Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: Karen, we begin with the latest developments in Donald Trump's
Speaker 2: legal battles. Former president has followed through on posting a
Speaker 2: one hundred and seventy five million dollar bond in his
Speaker 2: New York civil fraud case. That means he will avoid
Speaker 2: having his assets seized while he appeals the four hundred
Speaker 2: and fifty four million dollar judgment against him. That bond
Speaker 2: was arranged by California based Night Specialty Insurance, a company
Speaker 2: best known for subprime auto loans, which is run by
Speaker 2: billionaire Trump supporter Don Hankey. Meanwhile, the former president is
Speaker 2: coming under new restrictions ahead of his hush money trial
Speaker 2: in New York. The judge in that case has expanded
Speaker 2: a gag order after Trump attacked both him and his
Speaker 2: daughter on social media. Lourie Levinson is a former federal
Speaker 2: prosecutor now a professor at Loyola Law School.
Speaker 3: Whether he wants who or not, Donald Trump has to
Speaker 3: tone it down because by attacking the judge's daughter, by
Speaker 3: attacking members of the district attorney's office, Trump has made
Speaker 3: it increasingly difficult for the judge to hold a fair trial.
Speaker 2: Loyal law professor Lourie Levinson says the expanded gag order
Speaker 2: still allows Trump to make comments about Manhattan District Attorney
Speaker 2: Alvin Bragg. The hush money trial begins April fifteenth.
Speaker 1: Well, Nathan, we have another note on Donald Trump. His
Speaker 1: net worth on paper tumbled a billion dollars as shares
Speaker 1: of as social media business plunge. Do we get details
Speaker 1: from Bloomberg's Charlie Pellett.
Speaker 4: That was after the company disclosed that had lost more
Speaker 4: than fifty eight million dollars in twenty twenty three as
Speaker 4: revenue for the former president's Truth social platform trickled in.
Speaker 4: Trump Media and Technology Group stockfell twenty one percent to
Speaker 4: forty eight sixty six, a share that's below the forty
Speaker 4: nine to ninety five level where the blank check vehicle
Speaker 4: it merged with was trading a week again go According
Speaker 4: to filings with the SEC, Trump owns fifty seven percent
Speaker 4: of the company, with his stake now worth three point
Speaker 4: seven six billion dollars on paper in New York. Charlie
Speaker 4: Pellett Bloomberg.
Speaker 1: Radio, All right, Charlie, thanks in checking shares of Trumpet
Speaker 1: Media and Technology Group this morning, they're down another four
Speaker 1: point three percent.
Speaker 2: And now to the latest developments in the Middle East.
Speaker 2: Care in a shadow war between Israel and Iran has
Speaker 2: ebbed and flowed in recent years, but a reported airstrike
Speaker 2: in Syria may be ratcheting up tensions. Details from Bloomberg
Speaker 2: Zamy Morris in Washington.
Speaker 5: Iranian and Syrian state media claim inn Israeli airstrike on
Speaker 5: Iran's embassy compound in Syria killed a number of people,
Speaker 5: including a top military commander mohammedresa Zahedi, a high ranking
Speaker 5: Iranian general linked to the Islamic Revolutionary Guard Corps, plus
Speaker 5: another general and at least five officers. Iran's bign minister
Speaker 5: says Israel should be held accountable for the repercussions of
Speaker 5: the attack. The country's envoy to Syria vowed a quote
Speaker 5: decile response. Israeli officials did not confirm the strike. In Washington,
Speaker 5: Amy Morris Bloomberg Radio.
Speaker 1: All right, Amy, thank you. Meanwhile, the White House is
Speaker 1: calling for an investigation into an Israeli airstrike in Gaza
Speaker 1: that caught a well known aid organization in the crossfire.
Speaker 1: The Washington based World Central Kitchen says seven of its
Speaker 1: staff were killed in the attack, including an American with
Speaker 1: dual Canadian citizenship. The group, founded by celebrity chef Jose Andres,
Speaker 1: delivered the first shipment of aid by SA into northern
Speaker 1: Gaza last month. It's helped oversee construction of a peer
Speaker 1: to bring more meals into the region. The Israeli military
Speaker 1: says it's conducting a review of the incident at the
Speaker 1: highest levels.
Speaker 2: Turned out to the Economy Karen, the odds of a
Speaker 2: rate cut in June are deteriorating, and we get the
Speaker 2: details from Bloomberg's John Tucker.
Speaker 6: John and Nathan Trader's recalibrating their bets on the federal
Speaker 6: reserves easing briefly setting the ons of a first move
Speaker 6: in June below fifty percent. This comes as ism manufacturing
Speaker 6: was stronger than expected towards the slocks. Chief economist at
Speaker 6: apollel Management.
Speaker 2: We have suddenly expansion for the first time since twenty
Speaker 2: twenty two. We also seen suddenly that price is paid
Speaker 2: in im also beginning to accelerate.
Speaker 6: The number of FED rate cuts priced in the swamps
Speaker 6: contracts for this year dropped a fewer than sixty five
Speaker 6: basis points. That's less than FED policy makers themselves of forecast.
Speaker 6: Some market watchers say the pendulum of centiment in US
Speaker 6: rates may be shifting toward the hawkish direction. John Tucker,
Speaker 6: Bloomberg Radio.
Speaker 1: All right, John, thanks we the strong factory data helps
Speaker 1: send both stocks and bonds lower on the first day
Speaker 1: of the second quarter. OURBC Capital Markets head of US
Speaker 1: equity strategy, Lori Calvacina, expects to see money moving to
Speaker 1: other parts of the markets besides the so called Magnificent
Speaker 1: seven stalks.
Speaker 7: I think we're due for one big catch up trade
Speaker 7: in the market from you know, kind of everything outside
Speaker 7: of the MAG seven, whether it's small cap, whether it's
Speaker 7: you know, kind of the non tech sectors. If you
Speaker 7: look at the pe in the market x the MAG seven,
Speaker 7: it's trading around sixteen times. The MAG seven's been trading
Speaker 7: between twenty seven and twenty eight times on a forward
Speaker 7: pe and kind of a round past peak. So I
Speaker 7: think there's room for the rest of the market to
Speaker 7: kind of catch up. I'm not saying we have to
Speaker 7: get quite that over valued, but there's room for the
Speaker 7: rest of the market to make a move.
Speaker 1: Capital Markets Lori Calvsina boosted her year end s and
Speaker 1: P five hundred price target to fifty three hundred.
Speaker 2: And in Europe, Karen, UBS is updating its investors on
Speaker 2: when it'll begin at stock buyback program. Let's go to
Speaker 2: London and get the details from Bloomberg's Ewan Pots.
Speaker 8: Ewan, Nathan and Karen. The bank buy back story rolls on.
Speaker 8: UBS says it will purchase up to two billion dollars
Speaker 8: if its shares over the next two years, including one
Speaker 8: billion dollars this year. The announcement gives shareholders in Switzerland's
Speaker 8: biggest bank greater visibility on returns as it completes the
Speaker 8: integration of Credits Suisse, UBS saying it's ambition is for
Speaker 8: share buybacks to exceed pre acquisition levels by twenty twenty six.
Speaker 8: In London, I'm your Pots Boomberg.
Speaker 1: Radio, all right you and thanks what We're keeping your
Speaker 1: eye on Tesla shares. Later today, the company is expected
Speaker 1: to report global first order delivery and production numbers and
Speaker 1: a lets say demand for electric vehicles and elevated interest
Speaker 1: rates are taking a toll on sales. We gin more
Speaker 1: from Bloomberg Technology host ed Ludlow.
Speaker 9: So Tesla's course lyad deliveries have Wall Street worried brace
Speaker 9: because the first quarter numbers are coming the expectation four
Speaker 9: hundred and fifty seven thousand odd sequential decline. But the
Speaker 9: key thing does Tesla beat its performance from the same
Speaker 9: period a year ago, higher rates, government policy, a tepid
Speaker 9: consumer and elon with a new policy that might have
Speaker 9: upset some people in the sprint finish to the first quarter,
Speaker 9: Ed Ludlow Bloomberg Radio.
Speaker 2: All right ed thanks to one other corporate note. This morning,
Speaker 2: with more than half of the vote's cast, the Wall
Speaker 2: Street Journal is reporting Disney has pulled ahead in its
Speaker 2: proxy battle against Nelson Peltz's Try and Partners. The paper
Speaker 2: says Black Rock and t row Price are among the
Speaker 2: major investors backing Disney. The journal says investors are still
Speaker 2: casting votes and can change them through the annual meeting tomorrow.
Speaker 1: Orry Nathan, thanks and welcome back. It's time now for
Speaker 1: a look at some of the other stories making news
Speaker 1: in New York and around the world, and for that
Speaker 1: we're joined now by Bloombergy's Michael Barr.
Speaker 10: Michael, good morning, Good morning, Karen, The owner of the
Speaker 10: ship that rammed into a bridge in Baltimore last week,
Speaker 10: killing six workers. Is seeking to limit its liability to
Speaker 10: about forty three point seven million dollars. Legal experts say
Speaker 10: the company Grace Ocean could face hundreds of millions of
Speaker 10: dollars in damage claims. Yesterday, it filed a petition jointly
Speaker 10: with Synergy Marine, which was operating the Singapore flagged cargo
Speaker 10: ship Dolly. They claimed the collapse that the Francis Scott
Speaker 10: Key Bridge was not due to any fault, neglect, or
Speaker 10: want of care of the companies, and that they shouldn't
Speaker 10: be held liable for any loss or damage from the disaster.
Speaker 10: Memhile Maryland officials, including Governor Wes Moore, urge patients as
Speaker 10: the cleanup gets underway, saying the safety of the rescuers
Speaker 10: and salvage crew will be top priority during the precarious
Speaker 10: operation and.
Speaker 1: My directive to complete this mission with no injuries and
Speaker 1: no casualties.
Speaker 10: We've already lost six Marylanders to this crisis.
Speaker 8: I refuse to lose any more.
Speaker 10: Governor Morris says a temporary channel on the northeast side
Speaker 10: of the collapse opened yesterday and will help to get
Speaker 10: more vessels around the site. Of the collapse. In two rulings,
Speaker 10: Florida Supreme Court decided that the state's fifteen week abortion
Speaker 10: ban is constitutional, which paves the way for a six
Speaker 10: week band to take effect soon. The state Supreme Court
Speaker 10: also ruled voters in Florida will be heading to the
Speaker 10: polls later this year to decide what is the future
Speaker 10: of abortion in the state. Critics say that the varting
Speaker 10: in the November measure is too vague.
Speaker 2: It doesn't define what viability is. It doesn't define what
Speaker 2: a healthcare worker is.
Speaker 10: However, supporters of the ballot measure, like Ana Hotcomer with
Speaker 10: the Florida Women's Freedom Coalition, disagrees with critics.
Speaker 5: Floridians are smart.
Speaker 1: They understand what we want. They understand what the language says.
Speaker 10: The November ballot would allow Florida voters to decide whether
Speaker 10: they think that abortion should be protected in the state's
Speaker 10: constitution and government interference should be limited. It's already been
Speaker 10: decided between Joe Bush, Joe Biden, and former President Donald Trump,
Speaker 10: but it's primary day in New York, Connecticut, Delaware, Rhode Island,
Speaker 10: and Wisconsin. Mississippi is holding a Republican runoff election to
Speaker 10: see who will challenge sixteen term Democratic incumbent Benny Thompson.
Speaker 10: Mosques in New York City are struggling to house and
Speaker 10: feed migrants as the country's latest immigration surge becomes increasingly
Speaker 10: more African and Muslim. Leaders of a mosqin Harlem say
Speaker 10: their congregation is spending hundreds of dollars a night to
Speaker 10: host iftar, the traditional end of fasting during Ramadan. Global
Speaker 10: News twenty four hours a day and whenever you want
Speaker 10: it with the Bloomberg News. Now, I'm Michael Barr, and
Speaker 10: this is Bloomberg Karen.
Speaker 1: Sorry, Michael Barr, thank you. Time out the Bloombergy Sports
Speaker 1: Update with John Stashaur. John, Good morning, Good morning care.
Speaker 11: The long range shooting and the playmaking ability of Caitly
Speaker 11: and Clark has grabbed the attention to the nation and
Speaker 11: her Iowa career not over yet. Clark scored forty one
Speaker 11: points with nine threes. She had twelve assists. Iowa beat
Speaker 11: LSU ninety four to eighty seven, avenging their loss to
Speaker 11: the Tigers in last year's championship game. Now heading to
Speaker 11: the women's Final four in Cleveland were on Friday, Iowa
Speaker 11: will take on yukon The Huskies have a start of
Speaker 11: their own, Page Beckers and an eighty to seventy three
Speaker 11: win over USC had twenty eight points. This will be
Speaker 11: Yukon's twenty third Final four. They've gone to fifteen to
Speaker 11: the last sixteen. Both Yukon and NC State have their
Speaker 11: men's and women's teams heading to the Final four. The
Speaker 11: Yankees are five and oh. Last time that happened was
Speaker 11: nineteen ninety two, which was actually the last Yankee team
Speaker 11: to finish under five hundred. Yanks won five to two
Speaker 11: at Arizona. Luis Heel in the rotation due to the
Speaker 11: Garrett Cole injury, pitched into the fifth inning, allowed only
Speaker 11: one hit. The Mets are zero and four. At City Field,
Speaker 11: they got great pitching for nine innings and lost to
Speaker 11: Detroit five to nothing. Meanwhile, in Houston to two, De
Speaker 11: Guerrero prow ball tap Loco lets it go by Dubon
Speaker 11: Fields throws the first.
Speaker 3: End time hoo Head hold down Blackco.
Speaker 11: Seiderds the first to chop it too.
Speaker 7: His arms and the rest of his teammates come out
Speaker 7: to mabo.
Speaker 11: I'm abmb just the eighth Big League starver on ol Blanco,
Speaker 11: and he threw the seventeenth no hitter in Astro's history.
Speaker 11: At the Garden, Rangers lost to Pittsburgh five to two,
Speaker 11: and in a five game win streak, just the Rangers
Speaker 11: second lost the past month. Islanders in Philadelphia gave up
Speaker 11: the time goal with ten seconds left, but one four
Speaker 11: to three and a brock Nelson goaling over time his
Speaker 11: thirtieth NETS lost in Indiana one twenty three to one.
Speaker 11: Eleven Pacers scored forty three in the first quarter. The
Speaker 11: Celtics fifty ninth win one eighteen one to fourteen Nets. Charlotte,
Speaker 11: johnh DASHEDWIAR Bloomberg Sports Karen.
Speaker 1: Nathan all right, John, thank you, and futures now little
Speaker 1: change SNP at NASDAG Futures anyway down. Futures down three
Speaker 1: tentsive uppercent, the ten year treasury yield four point three
Speaker 1: one per nimex screwed oil up one point six percent
Speaker 1: at eighty five dollars seven cents a barrel.
Speaker 4: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 4: and around the world on Bloomberg dot Com and the
Speaker 4: Bloomberg Business app.
Speaker 2: This is Bloomberg Daybreak, Good morning of Nathan Hager, let's
Speaker 2: get a little bit more on what's happening in this market,
Speaker 2: the slight pullback in futures in this surge that we're
Speaker 2: seeing in commodities this morning, with bond traders pushing back
Speaker 2: their bets on a first rate cut move from the
Speaker 2: Federal Reserve, following a gauge of manufacturing activity in the
Speaker 2: US moving into expansion territory for the first time in
Speaker 2: nearly a year and a half. For more on this,
Speaker 2: we're joined by Bloomberg's Kritty Gupta. So, Critty, we have
Speaker 2: seen so much data over the last several months showing
Speaker 2: continued strength in this economy. Now this surprise ism manufacturing
Speaker 2: data showing expansion for the first time since September twenty
Speaker 2: twenty two, really does seem to be feeding into this
Speaker 2: narrative that the Fed really doesn't need to be in
Speaker 2: a rush to cut rates.
Speaker 12: Yeah, it's an interesting one because for so long that's
Speaker 12: what the exactly the markets are are banking upon, and
Speaker 12: it's been the story of consumer resilience, as you've pointed out.
Speaker 12: But Nathan, you know as well as anybody that not
Speaker 12: all inflation is created equal, And I think what was
Speaker 12: so striking about this ISM data in particular, is that
Speaker 12: off the back of it, you saw anywhere from ten
Speaker 12: to fourteen basis points of moves in the treasury market
Speaker 12: across the curve off of just an ISM report. And
Speaker 12: the reason I kind of put emphasis on that is
Speaker 12: because you traditionally don't see that kind of reaction and
Speaker 12: sustained reaction throughout the trading day off of just one report,
Speaker 12: and especially the ISM of all places, specifically because manufacturing
Speaker 12: makes up only a fraction of the US economy relative
Speaker 12: to the services data, so you see more sustained moves
Speaker 12: off services data rather than manufacturing. So this was interesting,
Speaker 12: but it comes in tandem with, as you say, this
Speaker 12: building narrative CPI, the PCE numbers, the labor numbers as well,
Speaker 12: And I think what's important about the ISM data and
Speaker 12: the way it's actually calculated is that it is more
Speaker 12: sensitive to factory outputs, to new orders, to wage stories,
Speaker 12: especially in parts of America that have more of an
Speaker 12: industrial focus on that as well. All of that are
Speaker 12: things that are in line with that get factored into
Speaker 12: the PPI numbers and the PCE deflator numbers. Essentially the
Speaker 12: pieces of data that the FED pays more attention to
Speaker 12: gend just the headline CPI, and that's kind of the
Speaker 12: building blocks that are taking place at the moment when
Speaker 12: factoring in this data.
Speaker 2: It was interesting, though, wasn't it to see this data
Speaker 2: come out this surprise on the manufacturing side. When we
Speaker 2: did get that PCE data on Friday that we heard
Speaker 2: from FED Chairman Jerome Powell saying that it came in
Speaker 2: basically in line with their expectations even with goods inflation
Speaker 2: in that PCE data is showing a little bit more
Speaker 2: stickiness this time around.
Speaker 12: Yeah, and I think that's the concern here, right, And
Speaker 12: you heard that Withchair Powell in some of his commentary there.
Speaker 12: He said that even though the pc numbers came in,
Speaker 12: you know on par we have to be He issued
Speaker 12: a lot of caution. He said, we have to be
Speaker 12: careful about the rate cut story. As if it's a surprise,
Speaker 12: they wouldn't be careful, but they really risk this kind
Speaker 12: of spiral that if you go with one cut, how
Speaker 12: many more cuts follow. You can't have just one move
Speaker 12: and then not touch anything. It's kind of the start
Speaker 12: of a longer program, or at least that's the expectation
Speaker 12: of economists and markets, and that's that first move that
Speaker 12: they want to get right. The goods piece of it
Speaker 12: is really important because in twenty twenty one, we're kind
Speaker 12: of going through our inflation saga. Over the last couple
Speaker 12: of years, post COVID, post pandemic, the reopening trade, so
Speaker 12: much of the supply chain hiccups, et cetera. Were cost driven.
Speaker 12: It was commodity prices, oil prices hitting one hundred dollars
Speaker 12: a barrel and more. It was the grain story coming
Speaker 12: out of Ukraine and the war there. It was gold
Speaker 12: prices and raw materials becoming more expensive with this move
Speaker 12: in evs and chips. Basically the tip big take, as
Speaker 12: this was commodity driven inflation that ended up in shortages
Speaker 12: around the world and therefore supply chain snags. The inflation
Speaker 12: story right now is service is driven. It's wages driven.
Speaker 12: Everybody wants a little bit more money in their paycheck
Speaker 12: in line with the inflationary pressures that they've been dealing
Speaker 12: with with prices that have been and costs that have
Speaker 12: been passed on to the consumer by major corporations around
Speaker 12: the world. The concern around a reacceleration is more goods
Speaker 12: driven and commodity driven this time around, and that's arguably,
Speaker 12: to your point, more sticky and they'refore more dangerous.
Speaker 2: All right, Bloomberg's Critti Gupta with a look at some
Speaker 2: of the latest economic data.
Speaker 12: Credit.
Speaker 7: Thank you.
Speaker 2: This is Bloomberg day Break Today, your morning brief on
Speaker 2: the stories making news from Wall Street to Washington and beyond.
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