Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Monday, May sixteen, two. Coming up this hour,
Speaker 1: China's economy pays the price for the government's COVID zero policy.
Speaker 1: Fleomen sacks cluss, It's US academic growth forecast, Finland and
Speaker 1: Sweden moved closer to joining NATO, and President Biden calls
Speaker 1: for action. And the wicked of mass shooting in Buffalo.
Speaker 1: It was a weekend of gun violence in Buffalo and
Speaker 1: other cities as well. Plus Pennsylvania's Lieutenant governor self for
Speaker 1: a stroke because he runs from the U. S. Senate.
Speaker 1: I'm Michael bar More Ahead, I'm John Stashower Sports. The
Speaker 1: Rangers are moving on. They beat the Penguins in overtime
Speaker 1: in Game seven, it went for the Yankees, a tough
Speaker 1: loss for the map. That's all s traindy Head on
Speaker 1: Bloomberg Daybreak on Bloomberg e Living freon New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Syrius XM one nineteen and around the
Speaker 1: world Old on Bloomberg Radio dot Com and by the
Speaker 1: Bloomberg Business app and good morning. I'm Karen Moscow Antime
Speaker 1: John Sucker. Bloomberg Daybreak being brought to you by b
Speaker 1: n y Melon's Persian Inside conference back in person June
Speaker 1: fifteen through the seventeenth and Grapevine, Texas must attend event
Speaker 1: for financial advisors registered today at Insight dot b n
Speaker 1: y melon dot com. All right, John, thank you, and
Speaker 1: we are watching his headline cross the Bloomberg. McDonald's to
Speaker 1: exit from Russia again. That just crossing the Bloomberg and
Speaker 1: we'll have more details coming up. But first, US futures
Speaker 1: lower this morning at six o one on wallstra On
Speaker 1: Wall Street, we checked the markets every fifteen minutes throughout
Speaker 1: the trading day on bloomberg S and P futures down sixteen,
Speaker 1: Boyds down, futures down fifty eight, and now's day features
Speaker 1: down seventy six. John and Karen, we begin with disappointing
Speaker 1: data out of Asia. China's economy contracted in April as
Speaker 1: COVID lockdown's dragged on the industrial and consumer sectors. Bloomberg
Speaker 1: Daybreak Asia anchor Ryan Curtis has details. Retail sales contracted
Speaker 1: eleven point one percent. That was weaker than a projected
Speaker 1: drop of six point six percent. Industrial output down two
Speaker 1: point nine percent from a year ago and worse than
Speaker 1: an estimate of a modest game. The unemployment rate rose
Speaker 1: to six point one percent, and that was higher than
Speaker 1: the forecast of six percent. Now, despite the slowdown, China's
Speaker 1: Central Bank held back from cutting interest rates. Brian Curtis
Speaker 1: Spoomberg Day Break, Brian, thank you back here in the US.
Speaker 1: Economists at Goldman Sachs are cutting their forecast for US
Speaker 1: growth and we get the latest lie from Bloomberg's or
Speaker 1: I need a young in New York. Good morning, Renty Down,
Speaker 1: Good morning Karen. Goldman SAX economists see the US growing
Speaker 1: two point four percent this year, at one point six
Speaker 1: percent in three that's down from two point six percent
Speaker 1: and two point two percent previously, and it's an adjustment
Speaker 1: to reflect the shakeout in financial markets as the Federal
Speaker 1: Reserve titans monetary policy. Goldman Sax also projects the unemployment
Speaker 1: rate will rise to three point seven percent by the
Speaker 1: end of next year, after falling to three point four
Speaker 1: percent in coming months. Live in New York. I'm gonna
Speaker 1: need a young Bloomberg Day Break, All right, thanks for
Speaker 1: NITA On the same day Goldman cut its forecast. The
Speaker 1: firm's former boss, Lloyd Blank, find says the US is
Speaker 1: at a very high risk for recession. It's definitely a risk.
Speaker 1: If I were running a big company, I would be
Speaker 1: very prepared for it. If I was a consumer, I'd
Speaker 1: be prepared for it. But it's not baked in the cake.
Speaker 1: Former Goldman saxy Lloyd Blank find making the comments on
Speaker 1: Face the Nation from CBS. You can catch the program
Speaker 1: Sunday afternoons on Bloomberg Radio. And another note on Goldman
Speaker 1: This Morning, John. In an effort to retain talent, the
Speaker 1: bank will allow senior staff to take an unlimited number
Speaker 1: of vacation days. That's according to a company memo seen
Speaker 1: by Bloomberg News. Junior employees at Goldman still have limits
Speaker 1: on vacation, but at the beginning at least two extra
Speaker 1: days off per year. And we have another big company
Speaker 1: making moves to a track workers Walmart unveiling a fast
Speaker 1: track path to a job as store manager as the
Speaker 1: reeds others, seeks to bolster its supply of managers in
Speaker 1: a tight labor market. More from Bloomberg's Dog Prisoner. The
Speaker 1: position of store manager typically pays more than two hundred
Speaker 1: thousand dollars a year, and traditionally the job takes years
Speaker 1: to get but now Walmart is launching its College two
Speaker 1: career program. It will provide classroom training together with hands
Speaker 1: on experience and mentoring for recent and soon to be grad's.
Speaker 1: Top performers will be offered a role as an emerging coach.
Speaker 1: The position starts with pay of at least sixty five
Speaker 1: thousand dollars a year, with a goal of becoming a
Speaker 1: store manager within two years. In New York, on Doug
Speaker 1: Prisner Bloomberg Daybreak, all right, Dock, thank you, we do
Speaker 1: have some possible deal news this Monday morning. Jeff Blue
Speaker 1: Airways has made a hostile three and a quarter billion
Speaker 1: dollar takeover bid for Spirit Airlines. Jeff Blue is trying
Speaker 1: to block the discount carriers a great takeover by Frontier Group.
Speaker 1: Jeff Blue is offering thirty dollars a share for Spirit.
Speaker 1: Traders appear skeptical, though Spirit shares are trading around twenty
Speaker 1: dollars in the pre market. And another major story we're
Speaker 1: following involves the mass shooting in Buffalo over the weekend.
Speaker 1: The Justice Department he's investigating this as an act of
Speaker 1: racially motivated violent extremism. The shooting leapt ten people dead
Speaker 1: and three wounded. Eleven of the people's shop were black,
Speaker 1: and eighteen year old white man was arrested. President Biden
Speaker 1: discussed the incident at the US Capitol yesterday. We must
Speaker 1: all work together addressed to hate. It remains a stain.
Speaker 1: I'm the sole American hearts are heavy once again, but
Speaker 1: resolve must never ever waiver. President Biden surging police departments
Speaker 1: to spend federal law enforcement AID, saying it can help
Speaker 1: reduce gun violence. Well. Turning overseas now, John, it's another
Speaker 1: dramatic change triggered by Russia's invasion of Ukraine. NATO members
Speaker 1: are rallying around Finland and Sweden after the country's announced
Speaker 1: plans to join the alliance. Details now from Amy Morris
Speaker 1: in our Bloomberg newsroom in Washington. At the NATO minister's
Speaker 1: meeting in Berlin, u S Secretary of State Antony And
Speaker 1: said Washington will support whatever decisions the two countries make.
Speaker 1: Long supported NATO's up indoor policy and the right of
Speaker 1: all countries to decide their own futures, their policies, their
Speaker 1: security arrangements. NATO members rallied around Finland and Sweden, with
Speaker 1: one country Turkey, voicing concerns. Sweden is sending diplomats to
Speaker 1: Ankara for talks, and NATO's Secretary General John Stoltenberg says
Speaker 1: he does not expect Turkey to delay the membership procedure.
Speaker 1: In Washington, I'm maybe Morris Bloomberg daybreak all right, thanks
Speaker 1: to Amy. Another note out of Europe involving the war
Speaker 1: in Ukraine. Germany says it plans to quit importing Russian
Speaker 1: oil by the end of the year. That's even if
Speaker 1: the European Union fails to agree on a band and
Speaker 1: its next set of sanctions. Russia's share of German oil
Speaker 1: consumption has already declined to twelve percent from about thirty
Speaker 1: five percent before the war began. And the price of
Speaker 1: wheat has skyrocketed since the start of the war, John,
Speaker 1: and it's climbing again today. Wheat prices stored by the
Speaker 1: exchange limit after India moved to restrict export. That shows
Speaker 1: how tight global food supplies are at the moment. Whet
Speaker 1: has written about six this year that's increased the cost
Speaker 1: of everything from bread to cake and noodles and again
Speaker 1: McDonald's to exit from Russia. It's pursuing a sale of
Speaker 1: its entire Russia portfolio. And straight ahead your latest local
Speaker 1: headlines plus the check of sports, and this is Bloomberg
Speaker 1: all right, Thanks Karen six o seven on Wall Street
Speaker 1: and time to bring in Michael Barr to find out
Speaker 1: what else is going on in New York and around
Speaker 1: the world. John, thank you very much, Sir Moore on
Speaker 1: the mass shooting in Buffalo. Vigils were held across Buffalo
Speaker 1: after ten people were killed and three others wounded, and
Speaker 1: what officials are calling a racially motivated attack at a
Speaker 1: busy supermarket. Police say the suspected gunnerman, who is eighteen
Speaker 1: and white, had researched the area that is about seventy
Speaker 1: black Peyton Gendrin appeared in court and pleaded not guilty
Speaker 1: to murder. New York Governor Kathy Hokel. I'm calling out
Speaker 1: the social media platforms where this hate be skewed and
Speaker 1: people are learning how to create guns and violence and weapons.
Speaker 1: Governor hoc called for government action to control the spread
Speaker 1: of guns. One of those killed was a church deacon.
Speaker 1: The church is Pastor Russell Bell It boggles my mind
Speaker 1: that this young man traveled two hundred miles four hours
Speaker 1: to target our community. Pastor Bell says the victim, Hayward Paerson,
Speaker 1: was helping to put groceries in another person's car when
Speaker 1: he was shot and killed. A mass shooting in California
Speaker 1: left one person dead and five others heard after our
Speaker 1: gunman opened fire inside the church in Laguna Woods, Orange County.
Speaker 1: Officials say the suspect as an Asian man in his
Speaker 1: sixties who entered a Taiwanese luncheon at the church. Orange
Speaker 1: County under share of Jack Halleck says the gunman was
Speaker 1: disarmed by members of the church and held until authorities came.
Speaker 1: We believe a group of churchgoers detain him and hog
Speaker 1: tight his legs with an extension court and confiscated at
Speaker 1: least two weapons from him. Under Sheriff Aleck says they
Speaker 1: don't believe the gunman lives in the area. Two people
Speaker 1: were killed three others injured in a shooting near a
Speaker 1: flea market in North Harris County, Texas. The Sheriff's department
Speaker 1: says a fight led to that shooting. Gun violence in
Speaker 1: Milwaukee forced the city to impose a two night curfew
Speaker 1: for people under twenty one. More than twenty people were
Speaker 1: shot in less than two hours in downtown Milwaukee over
Speaker 1: the weekend. One of the front runners in the race
Speaker 1: for a US Senate seat in Pennsylvania's sideline because of
Speaker 1: a stroke. Pennsylvania's Lieutenant Governor John Fetterman, who is atop
Speaker 1: the polls ahead of Tuesday's Democratic Senate primary, says he
Speaker 1: is on his way to a full recovery. The Biden
Speaker 1: administration today released a housing supply Action plan meant to
Speaker 1: help create thousands of affordable housing units in the next
Speaker 1: three years. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalist and analysts more than one twenty countries.
Speaker 1: Michael barn This is Bloomberg, John, Michael, thank you, and
Speaker 1: it sounds six ten on Wall Street. Time for the
Speaker 1: Bluebird Sports Upday. Here's John Stesshower. Thanks John. It was
Speaker 1: only a first round series, but what a series it was.
Speaker 1: Rangers and Penguins. It began at the Garden with triple overtime.
Speaker 1: It ended back at the Old at the Garden overtime
Speaker 1: once again. It seen seconds with the Dana Panish top
Speaker 1: the right circle, close hit shoots off, it's open finery
Speaker 1: scores and the Rangers of one game seven in overtime
Speaker 1: the three that's how sound the w e p and
Speaker 1: the Ranger has lost that series over They never let
Speaker 1: in the series until last night. They trailed three games
Speaker 1: to one and then one three in a row. It
Speaker 1: had to come from behind in all three. They trailed
Speaker 1: last night with six minutes left, makings the Bandage tie
Speaker 1: the game or Temmi pinnaer the game winner on the
Speaker 1: power play. Fourt of OT forty two days for egor
Speaker 1: Sis Circuit is the Penguins at fifteen more shots. It's
Speaker 1: on the round two Game one with the Carolina Hurricanes
Speaker 1: Wednesday in Raleigh. The other game seven, also overtime. Calgary
Speaker 1: beat Dallas, but the Dallas Mavericks, who won their Game
Speaker 1: seven and Phoenix by thirty threes of the Suns, who
Speaker 1: had the NBA's best record, are out the West Finals
Speaker 1: will beat Dallas against Golden State. It will be Miami
Speaker 1: and Boston in the East. The Celtics won Game seven
Speaker 1: over Milwaukee by twenty eight. The Mets of the ninth
Speaker 1: they ain't score twice had the bases loaded. Peter Alonso
Speaker 1: at first appeared to have drawn a game time and
Speaker 1: walk on a three two pitch, but the first phase
Speaker 1: umpire called at strength three. In Seattle one eighth to seven,
Speaker 1: the Metsicans a series for the first time. The Yankees
Speaker 1: won five one at Chicago, not the great outing by
Speaker 1: Nestor Court, as y were out hit four to two.
Speaker 1: The Pirates were out hit for nothing but one wander
Speaker 1: up in the reds through a no hitter and lost
Speaker 1: John Statue Allard Bluebird Sports John Alight. John texts a
Speaker 1: lot hand just ahead of the can't show up a
Speaker 1: Wall Street futures in the red right now down futures.
Speaker 1: They're down forty points, the SMP futures right now fourteen
Speaker 1: points lower, and the ASDA futures are down the seventy three.
Speaker 1: As we take a look at treasuries this morning, the
Speaker 1: benchmark ten year yield at two nineties create that is
Speaker 1: a one basis point. You're listening to Bloomberg tape break,
Speaker 1: and just ahead Bloomberg's Tom mackenzie will join us to
Speaker 1: give us a picture of the world's second largest economy
Speaker 1: at what it means for the investment landscape. This is
Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business outland at
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg business flash and
Speaker 1: I'm Karen Moscow. And McDonald's is saying it's gonna pull
Speaker 1: out of Russia after more than thirty years of operation
Speaker 1: in the country. It's going to also take a write
Speaker 1: off of one point two billion to one point four
Speaker 1: billion dollars for the move. McDonald says it has initiated
Speaker 1: a process to sell the Russian business after temporarily closing
Speaker 1: its restaurants there. Futures this morning are moving lower. SMP
Speaker 1: futures down four teen points this morning down, futures down
Speaker 1: forty three and nasday features down seventy two. The decks
Speaker 1: in Germany's down six tenths of upper cent ten. Your
Speaker 1: treasury down three thirty seconds, yield two point nine three percent.
Speaker 1: The yield in the two year two point six zero percent.
Speaker 1: Nin Max screwed oil is down half percent, or fifty
Speaker 1: nine cents at a hundred nine dollars ninety cents of
Speaker 1: barrel co makes gold down three tents per cent or
Speaker 1: five dollars seventy cents at eighteen o two forty announced
Speaker 1: the euro one point oh four two one against the dollar,
Speaker 1: British pound one point to two four one, and the
Speaker 1: yen at one twenty nine point three zero. Bitcoin this
Speaker 1: morning lower down four percent at twenty nine thousand, seven
Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael bar with more on what's going on around the world.
Speaker 1: Muggel Karen, thank you very much. NATO members rallied around
Speaker 1: Finland and Sweden after they announced plans to join the Alliance.
Speaker 1: It marks another dramatic change triggered by Russia's war in Ukraine.
Speaker 1: Authorities say the white eighteen year old gunmen who killed
Speaker 1: ten people at a Buffalo supermarket during a rampage that's
Speaker 1: are get at black people, had previously made a threat
Speaker 1: at his high school, but they say Peyton Gendrin was
Speaker 1: never charged. In the NHL playoffs and exciting Game seven,
Speaker 1: the Rangers advanced after beating the Penguins in overtime for three.
Speaker 1: In the NBA Playoffs, the Celtics won their Game seven
Speaker 1: against the Bucks. In baseball, the Yankees one the Mets,
Speaker 1: red Sox, Orioles, Nationals, Giants and as all lost Global
Speaker 1: news twenty four hours a day on air, hand on
Speaker 1: Bloomberg Quick Tech, powered by more than seven hundred journalist
Speaker 1: and analysts in more than a hundred twenty countries. I'm
Speaker 1: Michael bar This is Bloomberg John, Thank you, sir. It
Speaker 1: is now six twenty on Wall Street and we are
Speaker 1: live for the Bloomberg in tryn To Brokers Studios. This
Speaker 1: is Bloomberg Daybreak. China's economy paying the price for the
Speaker 1: government's COVID zero policy, and let's take a deeper dive
Speaker 1: this morning into this story. Joining us he is Bloomberg
Speaker 1: Radio anchor Tom mackenzie, who covered China for more than
Speaker 1: five years. So Tom, first of all, thanks for being here.
Speaker 1: One of the figures tell us about China's economy, Well,
Speaker 1: the survey of economists had expected that it was going
Speaker 1: to be bad for the month of April, but not
Speaker 1: this bad. The retail numbers in particular stand out. So
Speaker 1: the Chinese consumer really under pressure as a result of
Speaker 1: these lockdowns that you've seen, of course enforced in cities
Speaker 1: like Shanghai, but also partial lockdowns in cities of Beijing
Speaker 1: and further northeast as well. You saw retail sales falling
Speaker 1: more than eleven percent year on year. The other key
Speaker 1: component that stood out for me was the unemployment rate.
Speaker 1: The jobless rate moving above six percent, and that's only
Speaker 1: a partial slice of the jobless rate that we see
Speaker 1: across China because of the limitations around that survey, so
Speaker 1: the actual real number is probably higher than that. And
Speaker 1: youth unemployment hitting a record, a key concern for the
Speaker 1: stability obsessed Communist Party of China. So these are very
Speaker 1: bad numbers. The second quarter, some economists are saying, could
Speaker 1: see a contraction. It certainly makes the goal, the year
Speaker 1: end goal of getting five point five percent growth, which
Speaker 1: the government said itself incredibly challenging. So does COVID zero
Speaker 1: remain government policy. So this is what analysts and economists
Speaker 1: are watching. Is there going to be any movement? So far,
Speaker 1: you've had present sej Ping and others coming out and
Speaker 1: reiterating that COVID zero is a policy they will continue
Speaker 1: to pursue. But you have had officials in cities like
Speaker 1: Shanghai saying we now have a roadmap for easing these restrictions.
Speaker 1: They're looking at between mid to end June to get
Speaker 1: back to some level of normalization, and they've started to
Speaker 1: allow some shops and some services to start reopening again
Speaker 1: in a very gradual phase way. We know that officials
Speaker 1: are looking at additional policy stimulus for this economy, but
Speaker 1: it's very hard to implement when large parts of that
Speaker 1: economy face these kind of restrictions. For now, the top
Speaker 1: line is at COVID zero isn't going away anywhere. Okay,
Speaker 1: what kind of pushback are again? We've all seen those
Speaker 1: videos of confrontations in the streets. It's been substantial. I've
Speaker 1: been in contact with people with friends in Shanghai. There
Speaker 1: is deep resentment, deep anger about this policy, and certainly
Speaker 1: there's been a lot of videos and evidence at the
Speaker 1: heavy had in this of this approach. Do you have
Speaker 1: still hundreds of thousands of people in that key financial city, Shanghai,
Speaker 1: of course, the second most important city in China, the
Speaker 1: beating financial heart of it, lockdown still and they've been
Speaker 1: in that situation for more than fifty days. They've had
Speaker 1: problems around accessing food, around accessing healthcare. Again. The officials
Speaker 1: say they now have a plan to start to gradually
Speaker 1: open up, but there is deep, resenting, deep anger. How
Speaker 1: long that lasts after this is something certainly to watch
Speaker 1: and to gauge how firmly is Shooting ping empower at
Speaker 1: this point. Most China watchers suggest that there's very little
Speaker 1: chance the present Shooting Ping is facing any real threat
Speaker 1: to his power. However, there is some speculation and some
Speaker 1: appointing to potential divisions between him and Premier Lika Chang,
Speaker 1: who has come out and urged greater support for the
Speaker 1: economy and talked of the concerns and the impact of
Speaker 1: these COVID zero policies. Some are reading into the commentary
Speaker 1: by Premier League Chang as a suggesting that there's a
Speaker 1: rift at the top. No one that I know who
Speaker 1: is watching China closely thinks President Using Ping is imminently
Speaker 1: threatened by any of this, But certainly it's likely to
Speaker 1: called tensions within the party because this is a very
Speaker 1: difficult balancing act. All right back to the you can
Speaker 1: have up front, what are the countries targets right now?
Speaker 1: How realistic are they? So? Five point five is the
Speaker 1: end of year GDP target that that they've set themselves.
Speaker 1: And again some economists that we've spoken to have suggested
Speaker 1: you're going to get contraction in the second quarter. Most
Speaker 1: economists think that hitting that five point five GDP is
Speaker 1: going to be very challenging the polit bureau, so the
Speaker 1: leading the top leaders within the Communist Party have come
Speaker 1: out and said they are determined to meet those goals.
Speaker 1: We've seen some changes around the edges in terms of
Speaker 1: policy support. So for example, over the weekend they cut
Speaker 1: the mortgage rate for first time buyers to try and
Speaker 1: bolster the real estate sector. But again it's very challenging
Speaker 1: to implement policy when so much of the economy is lockdown.
Speaker 1: The other element that we saw the data we saw
Speaker 1: on Friday was that loan growth that actually shrine quite considerably.
Speaker 1: People have alsely homeowners and people wanted to buy cars
Speaker 1: and service their apartments aren't taking out loans because they
Speaker 1: are concerned, of course about their job prospects, and many
Speaker 1: of them are locked into their own homes. So loan
Speaker 1: growth has shrunk considerably, meaning the credit isn't getting to
Speaker 1: the system. So there's a transmission problem between the PBOC,
Speaker 1: the People's Bank of China and people living and operating
Speaker 1: on the ground. There are real, real quick or the
Speaker 1: implication for supply chains. Well, we've seen analysis by Bloomberg
Speaker 1: hundred eighty companies out of the earnings sector conglomerates, those
Speaker 1: with exposers to China have talked about supply chains and
Speaker 1: concerns about the impacts and Chinese seen the lights of
Speaker 1: Tesla have hit been hit by this. The factory in
Speaker 1: Shanghai was locked down for three or three weeks. Who
Speaker 1: had to stop production for three weeks. They're now back
Speaker 1: up and running. Apple has been impacted this, so the
Speaker 1: supply change challenges are certainly significant. Bloomberg Radio anchored to
Speaker 1: McKenzie tub thanks very much, we appreciate it. And ahead
Speaker 1: of the market open ad was free futures on the
Speaker 1: red right now down Future is down sixty three s
Speaker 1: and futures down sixteen. The nandact future is any point slower.
Speaker 1: You're listening to Bloomberg day Break and day Break being
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Speaker 1: broadcasting live from the Bloomberg Interactive Broker studio in New York,
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Speaker 1: Bloomberg Radio dot com. This is Bloomberg Day Break bloom
Speaker 1: It's six thirty on Wall Street. Good morning. I'm John
Speaker 1: Tucker and I'm Karen Moscow. We're just about three hours
Speaker 1: away from the open of US trading. Time to the
Speaker 1: five things you need to notice start your day. Ron
Speaker 1: to you by I b k R. Investment Advisers switched
Speaker 1: to Interactive Brokers for lowest cost global trading and turnkey
Speaker 1: custody solutions, no ticket charges and no conflicts of your
Speaker 1: interests at ibkr dot com. Slash r i a up first.
Speaker 1: Industrial output and retail sales in China fell in April,
Speaker 1: while unemployment climbed. COVID lockdowns are being blamed. Shetan a
Speaker 1: chief Asia Economists, and Morgan Stanley says outlook remains strong
Speaker 1: once China moves past its COVID zero policy. You do
Speaker 1: need solution to this near zero COVID policy. It's not
Speaker 1: about just the economic policy easing itself. Now. We need
Speaker 1: to see that, you know, economy gets going with freeing
Speaker 1: up of restrictions on mobility. Morgan Stanley Shetania says China
Speaker 1: supply chain constraints also appear to be easing and back
Speaker 1: here in the US, Goldman sacks cutting growth forecast. Bloomberg's
Speaker 1: Reany the Young joins us Live in New York with
Speaker 1: more Good Morning Rena, Good morning, John Goldman sax economists
Speaker 1: see the US growing two point four percent this year
Speaker 1: and one point six percent in three. That's down from
Speaker 1: two point six percent and two point two percent. It
Speaker 1: reflects the shakeout in financial markets as the Federal Reserve
Speaker 1: titans monetary policy. Goldman projects unemployment to rise to three
Speaker 1: point seven percent by the end of three after falling
Speaker 1: to three point four percent in coming months. Live in
Speaker 1: New York. I'm re need a Young Bloomberg day break.
Speaker 1: All right, we need to thank you. While Goldman's former
Speaker 1: leader Lloyd blank find warrens the US should prepare for
Speaker 1: a recession despite the Fed's best efforts to avoid one.
Speaker 1: I think the FETE has very powerful tools. It's hard
Speaker 1: to finally tune them, and it's hard to see the
Speaker 1: effects of them quickly enough to alter. Former Goldman sax
Speaker 1: CEO Lloyd blank find spoke on Face the Nation from CBS,
Speaker 1: which are Sundays on Bloomberg Radio, and we're tracking the
Speaker 1: latest from this weekend's mass shooting in Buffalo. It left
Speaker 1: ten people down, three wounded. Eleven of the people shop
Speaker 1: were black. President Biden spoke about the arrest of the
Speaker 1: eight teen year old white suspect. The Justice Department is
Speaker 1: stated publicly that is investigating the matter as a hate crime,
Speaker 1: racially motivated, active white supremacy, and violent extrema. President Budden
Speaker 1: speaking at the National Peace Officers Memorial in Washington and
Speaker 1: John followed from Russia's invasion of Ukraine, Finland and Sweden
Speaker 1: announced they plan to join NATO, and McDonald's is exiting
Speaker 1: Russia with a complete sale of its portfolio. That's the
Speaker 1: five things you need to know to start your day,
Speaker 1: brought to you by Interactive Brokers and Straight to Head
Speaker 1: your latest local headlines, plus the check of sports. This
Speaker 1: is Bloomberg. Thanks Karen six three on Wall Street and
Speaker 1: let's bring in Michael barn Now to tell us what
Speaker 1: else is going on in New York and around the world.
Speaker 1: Thank you very much, John Moore. On the mass shooting
Speaker 1: in Buffalo, New York Governor Kathy Hoko called on social
Speaker 1: media companies to do more to crackdown on racist, anti immigrant,
Speaker 1: and anti Semitic rhetoric on their platforms. Governor Hocal says
Speaker 1: the man accused of shooting and killing ten people in
Speaker 1: a Buffalo supermarket was radicalized online. Hocal says the accused
Speaker 1: eighteen year old shooter broadcast the attack, which took place
Speaker 1: in a predominantly black neighborhood, and had posted a white
Speaker 1: supremacist manifesto online. The governor also called on the government
Speaker 1: to control the spread of guns. This is not Ukraine
Speaker 1: where they're defending their lives. This is United States of America.
Speaker 1: We don't need those weapons in our streets and on
Speaker 1: our hands. Governor hokel spoke at Macedonia Baptist Church in Buffalo.
Speaker 1: A mass shooting in California left one person dead and
Speaker 1: five others heard after a gunman opened fire inside a
Speaker 1: church in Laguna Woods, Orange County. Authorities say the gunman
Speaker 1: was disarmed by members of the church and held until
Speaker 1: authorities came. Shootings also took place in Texas and Milwaukee.
Speaker 1: The leading Democratic candidate in the US Senate race in Pennsylvania,
Speaker 1: State Lieutenant Governor John Fetterman, suffered a stroke. Fetterman released
Speaker 1: a reef video on Twitter with his wife. It was
Speaker 1: on Friday. I just wasn't feeling very well, so I decided,
Speaker 1: you know what, I need to get checked out because
Speaker 1: I was as always. It's not clear when Fetterman will
Speaker 1: return to the campaign trail ahead of Tuesday's primary. Two
Speaker 1: bills aimed at resolving the baby formula crisis appeared to
Speaker 1: be coming together on Capitol Hill. One is an emergency
Speaker 1: funding bill that would allow the US to purchase formula
Speaker 1: from f d A approved facilities in four countries. Another
Speaker 1: with wide and formula access under a low income program.
Speaker 1: This Massachusetts mom says she's been driving all over New
Speaker 1: England looking for a formula for her ten month old
Speaker 1: daughter and like in the car today for four hours.
Speaker 1: The seven stores I checked personally, none of them but
Speaker 1: one had my daughter's formula. She also has some internet
Speaker 1: sites that are involved in price gouging. North Korean leader
Speaker 1: Kim John Une blasted officials over slow medicine deliveries. The
Speaker 1: North has ordered his military to respond to the largely
Speaker 1: undiagnosed COVID nineteen crisis that has left one point two
Speaker 1: million people ill with fever and fifty dead in a
Speaker 1: matter of days. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists analysts in more than a
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg, John, Michael,
Speaker 1: thank you. He is now six thirty six Wallsbury And
Speaker 1: that's Sime for the Bloomberg Sports Update. Here's John Stenn Show.
Speaker 1: Thanks John. When the Rangers lost Game four in Pittsburgh
Speaker 1: seven to two, things didn't look good. They were down
Speaker 1: three games to one. Only twice in franchise history had
Speaker 1: they won a series from down three one. But they
Speaker 1: came from two goals down to win Game five. Did
Speaker 1: the same thing in Game six in Pittsburgh and trailed
Speaker 1: again last night with under six minutes to play. Barrino
Speaker 1: patted around, taken by coppers. Manochat store is a bad
Speaker 1: Chattis tipe Game seven with five forty five a go,
Speaker 1: It's three all often so like the Game one at
Speaker 1: the Garden that went triple overtime. Overtime in Game seven,
Speaker 1: Rangers got a power play r Temmy Pinnerin, who had
Speaker 1: a somewhat quiet series, scored four or forty five of
Speaker 1: ot and the Rangers won four to three and won
Speaker 1: the series for three. And I'll face the Carolina Hurricanes
Speaker 1: Game one Wednesday in Raleigh, also over time in Game
Speaker 1: seven at Calgary, the Flames being Dallas, so Dallas split
Speaker 1: Game seven's The Mavericks and a stunner blew out the
Speaker 1: Suns in Phoenix one three to ninety. They're up thirty
Speaker 1: at half time, so Dallas will play Golden State in
Speaker 1: the NBA's West Finals. The Celtics will take on Miami
Speaker 1: and the East. Boston won Game seven over Milwaukee one
Speaker 1: o nine to eighty one to the NBA. Game sevens
Speaker 1: were both blowouts. In the two NHL Game seven both
Speaker 1: went overtime. Yankees had only two hits and won five
Speaker 1: to one at Chicago. Another great aunay by Nestor Cortez
Speaker 1: is here. A one point three five Gangs have won
Speaker 1: eight team to the last twenty one. I met ninth
Speaker 1: inning comeback, fell short. They lost in Seattle eight to seven.
Speaker 1: They lose the series for the first time. The Cincinnati
Speaker 1: Reads through a no hitter and lost in Pittsburgh into nothing.
Speaker 1: John Stashal want Bloomberg Sports, John Ali, John, thanks very much.
Speaker 1: It is right now sixty seven hold Wall Street and
Speaker 1: time to take a look at stocks as some of
Speaker 1: the names that are moving in the pre market this morning.
Speaker 1: And for that we're joined by Bloomberg Radio and TV
Speaker 1: Markets correspondent Creta. Pretty I'm not saying there's a food shortage,
Speaker 1: but there's certainly worries on that end, and that's giving
Speaker 1: a boost to some of the stocks that we're looking
Speaker 1: at this morning. Yeah, it really is. I mean, over
Speaker 1: the weekend we heard that India is now looking to
Speaker 1: have an export ban on wheat. This is really important
Speaker 1: as we talk about the impact of Ukraine and Russia,
Speaker 1: the idea that over of the world's grain supply is
Speaker 1: essentially not hitting the market because of the war that's
Speaker 1: happening in that region. So you have to look to
Speaker 1: other countries like India, like the United States to make
Speaker 1: up some of that impact. And when you do have
Speaker 1: a country like India come out and say as they
Speaker 1: did over the weekend that they're going to ban some
Speaker 1: of their exports. They are going to help out some
Speaker 1: of the countries they already have contrasts with Egypt, for example,
Speaker 1: but they're not going to be that plan B that
Speaker 1: a lot of the agricultural industry was really hoping they
Speaker 1: would be in terms of getting their hands on the
Speaker 1: grain supply. John. This comes also after last week you
Speaker 1: had a report from the U s d A I believe,
Speaker 1: coming on saying that the grain harvest in the United
Speaker 1: States is now hitting a six year low. You all,
Speaker 1: lot of this has to do with climate, has to
Speaker 1: do with simply the crop conditions as well. But what
Speaker 1: that means for the stock impact is is companies like
Speaker 1: Archer Daniels Midland, which of course is exposed to a
Speaker 1: lot of that farming equipment a d M is your taker.
Speaker 1: It's up at one point seven percent because it means
Speaker 1: there's going to be more and more need to invest
Speaker 1: in things like farming equipment, in agricultural products, fertilizer, which
Speaker 1: brings me to my other stock. You want to keep
Speaker 1: your eye on mosaic m os up one point seven percent,
Speaker 1: So clearly an agricultural story. Having a read through into
Speaker 1: the broader market. All right, Well, China had some pretty
Speaker 1: ambitious economic targets to meet and they ran small in
Speaker 1: the COVID zero so imagined some of the stocks tied
Speaker 1: to China are taking it on the chin. Yeah, the
Speaker 1: best place to look at that. I mean, we've got
Speaker 1: a lot of that eco data overnight where they said
Speaker 1: a lot of that consumer spending, industrial spending has dropped
Speaker 1: because of the lockdowns zero zero COVID policy. They're not
Speaker 1: really going to stray from an immediate impact into the
Speaker 1: Some of your worst performers this morning, Win Resources, for example,
Speaker 1: w y n N in Las Vegas, Fans LVS both
Speaker 1: down about three percent in the pre market, and this
Speaker 1: has everything to do with the idea of their exposure
Speaker 1: in Macau and in Hong Kong. So of course those
Speaker 1: are gonna be stocked. You want to keep an eye
Speaker 1: on when it comes to the Chinese eco data actually
Speaker 1: having ripple effects into American businesses. So keep an eye
Speaker 1: on the stock. John Pretty, you always supplies your thanks appreciate.
Speaker 1: Bloomberg Radio and TV Markets corresponded pretty grouped with us
Speaker 1: this Monday morning and looking at the stocks as a
Speaker 1: whole ahead of the cans show up on odd Wall Street.
Speaker 1: But now we have the SMP. Even the futures they're
Speaker 1: down through team points, the down futures thirty seven points
Speaker 1: lower and the dance they comm any futures are down
Speaker 1: sixty nine points. Give it treasuries here as well. The
Speaker 1: tenure yield, the benchmark up one basis point, the yield
Speaker 1: two point nine. You are listening to Bloomberg Daybreak and
Speaker 1: the Bloomberg Weather from meteorologist Rob Carol had mostly cloud a,
Speaker 1: scattered showers in thunderstorms, especially this afternoon. Some of these
Speaker 1: could be severe. The high temperature today to eighty degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg
Speaker 1: crick Tape. This is a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow future is lower this morning. We go to
Speaker 1: the First Word breaking news desk for today's morning call.
Speaker 1: Here's Bill Maloney. Bill, good morning, and good morning, Karen.
Speaker 1: Modest losses in the futures right now at death futures
Speaker 1: down thirty two points, as bees dropped twelve one. Nest
Speaker 1: that futures are lower by sixty two the US a
Speaker 1: ten year at two point nine three percent, Gold is
Speaker 1: down eight oil is also in the red, and bitcoin
Speaker 1: is down by three point six percent. Japan rose half
Speaker 1: percent overnight, while up markets are trading mixed this morning
Speaker 1: and back in the US on the Economic Funday thirty
Speaker 1: Empire Manufacturing Indian news Jet Blue made a hostile takeover
Speaker 1: offer for Spirit Airlines at thirty hours a share. In
Speaker 1: other news, Goldman Sacks cut US growth forecast for two
Speaker 1: and three, and McDonald's is exiting Russia with a complete
Speaker 1: sale of its portfolio to a local buyer, wrapping things up.
Speaker 1: Marathon Patrol and cuts to neutral ad Goldman Sachs. Alibaba
Speaker 1: eight yrs were raised to overweight at Jacob Morgan and
Speaker 1: so Far was raised to overweight over Red Piper Live
Speaker 1: from the First Breaking News Desk, Gone go Maloney, Karen,
Speaker 1: all right, Bill, thank you to here live breaking news
Speaker 1: over your Bloomberg type squawk on your terminal squ a
Speaker 1: w K. That's a Bloomberg business a show. Where's Michael
Speaker 1: Barrow with more on what's going on around the world, Michael, Karen,
Speaker 1: thank you very much. Finland announced that it would seek
Speaker 1: NATO membership after Russia's invasion of Ukraine. Sweden's governing party
Speaker 1: also endorsed the idea of applying to join the Alliance.
Speaker 1: Ahead of his plan visit the Buffalo tomorrow, President Biden
Speaker 1: is saying that it is time to address the hate
Speaker 1: and that remains a stain on the soul of America.
Speaker 1: The mass shooting that left ten people dead and three
Speaker 1: wounded at a supermarket and Upstate New York is being
Speaker 1: described as a racially motivated massacre. In the NHL Playoffs,
Speaker 1: an Eggs signing Game seven, the Rangers advanced after beating
Speaker 1: the Penguins in overtime for three. In the NBA Playoffs,
Speaker 1: the Celtics won their Game seven against the Bucks. In baseball,
Speaker 1: the Yankees one, the Mets, Red Sox, Orioles, Nationals, Giants,
Speaker 1: A's all lost. Global news twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Take, powered by more
Speaker 1: than seven hundred journalists analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg. Karen alright, Michael, thank you.
Speaker 1: At six forty nine on Wall Street. Return to news
Speaker 1: and science and Technology Now with a Bloomberg and j
Speaker 1: I t Stam report now here's just making news and science, technology, engineering,
Speaker 1: and math authorities say most of Shanghai has stopped the
Speaker 1: spread of the coronavirus in the community, and fewer than
Speaker 1: one million people remain under strict and lockdown. Supermarket, smalls
Speaker 1: and restaurants were allowed to reopen with limits on the
Speaker 1: numbers of people and mandated no contact transactions, but most
Speaker 1: of the city's twenty five million people remain under some
Speaker 1: form of restriction. Movement around the city is highly limited,
Speaker 1: and the subway train system remains closed for now. Six
Speaker 1: months after the signing of President Joe Biden's one trillion
Speaker 1: dollar infrastructure package, the government says there are four thousand,
Speaker 1: three hundred projects under way. Of the one hundred ten
Speaker 1: billion announced so far, more than fifty two billion is
Speaker 1: for federal highway funding this fiscal year and twenty and
Speaker 1: a half billion dollars for public transit. There's another twenty
Speaker 1: seven billion over five years for bridges, as well as
Speaker 1: money for safety, rural highways, airport, sports, drought resilience and
Speaker 1: other programs. And it's the latest move by a Wall
Speaker 1: Street bank to retain talent and a hot job market.
Speaker 1: Goman sacks will allow senior staff to take an unlimited
Speaker 1: number of vacation days. That's according to a company memo
Speaker 1: scene by Bloomberg and as a Bloomberg and j I. T.
Speaker 1: Stem report, John a limited vacation. Alright, Karen, We're live
Speaker 1: for the Bloomberg Interact to Broker's Studios, where it is
Speaker 1: now six fifty on Wall Street. Time now to check
Speaker 1: what's going on to d C and Some of the
Speaker 1: top stories in our nation capital include President Biden calling
Speaker 1: for action after the mass shootings over the weekend, NATO
Speaker 1: preparing to add Finland and Sweden to northern defenses. Senate
Speaker 1: Republican leader Mitch McConnell counters isolationist voices in the Republican
Speaker 1: Party on Ukraine. And John Fetterman, the leading Democratic candidate
Speaker 1: for the U. S. Senate in Pennsylvania, says he is
Speaker 1: now recovering after being hospitalized. One time rising star Madison
Speaker 1: Cawthorne faces a Republican fight as his gaffs start to
Speaker 1: I love Now, let's take a deeper dive into some
Speaker 1: of these stories this morning with Bloomberg Government reporter Emily Wilkins.
Speaker 1: The President addressing the mass shootings over the weekend to
Speaker 1: Emily and what exactly is he calling for so a
Speaker 1: President Biden has really focused on the fact that these
Speaker 1: shootings were racially motivated, that the shooter chose an area,
Speaker 1: chose a supermarket in Buffalo, New York that did have
Speaker 1: a higher percentage of of black Americans there to carry
Speaker 1: out his shooting. And Biden has made it clear that
Speaker 1: you know that this is unacceptable, UM, and he's pleaded
Speaker 1: for uh. You've heard him really talk about the need
Speaker 1: to sort of, you know, work together to address the
Speaker 1: hate that remains, uh, staying on the soul of America.
Speaker 1: That's one of the things we heard him say over
Speaker 1: the weekend. But what you didn't hear, I think is
Speaker 1: actually what's a little bit more newsy, John, and that's
Speaker 1: you did not hear a call from Biden for federal
Speaker 1: action at this point. It's it's clear, as it has
Speaker 1: been for some time, that they're just not the votes
Speaker 1: that are needed for the Senate to wind up passing
Speaker 1: any sort of legislation UM that either you know, reduces uh,
Speaker 1: the access to guns or requires additional standards or metrics
Speaker 1: to get gun control. You did hear a call for
Speaker 1: federal action from New York Governor Kathy HOCl Um as
Speaker 1: well as some local, uh local officials. UM now speaking,
Speaker 1: Nancy Pelosi said this was a huge priority. But again,
Speaker 1: I mean she knows the math. She knows that that
Speaker 1: at this point, because of the makeup of the House
Speaker 1: and the Senate, there's the House was able to pass
Speaker 1: some legislation, but that there's no way at this point
Speaker 1: that gets through the Senate. And not to mention it
Speaker 1: is the Supreme Court also at some point is going
Speaker 1: to take up the New York City for instance, the
Speaker 1: local restrictions on guns. UM. The next story I want
Speaker 1: to focus on real quick here Emily NATO preparing to
Speaker 1: add a couple of members of the Northern Defenses, namely
Speaker 1: Finland and Sweden. How is this playing out? And uh,
Speaker 1: what is Ladmer Putent's reaction to it? I guess is
Speaker 1: one of the things we'll have to watch out for.
Speaker 1: So yeah, I mean this is being welcomed by a
Speaker 1: number of countries, including the US. That Finland and Sweden
Speaker 1: on Sunday they announced their plans to join the alliance.
Speaker 1: And this has really come uh due to Russia's invasion
Speaker 1: of Ukraine. That the leaders of both these countries said
Speaker 1: that it is important that you know if they come
Speaker 1: under attack, that they will be helped by these by
Speaker 1: these other states, and that they'll be able to help
Speaker 1: other countries if they're attacked. And so this is certainly
Speaker 1: something that we've kind of seen this direct correlation to
Speaker 1: I mean, certainly this isn't what Putin wanted to happen,
Speaker 1: where he wanted to weaken NATO. He wanted to stop
Speaker 1: NATO's expansion. He was very concerned about that. Instead, this
Speaker 1: war has risen fears in these other countries about leading
Speaker 1: them to say, hey, we actually need NATO now. We were,
Speaker 1: you know, being neutral and impartial before, but now that
Speaker 1: we're seeing what Russia is doing to Ukraine, we think
Speaker 1: that we need to take the precautions needed to join
Speaker 1: NATO at this time. And related to that, the Senate
Speaker 1: Republican leader Ritch McConnell, he's been overseas kind of countering
Speaker 1: the isolation of his voices in his own party. Tell
Speaker 1: us more about that. Yes, the McConnell actually met with
Speaker 1: rob Ukrainian President of Vladimizilinsky. And this has comes as
Speaker 1: the Senate is working to pass forty billion dollars of
Speaker 1: financial aid to Ukraine. This will be different things like military,
Speaker 1: including humanitarian aid, aide for refugees, aide to re start,
Speaker 1: you know, rebuilding and recoming back as a country. UM.
Speaker 1: The difficulty here was that they tried to move this
Speaker 1: legislation via an expedited process last week and it got
Speaker 1: held up by one senator, Senator Ran Paul of Kentucky.
Speaker 1: And I think what McConnell's really trying to do here
Speaker 1: is to try and counteract any sort of message that
Speaker 1: the US is not united on this UM. One thing
Speaker 1: you've heard from McConnell, from Flosi, from Biden, from really
Speaker 1: all the top leaders is how important it is that
Speaker 1: the US brings forward a very unified front in their
Speaker 1: support of Ukraine and in their opposition to Russia. And
Speaker 1: I think what you're seeing McConnell do here is a
Speaker 1: little bit of damage control, saying, hey, don't just because
Speaker 1: we had one senator who did not vote to pass
Speaker 1: this quickly because he wanted additional amendment text, don't misunderstand
Speaker 1: the US still stands very much behind Ukraine. And some
Speaker 1: local politics a little more local. John Federman, he's the
Speaker 1: leading candidate from the Democratic Party for the Senate in Pennsylvania.
Speaker 1: What's the update on this story. He had a stroke. Yeah,
Speaker 1: and he says that he is now recovering after being
Speaker 1: hospitalized for a stroke. Uh. He says that, you know,
Speaker 1: if he was able to get to a hospital within
Speaker 1: minutes of his first symptoms, so has appeared on Friday.
Speaker 1: He says that he's feeling much better, that they didn't
Speaker 1: suffer any cognitive damage. Uh. You know this guy, he's
Speaker 1: only fifty two. Uh, he can't told some of his
Speaker 1: weekend campaigning. I mean that might wind up being the
Speaker 1: biggest impact here is that he's not on the trail
Speaker 1: the weekend before his campaign. But currently he is up
Speaker 1: for about thirty points over his competition. Um, and he's
Speaker 1: well poised at this point to win that nomination for
Speaker 1: the Democratic primary and bat will take place this Tuesday.
Speaker 1: And uh, real quick, one time rising store in the
Speaker 1: Republican Party. Madison Cawthorne. Who is he and what's he
Speaker 1: up against? Yeah? So Madison Cawthorne, He's a Republican, very
Speaker 1: pro Trump. He's from the very solidly Republican district in
Speaker 1: North Carolina, and he is the youngest member of Congress
Speaker 1: and he's they seen a very very tough primary right now.
Speaker 1: And this is because of several reasons. Um. Number one,
Speaker 1: just some scrutiny and criticism over some of his statements.
Speaker 1: He called Ukrainian President Vladimir's Lenskia thug that was very
Speaker 1: much criticized by those within his own party. He also
Speaker 1: suggested that Republicans were heaving orgies and doing cocaine. Uh.
Speaker 1: That also upset a number of individuals in his own party,
Speaker 1: to the extent that you now have one of the
Speaker 1: Republican centers running against advertising against him. So he faces
Speaker 1: a very tough primary as well. All Right, thanks a lot,
Speaker 1: Bloomberg's Emily Wilkins, and you can read more about these
Speaker 1: stories on Bloomberg dot com or the Bloomberg terminal, and
Speaker 1: you can also follow the latest on Bloomberg Radio in Washington.
Speaker 1: That's Bloomberg at one O five seven FM HD two.
Speaker 1: Shut the cash open on Wall Street right now. The
Speaker 1: futures are lower, the DOWN futures down fifty two points,
Speaker 1: smp E mini futures are fourteen points lower, and the
Speaker 1: nasdack futures are down sixty five points. I'm John Tucker
Speaker 1: for Karen Moscow. You're listening to Bloomberg Daybreak just to
Speaker 1: hand Bloomberg surveillance