unless
Speaker 3: byte Dance sells it within six months, Senate Intelligence Chair
Speaker 3: Mark Warner tells Bloomberg's balance of power, senators should expedite
Speaker 3: this bill.
Speaker 1: I think we need to get this done. And again,
Speaker 1: what again?
Speaker 4: We need to make clear as somebody's talking about a band,
Speaker 4: we're talking about transferring the ownership and the algorithm to
Speaker 4: some other control of It's not Chinese.
Speaker 3: But lawmakers on both sides of the isle are urging
Speaker 3: more caution, including Senate Foreign Relations Chair Ben Carden.
Speaker 1: Don't want to inhibit free speech.
Speaker 5: We don't want to inhibit particularly a large segment of
Speaker 5: Americans who get a lot of information from TikTok.
Speaker 1: But it is a matter of concern that is right
Speaker 1: for us to take up.
Speaker 3: And other senators are calling for a full amendment process.
Speaker 3: That could tie up the bill for months. TikTok has
Speaker 3: been lobbying the Senate hard against this legislation even before
Speaker 3: the House passed it.
Speaker 2: And sticking with politics, it's a legal setback for former
Speaker 2: President Donald Trump. A federal judge in Florida has denied
Speaker 2: he has been to dismiss charges that he mishandled classified
Speaker 2: documents at mar A Lango. Trump's lawyers had argued the
Speaker 2: charges from Special counsel Jack Smith were too vague. US
Speaker 2: District Judge Alan Cannon, who's a Trump appointee, denied the
Speaker 2: former president's motion without prejudice, meaning the issue could be
Speaker 2: raised again later.
Speaker 3: And back on Capitol Hill, John sentim Majority leader Chuck
Speaker 3: Schumer has reached his breaking point over the war in Gaza.
Speaker 3: In a speech on the Senate flor Schumer called on
Speaker 3: Israel to hold new elections. He says Prime Minister Benjamin
Speaker 3: Netanyahu has lost his way with a mounting civilian death
Speaker 3: toll in Gaza and for opposing a two state solution
Speaker 3: with the Palestinians.
Speaker 6: As the highest ranking Jewish elected official in our government
Speaker 6: and as a staunch defender of israel I rise today
Speaker 6: to say unequivocally this is a grave mistake, but.
Speaker 3: Senate Minority Leader Mitch McConnell says it's Schumer who's making
Speaker 3: the mistake.
Speaker 7: It is grotesque and hypocritical for Americans, who hyperventilate about
Speaker 7: foreign interference in our own democracy to call for the
Speaker 7: removal of a democratically elected leader of.
Speaker 3: Israel, and the White House is stopping short of endorsing
Speaker 3: Senate Leader Schumer's remarks. National Security Council spokesman John Kirby
Speaker 3: says the White House is laser focused on getting a
Speaker 3: temporary ceasefire in place between Israel and Hamas.
Speaker 2: And we now head overseas, where France's President Emanuel Matcron
Speaker 2: says the European Union faces an existential threat unless Russian
Speaker 2: forces are defeated in Ukraine. Macron's been speaking to French
Speaker 2: television ahead of a meeting with the leaders of Poland
Speaker 2: and Germany.
Speaker 8: We have suffered the consequences in Europe, the price of gas,
Speaker 8: the economic situation, the price of grain, the economic disruptions
Speaker 8: that followed are the consequences of this war that Russia
Speaker 8: has started. If Russia wins this war, the credibility of
Speaker 8: Europe will be reduced to zero. What would be the
Speaker 8: credibility in our countries of an EU whose members allowed
Speaker 8: that to happen?
Speaker 2: He was speaking through an interpreter. Emmanuel Macron's comments as
Speaker 2: voters hinder the polls for a Russian presidential election that
Speaker 2: Vladimir Putin is all but guaranteed to win.
Speaker 3: And John another European leader's warning of the threat posed
Speaker 3: by Russia's invasion the head of Latvia, one of the
Speaker 3: Baltic states that borders Russia. Latvian Prime Minister of Viga
Speaker 3: Selina says a Russian victory would have a global impact.
Speaker 9: If Russia wins, those consequences will affect all the world.
Speaker 9: Also Washington, also United States, not just Europe, will be
Speaker 9: affected by this result of the conflict.
Speaker 3: Lad Via Prime Minister of Vica Selina ads she supports
Speaker 3: the idea of sending NATO troops to Ukraine to train
Speaker 3: the country soldiers. Get the full conversation on the Bloomberg
Speaker 3: Balance of Power podcasts. You can find it on Apple,
Speaker 3: Spotify and wherever you get your podcasts.
Speaker 2: And turning to the Marcus, futures are mixed to lower.
Speaker 2: As we close out the trading week, stocks fell yesterday,
Speaker 2: Treasury yields they climbed after another hot inflation report, reinforced
Speaker 2: bets the Fed is going to be a no rush
Speaker 2: to cut interest rates. Let's get more from Bloomberg Economy
Speaker 2: editor Jill Decease.
Speaker 10: When the Fed, which has been spending the last couple
Speaker 10: of months, really really pushing back from this idea of
Speaker 10: early interest rate cuts, this years need for patients, this
Speaker 10: need to sit back and examine the data before making
Speaker 10: those decisions on when to begin this trajectory toward rate cut.
Speaker 10: So I think that that's really kind of taking hold here.
Speaker 10: I mean, were getting this data that's showing us that
Speaker 10: there's still quite a bit of resilience in the economy.
Speaker 10: It's not time to cut rate check you know, as
Speaker 10: we're going, it's just pushing back further and further those
Speaker 10: expectations for those cuts until you know, at this point
Speaker 10: the middle of the back half of the year.
Speaker 2: And Bloomberg's Jill Lisa says traders have paired their vents
Speaker 2: on Fed rate cuts this year. The swaps markets are
Speaker 2: now fully pricing in the first move not in June
Speaker 2: but July.
Speaker 3: But john Bitcoin is extending its retreat as well from
Speaker 3: its latest record high. Checking the crypto currency right now,
Speaker 3: it's down more than five percent, trading at sixty six
Speaker 3: eight hundred dollars. There's an intensifying debate about whether crypto's
Speaker 3: bull run has reached a bubble. Bitcoin did reach an
Speaker 3: all time high of almost seventy four thousand earlier this week.
Speaker 3: A gauge of the top one hundred tokens, which also
Speaker 3: includes ether, BnB and Solana, is up about sixty percent
Speaker 3: so far this year.
Speaker 2: And meanwhile, copper handswers to an eleven month high. In fact,
Speaker 2: it rallied to nine thousand dollars a ton today on
Speaker 2: Best Today. You pick up in global manufacturing will push
Speaker 2: up demand for industrial commodities seen as a global economic
Speaker 2: bell weather the global economy. The metal has surged this
Speaker 2: week as investors warmed to the idea that the worst
Speaker 2: of a global downturn has passed.
Speaker 3: And checking individual stocks on the move, shares of Adobe
Speaker 3: are down more than eleven percent in early trading. The
Speaker 3: software company delivered a week sales outlook for the current quarter.
Speaker 3: We get the story from Bloomberg's Charlie Pellett.
Speaker 1: The quarter fueled concerns that new AI focus startups pose
Speaker 1: a competitive threat. Adobe said revenue will be five point
Speaker 1: two five to five point three billion in the period. Analysts,
Speaker 1: on average projected five point three to one billion. The
Speaker 1: longtime leader in software for creative arts professionals, has faced
Speaker 1: recurring anxieties that new generative AI based startups will cut
Speaker 1: into its market. In New York.
Speaker 3: Charlie Pellett Bloomberg Radio, All right, Charlie, thank you, and
Speaker 3: now it's time to take a look at some of
Speaker 3: the other stories making news in New York and around
Speaker 3: the world with Bloomberg's Michael Good Friday Morning, Michael Good.
Speaker 11: Friday, to you, Nathan. The Manhattan District Attorney is requesting
Speaker 11: a one month delay in former President Donald Trump's criminal
Speaker 11: case for allegedly concealing payments to adult film star Stormy Daniels.
Speaker 11: It comes less than two weeks before that trial was
Speaker 11: set to begin. Prosecutors said they just received tens of
Speaker 11: thousands of pages and documents from the Justice Department, and
Speaker 11: they want to give Trump's legal team up to thirty
Speaker 11: days to review them. The documents are related to Trump's
Speaker 11: former fixer Michael Cohen, who wrote the check to Daniels.
Speaker 11: Trump has pleaded not guilty. Police in New York City
Speaker 11: say a thirty six year old man has been hospitalized
Speaker 11: and a thirty two year old man is in custody
Speaker 11: after an argument at a Brooklyn subway station escalated into gunfire.
Speaker 11: Subway riders were ducking for cover moments after a man
Speaker 11: was shot in the head inside the station in downtown
Speaker 11: Brooklyn shortly before five pm. Witnesses say the man who
Speaker 11: was shot was acting quote aggressive and provocative and started
Speaker 11: an argument with a thirty two year old. NYPD Chief
Speaker 11: of Transit Michael Kempers said the man who was shot
Speaker 11: had brandished a knife or razor at first, but the
Speaker 11: argument continued and escalated.
Speaker 12: During this physical confrontation, that gun we believe was removed
Speaker 12: from the thirty six year old by the thirty two
Speaker 12: year old, and a thirty two year old fired multiple shots,
Speaker 12: striking the thirty six year old.
Speaker 11: The thirty six year old is in critical condition. This
Speaker 11: comes just days after Governor Hawkele sent the National Guard
Speaker 11: into stations across the city amid a thirteen percent spike
Speaker 11: and subway crime so far this year. James Crumbley, the
Speaker 11: father of a Michigan school shooter, has been found guilty
Speaker 11: of involuntary manslaughter. It is the second jury conviction against
Speaker 11: Ethan Crumbley's parents, who were accused of failing to secure
Speaker 11: a gun at home and doing nothing to solve the
Speaker 11: mental health problems. Ethan killed four students at Oxford High
Speaker 11: School in twenty twenty one. Gland County Prosecutor Karen McDonald.
Speaker 13: They could have prevented this shooting and saved these kids'
Speaker 13: lives and protected the hundreds of kids in the school
Speaker 13: that day and all of the members of the Oxford
Speaker 13: community that it devastated.
Speaker 11: Jennifer Cromwley was convicted of involuntary manslaughter in February. Ethan,
Speaker 11: now seventeen years old, is serving a life sentence. The
Speaker 11: Indiana State Police say there are many significant injuries after
Speaker 11: a tornado tour through the community of Winchester last night.
Speaker 11: Superintendent Doug Carter of the Indiana State Police, we.
Speaker 9: Don't know the extent of the damage on the south
Speaker 9: end of town.
Speaker 3: We do know that there have been some buildings and
Speaker 3: homes that are completely destroyed.
Speaker 11: The tornado is part of a storm system that also
Speaker 11: unleashed suspected twisters in parts of Ohio and Kentucky. Global
Speaker 11: news twenty four hours a day and whenever you want
Speaker 11: it with Bloomberg News Now. Hi, Michael Barr, this is Bloomberg.
Speaker 3: Nathan. All right, Michael, thank you. Half of the Bloomberg
Speaker 3: Sports Update. A brought price stayed out of years, John Stashauer,
Speaker 3: Thanks Nathan.
Speaker 14: Underway at the TPC at Sawgrass, opening round of the
Speaker 14: Players Championship, Rory McElroy hit two shots into the water,
Speaker 14: but at ten Birdie signed for a seven hundred and
Speaker 14: sixty five shares the lead for the American Xander Shotley
Speaker 14: and Wyndham Clark and Portland started the four game trip
Speaker 14: for the Nicks. They got forty five points from Jalen
Speaker 14: Bruns in his sixth game this season with forty or more,
Speaker 14: Nicks beat the Blazers one oh five ninety three. Celtics
Speaker 14: got thirty seven from Jalen Brown a home win over
Speaker 14: Phoenix Rangers of Tampa Bay led to nothing second period
Speaker 14: to that point, Igor's Jays Stirkin and not allowed a
Speaker 14: goal in seven straight periods, but the lightning got to
Speaker 14: him pulled away six to three. Brandon point in on
Speaker 14: all six three goals, three assists. Islanders are four to
Speaker 14: nothing lost in Buffalo, Devils won six to two. In Dallas,
Speaker 14: Bruins won in overtime at Montreal. Tons of upsets in
Speaker 14: college basketball, none more so than in the Atlantic Ten
Speaker 14: Tourney in Brooklyn. The top three seeds for Richmond, Loyola,
Speaker 14: and Dayton all lost in the quarterfinals at the ACC
Speaker 14: and DC n C State upset second seed to Duke.
Speaker 14: At the Big East at the Garden, Providence upset second
Speaker 14: seed to Creighton. Earlier, Saint John's beat Seaton Hall ninety
Speaker 14: one seventy two. The Red Storm will face heavily favored
Speaker 14: You Gone tonight at Saint John's. First time in the
Speaker 14: Big East. Simmis since two thousand and Philadelphia Sekuon Barkley
Speaker 14: introduced newest member of the Eagles.
Speaker 15: You know, fav a great footage, Giants fans and so
Speaker 15: thank for them. But unfortunately, you know, the NFL is
Speaker 15: a business, and I was able to get to a
Speaker 15: place that I know I can come here, I can
Speaker 15: compete atka Win, I can stay close to home, and
Speaker 15: I'm just happy that I was able to, you know,
Speaker 15: be part of team.
Speaker 14: In while surprising NFL trade, the Chargers sent their six
Speaker 14: time Pro Bowl whiteout Keenan Allen to the bearers for
Speaker 14: a fourth mount pick John Stashedward Bloomberg Sport.
Speaker 3: Let's get more. Now, what's happening in the nation's capital,
Speaker 3: where the momentum for the TikTok bill may be fading,
Speaker 3: Former President Trump's legal pressure isn't easing, and Senate Leader
Speaker 3: Schumer's support for Israel's government appears to have hit its
Speaker 3: breaking point. We're joined down by Derek Wallbank, managing at
Speaker 3: for Bloomberg News. Derek, good to talk with you this morning.
Speaker 3: Of course, the Senate has a reputation for being the
Speaker 3: place where hot legislation goes to cool, and that certainly
Speaker 3: seems to be the case for this TikTok divestment bill.
Speaker 16: Yeah, Nathan, I think that the Senate is under no,
Speaker 16: it's not in a hurry to move on the TikTok bill.
Speaker 16: Let's let's say it that way. Even if there is
Speaker 16: a fair amount of skepticism in the US upper Chamber
Speaker 16: for uh, you know, for TikTok, there's there's certainly you know,
Speaker 16: it's it's a place where there has been a lot
Speaker 16: of skepticism about China's role in the economy. I don't
Speaker 16: see right now. You know, we're certainly seeing signs from
Speaker 16: UH from top lawmakers in the Senate suggesting that this
Speaker 16: isn't going to UH to move wholesale and get some
Speaker 16: quick up or down vote. Now, I should also say this,
Speaker 16: you know you're in Washington. I spent a heck of
Speaker 16: a lot of time in Washington. We all know that
Speaker 16: right now. You know, a lot of the game in
Speaker 16: the Senate is what you use your floor time on.
Speaker 16: And there's other priorities that Senate Democratic Leader Chuck Schumer has,
Speaker 16: And so is this going to be the thing that
Speaker 16: he wants to spend a ton of time on. I
Speaker 16: don't know, because it's not just going to be should
Speaker 16: this get past or not? But do you want to
Speaker 16: take the time on the Senate floor to do this
Speaker 16: versus do other priorities. Last thing I'll note on this
Speaker 16: is that I know that House Speaker Mike Johnson wants
Speaker 16: the Senate to move quickly on this. But keep in
Speaker 16: mind that Mike Johnson has not been willing to move
Speaker 16: fast on the Senate's own priorities. So it's not as
Speaker 16: if he's built up a lot of capital with his
Speaker 16: friends on the other side of the Capitol that he
Speaker 16: can cash in right now to get that moving.
Speaker 3: Yeah, thinking about Ukraine aate in particular. But we just
Speaker 3: heard from a Senate Intelligence Chair, Mark Warner, not exactly
Speaker 3: a non powerful member of the Senate, arguing on Bloomberg's
Speaker 3: balance of power that this bill does need to be expedited.
Speaker 3: I mean, is he shouting in the wind here?
Speaker 16: I don't think he's shouting in the wind. But I
Speaker 16: do think that there's a question of how right, a
Speaker 16: question of what do you do? And a question of okay,
Speaker 16: if you say that something needs to be soldered or
Speaker 16: or shut, is it actually going to be divestible? Is
Speaker 16: it going to be something that or are you or
Speaker 16: are you actually passing something that really means that it's
Speaker 16: going to be shuttered? And what does that mean? I
Speaker 16: think all of those are live ball questions, and I
Speaker 16: think that the Senate is going to wrestle with what
Speaker 16: the real world impacts of this legislation really are before
Speaker 16: moving on something that could have major profound consequences, not
Speaker 16: least of which here Nathan is remember the fact that
Speaker 16: Donald Trump, who is now the presumptive Republican nominee as
Speaker 16: well as the single most powerful person in Republican politics
Speaker 16: by no small margin, has suggested that if you actually
Speaker 16: went through with this, that there might be some consolidation
Speaker 16: in the social media marketplace towards others, including Mark Zuckerberg
Speaker 16: and Facebook. And Donald Trump does not think that that's
Speaker 16: necessarily a good idea. His opinions are going to wait
Speaker 16: incredibly big. Not on Schumer, because you know what, does
Speaker 16: Chuck Schumer care about what Donald Trump thinks, but certainly
Speaker 16: on Republicans in the conference. And if this is going
Speaker 16: to move, you're going to need pretty well unified Republican support.
Speaker 16: So Donald Trump has a lot to say here.
Speaker 3: And speaking of Senator Schumer's priorities in our last minute here,
Speaker 3: I wonder what you made of this major floor speech yesterday,
Speaker 3: really coming out hard against the right wing government of
Speaker 3: Israeli Prime Minister Natanyahu.
Speaker 16: Well, I think it's been something that Democrats have struggled
Speaker 16: with for a long time as how to deal with
Speaker 16: Benjamin Nettnia, who has very clearly allied himself with the
Speaker 16: right flank of American politics for quite a long time.
Speaker 16: And Schumer is a big fan of Israel generally. But
Speaker 16: I think this represents and shows makes plain frustration that
Speaker 16: Democrats have had with the way that Netnya, who has
Speaker 16: prosecuted affairs in Gaza. I think that there has been
Speaker 16: a well documented frey on the left in in terms
Speaker 16: of the support from Israel, from some of the from
Speaker 16: some of the top people, including from President Joe Biden.
Speaker 16: You saw a big push towards getting people to vote
Speaker 16: uncommitted in Michigan and other states like that, right, and
Speaker 16: I think Chuck Schumer is reflecting some frustration.
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