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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Karen

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Speaker 1: Moscow and I'm Alexis Christophers.

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Speaker 2: Here are the stories we're following today.

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Speaker 1: Alexi, So we begin with President Trump's three day visit

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Speaker 1: to China. The President called Chinese President Hijin Ping a friend,

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Speaker 1: but his warm words were in the stark contrast to She,

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Speaker 1: who opened a bilateral meeting today with words of caution.

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Speaker 1: Let's start our team coverage with Bloomberg's John Tucker.

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Speaker 3: And President She of China. Welcome President Trump to the

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Speaker 3: Great Hall of People in Beijing this morning. And from

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Speaker 3: Trump's perspective, the trip is going swimmingly well.

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Speaker 4: It's an honor to be with you, it's an honor

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Speaker 4: to be your friend, and the relationship between China and

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Speaker 4: the USA is going to be better than ever before.

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Speaker 3: But beyond the pomp and pageantry came a warning from She.

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Speaker 3: You said, if the Taiwan issue is mishandled, the two

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Speaker 3: nations will experience collision or even clashes, pushing the entire

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Speaker 3: China US relationship into a highly dangerous situation. The two

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Speaker 3: leaders spoke for nearly two and a half hours of

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Speaker 3: the Great Hall. China has opposed a pending US arms

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Speaker 3: package to the island democracy that Beijing considers its territory

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Speaker 3: and asked the US to clarify that Washington doesn't support

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Speaker 3: Taiwanese independence. Trump will attend to stay banquet tonight his

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Speaker 3: next opportunity to make public remarks. She and other diplomats

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Speaker 3: will be hanging on every word. I'm John Tucker, Bloomberg Radio.

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Speaker 2: Thanks John. President Trump was accompanied by a slew of

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Speaker 2: business leaders on his trip to China, and Jijinping signaled

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Speaker 2: China's moving toward greater openness during his meeting with those executives.

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Speaker 2: Bloomberg Stephen Engel continues our team coverage from Beijing.

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Speaker 5: She's then being met with a group of these high

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Speaker 5: powered America and businessmen and women who were here. Among

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Speaker 5: the people we saw on the state broadcaster, Elon musk All, So,

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Speaker 5: Tim Cook, Kelly Ortberg of Boeing and also Jensen Wog

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Speaker 5: among those who were ushered into a room with chijen Ping,

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Speaker 5: and she Diping did pledge to open up further the

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Speaker 5: China market to those businesses.

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Speaker 2: Bloomberg. Stephen Engel added that US beef exporters maybe among

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Speaker 2: the first winners from today's summit, China renewed import licenses

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Speaker 2: for hundreds of US beef plants well Alexis.

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Speaker 1: There's still no signs of an end to the war

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Speaker 1: in Iran as it enters it's seventy sixth day. This morning,

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Speaker 1: a UK naval group reported a commercial vessel off a

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Speaker 1: coast of the United Arab Emirates was taken by unauthorized personnel.

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Speaker 1: It is now bound for Iranian waters. The incident happened

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Speaker 1: just as there appears to be an uptick in vessels

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Speaker 1: transitting the Strait of Hormuz this week, and just days

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Speaker 1: after Iran laid out an updated process for ships seeking

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Speaker 1: to cross the vital waterway.

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Speaker 2: And of course, oil and gas prices Kareniff surged since

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Speaker 2: the onset of the war. The average price of gas

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Speaker 2: is now above four dollars fifty one cents across the country.

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Speaker 2: Lawmakers on Capitol Hill are watching gas prices and the

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Speaker 2: impact on inflation. Bloomberg's Amy Morris reports from Washington. Minority

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Speaker 2: Leader Hakim Jeffries blames the war in Iran for the

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Speaker 2: rise in inflation and blames the Trump administration for the

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Speaker 2: war in Iran.

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Speaker 6: Billions of taxpayer dollars are being wasted. Has resulted in

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Speaker 6: life becoming more expensive for the American people, particularly as

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Speaker 6: it relates to the dramatic increase in gas prices.

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Speaker 7: House Speaker Mike Johnson says those gas prices are temporary

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Speaker 7: because if.

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Speaker 3: We get the straight of our moves win, we get

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Speaker 3: the straight of our moves reopen. That will alleviate a

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Speaker 3: lot of pressure with gas prices and other things in

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Speaker 3: the economy.

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Speaker 7: Johnson also downplayed Trump's comment that he doesn't think about

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Speaker 7: American's financial hardships when dealing with the war in Iran.

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Speaker 7: In Washington, Amy Morris Bloomberg Radio.

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Speaker 1: Right, Amy, thank you to politics over ses UK Prime

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Speaker 1: Minister Keir Starmer is heading for a divisive battle with

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Speaker 1: a leading a cabinet member said to be preparing to

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Speaker 1: challenge him for the top job. And we go to

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Speaker 1: London and get the very latest, So Bloomberg's You and Potts, You,

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Speaker 1: and good morning Alex and Karen.

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Speaker 8: It's less than two years since Kirs Starmer won an

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Speaker 8: election landslide election victory promising to stop the chaos in

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Speaker 8: UK politics. Well here we are again, allies of the

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Speaker 8: Health Secretary. Where streetings say he's likely to quit his

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Speaker 8: post this week and launch a bid to replace Starmer

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Speaker 8: as Labor leader and therefore Prime Minister. Starmer's former deputy,

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Speaker 8: Angela Rayner, has also indicated today that she's preparing for

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Speaker 8: a bid for the top job. The Prime Minister says

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Speaker 8: he will fight any challenges with his Chancellor, Rachel Reeves,

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Speaker 8: warning today a leadership contest would plunge the UK into

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Speaker 8: quote chaos in London, I'm youw and pots Bloomberg Radio, all.

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Speaker 2: Right, thanks you and European health officials say the respiratory

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Speaker 2: virus behind a deadly outbreak on a cruise ship is

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Speaker 2: showing no sign of mutating to become more contagious. One

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Speaker 2: health official says the Hunter virus's genome has been sequenced

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Speaker 2: and is similar to strains that caused outbreaks in South

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Speaker 2: America in the past, and that's likely where the first

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Speaker 2: passenger was infected before boarding the Hondias. The outbreak is

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Speaker 2: now linked to ten cases, including eight confirmed infections and

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Speaker 2: two probable cases with three deaths.

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Speaker 1: Let's turn to the markets now, Alexis, where futures are

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Speaker 1: higher following yesterday's tech fueled rally than ASHDAC surged one

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Speaker 1: point two percent. Brand Shooty is the chief investment officer

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Speaker 1: at Northwestern Mutual Wealth Management.

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Speaker 9: No, people talk about the market ignoring right now the conflict. Actually,

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Speaker 9: if you look a step deeper, it's not ignoring the conflict.

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Speaker 9: This is where the market has narrowed and we're back

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Speaker 9: to the AI theme driving everything, and that's the only

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Speaker 9: part of the market that's actually going up while other

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Speaker 9: parts are languishing.

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Speaker 1: Brand Shooty at Northwestern Mutual Wealth Management notes the Philadelphia

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Speaker 1: Semiconductor indexes up almost seventy percent so far.

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Speaker 2: This yere wow. And of course, Karen, we've got shares

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Speaker 2: of Cisco on the rise this morning, surging more than

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Speaker 2: eighteen percent here in early treating, the company delivered a

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Speaker 2: better than anticipated sales forecast. It also announced plans to

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Speaker 2: cut thousands of jobs. Cisco says its restructuring plan is

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Speaker 2: designed to further improve its position in the AI economy.

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Speaker 1: Aih maker Cerebrius Systems raised five and a half billion

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Speaker 1: dollars Alexis in one of the largest tech initial public

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Speaker 1: offerings in years. The company price it shares above the

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Speaker 1: marketed range at one hundred and eighty five dollars each,

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Speaker 1: giving Cerebris a market value of about forty billion dollars.

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Speaker 1: The IPO drew orders for more than twenty times the

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Speaker 1: number of shares available. Cerebris will trade on the Nasdack

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Speaker 1: under the symbol cbrs Well.

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Speaker 2: Kevin Warsh has been confirmed as the next Chair of

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Speaker 2: the Federal Reserve. The fifty four to forty five vote

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Speaker 2: was the slimmest confirmation margin ever for a FED chair.

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Speaker 2: Michael McKee, Bloomberg News International Economics and Policy correspondent has

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Speaker 2: more on Warsh, so.

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Speaker 10: The question now becomes when can they get the paperwork

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Speaker 10: done and get him sworn in. J Powell is going

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Speaker 10: to be the Fed chair until Friday midnight, and after

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Speaker 10: that any time we could see Kevin worsh put his

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Speaker 10: hand on the Bible and take the oath.

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Speaker 2: Bloomberg's Michael McKee says the vote was so close because

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Speaker 2: Democrats fear Warsh will bend to President Trump's demands to

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Speaker 2: rapidly lower interest rates.

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Speaker 1: Alexis soccer legend Ronaldo is expanding his empire ahead of

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Speaker 1: the next World Cup. The world's first billionaire soccer player

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Speaker 1: has bought a stake in the international streaming channel live

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Speaker 1: Mode TV. The move marks the latest deal by Ronaldo,

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Speaker 1: whose net worth is estimated to be about one point

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Speaker 1: four billion dollars. His broad business portfolio includes his CR

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Speaker 1: seven brand hotels gyms, as well as a media.

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Speaker 2: Group five h nine on Wall Street. Time Now for

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Speaker 2: a look at some of the other stories making news

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Speaker 2: in New York and around the world. For that, we're

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Speaker 2: joined by Bloomberg's Michael bar Good Morning, Michael.

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Speaker 11: Good Morning. At Lexis Socks, between New York City's transit

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Speaker 11: system and Long Island railroad workers have hit a snag

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Speaker 11: over disagreements on cash payments versus wage increases. The Metropolitan

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Speaker 11: Transportation Authority and five ALI doubled r unions have been

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Speaker 11: negotiating for months with a federal mediation board on salary increases.

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Speaker 11: A strike as early as this Saturday would force thousands

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Speaker 11: of commuters onto the Islands already congested roadways. These alliant

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Speaker 11: double r riders spoke to ABC seven, I have to.

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Speaker 10: Work every day, especially on the weekend, so I don't

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Speaker 10: know how I'm.

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Speaker 3: Going to get there.

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Speaker 7: A lot of the healthcare workers that I work with

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Speaker 7: are definitely impacted, and the hospital's making alternate arrangements for

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Speaker 7: them to get to and from work.

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Speaker 11: New York Governor Kathy Hokol has said that a strike

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Speaker 11: would be terrible for everyone involved. A judge's rule that

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Speaker 11: a Utah mother who wrote a children's book about grief

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Speaker 11: after her husband's death will serve life in prison without

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Speaker 11: parole for his murder. Corey Richins was convicted of poisoning

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Speaker 11: her husband in twenty twenty two. Judge Richard Murzurich.

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Speaker 9: A person convicted of those things is simply too dangerous

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Speaker 9: to ever be free.

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Speaker 11: A judge also founder guilty of insurance fraud. Along with

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Speaker 11: the jury, The South Carolina Supreme Court unanimously ruled to

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Speaker 11: overturn Alex Murdoch's murder convictions. Prosecutor said Murdoch killed his

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Speaker 11: wife and son in twenty twenty one to distract from

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Speaker 11: financial crimes. The justices took issue with a court clerk

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Speaker 11: who was accused of improperly influencing the jury. AP has

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Speaker 11: called Denise Powell the winner of the Democratic primary in

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Speaker 11: Nebraska's second congressional district. Powell led her closest opponent, state

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Speaker 11: Senator John Cavanaugh by two point one percentage points. She

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Speaker 11: will face Brinker Harding an Omaha City Council member endorsed

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Speaker 11: by President Trump in the general election. Global news twenty

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Speaker 11: four hours a day and whenever you want it, We're

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Speaker 11: the Bloomberg News.

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Speaker 3: Now.

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Speaker 11: Michael Barren, this is Bloomberg.

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Speaker 8: Thanks Michael.

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Speaker 1: All time now for our Bloomberg Sports update, and for

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Speaker 1: that we bring in John Stashauer.

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Speaker 12: Thanks Darren Overton to go to the NBA and Stanley

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Speaker 12: Cup playoffs in Detroit. The Pistons led the Calves by

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Speaker 12: nine with under three minutes left in regulation. Cleveland scored

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Speaker 12: the last nine, went to overtime in one Game five

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Speaker 12: in Detroit one seventeen one thirteen Caves Series three two.

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Speaker 12: Colorado Avalanche trailed Minnesota three nothing, rallied the Force overtime,

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Speaker 12: and then beat the wild four to three. They win

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Speaker 12: the series for one. The one hundred and eighth PGA

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Speaker 12: Championship teas off today at the Erronomy Course in Pennsylvania.

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Speaker 12: Scottie Scheffler defending Chant. That to the Bloomberg's Works Update.

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Speaker 2: Stay with us more from Bloomberg Daybreak coming up after this.

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Speaker 3: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 3: and around the world on Bloomberg dot Com and the

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Speaker 3: Bloomberg business app.

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Speaker 2: This is Bloomberg Daybreak.

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Speaker 1: And President Trump went into his summit, which Chinese leader

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Speaker 1: sees in pain, touning the friendship between the two leaders.

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Speaker 4: It's an honor to be with you, It's an honor

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Speaker 4: to be your friend. And the relationship between China and

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Speaker 4: the USA is going to be better than ever before.

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Speaker 1: But as warm words were in star contrast to she

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Speaker 1: who opened a bilateral meeting warning the president of a

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Speaker 1: potential conflict if the Taiwan issue is mismaan. And for

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Speaker 1: more on the president's visit, we're joined by Bloomberg's and

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Speaker 1: Marie hor Dern in Beijing. And Marie, good morning. Let's

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Speaker 1: start with the latest we're starting to get the US's release.

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Speaker 1: It's readout of the President's meeting with Shi. What does

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Speaker 1: the White House have to say about the progress that's

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Speaker 1: being made.

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Speaker 13: Well, certainly the White House wants to focus on the

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Speaker 13: deals in terms of the progress that's been made between

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Speaker 13: Washington Beijing. When it comes to trade, they discussed an

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Speaker 13: increase in purchases of agriculture, so big win for beef

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Speaker 13: and soybeans potentially. Also, the US readout talks about how

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Speaker 13: Shijingping expressed interest in purchasing more American oil. What is

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Speaker 13: so telling to me, though, is that what is missing

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Speaker 13: from the US readout, And that's when it comes to Taiwan.

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Speaker 13: Which is interesting because that really took center stage during

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Speaker 13: the meeting when while the two were sitting down at

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Speaker 13: the Great Hall of the People. We have very sharp

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Speaker 13: warning from Shijingping expressed through China state media a readout

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Speaker 13: on the Chinese side when Xijingping said, the Taiwan issue

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Speaker 13: is the most important issue in the US China relationship,

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Speaker 13: and if mishandled, the two nations will experience collision or

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Speaker 13: even clashes, pushing the entire relationship into a highly dangerous situation.

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Speaker 7: So that was a very sharp.

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Speaker 13: Warning from China while the meeting was taking place. It

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Speaker 13: is clear the White House wants to focus on trade

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Speaker 13: and technology and Taiwan is something they do not want

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Speaker 13: to address.

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Speaker 1: Yeah, and what did that tell you about how shi

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Speaker 1: Jinping sees his position. Does he feel he is in

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Speaker 1: a stronger position and can go in right away making

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Speaker 1: some demands of his own.

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Speaker 13: Well, I think she is coming into this very assertive,

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Speaker 13: especially when it comes to Taiwan. But I think It's

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Speaker 13: important to understand the context of what is going on

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Speaker 13: in terms of Taiwan arm sales in the United States.

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Speaker 13: In December, the Trump administration greenlan in eleven billion dollar

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Speaker 13: arm sales package. There's another package that is waiting in

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Speaker 13: the wings, and it's not unprecedented for presidents in the

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Speaker 13: past to not green light another Taiwanese arms package before

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Speaker 13: a meeting with Shijingping because they do not want to

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Speaker 13: create unnecessary problems in terms of the dynamics of the

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Speaker 13: relationship between Washington and Beijing just before a massive meeting.

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Speaker 13: The real important question is going to be what happens

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Speaker 13: when the president returns to Washington. How does he talk

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Speaker 13: about Taiwan. Does he talk about the fact that Shijing

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Speaker 13: Chipping probably asked him to continue to delay this arms package.

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Speaker 13: This is going to be very telling. And then, of

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Speaker 13: course whether or not the US in the end does

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Speaker 13: green light that fourteen billion dollars.

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