Speaker 1: Live from the Bloomberg in Director Brooker Studios. This is
Speaker 1: Bloomberg Daybreak for Monday, May sixteen, twenty two. Coming up
Speaker 1: this hour, China's economy pays the price for the government's
Speaker 1: COVID zero policy, fumbing Sacks cuts its U S ecademic
Speaker 1: growth forecast, Finland and Sweden moved closer to joining NATO,
Speaker 1: and President Biden calls for action. And the wicked of
Speaker 1: mass shooting in Buffalo. It was a weekend of gun
Speaker 1: violence in Buffalo and other cities as well. Plus Pennsylvania's
Speaker 1: lieutenant governor suffered a stroke because he runs from the U. S. Senate.
Speaker 1: I'm Michael barn More, I'm John stash Our 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 Mets. That's all s train ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg Eleveing Freeo, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty,
Speaker 1: San Francisco, Syrius x M one nineteen and around the
Speaker 1: world Old on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business app. Good morning on John Tucker and I'm
Speaker 1: Karen moscowis and P futures are lower this morning. We're
Speaker 1: coming up to five o one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg S and P futures down four points.
Speaker 1: Now futures are up twenty two and NASDAG futures down
Speaker 1: thirty one. The decks in Germany is up tenth of
Speaker 1: a percent. Ten year treasury little change yell two point
Speaker 1: nine two percent, and they yield on the two year
Speaker 1: two point five nine percent. Nine back screwed oils down
Speaker 1: half percent or fifty seven cents at a hundred nine
Speaker 1: dollars ninety two cents of barrel, and the euro one
Speaker 1: point oh four three five against the dollar. John and Karen,
Speaker 1: we begin with disappointing data out of Asia. China's economy
Speaker 1: contracted in April as COVID lockdowns, dragging the industrial and
Speaker 1: consumer sectors down, and Bloomberg's day Breck Asia anchor Brian
Speaker 1: Curtis has details retail sales contracted eleven point one percent.
Speaker 1: That was weaker than a projected drop of six point
Speaker 1: six percent. Industrial output down two point nine percent from
Speaker 1: a year ago and worse than an estimate of a
Speaker 1: modest game. The unemployment rate rose to six point one percent,
Speaker 1: and that was higher than the forecast of six percent. Now.
Speaker 1: Despite the slowdown, China's Central Bank held back from cutting
Speaker 1: interest rates. Brian Curtis Spoomberg Day Break, A right, Brian,
Speaker 1: thank you all. Back here in the US, economists at
Speaker 1: Goldman Sachs are cutting their forecast for US growth. Let's
Speaker 1: get the latest live from Bloomberg's rand A Young in
Speaker 1: New York. Good morning, Reni Down, Good morning, Karen. Goldman
Speaker 1: Sachs economists see the US growing two point four percent
Speaker 1: this year at one point six percent three. That's down
Speaker 1: from two point six percent and two point two percent previously,
Speaker 1: and it's an adjustment to reflect the shakeout in financial
Speaker 1: markets as the Federal Reserve titans monetary policy. Goldman Sachs
Speaker 1: also projects the unemployment rate will rise to three point
Speaker 1: seven percent by the end of next year, after falling
Speaker 1: to three point four percent in coming months. Live in
Speaker 1: New York. I'm Nita Young, Bloomberg Day Break. Thanks for Nita.
Speaker 1: On the same day, Goldman cut its forecast the firm's
Speaker 1: former bloss Lloyd blank find says the US is at
Speaker 1: 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 SACS EO Lloyd blank Find made the comments
Speaker 1: on face donation from CBS, Catch the program Sutday Afternoons
Speaker 1: on Bloomberg Radio and one other note on Goldman this Morning.
Speaker 1: In an effort to retain talent, the bank will allow
Speaker 1: senior staff to take an unlimited number of vacation days
Speaker 1: as according to a company memo seen by Bloomberg News,
Speaker 1: junior employees at Goldman still have limits on vacation, but
Speaker 1: they'll be given at least two extra days off per year.
Speaker 1: And Karen another big company making moves to attract workers Walmart.
Speaker 1: He is unveiling a fast track path to a job
Speaker 1: as store manager, as the retailer seeks to bolster it's
Speaker 1: apply of managers in a tight labor market. Let's get
Speaker 1: more from Bloomberg's Dug Prisoner. The position of store manager
Speaker 1: typically pays more than two hundred thousand dollars a year,
Speaker 1: and traditionally the job takes years to get, but now
Speaker 1: Walmart is launching its College two career program. It will
Speaker 1: provide classroom training together with hands on experience and mentoring
Speaker 1: for recent and soon to be grad's. Top performers will
Speaker 1: be offered a role as an emerging coach. The position
Speaker 1: starts with pay of at least sixty five thousand dollars
Speaker 1: a year, with a goal of becoming a store manager
Speaker 1: within two years. In New York, on Doug Prisner Bloomberg Daybreak,
Speaker 1: all right, Doug, thank you, well, we do have some
Speaker 1: possible deal news this Monday morning, The Wall Street Journal
Speaker 1: is reporting Jet Blue Airways plans a tender offer for
Speaker 1: Spirit Airlines at thirty dollars a share in cash. The
Speaker 1: paper says Jet Blue plans to appeal directly to Spirit
Speaker 1: shareholders by launching the tender offer and hopes of pressuring
Speaker 1: Spirits management to re engage in negotiations. Traders appear skeptical,
Speaker 1: though Spirit shares are trading near twenty dollars in early trade.
Speaker 1: And another major story we're following, Karen involves the mass
Speaker 1: shooting in Buffalo over the weekend. The Justice Department investigating
Speaker 1: it as an act of racially moated violent, racially motivated
Speaker 1: violent extremism. The shooting left ten people dead and three wounded.
Speaker 1: A lot of the people shot were black, and eighteen
Speaker 1: year old white man was arrested. President Biden discussed the
Speaker 1: incident at the US Capital yesterday. We must all work
Speaker 1: together addressed to hate. The remains a stay. I'm the
Speaker 1: sole American hearts are heavy once again, but a resolve
Speaker 1: must never waiver. President Biden and surging police departments to
Speaker 1: spend federal law enforcement eight, saying it can help reduce
Speaker 1: gun violence well. John turning overseas now is another dramatic change,
Speaker 1: triggered by Russia's invasion of Ukraine, and NATO members are
Speaker 1: rallying around Finland and Sweden after the country's announced plans
Speaker 1: to join the Alliance. To get details now from Amy
Speaker 1: Morris in our Bloomberg newsroom in Washington. At the NATO
Speaker 1: ministers meeting in Berlin, U S Secretary of State Anthony
Speaker 1: Lincoln 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 may me Moore as Bloomberg daybreak all right,
Speaker 1: thanks Amy, another no doubt of year of involving the
Speaker 1: war in Ukraine. Germany says it plans to quit importing
Speaker 1: Russian oil by the end of the year. That's even
Speaker 1: if the European Union fails to agree on a band
Speaker 1: in its next set of sanctions. Rassia Shire, German oil
Speaker 1: consumption has already declined to twelve percent from about thirty
Speaker 1: five percent before the war began. Well, John, the price
Speaker 1: of wheat has skyrocket has since the start of the war,
Speaker 1: and it's climbing again today. Wheat price is stored by
Speaker 1: the x change limit after India moved to restrict exports.
Speaker 1: That shows how tight global food supplies are at the moment.
Speaker 1: We has risen about six this year. That's increased the
Speaker 1: cost of everything from red to cake and noodles again
Speaker 1: us in p futures are lower. This morning, straight ahead,
Speaker 1: your latest local headlines, plus a check of sports. This
Speaker 1: is Bloomberg Parfects Karen five O seven on Wall Street.
Speaker 1: Let's bring in Michael barn Now with more on what
Speaker 1: else is going on in New York and around the world. John,
Speaker 1: thank you very much. Sarah Moore on the mass shooting
Speaker 1: in Buffalo. Vigils were held across Buffalo after ten people
Speaker 1: were killed and three others wounded, and what officials are
Speaker 1: calling a racially motivated attack at a busy supermarket, Police
Speaker 1: saying the suspected gunman, who was eighteen in white, had
Speaker 1: researched the area that is about seventy black. Peyton Gendern
Speaker 1: appeared in court and pleaded not guilty to murder. New
Speaker 1: York Governor Kathy Uncle. I'm calling out the social media
Speaker 1: platforms where this hate be skewed and people are learning
Speaker 1: how to create guns and violence and weapons. Governor Hoco
Speaker 1: called for government action to control the spread of guns.
Speaker 1: One of those killed was a church dincin the church's pastor,
Speaker 1: Russell Bell. It boggles my mind at this young man
Speaker 1: traveled two hundred miles four hours to target our community.
Speaker 1: Pastor Bell says the victim, Heyward Patterson, who was helping
Speaker 1: to put groceries in another person's car when he was
Speaker 1: shot and killed. I'm ass shooting in California left one
Speaker 1: person dead and five others heard after a gunman opened
Speaker 1: fire inside a church in Laguna Woods, Orange County. Authorities
Speaker 1: say the suspect as an Asian man in the sixties
Speaker 1: who entered a Taiwanese luncheon at the church. Orange County
Speaker 1: Undershare of Jeff Halleck says the gunman was disarmed by
Speaker 1: members of the church and held until authorities came. We
Speaker 1: believe a group of church goers detained him and hog
Speaker 1: tight his legs with an extension court and confiscated at
Speaker 1: least two weapons from him. Under Sheriff Jeff Allix says
Speaker 1: they don't believe the gunman lives in the area. Two
Speaker 1: people were killed three others injured in a shooting near
Speaker 1: a flea market in North Harris County, Texas. The Sheriff's
Speaker 1: department says a fight led to that shooting. Gun violence
Speaker 1: in Milwaukee forced the city to impose a two night
Speaker 1: curve few for people twenty one and under. More than
Speaker 1: twenty people was shot in less than two hours in
Speaker 1: downtown Milwaukee over the weekend. One of the front runners
Speaker 1: in the race for a U. S. Senate seat in
Speaker 1: Pennsylvania sideline because of a stroke. Pennsylvania's Lieutenant Governor John Fetterman,
Speaker 1: who is atop the polls ahead of Tuesday's Democratic Senate primary,
Speaker 1: says he is on his way to a full recovery.
Speaker 1: The Biden administration today released a housing supply action plan
Speaker 1: meant to help create thousands of affordable housing units in
Speaker 1: the next three years. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists, analysts and more than a
Speaker 1: hundred twenty countries. And Michael Barr. This is Bloomberg, John, Michael,
Speaker 1: thank you, Yes five tena of Wall Street. Pan. That's
Speaker 1: time for the Bloomberg Sports Update. Good morning, John Stenshow,
Speaker 1: Good morning John. It was only a first round series,
Speaker 1: but man, what a series it was. Rangers and Penguins.
Speaker 1: It began at the Garden with triple overtime. It ended
Speaker 1: back at the Garden overtime once again. Fifteen seconds with
Speaker 1: the Dana Plantage top the right circle. Blue shit shoots.
Speaker 1: It's over pary scores and the Rangers of one Game
Speaker 1: seven hit overtime on leave a ball sounds sounded DVPN
Speaker 1: from the Ranger Day Maloney kind emotional. They're the Rangers
Speaker 1: lost that triple overtime series opener. They never let in
Speaker 1: the series until last night. They had trailed three games
Speaker 1: to one, and they won three in row and had
Speaker 1: to come from behind in all three. They trailed last
Speaker 1: night with six minutes left, Meeker's advantage that tied the
Speaker 1: game and then artemider and on the power play one
Speaker 1: at at four OT forty two saves for Igor, says
Speaker 1: turk In. The Penguins had fifteen more shot. It's on
Speaker 1: a round to Game one with the Carolina Hurricanes Wednesday
Speaker 1: in Raleigh. The other game seven also went overtime. Calgary
Speaker 1: beat Dallas, but Dallas Mavericks won their Game seven in
Speaker 1: Phoenix by thirty threes, and the Sons, who had the
Speaker 1: NBA's best record, are out the West Finals. Beat Dallas
Speaker 1: against Golden State, will be Miami and Boston. In the East,
Speaker 1: Celtics won Game seven over mil Walk by eight, the
Speaker 1: Mats to the ninth. Thendn't scored twice had the bases loaded.
Speaker 1: Pete Alonso at first appeared to have drawn a game
Speaker 1: time walk with the first base umpire called it strike three.
Speaker 1: In Seattle one eight to seven. Yankees won five one
Speaker 1: at Chicago despite being out hit four to two. The
Speaker 1: Pirates were out hit four nothing but one one nothing.
Speaker 1: That Cincinnati reads through a no hitter and lost. John
Speaker 1: Stashower Bloomberg Sports, John all right, Johns, thanks very much,
Speaker 1: and ahead of the cans shop it on Wall Street.
Speaker 1: Right now, the futures have turned mixed, dall futures of
Speaker 1: ten points, SMP futures six points slower, and the nansa
Speaker 1: key many futures. They are down forty one points. You
Speaker 1: are listening to bloom Bird Daybreak and just ahead, are
Speaker 1: the stock evaluations anymore attractive. We're gonna speak with Lori
Speaker 1: kalpas In of RBC Capital Markets. You're listening to Bloomberg Daybreak,
Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Victape. This is a Bloomberg Business lash and I'm
Speaker 1: Cameron Moscow stocks in Europe are little changed. SMP futures
Speaker 1: are lower as traders way China's latest measures to support
Speaker 1: its economy after poor data fuels concerns about the global
Speaker 1: out book. And we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg, U S and P
Speaker 1: futures down seven points at own future is little change,
Speaker 1: NASTACK futures down forty six. The decks in Germany's down
Speaker 1: abou two tenths of upper set ten year treasury little change.
Speaker 1: He'll two point nine two percent. They yield on a
Speaker 1: two year two point five nine percent NI make Scrude
Speaker 1: oil is down third pent or forty one cents at
Speaker 1: a hundred ten dollars twelve cents in barrel Comic school
Speaker 1: is down six tenths percent or ten dollars seventy cents
Speaker 1: at seventeen ninety seven fifty announced. The euro one point
Speaker 1: four two five against the dollar, British found one point
Speaker 1: two two two six, and the yen is at one
Speaker 1: twenty nine point three eight and bitcoin's lower down more
Speaker 1: than four and a half percent at twenty nine thousand,
Speaker 1: five fifty dollars. That's a Bloomberg Business Lash. Now here's
Speaker 1: Michael Barr with more unless going on around the world. Muchael,
Speaker 1: Good morning, Good morning Karen. NATO members rallied around Finland
Speaker 1: 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 hite, eighteen year old gunman who killed
Speaker 1: ten people at a Buffalo supermarket during a rampage that
Speaker 1: targeted black people, had previously made a threat at his
Speaker 1: high school, but they say Peyton Gendron was never charged.
Speaker 1: In the NHL playoffs and exciting Game seven, the Rangers
Speaker 1: advanced after beating the Penguins and overtime for three. In
Speaker 1: the NBA Playoffs, the Celtics won their Game seven against
Speaker 1: the Bucks. In baseball, the Yankees won, the Mets, Red Sox, Orioles, Nationals, Giants,
Speaker 1: and A's all lost. Global news twenty four hours a
Speaker 1: day on air and on Bloomberg quick Take, powered by
Speaker 1: more than twenty hundred journalists and analysts, are more than
Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is
Speaker 1: Bloomberg John, Michael, Thank you. Five twenty on walst reading
Speaker 1: and we are lying for the Bloomberg Interactor Brokers Studios.
Speaker 1: This is Bloomberg daybreak volatility that saw the SMP five
Speaker 1: hundred dipped to a thirteen month load last week before rebounding.
Speaker 1: Reminder that investing right now not for the faint of heart.
Speaker 1: Let's get you set up for the trading day head.
Speaker 1: We're joined out by Lori Calvacine ahead of US Equity
Speaker 1: Strategy at RBC Capital Markets. Lorie, Happy Monday to you, UM,
Speaker 1: stocks looking at any more attractive from the evaluation perspective,
Speaker 1: A happy Monday to YouTube John. And let me just say,
Speaker 1: I don't think investing in stocks is ever for the
Speaker 1: fame of heart, particularly now, UM. But look, I think
Speaker 1: that last week we did see an important development, which
Speaker 1: is that the three different versions of the top down
Speaker 1: price to earnings multiple that we watch for the the
Speaker 1: SMP five hundreds, the one based on last year's earnings,
Speaker 1: this year's earnings expectations, and next year's earnings expectations UM,
Speaker 1: all three of those are actually now slightly below their
Speaker 1: long term averages. And that's not to sit here and
Speaker 1: say that stocks are super cheap or deeply undervalued, but
Speaker 1: I do think we've made an important shift, which is
Speaker 1: that valuations are no longer a problem for this market,
Speaker 1: and valuations are starting to be a reason to buy
Speaker 1: this market. And you have the sort of say, what
Speaker 1: did this milestone achieve? I think it sort of tells
Speaker 1: us that it is okay to go out and bargain hunt. Now.
Speaker 1: What's so the institutional sentiment right now? Institutional sentiment is
Speaker 1: pretty lousy, but perhaps not quite as bad as it's
Speaker 1: been at certain past extremes. I think it's getting there
Speaker 1: in a hurry. We've talked about how institutional investor sentiment,
Speaker 1: while it has been bad, has really need to catch
Speaker 1: down to retail investor sentiment, which has been sitting basically
Speaker 1: at its worst level since the financial crisis. When we
Speaker 1: look at the CFTC data that we get weekly to
Speaker 1: monitor institutional investor sentiment, though I did talk about it
Speaker 1: a note we put out this morning, how you started
Speaker 1: to see some very important progress. We have finally started
Speaker 1: to get back down to some important lows um and
Speaker 1: if you look at contracts like the Russell two thousand
Speaker 1: or the Dow UM, we're actually at or below financial
Speaker 1: crisis lows. So I think that you know, it's hard
Speaker 1: to ring a bell at the bottom on an institutional
Speaker 1: investor sentiment, but I think you can at least start
Speaker 1: having that conversation of the four D fifty seven companies
Speaker 1: in the spire that have reported that Scent actually delivered
Speaker 1: positive earning surprises, how much comfort does that offer? So, look,
Speaker 1: I think markets are always trying to guess where earnings
Speaker 1: are headed and are less reactive to where earnings have been.
Speaker 1: That being said, I do think it's worth noting that
Speaker 1: the earnings back drop has been very, very resilient, and
Speaker 1: the reason that's important is that it speaks to the
Speaker 1: resiliency of corporate America to get through just about every
Speaker 1: crisis that uh, this economy UM and geopolitical situation can
Speaker 1: throw at it. So I think that we do have
Speaker 1: to take note of that resilience, and I think one
Speaker 1: thing that it has done is kept the earnings backdrop
Speaker 1: pretty stable for now, which really allows us to understand
Speaker 1: the valuation opportunity that is starting to open up. Um.
Speaker 1: From a KEE perspective, do you get a sense that
Speaker 1: the cost pressures are being passed on to customers to
Speaker 1: what extent of the margins being eaten? Away. Um. Absolutely,
Speaker 1: you know, we we're seeing some margin resiliency. Um. Of
Speaker 1: course companies, you know, some are are doing a better
Speaker 1: job than others of executing through. But if you look
Speaker 1: at transcript searches for commentary on pricing, UM, they're absolutely
Speaker 1: through the roof. We saw that back in January, we're
Speaker 1: seeing that again recently. And you know that that is
Speaker 1: how companies are defending their margins and also passing the
Speaker 1: prices along to consumers. You know, it's really one of
Speaker 1: the key reasons for the inflation problem that we have
Speaker 1: right now. Um. But for now, most companies are telling
Speaker 1: us that they are still able to pass pricing through.
Speaker 1: It's hard to account out the American consumer history would
Speaker 1: dictate that we we get retail sales figures tomorrow, what
Speaker 1: do you expect. So look, I I don't forecast the
Speaker 1: weekly or the monthly retail sales data, but what I
Speaker 1: will tell you is that we are also getting a
Speaker 1: number of important retailers who are reporting earnings coming up
Speaker 1: as well. And I think between the two, you know,
Speaker 1: what investors are really gonna want to see is signs
Speaker 1: of that consumer resiliency that is science that it is continuing.
Speaker 1: I think one of the things I've noticed in reporting
Speaker 1: season so far is that good focus companies, things related
Speaker 1: the cars, things related to home homes, those have been
Speaker 1: more likely to to note some problems and blame the
Speaker 1: macro um if peoples on the services side things have
Speaker 1: been quite stronger. So that's one of the things I'm
Speaker 1: going to be looking for and upcoming data releases. Are
Speaker 1: we still seeing that shift from goods to services? And
Speaker 1: does the overall consumers still look okay? Seconds left? Can
Speaker 1: we take refuge in defensive shares? Look, I understand that
Speaker 1: there are big risks to market. You know, if if
Speaker 1: the if the recent lows don't hold, I could see
Speaker 1: another big drop um. But look, I will tell you
Speaker 1: defensive sectors are getting so overvalued relative to secular growth.
Speaker 1: In particular, I have a very hard time recommending them
Speaker 1: at this point. And I know I shouldn't ask, but
Speaker 1: I will. What's the recession risk? The recession risk, you know,
Speaker 1: if you look at the Bloomberg data among professional forecasters,
Speaker 1: I think it's around thirty that that's a little bit
Speaker 1: higher than what our economists would tell you. My view
Speaker 1: is that they've risen, but it's not it's not anything
Speaker 1: that's been predetermined yet, I think the jury is still out,
Speaker 1: always putting glory on the spot. Thanks a lot law
Speaker 1: appreciated Lori Calvacine, ahead of US equity strategist at RBC
Speaker 1: Capital Markets and head of the cash open on Wall Street.
Speaker 1: The futures right now all in the red dal futures
Speaker 1: down twenty points. Speman and futures there are eleven points
Speaker 1: lower hand than as the Emmitti futures down fifty nine points.
Speaker 1: As we look at treasures right now, the tenure yield
Speaker 1: to ninety one on the two year yield in the
Speaker 1: US at two point five n you're listening the Bloomberg
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Speaker 1: Bloomberg nine sixty to the country, Sirius XM too one,
Speaker 1: nine ten, and around the globe, the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. He's
Speaker 1: five thirty on Wall Street. Good morning, I'm John Tucker
Speaker 1: and I'm Carrot Moscow. We're just about four hours away
Speaker 1: from the open of US trading. Let's get you up
Speaker 1: to day in the news. You need to know at
Speaker 1: this hour, we've again with the economic data out of China.
Speaker 1: Industrial output and retail sales fell in April. Well, unemployment climbed.
Speaker 1: COVID lockdowns are being blamed for the constraction. Chat A,
Speaker 1: chief Asia economist and Morgan Stanley says the outlook for
Speaker 1: China remains strong once it moves past its COVID zero policy.
Speaker 1: You do need solution to this near zero COVID policy.
Speaker 1: It's not about just the economic policy easing itself. Now.
Speaker 1: We need to see that, you know, economy gets going
Speaker 1: with freeing up of restrictions on mobility. Chat Aa says
Speaker 1: China's supply chain constraints also appear to be easy bank
Speaker 1: here in the US, Golden Sax cutting growth forecast. Bloomberg's
Speaker 1: Reney the Young joins US Live in New York with more.
Speaker 1: Good morning Rene, Good morning John. Goldman. SAX economists see
Speaker 1: the US growing two point four percent this year and
Speaker 1: one point six percent ine. That's down from two point
Speaker 1: six percent and two point two percent. It's an adjustment
Speaker 1: reflecting the shakeout in financial markets as the at A
Speaker 1: reserve titans monetary policy. Golpen also projects unemployment to rise
Speaker 1: to three point seven percent by the end of three
Speaker 1: after falling to three point four percent in coming months.
Speaker 1: Live in New York. I'm gonna need a young Bloomberg
Speaker 1: day break, all right, we need to thank you all.
Speaker 1: Goldman's former leader Lloyd blank Find is warning the US
Speaker 1: should prepare for a recession despite the Fed's best efforts
Speaker 1: to avoid one. I think the FIT has very powerful tools.
Speaker 1: It's hard to finally tune them, and it's hard to
Speaker 1: see the effects of them quickly enough to alter. Former
Speaker 1: Goman Zack CEO Lloyd blank Find spoke on Face the
Speaker 1: Nation from CBS, which airs Sunday on Bloomberg Radio. Another
Speaker 1: note on Goldman, the bank now plans to allow senior
Speaker 1: staff to take unlimited vacation days in an effort to
Speaker 1: retain talent that's according to a memo scene by Bloomberg.
Speaker 1: And we're also tracking fallout from the mass shooting in
Speaker 1: Buffalo this weekend. It left ten dead and three wounded.
Speaker 1: Eleven of the people's shot were black. President Biden spoke
Speaker 1: about the arrest of the eighteen year old white suspect.
Speaker 1: The Justice Department is stated publicly that is investigating the
Speaker 1: matter as a hate crime, racially motivated, active white supremacy,
Speaker 1: and filing extremism. President Biden giving the remarks at the
Speaker 1: National Peace Officers Memorial in Washington, d C. And overseas, John,
Speaker 1: it's another dramatic change, triggered by Russia's invasion of Ukraine.
Speaker 1: Finland and Sweden announced plans to join NATO over the weekend.
Speaker 1: Debate on the matter kicks off in both countries this morning.
Speaker 1: Formal applications could come later this week. Your local headlines,
Speaker 1: check his sports All straight Ahead and this is Bloomberg. Ali.
Speaker 1: Thanks Karen thirty three on Wall Street and let's bring
Speaker 1: in Michael barn Now with more on what else is
Speaker 1: going on in New York hand around the world, John,
Speaker 1: Thank you very much. Sir 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 racists, anti immigrant,
Speaker 1: and anti Semitic rhetoric on their platforms. Of her HOCl
Speaker 1: says the man accused of shooting and killing ten people
Speaker 1: in the Buffalo supermarket was radicalized online. Hocal says the
Speaker 1: accused eighteen year old shooter broadcast the attack, which took
Speaker 1: place in a predominantly black neighborhood, and had posted a
Speaker 1: white supremacist manifesto online. The governor also called on the
Speaker 1: government to control the spread of guns. This is not
Speaker 1: Ukraine when they're defending their lives. This is the United
Speaker 1: States of America. We don't need those weapons in our
Speaker 1: streets and on our hands. Governor hokel spoke at Macedonia
Speaker 1: Baptist Church in Buffalo. A mass shooting in California left
Speaker 1: one person dead and five others heard after a gunman
Speaker 1: opened fire inside a church in Laguna Woods, Orange County.
Speaker 1: Authorities say the gunman was disarmed by members of the
Speaker 1: church and held until authorities came. Shootings also took place
Speaker 1: in Texas and Milwaukee. The leading Democratic candidate in the
Speaker 1: US Senate race in Pennsylvania state Lieutenant Governor John Fetterman
Speaker 1: suffered a stroke. Fetterman released a brief video oh on
Speaker 1: Twitter with his wife, saying it happened on Friday. It
Speaker 1: was on Friday. I just wasn't feeling very well, so
Speaker 1: I decided, you know what, I need to get checked
Speaker 1: out because I was right as always. It's not clear
Speaker 1: when Fetterman will return to the campaign trail ahead of
Speaker 1: Tuesday's primary. North Korean leader Kim John Une blasted officials
Speaker 1: over slow medicine deliveries. The North has ordered his military
Speaker 1: to respond to the largely undiagnosed COVID nineteen crisis that
Speaker 1: has left one point two million people ill with fever
Speaker 1: and fifty dead in just a matter of days. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barron. This is Bloomberg, John, Michael, thank you, five
Speaker 1: thirty five Love Wald Creek found down for the Bloomberg
Speaker 1: Sports Upday Morning, John Stashing John. When the Rangers lost
Speaker 1: Game four in Pittsburgh seven to two, things didn't look good.
Speaker 1: They trailed three games to one, only twice in franchise
Speaker 1: history had one a series from down three one, but
Speaker 1: they came from two goals down to win games five
Speaker 1: and six, and they trailed again last night with under
Speaker 1: six minutes to play at it around, take it by
Speaker 1: Coppers at Challis tie Game seven with five forty five
Speaker 1: a go, it's three all at the Garden and so
Speaker 1: like Game one that went triple overtime overtime, in Game seven,
Speaker 1: the Rangers got a power play er, Tammy Pinera, who
Speaker 1: had as some with quiet series, scored four votes and
Speaker 1: the Rangers won four three and won the series for three.
Speaker 1: And then I'll face the Carolina Hurricanes with Game one
Speaker 1: Wednesday in Raleigh, also over time. In Game seven at Calgary,
Speaker 1: the Flames beat Dallas three to two, so Dallas split
Speaker 1: Game seven's the Mavericks and a stunner blew out the
Speaker 1: Suns and Phoenix one to ninety. They're up thirty at halftime.
Speaker 1: Dallas will play Golden State in the NBA's West Finals.
Speaker 1: The Celtics will take on Miami, and the Boston won
Speaker 1: Game seven over Milwaukee one o nine to eighty one.
Speaker 1: So the NBA Game sevens were blowouts. The two NHL
Speaker 1: Game sevens both went over time. The Yankees had only
Speaker 1: two hits and still won five to one at Chicago.
Speaker 1: Another great adding by Nestor Cortez is the r A
Speaker 1: now one point three five Mets ninth Did he come back?
Speaker 1: Fell Steward lost the Seattle eight to seven, The Mets
Speaker 1: loser series for the first time. The Cincinnati Reds threw
Speaker 1: a no hitter and lost in Pittsburgh one to nothing.
Speaker 1: John Stashward Bloomberg Sports done all right, Thanks John, five
Speaker 1: thirty seven on Wall Streets. Time down for the Tri
Speaker 1: State Business Report, and for that we're joined by Bloomberg's
Speaker 1: ed Querry. New York will create a state agency to
Speaker 1: supervise the unregulated pharmacy benefit manager of industry. It's part
Speaker 1: of an effort to keep drug costs slow and protect
Speaker 1: consumers and small businesses. The new Pharmacy Benefits Bureau under
Speaker 1: the state Department of Financial Services will be charged with
Speaker 1: lcensing pharmacy benefit managers, the third party administrators of prescription
Speaker 1: drug plans for health insurers. New Jersey saw to present
Speaker 1: increase in twenty twenty one total personal income every state
Speaker 1: in the country saw an increase in the second year
Speaker 1: of the COVID nineteen pandemic as the economy continued to recover.
Speaker 1: According to an analysis by the Pew Charitable Trusts, Connecticut
Speaker 1: is about to become home to another food truck park.
Speaker 1: Hartford's West Side Square follows the highly successful food Truck
Speaker 1: Paradise at Long Wharf on New Haven Harbor and Gastrow
Speaker 1: Park in West Hartford. That your Bloomberg Try State Business Report.
Speaker 1: I'm Ed Corey, alright, thanks said, and he is eight
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: second now with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve photos Can on ten
Speaker 1: ten Wins in New York. We're talking about Goldman Sachs
Speaker 1: offering unlimited vacation time for top executives. I'm Steven arel
Speaker 1: on Bloomberg d A bing Digital radio in London. We've
Speaker 1: been hearing from the CEO of low cost airline Ryanair.
Speaker 1: Michael Leary says he's optimistic about a potential economic downturn
Speaker 1: because it would help his business. Um Corney Jannahoe on
Speaker 1: ktr H in Houston, Walmart fast Track in College grats
Speaker 1: two jobs as store managers and Lisa Mateo and on
Speaker 1: w b Z in Boston, I'll be reporting on how
Speaker 1: Jet Bloom hasn't lost its fighting spirit id Gory on
Speaker 1: w w J in Detroit. I'm reporting four GMT stalantists
Speaker 1: will reinstate mask mandates in the most Michigan factory. And
Speaker 1: those are some of these stories are twenty seven hundred
Speaker 1: Bloomberg journalists and analysts are working on this morning around
Speaker 1: the world. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Food prices have risen
Speaker 1: to record levels around the world, fueling poverty, hunger, and instability.
Speaker 1: While there are no quick fixes to the crisis, that
Speaker 1: are off, countries should at least not make it worse. Unfortunately,
Speaker 1: too many are compounding the problem with protectionism. At least
Speaker 1: twenty nations have imposed curbs on food exports in recent months,
Speaker 1: affecting around seventeen percent of calories traded globally. Such restrictions
Speaker 1: risk setting off a cascade effect, worsening food inflation for everyone.
Speaker 1: It's happened before. Similar export curbs cause global food prices
Speaker 1: to rise some thirteen percent during the Great Recession. Foreign
Speaker 1: ministers gathering at the United Nations to discuss food security
Speaker 1: on ME eight should pledge not to add new trade
Speaker 1: restrictions and to lift those already imposed as swiftly as possible.
Speaker 1: In a crisis this complex, the first principle should be
Speaker 1: to do no harm. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash Opinion or opie I n Go
Speaker 1: on the Bloomberg Terminal. This has been Bloomberg Opinion and
Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this time.
Speaker 1: Terminal customers can read more at opie I n go
Speaker 1: and ahead of the open on Waalsbury down futures fifty
Speaker 1: one points lower. This is Dave break still ahead on
Speaker 1: Bloomberg Day Break. Greg Valier, the chief UN's policy strategist
Speaker 1: at a g F Investment, stops by to walk us
Speaker 1: through Finland and Sweden's bid to join NATO. Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, The Bloomberg Business at and at Bloomberg Quick Tape.
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: Stocks in Europe are lower along with US Dock Index
Speaker 1: futures as traders wait. China's latest measures has afford It's
Speaker 1: economy after poor data fuels concerns about the global outlook.
Speaker 1: Check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg Guess and P Futures down fourteen points down,
Speaker 1: futures down forty one now is dack Future is down
Speaker 1: sixty eight. The decks in Germany's down four tenths of
Speaker 1: upper cent. The ten year treasury down three thirty seconds,
Speaker 1: held two point nine three percent yield down, the two
Speaker 1: year two point six zero percent nine max Scrude oil
Speaker 1: is down four tens per cent, or forty two cents
Speaker 1: at a hundred ten dollar seven cents of arrol Co
Speaker 1: mix school down about half percent or eight dollars forty
Speaker 1: cents at seventy announce. The Euro one point oh four
Speaker 1: one seven against the dollar, British band one point two
Speaker 1: two three zero the end is at one nine point
Speaker 1: three five and Bitcoin this morning down more than four
Speaker 1: and a third percent at twenty nine thousand, six hundred
Speaker 1: and seventy dollars. SU's a Bloomberg business flash. Now here's
Speaker 1: Michael Barrow with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Finland announced that it
Speaker 1: would seek NATO membership after Russia's invasion of Ukraine. Sweden's
Speaker 1: governing body also indoor is the idea of applying to
Speaker 1: join the Alliance. Ahead of his planned visit to Buffalo tomorrow,
Speaker 1: President Biden is saying that it's time to address the
Speaker 1: hate that remains a stain on the soul of America.
Speaker 1: The mass shooting that left ten people debt and three
Speaker 1: wounded at a supermarket in upstate New York is being
Speaker 1: described as a racially motivated massacre. In the NHL playoffs
Speaker 1: and exciting Game seven, the Rangers advanced after beating the
Speaker 1: Penguins in overtime for three. In the NBA playoffs, the
Speaker 1: Celtics won their Game seven against the Bucks. In baseball,
Speaker 1: the Yankees one, the Mets, Red Sox, Orioles, Nationals, Giants
Speaker 1: and As all lost Global News twenty four hours a
Speaker 1: day on here and on Bloomberg Quick Tank, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael Barren, this is Bloomberg, John Ryan, Michael,
Speaker 1: thank you, five forty nine of Wall Street. Was Michael
Speaker 1: mentioned some of these stories NATAL members rallying around Finland
Speaker 1: and Sweden after they announced plans to join the alliance.
Speaker 1: Let's take a deeper dive ended this and some of
Speaker 1: the others stories out of Washington this morning with Greg Valier,
Speaker 1: the chief US policy strategist at a g F Investment.
Speaker 1: Happy Monday, Greg, thanks for being with us. Hey, um,
Speaker 1: let me ask you just the European security landscape seems
Speaker 1: to be changing right before our eyes. What is your
Speaker 1: impression this morning? Well, I think there's three big stories. First,
Speaker 1: as you mentioned new members for NATO, I think it
Speaker 1: will occur. This is exactly what Putin did not want
Speaker 1: to have happened. Number Two, I think the Russian drive
Speaker 1: has stalled. In fact, there are reports that in the
Speaker 1: northeast the Ukrainian troops are are pushing the Russians backwards.
Speaker 1: And number three, I think there's continued speculation about Putin's health,
Speaker 1: lots of rumors. I worry if he got replaced, you
Speaker 1: could replace him with someone worse. But I think his
Speaker 1: health is going to become a big wild card. Well
Speaker 1: that's his uh, you got a question his mental health
Speaker 1: as well, so that there's that factor. Um, there are
Speaker 1: no strangers to the alliance. Finland and Sweden they trained
Speaker 1: with Natal forces in the past. I gotta wonder just
Speaker 1: how quickly they can be integrated into the Alliance. It's
Speaker 1: probably gonna take a year or so, but so that
Speaker 1: that will be uh, somewhat of a negative, but I
Speaker 1: do think it's going to happen. You have to worry
Speaker 1: about other countries like Moldova, which are not members. You
Speaker 1: have to worry about countries that are members, like Estonia
Speaker 1: and Latvia Lithuania that could still be threatened. But I
Speaker 1: think for now, as I mentioned, I think Putin has
Speaker 1: his hands full just in Ukraine, where Russian troops are
Speaker 1: suffering from terrible morale and lack of supplies. So what's
Speaker 1: Putin's likely response at this point, Well, the logical thing
Speaker 1: to do would be to cut a deal, maybe with
Speaker 1: Makrone being a mediator. But I'm not sure Putin is
Speaker 1: inclined to do the logical thing. I mean, a a
Speaker 1: reasonable outcome would be the Russians taking a sliver of
Speaker 1: the East Ukraine, evening their country getting membership in the
Speaker 1: European Union. But at the same time, I think the
Speaker 1: more likely scenario is that this is going to drag
Speaker 1: on for months and months. And you've got to say, John,
Speaker 1: the big market stories here, food shortages, fuel shortages, supply
Speaker 1: shortages that could persist for months to come, you know,
Speaker 1: keeping the inflation fears alive. How does this all played
Speaker 1: back here at home? Foreign relations doesn't matter when it
Speaker 1: comes to the November elections, the mid term elections. That's
Speaker 1: a really interesting question because late last week, when the
Speaker 1: House voted for the forty billion in aid to Ukraine,
Speaker 1: fifty seven Republicans voted against it in the House, mostly
Speaker 1: all the Conservative Republicans. So there's now a real rift
Speaker 1: among the Republican party saying that we shouldn't be spending
Speaker 1: this money, we should devote money to needs at home.
Speaker 1: So if this work can't go on without the end
Speaker 1: before this becomes a political issue, I mean, we're divided
Speaker 1: over everything, whether it's wearing masks or Ukraine, and I
Speaker 1: think this could be a big divisive issue. What what
Speaker 1: is the issue going to be in the November elections?
Speaker 1: In a word, inflation. I don't think there's any other possibility,
Speaker 1: with the exception, of course, of abortion, but I think
Speaker 1: even even that would be second to the issue of inflation,
Speaker 1: which is persisting. It's not just baby formulas, the shortages everywhere.
Speaker 1: I think that Biden has a real uphill fight. The
Speaker 1: issue is not whether the Republicans will win the House.
Speaker 1: The issue is by how many seats, And I think
Speaker 1: they could win the House by twenty five or thirty seats.
Speaker 1: They only need five. Gregg, always a pleasure. Thanks for
Speaker 1: being with us this morning to explain some of this.
Speaker 1: Gregg value the chief of US policy strategist at a
Speaker 1: GF Investment, Karen John. Thank you. It's on Wall Street
Speaker 1: time for our Bloomberg The Law Report brought to you
Speaker 1: by a American Arbitration Association. Business disputes are inevitable, resolve
Speaker 1: faster with the American Arbitration Association, the global leader in
Speaker 1: alternative dispute resolution for over ninety years. More at a
Speaker 1: dr dot org. Let's get to the legal stories we're
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. The Internal Revenue
Speaker 1: Service as new telephone technology scheduled to go live by
Speaker 1: the end of next month, will let taxpayers do things
Speaker 1: like get copies of transcripts and set up payment plans.
Speaker 1: The Southern District of New York ruled that the production
Speaker 1: of a musical comedy called Vape is a parody and
Speaker 1: does not infringe on the copyright for the musical. Greece
Speaker 1: and Appellate Court refused to revive a lawsuit against Wells
Speaker 1: Fargo over claims that the bank failed to provide meal
Speaker 1: breaks to employees. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Lawn dot com. Right, Jeff,
Speaker 1: thank you Now. Another legal story we're watching this morning.
Speaker 1: Former President Donald Trump's new lawyer doesn't have a big
Speaker 1: midtown law office or a huge firm behind her, but
Speaker 1: Elena Habba is a true believer in Trump and his
Speaker 1: spearheading very aggressive legal strategies in the high priority legal
Speaker 1: fight she's taken over, including challenges to the New York
Speaker 1: Attorney General's probe of his business. She replaced several better
Speaker 1: known lawyers who would work for Trump for years. For
Speaker 1: more of Bloomberg's doing, Grosso speaks to Bloomberg Legal reporter
Speaker 1: Eric Larson. Eric start by telling us a little about
Speaker 1: Elena Habba. So, Elena Habba is a thirty eight year
Speaker 1: old lawyer from New Jersey. She founded a small law
Speaker 1: firm that now has five lawyers total. She is a
Speaker 1: member of Donald Trump's Bedminster golf Club. She's fairly well
Speaker 1: to do. She's originally from New Jersey, and she told
Speaker 1: me that she wanted to help Trump out because she
Speaker 1: is a true believer in his legal causes. She has
Speaker 1: an aggressive legal strategy, which Trump likes. Yeah, you know,
Speaker 1: she's been very aggressive in court. You know. Trump says
Speaker 1: this was his idea to get more aggressive. And I
Speaker 1: think that in Elena Habba he found someone willing to
Speaker 1: carry out this aggressive strategy. So it started out with
Speaker 1: your call that Trump had two lawsuits against him by
Speaker 1: different women, Ee Gene Carroll, New York advice columnist and
Speaker 1: a former Apprentice contestant, Summerservos. They both claimed that they
Speaker 1: were sexually assaulted by him and that he defamed them
Speaker 1: by denying it. So those cases had been going on
Speaker 1: for a while, and Elena Habba took over his defense
Speaker 1: and basically threatened counterclaims against them under the anti slap laws.
Speaker 1: And you know, alleging bad faith lawsuits had been filed
Speaker 1: against Trump sum Reservos. The apprentice contestant dropped her lawsuit
Speaker 1: after that, and in the case of eging Carol, a
Speaker 1: judge ruled that the claim was coming too late. But
Speaker 1: Trump was real happy about that Zervos case going away.
Speaker 1: He congratulated her on that. He printed out a news
Speaker 1: article and signed it, and she has a framed copy
Speaker 1: of that hanging on her wall. At any rate, he
Speaker 1: gave her some more matters to handle, and then she
Speaker 1: went on the offense against his other courtroom foes. Right,
Speaker 1: She's filed some lawsuits that seemed designed to get headlines
Speaker 1: and also looked like they could be easily dismissed. I mean, certainly.
Speaker 1: I spoke with legal experts at the time that these
Speaker 1: lawsuits were filed, who said that they seemed pretty weak,
Speaker 1: that they were frivolous perhaps, So yeah, we'll see what happens.
Speaker 1: These are three separate lawsuits, one filed against the New
Speaker 1: York Attorney General Leticia James, claiming that her investigation into
Speaker 1: Trump's company is politically motivated in bogus and seeking an
Speaker 1: injunction to force the investigation to end. The other was
Speaker 1: filed more recently against Hillary Clinton, the Democratic Party and
Speaker 1: several others, alleging a big conspiracy to undermine Trump while
Speaker 1: he was in office in regards to the Russia investigation
Speaker 1: and things like that. And then another lawsuit filed against
Speaker 1: his estranged niece Mary Trump and The New York Times,
Speaker 1: seeking a hundred million dollars in damages for her acting
Speaker 1: as a source for the newspapers award winning article about
Speaker 1: his finances. As Bloomberg Legal reporter Eric Larson speaking with
Speaker 1: the Bloomberg student Grosso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b law Go SNP. Future is
Speaker 1: down sixteen points this morning. Down Future is down fifty
Speaker 1: six and nast day Futures down seventies seven still ahead.
Speaker 1: On Bloomberg day Break, I check on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: And this is Bloomberg