Speaker 1: Live from the Bloomberg into Rector Berger Studios. This is
Speaker 1: Bloomberg day Break for Thursday, March two. Coming up this hour.
Speaker 1: Ukraine and Russia hold the highest level talks since the
Speaker 1: start of the war. Global stocks falling after yesterday's rally,
Speaker 1: Wall Street braces for another historic reading on inflation, and
Speaker 1: Amazon shares rally on a twenty for one stuff split.
Speaker 1: The first licenses to sell recreational pot in New York
Speaker 1: would go to people with marijuana related convictions. The South
Speaker 1: Korea has elected a new president. I'm Michael laugh More,
Speaker 1: I'm John stash in Sports, third straight win for the
Speaker 1: nixt st John's advances, and the baseball lockout continues. That's
Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg Elevenoro,
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 Old on Bloomberg Radio,
Speaker 1: dot Com and via the Bloomberg Business At Good Morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. And US futures
Speaker 1: are lower this morning. We're coming up to five oh
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On bloomberg SMP futures
Speaker 1: down twenty two points and down futures down a hundred
Speaker 1: and nine. NASDAG future is down to ninety eight and
Speaker 1: the ten year treasury of seven thirty seconds. He had
Speaker 1: one point nine two percent yield on the two year
Speaker 1: one point six six percent, nim ex screute oil of
Speaker 1: four percent. Nathan, all right, Karen, we begin this morning
Speaker 1: with the latest on the war in Ukraine. Foreign ministers
Speaker 1: from Russia and Ukraine have met in Turkey today for
Speaker 1: the highest level talks since the war began. Ukraine is
Speaker 1: signaling it's willing to negotiate terms to end the invasion.
Speaker 1: Bloomberg's Ed Baxter has the story. It says neutrality could
Speaker 1: be part of the equation. President Zelenski's deputy chief of
Speaker 1: staff heart Zukova says that ultimately it will be solved
Speaker 1: whether Zelenski putin face to face. So we asked the
Speaker 1: world community to existance in having these direct negotiations, to
Speaker 1: sit down with at the negotiation table. Meanwhile, Pentagon spokesman
Speaker 1: John Kirby says the US doesn't think Poland's idea to
Speaker 1: supply makes the Ukraine will work. At this point, the
Speaker 1: intelligence community has assessed the transfer of mid twenty nine
Speaker 1: to Ukraine may be mistaken as escalatory, and Kirby says
Speaker 1: that would hurt Ukraine even further. In San Francisco, I'm
Speaker 1: at back, Stir Bloomberg, Gay break Andy, thank you Meantime,
Speaker 1: Ukrainian President vladimir's Lensky is accusing Russia of war crimes,
Speaker 1: as after an air strike had a maternity hospital in
Speaker 1: the besieged city of Mariopol. An aerie Obama on an
Speaker 1: maternity hospital is the conclusive evidence that what is happening
Speaker 1: is a genocide of Ukrainians Europeans. You won't be able
Speaker 1: to say that you didn't see what happened to Ukrainians
Speaker 1: and Mary Upaul you saw. You know. Consequently, you must
Speaker 1: strengthen sanctions against Russia so that it never has the
Speaker 1: chance to continue this genocide. President Zelenski says the attack
Speaker 1: three people, including a child, and that's according to Mariopol's
Speaker 1: city council and President Zolensky is still asking NATO to
Speaker 1: set up a no fly zone Karen, but the Pentagon
Speaker 1: warns that could escalate the situation. Illinois Democrat Raja Christiana
Speaker 1: Northey sits on the House Intelligence Committee. We can't let
Speaker 1: Paton decide what we're going to do to help our
Speaker 1: friends defend their freedom. And so when President z Lensky
Speaker 1: asked us in a zoom call about a week ago
Speaker 1: to either and force a no fly zone or give
Speaker 1: him the means to do so, I think we should
Speaker 1: do whatever we can. Congressman Roger Christiana Murphy spoke with
Speaker 1: our Washington correspondent Joe Matthew on Bloomberg Sound On. Catch
Speaker 1: the program weekdays at five pm Eastern on Bloomberg Radio, Well, Nathan.
Speaker 1: The House has passed a more than thirteen billion dollar
Speaker 1: eight package for Ukraine as part of a measure to
Speaker 1: fund the US government for the coming year. Amy Morris
Speaker 1: has the details from our Bloomberg ninety one newsroom in Washington.
Speaker 1: The emergency Ukraine related spending includes six and a half
Speaker 1: billion dollars for the Pentagon. That's three billion to bolster
Speaker 1: U S troops in Europe and three and a half
Speaker 1: billion to replace weapons given to Ukraine. Coronavirus funding was
Speaker 1: taken out of the measure and domestic agencies will get
Speaker 1: their biggest increases in years under the bill. Now, it's
Speaker 1: up to the Senate to sign off on the legislation
Speaker 1: before the current stop gap measure expires Friday night. Just
Speaker 1: in case, the House also sent the Senate a four
Speaker 1: day spending bill just to buy a little extra time
Speaker 1: that one expires. March fifteen in Washington. I'm Amy Morris,
Speaker 1: Bloomberg Daybreak. Thanks Amy. The House has also approved legislation
Speaker 1: barring US imports of Russian oil. Let's get the details
Speaker 1: on that live from Bloomberg. Nitta Young, Good morning, Grinita,
Speaker 1: Good morning, Nathan. The US ban on Russian oil imports
Speaker 1: would go into effect forty five days after it's signed
Speaker 1: into law. The House legislation also takes steps to review
Speaker 1: Russia's access to the World Trade Organization, and it reauthorizes
Speaker 1: and strengthens the Magnitsky Act, which calls for sanctions on
Speaker 1: offenders of human rights. But the legislation does have a
Speaker 1: provision letting the President allows some product jacks or products
Speaker 1: rather to be imported from Russia if they're in the
Speaker 1: national interests, but they'll be subject to review by Congress.
Speaker 1: Live in New York, I'm rned a young Bloomberg Daybreak,
Speaker 1: All right, Rned to thank you. Inflation is also and
Speaker 1: focus this morning, but the relase of February is consumer
Speaker 1: price Indix. We get a preview from Bloomberg's and Michael McKee.
Speaker 1: A few weeks ago, many economists were eyeing February as
Speaker 1: the peak in the US consumer inflation. Now it's looking
Speaker 1: more like a fresh baseline. The consumer price index is
Speaker 1: forecast to rise the most since two but economists are
Speaker 1: now saying it could peak somewhere in the eight to
Speaker 1: nine percent range this month or next. The invasion of
Speaker 1: Ukraine and severe restrictions of the Russian economy will likely
Speaker 1: send the prices of staples like oil and food soaring.
Speaker 1: Without knowing how long the war will last, it's hard
Speaker 1: to know how high and for how long. Michael McKee
Speaker 1: Bloomberg Daybreak, All right, Mike. Thanks. There's also a major
Speaker 1: market event overseas. We get a policy decision from the
Speaker 1: European Central Bank this morning. Here with details is Bloomberg's
Speaker 1: Hannah George. Faced with the twins challenges of inflation and
Speaker 1: war on its border, the ECB may postpone. It's timetable
Speaker 1: setting out an end to trillions of euros of asset purchases.
Speaker 1: That would mark another abrupt shift in the central bank stance.
Speaker 1: Just last month, President Christine Lagarde turned more hawkish in
Speaker 1: the face of inflation that's almost three times the two
Speaker 1: percent target. The danger now is that the invasion and
Speaker 1: sanctions against Russia will curb Europe's rebound from the pandemic.
Speaker 1: In London, I'm Hannah, George, but in both daybreak, all right, Hannah,
Speaker 1: thank you, and incorporate news. This morning, shares of Amazon
Speaker 1: are surging. They're up more than six and a half
Speaker 1: percent in early training after announcing plans for a twenty
Speaker 1: one stock split weeken more from Bloomberg Charlie Pellett. It's
Speaker 1: subject to a vote by shareholders, which is scheduled from May.
Speaker 1: The e Commerce Giants Board also approved a ten billion
Speaker 1: dollar share buy bank program. The repurchase authorization replaces a
Speaker 1: current five billion dollar plan approved in six The company
Speaker 1: previously split its stock three times in nine and nine.
Speaker 1: In New York Charlie Bloomberg Daybreak, Okay, Charlie, thanks SMP.
Speaker 1: Futures down twenty four points down. Futures down two hundred
Speaker 1: fifteen nastack futures lower by ninety five. Straight ahead, your
Speaker 1: latest local headlines and a check of sports. This is
Speaker 1: Bloomberg at five oh seven on Wall Street. It's thirty
Speaker 1: four degrees in Central Park. Still dealing with the same
Speaker 1: issues on New Jersey Transit have been with us for
Speaker 1: much of the week. I'll have details and traffic shortly. First,
Speaker 1: Michael Bars here with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. The first licenses to sell to recreational marijuana
Speaker 1: customers and for distributors in New York will go to
Speaker 1: people who have a record. State officials said that people
Speaker 1: with Merillana marijuana related convictions will get DIBs on the
Speaker 1: first one D two hundred retail cannabis licenses awarded by
Speaker 1: New York State. The state says it's part of a
Speaker 1: broader effort to redress the inequities of a justice system
Speaker 1: that locked up a disproportionate number of people of color
Speaker 1: for drug crimes. Governor Kathy Hokel has said to announce
Speaker 1: the plan regulations for social equity applicants today. Meanwhile, Governor
Speaker 1: HOCl showed her support for those suffering in Ukraine from
Speaker 1: the Russian invasion, and interfaith ceremony in support of Ukraine
Speaker 1: was held at a Ukrainian Orthodox cathedral in New York City.
Speaker 1: Hokel was there and said she was immersing herself in
Speaker 1: the community. When I look out in this room, yes,
Speaker 1: I hear the words of prayer on your lips, and
Speaker 1: those are powerful words, heartfelt words. But I also see
Speaker 1: tremendous pain in your eyes. Governor HOCl praise the defiance
Speaker 1: of the Ukrainian people in the face of Russia's invasion.
Speaker 1: South Korea's conservative president elect, Yun suk yol says he
Speaker 1: would solidify an alliance with the United States, build up
Speaker 1: a powerful military, and sternly cope with North Korean provocations.
Speaker 1: Hours after he won the country's hard fought election to
Speaker 1: become its next leader, n spoke with President Joe Biden
Speaker 1: on the phone. The White House is reacting to a
Speaker 1: bill that would make it illegal in Florida to discuss
Speaker 1: sexual identity and orientation in some classrooms. It heads to
Speaker 1: the governor's mask for signing. The state Senate passed the
Speaker 1: measure despite days of protests and student walkouts. The bill
Speaker 1: supporters say they give parents more of us say in
Speaker 1: their children's education. Why Now's Press Secretary Jen Psaki, I
Speaker 1: think the most important question now is why are Florida
Speaker 1: leaders deciding the need to discriminate against kids who are
Speaker 1: members of the l g B t q I community.
Speaker 1: What prompts them to do that? Is it meanness? Is
Speaker 1: it wanting to make kids have more difficult times in
Speaker 1: school and their communities? Spokesperson Jen Saki. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: in more than a hundred twenty countries. I'm michaela bar
Speaker 1: This is Bloomberg. Alright, Michael, thank you, Coming up to
Speaker 1: five ten on Wall Street time for the Bloomberg Sports
Speaker 1: Updake and what are you? John stash Ower? Your morning, Nathan?
Speaker 1: What's going on with the Knicks? Into seven game losing straight,
Speaker 1: sixteen losses in the span of nineteen games, the Knicks
Speaker 1: has suddenly won three in a row. They had gone
Speaker 1: all those two months without winning two straight, and over
Speaker 1: their last six quarters, Knicks have outscored the opposition by
Speaker 1: sixty one points. It was easy in Dallas Paul Louse
Speaker 1: trying to get it back dives quarter three. It's good
Speaker 1: Evan four titleson the Knicks fifty five Dallas, twenty seven PM.
Speaker 1: The Call Final one oh seven seventy seven Knicks five
Speaker 1: fifth straight win in Dallas. That Alice native Julius Randall
Speaker 1: scored twenty six match shot only thirty one percent. They
Speaker 1: were six for forty four on three pointers. They missed
Speaker 1: their first nineteen at the Garden St. John's beat to
Speaker 1: Paul ninety two to seventy three to advanced to place
Speaker 1: billing Ova Today. At the Big East Tournaments, Seaton Hall
Speaker 1: got by Georgetown p seven fifty three. The Hoya has
Speaker 1: never won a Big East game all season. Butler upset
Speaker 1: Xavier and overtime. At the ACC Tournament in Brooklyn, Syracuse.
Speaker 1: Blue out Florida State by thirty nine, but top score
Speaker 1: Buddy Bayhon throw a punch and the coach's son suspended
Speaker 1: for today's game. With two heartbreak for Iona at one
Speaker 1: point lost a writer at the mc turney in Atlantic City,
Speaker 1: the Bronx wanted on a shot with seven seconds left
Speaker 1: their fourteen and eighteen. They advanced Iona at twenty five
Speaker 1: and six. Will settle for the n i T and
Speaker 1: the baseball labor dispute is now said to be a
Speaker 1: new conflict whether to institute a draft for international players.
Speaker 1: If it's not one thing, it's another, and still no deal.
Speaker 1: The lockout continues the first four series of the season
Speaker 1: of Malvin Kids. John stash Award Bloomberg Sports. Maybe all right, John,
Speaker 1: thank you. Red headline just crossing the Bloomberg terminal on
Speaker 1: talks between the Russian and Ukrainian foreign ministers to meetro
Speaker 1: Kulava of Ukraine says Russia. Convada will continue its attack
Speaker 1: until its demands are met. You get the very latest
Speaker 1: on the war in Ukraine next with Bloomberg Smart Champions.
Speaker 1: Stay with us. This is Bloomberg. Good morning, Bloomberg, eleven
Speaker 1: three oh Weather. Partly sunny today, up or forties for highs,
Speaker 1: mix of sunning clouds, upper forties tomorrow, rainy, wendy, maybe
Speaker 1: a little bit of wet snow on Saturday. Temperatures falling
Speaker 1: through the afternoon. Right now thirty four in Central Park 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
Speaker 1: Quick takes a Bloomberg business lash and I'm Karen Moscow.
Speaker 1: US stock index futures and European shares are falling amid concern.
Speaker 1: US inflation accelerated for a six successive month, while investors
Speaker 1: turned to the European Central Bank degage policymakers response to
Speaker 1: the war in Ukraine. We checked the markets every fifteen
Speaker 1: minutes through While the trading day on Bloomberg SNP future
Speaker 1: is down thirty three points down, futures down two one
Speaker 1: nasdack futures down on one d twenty nine, the decks
Speaker 1: in Germany's down two and a quarter percent. Can your
Speaker 1: treasury up six thirty seconds? He had one point nine
Speaker 1: three percent. They yield on the two year one point
Speaker 1: six six percent. Nim X scrude oil is a four
Speaker 1: point nine percent of five dollars thirty six cents and
Speaker 1: a hundred fourteen dollars of Beryl comex s goold is
Speaker 1: up six tents percent or twelve dollars fifty cents at
Speaker 1: two thousand dollars. Announced. The euro one point one zero
Speaker 1: three three against the dollar. British found one point three
Speaker 1: one five one. The ends in one fifteen point nine
Speaker 1: eight and the and Bitcoin this morning lower down six
Speaker 1: and a half percent at thirty nine thousand, one hundred
Speaker 1: seventy dollars. That's a Bloomberg Business Flash. Now here's Michael
Speaker 1: bar with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Karen. Talks between the feign ministers
Speaker 1: of Russia and Ukraine just wrapped up on the sidelines
Speaker 1: of a diplomatic summit in Turkey. Russia conveyed it will
Speaker 1: continue attacks on Ukraine until demands are met. City Council
Speaker 1: of Maryupole says an air strike on a hospital killed
Speaker 1: three people, including a child. The World Health Are going
Speaker 1: to Zation said it has confirmed eighteen attacks on medical
Speaker 1: facilities since the Russian invasion began two weeks ago. Major
Speaker 1: League Baseball has got another week of the upcoming season
Speaker 1: with the lockout in its day. The decision means the
Speaker 1: season won't begin until April fourteenth, at the earliest. In
Speaker 1: the NBA, the Knicks and Celtics won, the Wizards lost.
Speaker 1: In the NHL, the Capitols lost in overtime to the Oilers.
Speaker 1: For three Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. Hi,
Speaker 1: Michael Barr, this is Bloomberg Nathan. Thanks Michael. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Intractor Broker's studios.
Speaker 1: This is Bloomberg day Break. Let's get more now on
Speaker 1: the war in Ukraine. And these talks have just wrapped
Speaker 1: up between the foreign ministers of Ukraine and Russia. Mark
Speaker 1: Champion is with us now, Bloomberg New Senior reporter for
Speaker 1: International Affairs. Mark, It's good to have you with us.
Speaker 1: And just judging from the headlines that across the Bloomberg
Speaker 1: terminal coming out of these talks between Demetro Kuleba and
Speaker 1: Sergey lavrav it doesn't sound like much headway was made. No,
Speaker 1: there is a long way to go to cross uh,
Speaker 1: you know, to to get these two sides to meet.
Speaker 1: You know, on the one hand, it's already progressed at
Speaker 1: their meeting and at the diplomatic level is increased from
Speaker 1: sort of technical meetings up to now the foreign ministers.
Speaker 1: But you know, you have to kind of look at
Speaker 1: what each side is demanding. That the the Russians are
Speaker 1: demanding that that there should be recognition of Crimea, which
Speaker 1: was the next in two thousand and fourteen, as Russian territory,
Speaker 1: and their demanding also that the don Ba separatist territories
Speaker 1: where there's been a wars instude thousand and fourteen um
Speaker 1: that those should be recognized by Ukraine as independent states,
Speaker 1: so that you know, a significant chunk of Ukrainian territory
Speaker 1: would be acknowledged as no longer part of Ukraine. That is,
Speaker 1: as President Zelinsky has already said, kind of a non starter.
Speaker 1: They're willing to talk about status, to discuss status, what
Speaker 1: kinds of autonomy, that sort of thing, but they're not
Speaker 1: willing to just recognize um. And in the Ukrainian position
Speaker 1: is that they before they even start talking about those
Speaker 1: kinds of substant things, they want the Russian troops out,
Speaker 1: they want to cease fire, and as Labor said as
Speaker 1: he left, that's not happening. Are we seeing some signs
Speaker 1: of at least a little bit of progress when it
Speaker 1: comes to the idea of neutrality. We talked to the
Speaker 1: deputy chief of staff to President Zelinski yesterday and he
Speaker 1: said that that could be on the table. And we've
Speaker 1: also heard from Russian diplomats saying that they're not looking
Speaker 1: for regime change in Ukraine? Does that show some possibility
Speaker 1: that we could see at least some diplomatic movement. Absolutely,
Speaker 1: and we're we've already moved significantly from where we were
Speaker 1: saying on February, you know, the day after this began.
Speaker 1: I mean, at that time President Putin made very clear
Speaker 1: that he wanted Ukraine first of all, demilitarized. So that
Speaker 1: meant the no armed force for Ukraine at all, it
Speaker 1: would have to lay down its arms and be uh disbanded. Um.
Speaker 1: And secondly it meant that the denotification is what he
Speaker 1: called it, but that was regime change. Um. And they
Speaker 1: are no longer talking talking about denotification, Uh. They the
Speaker 1: demilitarization is still talking about but it seems like that
Speaker 1: might be negotiable into you know, some level of Ukrainian
Speaker 1: armed force. But but for the rest you know, we're
Speaker 1: still very a long way apart. Uh, and some very
Speaker 1: very difficult You think that for eight years they were
Speaker 1: trying to negotiate the terms of a political settlement for
Speaker 1: those separatist territories in the don Bus and they weren't
Speaker 1: able to do it. You know, in a sense we're
Speaker 1: back at that position, but with an arm conflict going on. Yeah,
Speaker 1: and when we see that armed conflict going on, we've
Speaker 1: looked at the reports of Russian forces getting bogged down
Speaker 1: to the north and of course these seemingly indiscriminate attacks
Speaker 1: on civilian sites and places like Mariopol. What does that
Speaker 1: tell us about where this war could be going from here? Mark, Well,
Speaker 1: I think it tells us something about why there has
Speaker 1: been movement, especially on the Russian side. I think each
Speaker 1: side is under enormous pressure. That the Ukrainians simply because
Speaker 1: the people are being killed in numbers and their cities
Speaker 1: and infrastructure are being destroyed. So the Ukrainian side is
Speaker 1: very much under pressure. But so to President Putin, because
Speaker 1: he went in with a plan where whereby Ukraine would
Speaker 1: be taken fairly quickly, within days. His troops would just
Speaker 1: drive almost into the center of the towns and would
Speaker 1: take uh take down the government in Kiapan in other cities,
Speaker 1: and just replace it with something more friendly to Russia.
Speaker 1: And then he could organize the terms on his on
Speaker 1: his his leisure. That simply didn't happen, and so now
Speaker 1: he's had to move to a different military strategy which
Speaker 1: involves basically shelling cities into submission and hoping that eventually
Speaker 1: Zelenski will submit because of the pressure. But that is
Speaker 1: a that is a strategy with no obvious UH time
Speaker 1: frame for the exit, and as we know from conflicts elsewhere,
Speaker 1: it can take a long time. Um, you know, suppress
Speaker 1: suppressing a city. If you think of what happened in Yugoslavia,
Speaker 1: in the eastern city of Kava, there was a famous
Speaker 1: stiege that that that took ninety days. Thanks for this, Mark,
Speaker 1: great to have you with us this morning. Mark Champion,
Speaker 1: Senior reporter for International Affairs for Bloomberg News. As we
Speaker 1: continue monitoring developments following the foreign ministers meeting between Russia
Speaker 1: and Ukraine, Russia's Sergey Lavrov is now speaking. Will continue
Speaker 1: bringing his comments and UH developments to you as the
Speaker 1: morning Progressive. Stay with us. You're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleven three oh Weather partly sunny, upper forties today,
Speaker 1: mix of sun and clouds. Tomorrow upper forties, rainy for Saturday.
Speaker 1: That rain could mix with some wet snow is Temperatures
Speaker 1: dropped through the day. Right now, thirty four in Central Park,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg Living Free on to Washington, d C, Bloomberg nine
Speaker 1: one to Boston, Bloomberg one O six one does San Francisco,
Speaker 1: Bloomberg nine sixty to the Country, Sirius XM to A
Speaker 1: one ninet, and around the globe the Bloomberg business in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hager and
Speaker 1: I'm Karin Moscow. We're just about four hours away from
Speaker 1: the open of US trading. Let's catch you up to
Speaker 1: date on the news you need to know. The show
Speaker 1: our arraid sirens in Ukraine's capital Kiev this morning. As
Speaker 1: Russia's invasion enters its third week, Ukraine's President Vladimir Zelenski
Speaker 1: says he's willing to consider compromises, but he won't seed territory.
Speaker 1: You must strengthen sanctions against Russia so that it never
Speaker 1: has the chance to continue this genocide. You need a
Speaker 1: pressure Russia so that it sits at the negotiating table
Speaker 1: and ends this barbarous war. Zelenski says he has not
Speaker 1: spoken to Vladimir Putin. Foreign ministers from Russia and Ukraine's
Speaker 1: spoken Turkey today with no breakthrough, Moscow said it well
Speaker 1: continue its attack until demands are met. It's seeking surrender
Speaker 1: from Ukraine. Like in Washington, Karen, Congress is ramping up
Speaker 1: pressure on Moscow. The House has passed to build a
Speaker 1: band oil imports from Russia. Bloomberg's Ranita Young joins US
Speaker 1: Live with the story, Ranita Nathan. The US ban on
Speaker 1: Russian oil imports would go into effect forty five days
Speaker 1: after it's signed into law. The House legislation also takes
Speaker 1: steps to review Russia's access to the World Trade Organization,
Speaker 1: and it reauthorizes in strengthens the Magnitsky Act, which calls
Speaker 1: for sanctions on offenders of human rights. But the legislation
Speaker 1: does have a provision letting the President allows some products
Speaker 1: to be imported from Russia, and that's if they're in
Speaker 1: the national interests, but they'll be subject to review by Congress.
Speaker 1: Live in New York, I'm gonna need a Young Bloomberg
Speaker 1: Daybreak alright, rened to thank you, turning to All Street today,
Speaker 1: it's all about inflation. The consumer price index is expected
Speaker 1: to increase it at seven point nine percent annual rate.
Speaker 1: Bloomberg's Finny Deal. Judai says, more red hot inflation. It's
Speaker 1: probably going to get worse as the war in Ukraine
Speaker 1: sends global food and energy prices higher. Ukraine is a
Speaker 1: major wheat exporter, Russia oil and gas. For now, economists
Speaker 1: are saying US inflation could peak somewhere around eight percent
Speaker 1: or nine percent, perhaps in a month or two. Final
Speaker 1: Judace Bloomberg daybreak. Al Right, Vinnie, thank you. In overseas markets,
Speaker 1: the focus is on monetary policy. The European Central Bank
Speaker 1: decides on whether to raise interest rates in these asset purchases.
Speaker 1: That strategy could be delayed as it navigates inflation and
Speaker 1: economic shocks from the war. I'm back here in the US, Nathan.
Speaker 1: For the first time in two decades, Amazon is splitting
Speaker 1: at stock. The company plans to boost its outstanding shares
Speaker 1: by a twenty to one ratio. It's also authorizing at
Speaker 1: ten billion dollar buyback, and Amazon shares up about six
Speaker 1: percent in early trading. Futures this morning are lower. SMP
Speaker 1: futures down twenty nine points down, futures down two hundred
Speaker 1: thirty Nasdag Futures down one eighteen and straight ahead your
Speaker 1: latest of local headlines plus the check of sports and
Speaker 1: this is Bloomberg. Thanks Scaring three on Wall Street, foggy
Speaker 1: thirty three degrees in Central Park, we had an overturned
Speaker 1: tractor trailer southbound New Jersey Turnpike. Exsit thirteen Hells coming
Speaker 1: up in traffic. First Michael bar with more on what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. The first pot sales permits
Speaker 1: in New York State will go to people with convictions.
Speaker 1: The states going to award up to two hundred only
Speaker 1: to people who had been convicted of marijuana related crimes.
Speaker 1: Governor Kathy Oakel says it's an effort to address the
Speaker 1: inequities of a system which has locked up people of
Speaker 1: color for such offenses at disproportionate rates and in her faith.
Speaker 1: Ceremony and Support of Ukraine was held at a Ukrainian
Speaker 1: Orthodox cathedral in New York City. Governor Hokell attended the
Speaker 1: event and praised the defiance of the Ukrainian people in
Speaker 1: the face of Russia's invasion. Ukrainians stand up women grabbing
Speaker 1: weapons and going to the front line, some taking their
Speaker 1: children as safety, but others staying I'll stand with the
Speaker 1: menimal fight back. Governor Hokel said she was immersing herself
Speaker 1: in the Ukrainian community. South Korea has elected a new president.
Speaker 1: Conservative Yun suk Yol, defeated his rival in one of
Speaker 1: the country's most closely fought presidential elections. Un spoke with
Speaker 1: President Joe Biten shortly after his win. Former astronaut Scott
Speaker 1: Kelly is upset with a head of Russia's Space agency
Speaker 1: for threatening on social media to leave one of the
Speaker 1: American astronauts on the International Space Station behind when a
Speaker 1: Russian saw use spacecraft parts the station later this month.
Speaker 1: Kelly says he found the comments outrageous. The people at
Speaker 1: the Russian Space Agency, I've known many of them for
Speaker 1: well over two decades. I trust them. I've literally literally
Speaker 1: trusted them with my life before. Kelly also says the
Speaker 1: events of the past weeks have taught us to prepare
Speaker 1: for the worst and hope for the best. A federal
Speaker 1: lawsuit filed in Colorado claims a group of Donald Trump's
Speaker 1: supporters called the US Election Integrity Plan, has been sending
Speaker 1: its agents to people's homes in an effort to intimidate voters.
Speaker 1: They are said to have sent agents, in some cases armed,
Speaker 1: to voters homes, asking questions and taking pictures. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven under journalist and an
Speaker 1: analyst in more than a hundred twenty countries. Michael Barr,
Speaker 1: This is Bloomberg, Nathan. Thanks Michael. On Wall Street. Time
Speaker 1: for the Bloomberg Sports Update with John stas Shower. Nathan
Speaker 1: the Nixon joined Life on the Road. They had that
Speaker 1: heartbreaking loss in Phoenix. The Sun's banked in at three
Speaker 1: point at the buzzer, but they beat the Clippers in
Speaker 1: l A. They came from twenty down at Sacramento and
Speaker 1: they cruised do an easy win in Dallas one oh
Speaker 1: seven seventies seven. So after going nearly two months without
Speaker 1: two wins in a row, Knicks have won three straight.
Speaker 1: Julius Randall coming off a career high forty six points,
Speaker 1: this time at twenty six at his hometown. R J.
Speaker 1: Barrett at it that all we're doing different, you know,
Speaker 1: because the past couple of games before that, we always
Speaker 1: you know, are winning have it meat and then we
Speaker 1: would lose it, So it really differences now. Just finishing
Speaker 1: the games on Randall called it the Knicks best defensive
Speaker 1: effort of the season. They held the Master thirty one
Speaker 1: percent shooting. Dallas was six of forty four on three
Speaker 1: point and started over nineteen Nixon Memphis Tomorrow Nets and
Speaker 1: Sixers Tonight in Philadelphia is the Nets face James Harden.
Speaker 1: Ben Simmons still not playing for his new team. He
Speaker 1: had refused to play for Philly. He will be there
Speaker 1: tonight sitting on the next bench. Figgy's Tournament The Guard St.
Speaker 1: John's beat to Paul ninety two to seventy three. Seaton
Speaker 1: Hall got by Georgetown fifty seven fifty three. Big upset
Speaker 1: at the Matt Turney in Atlantic City. Ryder top Diona
Speaker 1: seventy one. Seventy of the Gales had beating the Bronx
Speaker 1: twice in the regular season once by twenty six, but
Speaker 1: Ryder advances in Iona will settle for the n I T.
Speaker 1: Col Gate going to the n C Double eight to
Speaker 1: the second year in a row. The baseball lockout continues.
Speaker 1: Two more series canceled, wiping out a Mets road trip
Speaker 1: in Philly and Washington, and a Yank Young stand against
Speaker 1: Toronto and Boston. The earliest the season could now begin
Speaker 1: is April fifty down Station with Bloomberg Sports Baseball in Texas.
Speaker 1: All right, John, thank you thirty seven on Wall Street
Speaker 1: time for the Tri State Business Report with Bloomberg's head Cory.
Speaker 1: Manhattan apartment rent store to an all time record high
Speaker 1: last month. Tennant's paid a median of three thousand, six
Speaker 1: hundred thirty dollars, the most for any month and more
Speaker 1: than a decade of data keeping, end up twenty eight
Speaker 1: percent from a year earlier. Leasing costs are now two
Speaker 1: and a half percent higher than the previous record set
Speaker 1: in April two thousand twenty. The Brooklyn Tower is starting
Speaker 1: sales as the luxury market once again booms. After five
Speaker 1: years of construction, the Times Rewards JDS Development Group has
Speaker 1: nearly completed the city's first and only super tall building
Speaker 1: tower outside Manhattan. The Treasury Department says the Supreme Court
Speaker 1: shouldn't take up a case that challenges the constitutionality of
Speaker 1: a camp Congress imposed on federal deductions for state and
Speaker 1: local taxes. New York, New Jersey, Connecticut in Maryland have
Speaker 1: said the camp undermines their sovereign authority over fiscal issues
Speaker 1: and their ability to raise revenue. That yourew Bloomberg Dry
Speaker 1: State Business Report. I'm Ed Corey on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Potaskan on ten ten Wins in New York. We're
Speaker 1: talking about Manhattan apartment reds hitting another all time on.
Speaker 1: I'm Corney Dannaho on Cafabian Omahaw Caterpillar and Deer joined
Speaker 1: firm suspending business in Russia. I'm Gina Servetti and for
Speaker 1: w c c O in Minneapolis. I'm reporting that Sun
Speaker 1: Country Airlines sees demand allowing airlines to pass along higher
Speaker 1: fuel costs. I'm Caroline Headfield. Do they dab dishal radio
Speaker 1: at Landaport? On the government freezing the assets of Chelsea
Speaker 1: Football Club owner Robert of Bramovich and with six other
Speaker 1: Russian oliggs. My head Corey, you w w J in Detroit.
Speaker 1: I'm reporting philantist G. M. Gordon testa all game ground
Speaker 1: on Wednesday. Those are some of the stories are twenty
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. What's happening
Speaker 1: in Ukraine is a special military operation, not a war.
Speaker 1: President Vladimir Putin is a hero standing up to Western powers.
Speaker 1: This is the story that most Russians have been getting
Speaker 1: from state TV channels. For everyone's sake, Russians need better information,
Speaker 1: which is why the international community must support the dwindling
Speaker 1: number of journalists who are trying to provide it, either
Speaker 1: in Russia or reporting on Russia from abroad. Fund Lying
Speaker 1: state aid to Russian media organizations would be a mistake.
Speaker 1: It would undermine the independence local outlets have fought so
Speaker 1: hard to preserve. Far better for governments to look for
Speaker 1: ways to keep communication channels into Russia open and to
Speaker 1: assist Russian journalists by granting them asylum and work documents.
Speaker 1: We must support Russian civil society in what may prove
Speaker 1: to be a long exile, hoping that its proponents can
Speaker 1: do some good from abroad and someday return to a
Speaker 1: very different home. This editorial was written by the Bloomberg
Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion, or ope
Speaker 1: and go on the Bloomberg Terminal. This has been Bloomberg
Speaker 1: Opinion in Listen for Bloomberg opinion editorials every weekday. At
Speaker 1: this time, terminal customers can read more at O P
Speaker 1: I n GO. SMP futures down thirty one point, staff
Speaker 1: features down two to fifty seven. Nanstack futures lower by
Speaker 1: a hundred thirty three points. Ahead of the release of
Speaker 1: the February Consumer Price Index, Bloomberg's Michael McKee joins us
Speaker 1: next with a preview. This is Bloomberg Blomberg eleven three
Speaker 1: oh Weather. Partly sunny, upper forties today, partly sunny upper
Speaker 1: forties Tomorrow, rainy, wendy, maybe a little wet snow Saturday,
Speaker 1: with temperatures falling through the afternoon. Right now, it's foggy
Speaker 1: and thirty three degrees in Central Park Markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com.
Speaker 1: The Bloomberg Business at and at Bloomberg quicktape. This is
Speaker 1: a Bloomberg business flash and I'm Karen Moscow US dot
Speaker 1: in next futures and European shares falling amid concern US
Speaker 1: inflation accelerated for a six straight month, while investors turned
Speaker 1: to the European Central Bank to gauge policymakers response to
Speaker 1: the war in Ukraine. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg s and P
Speaker 1: Future is down thirty points down, futures down two hundred
Speaker 1: fifty six and NASDAG futures down one d twenty eight.
Speaker 1: The decks in Germany is down two point two percent.
Speaker 1: Ten year treasury up six thirty seconds. He had one
Speaker 1: point nine three percent yield don the two year one
Speaker 1: point six six percent. NIMEX Screwed oil is up four
Speaker 1: point three percent, up four dollars seventy cents at one
Speaker 1: hundred thirteen dollars forty cents of barrel comics gold is
Speaker 1: up seven ten percent or fourty dollars thirty cents at
Speaker 1: two thousand two dollars. Announced. The euro one point one
Speaker 1: zero to eight against the dollar. British pound one point
Speaker 1: three one four nine, the ends at one sixteen point
Speaker 1: oh three, and Bitcoin this morning down more than six
Speaker 1: and a half percent at thirty nine thousand, one hundred
Speaker 1: twenty dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world. Muchael, Karen,
Speaker 1: thank you very much. Ukraine and Russia made little progress
Speaker 1: in the halt the war. At the first high level
Speaker 1: talks between their foreign ministers since the Russian invasion began,
Speaker 1: Russia indicated it will continue its acts until its goals
Speaker 1: are met. Russia and Ukraine's foreign ministers met in Turkey today. Meanwhile,
Speaker 1: the City Council of Marupo says a Russian air strike
Speaker 1: on a hospital killed three people, including a child. Major
Speaker 1: League Baseball has cut another week of the upcoming season
Speaker 1: with the lockout and It's day. The decision means the
Speaker 1: season won't begin until April fourteenth at the earliest. In
Speaker 1: the NBA, the next and Celtics won, the Wizards lost.
Speaker 1: In the NHL, the Capitals lost in overtime to the Oilers.
Speaker 1: For three, Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktach powered by more than twenty
Speaker 1: seven hundred journalists and analysts in more than a hundred
Speaker 1: twenty countries. How Michael bar this is Bloomberg. Nathan okay, Michael,
Speaker 1: thank you. It's five forty nine on Wall Street Life
Speaker 1: from the Bloomberg Intractor Broker Studios. This is Bloomberg Daybreak
Speaker 1: on top of war risk, inflation is top of my
Speaker 1: and for investors this morning. With the consumer Price Index
Speaker 1: for February due out at about eight thirty am Wall
Speaker 1: Street time, we are likely to see another historically high
Speaker 1: reflection of the cost pressures Americans have been feeling for months. Now,
Speaker 1: let's bring in Bloomberg Economics correspondent Michael McKee. Mike, good morning.
Speaker 1: Just checking the eco function on the terminal. Seven point
Speaker 1: nine percent is the economist consensus for a year over
Speaker 1: year inflation is the risk to the upside. There may
Speaker 1: be some risk to the upside, but it doesn't really
Speaker 1: matter in this sense. This is pre war, and we
Speaker 1: know energy prices have skyrocketed since then, also other commodity
Speaker 1: prices that eventually feed into what we pay for goods
Speaker 1: around the country, and so this is probably not as
Speaker 1: bad as it's going to get The Fed had hoped
Speaker 1: that we were getting into a season of UH base effects,
Speaker 1: where because inflation was very high during these months last
Speaker 1: year due to co of it, that it would be
Speaker 1: held down a little bit this year. But it doesn't
Speaker 1: look like that's going to happen. And the bad news
Speaker 1: on top of the bad news is UH economists are
Speaker 1: generally pretty close in estimating what CPI is. Yeah, I
Speaker 1: wanted to ask a little bit more about how much
Speaker 1: harder it's going to be to predict peak inflation given
Speaker 1: that we do have a war on now and that's
Speaker 1: having obvious effects on for the least of which is
Speaker 1: oil prices. Yeah, it's oil prices, and that's the most
Speaker 1: dramatic change on a month to month basis, and it's
Speaker 1: the one that people notice the most because of course
Speaker 1: you can fill up your tank UH and every time
Speaker 1: you do, the prices are higher. But food prices are
Speaker 1: also going to be going up. It's a little bit
Speaker 1: less of an issue. We know soft commodities like wheat
Speaker 1: and corner higher now because of the war, but there
Speaker 1: are middlemen between the farmer and you in the supermarket,
Speaker 1: so some of that get absorbed It's going to be
Speaker 1: a real problem in some countries though, where food is
Speaker 1: a much higher part of a family's monthly budget, and
Speaker 1: so that could be a real issue. On top of
Speaker 1: all that, we're keeping an eye on rents because house
Speaker 1: prices have been still going up. Is that going to
Speaker 1: be affected by the fact that mortgage rates have gone up?
Speaker 1: Are we going to start to see an impact on
Speaker 1: that because mortgage rates have gone up in anticipation of
Speaker 1: the Fed. And of course when we think about food
Speaker 1: and energy prices, of course those are the highly volatile
Speaker 1: aspects of inflation that the FED likes to strip out
Speaker 1: when it comes to its decision making process. I mean,
Speaker 1: how important is this particular CPI going to be for
Speaker 1: the FED when we do have so much likely future
Speaker 1: volatility with the war happening. Yeah, it's one of those
Speaker 1: things where we thought a month ago it was going
Speaker 1: to be extraordinarily important, and now it's taken on much
Speaker 1: less important because the Fed's already told us what it's
Speaker 1: going to do this month. They're going to raise rates
Speaker 1: by a quarter percentage point. I suppose if we got
Speaker 1: a huge upside surprise, the FED could surprise and raised
Speaker 1: by fifty basis points. But right now it looks like
Speaker 1: we're kind of locked in. So the Fed is gonna
Speaker 1: be looking down the road to see what the impacts
Speaker 1: of the Russian war are and what whether those impacts
Speaker 1: are going to be lasting. That's gonna be key. Do
Speaker 1: we think that this war is going to go on
Speaker 1: and oil prices are going to be elevated and keep
Speaker 1: going up for months and months. That's the question out
Speaker 1: there that nobody has an answer to right now, and
Speaker 1: certainly the question that we're gonna be looking for a
Speaker 1: lot more clarity on as we do get that. February
Speaker 1: CPI coming out at eight thirty a m. Wall Street Time.
Speaker 1: Bloomberg's Michael McKey are economics correspondent. As always, good to
Speaker 1: get your thoughts ahead of the official read. Karen Nathan,
Speaker 1: thank you. It is on Wall Street time for the
Speaker 1: Bloomberg Law Report. Let's get to the legal stories we're
Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger, the Treasury is
Speaker 1: urging the Supreme Court to leave in place a lower
Speaker 1: court ruling upholding the constitutionality of a cap on deductions
Speaker 1: for state and local taxes. For states are challenging the
Speaker 1: cap California's Supreme Court refused to revive a suit by
Speaker 1: hotels who claimed their COVID related income lasses should be
Speaker 1: covered by their commercial Property insurance. OSA says COVID nineteen
Speaker 1: remains its primary enforcement concern, even though mask mandates are
Speaker 1: being lifted in many places. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com.
Speaker 1: All right, Jeff, thank you now. Another legal story where
Speaker 1: watching brings us to the Supreme Court justices have turned
Speaker 1: away Republican challenges to congressional maps drawn for this year's
Speaker 1: election in Pennsylvania and North Carolina. This could help Democrats
Speaker 1: win a handful of races in November, but the end
Speaker 1: in the case also raises some new concerns for Democrats.
Speaker 1: For conservative justices say they wanted to consider a far
Speaker 1: reaching legal theory that would shift more federal election power
Speaker 1: to the state legislatures, which are now disproportionately controlled by Republicans.
Speaker 1: For more in the case, Bloomberg's Jon Grosso speaks to
Speaker 1: elections law expert Rick Hassan, a professor at U c
Speaker 1: Irvine Law School, So the court left the maps in place.
Speaker 1: Was that an expected decision under current law, So the
Speaker 1: kinds of arguments that were being made against the two
Speaker 1: different states laws were somewhat different. The claim in Pennsylvania
Speaker 1: was essentially punted. It was basically that a federal statute
Speaker 1: required that if the legislature didn't draw lines in a
Speaker 1: certain way, then you'd have to elect all the members
Speaker 1: of Congress from the entire state voting. And so that
Speaker 1: case just got punted and is going to be put
Speaker 1: before a three judge court, and we'll be back before
Speaker 1: the Supreme Court at some point. The more immediate interesting
Speaker 1: case is the North Alina case, because there we've seen
Speaker 1: an argument raised that conservatives have been raising for twenty years,
Speaker 1: more than twenty years since Bush versus Gore, which is
Speaker 1: at state courts applying state constitutions have very limited powers
Speaker 1: to apply those state constitutions against state legislatures in federal elections.
Speaker 1: And that's because of a part of the Constitution that
Speaker 1: says the state legislatures get to set their rules for
Speaker 1: running congressional elections subject to Congress is override. It's very
Speaker 1: complicated called the independent state legislature doctrine, and So far,
Speaker 1: no majority of the Court has accepted it, but there
Speaker 1: are a number of justices who have expressed some interest
Speaker 1: in it. So we're waiting to see what happens ultimately
Speaker 1: with the resolution of this issue. So in the Carolina case,
Speaker 1: the courts three most conservative members, Justices Samuel Alito, Clarence Thomas,
Speaker 1: and Neil gors It, said they would have blocked the
Speaker 1: state court from adopting a new map, and they use
Speaker 1: this independent state legislature doctrine. That's right, And Justice Kavanaugh said, yeah,
Speaker 1: I think we should take this independent state legislature. Doctor seriously,
Speaker 1: I just think we're too close to the election. But
Speaker 1: he suggests that if the case came back for a
Speaker 1: regular hearing, not on an emergency basis, that he'd be
Speaker 1: willing to hear the case. It always takes four of
Speaker 1: the nine justices to a pretty hear a case, so
Speaker 1: it seems pretty likely that this case will ultimately be
Speaker 1: back for the Supreme Court, maybe to be heard next year,
Speaker 1: and with the decision a year from June. So the
Speaker 1: Democrats win here in the short term, but now this
Speaker 1: is something that they should be concerned about in the
Speaker 1: long term. Oh, I think absolutely, yes, This is something
Speaker 1: that really could have impact beyond redistricting as well. It
Speaker 1: could apply anytime the state legislature's rule is challenged as
Speaker 1: violating a state constitutional provision, and it's going to be
Speaker 1: applied in a federal election. And as Rick House and
Speaker 1: a professor at U see Irvine Law School speak about
Speaker 1: the Bloomberg student grosso Care's more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b law Go and again, futures
Speaker 1: are lower this morning. S and P Future is down
Speaker 1: thirty four points down, futures down two hundred eighty five,
Speaker 1: nasdack futures down one forty six. The decks in Germany
Speaker 1: is down to and a quarter percent ten. Your Treasury
Speaker 1: up seven thirty seconds, yield one point nine two percent,
Speaker 1: yield on the two year one point six six percent.
Speaker 1: Niam X screwed oil is up three point nine percent
Speaker 1: of four dollars eighteen cents at a hundred twelve dollars
Speaker 1: eighty nine cents of barrel, the euro one point one
Speaker 1: zero three six against the dollar, and still ahead. On
Speaker 1: Bloomberg Daybreak, a check on the business headlines and all
Speaker 1: the news you need to start your day. And this
Speaker 1: is Bloomberg.