Speaker 1: Five from the Bloomberg in director BURKERG Studios is Bloomberg
Speaker 1: day Break for Tuesday, March fifteen two Coming up this hour.
Speaker 1: China tries to avoid taking a hit from the US
Speaker 1: LEDs sanctions against Russia. Stocks followers seas in Hong Kong
Speaker 1: plunging almost six percents dank one under It enters the
Speaker 1: day in bar Territory, and the Fed begins its two
Speaker 1: day policy meeting. The search continues for the government who
Speaker 1: shot homeless men in New York and Washington d C
Speaker 1: plus China SCOVID break times the numbers since the beginning
Speaker 1: of the pandemic. I'm Michael larn Or Ahead, I'm John
Speaker 1: Stashed Howard Sports NFL pree Agency underway. The New Yankees
Speaker 1: joined the team in Tampa on a scary day for
Speaker 1: a star of the Mets. That's all straight ahead on
Speaker 1: Bloomberg day Break on Bloomberg he Living three on New
Speaker 1: York Bloomberg one, Washington d C, Bloomberg one oh six one,
Speaker 1: Boston Bloomberg nine sixties and Francisco Sirius x M one
Speaker 1: nineteen and around the world on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business APT and good morning. I'm
Speaker 1: John Tucker and I'm Karen Moscow, and futures are lower
Speaker 1: this morning. We're coming up to five the one on
Speaker 1: Wall Street, and we checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now, SNP futures
Speaker 1: aren't down twenty six points. Now Future is down two
Speaker 1: d six NASDACK futures down sixty five. The decks in
Speaker 1: Germany is down two and a quarter percent. Ten year
Speaker 1: Treasury up thirteen thirty seconds, yield two point eight percent.
Speaker 1: They yield on the two year one point seven nine percent,
Speaker 1: and NIMEX screwed oil is down five point eight percent.
Speaker 1: It's in ninety seven dollars seven cents of barrel. John
Speaker 1: and Cameron will have more on the markets in just
Speaker 1: a minute, but first, the latest on the war in Ukraine.
Speaker 1: Shelling continued overnight with buildings hit in the capitol Kiev. Meanwhile,
Speaker 1: the US has weren't China about any support for Russa's invasion.
Speaker 1: That end of the story from Bloomberg's head Baxter was
Speaker 1: the first high level meeting between the two since the
Speaker 1: invasion started, and the US calls it a substantial discussion.
Speaker 1: White House Folks Woman Jen Psaki says the message was
Speaker 1: clear if China were to decide to be an economic
Speaker 1: provider or to take additional steps there to Russia. They
Speaker 1: only make up of the world's economy. The G seven
Speaker 1: countries make up more than fifty percent, so there are
Speaker 1: a range of tools at our disposal. China stances that
Speaker 1: the US has been putting out misinformation and that it
Speaker 1: just wants to be a peacekeeper. In San Francisco, I'm
Speaker 1: at Baxter Bloomberg, deybreak all right and thank you. And
Speaker 1: China also wants to avoid being hit by US sanctions.
Speaker 1: We get that part of the story from Bloomberg's Amy
Speaker 1: Morrison our newsroom in Washington. China's Foreign Minister Wang Ye
Speaker 1: says China quote is not a party to the crisis,
Speaker 1: nor does it want the sanctions to affect China. It
Speaker 1: is the most explicit statement yet on the impact of
Speaker 1: American sanctions over Russia's war. Investors are growing more concerned
Speaker 1: that Chinese companies would face similar penalties after Russia asked
Speaker 1: China for military and financial aid. The US has also
Speaker 1: repeatedly warned China to not help Russia try to evade
Speaker 1: those sanctions. China needs to maintain good relations with the
Speaker 1: US and its partners to meet its economic goals. In Washington,
Speaker 1: I'm Amy Morris, Bloomberg Daybreak, Thanks Sammy. The war in
Speaker 1: Ukraine will have a big impact on the economies of
Speaker 1: all fifty states here in the US. It's get the
Speaker 1: latest lie from Bloomberg's RITNEYA Young. Good morning, Rina, Good
Speaker 1: morning John. Although the US has limited trade ties with
Speaker 1: Russia and Ukraine, businesses from beer breweries in Missouri to
Speaker 1: semiconductor plants in California would see an impact. That's according
Speaker 1: to an analysis by Moody's Analytics. Energy producing states like
Speaker 1: Alaska and North Dakota would do better than others since
Speaker 1: the conflict is boosting oil prices, but the two states
Speaker 1: most dependent on cars and driving, Alabama and Mississippi, would
Speaker 1: likely suffer disproportionately from an energy shock. Live in New York,
Speaker 1: I'm Nita bloom Bag debreak. All right, Nita, thank you,
Speaker 1: while turning to the market, as we are seeing more
Speaker 1: pressure on US stocks following yesterday's dropped for the navstack.
Speaker 1: In fact, the NASDAC one hundred index closed in bear
Speaker 1: market territory Sarah Pon Sec, Senior wealth Strategy associate at
Speaker 1: UBS Private Wealth Management, says the market is being hit
Speaker 1: by a one two punch. Not only do we have
Speaker 1: a federal reserve that is now going to be increasing
Speaker 1: interest rates, but at the same time, when we think
Speaker 1: about the Russian invasion of Ukraine, that has major implications
Speaker 1: for global growth, that has major implications for the inflation outlooks,
Speaker 1: and we all know at this point that the federal
Speaker 1: reserves so unilaterally focus on inflation. UBS Private Wealth Management
Speaker 1: Sarah Pon SAX says the NASDAC one hundred has dropped
Speaker 1: twenty one per cent from its closing high back in November.
Speaker 1: And Karen were also seeing the selling continue overseas. Let's
Speaker 1: get the very latest live with Bloomberg's and Pods. Good
Speaker 1: morning you, Good morning, John and Karen. European stock markets
Speaker 1: in the red this morning. That's after session of relentless
Speaker 1: selling in China earlier concerns about the country's ties with
Speaker 1: Russia adding to persistent anxieties about government regulatory pressure that
Speaker 1: sent shares on a downward spiral, with Hong Kong's Hang
Speaker 1: Send closing down five point seven percent. China's CSI ending
Speaker 1: the day more than four and a half percent lower
Speaker 1: here in Europe one hour into the session, and all
Speaker 1: twenty injury groups in negative territory live in London. I'm
Speaker 1: your part spin Big day break, are you and thank
Speaker 1: you all. As we mentioned weighing on the markets, particularly
Speaker 1: here in the US, is higher interest rates. Well. Today,
Speaker 1: the FED begins it's two day meeting where it's expected
Speaker 1: to begin the rate hiking cycle, and Bloomberg's Nnidale Judais
Speaker 1: has more. Even a wink and nod are rare when
Speaker 1: the Federal Reserve concomplete powlicy. In the past few weeks,
Speaker 1: central bankers have turned to the bell and siren signaling
Speaker 1: rates are petted, hired to combat inflation, and most likely
Speaker 1: starting this week, Bloomberg Economics anticipates our quarter point increased
Speaker 1: two years after the pandemic struck, forcing am and see
Speaker 1: FED action to cut rates to near zero. The question
Speaker 1: now is will the Fed's new mission be too little,
Speaker 1: too late his inflation burrows in any doubts Bloomberg Dat Break,
Speaker 1: Thanks Vinnie. One other note on the Fed this morning,
Speaker 1: Democratic Senator Joe Manson says he won't back President Joe
Speaker 1: Biden's nominee for the Federal Reserve Vice Chair of Supervision
Speaker 1: UH Supervision, Sarah bloom Raskin. We get to tales from
Speaker 1: Bloomberg's Charlie Pellett. It likely dooms her confirmation in the
Speaker 1: Senate given broad Republican opposition. Mansion, who represents Cole Rich
Speaker 1: West Virginia and supports an expansion of oil and gas drilling,
Speaker 1: joined Republicans and opposing Raskin over her stance on climate change.
Speaker 1: Raskin has written in the past in support of the
Speaker 1: Fed increasing its attention to financial risks from climate change,
Speaker 1: but said in her confirmation hearing the Central Bank had
Speaker 1: no place in mandating how capital should be allocated among
Speaker 1: industries in New York. Charlie Pellet, blue Bird day break.
Speaker 1: All right, Charlie, thank you well. In corporate news, Discovery
Speaker 1: paid CEO of David Zaslov more than two hundred forty
Speaker 1: six million dollars last year, and making him one of
Speaker 1: the highest paid executives in the US. More than two
Speaker 1: hundred million of that came in stock options. And Zaslav
Speaker 1: is about to close one of the media industry's biggest mergers.
Speaker 1: And this is Bloomberg thanks Karen. Five those seven on
Speaker 1: Wall Street and let's bring in Michael Barton now with more.
Speaker 1: What else is going on in New York and around
Speaker 1: the world, John, Thank you, Sarah. The mayors of New
Speaker 1: York City and Washington, d C. Are asking for the
Speaker 1: public's help in the search for a gunman who has
Speaker 1: been stalking homeless men, killing at least two people and
Speaker 1: wounding three others in less than two weeks. Police and
Speaker 1: the two cities released multiple surveillance photos, including a close
Speaker 1: up snap shot clearly showing the man's face. New York
Speaker 1: City Mayor Eric Adams Washington, d C is not manufacturing guns.
Speaker 1: New York City is not a gun manufacturment city, but
Speaker 1: the guns streets. Washington d C. Mayor Muriel Bowser agrees
Speaker 1: with Mayor Eric Adams. As we work to locate the subject,
Speaker 1: we're calling on all of our residents who are unsheltered,
Speaker 1: both in d C and New York City to seek shelter.
Speaker 1: Mayor Bowser says, in each case, the homeless men were
Speaker 1: shot as they slept in the street. Legislation aimed at
Speaker 1: benning abortions in Idaho after six weeks of pregnancy is
Speaker 1: heading to the governor. The state house approved the law
Speaker 1: that allows family members to see a doctor who performs
Speaker 1: one The legislation is modeled after the Texas law. Opponents
Speaker 1: of the Idaho legislation say it's unconstitutional. China saw more
Speaker 1: than five thousand new COVID nineteen infections for the first
Speaker 1: time since the early days of the pandemic. Outbreaks of
Speaker 1: the omicron variant prompted officials to lock down more cities
Speaker 1: and impose restrictions. Supporters for detained w n B A
Speaker 1: star Britney Grinder, called for her he's from prison in Russia.
Speaker 1: Grander was arrested after customs officials said they found vape
Speaker 1: cartridges containing cannabis soil in her luggage. At a news
Speaker 1: conference in Los Angeles, Project Islamic Hope director Naji Ali
Speaker 1: called on the Biden administration to negotiate the release of
Speaker 1: all Americans detained in Russia. It's very troubling for Britty Browner,
Speaker 1: not its only female is a member of the HQ
Speaker 1: community who Russia. Alan, noting former President Trump's relationship with
Speaker 1: Vladimir Putin, says if it takes reaching out to Trump
Speaker 1: to get Americans home, then so be it. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, John, Michael, thank you, and it is
Speaker 1: coming up on five. Tim Up Wall Street time down
Speaker 1: for the Bloomberg Sports Update. Here's John Seshall. Thanks John.
Speaker 1: NFL free agency underway. Jets and Giants obviously need better players.
Speaker 1: Both have deals to help their offensive lines. Giants are
Speaker 1: adding Mark Glowinski, starting guard the last three seasons in Indianapolis.
Speaker 1: Another guard Lake and Tomlinson comes to the Jets from
Speaker 1: the forty Niners. Jets also adding tight end c j
Speaker 1: a Zumo, who just helped Cincinnati get to the Super Bowl,
Speaker 1: and the Jets are resigning white Out and All Pro
Speaker 1: kick returner Braxton Imparios. Looks like Mitchell Trabiski will be
Speaker 1: the replacement de Ben Roethlisberger as the starting QB in Pittsburgh.
Speaker 1: We'll see what happens with Deshaun Watson. NFL teams now
Speaker 1: interested in acquiring him from Houston. Another the grand jury
Speaker 1: declined to press sexual assault charges. Watson still faces twenty
Speaker 1: two civil lawsuits and he will be deposed today. The
Speaker 1: new Yankees infielder Josh Donaldson and Isaiah Kyner Filepa. The
Speaker 1: young caccher Ben Rourke Felt joined the team in Tampa
Speaker 1: after the trade with Minnesota. Yankee g M. Bryan Cashman's
Speaker 1: folk with the Yes Network excited because we feel it
Speaker 1: up crazed us at third short improves a you know,
Speaker 1: the player that we had in labor at second um.
Speaker 1: You know, we have a lot of versatility from it.
Speaker 1: So I think it's settled on a lot of business needs. Wise,
Speaker 1: import st Lucy Metz, Lugger Pete Alonso will be in
Speaker 1: full drills today. Sunday night, as Alonso began to drive
Speaker 1: across the state from his home in Tampa, he got
Speaker 1: hit by a car that ran a red light. Alonso's
Speaker 1: car flipped over three times. Fortunately he's okay. NBA and
Speaker 1: the loss of the Lakers in l A. They chilled
Speaker 1: Toronto by twenty one in the first quarter. Never has
Speaker 1: Lebron James been on a team this bad. Lakers have
Speaker 1: lost twenty of their last twenty. Johns Dashwar Bloomberg Sports
Speaker 1: John all Right, John, thanks a lot and ahead of
Speaker 1: the can show up on the on Wall Street. Futures
Speaker 1: in the kid A lower open, the DOWN futures right
Speaker 1: now down two hundred and forty eight points, that's down
Speaker 1: about three quarters of SMP five hundred futures right now
Speaker 1: thirty two points lower, and the nine stent futures down
Speaker 1: ninety three points, down seven tenths of a percent, and
Speaker 1: the selling in Europe continues. The stock six hundred now
Speaker 1: down two point one one per sand. You're listening the
Speaker 1: Bloomberg day Break, a Bloomberg weather for from Rob Carolin Partler.
Speaker 1: Mostly sunny today, the high temperature topping out at six tomorrow,
Speaker 1: Mostly sunny and warm behind about sixty five degrees. This
Speaker 1: is Bloomberg Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Victape is a Bloomberg Business lash and
Speaker 1: I'm Karen Moscow. European stocks are falling as a relentless
Speaker 1: sell off in shiny shares buffeted global markets, adding to
Speaker 1: concerns about the war in Ukraine and imminent federal reserve tightening.
Speaker 1: US stock index futures are also lower. Crude oil extending
Speaker 1: its retreat. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg Guess and p Future is
Speaker 1: down thirty one points down, Future down two hundred thirty
Speaker 1: three and NASDAG features down in ninety The decks in
Speaker 1: Germany's down two point three percent. Ten. Your treasury up
Speaker 1: nine thirty seconds yield two point o nine percent. They
Speaker 1: yield on the two year one point eight one percent. Nine.
Speaker 1: Excrete oil is down five point three percent on five
Speaker 1: dollars forty seven cents at ninety seven dollars fifty five
Speaker 1: cents of barrel Comics gold is down one point three
Speaker 1: percent or twenty five dollars forty cents at nineteen thirty
Speaker 1: five forty announce The Euro one point oh nine and
Speaker 1: nine eight against the dollar, British pound one point three
Speaker 1: zero two three, the ends at one seventeen point nine
Speaker 1: two and checking Bitcoin this morning, it's lower down six
Speaker 1: tents of a percent at thirty eight thousand, four hundred
Speaker 1: eighty dollars. And today we are looking for the Producer
Speaker 1: Price Index is at eight thirty Wall Street time, along
Speaker 1: with Empire Manufacturing. That's a Bloomberg business flash now Here's
Speaker 1: Michael Barr with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning here in Russia's offensive in Ukraine
Speaker 1: has adds closer to central Kiev with a series of
Speaker 1: strikes hitting a residential neighborhood. It comes as the leaders
Speaker 1: of three NATO member countries, Poland, the Czech Republic in
Speaker 1: Slovakia planned to visit Ukraine's embattled capital. Meanwhile, a narrow
Speaker 1: diplomatic path is open as Ukraine and Russia planned another
Speaker 1: round of talks for today. The NBA has fine the
Speaker 1: Net's fifty thou dollars for letting Kyrie Irving into their
Speaker 1: locker room during a game in which he was unable
Speaker 1: to play it because he is not vaccinated against COVID nineteen.
Speaker 1: The Warriors beat the Wizards. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists and analysts in more
Speaker 1: than twenty countries. I'm Michael bar This is Bloomberg. John
Speaker 1: all right, Michael, thank you. I find twenty on Wall Street.
Speaker 1: China seeking to avoid taking a hit from US led
Speaker 1: sanctions against Russia. Let's get this morning's update on the
Speaker 1: war on Ukraine now from Mark Champion, Bloomberg, Senior reporter
Speaker 1: for International Affairs. Mark, let's start there is is there
Speaker 1: an indication China is helping its ally Russia. Well, we
Speaker 1: don't know yet, but the US seems convinced that that
Speaker 1: China has made the decision already to help financially UH
Speaker 1: and then has been requested by Russia to provide weapons
Speaker 1: of the kinds that the Russians are running out of.
Speaker 1: And you know quite from the high end of drones
Speaker 1: right down to UH to ration supplies. UM. So, whether
Speaker 1: the Chinese say that this is misinformation um and you
Speaker 1: know clearly there's a big hit that they are you know,
Speaker 1: going to take if they go forward with it. Um.
Speaker 1: And it is a big moment actually in a decision
Speaker 1: on the Chinese side of whether or not to back
Speaker 1: Russia and on the U s side whether or not
Speaker 1: to UH to really go off to China in terms
Speaker 1: of sanctions. What if anything came out of those talks
Speaker 1: that took place in Rome yesterday. I know they were
Speaker 1: scheduled to take place before Russia's invasion, but the US
Speaker 1: and Russian officials meeting at Rome, what happened there, well exactly,
Speaker 1: we don't know a lot of detail, but they went
Speaker 1: on for seven hours and each side came out, you know,
Speaker 1: not not kicking and screaming. They seemed to think that
Speaker 1: they had been substantive. The main purpose wasn't really to negotiate,
Speaker 1: It was simply to lay out the concerns in particular
Speaker 1: on the US side, uh and and trying to make
Speaker 1: the argument for why this would be a bad move
Speaker 1: for China. China, no doubt, was pushing back about why
Speaker 1: they think that, you know, for the US to sanction
Speaker 1: China would be unwise, and at the Chinese routinely described
Speaker 1: that kind of third party sanctions as illegal. Yeah, we're
Speaker 1: getting worth this more in the Polish prime minister his
Speaker 1: check and the Slovenian counterparts. They're going to make a
Speaker 1: trip to the capital of Ukraine today by train. Do
Speaker 1: we know any more about that? We don't know a
Speaker 1: great deal. This is something that you know has was done.
Speaker 1: It was for example, around the war in Georgia in
Speaker 1: two thousand and eight, when leaders went down there as
Speaker 1: well from Eastern Europe just to to show solidarity, to
Speaker 1: show uh, you know that their support um so politically,
Speaker 1: it will be you know, an important moment actually for
Speaker 1: the Ukrainians who, despite all the aid and words of support,
Speaker 1: do you feel like they're fighting this war alone? So, uh,
Speaker 1: you know, it will be you know, in terms of
Speaker 1: a gesture, as a political gesture, it will be important, obviously,
Speaker 1: less so in terms of the war on the ground.
Speaker 1: Is putin. Do you suppose hoping that Europe's resolved may
Speaker 1: falter at some point as the flood of refugees continues.
Speaker 1: I'm sure he does. Um, you know, we don't. We
Speaker 1: don't have a lot of you know, insight into the
Speaker 1: thinking of putting right at the moment. Most assessments of
Speaker 1: you know, people who spend their careers watching him and
Speaker 1: trying to understand what he does, we're wrong. You know.
Speaker 1: Ahead of a war, the people who knew him best,
Speaker 1: thought they understood him best, were most likely to think
Speaker 1: that he wasn't going to invade. He did. Um, So,
Speaker 1: he clearly was surprised by the level of He prepared
Speaker 1: for sanctions, but he clearly was surprised by the level
Speaker 1: of sanctions and the level of unity and the response
Speaker 1: that's come from Europe. I would think that he you know,
Speaker 1: he he does hope that the you know, the refugees
Speaker 1: will will force a change over time. Um. But that's
Speaker 1: very hard to to have any kind of clarity on
Speaker 1: what's the next thing you're looking out for in all
Speaker 1: those Well, it's really you know that the the number
Speaker 1: one thing is what happens on the ground. In terms
Speaker 1: of the conflict. It seems to be rather stalled at
Speaker 1: the moment from the Russian point of view. And the
Speaker 1: big question is whether they're simply regrouping after having um
Speaker 1: messed up their initial strategy, they're having to kind of
Speaker 1: completely reconfigure on the ground, um and they're simply regrouping,
Speaker 1: and we'll have the capacity to then push forward and
Speaker 1: try and achieve the goals that they had, or if
Speaker 1: they really have run out of steam and they simply
Speaker 1: failed um and and we we just don't know that
Speaker 1: at the moment. There are lots of you know, indications
Speaker 1: in both directions, but it's that really needs to get
Speaker 1: resolved before you're likely to see any breakthrough in talks.
Speaker 1: And always a pleasure Bloomberg, Senior reporter for International Affairs,
Speaker 1: March Champion with this this morning ahead of the Cash
Speaker 1: Open on Wall Street we're seeing to sell off continue
Speaker 1: with the US futures down futures right now two hundred
Speaker 1: points lower, that's down six tenths of a percent. SMP
Speaker 1: evening futures are down twenty five points and the nasday
Speaker 1: futures sixty three points lower. In London, the foot see
Speaker 1: one hundred down one point six percent, and the europe
Speaker 1: stock six hundred down just over two percent. You're listening
Speaker 1: to Bloomberg day Break just ahead. Where of all the
Speaker 1: dip buyers. God look with that question if Joe Quinland
Speaker 1: had a chief investment office market strategy and Merrill Lynch
Speaker 1: Bank of America private fame. This is Bloomberg day Break,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker's studio in New York,
Speaker 1: Bloomberg Living Freedom to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty
Speaker 1: to the Country, Sirius XM to one nine, and around
Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg day Break, and it's five thirty on
Speaker 1: Wall Street. Good Morning. I'm John Tucker and I'm Karen Moscow.
Speaker 1: We're just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at this hour. Shelling in
Speaker 1: Ukraine's capital, Keith continued overnight as Russia carries on with
Speaker 1: its invasion. It's pleading for help from its most powerful allied, China,
Speaker 1: but White House Spress Secretary Jen Saki warrants that there
Speaker 1: would be significant consequences for Beijing if it provides assistance
Speaker 1: to Moscow. They only make up or of the world's economy.
Speaker 1: The G seven countries make up more than fifty percent,
Speaker 1: so there are a range of tools at our disposal.
Speaker 1: Jen Saki was speaking after officials from China in the
Speaker 1: U s meta in Rome for their first high level
Speaker 1: talk since the invasion began. The bind administration calls talks constructive,
Speaker 1: but former US Defense Secretary Mark Ansbury tells Boomberg sound
Speaker 1: on China won't side with the West in this conflict.
Speaker 1: There is a strategic partnership that has emerged over the
Speaker 1: years between Moscow and Beijing. Uh This invasion of Ukraine
Speaker 1: by Russia, however, has placed China somewhat of an uncomfortable position.
Speaker 1: Mark Ansberg believes it's unlikely ranch it would cross it
Speaker 1: into a NATO country. President Biden reportedly considering a trip
Speaker 1: to Europe to rally support for NATO allies. Well, John,
Speaker 1: the war in Ukraine will have a big impact on
Speaker 1: the economies of all fifties states here in the US,
Speaker 1: and we get the latest life from Bloombergy's Ready to Young,
Speaker 1: Good Morning, Ready to Good Morning, Karen. Although the US
Speaker 1: has limited trade ties with Russia and Ukraine, businesses from
Speaker 1: beer breweries and Missouri to semiconductor plants in California would
Speaker 1: see an impact. That's according to an analysis by Moody's Analytics.
Speaker 1: Energy producing states like Alaska and North Dakota would do
Speaker 1: better than others since the conflict is boosting oil prices,
Speaker 1: but the two states most dependent on cars and driving,
Speaker 1: Alabama and Mississippi, would likely suffer disproportionately from an energy shock.
Speaker 1: Live in New York, I'm Nita Young, Bloomberg Day Brain Right,
Speaker 1: thanks for US feature. Stocks overseas they're falling. Hong Kong's
Speaker 1: Hang Sang Index felt almost six percent of the Europe
Speaker 1: six hundred index, down more than two percent the NASA
Speaker 1: one hundred. Entering the day in Bear Market territory. Well
Speaker 1: back in Washington, John, another Joe mansion roadblock for the
Speaker 1: Biden administration. The West Virginia Senator will oppose Biden's nomination
Speaker 1: of Sarah Bloom mo Reskin as the Federal Reserves of
Speaker 1: Vice Chair of supervision of both that's likely needed to
Speaker 1: confirm her. It comes as the Fed begins it's two
Speaker 1: day meeting where it's expected to raise interest rates again.
Speaker 1: Futures are lower s ANDP futures down about sixteen points down.
Speaker 1: Futures down on thirty four and NASDAC futures down about
Speaker 1: twenties seven straight and had your latest local headlines plus
Speaker 1: a check of sports, and this is Bloomberg. Thanks Karen,
Speaker 1: find thirty three on Wall Street. Hand Let's bring in
Speaker 1: Michael barn Now with what else is going on in
Speaker 1: New York and around the world. John, Thank you very much. Sarah.
Speaker 1: The mayors of New York City and Washington, d c.
Speaker 1: Are calling on the public to help catch is suspected
Speaker 1: gunmen targeting homeless men in the two cities. Police say
Speaker 1: two shootings over the weekend in New York matched three
Speaker 1: attacks in Washington earlier this month. In each case, homeless
Speaker 1: men were shot as they slept in the street. Two
Speaker 1: of the shootings were fatal, one in Washington and one
Speaker 1: in New York. New York City Mayor Eric Adams the
Speaker 1: over proliferation of guns in our cities is creating an
Speaker 1: encounter this coursing bloodshed across our nation. Mayor Bowser, along
Speaker 1: with Mayor Adams, announced the reward to catch the gunman
Speaker 1: that's seventy dollars reward in twenty five New York City,
Speaker 1: twenty five in Washington, d C. From the a t
Speaker 1: F DC. Mayor Bowser says they are calling on the
Speaker 1: residents who are homeless, both in DC and New York
Speaker 1: City to seek shelter. Idaho could have a new stricter
Speaker 1: abortion law similar to Texas. The Idaho bill, now heading
Speaker 1: to the Governor's desk, bands abortions after six weeks of pregnancy.
Speaker 1: One year after signing the American Rescue Plan into law,
Speaker 1: President Biden is stouting US you can comic growth and
Speaker 1: the speech at the National League of City's conference in
Speaker 1: d C. The President's linked rising fuel costs to the
Speaker 1: invasion of Ukraine. Make no mistake. The current spiking gas
Speaker 1: prices largely the fault of Vladimir Putin. There's nothing to
Speaker 1: do with the American rescue plan. President Biden also says,
Speaker 1: according to experts, the American rescue Plan contributed to only
Speaker 1: point three percent to inflation. China has reported more than
Speaker 1: a doubling of new COVID nineteen cases as it faces
Speaker 1: my far its biggest outbreak since the early days of
Speaker 1: the pandemic. The National Health Commission said today that more
Speaker 1: than thirty five hundred new locally spread cases had been
Speaker 1: identified in the latest twenty four hour period, up for
Speaker 1: more than thirteen hundred a day earlier. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than dred journalists analysts more than a
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg, John, and
Speaker 1: so breaking his crossing the bloom Burg. The UK just
Speaker 1: announcing a ban on exports to Russia of luxury goods. Michael,
Speaker 1: thank you very much. He has out five thirties six
Speaker 1: on Wall Street time down for the Bloomberg Sports up date.
Speaker 1: Here's John. Thanks John. No secret. The Giants need to
Speaker 1: vastly improved their offensive line. Don't have a lot of
Speaker 1: salary cap space, but on opening day free agency, the
Speaker 1: Giants did kind of deal with Mark Lowinski, starting guard
Speaker 1: with Indianapolis the last few seasons, another guard Lake and
Speaker 1: Tomlinson joining the Jets from the forty Niners. Jets also
Speaker 1: got tight end c j. A. Zuma from Cincinnati. They
Speaker 1: resigned Braxton Barrios, who was an All Pro last season
Speaker 1: as a kick returner. Tight End Evan Ingram leaving the
Speaker 1: Giants headed to Jacksonville. Quarterback news Mitchell Drabinski now expected
Speaker 1: to be Ben Roethlisberger's replacement in Pittsburgh. Teddy Bridgewater going
Speaker 1: to Miami. It'll be his fourth team four years. Josh
Speaker 1: Donaldson joined the Yankees in Tampa the day after the
Speaker 1: Big trade last year. Donaldson, while whip Minnesota, accused Garrett
Speaker 1: Cole of using sticky stuff. Cole then struck Donaldson out
Speaker 1: free time. Um. Obviously, he felt like it was a
Speaker 1: better idea to play strike me off, which he did
Speaker 1: to a few times. So at the end of the day,
Speaker 1: I'm happy to be on the same team and not
Speaker 1: have to strike out against some more. Nike's had been
Speaker 1: in talks with Oakland about acquiring first baseman Matt Olsen
Speaker 1: He's instead headed to Atlanta, which means Freddie Freeman will
Speaker 1: likely not resigned. With the brain Nets played tonight in Orlando,
Speaker 1: the unvaccinated Kyrie Irving couldn't play, but did attend Sunday's
Speaker 1: home game also went into the nets locker room. City
Speaker 1: of New York find the Nets fifty thou dollars, John Stashower,
Speaker 1: Bloomberg Sports John, Thanks John five thirties on Wall Street Time,
Speaker 1: and half of the Tri State Business Report. Here's Bloomberg
Speaker 1: Scott Carr. New Jersey Transit is projecting a five hundred
Speaker 1: fifty million dollar revenue shortfall in fiscal even with federal
Speaker 1: COVID AID and more customers returning post pandemic. The forecast
Speaker 1: is part of a budget proposal notice for the legislature
Speaker 1: that's up for a vote next week at the Board
Speaker 1: of Directors monthly meeting. It assumes no fair increases for
Speaker 1: the next four years. With New Jersey opening applications for
Speaker 1: permits to sell legal weed at retail shops today and
Speaker 1: Governor Phil Murphy projecting the market will open soon, bringing
Speaker 1: millions of dollars in new revenue, and jay dot Com
Speaker 1: reports the cannabis business community is a buzz with activity
Speaker 1: ahead of the state's largest industry conference Wednesday in Carteret.
Speaker 1: You can add Farmington, Connecticut based Otis Elevators to the
Speaker 1: growing list of American companies making the choice to not
Speaker 1: take any new business in Russia. Otis saw about two
Speaker 1: percent of its business come from Russia last year. That's
Speaker 1: the Bloomberg Tri State Business Report. I'm Scott Carr. Yeah,
Speaker 1: it's five thirty Game on Wall Street. Bloomberg Radios on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in now with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve
Speaker 1: Potaskan on Chen Chen Wins in New York. We're talking
Speaker 1: about how new COVID lockdowns in China could to lay
Speaker 1: your Ravazon or Walmart order. Um Core needs an a Hoo.
Speaker 1: On KTRH in Houston. Grub Hub boosts the pay for
Speaker 1: its drivers as high gas prices seez earnings. I'm Gina
Speaker 1: Servetti and for Double g BBM in Chicago. I'm reporting
Speaker 1: that grub hub is boosting pay for its drivers to
Speaker 1: counter record high gas prices. I'm Scott car on w
Speaker 1: d c H in Washington. I'm reporting on some felt
Speaker 1: wing engineers working on making the perfect mask for possible
Speaker 1: future pandemics. And those are some of the stories there
Speaker 1: are Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. As Congress
Speaker 1: has doled out almost six trillion dollars in COVID relief funds,
Speaker 1: crooks and kahnmen have lined up to get their share.
Speaker 1: They've created fake companies, misstated their earnings, and other wise
Speaker 1: conspired to siphon off taxpayers money. Last week, the Justice
Speaker 1: Department announced that it was investigating some eight billion dollars
Speaker 1: worth of fraud. The Secret Service estimates that a hundred
Speaker 1: billion dollars may have been misappropriated in total. What can
Speaker 1: government do to better monitor this emergency spending A data
Speaker 1: portal that tracks big government outlays in real time would
Speaker 1: make it easier for officials to monitor for fraud and
Speaker 1: make more informed decisions about how to respond. Upgrading antiquated
Speaker 1: technology would also help of The federal I T budget
Speaker 1: is spent maintaining legacy systems, while investment in new ones
Speaker 1: often goes unfunded. Finally, the government needs to stop creating
Speaker 1: incentives for fraud. Community groups that steer federal funds to
Speaker 1: the needy are typically paid a fixed percentage of outlays
Speaker 1: in administrative fees. Such a system is simply asking to
Speaker 1: be abused. This editorial was written by the Bloomberg Opinion
Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash Opinion or ope and
Speaker 1: go on the Bloomberg term. This has been Bloomberg Opinion
Speaker 1: and Bloomberg Opinion editorial is gonna be heard every weekday
Speaker 1: of this time, and terminal customers can read more at opie.
Speaker 1: I am go. You're listening to Bloomberg dam break in
Speaker 1: ahead of the cash open on Wall Street. Futures indicate
Speaker 1: a lower open on Wall Street. Dow futures down one points,
Speaker 1: SMP future thirteen points lower than as DANG futures down
Speaker 1: twenty two points. Markets headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: Out and at Bloomberg Quick Tape this is a Bloomberg
Speaker 1: business flash and good morning, I'm parent Moscow. European stocks
Speaker 1: are falling. Is a relentless sell off in Chinese shares,
Speaker 1: buffeted global mark get's adding to concerns about the war
Speaker 1: in Ukraine and imminent federal reserve tightening. US DOT index
Speaker 1: futures are lower as well, and crude oil is extending
Speaker 1: a retreat. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on bloomberg S and p Future is
Speaker 1: down nine points. Dal Future is down ninety three. NASDACK
Speaker 1: futures down twelve. The decks in Germany's down one point
Speaker 1: seven percent. Can your treasury up seven thirty seconds, yield
Speaker 1: two point one zero percent. The yield on the two
Speaker 1: year one point eight two percent. Nine x scrude oil
Speaker 1: is down more than six percent. It's down six dollars
Speaker 1: thirty two cents at ninety six dollars seventy one cents
Speaker 1: a barrel. COMEX school is down one and a half percent,
Speaker 1: or twenty nine dollars forty cents a nineteen thirty one
Speaker 1: seventy announced. The euro one point zero nine nine nine
Speaker 1: against the dollar. British found one point three zero four six.
Speaker 1: The ends at one seventeen point nine and nine, and
Speaker 1: Bitcoin this morning is down about a third of a
Speaker 1: percent at thirty eight thousand, six hundred dollars. And that's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Karin, thank
Speaker 1: you very much. China Foreign Ministers says this country wants
Speaker 1: to avoid being impacted by US sanctions over Russia's war.
Speaker 1: Lang Ye says China is not a party to the prices,
Speaker 1: nor does it want the sanctions to affect China. He's
Speaker 1: spoken to phone call with his Spanish counterpart to discuss
Speaker 1: the war in Ukraine. There are concerns among investors that
Speaker 1: Chinese companies will face US sanctions after American officials said
Speaker 1: Russia requested military and financial assistance from Beijing. In the NBA,
Speaker 1: they have fine and that's fifty thousand dollars for letting
Speaker 1: Kyrie Irving into their locker room during a game in
Speaker 1: which he was unable to play it because he has
Speaker 1: not vaccinated against COVID nineteen. The Warriors beat the Wizards
Speaker 1: one twelve. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalist and analysts and more than a
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg jun Michael,
Speaker 1: thank you, five and forty nine out of Wall Street.
Speaker 1: We are live in the Bloomberg Interact or broker's studios.
Speaker 1: This is Bloomberg Day Break. Time to get you to
Speaker 1: set up for the trading day. Head with our next guest.
Speaker 1: Joe Quinlin is head of Chief Investment Office Market Strategy
Speaker 1: at Mary Lynch Bank of American Private Bank. Joe, thanks
Speaker 1: for getting up early to be with us this morning.
Speaker 1: It was the possibility of China being embroiled in Russia's
Speaker 1: wear in Ukraine. How does this change the investment landscape
Speaker 1: and maybe your thesis this morning? Well, Johnny, it depends
Speaker 1: on the sanctions possibly or whatever pressure of the US,
Speaker 1: and you're ever going to put on China to stay
Speaker 1: out of the conflict. So that's gotten investors over overlaying
Speaker 1: that as China omicron the variant whipping through China as
Speaker 1: we speak. So there's a lot of China now is
Speaker 1: clearly in focus for investors. It's triangulated US, Russia and China,
Speaker 1: and it just adds more uncertainty in the volatility. So
Speaker 1: we're set up for still the hard assets, whether its commodities, energy,
Speaker 1: real estate. We still like that space. And then of
Speaker 1: course we've got to stead raising rates today. Yeah, is
Speaker 1: a quick question China before I move on. Is it
Speaker 1: investable or uninvestable at this point? You know, it depends
Speaker 1: on you know, your risk level. I mean there's lets,
Speaker 1: let's face it, China is closing becoming inward, but there's
Speaker 1: some companies there that could be investable long term. But
Speaker 1: right now we are underweight or neutral at best on
Speaker 1: the emerging markets, China included. So we're not putting any
Speaker 1: new capital into the emerging markets right now. You know,
Speaker 1: one of the curious things in all this, in the
Speaker 1: stock rally that we've seen since the end of the
Speaker 1: dips seem to have been met each time with a
Speaker 1: volley of strong buying. So we're the dip buyers right now. Well,
Speaker 1: they're still hibernating, albeit it's almost spring um. They're looking
Speaker 1: at inflation running hotter than expected, that bed being behind
Speaker 1: the curve on the cranberry in China, and then of
Speaker 1: course the conflict in the in the heart of Europe.
Speaker 1: So they're on the sidelines until we get some more clarity.
Speaker 1: Some of us are it's just not brave enough to
Speaker 1: buy this deaf and I think that's going to be
Speaker 1: the sentiment here near term. Well, the valuations they've gotten cheaper,
Speaker 1: but are they cheap cheap enough to buy? Not just yet,
Speaker 1: perhaps in the US, I would say, in the United
Speaker 1: but you look across the screen, I got a bloomberg.
Speaker 1: There's some markets in very territory, some really beating up
Speaker 1: parts of the world where it's Hong Kong, parts of Europe.
Speaker 1: But really it's that it's that fog of war that's
Speaker 1: keeping a lot of these deep buyers on the sidelines.
Speaker 1: Just yet, even with these valuations, we're gonna we need
Speaker 1: a trigger, We need some type of cease fire. We
Speaker 1: need some kind of clarity to trigger to step in
Speaker 1: and buy these beating up equities. Okay, FED, you mentioned
Speaker 1: the FED is. Are the FED policy makers going to
Speaker 1: exacerbate the rush for the exits for risk assets? Were
Speaker 1: their two day meeting that starts today. I don't think so.
Speaker 1: I mean, hopefully there's nothing that the markets don't already
Speaker 1: know that Jay Paul is going to do. We're looking
Speaker 1: for twenty five basis points hike and really for the
Speaker 1: rest of the year, every FED meeting twenty five basis
Speaker 1: point increase. So I think the Fed is kind of
Speaker 1: like on course and in sync with the markets. I'm
Speaker 1: not the biggest issue will be from the FED, the
Speaker 1: communication their outlook, if anything changed in term of change
Speaker 1: in terms of their expectations for inflation. So I think
Speaker 1: nothing real dramatic comes out of the meeting. It's but
Speaker 1: the bigger issue fifty basis points and next time intermeeding
Speaker 1: hikes will see But no, I think it's baked into
Speaker 1: the cake. What the FED is gonna do, what's the
Speaker 1: day they're going to tell us this week? Among other things,
Speaker 1: we're gonna get retail sales pp I as well. What's
Speaker 1: your position on that? Well, we think we see the
Speaker 1: consumer clearly becoming more cautious when there's a University of
Speaker 1: Michigan sentiment just some of the data points that we're
Speaker 1: looking at. So I wouldn't be surprised if some of
Speaker 1: the incoming data retail wise is weakening because of the
Speaker 1: downward mood sentiment p p I. No doubt more pressure
Speaker 1: coming views to be the commodity complex rising wages, so
Speaker 1: sentiment is going to be down, price is up, and
Speaker 1: that's kind of kind of that struggle that we're still
Speaker 1: going to be in market tup to navigate. Is there
Speaker 1: evidence at demand distraction with prices where they are right now?
Speaker 1: I don't think so, John, not yet, but it's getting
Speaker 1: there in terms of you know, everyone, you know, the
Speaker 1: first thing you do before you stop spending gasoline is
Speaker 1: complain about it. Everyone's complaining about it. But we're not
Speaker 1: there just yet. But maybe winning the airline start raising prices,
Speaker 1: we're gonna get into cars instead of plane. So we're
Speaker 1: getting close, but we're not there just yet. Thank you, Sir.
Speaker 1: Joe Quinlan, head of the Chief Investment Office Market Strategy
Speaker 1: at Mary Lynch and Bank of America Private Bank, with
Speaker 1: this this morning, Karen right, John, thank you. It is
Speaker 1: five fifty three on Wall Street, time for the Bloomberg
Speaker 1: Law Report, brought to you by American Arbitration Association. Business
Speaker 1: disputes are inevitable, resolve Faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a dr dot org and now here are
Speaker 1: one of the legal stories that we're watching this morning.
Speaker 1: Four men are on trial were conspiring to kidnap Michigan
Speaker 1: Governor Gretchen Whitmer and conspiring to use a weapon of
Speaker 1: mass destruction. Prosecutors alleged the men were members of extremist
Speaker 1: paramilitary groups angry over the Democrats COVID nineteen restrictions, but
Speaker 1: defense attorneys say there was no plot and the men
Speaker 1: were enshrapped by undercover FBI agents. From More Bloomberg's June
Speaker 1: Grosso speaks to the former U s Attorney for Eastern Michigan,
Speaker 1: Matthew Schneider, a partner at Contigman. The defense raised the
Speaker 1: defense of entrapment. They said that the FBI tricked the
Speaker 1: defendants into agreeing to the plot to kidnap Whitmer, and
Speaker 1: the FBI drove the whole thing. So tell us about
Speaker 1: that defense. So an entrapment defense is saying, essentially, I'm
Speaker 1: not the one who came up with this idea. I'm
Speaker 1: not the one who really wanted to do this, and
Speaker 1: but for the government, I wouldn't have done this. I
Speaker 1: wouldn't have tried to put this plan into place except
Speaker 1: for the government owning me on and some of these
Speaker 1: defendants have said that they really had no experience in
Speaker 1: tactical training and using weapons. But Dan, this undercover FBI informant,
Speaker 1: is the one who trained them, and he's the one
Speaker 1: who encouraged them. So that's the entrapment defense. And the government,
Speaker 1: of course is going to use the jury instruction for entrapment.
Speaker 1: And there are signs in there that the government can
Speaker 1: point to to say that you weren't entrapped. And that's
Speaker 1: really based on the fact that the defendants were what
Speaker 1: they call predisposed to commit the crime. That means they
Speaker 1: already had this thought in their mind before the government
Speaker 1: introduced the undercover agents. And under the law, if you
Speaker 1: have that predisposition, then entrapment is not a valid defense.
Speaker 1: Is it a high risk strategy to defend based on
Speaker 1: entrapment because you're conceding that some crimes may have been committed.
Speaker 1: It is because it's an infirmative defense where you you
Speaker 1: have to admit to serve things, but say, similar to
Speaker 1: self defense, say I did this. However, now it's important
Speaker 1: to note that as this trial has played out, it's
Speaker 1: not as clear cut that the government has thought. In
Speaker 1: my opinion, because entrapment is not the only defense. There's
Speaker 1: a separate defense that is being laid out by at
Speaker 1: least one of the defendants to say that this is
Speaker 1: all really big talk. We did not intend this, but
Speaker 1: we talked really big and we came up with some
Speaker 1: wild ideas. We talked about what are some ways we
Speaker 1: could go and take out Governor Whitman. Well, one way
Speaker 1: is we could cut all the trees down between Indiana
Speaker 1: and Michigan, because that would create a stir and would
Speaker 1: prevent people from getting into the state. Or we could
Speaker 1: tie a kite to the governor and flyer over Lake Michigan.
Speaker 1: Now that's all nonsense, right, And the defense in this
Speaker 1: case is, look, they said all these things when they
Speaker 1: were drunken, when they were stoned. Another thing that they
Speaker 1: said was we're going to kidnap her, and so all
Speaker 1: of this is in one big pot. We didn't mean it,
Speaker 1: and it's all just a should big talk. The attorney
Speaker 1: for Eastern Michigan, Matthew Schneider, speaking at the Bloomberg Student Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or
Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b Law. Go again. Futures are lower this morning, SMP
Speaker 1: futures down about eighteen points down, futures down one forty
Speaker 1: four and NASDAG futures down forty nine and the tenure
Speaker 1: treasury up nine thirty seconds yield two point one zero percent,
Speaker 1: yield on the two year one point eight two percent,
Speaker 1: and still ahead on Bloomberg day Break and check on
Speaker 1: the business headlines and all the news you need to
Speaker 1: start your day. This is Bloomberg