1 00:00:01,760 --> 00:00:05,160 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 2 00:00:05,240 --> 00:00:09,080 Speaker 1: day Break for Tuesday, June fourteen, two. Coming up this hour, 3 00:00:09,360 --> 00:00:13,480 Speaker 1: US futures rebound after yesterday's massive sell off. Traders bet 4 00:00:13,480 --> 00:00:16,520 Speaker 1: the Fed could turn even more hawkiship this week's policy meeting. 5 00:00:16,640 --> 00:00:19,799 Speaker 1: Oil prices stay high as President Biden prepares to visit 6 00:00:19,840 --> 00:00:23,560 Speaker 1: Saudi Arabia, and Elon Musk addresses Twitter staffers for the 7 00:00:23,600 --> 00:00:27,000 Speaker 1: first time since his takeover. Bed New York State expands 8 00:00:27,000 --> 00:00:30,800 Speaker 1: protections from people seeking abortions. Plus the Republican governor candidates 9 00:00:30,800 --> 00:00:34,000 Speaker 1: debate ahead of New York State primary by Michael Barner. 10 00:00:34,080 --> 00:00:37,040 Speaker 1: More ahead, I'm John stash Our. In sports, the Warriors 11 00:00:37,080 --> 00:00:39,560 Speaker 1: beat the Southeast. They leave the NBA Final three games 12 00:00:39,560 --> 00:00:41,920 Speaker 1: at two. The Mets of Yankees at home games tonight. 13 00:00:44,520 --> 00:00:48,080 Speaker 1: That's all s traded ahead on Bloomberg Daybreak on Bloomberg. 14 00:00:48,080 --> 00:00:51,960 Speaker 1: He Living Free on New York, Bloomberg one, Washington d C, 15 00:00:52,440 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 16 00:00:56,120 --> 00:01:00,000 Speaker 1: Francisco Sirius x M one nineteen and around the world 17 00:01:00,000 --> 00:01:03,080 Speaker 1: Old on Bloomberg Radio dot Com and by the Bloomberg 18 00:01:03,120 --> 00:01:10,120 Speaker 1: Business app. Good morning. I'm Nathan Hagart and I'm John Tucker. 19 00:01:10,160 --> 00:01:12,880 Speaker 1: Bloomberg day Break being brought to you by Informattica in 20 00:01:12,959 --> 00:01:16,240 Speaker 1: the Cloud, your data has the power to do the extraordinary. 21 00:01:16,520 --> 00:01:19,640 Speaker 1: Managed data across any location in the cloud for accurate 22 00:01:19,680 --> 00:01:24,440 Speaker 1: and actionable insights. More at informattica dot com. And futures 23 00:01:24,440 --> 00:01:26,960 Speaker 1: are bouncing back on this Tuesday morning. It's six l 24 00:01:27,000 --> 00:01:28,760 Speaker 1: one on Wall Street and we check the markets every 25 00:01:28,800 --> 00:01:31,280 Speaker 1: fifteen minutes during the trading day on Bloomberg. Right now, 26 00:01:31,360 --> 00:01:35,200 Speaker 1: SNP futures are up sixteen points, Staff futures up, NASTAC 27 00:01:35,280 --> 00:01:38,200 Speaker 1: features higher by eighty points, The tenure Treasury is up 28 00:01:38,240 --> 00:01:41,120 Speaker 1: fourteen thirty seconds. The yield three point three zero percent 29 00:01:41,200 --> 00:01:44,160 Speaker 1: yield on the two year three point to nine nime 30 00:01:44,280 --> 00:01:46,960 Speaker 1: x crew trading at a D one dollar seventy six 31 00:01:46,959 --> 00:01:50,080 Speaker 1: cents of barrel. John. The SNP five hundred finished yesterday's 32 00:01:50,120 --> 00:01:53,320 Speaker 1: trading more than twenty percent below its last record, closed, 33 00:01:53,680 --> 00:01:56,840 Speaker 1: entering a bear market and ending a two year bull 34 00:01:56,920 --> 00:02:01,320 Speaker 1: run defiance. T S Chief investment Officer Sylvia Jablonsky tells 35 00:02:01,400 --> 00:02:05,360 Speaker 1: us she expects more uncertainty moving forward. Has been hot 36 00:02:05,360 --> 00:02:07,320 Speaker 1: for quite some time. It's going to remain hot for 37 00:02:07,520 --> 00:02:10,440 Speaker 1: quite some time, so until that eases up, we're probably 38 00:02:10,440 --> 00:02:13,040 Speaker 1: gonna have this volatility. With US Chief defiance e t 39 00:02:13,240 --> 00:02:15,960 Speaker 1: f c I O Sylvia Jablonsky says inflation headwinds have 40 00:02:16,040 --> 00:02:19,600 Speaker 1: gotten worse since Friday's CPI reading. Well this quarter, John 41 00:02:19,639 --> 00:02:21,920 Speaker 1: is set to deliver the biggest combined loss for global 42 00:02:21,960 --> 00:02:25,240 Speaker 1: bonds and stocks on record. The question for investors now 43 00:02:25,600 --> 00:02:28,040 Speaker 1: is whether the Federal Reserve and other central banks hit 44 00:02:28,080 --> 00:02:31,639 Speaker 1: their economies into recession to curb inflation. Central banks get 45 00:02:31,680 --> 00:02:34,640 Speaker 1: further insight on prices today with the latest reading on 46 00:02:34,800 --> 00:02:37,760 Speaker 1: May Producer prices that day just do out at eight 47 00:02:37,800 --> 00:02:40,720 Speaker 1: thirty am Wall Street time, and also today the Fed 48 00:02:40,800 --> 00:02:44,200 Speaker 1: begins it's today policy meeting, and officials may consider a 49 00:02:44,280 --> 00:02:47,200 Speaker 1: more hawky is she interest rate increase than originally planned. 50 00:02:47,360 --> 00:02:51,560 Speaker 1: Bloomberg's Michael McKee gives us a preview. Surprisingly strong pickups 51 00:02:51,560 --> 00:02:55,280 Speaker 1: in consumer prices and inflation expectations now look likely just 52 00:02:55,360 --> 00:02:59,639 Speaker 1: for the biggest interest rate increase its Fed officials had 53 00:02:59,639 --> 00:03:02,560 Speaker 1: coal used around a fifty basis point hike going into 54 00:03:02,680 --> 00:03:05,560 Speaker 1: their two day meeting, which begins this morning, but a 55 00:03:05,560 --> 00:03:08,440 Speaker 1: big rise in the May consumer Price Index, coupled with 56 00:03:08,480 --> 00:03:13,040 Speaker 1: two surveys showing higher inflation becoming embedded in consumer expectations, 57 00:03:13,400 --> 00:03:17,079 Speaker 1: pushed investors to increase bets on a seventy five basis 58 00:03:17,080 --> 00:03:21,200 Speaker 1: point increase. Those bets hardened following media reports Monday the 59 00:03:21,240 --> 00:03:25,160 Speaker 1: central bankers would consider the larger move. Economists that major 60 00:03:25,200 --> 00:03:28,440 Speaker 1: Wall Street firms were quick to change their calls. Goldman, 61 00:03:28,560 --> 00:03:31,960 Speaker 1: Nomra and JP Morgan Chase joined Barclays and Jeffreys in 62 00:03:32,040 --> 00:03:35,240 Speaker 1: forecasting a three quarters point move. The FED decision will 63 00:03:35,280 --> 00:03:38,480 Speaker 1: be announced at two pm Wall Street time on Wednesday. 64 00:03:38,520 --> 00:03:41,480 Speaker 1: Michael McKee Bloomberg Daybreak. All Right, Thanks Mike, and join 65 00:03:41,600 --> 00:03:43,800 Speaker 1: us for live coverage of that FED decision on a 66 00:03:43,840 --> 00:03:47,120 Speaker 1: special edition of Bloomberg Surveillance that kicks off tomorrow at 67 00:03:47,160 --> 00:03:50,200 Speaker 1: one thirty pm Eastern on Bloomberg Radio and Television. Right 68 00:03:50,360 --> 00:03:53,280 Speaker 1: that Johnson Big US banks are signaling more concerned for 69 00:03:53,320 --> 00:03:56,480 Speaker 1: the economy. Investor fears of stagflation are at their highest 70 00:03:56,480 --> 00:03:59,200 Speaker 1: since the two thousand and eight financial crisis, while global 71 00:03:59,240 --> 00:04:02,000 Speaker 1: growth optim him has sunk to a record low. That's 72 00:04:02,000 --> 00:04:05,680 Speaker 1: according to Bank of America's monthly Fund Manager Survey. Morgan Stanley, 73 00:04:05,720 --> 00:04:08,160 Speaker 1: CEO James Gorman says he sees the risk of US 74 00:04:08,240 --> 00:04:12,280 Speaker 1: recession at about fift likely at this stage to go 75 00:04:12,360 --> 00:04:15,360 Speaker 1: into a deeper, long recession. It's possible we go in 76 00:04:15,400 --> 00:04:21,480 Speaker 1: to recession obviously probably now um, but that's that's okay. 77 00:04:21,720 --> 00:04:25,000 Speaker 1: Morgan Stanley CEO James Gorman's Focusterday at the Morgan Stanley 78 00:04:25,040 --> 00:04:28,719 Speaker 1: US Financials, Payments and cre E Conference at Overseas Stocks 79 00:04:28,800 --> 00:04:32,040 Speaker 1: in Europe treading water, not bouncing back from yesterday's lasses. 80 00:04:32,120 --> 00:04:34,880 Speaker 1: The stocks to Your six hundred index right now is 81 00:04:34,920 --> 00:04:38,640 Speaker 1: down four points overnight. In Asia. What he's followed US stocks, 82 00:04:38,640 --> 00:04:43,200 Speaker 1: Flower Bloombridge. Juliet Sally joins us with the latest from Singapore. Juliet, 83 00:04:43,240 --> 00:04:45,360 Speaker 1: good morning, Good morning, John and Nathan. The m s 84 00:04:45,440 --> 00:04:47,720 Speaker 1: c I Asia Pacific Index film more than one and 85 00:04:47,760 --> 00:04:49,920 Speaker 1: a half percent in a day with busses from Japan 86 00:04:50,000 --> 00:04:53,279 Speaker 1: to Charter in Hong Kong all in the red. Australia underperformed. 87 00:04:53,279 --> 00:04:56,279 Speaker 1: Does that market played catch up? Following a public holiday Monday? 88 00:04:56,480 --> 00:04:58,360 Speaker 1: The a SX two hundred was down more than five 89 00:04:58,400 --> 00:05:00,760 Speaker 1: percent during the day's trade. It were a session in 90 00:05:00,800 --> 00:05:04,000 Speaker 1: more than two years. Short dated bonds across the region 91 00:05:04,120 --> 00:05:07,159 Speaker 1: slumped while the Bank of Japan boosted bond purchase operations 92 00:05:07,200 --> 00:05:10,880 Speaker 1: to keep yields in check. In Singapore, Juliet Sally Bloomberg 93 00:05:11,000 --> 00:05:14,040 Speaker 1: Daybreak and Julian has been a wild ride for risk assets. 94 00:05:14,080 --> 00:05:18,640 Speaker 1: Just look at crypto. Bitcoin fell fifteen percent yesterday. Perhaps 95 00:05:18,680 --> 00:05:22,200 Speaker 1: no sector's seen a so off sharper than digital currencies. 96 00:05:22,520 --> 00:05:26,600 Speaker 1: Right now, bitcoins trading at about two dollars and oil 97 00:05:26,720 --> 00:05:29,839 Speaker 1: trading near one hundred two dollars of allars investor's way 98 00:05:30,160 --> 00:05:33,080 Speaker 1: a tight supply outlook. It comes as the White House 99 00:05:33,080 --> 00:05:35,719 Speaker 1: plans for a president buying the visit Saudi Arabia next month. 100 00:05:36,040 --> 00:05:40,160 Speaker 1: The administration won't press the kingdom to increase production, it says, 101 00:05:40,160 --> 00:05:43,279 Speaker 1: But as mp Global Vice Cheer Dan Jurgen says, oil 102 00:05:43,520 --> 00:05:46,240 Speaker 1: will be on the agenda. It's hard to believe that 103 00:05:46,240 --> 00:05:48,880 Speaker 1: he would be going to study if it wasn't for oil. 104 00:05:49,320 --> 00:05:51,320 Speaker 1: I think if he does come, they'll start to put 105 00:05:51,320 --> 00:05:53,120 Speaker 1: more oil to the market. They've done done a little 106 00:05:53,160 --> 00:05:55,520 Speaker 1: bit more. The thing is that there isn't much more 107 00:05:55,560 --> 00:05:59,960 Speaker 1: oil in Saudi Arabia, and the UAE too really significant 108 00:06:00,160 --> 00:06:03,240 Speaker 1: league change the market, s and B Vice chair Dan, 109 00:06:03,320 --> 00:06:06,320 Speaker 1: you're going speaking to David West on Bloomberg's Balance of Power. 110 00:06:06,440 --> 00:06:09,720 Speaker 1: Catch that program Noon Wall Street, Time of Bloomberg Radio 111 00:06:09,760 --> 00:06:11,960 Speaker 1: on TV. All right, let's turn to corporate news now, 112 00:06:12,040 --> 00:06:14,720 Speaker 1: John and talk about Twitter. Elon Musk has set to 113 00:06:14,760 --> 00:06:18,000 Speaker 1: address staff at the social media company directly this week. 114 00:06:18,240 --> 00:06:20,919 Speaker 1: Bloomberg's Rnda Young joins US Live with what we know 115 00:06:20,920 --> 00:06:23,920 Speaker 1: about that so far? Renia, Good morning, Good morning, Nathan Bloomberg. 116 00:06:24,000 --> 00:06:26,560 Speaker 1: Sources say this will be the first time Elon Musk 117 00:06:26,560 --> 00:06:29,960 Speaker 1: addresses Twitter employees since agreeing to buy the company for 118 00:06:29,960 --> 00:06:33,280 Speaker 1: forty four billion dollars, and Musk will take questions as 119 00:06:33,360 --> 00:06:36,719 Speaker 1: the Thursday morning virtual meeting. Now. The company has been 120 00:06:36,760 --> 00:06:39,320 Speaker 1: in a chaotic state since the deal was announced back 121 00:06:39,320 --> 00:06:42,799 Speaker 1: in April, and many employees are not happy with Musk. 122 00:06:43,040 --> 00:06:45,600 Speaker 1: He's been critical of the company and questions the amount 123 00:06:45,600 --> 00:06:49,480 Speaker 1: of spam accounts. Meantime, Twitter CEO has announced a series 124 00:06:49,520 --> 00:06:53,200 Speaker 1: of cost cutting measures since the deal came together. Live 125 00:06:53,240 --> 00:06:56,160 Speaker 1: in New York, I'm Nita Young, Bloomberg Day Break, All Right, 126 00:06:56,160 --> 00:06:58,680 Speaker 1: thanks to Nada and ahead of the cash put on 127 00:06:58,720 --> 00:07:01,640 Speaker 1: Wall Street. Dal futures right now seventy two points higher. 128 00:07:01,680 --> 00:07:03,920 Speaker 1: That's up two tens of percent. The S and P 129 00:07:04,080 --> 00:07:07,200 Speaker 1: future is up twelve and that as the Commany futures 130 00:07:07,279 --> 00:07:11,480 Speaker 1: right now after yesterday's massive sell off sixty three points higher. 131 00:07:11,720 --> 00:07:13,560 Speaker 1: As we look at yields right now, the ten year 132 00:07:13,720 --> 00:07:17,560 Speaker 1: three thirty one that is down four basis points. You're 133 00:07:17,600 --> 00:07:23,960 Speaker 1: listening to Bloomberg day Break pass dound six seven on 134 00:07:24,040 --> 00:07:26,200 Speaker 1: Wall Street Time to bring in Michael Barr to find 135 00:07:26,240 --> 00:07:28,160 Speaker 1: out what else is going on to New York had 136 00:07:28,560 --> 00:07:30,920 Speaker 1: around the world. John, Thank you very much, Sarah. New 137 00:07:31,000 --> 00:07:34,679 Speaker 1: York has expanded legal protections for people seeking and providing 138 00:07:34,680 --> 00:07:38,800 Speaker 1: abortions in the state under legislation signed by Governor Kathy Hokel. 139 00:07:39,120 --> 00:07:42,400 Speaker 1: The Democratic governor pushed for the laws and anticipation of 140 00:07:42,440 --> 00:07:45,240 Speaker 1: the U. S. Supreme Court potentially over ruling it's n 141 00:07:45,760 --> 00:07:49,720 Speaker 1: seventy three Real Vway decision, which established a constitutional right 142 00:07:49,800 --> 00:07:55,440 Speaker 1: to abortion. Must the hard fought battles from my mother's generation, 143 00:07:56,640 --> 00:08:02,040 Speaker 1: my generation, my thirty year old daughters generation have to 144 00:08:02,080 --> 00:08:07,520 Speaker 1: be inherited by my new granddaughter's generation as well. Well. 145 00:08:07,560 --> 00:08:11,800 Speaker 1: Apparently so, Governor Hokel says. One new law protects abortion 146 00:08:11,840 --> 00:08:15,920 Speaker 1: providers from arrest, extradition, and legal proceedings in other states 147 00:08:16,000 --> 00:08:20,640 Speaker 1: by forbidding new York State from cooperating. Most scenarios for 148 00:08:20,920 --> 00:08:24,000 Speaker 1: Republican candidates for New York governor based off last night 149 00:08:24,040 --> 00:08:27,200 Speaker 1: and their first televised debate with two weeks ago before 150 00:08:27,240 --> 00:08:30,800 Speaker 1: the state's primary election. Some of the sharpest exchanges of 151 00:08:30,840 --> 00:08:34,840 Speaker 1: the night came between US Representative Lee Zelden and businessman 152 00:08:34,920 --> 00:08:37,960 Speaker 1: Harry Wilson, who has said he did not vote for 153 00:08:38,000 --> 00:08:42,360 Speaker 1: Donald Trump. In Zelden repeatedly assailed Wilson as a never 154 00:08:42,440 --> 00:08:45,719 Speaker 1: Trumper and a Republican in name only. I believe that 155 00:08:45,760 --> 00:08:47,840 Speaker 1: we're battling for the heart and soul of our country, 156 00:08:48,080 --> 00:08:50,640 Speaker 1: and it's not just the Democrats, but it's the Rhinods 157 00:08:50,679 --> 00:08:53,440 Speaker 1: like Harry Wilson. We're out there making sure that we 158 00:08:53,520 --> 00:08:55,920 Speaker 1: have this moment in time with one party democratic rule 159 00:08:55,960 --> 00:08:59,800 Speaker 1: in Washington. D C. Wilson responded, Now, Mr Zeldon is 160 00:08:59,800 --> 00:09:01,480 Speaker 1: going to go onto a series of attach You saw 161 00:09:01,559 --> 00:09:02,959 Speaker 1: him even before I had a chance to speak, just 162 00:09:03,040 --> 00:09:05,560 Speaker 1: like he started attacking before I ran my campaign, because 163 00:09:05,559 --> 00:09:09,320 Speaker 1: he's scared, because he's a broken candidate. Wilson claimed that 164 00:09:09,360 --> 00:09:11,800 Speaker 1: in January es Elden had asked him to be his 165 00:09:11,880 --> 00:09:15,040 Speaker 1: running mate. The Republican Field Air and on CBS two 166 00:09:15,120 --> 00:09:20,440 Speaker 1: also included former Westchester County executive Rob Astino and Andrew Giuliani, 167 00:09:20,520 --> 00:09:23,160 Speaker 1: the son of former New York City Mayor Rudy Giuliani. 168 00:09:23,559 --> 00:09:26,520 Speaker 1: Attorney General Merritt Garland confirms he is keeping an eye 169 00:09:26,600 --> 00:09:29,599 Speaker 1: on all of the House committees hearings on the January 170 00:09:29,679 --> 00:09:33,640 Speaker 1: sixth Capitol Riot. However, Garland is choosing not to elaborate 171 00:09:33,679 --> 00:09:37,520 Speaker 1: on the current status of a possible investigation against Donald Trump. 172 00:09:37,720 --> 00:09:41,800 Speaker 1: The Justice Department's longstanding position is that we don't commenting 173 00:09:42,320 --> 00:09:46,040 Speaker 1: don't comment an ongoing investigations. During a second day of hearings, 174 00:09:46,080 --> 00:09:49,760 Speaker 1: former Attorney General William Barr said Trump seemed detached from 175 00:09:49,840 --> 00:09:53,040 Speaker 1: reality that he had lost the election. Global News twenty 176 00:09:53,040 --> 00:09:55,800 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 177 00:09:56,040 --> 00:09:58,880 Speaker 1: powered by more than seven hundred journalists and analysts more 178 00:09:58,920 --> 00:10:02,760 Speaker 1: than hundred twenty country Michael barn This is Bloomberg, John, Michael, 179 00:10:02,800 --> 00:10:09,920 Speaker 1: thank you. That's how six ten on Wall Street Bloomberg 180 00:10:10,000 --> 00:10:12,560 Speaker 1: Sports Update. Here's John sent show. Thanks John. Golden State 181 00:10:12,559 --> 00:10:15,600 Speaker 1: Warriors can win the NBA Championship Thursday in Boston. If 182 00:10:15,640 --> 00:10:17,760 Speaker 1: they lose, they'll have another chance with the game seven 183 00:10:17,840 --> 00:10:21,480 Speaker 1: Sunday in San Francisco, where last night the Warriors started 184 00:10:21,480 --> 00:10:23,360 Speaker 1: the fourth quarter with a ten up and running. They 185 00:10:23,400 --> 00:10:26,440 Speaker 1: won Game five by ten one oh four ninety four. 186 00:10:26,480 --> 00:10:28,720 Speaker 1: They leave the series three to two. All five games 187 00:10:28,720 --> 00:10:31,360 Speaker 1: in the series have been won by at least ten points. 188 00:10:31,360 --> 00:10:34,240 Speaker 1: Andrew Wiggins led Going State twenty six points. Clay Thompson 189 00:10:34,280 --> 00:10:37,760 Speaker 1: had twenty one. Steph Curry, who scored forty three points 190 00:10:37,760 --> 00:10:40,040 Speaker 1: in Game four, did not make a single three pointer. 191 00:10:40,160 --> 00:10:43,480 Speaker 1: That had not happened since November of two thousand eighteen, 192 00:10:43,600 --> 00:10:46,920 Speaker 1: two hundred and thirty three games ago. Mets back home 193 00:10:46,920 --> 00:10:49,120 Speaker 1: from the road trip. They'll play Milwaukee, who just daded 194 00:10:49,120 --> 00:10:51,360 Speaker 1: in any team losing straight. The Yankees, winners of a 195 00:10:51,440 --> 00:10:53,720 Speaker 1: letter of the last twelve, host Tampa Bay. It's Garrett 196 00:10:53,760 --> 00:10:57,079 Speaker 1: Cole versus the x Yank Corey club. Cole comes off 197 00:10:57,120 --> 00:10:59,320 Speaker 1: the outing where he gave up five home runs. Josh 198 00:10:59,360 --> 00:11:02,360 Speaker 1: Donaldson and I will serve the one game suspension he 199 00:11:02,440 --> 00:11:04,920 Speaker 1: got for comments made to the White Sox Tim Anderson. 200 00:11:04,960 --> 00:11:09,120 Speaker 1: Donaldson's appeal was denied. The US Open t s off Thursday, 201 00:11:09,200 --> 00:11:13,160 Speaker 1: Brookline mass All Eyes. Yesterday on Phil Mickelson asked repeatedly 202 00:11:13,200 --> 00:11:16,400 Speaker 1: about his decision to leave the PGA tour for the 203 00:11:16,400 --> 00:11:18,960 Speaker 1: new Saudi Back Live Tour, and after that doing that 204 00:11:19,000 --> 00:11:22,439 Speaker 1: when most of the nine eleven terrorists were from Saudi Arabia, 205 00:11:22,480 --> 00:11:26,920 Speaker 1: I would say to everyone that his lost loved ones, 206 00:11:27,679 --> 00:11:32,439 Speaker 1: lost friends and nine eleven that I have deep, deep 207 00:11:32,440 --> 00:11:38,920 Speaker 1: empathy for them. Um. I can't emphasize that enough. Well, 208 00:11:38,960 --> 00:11:41,240 Speaker 1: those that have joined the lift to have been suspended 209 00:11:41,280 --> 00:11:43,400 Speaker 1: by the PG the U s g A runs the 210 00:11:43,440 --> 00:11:45,880 Speaker 1: Open is allowing them to play. Michoelson's never won the Open, 211 00:11:45,880 --> 00:11:48,920 Speaker 1: He's been his second six times. John stash Awar, Bloomberg Sports. 212 00:11:49,000 --> 00:11:51,240 Speaker 1: John all right, thanks John, and ahead of the cash 213 00:11:51,240 --> 00:11:53,240 Speaker 1: show with the Wall Street futures right now in the 214 00:11:53,360 --> 00:11:59,160 Speaker 1: green lead down Futures fifty four points, SMP futures up eleven, 215 00:11:59,280 --> 00:12:07,360 Speaker 1: Banzas up sixty one points. This day, Brick and Japery 216 00:12:07,400 --> 00:12:10,440 Speaker 1: being brown to by Hot University's Frank gez Are School 217 00:12:10,480 --> 00:12:14,040 Speaker 1: of Business, Top rank online NBA program with a real 218 00:12:14,080 --> 00:12:16,840 Speaker 1: world foundation. Learn more. Ad Hofster dot e, d U 219 00:12:17,080 --> 00:12:25,000 Speaker 1: slash go, grab markets, headlines and breaking news twenty four 220 00:12:25,000 --> 00:12:28,080 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 221 00:12:28,080 --> 00:12:31,280 Speaker 1: at and at Bloomberg Quick Take This is a Bloomberg 222 00:12:31,360 --> 00:12:41,040 Speaker 1: business lash. I'm Nathan Hager. Futures are higher, but they're 223 00:12:41,080 --> 00:12:42,800 Speaker 1: pulling back on some of their games this morning in 224 00:12:42,800 --> 00:12:46,240 Speaker 1: a rebound in European stocks is proving short lived, suggesting 225 00:12:46,280 --> 00:12:48,680 Speaker 1: markets might not be out of the woods just yet, 226 00:12:48,720 --> 00:12:52,760 Speaker 1: after a route driven by expectations of sharper Federal Reserve 227 00:12:52,880 --> 00:12:55,880 Speaker 1: interest rate hikes to fight inflation. We checked the markets 228 00:12:55,920 --> 00:12:58,680 Speaker 1: for you every fifteen minutes during the trading day on Bloomberg. 229 00:12:58,960 --> 00:13:01,920 Speaker 1: Right now, SMP futures are up six points, Dow future 230 00:13:01,960 --> 00:13:05,160 Speaker 1: is up twenty five, Nastack futures higher by forty six points. 231 00:13:05,360 --> 00:13:07,840 Speaker 1: Germany's dex is now down eight tenths of one percent. 232 00:13:07,880 --> 00:13:10,600 Speaker 1: The CACK in paris lower by one point four percent. 233 00:13:11,120 --> 00:13:13,800 Speaker 1: The tenure Treasury is up fourteen thirty seconds, the yield 234 00:13:13,800 --> 00:13:16,839 Speaker 1: three point three zero percent two year just behind at 235 00:13:16,840 --> 00:13:19,959 Speaker 1: three point to nine. I'm x screwed is up a 236 00:13:20,000 --> 00:13:22,160 Speaker 1: half percent of sixty four cents at a hundred twenty 237 00:13:22,160 --> 00:13:24,880 Speaker 1: one dollars fifty seven cents of barrel comex golled down 238 00:13:24,920 --> 00:13:27,040 Speaker 1: four tenths per cent, or six dollars eighty cents at 239 00:13:27,040 --> 00:13:30,679 Speaker 1: eighteen ninety announce. The euro one point zero four three 240 00:13:30,720 --> 00:13:32,840 Speaker 1: eight against the dollar, British pound one point to one 241 00:13:32,840 --> 00:13:35,520 Speaker 1: one two the yen one thirty four point one seven 242 00:13:35,760 --> 00:13:38,760 Speaker 1: Quick check a bitcoin twenty two thousand, three hundred dollars. 243 00:13:38,800 --> 00:13:41,640 Speaker 1: That's a Bloomberg business flash. Now here's Michael barr with 244 00:13:41,720 --> 00:13:44,480 Speaker 1: more on what's going on around the world. Michael Nathan, 245 00:13:44,480 --> 00:13:47,480 Speaker 1: thank you very much. Donald Trump's closest campaign advisors were 246 00:13:47,520 --> 00:13:51,400 Speaker 1: dismantling his false claims of twenty twenty election fraud ahead 247 00:13:51,440 --> 00:13:54,760 Speaker 1: of the January six attack on the Capitol. During yesterday's 248 00:13:54,800 --> 00:13:58,560 Speaker 1: House hearing, former Attorney General William Barrs said the defeated 249 00:13:58,600 --> 00:14:02,880 Speaker 1: presidents seemed that attached firm reality. China has released a 250 00:14:02,960 --> 00:14:06,600 Speaker 1: long detained Bloomberg News employee, Hayes Fan, has been released 251 00:14:06,600 --> 00:14:08,760 Speaker 1: on bail after more than a year and the tension. 252 00:14:09,120 --> 00:14:12,319 Speaker 1: She was held on suspicion of national security law violations. 253 00:14:12,559 --> 00:14:15,839 Speaker 1: The case remains under investigation while Fan is on bail 254 00:14:15,920 --> 00:14:19,320 Speaker 1: pending trial. In Game five of the NBA Finals, the 255 00:14:19,320 --> 00:14:22,240 Speaker 1: Celtics are on the brink of elimination. Boston loss to 256 00:14:22,280 --> 00:14:25,040 Speaker 1: the Warriors one oh four ninety four. In baseball, the 257 00:14:25,120 --> 00:14:28,960 Speaker 1: Nationals and Orioles lost the giants one Global News twenty 258 00:14:29,000 --> 00:14:31,720 Speaker 1: four hours a day on here and on Bloomberg Quicktake, 259 00:14:32,000 --> 00:14:35,120 Speaker 1: powered by more than twenty seven hundred journalists and analysts 260 00:14:35,200 --> 00:14:39,200 Speaker 1: more than twenty countries. Michael barn this is Bloomberg, John, Michael, 261 00:14:39,240 --> 00:14:41,280 Speaker 1: thank you. It is coming up on six twenty on 262 00:14:41,320 --> 00:14:44,440 Speaker 1: Wall Street. We are live from the Bloomberg Interranta Broker Studios. 263 00:14:44,800 --> 00:14:48,160 Speaker 1: This is Bloomberg Day Break. Well the route. Yesterday I 264 00:14:48,280 --> 00:14:51,840 Speaker 1: raised one point three trillion dollars at market capitalization from 265 00:14:51,880 --> 00:14:54,840 Speaker 1: stocks at this quarter, also set to deliver the biggest 266 00:14:54,840 --> 00:14:58,320 Speaker 1: combined loss for global bonds and stocks on record and 267 00:14:58,520 --> 00:15:01,880 Speaker 1: data going back to With that in mind, let's get 268 00:15:01,880 --> 00:15:04,240 Speaker 1: you set up for the training day ahead with Brian Leavitt, 269 00:15:04,240 --> 00:15:08,320 Speaker 1: Global market Strategists at the Investo. Did you see signs 270 00:15:08,360 --> 00:15:13,800 Speaker 1: of capitulation yesterday? Yeah, we're starting to see signs of capitulation, 271 00:15:13,840 --> 00:15:16,960 Speaker 1: which is of course, um not what you want to see, 272 00:15:17,000 --> 00:15:19,680 Speaker 1: but better news as you're moving through a downturn. Now 273 00:15:19,960 --> 00:15:23,080 Speaker 1: we're probably not all the way there. Usually you see 274 00:15:23,120 --> 00:15:27,360 Speaker 1: the volatility index of VICX up around forty UM. Usually 275 00:15:27,440 --> 00:15:30,680 Speaker 1: see the number of stocks trading above their two day 276 00:15:30,680 --> 00:15:34,120 Speaker 1: moving average down, you know, probably around ten percent, We're 277 00:15:34,160 --> 00:15:36,880 Speaker 1: we're still in the twenties, so we're not all the 278 00:15:36,960 --> 00:15:41,440 Speaker 1: way there, but but certainly moving closer. As you know, 279 00:15:41,480 --> 00:15:44,960 Speaker 1: investors become ever more fearful about rising interest rates amid 280 00:15:45,000 --> 00:15:48,480 Speaker 1: all this insulation. What is the expectation for you from 281 00:15:48,520 --> 00:15:53,120 Speaker 1: the Federal Reserve? My expectation was fifty basis points where 282 00:15:53,160 --> 00:15:57,600 Speaker 1: you're starting to see some rumblings that se could be 283 00:15:58,000 --> 00:16:02,280 Speaker 1: in the offing. So, UM, we'll see. But I the 284 00:16:02,400 --> 00:16:05,880 Speaker 1: more there's smoke around seventy five basis points, I suspect 285 00:16:05,960 --> 00:16:09,000 Speaker 1: that we may be heading there. It could be the center, 286 00:16:09,040 --> 00:16:11,840 Speaker 1: it could be the point that you know, this is 287 00:16:11,840 --> 00:16:15,200 Speaker 1: starting to be leaked out to prepare the markets for it. Um. 288 00:16:15,720 --> 00:16:17,480 Speaker 1: I think a lot of investors are saying, let's get 289 00:16:17,480 --> 00:16:20,320 Speaker 1: on with it now, Um, you know where we know 290 00:16:20,440 --> 00:16:22,920 Speaker 1: the rate hikes are coming, let's front load them. Let's 291 00:16:22,920 --> 00:16:25,320 Speaker 1: get on with it. We'll see how the markets respond 292 00:16:25,400 --> 00:16:27,560 Speaker 1: to it. But clearly, if you look at where the 293 00:16:27,600 --> 00:16:30,120 Speaker 1: two year rate is, it has priced in a substantial 294 00:16:30,160 --> 00:16:34,560 Speaker 1: amount of tightening already. He's elevated inflation here to stay. 295 00:16:34,560 --> 00:16:41,120 Speaker 1: In some respects, I would say that inflation is going 296 00:16:41,240 --> 00:16:43,120 Speaker 1: the rate of change inflation is going to come down. 297 00:16:43,200 --> 00:16:46,080 Speaker 1: We're already starting to see it a bit in goods prices. 298 00:16:46,360 --> 00:16:49,360 Speaker 1: What investors need to grapple with is whether we have 299 00:16:49,400 --> 00:16:53,240 Speaker 1: a higher sustained environment than we had in the prior cycle. 300 00:16:53,320 --> 00:16:56,160 Speaker 1: Now that of course doesn't mean eight percent inflation, but 301 00:16:56,600 --> 00:16:58,520 Speaker 1: you know, does it settle in somewhere around two and 302 00:16:58,600 --> 00:17:01,760 Speaker 1: a half to three percent versus the prior cycle where 303 00:17:01,760 --> 00:17:04,000 Speaker 1: we were trying to get to two And I would 304 00:17:04,040 --> 00:17:07,480 Speaker 1: suggest that's likely given some of the closer to home 305 00:17:07,520 --> 00:17:10,480 Speaker 1: production that we're going to see. And you know, in 306 00:17:10,480 --> 00:17:13,320 Speaker 1: a two and a half three percent inflation environment, that's 307 00:17:13,320 --> 00:17:16,959 Speaker 1: where value stocks are more interesting. Whereas the prior cycle 308 00:17:17,480 --> 00:17:21,000 Speaker 1: with inflation solo, it was it was all about growth 309 00:17:21,640 --> 00:17:23,960 Speaker 1: because there was never a catalyst to drive value stocks 310 00:17:24,000 --> 00:17:26,560 Speaker 1: higher at a thirty this warning, of course, we're going 311 00:17:26,640 --> 00:17:30,280 Speaker 1: to get the producer price index when trying to determine 312 00:17:30,280 --> 00:17:33,439 Speaker 1: pressure on company margins. How important is this reading going 313 00:17:33,480 --> 00:17:36,159 Speaker 1: to be today? Yeah, it's very important. I mean, anything 314 00:17:36,200 --> 00:17:39,960 Speaker 1: that we're getting right now on inflation is going to 315 00:17:40,040 --> 00:17:43,280 Speaker 1: be watched very closely by the market. Now, the last time, 316 00:17:43,800 --> 00:17:46,159 Speaker 1: excuse me, we got the producer price in X on 317 00:17:46,280 --> 00:17:50,159 Speaker 1: final demand, um, the year over year percent change had 318 00:17:50,200 --> 00:17:52,680 Speaker 1: turned lower. Now we saw that similarly with the headline 319 00:17:52,680 --> 00:17:55,560 Speaker 1: CPI as well, So we want to see signs. I'll 320 00:17:55,600 --> 00:17:58,359 Speaker 1: be watching pp I on final demand. We want to 321 00:17:58,400 --> 00:18:02,280 Speaker 1: see signs that that on your your percent change coming down. 322 00:18:02,680 --> 00:18:05,879 Speaker 1: That would be a positive. We expect goods prices to 323 00:18:06,560 --> 00:18:09,919 Speaker 1: fall in the coming months and the markets will be 324 00:18:09,920 --> 00:18:13,280 Speaker 1: looking for classification on that. Today stocks and bonds have 325 00:18:13,400 --> 00:18:18,320 Speaker 1: been hit. So what's the alternative at this point, Well, 326 00:18:18,320 --> 00:18:23,080 Speaker 1: investors should not be quick to sell government bonds. Now, 327 00:18:23,119 --> 00:18:26,360 Speaker 1: of course you have not seen a very good environment 328 00:18:26,359 --> 00:18:29,800 Speaker 1: with rates going up as rapidly as they have, but 329 00:18:30,160 --> 00:18:33,840 Speaker 1: the concern starts to shift over time from an inflation 330 00:18:33,920 --> 00:18:36,919 Speaker 1: environment to a growth scare, and government bonds in a 331 00:18:37,040 --> 00:18:40,919 Speaker 1: slowdown or dare we even say o recessionary environment should 332 00:18:41,000 --> 00:18:44,560 Speaker 1: perform well, So I would not be moving away from them. 333 00:18:44,560 --> 00:18:47,040 Speaker 1: But you know, investors also want to diversify into other 334 00:18:47,080 --> 00:18:50,520 Speaker 1: parts of the market, particularly those that could hedge inflation 335 00:18:50,880 --> 00:18:54,440 Speaker 1: um assuming that if this were to persist, things like commodities, 336 00:18:54,720 --> 00:18:57,240 Speaker 1: things like real estate investment trusts can do a good 337 00:18:57,320 --> 00:19:01,080 Speaker 1: job of providing some protection against its lation in a portfolio. 338 00:19:01,680 --> 00:19:05,159 Speaker 1: Is it a recession call for you. I think we're 339 00:19:05,200 --> 00:19:07,800 Speaker 1: getting closer. Um. You know, the the odds of a 340 00:19:07,840 --> 00:19:11,840 Speaker 1: recession are elevated. If you think about the the usual 341 00:19:12,080 --> 00:19:15,320 Speaker 1: trappings of a recession, you see high en rising inflation, 342 00:19:15,840 --> 00:19:18,959 Speaker 1: a flat to an inverted heel curve, a strong dollar, 343 00:19:19,400 --> 00:19:23,359 Speaker 1: consumer sentiment weakening. So we have all of that. Of course, 344 00:19:23,359 --> 00:19:26,200 Speaker 1: credit spreads have been holding in, which would be the 345 00:19:26,280 --> 00:19:28,920 Speaker 1: last to go. So I would say that the risks 346 00:19:28,960 --> 00:19:31,679 Speaker 1: to the cycle are elevated. I wouldn't believe that a 347 00:19:31,720 --> 00:19:33,919 Speaker 1: recession is imminent, but the rest of the cycle are 348 00:19:33,960 --> 00:19:38,639 Speaker 1: certainly elevated. Brian olays a pleasure. Brian Levitt, global market strategist, 349 00:19:38,680 --> 00:19:41,520 Speaker 1: to add in, best go with us this morning, and 350 00:19:41,640 --> 00:19:44,600 Speaker 1: we're starting to see the futures deteriorate this morning. The 351 00:19:44,720 --> 00:19:47,560 Speaker 1: DOWN futures now up just twenty one points as and 352 00:19:47,680 --> 00:19:50,800 Speaker 1: b E many futures of just seven points right now 353 00:19:51,000 --> 00:19:55,480 Speaker 1: and after yesterday sell off, the nastac EMNI futures fifty 354 00:19:55,520 --> 00:19:58,640 Speaker 1: five points higher. That's up about half of percent. You're 355 00:19:58,720 --> 00:20:08,080 Speaker 1: listening to Bloomer Daybreak and Bloomberg Daybreak being brought to 356 00:20:08,119 --> 00:20:10,000 Speaker 1: you by the Jewish Community Fund j C M. 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This is Bloomberg day Break and the 366 00:20:50,760 --> 00:20:53,159 Speaker 1: at six thirty on Wall Street. Good morning, I'm John Tucker, 367 00:20:53,400 --> 00:20:55,560 Speaker 1: I'm Nathan Hager. We're about three hours away from the 368 00:20:55,600 --> 00:20:57,680 Speaker 1: open of US training. It's time for the five Things 369 00:20:57,720 --> 00:20:59,359 Speaker 1: you need to know to start your day, brought to 370 00:20:59,400 --> 00:21:02,000 Speaker 1: you by it are Active Broker's Global Analysts helps you 371 00:21:02,080 --> 00:21:05,439 Speaker 1: find new global investment opportunities to diversify your portfolio and 372 00:21:05,440 --> 00:21:08,640 Speaker 1: discover undervalued companies that may have greater growth potential. Try 373 00:21:08,720 --> 00:21:11,359 Speaker 1: ib KR Global Analysts today at i b k R 374 00:21:11,440 --> 00:21:15,040 Speaker 1: dot com slash g A At first the SMP five 375 00:21:15,440 --> 00:21:18,600 Speaker 1: finished yesterday's trading more than twenty percent below its last 376 00:21:18,600 --> 00:21:22,640 Speaker 1: record close, entering a bear market. Currently, smp futures are 377 00:21:22,800 --> 00:21:26,280 Speaker 1: bouncing back a bit. They're up about ten points right now, 378 00:21:26,720 --> 00:21:29,080 Speaker 1: even with the sell off, define and ct F Chief 379 00:21:29,080 --> 00:21:33,040 Speaker 1: Investment Officer Sylvia Jablonsky tells us there is reason for optimism. 380 00:21:33,320 --> 00:21:34,679 Speaker 1: We're in the first half of the year. It's not 381 00:21:34,720 --> 00:21:37,119 Speaker 1: even over yet, although it feels like a decade, and 382 00:21:37,560 --> 00:21:40,320 Speaker 1: earnings are still looking strong. Consumers strong, corbor balance sheets 383 00:21:40,320 --> 00:21:41,600 Speaker 1: are strong. I know there's a lot of you know, 384 00:21:41,680 --> 00:21:44,560 Speaker 1: debate about that, but the numbers and the big large, 385 00:21:44,560 --> 00:21:47,600 Speaker 1: you know, the larger macroeconomic factors are still fairly positive. 386 00:21:47,840 --> 00:21:51,240 Speaker 1: Sylvia Jablonski, with Chief Definance CTF, says investors could see 387 00:21:51,320 --> 00:21:54,960 Speaker 1: higher returns this year if inflation and supply chain bottlenext ease. 388 00:21:55,200 --> 00:21:57,480 Speaker 1: And still for traders, it's all about the Fed right now. 389 00:21:57,520 --> 00:22:00,359 Speaker 1: The Central Bank begins. It's to the policy meeting today 390 00:22:00,600 --> 00:22:03,240 Speaker 1: and reports in the cave the Fed could raise rates 391 00:22:03,280 --> 00:22:07,840 Speaker 1: by sevent basis points, the highest hike since turning to 392 00:22:07,920 --> 00:22:10,639 Speaker 1: oil cruise holding steady around a hundred twenty two dollars 393 00:22:10,640 --> 00:22:12,480 Speaker 1: of bare old. Now we're learning the White House plans 394 00:22:12,480 --> 00:22:15,480 Speaker 1: for President Biden to visit Saudi Arabia next month. SP 395 00:22:15,560 --> 00:22:18,159 Speaker 1: Global Vice Chair Dan Jurgen says, even if the Kingdom 396 00:22:18,200 --> 00:22:20,600 Speaker 1: increases production, it may not have much of an effect 397 00:22:20,640 --> 00:22:23,640 Speaker 1: on prices. The markets are very tight, and so even 398 00:22:23,680 --> 00:22:26,439 Speaker 1: though you would expect that with what's happened to the overall, 399 00:22:26,480 --> 00:22:28,960 Speaker 1: it seems to be happening to the overall economy is slowing, 400 00:22:29,119 --> 00:22:31,040 Speaker 1: it's not showing up and yet in demand for oil. 401 00:22:32,080 --> 00:22:34,359 Speaker 1: Sp Vice Chair Dan Jurgen spoke with David Weston on 402 00:22:34,359 --> 00:22:37,400 Speaker 1: Bloomberg's Balance of Power weekdays at noon Eastern on Bloomberg 403 00:22:37,480 --> 00:22:40,560 Speaker 1: Radio and Television and turning the corporate news Let's Talk Twitter. 404 00:22:40,720 --> 00:22:43,840 Speaker 1: Elon muss set to address staff at the company directly 405 00:22:43,960 --> 00:22:46,520 Speaker 1: this week Bloomberg's would need a young joins us Live 406 00:22:46,640 --> 00:22:49,800 Speaker 1: with more real even good morning, Good morning John. Bloomberg. 407 00:22:49,880 --> 00:22:52,359 Speaker 1: Sources say this will be the first time Elon Musk 408 00:22:52,440 --> 00:22:55,879 Speaker 1: addresses Twitter employees since agreeing to buy the company for 409 00:22:55,880 --> 00:22:59,359 Speaker 1: forty four billion dollars, and Musk will take questions at 410 00:22:59,359 --> 00:23:02,199 Speaker 1: the Thursday morning virtual meeting. Now, the company has been 411 00:23:02,240 --> 00:23:05,520 Speaker 1: in a chaotic state since the deal was announced in April. 412 00:23:05,840 --> 00:23:08,359 Speaker 1: Musk has been critical of the company and questions the 413 00:23:08,359 --> 00:23:12,320 Speaker 1: amount of spam accounts. Meantime, Twitter CEO has announced a 414 00:23:12,359 --> 00:23:15,720 Speaker 1: series of cost cutting measures since the deal came together. 415 00:23:16,400 --> 00:23:18,320 Speaker 1: Live in New York. I'm gonna need a young Bloomberg 416 00:23:18,400 --> 00:23:20,000 Speaker 1: day break, all right, we need to thank you again. 417 00:23:20,119 --> 00:23:22,800 Speaker 1: SMP futures up about eleven points now down, futures up 418 00:23:22,800 --> 00:23:25,919 Speaker 1: fifty one, Nastact futures up seventy points ten. Your treasury 419 00:23:26,000 --> 00:23:29,080 Speaker 1: yield three point to nine percent. That's the five things 420 00:23:29,119 --> 00:23:31,320 Speaker 1: you need to know to start your day. Brought to 421 00:23:31,320 --> 00:23:38,640 Speaker 1: you by Interactive Brokers. This is Bloomberg, all right, thanks 422 00:23:38,720 --> 00:23:41,600 Speaker 1: Nathan three on Well Street. Time to bring in Michael 423 00:23:41,600 --> 00:23:43,480 Speaker 1: Barr to tell us what else is going on in 424 00:23:43,560 --> 00:23:46,680 Speaker 1: New York and around the world. Yeah, thank you very much, sir. 425 00:23:46,760 --> 00:23:50,040 Speaker 1: New York has expanded legal protections for people seeking and 426 00:23:50,080 --> 00:23:54,080 Speaker 1: providing abortions in the state. Governor Kathy Local signed legislation 427 00:23:54,200 --> 00:23:57,840 Speaker 1: and anticipation of the U. S. Supreme Court, potentially overruling 428 00:23:57,880 --> 00:24:01,320 Speaker 1: its nineteen seventy three Roe v. Way Each decision, which 429 00:24:01,440 --> 00:24:07,000 Speaker 1: established a constitutional rights to abortion. This is the right 430 00:24:07,119 --> 00:24:09,320 Speaker 1: to control our own bodies was supposed to be well 431 00:24:09,359 --> 00:24:14,040 Speaker 1: settled president by now, or so we thought. Governor Hokel 432 00:24:14,119 --> 00:24:17,280 Speaker 1: says the new laws planned to give abortion providers thirty 433 00:24:17,320 --> 00:24:21,440 Speaker 1: five million dollars to expand services and boost security and 434 00:24:21,520 --> 00:24:24,520 Speaker 1: anticipation of an influx of out those state people seeking 435 00:24:24,560 --> 00:24:28,560 Speaker 1: abortions in New York. Attorney General Merrick Garland confirmed he 436 00:24:28,640 --> 00:24:33,040 Speaker 1: watched the committee's hearings closely on the January sixth Capital riot, 437 00:24:33,240 --> 00:24:37,040 Speaker 1: even as he faces increased pressure to investigate former President 438 00:24:37,080 --> 00:24:40,520 Speaker 1: Donald Trump. Garland didn't comment on the current status of 439 00:24:40,520 --> 00:24:43,919 Speaker 1: a possible investigation against Trump, but at this point this 440 00:24:44,040 --> 00:24:47,560 Speaker 1: investigation is proceeding, acquiring effects and the law a g 441 00:24:47,760 --> 00:24:51,439 Speaker 1: Garland as Trump's top government officials and even his family 442 00:24:51,440 --> 00:24:55,240 Speaker 1: were dismantling his false claims of twenty election fraud ahead 443 00:24:55,240 --> 00:24:58,280 Speaker 1: of the January six attack on the Capitol. The four 444 00:24:58,600 --> 00:25:02,000 Speaker 1: GOP candidates run for New York governor debated topics last 445 00:25:02,119 --> 00:25:05,880 Speaker 1: night from crime, the economy, and former President Trump. During 446 00:25:05,880 --> 00:25:09,320 Speaker 1: the debate aired on CBS two, Andrew Giuliani, the son 447 00:25:09,520 --> 00:25:12,360 Speaker 1: of the former New York mayor, was asked about the hearings. 448 00:25:12,800 --> 00:25:15,600 Speaker 1: You know, the media has been fixated on January six 449 00:25:15,680 --> 00:25:17,359 Speaker 1: for the better part of a year and a half now, 450 00:25:17,720 --> 00:25:20,000 Speaker 1: and I would like to see a congressional hearing on 451 00:25:20,040 --> 00:25:23,119 Speaker 1: the two hundred and seventy four riots that happened between 452 00:25:23,200 --> 00:25:29,080 Speaker 1: May and June of January five one rather than just 453 00:25:29,840 --> 00:25:33,680 Speaker 1: a one day where the video is completely focused on 454 00:25:34,000 --> 00:25:37,360 Speaker 1: Giuliani is a former advisor to Trump. Other candidates at 455 00:25:37,359 --> 00:25:41,760 Speaker 1: the debate included US Representative Lee Zelden, businessman Harry Wilson, 456 00:25:42,000 --> 00:25:46,760 Speaker 1: and former Westchester County executive Rob Estino. Millionaires are planning 457 00:25:46,800 --> 00:25:49,800 Speaker 1: to get out of Russia. New analysis of migration data 458 00:25:49,920 --> 00:25:54,240 Speaker 1: from Henley and Partners shows about fift of Russians with 459 00:25:54,359 --> 00:25:57,600 Speaker 1: more than one million dollars in assets are expected to 460 00:25:57,640 --> 00:25:59,880 Speaker 1: immigrate to other countries by the end of the year. 461 00:26:00,280 --> 00:26:03,119 Speaker 1: It comes as wealthy citizens are turning their back on 462 00:26:03,200 --> 00:26:06,800 Speaker 1: Vladimir Putin's regime after the invasion of Ukraine. Global News 463 00:26:06,880 --> 00:26:09,639 Speaker 1: twenty four hours a day on air and on Bloomberg 464 00:26:09,720 --> 00:26:12,880 Speaker 1: quick Take, powered by more than twenty seven hundred journalists 465 00:26:12,880 --> 00:26:15,520 Speaker 1: and analysts, are more than a hundred twenty countries. Michael 466 00:26:15,520 --> 00:26:21,920 Speaker 1: Barr and this is Bloomberg, John, Michael, thank you. That's 467 00:26:21,960 --> 00:26:24,040 Speaker 1: how six thirty six on the Wall Street. That's time 468 00:26:24,119 --> 00:26:27,440 Speaker 1: for the Bloomberg Sports Update. Here's John step Shower thanks 469 00:26:27,520 --> 00:26:29,760 Speaker 1: John Golden State Warriors, of course, led by Steph Curry. 470 00:26:29,800 --> 00:26:32,359 Speaker 1: That was obvious in Game four in Boston when Curry 471 00:26:32,359 --> 00:26:35,600 Speaker 1: stored forty three points, but last night, Game five, Curry 472 00:26:35,600 --> 00:26:38,040 Speaker 1: did not make a single three point. We shot oh 473 00:26:38,080 --> 00:26:40,320 Speaker 1: for nine. It ends the streak of two hundred and 474 00:26:40,359 --> 00:26:42,280 Speaker 1: thirty three games in a row with at least one 475 00:26:42,640 --> 00:26:45,280 Speaker 1: dating back to November of two thousand eighteen, and the 476 00:26:45,320 --> 00:26:47,879 Speaker 1: Warriors still one. They got twenty six points to ma 477 00:26:47,880 --> 00:26:50,120 Speaker 1: Andrew Wiggins. They began the fourth quarter with a tend 478 00:26:50,160 --> 00:26:52,960 Speaker 1: nothing run. They beat the Celtics one oh four ninety 479 00:26:52,960 --> 00:26:55,400 Speaker 1: four first time in the playoffs. The Celtics have lost 480 00:26:55,400 --> 00:26:57,720 Speaker 1: two in a row. Warriors made the NBA Finals three 481 00:26:57,800 --> 00:27:01,000 Speaker 1: two game six Thursday in Boston. Golden State chance to 482 00:27:01,040 --> 00:27:04,399 Speaker 1: win a fourth championship in the last eight years. If so, 483 00:27:04,440 --> 00:27:07,360 Speaker 1: we'll see if NBA Commissioner Adam Silver can hand out 484 00:27:07,400 --> 00:27:11,400 Speaker 1: the trophy. He missed last night's game. COVID Protocols Yankees 485 00:27:11,440 --> 00:27:14,400 Speaker 1: and Matt's both home Tonight, Red Hot Yanks host Tampa Basins. 486 00:27:14,480 --> 00:27:16,720 Speaker 1: Losing a couple of games with the Rays, the Yanks 487 00:27:16,800 --> 00:27:19,159 Speaker 1: is going eleven and one. The Mets take on Milwaukee 488 00:27:19,200 --> 00:27:21,520 Speaker 1: the Braves one again. They hit five home runs and 489 00:27:21,560 --> 00:27:24,920 Speaker 1: won nine five in Washington, although they lost AlSi Albis 490 00:27:24,960 --> 00:27:27,560 Speaker 1: to a broken fit Atlanta twelve and oh in June 491 00:27:27,560 --> 00:27:30,240 Speaker 1: and then have five games behind the Mets. Bill Michelson 492 00:27:30,320 --> 00:27:32,040 Speaker 1: met the media in Boston as he gets ready to 493 00:27:32,040 --> 00:27:34,200 Speaker 1: play the US Open and starts Thursday, and of course 494 00:27:34,280 --> 00:27:38,000 Speaker 1: asked repeatedly about his decision to play the new live tour. 495 00:27:38,240 --> 00:27:43,000 Speaker 1: Phil did mention the money, incredible financial commitment. But more 496 00:27:43,040 --> 00:27:46,399 Speaker 1: than that, uh, for for all the players involved and 497 00:27:46,440 --> 00:27:50,080 Speaker 1: everyone involved. But more than that, there are other factors 498 00:27:50,119 --> 00:27:55,600 Speaker 1: that with fewer tournaments, it allows me to have more 499 00:27:55,600 --> 00:27:59,040 Speaker 1: balance in my life. Nicholson City understands the criticism, including 500 00:27:59,040 --> 00:28:00,800 Speaker 1: that from fellow player, as we were sticking with the 501 00:28:00,840 --> 00:28:04,880 Speaker 1: p John Stashberg Sports John John, thanks very much. It 502 00:28:04,960 --> 00:28:07,000 Speaker 1: is now six thirty seven on Wall Street. Time to 503 00:28:07,000 --> 00:28:09,440 Speaker 1: take a look at stocks and some of the names 504 00:28:09,440 --> 00:28:10,960 Speaker 1: that are moving in the pre market, and for that 505 00:28:11,000 --> 00:28:15,320 Speaker 1: we're joined by Bloomberg Radio and TV Markets, corresponded Crinny Gupta. 506 00:28:15,800 --> 00:28:20,160 Speaker 1: On the broader tech front, just remind everybody that rates 507 00:28:20,240 --> 00:28:24,199 Speaker 1: matter because with technology especially you're you're paying as an 508 00:28:24,240 --> 00:28:28,360 Speaker 1: investor for future growth and with the rate trajectory higher, 509 00:28:28,840 --> 00:28:31,000 Speaker 1: that future growth is going to be worth less. So 510 00:28:31,040 --> 00:28:33,160 Speaker 1: with that in mind, can we take a look at 511 00:28:33,240 --> 00:28:36,040 Speaker 1: the broad tech space? What a what a novel idea? 512 00:28:36,240 --> 00:28:39,000 Speaker 1: John Ticker? Um, we go over this before she got 513 00:28:39,720 --> 00:28:41,680 Speaker 1: thirty seconds ago, I said, John Tucker, let's talk about 514 00:28:41,680 --> 00:28:46,840 Speaker 1: broad tech secret. I'm sorry, this is how the sausages made. 515 00:28:46,840 --> 00:28:49,560 Speaker 1: As they say, this is important as we talk about 516 00:28:49,560 --> 00:28:51,920 Speaker 1: the rebound today, which by the way, is already fading 517 00:28:51,960 --> 00:28:54,160 Speaker 1: features down four tents of one percent. They wore up 518 00:28:54,760 --> 00:28:57,400 Speaker 1: significantly more earlier in the session. Remember it's only six 519 00:28:57,400 --> 00:28:59,320 Speaker 1: thirty eight in the morning. But to your point, a 520 00:28:59,320 --> 00:29:00,880 Speaker 1: lot of this is going to be the tech story, 521 00:29:00,920 --> 00:29:04,840 Speaker 1: because remember what performed the worst yesterday. It was, of course, 522 00:29:04,840 --> 00:29:07,360 Speaker 1: those big tech names, essentially the stocks leading you to 523 00:29:07,440 --> 00:29:09,560 Speaker 1: those record tis. Those are the same ones that are 524 00:29:09,600 --> 00:29:12,800 Speaker 1: also going to lead you to some pretty scary lows here. 525 00:29:13,160 --> 00:29:15,440 Speaker 1: And so today you're seeing a little bit of a rebound, 526 00:29:15,480 --> 00:29:17,320 Speaker 1: but how much of it is sustainable. Let's let go 527 00:29:17,320 --> 00:29:19,680 Speaker 1: through some of these numbers. Some of these movers Apple, 528 00:29:19,720 --> 00:29:22,000 Speaker 1: for example, A A p LS, your taker up seven 529 00:29:22,080 --> 00:29:23,920 Speaker 1: tenths of one percent. We like to look at us, 530 00:29:24,040 --> 00:29:26,920 Speaker 1: look at that as a broad proxy for some of 531 00:29:26,960 --> 00:29:30,800 Speaker 1: these tech names, and look yields down about six basis points, 532 00:29:30,800 --> 00:29:33,760 Speaker 1: almost seven basis points three twenty nine on the tenure yield. 533 00:29:33,800 --> 00:29:37,880 Speaker 1: Still nothing um to really reverse the I believe nineteen 534 00:29:37,880 --> 00:29:41,120 Speaker 1: basis point move we had in the tenure yesterday. So huge, 535 00:29:41,200 --> 00:29:43,480 Speaker 1: huge moves. But once again tech um is a little 536 00:29:43,480 --> 00:29:45,480 Speaker 1: bit higher today. Tesla as well, t s l A 537 00:29:45,880 --> 00:29:48,040 Speaker 1: up at one per cent. But John, it's not the 538 00:29:48,320 --> 00:29:50,920 Speaker 1: high fancy megacap tech names I want to talk about. 539 00:29:51,400 --> 00:29:54,920 Speaker 1: It's Oracle. I know, I know, gasp I said that 540 00:29:54,920 --> 00:29:57,320 Speaker 1: their oracle isn't fancy. It is, but this kind is 541 00:29:57,400 --> 00:30:00,280 Speaker 1: known as the it's known as like the old ared 542 00:30:00,440 --> 00:30:03,000 Speaker 1: of tech. If you were looking to kind of invest 543 00:30:03,080 --> 00:30:05,680 Speaker 1: from a business point of view, in terms of business investment, 544 00:30:05,760 --> 00:30:08,120 Speaker 1: what companies are looking to kind of broaden their base, 545 00:30:08,200 --> 00:30:11,040 Speaker 1: Oracle comes to mind, IBM, Microsoft, Those are the kind 546 00:30:11,040 --> 00:30:12,240 Speaker 1: of names that you want to keep an eye on. 547 00:30:12,520 --> 00:30:14,880 Speaker 1: And Oracle actually came out with some pretty strong earnings. 548 00:30:14,880 --> 00:30:17,760 Speaker 1: Oh r c L is your ticker. Jeffreys coming out 549 00:30:17,800 --> 00:30:20,800 Speaker 1: and saying the beat was driven by large license upside 550 00:30:20,840 --> 00:30:24,480 Speaker 1: and strengthen the database business. Remember Oracles trying to climb 551 00:30:24,560 --> 00:30:26,600 Speaker 1: and get more market share when it comes to the 552 00:30:26,600 --> 00:30:29,240 Speaker 1: cloud business, which a lot of companies are still have 553 00:30:29,440 --> 00:30:31,800 Speaker 1: yet to fully convert to. And right now those shares 554 00:30:32,160 --> 00:30:34,760 Speaker 1: up thirteen percent in the pre market. I'm gonna give 555 00:30:34,800 --> 00:30:37,040 Speaker 1: you a quick one, last fifteen seconds. I have AMC 556 00:30:37,240 --> 00:30:38,680 Speaker 1: Entertainment is the other one you want to keep an 557 00:30:38,680 --> 00:30:41,120 Speaker 1: eye on. We know of this as kind of well, 558 00:30:41,160 --> 00:30:43,200 Speaker 1: we know of this as a meme stock, but today 559 00:30:43,240 --> 00:30:45,320 Speaker 1: the move is actually coming after they said that last 560 00:30:45,320 --> 00:30:48,960 Speaker 1: weekend's admission revenues beat that of the same weekend in 561 00:30:49,080 --> 00:30:50,960 Speaker 1: twenty nineteen. I wonder how much of that had to 562 00:30:51,000 --> 00:30:54,880 Speaker 1: do with Top Gun two, Top Gun two or Jurassic Park. 563 00:30:55,880 --> 00:30:58,600 Speaker 1: The movie is so bad that um I was rooting 564 00:30:58,600 --> 00:31:01,720 Speaker 1: for the dinosaurs to kill the bullock or kill the actors. Anyway, 565 00:31:01,920 --> 00:31:04,160 Speaker 1: we're rooting for top one two. It better be Tom Cruise. 566 00:31:05,400 --> 00:31:10,520 Speaker 1: I'm not I'm not gonna do. You're gonna get me 567 00:31:10,520 --> 00:31:13,840 Speaker 1: in trouble SMP futures, So right now twelve points higher. 568 00:31:14,920 --> 00:31:18,040 Speaker 1: Radio TV Markets corresponded, Critty, good to thanks for joining us. 569 00:31:18,120 --> 00:31:24,240 Speaker 1: You're listening to Bloomberg and the Bloomberg Weather for meteorologist 570 00:31:24,360 --> 00:31:26,880 Speaker 1: Ron Carolins the morning clowns with a chance of a 571 00:31:27,120 --> 00:31:31,560 Speaker 1: straight sprinkle or isolated shower, otherwise partly sunny today in 572 00:31:31,720 --> 00:31:39,280 Speaker 1: the mid of the eighties, markets, headlines and breaking news 573 00:31:39,400 --> 00:31:42,080 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 574 00:31:42,080 --> 00:31:46,160 Speaker 1: Bloomberg Business and at Bloomberg Quick Tape. He's a Bloomberg 575 00:31:46,280 --> 00:31:55,520 Speaker 1: Business Flash. I'm Nathan Hagar. Futures are bouncing back a 576 00:31:55,560 --> 00:31:58,840 Speaker 1: bit ahead of the FEDS today policy meeting. Let's head 577 00:31:58,880 --> 00:32:01,040 Speaker 1: right over the first We're breaking new desk for today's 578 00:32:01,040 --> 00:32:04,680 Speaker 1: morning call. Here's Bill Maloney. Good morning, Bill, Hey, Good 579 00:32:04,680 --> 00:32:07,600 Speaker 1: morning Nathan. A modest bounce in the US futures after 580 00:32:07,680 --> 00:32:10,040 Speaker 1: yesterday's plunge. Who down Futures up a hundred and five 581 00:32:10,040 --> 00:32:12,479 Speaker 1: points as he's gained twenty one nast deck Futures are 582 00:32:12,560 --> 00:32:15,880 Speaker 1: up by nineties six the US ten year that three 583 00:32:15,880 --> 00:32:18,560 Speaker 1: point three percent, Gold is up to oil is in 584 00:32:18,600 --> 00:32:21,320 Speaker 1: the red, and Bigcoin is pairing losses to two point 585 00:32:21,360 --> 00:32:25,400 Speaker 1: six percent after dropping ten percent last night. Shanghai rose 586 00:32:25,440 --> 00:32:27,440 Speaker 1: one percent overnight, while up and markets are in the 587 00:32:27,480 --> 00:32:29,560 Speaker 1: red this morning and back in the US on the 588 00:32:29,600 --> 00:32:33,240 Speaker 1: economic Frinday thirty. The Producer Price Index after de bellis 589 00:32:33,520 --> 00:32:36,160 Speaker 1: Oracle bat Smith shares are up thirteen percent in the 590 00:32:36,160 --> 00:32:39,440 Speaker 1: pre market. And another news Elon Musk to address Twitter 591 00:32:39,520 --> 00:32:43,000 Speaker 1: staff for the first time since the deal, wrapping things up. 592 00:32:43,040 --> 00:32:45,200 Speaker 1: Best By was cut to neutral over at Bank for America, 593 00:32:45,360 --> 00:32:48,200 Speaker 1: HP Enterprise cut the whole day, Deutsche Bank and Benchmark 594 00:32:48,200 --> 00:32:51,720 Speaker 1: cutting Netflix to sell live on the first breaking news 595 00:32:51,760 --> 00:32:54,480 Speaker 1: descm Bill Maloney, Nathan Okay, Bill, thank you to hear 596 00:32:54,520 --> 00:32:57,440 Speaker 1: live breaking news over your Bloomberg type squawk on the 597 00:32:57,560 --> 00:33:01,320 Speaker 1: terminal s q u A go to Bloomberg Business Flash. 598 00:33:01,360 --> 00:33:04,240 Speaker 1: Now here's Michael barv with Moura. What's going on around 599 00:33:04,240 --> 00:33:07,200 Speaker 1: the world. Michael, thank you very much, Nathan. Ukrainian President 600 00:33:07,280 --> 00:33:11,080 Speaker 1: vladimir's Lensky says the battle over the Donbas region will 601 00:33:11,120 --> 00:33:14,440 Speaker 1: be one of the most brutal in European history. Ukrainian 602 00:33:14,440 --> 00:33:17,200 Speaker 1: military officials say their troops have been pushed out of 603 00:33:17,200 --> 00:33:19,840 Speaker 1: a key city in the east and are in desperate 604 00:33:19,880 --> 00:33:23,760 Speaker 1: need of additional military aid. China has released a long 605 00:33:23,840 --> 00:33:27,720 Speaker 1: detained Bloomberg News employee, Hayes Fan, has been released on 606 00:33:27,800 --> 00:33:30,440 Speaker 1: bail after more than a year in detention. She was 607 00:33:30,480 --> 00:33:34,280 Speaker 1: held on suspicion of national security law violations. The case 608 00:33:34,320 --> 00:33:37,360 Speaker 1: remains under investigation while Fan is on bail pending trial. 609 00:33:37,720 --> 00:33:40,400 Speaker 1: In Game five of the NBA Finals, the Celtics are 610 00:33:40,440 --> 00:33:43,040 Speaker 1: on the brink of elimination. Boston lost to the Warriors 611 00:33:43,080 --> 00:33:45,920 Speaker 1: one oh four ninety four. In baseball, the Nationals and 612 00:33:46,040 --> 00:33:49,760 Speaker 1: Orioles lost the Giants. One Global News twenty four hours 613 00:33:49,760 --> 00:33:53,000 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 614 00:33:53,040 --> 00:33:56,040 Speaker 1: more than twenty seven under journalist analyst in more than 615 00:33:56,040 --> 00:34:00,640 Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael, 616 00:34:00,680 --> 00:34:03,440 Speaker 1: thank you. It's sixty nine on Wall Street. Let's turn 617 00:34:03,480 --> 00:34:06,120 Speaker 1: out to news in science and technology. The Bloomberg n 618 00:34:06,200 --> 00:34:08,319 Speaker 1: j i T STEM Report is brought to you by 619 00:34:08,360 --> 00:34:12,319 Speaker 1: New Jersey Institute of Technology, offering New Jersey's first undergraduate 620 00:34:12,360 --> 00:34:15,160 Speaker 1: degree in fintech. N g i T is Future in 621 00:34:15,160 --> 00:34:18,520 Speaker 1: the Making, tech driven, finance focused. Learn more at n 622 00:34:18,600 --> 00:34:22,000 Speaker 1: j I T dot edu, slash fintech and now Here's 623 00:34:22,000 --> 00:34:26,400 Speaker 1: what's making news in science, Technology, engineering and math. Amazon 624 00:34:26,560 --> 00:34:29,560 Speaker 1: has been quietly buying land across the US to use 625 00:34:29,600 --> 00:34:32,960 Speaker 1: for new multi story warehouses. Over the past three years, 626 00:34:33,000 --> 00:34:35,840 Speaker 1: Amazon has tripled the amount of built industrial space it 627 00:34:35,920 --> 00:34:39,200 Speaker 1: owns in North America. According to company filings, company has 628 00:34:39,239 --> 00:34:43,800 Speaker 1: now saddled with excess warehouse space as online shopping has decelerated. 629 00:34:44,239 --> 00:34:47,440 Speaker 1: China's semiconductor industries showing signs of flourishing even as the 630 00:34:47,480 --> 00:34:50,800 Speaker 1: Biden administration tries to counter its growth. Chinese orders for 631 00:34:50,880 --> 00:34:55,000 Speaker 1: chip manufacturing equipment from overseas suppliers rose fifty eight percent 632 00:34:55,080 --> 00:34:58,279 Speaker 1: in making it the biggest market for those products for 633 00:34:58,320 --> 00:35:00,880 Speaker 1: a second year running. That's a co to data provided 634 00:35:00,880 --> 00:35:05,080 Speaker 1: by industry body Semi and NASA's Inspector General says poor 635 00:35:05,160 --> 00:35:08,479 Speaker 1: performance by its primary contractor on a new rocket launch 636 00:35:08,560 --> 00:35:11,600 Speaker 1: tower has more than doubled its cost. The new mobile 637 00:35:11,680 --> 00:35:14,120 Speaker 1: launch tower is for a larger version of the Space 638 00:35:14,200 --> 00:35:17,279 Speaker 1: Launch System rocket. It's now expected to cost about one 639 00:35:17,320 --> 00:35:20,400 Speaker 1: and a half billion dollars and take another two years 640 00:35:20,680 --> 00:35:23,120 Speaker 1: to finish. And that's the Bloomberg n j I t 641 00:35:23,280 --> 00:35:26,960 Speaker 1: STEM report. John, all right, thanks to Nathan and ahead 642 00:35:27,000 --> 00:35:30,279 Speaker 1: of the cash oven on Wall Street. We're seeing futures 643 00:35:30,480 --> 00:35:33,000 Speaker 1: pair or some of the earlier gains right now, the 644 00:35:33,040 --> 00:35:35,600 Speaker 1: down to futures of one hundred six points. That's a 645 00:35:35,760 --> 00:35:40,040 Speaker 1: rise of four tenths of eight percent. SUP EMNY futures 646 00:35:40,040 --> 00:35:42,200 Speaker 1: they're up twenty that's a half of percent. And that 647 00:35:42,280 --> 00:35:45,320 Speaker 1: as the futures right now that you're up ninety eight points, 648 00:35:45,360 --> 00:35:49,320 Speaker 1: that's up nine tenths of a percent. Also the VIX 649 00:35:49,719 --> 00:35:53,279 Speaker 1: looking to the VIX for elevated volatility with the Wall 650 00:35:53,320 --> 00:35:56,680 Speaker 1: Streets fear of gauge. If we are to see a 651 00:35:56,760 --> 00:35:59,800 Speaker 1: bottom right now, it is in fact lower just a 652 00:36:00,000 --> 00:36:03,080 Speaker 1: of thirty three points. As far as yields go, the 653 00:36:03,120 --> 00:36:07,080 Speaker 1: tenure yield at three twenty nine, that's down six basis 654 00:36:07,160 --> 00:36:11,480 Speaker 1: points and a time right now six fifty two on 655 00:36:11,600 --> 00:36:15,040 Speaker 1: Wall Street, we're live from the Bloomberg Interactor Broker Studios 656 00:36:15,120 --> 00:36:17,279 Speaker 1: and time to check what's going on and d C. 657 00:36:17,640 --> 00:36:20,160 Speaker 1: Some of the top stories in the nation's capital include 658 00:36:20,440 --> 00:36:25,200 Speaker 1: a second round the Jenrys six hearings, and Donald Trump 659 00:36:25,280 --> 00:36:28,600 Speaker 1: raised millions of dollars setting fraud that AIDS told him 660 00:36:28,680 --> 00:36:32,319 Speaker 1: was false, High level US China talks raised prospects for 661 00:36:32,360 --> 00:36:36,720 Speaker 1: a Biden she call, and President Biden reportedly visiting Saudi 662 00:36:36,760 --> 00:36:39,920 Speaker 1: Arabia is to meet with the Crown Prince. Let's take 663 00:36:39,960 --> 00:36:41,960 Speaker 1: a deeper dive into some of these stories this morning. 664 00:36:42,360 --> 00:36:46,840 Speaker 1: We're joined by Bloomberg's Amrie her Durn in Washington, every 665 00:36:46,840 --> 00:36:48,839 Speaker 1: thanks for meting with us. Let's start with the last 666 00:36:48,840 --> 00:36:53,759 Speaker 1: story here, the Biden visit to Saudi Arabia. I can't 667 00:36:53,800 --> 00:36:57,520 Speaker 1: believe he's not going to talk about oil, but that's 668 00:36:57,520 --> 00:37:01,880 Speaker 1: what we're hearing, right, Like we should make it clear obviously, 669 00:37:02,000 --> 00:37:05,000 Speaker 1: energy will be on the table um it has been that. 670 00:37:05,000 --> 00:37:07,759 Speaker 1: That's the administration has been having lots of discussions with 671 00:37:07,800 --> 00:37:10,359 Speaker 1: Saudi Arabia about energy. You saw the last OPEC deal. 672 00:37:10,760 --> 00:37:13,440 Speaker 1: Saudi Arabia is the facto leader of the group and 673 00:37:13,480 --> 00:37:16,880 Speaker 1: they made this olive branch, raising production more than the 674 00:37:16,920 --> 00:37:18,640 Speaker 1: deal would have required. They also were able to keep 675 00:37:18,719 --> 00:37:23,080 Speaker 1: Russia on board, so they're really walking this diplomatic tight 676 00:37:23,200 --> 00:37:26,640 Speaker 1: rope for them. But it is true that outside of energy, 677 00:37:26,840 --> 00:37:31,799 Speaker 1: there are other issues Riad and Washington will be discussing 678 00:37:31,960 --> 00:37:36,200 Speaker 1: and that will culminate in this meeting. Defense, regional security, 679 00:37:36,400 --> 00:37:40,279 Speaker 1: economic issues, climate view, a number of factors that are 680 00:37:40,320 --> 00:37:43,520 Speaker 1: going to go into what would be discussed on this trip. 681 00:37:43,560 --> 00:37:45,920 Speaker 1: And also we should know it's not just with Saudi Arabia. 682 00:37:46,280 --> 00:37:48,080 Speaker 1: They're the head of the g c C, so that 683 00:37:48,120 --> 00:37:51,520 Speaker 1: means other GCC countries would also likely be an attendant 684 00:37:51,680 --> 00:37:56,040 Speaker 1: you could think of like kuwait Oman Cutter, so some 685 00:37:56,120 --> 00:37:59,799 Speaker 1: other allies of the United States. All right, this morning 686 00:37:59,800 --> 00:38:04,160 Speaker 1: we'll was hearings the continue. What do we see from 687 00:38:04,360 --> 00:38:08,120 Speaker 1: the second round? So the second round was really a 688 00:38:08,239 --> 00:38:12,440 Speaker 1: lot more detail about what the former president Donald Trump 689 00:38:12,560 --> 00:38:17,560 Speaker 1: knew and what his closest political and legal advisors were 690 00:38:17,560 --> 00:38:21,200 Speaker 1: telling him. You have everyone from our former Attorney General 691 00:38:21,200 --> 00:38:24,560 Speaker 1: Bill Barr to even the president's son in law Jared 692 00:38:24,640 --> 00:38:28,880 Speaker 1: Kushner sang in the videotape testimony they gave to the committee, 693 00:38:29,280 --> 00:38:31,440 Speaker 1: to the panel that they were the ones that they 694 00:38:31,520 --> 00:38:35,080 Speaker 1: told and advised the former president against pursuing that this 695 00:38:35,160 --> 00:38:38,560 Speaker 1: election of claim was stolen. Um. I believe it was 696 00:38:38,640 --> 00:38:41,719 Speaker 1: Bill Stepian, Yes, it was him. His campaign manager had 697 00:38:41,719 --> 00:38:44,439 Speaker 1: said I was on quote team Normal, that people called 698 00:38:44,480 --> 00:38:49,200 Speaker 1: it the normal team, and the president former president rejected 699 00:38:50,360 --> 00:38:56,280 Speaker 1: those advances and that advice from those individuals and instead 700 00:38:56,320 --> 00:38:59,600 Speaker 1: went in the direction of the likes of Rudy Giuliani 701 00:38:59,760 --> 00:39:02,360 Speaker 1: was also heard testimony actually that many believed he was 702 00:39:03,080 --> 00:39:05,640 Speaker 1: drunk when he actually told the president that he should 703 00:39:06,480 --> 00:39:08,520 Speaker 1: say he won the election and the claimed fraud and 704 00:39:08,800 --> 00:39:11,279 Speaker 1: continue this. So that was what the second hearing was 705 00:39:11,320 --> 00:39:14,040 Speaker 1: about that was yesterday. There'll be a third one tomorrow, 706 00:39:14,360 --> 00:39:16,680 Speaker 1: and their seven in total, So there's going to be 707 00:39:16,719 --> 00:39:19,720 Speaker 1: a lot more details on who knew what and when, 708 00:39:20,200 --> 00:39:22,200 Speaker 1: and what they want to really do in the committee 709 00:39:22,440 --> 00:39:27,440 Speaker 1: is either directly or indirectly show that that led to 710 00:39:27,640 --> 00:39:29,879 Speaker 1: what happened we saw in the capital in January six. 711 00:39:30,520 --> 00:39:33,799 Speaker 1: There's also this other story related to it more than 712 00:39:33,840 --> 00:39:38,359 Speaker 1: tan Gentile, but the Trump raised millions of dollars from 713 00:39:38,400 --> 00:39:43,839 Speaker 1: supporters citing the fraud uh that Paids told him was false. Now, 714 00:39:43,960 --> 00:39:47,759 Speaker 1: when you solicit money from somebody on a false claim, 715 00:39:47,800 --> 00:39:50,400 Speaker 1: I mean that sounds like I'm not a lawyer, but 716 00:39:50,520 --> 00:39:55,160 Speaker 1: it could be fraud. Right, So I guess the big 717 00:39:55,200 --> 00:39:58,680 Speaker 1: question is what comes out after this, Right, will there 718 00:39:58,719 --> 00:40:02,439 Speaker 1: be more charge is against the president in a court 719 00:40:02,480 --> 00:40:05,120 Speaker 1: of law? But they did talk about that about raising 720 00:40:05,160 --> 00:40:08,839 Speaker 1: I believe the figure two fifty million dollar certain supporters 721 00:40:08,880 --> 00:40:13,279 Speaker 1: in these appeals that the election was stolen from the 722 00:40:13,320 --> 00:40:17,520 Speaker 1: former president. What is Merrick Garland saying or not saying 723 00:40:17,520 --> 00:40:19,680 Speaker 1: at all of this? The current attorney general? Yeah, I 724 00:40:19,680 --> 00:40:21,320 Speaker 1: think I think he's the one that we're going to 725 00:40:21,440 --> 00:40:23,719 Speaker 1: want to wait to hear from after we get through 726 00:40:23,760 --> 00:40:29,759 Speaker 1: these seven hearings, Um, you can almost see the committee 727 00:40:29,800 --> 00:40:33,560 Speaker 1: setting up these witnesses and building out a case. But 728 00:40:33,640 --> 00:40:38,120 Speaker 1: then what happens with that information? Okay, uh, next story. 729 00:40:38,880 --> 00:40:41,680 Speaker 1: We talked about Saudi Arabia to visit. There also high 730 00:40:41,760 --> 00:40:45,799 Speaker 1: level US China talks that's raising the prospects for call 731 00:40:45,880 --> 00:40:49,279 Speaker 1: be between the President She and the President Biden. What 732 00:40:49,320 --> 00:40:52,480 Speaker 1: do we know on that front? So there's no readout 733 00:40:52,560 --> 00:40:55,480 Speaker 1: yet in any talks between She and Jjan Pain, But 734 00:40:55,520 --> 00:40:59,080 Speaker 1: of course there's speculation because you had Jake Sullivan meeting 735 00:40:59,400 --> 00:41:04,279 Speaker 1: with the top Chinese diplomat, Um wangji Sha Monday in Luxembourg, 736 00:41:04,640 --> 00:41:07,319 Speaker 1: and there's been a few instances where those two would 737 00:41:07,360 --> 00:41:09,919 Speaker 1: meet and then that would open a door for their 738 00:41:09,960 --> 00:41:12,920 Speaker 1: principles for the President in Shijing Ping to have some 739 00:41:12,920 --> 00:41:16,279 Speaker 1: sort of phone conversation. But right now there's nothing yet 740 00:41:16,320 --> 00:41:20,160 Speaker 1: but lots of speculation and probably what would be discussed 741 00:41:20,200 --> 00:41:23,880 Speaker 1: is similar to what we know that Sullivan discussed with 742 00:41:23,960 --> 00:41:27,560 Speaker 1: his counterpart, which is of course Taiwan, South China see 743 00:41:27,600 --> 00:41:32,120 Speaker 1: war in Ukraine Ukraine as well as um North Korea's 744 00:41:32,160 --> 00:41:34,680 Speaker 1: nuclear program. That's what that's what the Chinese readout was 745 00:41:35,120 --> 00:41:38,359 Speaker 1: very similar to what the White House readout said was discussed, um. 746 00:41:38,440 --> 00:41:41,319 Speaker 1: But you can imagine that these are the issues that 747 00:41:41,360 --> 00:41:43,200 Speaker 1: if the two were going to meet, and that kind 748 00:41:43,200 --> 00:41:46,239 Speaker 1: of sets the past for potentially of that meeting. Even 749 00:41:46,280 --> 00:41:49,520 Speaker 1: you had this high level meeting, which Sullivan's counterpart, emory 750 00:41:49,520 --> 00:41:53,279 Speaker 1: always a pleasure. Thanks appreciated Bloomberg's Amory horde during and 751 00:41:53,440 --> 00:41:55,920 Speaker 1: of course you could read more about these stories on 752 00:41:55,960 --> 00:41:59,520 Speaker 1: Bloomberg dot com or at the Boomberg terminal. At a reminder, 753 00:41:59,719 --> 00:42:03,040 Speaker 1: you can follow all the latest on Bloomberg Radio in Washington, 754 00:42:03,120 --> 00:42:07,640 Speaker 1: d C. That's Bloomberg and one oh five point seven FM. 755 00:42:07,800 --> 00:42:10,680 Speaker 1: HD two had ahead of the cash opened on Wall 756 00:42:10,760 --> 00:42:15,000 Speaker 1: Street futures pairing so many earlier gains we had European 757 00:42:15,120 --> 00:42:18,520 Speaker 1: stocks they were retreating right now that AL futures eighty 758 00:42:18,600 --> 00:42:20,880 Speaker 1: nine points higher, that's a three tenths of a percent, 759 00:42:21,440 --> 00:42:25,680 Speaker 1: and after the huge sell off yesterday, SMP futures seventeen 760 00:42:25,760 --> 00:42:29,080 Speaker 1: points higher half a percent. Of course, the SMP five 761 00:42:29,160 --> 00:42:33,000 Speaker 1: hundred entering a bear market after yesterday's close on Wall 762 00:42:33,040 --> 00:42:36,920 Speaker 1: Street and Nasdaq futures right now ninety three points higher. 763 00:42:37,239 --> 00:42:39,719 Speaker 1: That is about the eight tenths of the percent. But 764 00:42:39,800 --> 00:42:42,600 Speaker 1: Nathan Hager. I'm John Tucker. Stayed with us just again 765 00:42:43,040 --> 00:42:46,279 Speaker 1: Bloomberg surveillance. You're listening to Bloomberg take