1
00:00:02,560 --> 00:00:05,040
Speaker 1: News when you want it with Bloomberg News Now, I'm

2
00:00:05,080 --> 00:00:10,280
Speaker 1: Doug Krisner. In China, consumer prices barely increased from last year. Meantime,

3
00:00:10,360 --> 00:00:16,079
Speaker 1: industrial prices that would be wholesale inflation continued to slump Stateside.

4
00:00:16,239 --> 00:00:18,959
Speaker 1: The reading on US consumer inflation for the month of

5
00:00:19,079 --> 00:00:22,160
Speaker 1: March top forecast for a third straight month. There were

6
00:00:22,200 --> 00:00:26,520
Speaker 1: gains and rents and transportation cost The news, paired with

7
00:00:26,720 --> 00:00:30,560
Speaker 1: last week's very strong jobs report, forced markets to rethink

8
00:00:30,640 --> 00:00:34,440
Speaker 1: bets on FED raid cuts. We caught up with David Kelly.

9
00:00:34,479 --> 00:00:38,120
Speaker 1: He is the chief Global Strategist at JP Morgan Asset Management.

10
00:00:38,360 --> 00:00:40,880
Speaker 1: He says a rate cut in June is now off

11
00:00:40,920 --> 00:00:41,440
Speaker 1: the table.

12
00:00:42,159 --> 00:00:44,040
Speaker 2: The sound that you heard there was the door slamming

13
00:00:44,040 --> 00:00:47,120
Speaker 2: on a June rate cut that's gone. It's definitely more

14
00:00:47,159 --> 00:00:49,320
Speaker 2: inflation than FED once. I still think that they ought

15
00:00:49,320 --> 00:00:52,600
Speaker 2: to normalize rates over time. I'd be happy enough if

16
00:00:52,640 --> 00:00:55,320
Speaker 2: they started cut rates in June, but I think this

17
00:00:55,400 --> 00:00:56,080
Speaker 2: means that they won't.

18
00:00:56,280 --> 00:00:59,720
Speaker 1: He is David Kelly from JP Morgan Asset Management. President

19
00:00:59,720 --> 00:01:03,600
Speaker 1: By and Japanese Prime Minister Kishita have unveiled initiatives to

20
00:01:03,640 --> 00:01:07,080
Speaker 1: boost collaborations between the US and China. This would include

21
00:01:07,120 --> 00:01:10,720
Speaker 1: a joint program for AI research and at the same time,

22
00:01:10,800 --> 00:01:14,560
Speaker 1: during this press conference, Biden was asked about Nipon Steel's

23
00:01:14,600 --> 00:01:18,320
Speaker 1: takeover US Steel. The United steel Workers are opposed, and

24
00:01:18,360 --> 00:01:22,480
Speaker 1: today Biden reiterated his support for the union. However, Biden

25
00:01:22,520 --> 00:01:26,240
Speaker 1: did stop short of calling for continued American ownership of

26
00:01:26,400 --> 00:01:28,959
Speaker 1: US Steel, and then later in the day we learned

27
00:01:29,120 --> 00:01:33,400
Speaker 1: the Department of Justice has opened an extended investigation into

28
00:01:33,520 --> 00:01:37,479
Speaker 1: Nippon's takeover of US Steel. A new study in China

29
00:01:37,560 --> 00:01:40,679
Speaker 1: saying that BYD received at least three point seven billion

30
00:01:40,720 --> 00:01:44,760
Speaker 1: dollars in direct Chinese government subsidies more from Bloomberg's Juan

31
00:01:44,840 --> 00:01:45,800
Speaker 1: Wong in Hong Kong.

32
00:01:46,440 --> 00:01:48,800
Speaker 3: The subsidies are said to be part of Beijing's drive

33
00:01:48,880 --> 00:01:52,880
Speaker 3: to dominate electric vehicles and other clean technologies. That's according

34
00:01:52,920 --> 00:01:56,480
Speaker 3: to Germany's Keel Institute for the World Economy. The report

35
00:01:56,560 --> 00:01:59,320
Speaker 3: says aid for BYD jumped from two hundred and thirty

36
00:01:59,320 --> 00:02:02,920
Speaker 3: six million in twenty twenty to two point twenty six

37
00:02:03,000 --> 00:02:06,640
Speaker 3: billion two years later. It says virtually all of China's

38
00:02:06,640 --> 00:02:10,680
Speaker 3: listic companies received direct handouts. BYD is also said to

39
00:02:10,680 --> 00:02:14,760
Speaker 3: be benefiting from support for Chinese battery manufacturers. This comes

40
00:02:14,760 --> 00:02:18,120
Speaker 3: as Europe looks to rebalance trade with China as countries

41
00:02:18,160 --> 00:02:21,560
Speaker 3: complained about cheap Chinese goods flooding into the EU and

42
00:02:21,680 --> 00:02:23,520
Speaker 3: Hong Kong joined wal Bloomberg Radio.

43
00:02:23,600 --> 00:02:25,640
Speaker 1: Now, let's check global news with Ed Baxter.

44
00:02:25,880 --> 00:02:28,320
Speaker 4: Another attempt by Donald Trump to delay the start of

45
00:02:28,320 --> 00:02:31,679
Speaker 4: his hush money trial has failed. A third New York

46
00:02:31,680 --> 00:02:35,560
Speaker 4: Appeals judges denied Trump's last ditch efforts to delay his

47
00:02:35,680 --> 00:02:39,400
Speaker 4: April fifteenth trial start on hush money, so barring any

48
00:02:39,400 --> 00:02:43,960
Speaker 4: further court action, jury selection starts on Monday. The US

49
00:02:44,000 --> 00:02:47,120
Speaker 4: says a missile strike by Iran on Israel is imminent

50
00:02:47,480 --> 00:02:50,520
Speaker 4: by Iran or by its proxies missile or drone against

51
00:02:50,600 --> 00:02:54,120
Speaker 4: military and or government targets, it would be a widening

52
00:02:54,120 --> 00:02:57,080
Speaker 4: of the conflict for sure. Now. US Intel says it

53
00:02:57,080 --> 00:03:00,520
Speaker 4: could possibly use high precision missiles and may happen in

54
00:03:00,600 --> 00:03:04,240
Speaker 4: the coming days. Israeli is saying any attack by Iran

55
00:03:04,280 --> 00:03:06,760
Speaker 4: would be met with a direct strike back at Tehran.

56
00:03:07,600 --> 00:03:11,720
Speaker 4: This while Hamas leader Ismail Hanaa says an Israeli airstrike

57
00:03:11,840 --> 00:03:14,600
Speaker 4: killed three of his sons, he also says three of

58
00:03:14,639 --> 00:03:18,440
Speaker 4: his grandchildren as well Ukrainian lawmakers are forging ahead with

59
00:03:18,560 --> 00:03:22,360
Speaker 4: legislation to recruit more troops, to tighten exemption rules, and

60
00:03:22,639 --> 00:03:27,480
Speaker 4: some penalties for not serving systems now in the possible

61
00:03:27,600 --> 00:03:31,480
Speaker 4: cause of the Baltimore ship disaster are the focus of

62
00:03:31,560 --> 00:03:35,760
Speaker 4: the investigation. Meanwhile, Maryland Governor Wes Morris's progress is being

63
00:03:35,800 --> 00:03:38,200
Speaker 4: made on getting more shipping lanes open.

64
00:03:38,320 --> 00:03:41,440
Speaker 5: We'll run track to open up a thirty five foot

65
00:03:41,480 --> 00:03:45,240
Speaker 5: deep channel by the end of April, and the length

66
00:03:45,480 --> 00:03:47,680
Speaker 5: of that channel is also going to be two hundred

67
00:03:47,680 --> 00:03:48,680
Speaker 5: and eighty feet.

68
00:03:49,000 --> 00:03:52,080
Speaker 4: Yeah, and so he says. They'll be making slow progress

69
00:03:52,120 --> 00:03:54,640
Speaker 4: and offloading the containers from the ship as well. And

70
00:03:54,840 --> 00:03:57,880
Speaker 4: New Jersey transit riders can expect a fifteen percent fair

71
00:03:57,960 --> 00:04:01,080
Speaker 4: hike to go into effect July first. It'd be followed

72
00:04:01,080 --> 00:04:05,120
Speaker 4: by three percent annual increases thereafter, accounting for inflation. This,

73
00:04:05,240 --> 00:04:08,600
Speaker 4: along with New York's congestion pricing plan, could put a

74
00:04:08,640 --> 00:04:11,120
Speaker 4: real squeeze on Jersey commuters.

75
00:04:11,520 --> 00:04:13,520
Speaker 1: Thanks ed, that is news when you want it with

76
00:04:13,600 --> 00:04:16,880
Speaker 1: Bloomberg News. Now, I'm Doug Prisoner and this is Bloomberg