WEBVTT - Bloomberg Daybreak: March 8, 2022 - Hour 1 (Radio) 0:00:02.640 --> 0:00:06.120 Live from the Bloomberg Interactive Brooker Studios is Bloomberg Gave 0:00:06.160 --> 0:00:09.840 Break for Tuesday, March eight. Coming up this hour. U 0:00:09.960 --> 0:00:12.960 s lawmakers make plans to ban Russian oil as crude 0:00:13.000 --> 0:00:16.160 prices continue to climb. Moscow threatens to cut off natural 0:00:16.200 --> 0:00:18.760 gas applies to Europe. Sticker shock at the pump as 0:00:18.840 --> 0:00:21.200 US gas prices hit an all time record and the 0:00:21.320 --> 0:00:23.439 S and P five hundred comes off its worst day 0:00:23.480 --> 0:00:27.200 since October of New York City prepares for the possibility 0:00:27.240 --> 0:00:30.520 of a cyber attack by Russia. Plus President bigall sign 0:00:30.560 --> 0:00:34.680 and executive order regulating cryptocurrency. I'm Michael Clark. More ahead, 0:00:34.960 --> 0:00:37.000 I'm John stas Shower and sports a big night for 0:00:37.200 --> 0:00:40.440 Julius Randolly Live the next The Victory and Sacramento the 0:00:40.440 --> 0:00:46.360 Islanders lost to Colorado. That's all straight Ahead on Bloomberg 0:00:46.400 --> 0:00:51.560 day Break on Bloomberg Element Treo, New York, Bloomberg Washington, 0:00:51.640 --> 0:00:55.480 d C, Bloomberg one oh six one, Boston, Bloomberg nine six, 0:00:55.760 --> 0:00:59.720 San Francisco, Sirius x M one nineteen and around the 0:00:59.760 --> 0:01:02.520 world Old on Bloomberg Radio dot Com and via The 0:01:02.600 --> 0:01:10.280 Bloomberg Business. Good Morning, I'm Nathan Hagar, and I'm Karen. Moscow. 0:01:10.360 --> 0:01:13.400 US Dock Index futures are higher after the biggest one 0:01:13.440 --> 0:01:16.600 day loss for stock since We're coming up to five 0:01:16.640 --> 0:01:18.279 oh one on Wall Street, and we check the markets 0:01:18.280 --> 0:01:21.480 every fifteen minutes throughout the trading day. On Bloomberg SMP 0:01:21.720 --> 0:01:25.000 futures of about sixteen points down, futures up seventy two. 0:01:25.280 --> 0:01:28.160 Nasday future is up twenty seven. The decks in Germany 0:01:28.280 --> 0:01:31.200 is at one point four percent, the ten year treasury 0:01:31.240 --> 0:01:34.080 down nineteen thirty seconds, held one point eight four percent, 0:01:34.120 --> 0:01:36.280 and a yield on the two year one point five 0:01:36.360 --> 0:01:39.960 nine percent, and Nimex screwed oil is up two point 0:01:40.040 --> 0:01:42.520 four percent. Nathan, all right, Karen, we'll have more on 0:01:42.560 --> 0:01:44.600 the markets in a minute, but first, the latest on 0:01:44.640 --> 0:01:47.160 the war in Ukraine. Russia is now threatening to cut 0:01:47.160 --> 0:01:49.880 off natural gas supplies to Europe through the North Stream 0:01:49.920 --> 0:01:53.120 one pipeline. That's in response to sanctions from the US, 0:01:53.200 --> 0:01:56.480 Europe and their allies. Russian President Vladimir Putin says the 0:01:56.520 --> 0:02:00.520 war will continue until all his demands are met. Ukrainian 0:02:00.520 --> 0:02:04.040 President Vladimir Zlinsky says it's not that simple. This is 0:02:04.080 --> 0:02:08.200 another ultimatum and we are not prepared for ultimatums. What 0:02:08.440 --> 0:02:11.720 needs to be done is for President Putting to stop talking, 0:02:11.919 --> 0:02:15.880 start the dialog. Instead of living in the informational bubble 0:02:16.000 --> 0:02:19.400 without oxygen, I think that's where he is. Ukrainian President 0:02:19.480 --> 0:02:22.480 Zelinski spoke to ABC News. Russia and Ukraine say they 0:02:22.480 --> 0:02:26.720 will talk again today about establishing humanitarian corridors for civilians 0:02:26.760 --> 0:02:30.359 fleeing the fighting. The first three rounds of negotiations haven't 0:02:30.400 --> 0:02:34.080 made much progress. Meantime, on Capitol Hill, Nathan lawmakers are 0:02:34.120 --> 0:02:36.760 working to ramp up pressure on Moscow. They have come 0:02:36.840 --> 0:02:39.639 up with a plan to ban imports of Russian oil 0:02:39.720 --> 0:02:42.200 into the US, and Amy Morris has details from our 0:02:42.200 --> 0:02:46.519 Bloomberg ninety one newsroom in Washington. Biden administration officials have 0:02:46.600 --> 0:02:49.360 been working out what the economic repercussions might be for 0:02:49.520 --> 0:02:53.200 US consumers. The agreement would also give President Biden the 0:02:53.240 --> 0:02:57.160 power to boost tariffs on other imports from Russia and Belarus. 0:02:57.560 --> 0:03:00.160 It would seek a suspension of Russia's participation of the 0:03:00.160 --> 0:03:04.040 World Trade Organization. The White House has been noncommittal. White 0:03:04.040 --> 0:03:07.120 House Press Secretary Jen Psaki says no decision has been 0:03:07.160 --> 0:03:09.680 made yet. The best thing we can do is reduced 0:03:09.880 --> 0:03:13.480 our dependence on fossil fuels and foreign oil so that 0:03:13.520 --> 0:03:16.160 we're not worried about gas prices going up because of 0:03:16.440 --> 0:03:19.720 the whims of a foreign dictator. The House of Representatives 0:03:19.720 --> 0:03:23.240 could vote on the proposal as Junes tomorrow in Washington. 0:03:23.320 --> 0:03:25.800 I maybe more as Bloomberg daybreak. All right, Amy, thanks, 0:03:25.800 --> 0:03:28.640 and once again we are seeing major market moves tied 0:03:28.680 --> 0:03:30.760 to the war in Ukraine. Let's get the very latest 0:03:30.760 --> 0:03:34.120 from Bloomberg's John Tucker Live in New York, John Nathan. 0:03:34.200 --> 0:03:38.240 Disruption to energy markets and broader uncertainty sent the down 0:03:38.280 --> 0:03:40.840 jones A dustrial leverage down two point four percent in 0:03:40.960 --> 0:03:45.680 Monday's session, hundred lost nearly three percent, the NAZAC up 0:03:45.760 --> 0:03:49.080 pummeled down three point six percent. Well. This morning, stocks 0:03:49.080 --> 0:03:52.840 and Europe rallying along with US futures after we reported 0:03:52.880 --> 0:03:56.560 that the European Union is considering joint bond sales to 0:03:56.640 --> 0:03:59.280 help counter the fallout for the war. Our sources say 0:03:59.280 --> 0:04:01.640 the bond sale for POS may be presented as soon 0:04:01.680 --> 0:04:05.040 as next week. On another front, the London Metal Exchange 0:04:05.160 --> 0:04:08.960 halted trading in its nickel market after an unprecedented price 0:04:09.040 --> 0:04:12.520 bike left brokers struggling to pay margin calls live to 0:04:12.600 --> 0:04:15.600 New York on John Tucker Bloomberg. Tay Preak, all right, John, 0:04:15.640 --> 0:04:18.360 thank you all. Oil prices are searching again this morning. 0:04:18.360 --> 0:04:21.200 If penalties hit Russian crew, there's likely no way to 0:04:21.240 --> 0:04:25.320 replace that production. That's according to OPEC Secretary General Mohammed Barkindo. 0:04:25.600 --> 0:04:29.599 How do we survive this crisis? There is no capacity 0:04:29.760 --> 0:04:33.960 in the world At the moment, the country place seven 0:04:34.040 --> 0:04:39.200 million barrels of exports. OPAK Secretary General Mohammed Barkindo describes 0:04:39.320 --> 0:04:44.040 Russia's war against Ukraine as a humanitarian tragedy. Checking prices 0:04:44.160 --> 0:04:46.039 right now, nim ex screwed oil is up to and 0:04:46.040 --> 0:04:48.920 a third percent. Is that a hundred twenty three cents 0:04:48.920 --> 0:04:51.240 of barrel? Brent is up two and a half percent 0:04:51.279 --> 0:04:53.760 at a hundred twenty six dollars twenty seven cents. And 0:04:53.839 --> 0:04:56.159 we've seen gas prices surge over the past two weeks 0:04:56.200 --> 0:04:58.920 as well, Karen, and that is causing pain at the pump. 0:04:58.960 --> 0:05:01.520 But drivers say the would be willing to pay even 0:05:01.600 --> 0:05:04.200 more if it would end the war in Ukraine. Let's 0:05:04.200 --> 0:05:07.279 get the details now from Bloomberg's Lisa Mateo. Gas prices 0:05:07.440 --> 0:05:10.680 are soaring, but many drivers are saying will pay more 0:05:10.680 --> 0:05:13.320 at the pump. That's according to a Quinnipiac poll, which 0:05:13.360 --> 0:05:17.320 found seventy one percent of Americans would support banning Russian 0:05:17.320 --> 0:05:20.320 oil even if it leads to higher gas prices. The 0:05:20.400 --> 0:05:23.640 national average for gas has reached four dollars and seventeen 0:05:23.720 --> 0:05:26.480 cents a gallon, according to Triple A. That tops the 0:05:26.560 --> 0:05:30.239 nationwide monthly record of four dollars and ten cents set 0:05:30.240 --> 0:05:32.520 back in two thousand and eight. In New York, I'm 0:05:32.600 --> 0:05:36.320 Lisa Mateo Bloomberg Daybreak, Lisa, thank you. As war rages 0:05:36.360 --> 0:05:39.520 in Ukraine, top US intelligence officials are coming out with 0:05:39.560 --> 0:05:42.599 their annual threat assessment. The Office of the Director of 0:05:42.680 --> 0:05:46.640 National Intelligences a grim on global outlook thanks to Russia 0:05:46.720 --> 0:05:50.159 and China. Bloomberg's Nia Young joins US Live with the details. 0:05:50.160 --> 0:05:53.239 Good morning Redina, Good morning Karen. The threat assessment says 0:05:53.360 --> 0:05:56.719 China is developing one of the greatest nuclear weapons forces 0:05:56.760 --> 0:06:00.280 in history, while Russia will exploit every opportunity d to 0:06:00.480 --> 0:06:04.280 undermine the US and its allies. The nation's top intelligence 0:06:04.320 --> 0:06:07.880 chiefs will testify about their report before the House Committee today. 0:06:08.240 --> 0:06:11.200 The assessment is used by Congress as a baseline to 0:06:11.320 --> 0:06:15.880 make critical decisions advanced legislation and craft budgets. But since 0:06:15.920 --> 0:06:19.680 it was written before Russia invaded Ukraine, lawmakers will likely 0:06:19.720 --> 0:06:23.520 press intelligence chiefs for the most current assessments. During today's 0:06:23.560 --> 0:06:27.920 hearing live in New York, I'm Renita Young Bloomberg Daybreak. Okay, Nita, 0:06:28.000 --> 0:06:30.280 thank you. Know. When it comes to the assessment for markets, 0:06:30.360 --> 0:06:32.600 it's all about the fallout from the war and the 0:06:32.640 --> 0:06:35.640 future of FED policy. The Fed meets one week from 0:06:35.720 --> 0:06:39.120 today and Morgan Stanley CEO James Gorman says the Central 0:06:39.120 --> 0:06:42.640 Bank should still start rate hikes despite the war in Ukraine. 0:06:42.920 --> 0:06:45.479 Speaking in Sydney, Gorman said the Fed needs to contain 0:06:45.600 --> 0:06:48.160 prices but also be careful not to tip the economy 0:06:48.200 --> 0:06:51.560 into recession. And corporate news, Nathan Apple is holding its 0:06:51.560 --> 0:06:55.080 first product unveiling of two the event, cake Stoff was 0:06:55.120 --> 0:06:57.440 expected to be its biggest year ever in terms of 0:06:57.480 --> 0:07:00.280 new devices. The company is poised to announce its first 0:07:00.400 --> 0:07:03.840 low cost iPhone sc with five G capabilities, a new 0:07:03.880 --> 0:07:07.600 iPad Air and updated match with Apple made ships. And finally, 0:07:07.680 --> 0:07:10.160 Karen Warren Buffett's back among the five richest people in 0:07:10.200 --> 0:07:12.640 the world. Has Fortune's risen more than seven percent this 0:07:12.720 --> 0:07:15.720 year thanks to a rally in Berkshire. Hathaway shares straight 0:07:15.720 --> 0:07:17.960 ahead the latest local headlines and the check of sports. 0:07:18.040 --> 0:07:24.560 This is Bloomberg and it's now five oh seven on 0:07:24.600 --> 0:07:27.239 Wall Street where forty one degrees in Central Parks. Seeing 0:07:27.240 --> 0:07:29.200 a lot of problems on mass transit this morning with 0:07:29.240 --> 0:07:32.160 down power cables from all the winds yesterday. The tails 0:07:32.160 --> 0:07:34.800 are not come up in traffic. First Michael Art with 0:07:34.880 --> 0:07:36.560 more on what's going on in New York had around 0:07:36.560 --> 0:07:38.760 the world the morning Michael, Good Morning, Nathan. New York 0:07:38.760 --> 0:07:41.679 City is preparing for the possibility of a cyber attack 0:07:41.760 --> 0:07:45.679 by Russia. The city's chief Technology Officer, Matthew Fraser says 0:07:45.760 --> 0:07:48.320 it could happen. We see the rights pop up periodically, 0:07:48.760 --> 0:07:51.680 though specifically associated to this heightened sense. We've seen an 0:07:51.760 --> 0:07:55.120 uptick um, but we're not aware of any campaign that's 0:07:55.160 --> 0:07:59.440 explicitly targeting the city itself. Back Officer Fraser says New 0:07:59.520 --> 0:08:03.640 York is on ultra high alert following US imposed sanctions 0:08:03.680 --> 0:08:06.880 against Russia for its ongoing invasion of Ukraine. The fear 0:08:06.920 --> 0:08:10.720 as Russia will try to retaliate The NYPDS Deputy Commissioner 0:08:10.800 --> 0:08:14.119 John Miller weiget that we're in a heightened threat um 0:08:14.160 --> 0:08:17.560 and we have been gearing up for that heightened threat 0:08:17.920 --> 0:08:21.440 to come along from our normal high alert to ultra 0:08:21.520 --> 0:08:24.800 high alert, and that's where we are. The NMPDS Miller 0:08:24.840 --> 0:08:26.960 says it's best to be ready just in case a 0:08:27.040 --> 0:08:31.080 homegrown terrorist strikes. President Joe Biden is expected to sign 0:08:31.120 --> 0:08:34.680 an executive order on cryptocurrency this week that will mark 0:08:34.720 --> 0:08:37.960 the first step toward regulating how digital currency is traded. 0:08:38.360 --> 0:08:42.080 The move comes as administration officials have raised concern in 0:08:42.120 --> 0:08:45.800 recent weeks about Russia's use of cryptocurrency to evade the 0:08:45.800 --> 0:08:49.640 impact of crushing scions. Tens of thousands of customers are 0:08:49.720 --> 0:08:52.600 without power in New York and New Jersey after a 0:08:52.640 --> 0:08:55.800 line of severe storms swept through the northeast. This man 0:08:55.840 --> 0:08:58.280 in Cedar Grove, New Jersey, spent the night at a 0:08:58.320 --> 0:09:01.960 neighbor's house after a free fell alongside his home, cut 0:09:01.960 --> 0:09:05.960 off his power and blocked his front door. Start rain heard, 0:09:07.040 --> 0:09:11.760 then all of a sudden is sounding train went through 0:09:12.280 --> 0:09:18.600 and the wind was howled and then to the house. 0:09:19.040 --> 0:09:21.439 He says. They're waiting to see whether they can safely 0:09:21.480 --> 0:09:24.719 return to their house today. Jerry's selection begins today and 0:09:24.760 --> 0:09:27.680 the trial of four men who were accused of conspiring 0:09:27.679 --> 0:09:30.959 to kidnap Michigan Governor Gretchen Whitmer. The government says the 0:09:31.000 --> 0:09:34.200 men were upset about Whitmer's COVID nineteen restrictions, but defense 0:09:34.280 --> 0:09:37.800 lawyers claimed the four were groomed and cajoled by federal 0:09:37.840 --> 0:09:41.920 agents and informants. The CDC raised it's COVID nineteen travel 0:09:41.960 --> 0:09:45.240 advisory for Hong Kong by one step to level four, 0:09:45.440 --> 0:09:48.280 or very high, as the city's death rate is now 0:09:48.320 --> 0:09:51.120 the highest in the world. Global News twenty four hours 0:09:51.120 --> 0:09:54.320 a day on air and on Bloomberg Quicktake, powered by 0:09:54.400 --> 0:09:57.080 more than twenty seven under journalist and analysts more than 0:09:57.120 --> 0:09:59.960 a hundred twenty countries. At Michael bar This is Bloomer. 0:10:00.600 --> 0:10:07.240 Thank you, Michael. Almost five ten on Wall Street, Time 0:10:07.240 --> 0:10:09.840 for the Bloomberg Sports Updated. Morty John Sans Sharon, Good morning, 0:10:09.920 --> 0:10:12.640 Nathan Biggas reason the Knicks so much better last season 0:10:12.720 --> 0:10:15.520 and this one. Julius Randall was so much better last season, 0:10:15.559 --> 0:10:18.559 But last night Randall as good as he has ever been. 0:10:18.600 --> 0:10:21.160 A career high forties six points. He made eight three 0:10:21.200 --> 0:10:24.720 Parners of the Knicks turned the table. Somebody blown leaves lately. 0:10:24.800 --> 0:10:27.320 This time they made the comeback from sixteen down and 0:10:27.360 --> 0:10:30.599 they won in Sacramento one one to one fifteen. The 0:10:30.679 --> 0:10:33.240 Knicks had their first two game winning streak in nearly 0:10:33.280 --> 0:10:36.240 two months. Joel mb scored forty three in Philadelphias, winning 0:10:36.240 --> 0:10:39.880 over Chicago. San Antonio beat the Lakers. Greg Popovich ties 0:10:39.960 --> 0:10:43.800 Don Nelson's record for most totoon victories. The Islanders welcomed 0:10:43.840 --> 0:10:46.880 in the NHL's best team. Colorado moved thirty games over 0:10:47.000 --> 0:10:49.680 five hundred, scored four goals in a span of less 0:10:49.679 --> 0:10:51.120 than four and a half minutes in the third period, 0:10:51.120 --> 0:10:53.720 and then held on with the Isles. Five four March 0:10:53.800 --> 0:10:58.840 Madness championship came at the Southern Conference Tournament. One time 0:11:00.000 --> 0:11:02.400 all drive all the way in his layoup Is foot 0:11:04.960 --> 0:11:10.880 quit four point three seconds left, David Jean Battis drives 0:11:10.880 --> 0:11:18.719 goes up three ft on the way and the call 0:11:18.840 --> 0:11:22.240 on their field. Chattanooga beat Ferman sixty four sixty three 0:11:22.280 --> 0:11:25.040 and over time. The Calvin Ridley's story not all that 0:11:25.120 --> 0:11:28.280 surprise in considering the growth of sports betting, now legal 0:11:28.320 --> 0:11:31.000 in many states, so accessible with the touch of a phone. 0:11:31.080 --> 0:11:34.240 Ridley the Falcon Star wide receiver admitted to making bets 0:11:34.240 --> 0:11:37.280 on NFL games, including bets on his team to win, 0:11:37.320 --> 0:11:39.560 although they were games he was not playing in. Regardless 0:11:39.880 --> 0:11:42.880 hit with a suspension of at least all of two, 0:11:42.880 --> 0:11:45.839 it will cost really eleven million dollars. John stash Award 0:11:45.840 --> 0:11:49.400 Bloomberg Sports, Nathan Okay, John, thanks SMP Future is now 0:11:49.480 --> 0:11:53.720 up six points, Staff Futures up one point, Nasty Futures 0:11:53.760 --> 0:11:56.600 up four after yesterday's sell off, the tenure Treasury down 0:11:56.880 --> 0:12:01.120 seventeen thirty seconds, the yield one three percent. You're listening 0:12:01.160 --> 0:12:09.480 to Bloomberg DeBerg Blumber eleven three oh Weather sunny continued 0:12:09.520 --> 0:12:11.760 breezy today with HIGs and the upper forties. Lights. Now 0:12:11.800 --> 0:12:14.439 tomorrow morning turning over into light rain. We'll have highs 0:12:14.480 --> 0:12:16.600 in the upper thirties, back in your fifty and partly 0:12:16.600 --> 0:12:23.280 sunny by Thursday. Right now forty one degrees. Markets headlines 0:12:23.320 --> 0:12:26.319 and breaking news twenty four hours a day at Bloomberg 0:12:26.360 --> 0:12:30.439 dot Com, the Bloomberg Business Outland at Bloomberg Quicktake. He's 0:12:30.480 --> 0:12:39.880 a Bloomberg Business Flash and I'm Cameron Moscow. Stocks in 0:12:39.920 --> 0:12:43.280 Europe are rallying along with US stock index futures after 0:12:43.320 --> 0:12:46.440 we reported that the European Union is considering joint bond 0:12:46.520 --> 0:12:49.720 sales to help counter the fallout from Russia's invasion of Ukraine. 0:12:50.120 --> 0:12:53.000 Bonds are dropping, the euros strengthening. We checked the markets 0:12:53.000 --> 0:12:56.040 every fifteen minutes throughout the trading day on bloomberg S 0:12:56.080 --> 0:12:58.439 and P futures up about ten points and down. Future 0:12:58.480 --> 0:13:00.960 is up twenty six now as to futures up ten. 0:13:01.280 --> 0:13:03.960 The decks in Germany is up six tents of upper cent. 0:13:04.000 --> 0:13:06.839 The ten year treasury down seventeen thirty seconds. He had 0:13:06.880 --> 0:13:08.920 one eight three per cent, the yield on the two 0:13:09.040 --> 0:13:12.120 year one point five nine percent. Nine x Scrude oil 0:13:12.240 --> 0:13:14.280 is up one point nine percent, up two dollars twenty 0:13:14.280 --> 0:13:16.440 five cents at a hundred twenty one dollar, sixty five 0:13:16.440 --> 0:13:19.400 cents of barrel. Comics gold up seven tenths percent or 0:13:19.440 --> 0:13:22.439 thirteen dollars at two thousand and nine dollars and ounce. 0:13:22.840 --> 0:13:26.440 The euro one point eight three against the dollar, British 0:13:26.440 --> 0:13:28.800 found one point three one three zero, the ends at 0:13:28.800 --> 0:13:32.720 one fifteen point five eight and Bitcoin this morning moving higher, 0:13:32.760 --> 0:13:34.720 up more than two and a half percent at thirty 0:13:34.720 --> 0:13:38.120 eight thousand, eight hundred fifty dollars. That's a Bloomberg business flash. 0:13:38.120 --> 0:13:40.160 Now here's Michael Barr with more on what's going on 0:13:40.280 --> 0:13:43.120 around the world. Michael, good morning, Good morning, Karen A. 0:13:43.200 --> 0:13:46.319 Russia's top energy official threatened to cut off natural gas 0:13:46.320 --> 0:13:50.439 flows from the nord Stream one pipeline, escalates economic tensions 0:13:50.440 --> 0:13:53.680 with Europe as the war in Ukraine continues. Russia and 0:13:53.800 --> 0:13:56.440 Ukraine have said they will continue to hold talks on 0:13:56.520 --> 0:13:59.839 the potential ceasefire, although a third round of discussions for 0:14:00.040 --> 0:14:03.440 douce little progress. US drivers are now paying more for 0:14:03.520 --> 0:14:07.680 gas than at any other time in history as demand 0:14:07.760 --> 0:14:11.240 surges and the war in Ukraine threatens global oil supplies. 0:14:11.640 --> 0:14:14.600 According to Triple A, the average pump prices in the 0:14:14.720 --> 0:14:18.600 US are now more than four dollars seventeen cents per gallant. 0:14:19.000 --> 0:14:21.800 In the NBA, the nixt one, the Warriors lost in 0:14:21.840 --> 0:14:24.440 the NHL, the Islanders lost, the Bruins lost to O 0:14:24.520 --> 0:14:27.400 t to the King's Three. To Global News twenty four 0:14:27.400 --> 0:14:31.080 hours a day on air and on Bloomberg Quicktake, powered 0:14:31.080 --> 0:14:33.560 by more than twenty seven hundred journalist and analyst more 0:14:33.560 --> 0:14:38.000 than a hundred twenty countries. Michael bar this is Bloomberg Nathan, Okay, Michael. Thanks, 0:14:38.000 --> 0:14:40.920 It's five nineteen on Wall Street line from the Bloomberg 0:14:40.960 --> 0:14:44.280 Interactive Broker Studios. This is Bloomberg Daybreak and as we 0:14:44.360 --> 0:14:47.200 continue following developments in the war in Ukraine. Were joined 0:14:47.200 --> 0:14:50.120 by Julie Norman, now Professor and lecture on Politics and 0:14:50.160 --> 0:14:54.520 International Relations at University College London. Here we are Professor 0:14:54.520 --> 0:14:58.720 into day thirteen of this war and Russia's President Vladimir 0:14:58.760 --> 0:15:02.840 Putin says it will continue until all his demands are met. 0:15:02.880 --> 0:15:06.160 What does this tell you about how much longer this 0:15:06.160 --> 0:15:11.240 war could grind on? Well, good morning, Nathan. The length 0:15:11.240 --> 0:15:13.920 of this war is really uncertain, and we've known that 0:15:14.000 --> 0:15:18.360 from the beginning. Putin is continuing to demand that Ukraine 0:15:18.400 --> 0:15:21.400 recognizes his annexation of Primea and also some of the 0:15:21.400 --> 0:15:25.360 Eastern regions. He's still wanting Ukraine to commit to neutrality 0:15:25.400 --> 0:15:28.240 and to pledge not to join NATO. So as we know, 0:15:28.360 --> 0:15:31.960 these were some of his demands before the escalation and 0:15:32.000 --> 0:15:33.960 before the invasion as well, and they seem to be 0:15:34.000 --> 0:15:36.760 what he is still pushing for. There have been talks 0:15:36.800 --> 0:15:39.960 going on. The Ukrainian and Russian officials have met three 0:15:40.000 --> 0:15:43.000 times already, with more talks planned, but right now I 0:15:43.040 --> 0:15:45.240 think most of the emphasis will just be on trying 0:15:45.280 --> 0:15:47.280 to get some kind of cease fires for some of 0:15:47.320 --> 0:15:50.240 these humanitarian corridors and some of these bigger questions are 0:15:50.240 --> 0:15:52.240 still going to be outstanding for quite a while. And 0:15:52.360 --> 0:15:55.480 we just heard from the head of the Refugee Agency 0:15:55.520 --> 0:15:58.960 at the United Nations that the number of people fleeing 0:15:59.080 --> 0:16:01.840 the war in Ukraine is now top two million. Is 0:16:01.920 --> 0:16:06.080 Europe able to handle this refugee influx? Well, what we've 0:16:06.080 --> 0:16:09.680 seen so far is actually a very strong welcoming from 0:16:09.720 --> 0:16:12.360 Europe as much as they can. Uh. That's from both 0:16:12.480 --> 0:16:15.560 a civilian perspective, so people showing up at the borders 0:16:15.640 --> 0:16:19.040 offering rooms in their houses, offering food, clothing, uh and 0:16:19.120 --> 0:16:22.840 also from you countries to try and facilitate visas and 0:16:22.920 --> 0:16:26.720 temporary status and whatnot. But with that said, this is 0:16:26.880 --> 0:16:30.600 a very large number of people. It's a continually rising 0:16:30.680 --> 0:16:34.320 number of people, and I think the European countries, including 0:16:34.320 --> 0:16:37.000 the UK and as well as non European countries like 0:16:37.040 --> 0:16:39.440 the US, will really need to be focusing more on 0:16:39.720 --> 0:16:42.760 how to support a lot of refugees of families who 0:16:42.800 --> 0:16:46.160 are fleeing because this is however long the actual military 0:16:46.160 --> 0:16:49.560 conflict goes on, the impact on civilians and people who 0:16:49.560 --> 0:16:51.560 have been forced to flee in particular is going to 0:16:51.560 --> 0:16:53.360 be even more long lasting, and we need to start 0:16:53.400 --> 0:16:56.720 focusing efforts there. Are we seeing any signs that the 0:16:56.840 --> 0:17:00.680 Ukraine resistance is wearing down Russia's military and whether that 0:17:00.760 --> 0:17:05.200 could have any impact on how much longer this will last. Well, 0:17:05.240 --> 0:17:08.040 the resistance has obviously been much stronger than I think 0:17:08.040 --> 0:17:11.560 many predicted. Um With that said, you know, Russia I 0:17:11.600 --> 0:17:15.400 think has been obviously installed in many ways, but has 0:17:15.440 --> 0:17:18.639 also so far been focusing on I would say, you know, 0:17:18.680 --> 0:17:22.879 trying to largely focusing on targeting infrastructure, on kind of 0:17:22.880 --> 0:17:25.320 cutting off energy, and these kinds of things are going 0:17:25.359 --> 0:17:28.720 to have a very severe impact on civilians. We've already 0:17:28.800 --> 0:17:31.359 seen some cities where now tens, if not hundreds of 0:17:31.400 --> 0:17:34.119 thousands of people are cut off from water, from heat, 0:17:34.240 --> 0:17:36.159 They're going to be running out of food, and so 0:17:36.359 --> 0:17:39.320 even though it's not the same as say like, uh, 0:17:39.480 --> 0:17:40.879 you know, and if your attack on a city or 0:17:40.880 --> 0:17:42.800 something like that, we are going to see the civilian 0:17:43.359 --> 0:17:48.040 pressures increasing with this kind of siege kind of operations, 0:17:48.160 --> 0:17:51.280 and those are things that it's UH. It's hard for 0:17:51.400 --> 0:17:53.760 a resistance movement to to push back when it's those 0:17:53.840 --> 0:17:56.000 kinds of grievances that people are starting to feel, And 0:17:56.000 --> 0:17:58.400 that's the kind of squeeze that might put the pressure 0:17:58.440 --> 0:18:00.760 onto UH to try and try and change the dynamics. 0:18:01.080 --> 0:18:03.879 What kind of pressure could Russia feel from the moves 0:18:03.920 --> 0:18:07.240 we're seeing out of the White House and on Capitol Hill, 0:18:07.359 --> 0:18:10.400 we're hearing that Congress is getting closer to an agreement 0:18:10.640 --> 0:18:15.040 on banning Russian oil imports in this country. Yeah, so 0:18:15.080 --> 0:18:18.520 we heard yesterday that Congressional leaders from both parties seem 0:18:18.560 --> 0:18:21.280 to be moving towards this, but I would emphasize that 0:18:21.320 --> 0:18:25.680 it's definitely not confirmed yet, and there's definitely difference among 0:18:25.800 --> 0:18:29.600 allies and how to move forward on the energy related sanctions. 0:18:29.640 --> 0:18:33.160 In particular, for the US, it's not quite as costly. 0:18:33.640 --> 0:18:37.040 Are imports of crude in particular are quite low um 0:18:37.080 --> 0:18:39.320 as opposed to Europe, where you know, about a third, 0:18:39.359 --> 0:18:41.560 if not more, of some of their gas and oral 0:18:41.600 --> 0:18:44.439 imports come from Russia. So one thing that the Biden 0:18:44.440 --> 0:18:47.159 administration has been very clean on from the beginning is 0:18:47.200 --> 0:18:49.840 not wanting to divide allies. I think they're going to 0:18:49.880 --> 0:18:52.760 be cautious and how they do that, and also recognizing 0:18:52.840 --> 0:18:56.320 that not only will that inflate gas prices even further 0:18:56.440 --> 0:18:58.840 at home, but we'll also have some other knock on effects. 0:18:58.880 --> 0:19:02.320 It'll push roush Usher closer to China, it could prompt 0:19:02.359 --> 0:19:04.920 Russia to cut off all gass and oil to Europe, 0:19:05.080 --> 0:19:07.240 and it also kind of forces the US and allies 0:19:07.280 --> 0:19:09.240 to look to other sources for that. I will supply, 0:19:09.359 --> 0:19:12.760 including Venezuela and other actors where they've already had sanctions before. 0:19:13.200 --> 0:19:15.680 So I would say there's a lot of political good 0:19:15.680 --> 0:19:17.520 will and I think for the right reasons, but there's 0:19:17.520 --> 0:19:19.359 a lot of moving parts around that that will need 0:19:19.400 --> 0:19:22.679 to be considered. So great to get your insights as always, 0:19:22.760 --> 0:19:25.120 thanks for being with us this morning. Julie Norman, Professor 0:19:25.160 --> 0:19:30.000 and lecture on Politics and International Relations at University College London. 0:19:30.680 --> 0:19:33.479 Futures in the US have been fluctuating this morning. Right 0:19:33.480 --> 0:19:35.800 now they're pointing just a little bit lower with SMP 0:19:35.920 --> 0:19:38.840 futures little change to the downside right now, down futures 0:19:38.920 --> 0:19:42.320 down thirty two points. NAZDAC futures are lower now by 0:19:42.359 --> 0:19:44.280 twenty three points. That's to drop a two tenths of 0:19:44.320 --> 0:19:47.320 one percent after yesterday sell off ten Your treasuries down 0:19:47.359 --> 0:19:50.119 sixteen thirty seconds down the yield one point eight three percent, 0:19:50.160 --> 0:19:52.920 yield on the two year one point five eight and 0:19:53.160 --> 0:19:55.879 NIMEX crude right now is up two point one percent 0:19:55.920 --> 0:19:59.040 of two dollars fifty four cents a hundred ninety three 0:19:59.040 --> 0:20:02.600 cents of barrel as the surge in crude continues. This 0:20:03.320 --> 0:20:09.720 is Bloomberg Bloomberg eleven three oh weather sunny, breezy, upper 0:20:09.800 --> 0:20:13.400 forties today, light snow developing Tomorrow. Ending is light rain, 0:20:13.560 --> 0:20:16.280 late highs in the upper thirties. We'll be back near 0:20:16.280 --> 0:20:18.800 fifty by Thursday. Right now forty one in Central Park, 0:20:22.040 --> 0:20:26.600 broadcasting live from the Bloomberg Interactive Broker Studio in New York. 0:20:26.680 --> 0:20:31.360 Bloomberg eleving three to Washington, d C. Bloomberg on to Boston, 0:20:31.480 --> 0:20:34.720 Bloomberg one O six one to San Francisco, Bloomberg N 0:20:34.960 --> 0:20:38.200 sixteen to the country, sirius xm Cho one nine and 0:20:38.280 --> 0:20:41.640 around the globe the Bloomberg Business at and Bloomberg Radio 0:20:41.760 --> 0:20:51.040 dot Com. This is Bloomberg Daybreak. It's five thirty on 0:20:51.040 --> 0:20:54.040 Wall Street. Good morning. I'm Nathan Hagar, and I'm Karen, Moscow. 0:20:54.080 --> 0:20:56.240 We're just about four hours away from the open of 0:20:56.359 --> 0:20:58.040 US trading. Let's get you up to date in the 0:20:58.040 --> 0:21:00.680 news you need to know at this hour. Beginning in Ukraine, 0:21:01.080 --> 0:21:04.080 Moscow is now threatening to cut off natural gas supplies 0:21:04.119 --> 0:21:06.760 to Europe. That's after a third round of talks between 0:21:06.840 --> 0:21:10.520 Russia and Ukraine failed to make progress. Bloomberg's At Baxter 0:21:10.720 --> 0:21:13.439 has the latest. Russia says it has heard nothing from 0:21:13.560 --> 0:21:16.800 Ukraine that would make a change direction, and Ukraine's President 0:21:16.840 --> 0:21:20.560 Volatimer Zolensky, and an exclusive ABC interview, says Russia just 0:21:20.800 --> 0:21:24.200 wants to make threats and issue ultimatums and then talking 0:21:24.240 --> 0:21:27.119 about Vladimir Putin through a translator not the time, like 0:21:27.240 --> 0:21:31.520 instead of living in the informational bubble without oxygen. I 0:21:31.560 --> 0:21:33.960 think that's why he is. And u S Secretary of 0:21:33.960 --> 0:21:36.359 State Anthony B. Lincoln has again rejected the play for 0:21:36.400 --> 0:21:38.520 a no fly zo and saying it could lead to 0:21:38.800 --> 0:21:42.880 widening the war in San Francisco, I'm at Baxter Bloomberg Daybreak. 0:21:42.960 --> 0:21:45.200 All right, ed, thanks, you also have developments on Russia. 0:21:45.240 --> 0:21:48.040 Out of Capitol Hill, Congress has announced the outline of 0:21:48.080 --> 0:21:51.040 a bill to bar imports of Russian oil to the US. 0:21:51.359 --> 0:21:53.320 The House can vote on the proposal as soon as 0:21:53.320 --> 0:21:57.680 tomorrow Mall Street, Nathan. US futures are higher after yesterday's 0:21:57.720 --> 0:21:59.600 sell off, and we get the latest on the markets 0:21:59.640 --> 0:22:03.360 live with Bloomberg's John Tucker. John Karen. Sentiment has improved 0:22:03.440 --> 0:22:06.000 on the heels of our report that the European Union 0:22:06.160 --> 0:22:09.320 is considering joint bond sales to help counter the fallout 0:22:09.359 --> 0:22:13.480 from Russia's invasion. The possibility of further Central Banks stimulus 0:22:13.600 --> 0:22:17.560 is lifting risk appetite, and yesterday's session stocks were pummeled, 0:22:17.600 --> 0:22:21.240