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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with the latest developments in Donald Trump's

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Speaker 2: legal battles. Former president has followed through on posting a

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Speaker 2: one hundred and seventy five million dollar bond in his

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Speaker 2: New York civil fraud case. That means he will avoid

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Speaker 2: having his assets seized while he appeals the four hundred

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Speaker 2: and fifty four million dollar judgment against him. That bond

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Speaker 2: was arranged by California based Night Specialty Insurance, a company

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Speaker 2: best known for subprime auto loans, which is run by

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Speaker 2: billionaire Trump supporter Don Hankey. Meanwhile, the former president is

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Speaker 2: coming under new restrictions ahead of his hush money trial

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Speaker 2: in New York. The judge in that case has expanded

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Speaker 2: a gag order after Trump attacked both him and his

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Speaker 2: daughter on social media. Lourie Levinson is a former federal

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Speaker 2: prosecutor now a professor at Loyola Law School.

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Speaker 3: Whether he wants who or not, Donald Trump has to

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Speaker 3: tone it down because by attacking the judge's daughter, by

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Speaker 3: attacking members of the district attorney's office, Trump has made

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Speaker 3: it increasingly difficult for the judge to hold a fair trial.

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Speaker 2: Loyal law professor Lourie Levinson says the expanded gag order

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Speaker 2: still allows Trump to make comments about Manhattan District Attorney

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Speaker 2: Alvin Bragg. The hush money trial begins April fifteenth.

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Speaker 1: Well, Nathan, we have another note on Donald Trump. His

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Speaker 1: net worth on paper tumbled a billion dollars as shares

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Speaker 1: of as social media business plunge. Do we get details

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Speaker 1: from Bloomberg's Charlie Pellett.

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Speaker 4: That was after the company disclosed that had lost more

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Speaker 4: than fifty eight million dollars in twenty twenty three as

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Speaker 4: revenue for the former president's Truth social platform trickled in.

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Speaker 4: Trump Media and Technology Group stockfell twenty one percent to

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Speaker 4: forty eight sixty six, a share that's below the forty

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Speaker 4: nine to ninety five level where the blank check vehicle

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Speaker 4: it merged with was trading a week again go According

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Speaker 4: to filings with the SEC, Trump owns fifty seven percent

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Speaker 4: of the company, with his stake now worth three point

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Speaker 4: seven six billion dollars on paper in New York. Charlie

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Speaker 4: Pellett Bloomberg.

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Speaker 1: Radio, All right, Charlie, thanks in checking shares of Trumpet

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Speaker 1: Media and Technology Group this morning, they're down another four

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Speaker 1: point three percent.

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Speaker 2: And now to the latest developments in the Middle East.

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Speaker 2: Care in a shadow war between Israel and Iran has

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Speaker 2: ebbed and flowed in recent years, but a reported airstrike

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Speaker 2: in Syria may be ratcheting up tensions. Details from Bloomberg

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Speaker 2: Zamy Morris in Washington.

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Speaker 5: Iranian and Syrian state media claim inn Israeli airstrike on

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Speaker 5: Iran's embassy compound in Syria killed a number of people,

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Speaker 5: including a top military commander mohammedresa Zahedi, a high ranking

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Speaker 5: Iranian general linked to the Islamic Revolutionary Guard Corps, plus

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Speaker 5: another general and at least five officers. Iran's bign minister

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Speaker 5: says Israel should be held accountable for the repercussions of

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Speaker 5: the attack. The country's envoy to Syria vowed a quote

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Speaker 5: decile response. Israeli officials did not confirm the strike. In Washington,

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Speaker 5: Amy Morris Bloomberg Radio.

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Speaker 1: All right, Amy, thank you. Meanwhile, the White House is

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Speaker 1: calling for an investigation into an Israeli airstrike in Gaza

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Speaker 1: that caught a well known aid organization in the crossfire.

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Speaker 1: The Washington based World Central Kitchen says seven of its

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Speaker 1: staff were killed in the attack, including an American with

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Speaker 1: dual Canadian citizenship. The group, founded by celebrity chef Jose Andres,

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Speaker 1: delivered the first shipment of aid by SA into northern

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Speaker 1: Gaza last month. It's helped oversee construction of a peer

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Speaker 1: to bring more meals into the region. The Israeli military

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Speaker 1: says it's conducting a review of the incident at the

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Speaker 1: highest levels.

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Speaker 2: Turned out to the Economy Karen, the odds of a

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Speaker 2: rate cut in June are deteriorating, and we get the

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Speaker 2: details from Bloomberg's John Tucker.

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Speaker 6: John and Nathan Trader's recalibrating their bets on the federal

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Speaker 6: reserves easing briefly setting the ons of a first move

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Speaker 6: in June below fifty percent. This comes as ism manufacturing

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Speaker 6: was stronger than expected towards the slocks. Chief economist at

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Speaker 6: apollel Management.

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Speaker 2: We have suddenly expansion for the first time since twenty

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Speaker 2: twenty two. We also seen suddenly that price is paid

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Speaker 2: in im also beginning to accelerate.

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Speaker 6: The number of FED rate cuts priced in the swamps

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Speaker 6: contracts for this year dropped a fewer than sixty five

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Speaker 6: basis points. That's less than FED policy makers themselves of forecast.

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Speaker 6: Some market watchers say the pendulum of centiment in US

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Speaker 6: rates may be shifting toward the hawkish direction. John Tucker,

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Speaker 6: Bloomberg Radio.

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Speaker 1: All right, John, thanks we the strong factory data helps

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Speaker 1: send both stocks and bonds lower on the first day

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Speaker 1: of the second quarter. OURBC Capital Markets head of US

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Speaker 1: equity strategy, Lori Calvacina, expects to see money moving to

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Speaker 1: other parts of the markets besides the so called Magnificent

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Speaker 1: seven stalks.

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Speaker 7: I think we're due for one big catch up trade

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Speaker 7: in the market from you know, kind of everything outside

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Speaker 7: of the MAG seven, whether it's small cap, whether it's

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Speaker 7: you know, kind of the non tech sectors. If you

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Speaker 7: look at the pe in the market x the MAG seven,

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Speaker 7: it's trading around sixteen times. The MAG seven's been trading

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Speaker 7: between twenty seven and twenty eight times on a forward

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Speaker 7: pe and kind of a round past peak. So I

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Speaker 7: think there's room for the rest of the market to

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Speaker 7: kind of catch up. I'm not saying we have to

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Speaker 7: get quite that over valued, but there's room for the

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Speaker 7: rest of the market to make a move.

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Speaker 1: Capital Markets Lori Calvsina boosted her year end s and

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Speaker 1: P five hundred price target to fifty three hundred.

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Speaker 2: And in Europe, Karen, UBS is updating its investors on

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Speaker 2: when it'll begin at stock buyback program. Let's go to

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Speaker 2: London and get the details from Bloomberg's Ewan Pots.

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Speaker 8: Ewan, Nathan and Karen. The bank buy back story rolls on.

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Speaker 8: UBS says it will purchase up to two billion dollars

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Speaker 8: if its shares over the next two years, including one

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Speaker 8: billion dollars this year. The announcement gives shareholders in Switzerland's

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Speaker 8: biggest bank greater visibility on returns as it completes the

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Speaker 8: integration of Credits Suisse, UBS saying it's ambition is for

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Speaker 8: share buybacks to exceed pre acquisition levels by twenty twenty six.

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Speaker 8: In London, I'm your Pots Boomberg.

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Speaker 1: Radio, all right you and thanks what We're keeping your

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Speaker 1: eye on Tesla shares. Later today, the company is expected

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Speaker 1: to report global first order delivery and production numbers and

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Speaker 1: a lets say demand for electric vehicles and elevated interest

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Speaker 1: rates are taking a toll on sales. We gin more

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Speaker 1: from Bloomberg Technology host ed Ludlow.

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Speaker 9: So Tesla's course lyad deliveries have Wall Street worried brace

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Speaker 9: because the first quarter numbers are coming the expectation four

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Speaker 9: hundred and fifty seven thousand odd sequential decline. But the

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Speaker 9: key thing does Tesla beat its performance from the same

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Speaker 9: period a year ago, higher rates, government policy, a tepid

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Speaker 9: consumer and elon with a new policy that might have

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Speaker 9: upset some people in the sprint finish to the first quarter,

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Speaker 9: Ed Ludlow Bloomberg Radio.

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Speaker 2: All right ed thanks to one other corporate note. This morning,

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Speaker 2: with more than half of the vote's cast, the Wall

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Speaker 2: Street Journal is reporting Disney has pulled ahead in its

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Speaker 2: proxy battle against Nelson Peltz's Try and Partners. The paper

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Speaker 2: says Black Rock and t row Price are among the

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Speaker 2: major investors backing Disney. The journal says investors are still

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Speaker 2: casting votes and can change them through the annual meeting tomorrow.

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Speaker 1: Orry Nathan, thanks and welcome back. It's time now for

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world, and for that

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Speaker 1: we're joined now by Bloombergy's Michael Barr.

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Speaker 10: Michael, good morning, Good morning, Karen, The owner of the

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Speaker 10: ship that rammed into a bridge in Baltimore last week,

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Speaker 10: killing six workers. Is seeking to limit its liability to

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Speaker 10: about forty three point seven million dollars. Legal experts say

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Speaker 10: the company Grace Ocean could face hundreds of millions of

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Speaker 10: dollars in damage claims. Yesterday, it filed a petition jointly

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Speaker 10: with Synergy Marine, which was operating the Singapore flagged cargo

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Speaker 10: ship Dolly. They claimed the collapse that the Francis Scott

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Speaker 10: Key Bridge was not due to any fault, neglect, or

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Speaker 10: want of care of the companies, and that they shouldn't

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Speaker 10: be held liable for any loss or damage from the disaster.

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Speaker 10: Memhile Maryland officials, including Governor Wes Moore, urge patients as

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Speaker 10: the cleanup gets underway, saying the safety of the rescuers

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Speaker 10: and salvage crew will be top priority during the precarious

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Speaker 10: operation and.

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Speaker 1: My directive to complete this mission with no injuries and

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Speaker 1: no casualties.

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Speaker 10: We've already lost six Marylanders to this crisis.

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Speaker 8: I refuse to lose any more.

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Speaker 10: Governor Morris says a temporary channel on the northeast side

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Speaker 10: of the collapse opened yesterday and will help to get

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Speaker 10: more vessels around the site. Of the collapse. In two rulings,

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Speaker 10: Florida Supreme Court decided that the state's fifteen week abortion

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Speaker 10: ban is constitutional, which paves the way for a six

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Speaker 10: week band to take effect soon. The state Supreme Court

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Speaker 10: also ruled voters in Florida will be heading to the

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Speaker 10: polls later this year to decide what is the future

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Speaker 10: of abortion in the state. Critics say that the varting

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Speaker 10: in the November measure is too vague.

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Speaker 2: It doesn't define what viability is. It doesn't define what

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Speaker 2: a healthcare worker is.

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Speaker 10: However, supporters of the ballot measure, like Ana Hotcomer with

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Speaker 10: the Florida Women's Freedom Coalition, disagrees with critics.

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Speaker 5: Floridians are smart.

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Speaker 1: They understand what we want. They understand what the language says.

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Speaker 10: The November ballot would allow Florida voters to decide whether

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Speaker 10: they think that abortion should be protected in the state's

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Speaker 10: constitution and government interference should be limited. It's already been

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Speaker 10: decided between Joe Bush, Joe Biden, and former President Donald Trump,

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Speaker 10: but it's primary day in New York, Connecticut, Delaware, Rhode Island,

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Speaker 10: and Wisconsin. Mississippi is holding a Republican runoff election to

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Speaker 10: see who will challenge sixteen term Democratic incumbent Benny Thompson.

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Speaker 10: Mosques in New York City are struggling to house and

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Speaker 10: feed migrants as the country's latest immigration surge becomes increasingly

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Speaker 10: more African and Muslim. Leaders of a mosqin Harlem say

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Speaker 10: their congregation is spending hundreds of dollars a night to

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Speaker 10: host iftar, the traditional end of fasting during Ramadan. Global

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Speaker 10: News twenty four hours a day and whenever you want

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Speaker 10: it with the Bloomberg News. Now, I'm Michael Barr, and

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Speaker 10: this is Bloomberg Karen.

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Speaker 1: Sorry, Michael Barr, thank you. Time out the Bloombergy Sports

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Speaker 1: Update with John Stashaur. John, Good morning, Good morning care.

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Speaker 11: The long range shooting and the playmaking ability of Caitly

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Speaker 11: and Clark has grabbed the attention to the nation and

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Speaker 11: her Iowa career not over yet. Clark scored forty one

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Speaker 11: points with nine threes. She had twelve assists. Iowa beat

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Speaker 11: LSU ninety four to eighty seven, avenging their loss to

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Speaker 11: the Tigers in last year's championship game. Now heading to

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Speaker 11: the women's Final four in Cleveland were on Friday, Iowa

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Speaker 11: will take on yukon The Huskies have a start of

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Speaker 11: their own, Page Beckers and an eighty to seventy three

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Speaker 11: win over USC had twenty eight points. This will be

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Speaker 11: Yukon's twenty third Final four. They've gone to fifteen to

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Speaker 11: the last sixteen. Both Yukon and NC State have their

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Speaker 11: men's and women's teams heading to the Final four. The

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Speaker 11: Yankees are five and oh. Last time that happened was

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Speaker 11: nineteen ninety two, which was actually the last Yankee team

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Speaker 11: to finish under five hundred. Yanks won five to two

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Speaker 11: at Arizona. Luis Heel in the rotation due to the

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Speaker 11: Garrett Cole injury, pitched into the fifth inning, allowed only

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Speaker 11: one hit. The Mets are zero and four. At City Field,

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Speaker 11: they got great pitching for nine innings and lost to

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Speaker 11: Detroit five to nothing. Meanwhile, in Houston to two, De

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Speaker 11: Guerrero prow ball tap Loco lets it go by Dubon

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Speaker 11: Fields throws the first.

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Speaker 3: End time hoo Head hold down Blackco.

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Speaker 11: Seiderds the first to chop it too.

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Speaker 7: His arms and the rest of his teammates come out

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Speaker 7: to mabo.

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Speaker 11: I'm abmb just the eighth Big League starver on ol Blanco,

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Speaker 11: and he threw the seventeenth no hitter in Astro's history.

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Speaker 11: At the Garden, Rangers lost to Pittsburgh five to two,

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Speaker 11: and in a five game win streak, just the Rangers

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Speaker 11: second lost the past month. Islanders in Philadelphia gave up

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Speaker 11: the time goal with ten seconds left, but one four

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Speaker 11: to three and a brock Nelson goaling over time his

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Speaker 11: thirtieth NETS lost in Indiana one twenty three to one.

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Speaker 11: Eleven Pacers scored forty three in the first quarter. The

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Speaker 11: Celtics fifty ninth win one eighteen one to fourteen Nets. Charlotte,

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Speaker 11: johnh DASHEDWIAR Bloomberg Sports Karen.

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Speaker 1: Nathan all right, John, thank you, and futures now little

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Speaker 1: change SNP at NASDAG Futures anyway down. Futures down three

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Speaker 1: tentsive uppercent, the ten year treasury yield four point three

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Speaker 1: one per nimex screwed oil up one point six percent

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Speaker 1: at eighty five dollars seven cents a barrel.

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Speaker 4: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 4: and around the world on Bloomberg dot Com and the

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Speaker 4: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak, Good morning of Nathan Hager, let's

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Speaker 2: get a little bit more on what's happening in this market,

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Speaker 2: the slight pullback in futures in this surge that we're

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Speaker 2: seeing in commodities this morning, with bond traders pushing back

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Speaker 2: their bets on a first rate cut move from the

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Speaker 2: Federal Reserve, following a gauge of manufacturing activity in the

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Speaker 2: US moving into expansion territory for the first time in

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Speaker 2: nearly a year and a half. For more on this,

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Speaker 2: we're joined by Bloomberg's Kritty Gupta. So, Critty, we have

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Speaker 2: seen so much data over the last several months showing

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Speaker 2: continued strength in this economy. Now this surprise ism manufacturing

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Speaker 2: data showing expansion for the first time since September twenty

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Speaker 2: twenty two, really does seem to be feeding into this

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Speaker 2: narrative that the Fed really doesn't need to be in

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Speaker 2: a rush to cut rates.

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Speaker 12: Yeah, it's an interesting one because for so long that's

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Speaker 12: what the exactly the markets are are banking upon, and

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Speaker 12: it's been the story of consumer resilience, as you've pointed out.

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Speaker 12: But Nathan, you know as well as anybody that not

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Speaker 12: all inflation is created equal, And I think what was

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Speaker 12: so striking about this ISM data in particular, is that

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Speaker 12: off the back of it, you saw anywhere from ten

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Speaker 12: to fourteen basis points of moves in the treasury market

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Speaker 12: across the curve off of just an ISM report. And

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Speaker 12: the reason I kind of put emphasis on that is

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Speaker 12: because you traditionally don't see that kind of reaction and

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Speaker 12: sustained reaction throughout the trading day off of just one report,

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Speaker 12: and especially the ISM of all places, specifically because manufacturing

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Speaker 12: makes up only a fraction of the US economy relative

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Speaker 12: to the services data, so you see more sustained moves

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Speaker 12: off services data rather than manufacturing. So this was interesting,

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Speaker 12: but it comes in tandem with, as you say, this

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Speaker 12: building narrative CPI, the PCE numbers, the labor numbers as well,

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Speaker 12: And I think what's important about the ISM data and

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Speaker 12: the way it's actually calculated is that it is more

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Speaker 12: sensitive to factory outputs, to new orders, to wage stories,

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Speaker 12: especially in parts of America that have more of an

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Speaker 12: industrial focus on that as well. All of that are

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Speaker 12: things that are in line with that get factored into

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Speaker 12: the PPI numbers and the PCE deflator numbers. Essentially the

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Speaker 12: pieces of data that the FED pays more attention to

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Speaker 12: gend just the headline CPI, and that's kind of the

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Speaker 12: building blocks that are taking place at the moment when

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Speaker 12: factoring in this data.

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Speaker 2: It was interesting, though, wasn't it to see this data

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Speaker 2: come out this surprise on the manufacturing side. When we

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Speaker 2: did get that PCE data on Friday that we heard

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Speaker 2: from FED Chairman Jerome Powell saying that it came in

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Speaker 2: basically in line with their expectations even with goods inflation

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Speaker 2: in that PCE data is showing a little bit more

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Speaker 2: stickiness this time around.

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Speaker 12: Yeah, and I think that's the concern here, right, And

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Speaker 12: you heard that Withchair Powell in some of his commentary there.

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Speaker 12: He said that even though the pc numbers came in,

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Speaker 12: you know on par we have to be He issued

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Speaker 12: a lot of caution. He said, we have to be

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Speaker 12: careful about the rate cut story. As if it's a surprise,

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Speaker 12: they wouldn't be careful, but they really risk this kind

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Speaker 12: of spiral that if you go with one cut, how

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Speaker 12: many more cuts follow. You can't have just one move

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Speaker 12: and then not touch anything. It's kind of the start

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Speaker 12: of a longer program, or at least that's the expectation

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Speaker 12: of economists and markets, and that's that first move that

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Speaker 12: they want to get right. The goods piece of it

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Speaker 12: is really important because in twenty twenty one, we're kind

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Speaker 12: of going through our inflation saga. Over the last couple

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Speaker 12: of years, post COVID, post pandemic, the reopening trade, so

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Speaker 12: much of the supply chain hiccups, et cetera. Were cost driven.

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Speaker 12: It was commodity prices, oil prices hitting one hundred dollars

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Speaker 12: a barrel and more. It was the grain story coming

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Speaker 12: out of Ukraine and the war there. It was gold

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Speaker 12: prices and raw materials becoming more expensive with this move

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Speaker 12: in evs and chips. Basically the tip big take, as

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Speaker 12: this was commodity driven inflation that ended up in shortages

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Speaker 12: around the world and therefore supply chain snags. The inflation

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Speaker 12: story right now is service is driven. It's wages driven.

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Speaker 12: Everybody wants a little bit more money in their paycheck

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Speaker 12: in line with the inflationary pressures that they've been dealing

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Speaker 12: with with prices that have been and costs that have

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Speaker 12: been passed on to the consumer by major corporations around

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Speaker 12: the world. The concern around a reacceleration is more goods

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Speaker 12: driven and commodity driven this time around, and that's arguably,

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Speaker 12: to your point, more sticky and they'refore more dangerous.

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Speaker 2: All right, Bloomberg's Critti Gupta with a look at some

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Speaker 2: of the latest economic data.

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Speaker 12: Credit.

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Speaker 7: Thank you.

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Speaker 2: This is Bloomberg day Break Today, your morning brief on

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Speaker 2: the stories making news from Wall Street to Washington and beyond.

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Speaker 2: Hager and I'm Karen Moscow.

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