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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with the latest developments in the global

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Speaker 3: trade war. President Trump says the US will respond to

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Speaker 3: retaliatory tariffs from the European Union.

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Speaker 4: As heard on Bloomberg Radio.

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Speaker 3: The President spoke in the Oval Office after the EU

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Speaker 3: announced levies on industrial and agricultural goods worth up to

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Speaker 3: twenty eight billion dollars.

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Speaker 5: The European Union treats US very badly. They have for years.

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Speaker 5: I saw that. I had it out with them in

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Speaker 5: my first term, did well, but we had to solve

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Speaker 5: other problems and we did. But European Union has been

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Speaker 5: very tough. And it's our turn too, you know, we

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Speaker 5: get a turn at that.

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Speaker 3: Also, Canada also announced twenty five percent tariffs on nearly

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Speaker 3: twenty one billion dollars worth of US made products. Stay

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Speaker 3: with Bloomberg for full tariff coverage. We're going to be

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Speaker 3: speaking with Commerce Secretary Howard Lutnik at eight am Wall

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Speaker 3: Street Time on Bloomberg Radio, Bloomberg Television, and the Bloomberg

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Speaker 3: Podcasts page on YouTube.

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Speaker 6: On Nathan.

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Speaker 2: Another major story where following the deadline is taking to

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Speaker 2: a possible government shutdown. Senate Democratic leader Chuck Schumer says

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Speaker 2: his party will block a Republican spending bill to averta shutdown,

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Speaker 2: and Bloomberg Jamy Morris has the latest from Washington.

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Speaker 6: Senator Schumer told his colleagues on the Senate floor, Republicans

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Speaker 6: just don't have the votes they need.

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Speaker 7: Republicans do not have the votes in the Senate to

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Speaker 7: invoke cloture on the House cr. Our Caucus is unified

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Speaker 7: on a clean April eleventh cr that will keep the

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Speaker 7: government open and give Congress time to negotiate five parties

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Speaker 7: in legislation that can.

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Speaker 4: Pass in the Senate.

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Speaker 6: Sixty votes are necessary to cut off procedural hurdles, and

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Speaker 6: Republicans only have fifty three. This significantly raises the chances

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Speaker 6: of a government shutdown at the end of this week.

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Speaker 6: Shington Amy Moore as Bloomberg.

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Speaker 3: Radio, Amy, thank you now to the latest on the

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Speaker 3: war in Ukraine. President Trump's Middle East en voice, Steve Witkoff,

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Speaker 3: is headed to Moscow this week to present a thirty

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Speaker 3: day ceasefire proposal to Russian President Vladimir Putin, the US

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Speaker 3: reached the deal with Ukraine and talks in Saudi Arabia.

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Speaker 3: President Trump says he hopes Putin takes it.

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Speaker 5: We have a full cease fire when if it kicks in,

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Speaker 5: but we have to see. It's up to Russia now.

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Speaker 3: And Bloomberg's Greg Sullivan reports Putin will probably agree to

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Speaker 3: the truth eventually, but he'll want his own concessions made first.

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Speaker 8: Longer term, he has made some significant concessions. One he

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Speaker 8: doesn't want NATO peacekeepers in Ukraine as part of any

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Speaker 8: sort of ceasefire deal. Two, he doesn't want Ukraine to

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Speaker 8: join NATO. He wants territorial concessions starting with what he's

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Speaker 8: made from the war gains, and he wants a smaller

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Speaker 8: Ukrainian military.

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Speaker 4: In the short term.

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Speaker 3: Bloomberg's Greg Sullivan reports Putin might also demand a halt

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Speaker 3: on weapons supplies to Ukraine. Ahead of his meeting with

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Speaker 3: Steve Witkoff, Putin made an unexpected visit to the Kirk

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Speaker 3: border region. Russia says it has pushed back Ukrainians for

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Speaker 3: more than eighty six percent of the territory they sees

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Speaker 3: they're in their surprise incursion last August.

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Speaker 2: Well Nathan return to the markets. Now our futures are

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Speaker 2: lower once again of our growth concerns and recession fears.

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Speaker 2: Some strategists on Wall Street are cutting their forecasts for

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Speaker 2: US stocks. Perennial Bull at Yard Danny has lowered his

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Speaker 2: year end for the S and P five hundred to

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Speaker 2: sixty four hundred from seven thousand. He said President Trump's

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Speaker 2: tariffs have heightened the risk of stagflation. On the flip side,

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Speaker 2: a JP Morgan Chase said the worst of the US

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Speaker 2: equity correction may be over. The firm said credit markets

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Speaker 2: are indicating a lower risk of a recession happening. David Sowerby,

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Speaker 2: Managing director of Ancora, agrees. He says now is a

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Speaker 2: buying opportunity.

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Speaker 9: You can't call a market bottom, but when sentiment gets

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Speaker 9: unduly bearish, and it's there now, if you look twelve

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Speaker 9: months out, eleven out, or the last twelve times it's

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Speaker 9: gotten this parish, the market's higher and the average return

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Speaker 9: over the next twelve months is twenty percent. I don't

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Speaker 9: know if it's going to be twenty percent, but I

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Speaker 9: like those odds knowing and make my most money when

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Speaker 9: I run against the herd and I'm a contrarian, which

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Speaker 9: is more what you need to be today.

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Speaker 2: And chorus David sower b. The SNP five hundred is

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Speaker 2: trading about nine percent below is all time high, Karen.

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Speaker 3: A change in the executive suite has shares of Intel

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Speaker 3: trading higher.

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Speaker 4: By ten percent. Let's get the very latest of Bloomberg's

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Speaker 4: John Tucker, John.

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Speaker 10: And Nathan lipp Boutan was named to the CEO job.

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Speaker 10: Not exactly a household name, but he's a real solid

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Speaker 10: reputation in the industry. Investors applaud his arrival despite the

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Speaker 10: lack of a clear signal that he's going to take

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Speaker 10: Intel in a new direction. In fact, his first message

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Speaker 10: to employees is that he's going to keep working to

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Speaker 10: make Intel a top foundry. That's a business that produces

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Speaker 10: chips for outside clients. That endeavor has been costly for

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Speaker 10: Intel so far and contributed to the ouster of the

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Speaker 10: former CEO, Pat Gelsinger. The company lost nineteen point two

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Speaker 10: billion dollars last year. Still an open question whether Tad

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Speaker 10: might split up the foundery in the chip design business.

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Speaker 10: Intel stock had rather last month on anticipation that the

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Speaker 10: company would be broken up. Right now, the stock the

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Speaker 10: most actively traded pre market again up just about ten percent.

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Speaker 10: You know, York I' John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you. Another tech news this morning.

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Speaker 2: The Federal Trade Commission is moving ahead with an antitrust

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Speaker 2: probe of Microsoft that was opened in the waning days

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Speaker 2: of the Biden administration. We have more from Bloomberg's Justin Teres.

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Speaker 11: I think this is very interesting here. It's kind of

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Speaker 11: the first signs we're seeing of what this new FDC

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Speaker 11: under the leadership of Andrew Ferguson is really going to do.

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Speaker 11: And I think there's been a lot of discussion about

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Speaker 11: will there be this forceful activity against big tech?

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Speaker 4: Will there not be?

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Speaker 11: And it seems like not really surprising. I think this

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Speaker 11: is the first in Dishi we're seing that crusade, if

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Speaker 11: you will, against big tech might be continuing in some ways.

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Speaker 2: And Bloombergs Justin Treesi says the FTC send Microsoft a

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Speaker 2: so called the Civil Investment togative demand. The document compels

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Speaker 2: the company to turn over reams of data about its

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Speaker 2: AI operations, including the cost to train models, and obtain

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Speaker 2: data going as far back as twenty sixteen.

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Speaker 3: In Europe, Karen Deutsche Banks rewarding its employees. Germany's largest

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Speaker 3: lender increased its bonus pull to the largest amount in

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Speaker 3: a decade following a surge in deals in trading. Last year,

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Speaker 3: Deutsche awarded two point seven billion dollars in variable compensation

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Speaker 3: to staff for their work in twenty twenty four. That

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Speaker 3: is a twenty six percent increase from the year earlier.

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Speaker 2: Well here in the US, Nathan, more than sixteen hundred

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Speaker 2: financial firms and their subsidiaries have tapped the Federal Reserves

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Speaker 2: Emergency lending program. It was created to support the industry

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Speaker 2: during the regional banking turmoil two years ago. Meil Bank

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Speaker 2: USA and First Republic Bank borrowed the most, with each

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Speaker 2: taking out loans exceeding eight billion dollars.

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Speaker 3: And finally, Karen two Nastra astronauts have been stuck in

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Speaker 3: space for months. You're gonna have to wait a little

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Speaker 3: longer to come home. A launch pad problem prompted SpaceX

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Speaker 3: to delay a flight to the International Space Station Tray.

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Speaker 6: Again.

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Speaker 12: SpaceX ld on countdown one.

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Speaker 10: At this time we are standing down from today to

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Speaker 10: further address hydraulic relyse.

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Speaker 3: Data that stand doown came less than an hour before

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Speaker 3: scheduled launch with the crew already seated in the capsule. Now,

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Speaker 3: the launch is expected to take place no earlier than

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Speaker 3: tomorrow night.

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Speaker 4: The new crew needs to.

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Speaker 3: Get to the ISS before Butch Wilmore and Sonny Williams

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Speaker 3: can head home after nine months in orbit.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr. Michael,

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Speaker 2: Good Morning.

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Speaker 13: Good morning, Karen. A government lawyer has asked a federal

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Speaker 13: judge to move the legal fight over the detention of

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Speaker 13: Columbia graduate student Mackmoud Khalil to either New Jersey or Louisiana.

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Speaker 13: The request was made during a hearing in New York City.

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Speaker 13: Khalil is an immigration detention facility in Louisiana, one thousand

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Speaker 13: miles from New York. The Trump administration is trying to

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Speaker 13: deport Khalil over his role in pro Palestinian pro tests

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Speaker 13: at the Ivy League School last year. Khalil had a

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Speaker 13: green card and a student visa that were both revoked

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Speaker 13: last week. Borders Are Tom Homan talked about the case

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Speaker 13: in Albody, New York.

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Speaker 11: Covers of this country, either on a visa or becoming

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Speaker 11: a resident Alan is a great privilege where there are

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Speaker 11: rules associated with that.

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Speaker 13: After his detention last weekend, Judge Jesse Furman in New

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Speaker 13: York ordered that Khalil not be deported while the court

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Speaker 13: considers his lawyer's legal challenge. The amount of fentindyl see

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Speaker 13: that the US Mexico border fell dramatically since January to

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Speaker 13: its lowest levels since December twenty twenty one. According to

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Speaker 13: new US Customs and Border Protection data, about five hundred

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Speaker 13: and ninety pounds of the deadly synthetic opioid were intercepted

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Speaker 13: in February, down forty percent from January's nine hundred and

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Speaker 13: ninety pounds. An atmospheric river is taking aim at California,

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Speaker 13: bringing the risk of mud slides to burn scarred areas,

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Speaker 13: but as the system moves east, it will bring the

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Speaker 13: threat of snow to places like U k follow up

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Speaker 13: by severe weather threats to the East Coast by the weekend.

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Speaker 13: Bloomberg's Craig Allen has more.

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Speaker 14: Michael this latest atmosphere griffery is packing such a wallap

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Speaker 14: for the entire West coast, with flooding occurring from San

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Speaker 14: Diego all the way on up the Pacific Coast Highway

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Speaker 14: the five, right on up through Seattle. There is extreme

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Speaker 14: amounts of snow and wind that are blowing across the

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Speaker 14: Cascades as well as the Sierras, and the winter storm

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Speaker 14: severity index is major to extreme in some portions of California,

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Speaker 14: right on up into the mountain passes of Oregon and Washington.

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Speaker 13: Bloomberg's Craig Allen. Finally, Manhattan apartment rants reached a record

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Speaker 13: high in February, with a median of forty five hundred

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Speaker 13: dollars according to appraiser Miller Samuel and brokerage Douglas Element.

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Speaker 13: That's up six point four percent from last year. Global

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Speaker 13: News twenty four hours a day and whatever you want

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Speaker 13: it with Bloomberg News Now. I'm Michael Barr, and this

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Speaker 13: is Bloomberg Karn.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloombery sports update, brought to you by Tri State Ountie.

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Speaker 4: Here's John stash Hour, John, good morning, Good morning.

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Speaker 12: Tearing. The day began with Michal Bridges telling The New

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Speaker 12: York Post that perhaps Dicks coach Tom Thibodeau is playing

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Speaker 12: his starters too much. Bridges leads the NBA in minutes played.

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Speaker 12: He said it's not fun on the body. And then

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Speaker 12: in Portland, he was on the floor for forty one

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Speaker 12: minutes of a fifty three minute game. At the end

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Speaker 12: of overtime, Bridges had the ball in his hands.

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Speaker 4: Bridgers stating bout Nick Bright part gets it right back

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Speaker 4: to Bridges.

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Speaker 12: Bridges puts a contus and Mike Green with double bang

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Speaker 12: on MSG. The next top the Blazers in a thriller,

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Speaker 12: won fourteen one thirteen. Bridges scored thirty three points, So

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Speaker 12: back to back road wins without the injured Jalen Brunson

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Speaker 12: and the trip. In Saturday at Golden State in Boston,

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Speaker 12: Oklahoma City beat the Celtics one eighteen to one twelve.

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Speaker 12: American University headed to the NCAA Tournament easy win Navy

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Speaker 12: and the Patriot League Final Big East underway at the

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Speaker 12: Garden Seaton Hall.

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Speaker 4: Season ended with a loss of Villanova. The Pirates had

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Speaker 4: that big.

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Speaker 12: Upset of Yukon, but they only won six other games.

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Speaker 12: Saint John's has won twenty seven, eighteen and zero at home.

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Speaker 12: In the red storm of a noon tip off today

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Speaker 12: at MSG against Butler, season finale for Rutgers a Big

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Speaker 12: Ten double overtime lost to usc Scarlett Knights were under

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Speaker 12: five hundred despite having two freshmen, Ash Bailey and Dylan Harper,

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Speaker 12: who are now expected to go forrow and be lottery picks.

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Speaker 12: Fordham has lost twenty games, with the Rams upset Rhode

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Speaker 12: Island to advance at the Atlantic.

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Speaker 4: Ten Players Championship.

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Speaker 12: Team off today at Sawgrass. The marquee threesome has the

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Speaker 12: defending champs, Scottie Scheffler, playing with Rory McElroy and Xanderschoffley.

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Speaker 4: Starting at one thirty at Indian.

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Speaker 12: Wells Cocoa goff Out in the third round, upset by

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Speaker 12: Belinda Bensiz. The Giant search for a quarterback as them

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Speaker 12: getting a visit tomorrow from thirty six year old free

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Speaker 12: agent QB.

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Speaker 4: Russell Wilson, John Stashedward. Bloomberg Sports Karenatha.

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Speaker 1: Costs on Bloomberg Radio, nationwide on Sirius XM, and around

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Speaker 1: the world on Bloomberg dot Com and The Bloomberg Business Apple.

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Speaker 1: This is Bloomberg Daybreak.

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Speaker 4: Good morning, I'm Nathan Hager.

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Speaker 3: There may be more worries about an escalating trade war

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Speaker 3: moving through markets. President Trump says he will respond to

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Speaker 3: the European Union's countermeasures against twenty five percent steel and

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Speaker 3: aluminum tariffs, and the President is repeating his long standing

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Speaker 3: criticisms of the block.

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Speaker 5: EEU were set up in order to take advantage of

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Speaker 5: the United.

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Speaker 4: States, including Arland. Is Ireland taking advantage of the US.

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Speaker 5: Of course they are.

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Speaker 3: President Trump said that in the Oval Office, with Irish

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Speaker 3: Prime Minister Michael Martin sitting right next to him in

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Speaker 3: Washington for St.

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Speaker 4: Patrick's Day festivities. Joining us now.

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Speaker 3: Bloomberg News Senior editor Bill Ferries, Bill, good morning, what

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Speaker 3: could the response look like?

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Speaker 15: Good morning, Nathan. Well, we already heard from the EU

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Speaker 15: president about a potential twenty six billion euro response to

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Speaker 15: this latest round of tariffs. And the EU is talking

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Speaker 15: about things like soybeans from the American South. And we

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Speaker 15: know from their previous tariffs during the first Trump administration

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Speaker 15: that they like to look at very iconic American products

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Speaker 15: and that's included in the past Harley Davidson motorcycles, Kentucky bourbon,

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Speaker 15: things like that. But they're talking about a figure that

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Speaker 15: they say is in line with the price that europe

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Speaker 15: is being asked to pay here about twenty six billion

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Speaker 15: euros and that's just the latest of these skirmishes. Of course,

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Speaker 15: the big date on all of our calendars now is

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Speaker 15: April second, and that's when President Trump said he wants

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Speaker 15: reciprocal tariffs to come in for all countries that put

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Speaker 15: tariffs on US products.

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Speaker 3: And with that April second date now just a few

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Speaker 3: weeks away. While we've seen this response from Europe, other

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Speaker 3: countries like China have yet to respond. What could negotiations

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Speaker 3: look like with some of the rest of the world.

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Speaker 15: Well, you know, you saw this flurry of attempts in

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Speaker 15: the last week or so by some countries, particularly Australia,

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Speaker 15: to try to get carve outs. And if you remember

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Speaker 15: from Trump's first term, that was something he granted to

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Speaker 15: a number of nations, including Australia, including Brazil. He hasn't

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Speaker 15: really issued anything like that this time around. I think

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Speaker 15: some countries are still in a wait and see mode

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Speaker 15: and hoping that maybe they can strike some sort of

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Speaker 15: a deal or that they can make some promises of

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Speaker 15: investment that might end up getting them getting them spared.

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Speaker 15: But so far, I've got to say that, you know,

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Speaker 15: with a couple exceptions, the Trump administration has largely gone

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Speaker 15: forward with what it's threatened on tariffs.

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Speaker 3: You mentioned April second is the date on everybody's calendars.

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Speaker 3: I wonder if we're starting to circle tomorrow night on

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Speaker 3: our calendars as well. With a government shut down deadline looming.

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Speaker 15: We sure seem a lot closer to it now after

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Speaker 15: Chuck Schumer said that Democrats would not support Republicans in

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Speaker 15: getting to that sixty vote threshold. They need to pass

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Speaker 15: that continuing resolution that came over from the House. Now,

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Speaker 15: you've been through a lot of these last minute negotiations.

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Speaker 15: There's still at least another let's say, thirty six forty

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Speaker 15: eight hours of talks ahead of us, and that's often

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Speaker 15: when things get done. And there are some Democrats like

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Speaker 15: John Fetterman who don't want to vote against this continuing resolution.

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Speaker 15: So it's not clear if all the Democrats are in line,

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Speaker 15: but certainly the risk of a government shut down amid

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Speaker 15: all of all this other turbulence for federal workers, that

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Speaker 15: risk is rising.

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Speaker 3: Well, if we don't get this House passed bill through

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Speaker 3: the Senate, what's the alternative that Democrats are putting up?

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Speaker 4: Got about thirty seconds left.

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Speaker 15: There's not a lot of Plan B here, but the

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Speaker 15: Democrats have put forward, basically a one month spending bill

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Speaker 15: that would would keep things open for talks. But remember,

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Speaker 15: if you know they if that doesn't go through and

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Speaker 15: the other one doesn't go through, the House is already

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Speaker 15: on recess, it's hard to call them back. It's hard

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Speaker 15: to see how you avoid a shutdown at that point.

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