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Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: day Break for Monday, March seven two. Coming up this hour,

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Speaker 1: equities tumble as stock markets from Europe to Asia head

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Speaker 1: for bear markets. Oil sewers on the prospect of the U.

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Speaker 1: S Van on Russian supplies. Gold rallies to top two

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Speaker 1: thousand dollars announce, and more companies join the effort to

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Speaker 1: cut ties with Russia. Former New York Governor Cuomo is

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Speaker 1: hinting at a political combat lust. Vice President Harrison marks

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Speaker 1: the Bloody Sunday Anniversary in Selma. I'm Michael barn More Ahead.

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Speaker 1: I'm trying stas Sharon sports rare wind for the makes.

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Speaker 1: They beat the Clippers in l A, the Nets lost

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Speaker 1: in Boston, the Rangers one in Winnipeg. That's all straight

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Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven Trio, New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen

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Speaker 1: and around the world Old on Bloomberg Radio dot Com

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Speaker 1: and via The Bloomberg Business. Good Morning, I'm Nathan Hagar.

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Speaker 1: And I'm Karen. Moscow and global stocks are tumbling again

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Speaker 1: to start the week. We are coming up to thought

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Speaker 1: on one on Wall Street and gonna check the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. Right now,

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Speaker 1: the SMP futures are down sixty four points down, futures

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Speaker 1: down four hundred seventy and NASDAG futures down two hundred

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Speaker 1: thirty or one point seven percent. A ten year treasury

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Speaker 1: down to thirty seconds. They at one point seven three percent,

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Speaker 1: and they yield on the two year one point for

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Speaker 1: eight percent. Nathan Karen will have more on the sell

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Speaker 1: off in just a minute, but first the latest developments

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Speaker 1: in the war in Ukraine. Russia says it has agreed

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Speaker 1: to a ceasefire to open up humanitarian corridors in some cities,

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Speaker 1: but Ukraine says Moscow is still shooting near the capital

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Speaker 1: Kiev and near the port city of Mario, Pol where

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Speaker 1: about two hundred thousand civilians are trapped. Ukraine's president Vladimir

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Speaker 1: z Alinski is pleading with the US and Europe for

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Speaker 1: a no fly zone. Don't if you don't impose a

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Speaker 1: no fly zone, if you at least don't give us

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Speaker 1: planes so that we can defend ourselves, then there can

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Speaker 1: be only one conclusion. You also want us to be

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Speaker 1: slowly killed. This is the responsibility of world's politicians Western

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Speaker 1: leaders today and forever. President z Lensky spoke with US

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Speaker 1: President Joe Biden over the weekend. A third round of

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Speaker 1: talks between Ukraine and Russia is set for today. Meantime,

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Speaker 1: Nathan the US is planning to send more aircraft to Ukraine,

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Speaker 1: and Bloomberg said Baxter has the story. Secretary of State

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Speaker 1: Anthony Lincoln says, the US is actively talking with NATO

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Speaker 1: countries about getting hell been that gets a green light.

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Speaker 1: In fact, we're talking with our Polish friends right now

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Speaker 1: about what we might be able to do to backfill

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Speaker 1: their needs if in fact they choose to provide these

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Speaker 1: fighter jets to to the Ukrainians, So the US would

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Speaker 1: be directly and indirectly helping this. As he says, the

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Speaker 1: world should expect a long war there, and Russian President

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Speaker 1: of Vladimir Putin says that he will not end the

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Speaker 1: invasion until Ukraine agrees to all of his demand ends

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Speaker 1: In San Francisco, I met Baxter Bloomberg daybreak. Thanks said,

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Speaker 1: Russia finds itself increasingly isolated, but China this morning is

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Speaker 1: declaring its ties with Moscow to be quote rock solid,

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Speaker 1: despite President Vladimir Putin's invasion of Ukraine. China's foreign minister

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Speaker 1: is also accusing the US of trying to build a

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Speaker 1: new version of NATO in the Pacific energy markets. Also

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Speaker 1: in focus this morning, Nathan sources say the White House

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Speaker 1: is considering whether to prohibit Russian oil import to the

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Speaker 1: US is considering a unilateral move without the participation of

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Speaker 1: allies in Europe, at least initially. Secretary of State Anthony B.

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Speaker 1: Lincoln discussed the plans on CNN. We are now talking

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Speaker 1: to our European partners and allies to look in a

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Speaker 1: coordinated way at the prospect of banning the import of

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Speaker 1: Russian oil while making sure that there is still an

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Speaker 1: appropriate supply of oil on world markets. That's a very

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Speaker 1: active discussion as we speak. Secretary of State Anthony Blancoin

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Speaker 1: meets with his Israeli counterpart today to discuss the situation

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Speaker 1: in Ukraine, among other matters. Following those men scaring we

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Speaker 1: saw oil sword to just shy of a hundred forty

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Speaker 1: dollars of barrel Right now, Brent crudes at a hundred

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Speaker 1: twenty five dollars twenty six cents of barrel, while West

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Speaker 1: Texas intermediates at a hundred eighty nine cents. Other commodities

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Speaker 1: are also rallying. This morning. Gold futures jumped above two

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Speaker 1: thousand dollars and ounced for the first time in more

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Speaker 1: than eighteen months, while copper and palladium hit all time highs.

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Speaker 1: Nicols spiked as much as thirty one while we slammed

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Speaker 1: the daily upward limit for the sixth day in a row.

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Speaker 1: Welcome about it. These are searching. Nathan's stocks are selling

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Speaker 1: off around the world. We're seeing some of the biggest

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Speaker 1: drops in Europe, and we head to London and get

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Speaker 1: the very latest live with the Bloombergs. You and Pot's

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Speaker 1: good morning You and good morning Counting Nathan. Major stock

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Speaker 1: markets from Europe's Asia heading for bear markets today, falling

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Speaker 1: more than twenty percent from their highs. That's a made

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Speaker 1: fairs of an inflation shock and perhaps a growth shock

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Speaker 1: in the world economy. As crude source on the prospects

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Speaker 1: of a ban on Russian supplies, Banks, carmakers and retailers

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Speaker 1: leading losses today defense companies gaining energy and mining stops

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Speaker 1: the only sectors in the green today around Europe Live

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Speaker 1: in London, I'm you and part spin by daybreak, Okay

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Speaker 1: you and thank you. We also saw heavy selling in

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Speaker 1: Asia overnight. Let's get the recap from Bloomberg's Juliette Sally

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Speaker 1: in Singapore. Good morning, Juliet, Good morning, Nathan and Karen.

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Speaker 1: The m s CI Asia Pacific Index was on course

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Speaker 1: for a bear market, a drop of more than twenty

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Speaker 1: percent from its February one peak. Japan's n K two

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Speaker 1: to five index had its worst session in a year,

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Speaker 1: falling to November twenty twenty levels, Hong Kong stocks falling

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Speaker 1: two July twenty sixteen lows. China c s I three

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Speaker 1: hundred entered further into bear market territory, falling fourth at

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Speaker 1: the fourth straight session. This despite a policy statement from

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Speaker 1: the Nashville People's Congress over the weekend which failed to

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Speaker 1: offer meaningful support for the market. In Singapore, Juliette Sally

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Speaker 1: Bloomberg Daybreak, Right, Juliet, thank you. As Stark sell off,

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Speaker 1: more analysts are downgrading their outlook for US equities. We

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Speaker 1: get the latest forecast live from Bloomberg's Renny to Young,

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Speaker 1: Good morning Radia, Good morning Karen. Yourdinly Research predicts the

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Speaker 1: S and P five hundred will drop another eight percent

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Speaker 1: to about four thousand by the end of this year.

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Speaker 1: Chief investment strategist ed Ardini says a recession cannot be

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Speaker 1: ruled out given that jump in oil prices. Every corps

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Speaker 1: I s I says the S and P could fall

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Speaker 1: as low as thirty seven hundred. Chief equity strategist Julian

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Speaker 1: Emmanuel says a drop of about fifteen percent from Friday's

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Speaker 1: Clothes could trigger action from the Federal Reserve to help

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Speaker 1: stabilize markets. Before the war, the median SMP target for

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Speaker 1: strategists was around five thousand. Now it's about forty three hundred.

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Speaker 1: Live in New York. I'm Ranita Young, Bloomberg, Daybreak. Thanks

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Speaker 1: Unitas the war in Ukraine intensifies, the list of companies

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Speaker 1: cutting ties with Russia is growing. Let's get the latest

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Speaker 1: on that from Bloomberg's Lisa Matteo. Netflix, TikTok, Samsung, and

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Speaker 1: credit card operators are the latest either cut ties or

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Speaker 1: review their operations in Russia. Netflix, which has been available

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Speaker 1: in Russia since two thousand, sixteen has under one million

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Speaker 1: customers in the country. Over the weekend, Visa and master

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Speaker 1: Card also said they were suspending operations in Russia. Each

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Speaker 1: gets about four percent of its net revenue from business

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Speaker 1: link to Russia, and yesterday American Express said it was

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Speaker 1: the spending its operations in Russia and Belarus. Lisa Mateo

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Speaker 1: Bloomberg Daybreak. Okay, Lisa, thanks right now. SMP features are

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Speaker 1: down sixty seven points, a drop of one and a

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Speaker 1: half percent. Straight ahead your latest local headlines and the

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Speaker 1: check of sports. This is Bloomberg five oh seven on

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Speaker 1: Wall Street, sixty three degrees in Central Park. We gotta

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Speaker 1: crash on northbound Root nine year New Brunswick Avenue and

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Speaker 1: Board Bridge. Details coming up in traffic. First Michael Barr

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Speaker 1: with more on what's going on in New York and

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Speaker 1: around the world. Good morning, Michael, Good morning Nathan. Former

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Speaker 1: New York Governor Andrew Cuomo appeared to be hitting at

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Speaker 1: a political comeback in remarks at a Brooklyn church on Sunday.

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Speaker 1: The Democrats said he acknowledged his behavior wasn't appropriate, but

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Speaker 1: he had decried the political sharks in Albany who used

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Speaker 1: the accusations too in his words, effectively overturned an election.

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Speaker 1: Probably no, I've gone through a difficult period the past

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Speaker 1: few months. I resigned as governor of the press roasted me.

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Speaker 1: My colleagues were ridiculed, my brother was fired. It was ugly.

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Speaker 1: It was probably the toughest time of my life. Cuomo

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Speaker 1: resigned in August, days after an independent probe concluded he's

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Speaker 1: sensually harassed eleven women, something he denies. It's the next

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Speaker 1: chapter for New York City about the COVID pandemic. Starting today,

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Speaker 1: the city is dropping several mandates, including masks in schools

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Speaker 1: and vaccination requirements for businesses. Also, today, restaurants were no

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Speaker 1: longer asked for proof of vaccination before entering. Meanwhile, COVID

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Speaker 1: nineteen deaths are about to hit the six million mark

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Speaker 1: in the world. It's another tragic reminder about the deadliness

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Speaker 1: of the pandemic. Even as masks are dropping and businesses

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Speaker 1: are reopening around the globe, the US is nearing one

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Speaker 1: million deaths alone. Vice President Kamala Harris was in Selma, Alabama,

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Speaker 1: to mark the anniversary of a defining moment and to

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Speaker 1: find for equal voting rights. On March seventh, nineteen sixty

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Speaker 1: five white state troopers beaten tear gas black voting rights

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Speaker 1: marchers attempting to cross the Edmund Pettis Bridge. Harris val

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Speaker 1: to push for federal legislation that guarantees voting rights across

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Speaker 1: the country. States past anti voting lawns laws that banned

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Speaker 1: drop boxes and restrict early voting. Vice President Harris says

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Speaker 1: the bravery of those fifty seven years ago as a

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Speaker 1: reminder that freedom and democracy can never be taken for granted.

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Speaker 1: Seven people are dead after tornado swept through central Iowa.

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Speaker 1: Iowa Governor Kim Reynolds talked about the hundreds of volunteers

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Speaker 1: who showed up to help. We show up, We take

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Speaker 1: care of our family, We take care of our neighbors,

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Speaker 1: and we take care of our community. Governor Reynolds says

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Speaker 1: the deadly tornado had winds of up to a hundred

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Speaker 1: sixty five. Global news twenty four hours a day on

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Speaker 1: air and on Bloomberg quit think, powered by more than journalists.

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Speaker 1: Analyist are more than a hundred twenty countries. I'm Michael Barr,

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Speaker 1: This is Bloomberg. Nathan. Thanks Michael five O nine on

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Speaker 1: Ball Street time for the Bloomberg Sports up taking morning

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Speaker 1: John Stan Showery Nathan Nix in l A. They jumped

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Speaker 1: in front of the second quarter at starting the Clippers

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Speaker 1: thirty four to eighteen. Forgive Nick fans if they weren't

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Speaker 1: celebrating yet. During this stretch of seventh straight losses sixteen

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Speaker 1: in their last nineteen, the nixt had size of the

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Speaker 1: lead seemingly every game they kept blowing the lads. This

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Speaker 1: time they didn't. They beat the Clippers one sixtee R J.

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Speaker 1: Barrett sent four point Emmanuel quickly twenty one to coach

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Speaker 1: Tom Thibeeau from the All Star break off. We played

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Speaker 1: well in the Miami game. We played well. In both

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Speaker 1: Philadelphia games. We played well. We don't have anything to

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Speaker 1: show for it. That's unfortunate part. We didn't close it out.

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Speaker 1: But in tonight we played well from start to finish,

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Speaker 1: and so hopefully we can go on it and play

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Speaker 1: tonight in Sacramento, chance for their first two game win

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Speaker 1: streaking almost two months, as the Nets couldn't stop Jason

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Speaker 1: Tatum in Boston. He poured in fifty four points, thirty

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Speaker 1: four in the second half. Red hot Celtics one once two,

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Speaker 1: one twenty. They've won fourteen of their last six team

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Speaker 1: the Nets have lost seventeen of their last twenty. They're

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Speaker 1: now under five hundred. Kevin Durrant led Brooklyn with thirty seven.

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Speaker 1: He went over twenty five thousand career points twenty three

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Speaker 1: in NBA history to do that. Solid win for the Rangers.

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Speaker 1: Pair of goals in the first period, two more in

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Speaker 1: the third. They won four one at Winnipeg, two goals

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Speaker 1: for Chris cry At our numbers thirty seven and thirty eight.

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Speaker 1: Baseball players made a concession in an effort to end

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Speaker 1: the lockout, giving their blessings to rule changes like a

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Speaker 1: pitch clock and a reduction of shifting, but the economic

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Speaker 1: issues remain. In fact, MLB says the two sides are

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Speaker 1: now further apart. Another week's worth of regular season games

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Speaker 1: may soon get canceled. John Stash, Edward Bloomberg Sports Nathan

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Speaker 1: Thanks john SMP futures down to down sixty five points,

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Speaker 1: SOUND futures down four undred seventy four, Nanstact futures lowered

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Speaker 1: by two hundred twenty seven points Following European stocks lower.

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Speaker 1: The decks in Germany is down three point four percent

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Speaker 1: CAC and Harris down three percent. Get the latest on

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Speaker 1: this market with Lori Calvacin ahead of US Equity strategy

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Speaker 1: at RBC Capital Markets, she joins US. Next to this

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Speaker 1: is Bloomberg Bloomberg eleven three oh weather created increasing clouds today,

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Speaker 1: showers and thunderstorms possible. The high near seventy degrees will

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Speaker 1: be mostly sunny, breezy and cooler tomorrow upper forties, mid forties,

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Speaker 1: mostly cloudy by Wednesday. Currently sixty three in Central Park

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Speaker 1: Markets headlines and breaking news twenty four hours a day

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Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at

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Speaker 1: Bloomberg Victap. This is a Bloomberg Business flash and I'm

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Speaker 1: Karen Moscow. Major stock markets from Europe to Asia heading

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Speaker 1: for bear markets following more than twenty percent from highs

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Speaker 1: and mid fears of an inflation shock as crude oil

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Speaker 1: soars on the prospect of a ban on Russian supplies.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg Guess and P future is down sixty

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Speaker 1: three points this morning. Down futures down four D seventy

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Speaker 1: three and NASDAC futures down two D at seventeen or

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Speaker 1: down about one point six percent. The decks in Germany

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Speaker 1: is down three and a quarter percent. Pen your treasury

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Speaker 1: down one thirty second you have one point seven three percent.

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Speaker 1: They yield on the two year one point four eight percent.

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Speaker 1: Nimex screwed oil is up five point nine percent of

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Speaker 1: six dollars eighty seven cents at a hundred twenty two

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Speaker 1: dollars fifty five cents a barrel. Comic schoold is at

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Speaker 1: one point nine percent or thirty six dollars fifty cents

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Speaker 1: at two thousand three dollars thirty cents and ounce. The

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Speaker 1: euro one point zero eight three three against the dollar,

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Speaker 1: British pound one point three one six eight. The ends

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Speaker 1: at one fifteen point o nine Bitcoin this morning, moving

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Speaker 1: lower down two percent, is at thirty eight thousand, two

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Speaker 1: hundred forty dollars as a Bloomberg Business flash. Now, here's

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Speaker 1: Michael Barr with more on what's going on around the world. Muncil.

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Speaker 1: Good morning, Good morning, Karen. President Vladimir Putin said again

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Speaker 1: the war will continue until Ukraine accepts his demands and

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Speaker 1: holds resistance, timming hopes for a negotiated settlement. Meanwhile, a

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Speaker 1: representative for Kiev has urged the United Nations top court

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Speaker 1: to order Russia to hold its devastating invasion of Ukraine.

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Speaker 1: In the NBA, the next one, the Celtics beat the

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Speaker 1: Nets one twenty. The Wizards won. In the NHL, the

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Speaker 1: Devil's beat the Blues and overtime three to the Rangers one.

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Speaker 1: Major League Baseball reacted angrily to the latest offer by

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Speaker 1: locked out players when bargaining resumes Sunday. Management accused the

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Speaker 1: Union of backtracking and showing no sign of a breakthrough

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Speaker 1: to get the derailed season back on track. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: Quick Take, powered by more than twenty seven under journalists

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Speaker 1: and analysts and more than a hundred twenty countries. How

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Speaker 1: Michael Bard, this is Bloomberg, Nathan Alright, Michael. Thanks, It's

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Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive

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Speaker 1: Broker Studios. This is Bloomberg Daybreak and Lori Calvacina is

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Speaker 1: with us now head of US Equity Strategy at RBC

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Speaker 1: Capital Markets, at the start of what's looking to be

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Speaker 1: a very difficult day for equity investors. Lorie, good morning.

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Speaker 1: Are we looking at a bear market here? All right? Well?

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Speaker 1: Thanks for having me. We'll look, we're certainly looking at

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Speaker 1: a very difficult stretch in the equity market, and I

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Speaker 1: think at our worst we've been down about twelve percent

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Speaker 1: from peak, and we've said that this episode to us

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Speaker 1: feels like a growth scare, and growth scares ten take

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Speaker 1: stocks fourteen down from their peak. So I don't know

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Speaker 1: if you want to call that a bear market or

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Speaker 1: something worse, UM, but it is. You know, it does

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Speaker 1: look to me like that's the kind of period we're in.

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Speaker 1: So we don't think that we've you know, in the

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Speaker 1: very short term at least uh seen an end to

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Speaker 1: the downside. In the past, you've said that you're targeting

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Speaker 1: fifty fifty five thousand fifty for the SMP at the

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Speaker 1: end of this year. Are you sticking with that? So

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Speaker 1: we stuck with it from now, and we put out

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Speaker 1: a piece on Friday basically saying we're going to continue

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Speaker 1: to be nimble in our forecast. And the way I

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Speaker 1: put it with this was was this way that at

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Speaker 1: this point in time, we can still see a path

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Speaker 1: now that would assume that we get some resolution UM

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Speaker 1: in the intermediate term of this crisis and do get

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Speaker 1: those loads that I mentioned in the market, those kind

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Speaker 1: of growth scare pricing. We basically assumed that we see

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Speaker 1: a seventeen percent type drop from the peak that we

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Speaker 1: saw earlier this year, which is your average growth scare

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Speaker 1: type of clients. And we did do it take a

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Speaker 1: quick look, you know, just to see how quickly and

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Speaker 1: how powerfully markets recover and those growth scares once they

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Speaker 1: make those decline, and we did see that the recoveries

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Speaker 1: tend to be pretty swift and powerful. You can get

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Speaker 1: to get back to pre crisis highs in the market

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Speaker 1: within four to five months of making a bottom UM

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Speaker 1: and tend to see about twenty seven type games on

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Speaker 1: a ten months forward basis, So you know, we do

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Speaker 1: see a path now that's very different right from saying

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Speaker 1: that I'm pounding the table in the market, and I

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Speaker 1: really resist that term UM. But the other thing we

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Speaker 1: have talked about is that if you look at sentiment

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Speaker 1: gauges like the a AII Net Bullbear Survey UM, they

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Speaker 1: have basically been below pandemic lows recently UM, and they

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Speaker 1: do tend to give you a very strong BI signal

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Speaker 1: on the market on twelve months forward basis. So you know,

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Speaker 1: I would emphasize the tone, we can see a path.

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Speaker 1: We're not pounding the table here though necessarily and again

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Speaker 1: we do see some potential for interim downside that can

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Speaker 1: be worse than what we've already seen just based on

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Speaker 1: the growth scare analysis. Is there any way to game

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Speaker 1: out how long that interim downside lasts? Yea, I mean,

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Speaker 1: it's got all depend on how the war goes, doesn't it.

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Speaker 1: I think that's right, And I think the problem with

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Speaker 1: the war, I mean, there are many many problems with

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Speaker 1: the war and the staff market I would put, you know,

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Speaker 1: sort of at the bottom of that of that list

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Speaker 1: of priorities here. Um. But look, I think the problem

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Speaker 1: is that it is an inherently unpredictable situation. And I

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Speaker 1: do think that if you look at pricing in the

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Speaker 1: S and P five hundreds, it does look like it

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Speaker 1: is trying to stabilize. Now. Of course, you know, the

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Speaker 1: features are down pretty big this morning, but the market,

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Speaker 1: I think sort of that that sideways move we've seen

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Speaker 1: in recent weeks is reflecting sort of the inherent uncertainty,

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Speaker 1: um that's associated with this crisis right now. So when

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Speaker 1: you talk about a growth shock, at least in the interim,

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Speaker 1: is is that pointing to stagflation? Is that something you're

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Speaker 1: thinking about in your forecast. So I don't love the

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Speaker 1: term stagflation. I mean, to me, the most important part

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Speaker 1: it is really just the rattling down of economic growth expectations.

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Speaker 1: And you know, we we've assumed essentially at this point

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Speaker 1: in time that we'll we'll see some erosion and economic

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Speaker 1: forecast UM, but not necessarily pulling this into a recession.

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Speaker 1: That's something we've consulted very closely with our economists. So

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Speaker 1: I've um and that's his view at the moment. But

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Speaker 1: you know, if you look at sort of the high

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Speaker 1: sleep with the indicators, and I think we're somewhat lucky

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Speaker 1: we've come out of this COVID period. People like me

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Speaker 1: have a whole arsenal of high frequency economic barometers to

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Speaker 1: look at. UM. What we're seeing for the time being

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Speaker 1: at least, is that we are continuing to come out

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Speaker 1: of COVID. We're continuing to see a recovery and diving

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Speaker 1: and flying despite the challenges that emerged. We need to

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Speaker 1: see if the consumer does hold up UM, but for

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Speaker 1: now we're not seeing reasons to panic in the data.

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Speaker 1: In our last minute here Laurie, where do you look

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Speaker 1: for havens? Are there stock havens for you? So I

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Speaker 1: think it's very difficult when you think about defensive sectors

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Speaker 1: to play the safe having game. Consumer staples is an

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Speaker 1: area that people have been trying to go to and

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Speaker 1: and frankly, it's one of the worst possible areas you

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Speaker 1: could be at. And if you look at the intersections

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Speaker 1: of risks from this crisis, in particular, things like food prices, sentiment,

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Speaker 1: European economic exposure, energy and non commodity and non energy

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Speaker 1: commodity prices all intersect there um. The dollar has been

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Speaker 1: the safe haven. The US equity market, frankly has been

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Speaker 1: the safe haven outperforming rest of the world, and that

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Speaker 1: does give us a little bit of a buffer. As always,

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Speaker 1: good to have your thoughts. Thanks for this, LORI really

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Speaker 1: appreciate it. Lori Calvacina is head of US Equity strategy

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Speaker 1: at RBC Capital Markets. And as you look at US

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Speaker 1: equities this morning, they're pointing to a much lower open,

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Speaker 1: with SMP futures now down sixty points or one point

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Speaker 1: four percent down. Futures are down four undred fifty four

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Speaker 1: points in NASDAC futures, leading the declines. Right now, they're

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Speaker 1: down two hundred fourteen points. That's a drop of about

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Speaker 1: one and a half percent. Germany's docks down three percent.

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Speaker 1: The cack in Paris down too and two thirds percent.

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Speaker 1: Right now, the tenure treasury is down three thirty seconds,

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Speaker 1: yield one point seven four percent. The yield on the

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Speaker 1: two year right now one point four nine. Oil surging

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Speaker 1: once again this morning. We have Brent crewed up six

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Speaker 1: point two percent, or seven dollars thirty three cents a

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Speaker 1: hundred twenty five dollars forty one cents a barrel. West

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Speaker 1: Texas Intermediate's at a hundred twenty two dollars seventy one

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Speaker 1: sets day with us for the very latest on the

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Speaker 1: war in Ukraine. This is Bloomberg Bloomberg eleven three oh Weather.

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Speaker 1: Increasing cloud showers and thunderstorms today with a high near

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Speaker 1: seventy degrees. There will be mostly sunny, breezy and cooler

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Speaker 1: tomorrow upper forties for highs mid forties by Wednesday. Right

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Speaker 1: now sixty two in Central Park, broadcasting live from the

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Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving

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Speaker 1: Freed to Washington, d C. Bloomberg to Boston, Bloomberg on

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Speaker 1: six one, to San Francisco, Bloomberg nine sixty to the

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Speaker 1: country Sirius XM Total one nineteen and around the globe

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Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This

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Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about

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Speaker 1: four hours away from the open of US trading. Let's

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Speaker 1: get you up to date on the news. You need

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Speaker 1: to know what this tour. Starting with the latest developments

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Speaker 1: on the war in Ukraine. Russia says it's agreed to

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Speaker 1: a ceasefire to open up humanitary corridors in some cities,

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Speaker 1: but Ukraine says Moscow is still shooting near the capital Kiev,

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Speaker 1: and you're the port city of Mariopol, where about two

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Speaker 1: hundred thousand civilians are trapped. The Mayor of kie Vatali Klitchko,

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Speaker 1: says Ukraine needs more support. We need unity, we need pressia,

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Speaker 1: we need sanctions, we need the weapons support. The mayor

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Speaker 1: of Kiev was a guest on ABC's This Week or

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Speaker 1: at Sundays on Bloomberg Radio. Meantime, caring global stocks are

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Speaker 1: selling off oil is soaring on the prospect of a

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Speaker 1: ban on Russian supplies. Bloomberg News has learned the White

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Speaker 1: House is considering whether to prohibit Russian oil imports into

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Speaker 1: the US without the participation of allies in Europe. Here's

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Speaker 1: California Democratic Congressman Adam Chef. I think there's very strong

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Speaker 1: Biparson support to cut off Russian oil and gas sales

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Speaker 1: to the United States. It's an affaba. I think to

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Speaker 1: many of us in Congress that while we were sanctioning

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Speaker 1: them and trying to cripple their economy, that we would

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Speaker 1: help them in any way by purchasing their petroleum. But

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Speaker 1: I think Administration wants to make sure that we work

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Speaker 1: with our allies. Congressman Adam Scheff made those comments on

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Speaker 1: Face the Nation from CBS heard Sundays on Bloomberg Radio.

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Speaker 1: As for the reaction in the oil market, it originally

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Speaker 1: jumped as much as eighteen percent on the prospect of

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Speaker 1: a ban on Russian crewed Right now, non night screwed

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Speaker 1: oil is up more than six and a half percent,

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Speaker 1: so as Brent. By the way, gold futures jumped above

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Speaker 1: two thousand dollars announced for the first time in more

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00:22:30,680 --> 00:22:34,040
Speaker 1: than eighteen months, while copper and palladium hit all time highs,

431
00:22:34,359 --> 00:22:36,560
Speaker 1: the stocks sell off around the world, care and more

432
00:22:36,560 --> 00:22:39,959
Speaker 1: analysts are downgrading their outlooks for US equities. Let's get

433
00:22:40,000 --> 00:22:42,200
Speaker 1: the details life from Bloomberg's need a Young, Good morning,

434
00:22:42,600 --> 00:22:46,520
Speaker 1: Good morning. Nathan yar Danny Research predicts the SNPI will

435
00:22:46,680 --> 00:22:49,480
Speaker 1: drop to about four thousand by the end of this year.

436
00:22:49,760 --> 00:22:53,479
Speaker 1: Chief investment strategist Ed yar Danny says a recession cannot

437
00:22:53,560 --> 00:22:56,880
Speaker 1: be ruled out given that jump in oil prices. Every

438
00:22:56,960 --> 00:22:59,320
Speaker 1: core I s I says the SNP could fall as

439
00:22:59,400 --> 00:23:02,040
Speaker 1: low as third the seven hundred. Before the war, the

440
00:23:02,119 --> 00:23:05,560
Speaker 1: median S and P target for strategists was around five thousand.

441
00:23:05,960 --> 00:23:10,359
Speaker 1: Now it's had about live in New York. I'm Renita Young,

442
00:23:10,440 --> 00:23:13,959
Speaker 1: Bloomberg debreak. All right, thank you, Nita, and the corporate

443
00:23:14,000 --> 00:23:19,040
Speaker 1: exodus from Russia continues today. Netflix, TikTok, Samsung, Visa, MasterCard,

444
00:23:19,080 --> 00:23:22,080
Speaker 1: and American Express are the latest companies to either cut

445
00:23:22,160 --> 00:23:26,199
Speaker 1: ties or review their operations in the country. Again. Futures

446
00:23:26,280 --> 00:23:29,240
Speaker 1: are following this morning and straight a hand your latest

447
00:23:29,600 --> 00:23:33,960
Speaker 1: local headlines plus a check of sports. And this is Bloomberg.

448
00:23:38,320 --> 00:23:40,760
Speaker 1: Thanks scaring five three on Wall Street sixty two degrees

449
00:23:40,800 --> 00:23:43,840
Speaker 1: in Central Parking. Now an accident investigation in woodbridges in

450
00:23:43,920 --> 00:23:46,439
Speaker 1: northbound Route nine in New Brunswick Avenue. Details coming up

451
00:23:46,480 --> 00:23:48,800
Speaker 1: in traffic. First Michael Barr with more on what's going

452
00:23:48,840 --> 00:23:50,840
Speaker 1: on in New York and around the world. Michael Nathan,

453
00:23:50,880 --> 00:23:53,359
Speaker 1: thank you very much. Former New York Governor Andrew Cuomo

454
00:23:53,560 --> 00:23:56,720
Speaker 1: making a campaign style speech at the Brooklyn Church. He

455
00:23:56,920 --> 00:24:01,000
Speaker 1: hnded that a possible political comeback. Cuomo resigned in August

456
00:24:01,119 --> 00:24:04,680
Speaker 1: after an independent investigation found he's sexually harassed nearly a

457
00:24:04,840 --> 00:24:08,359
Speaker 1: dozen women. Today, he attributed some of his behavior to

458
00:24:08,560 --> 00:24:12,840
Speaker 1: quote perspectives that changed, but made the point that none

459
00:24:12,880 --> 00:24:16,359
Speaker 1: of the cases were substantial enough to be prosecuted. The

460
00:24:16,480 --> 00:24:20,679
Speaker 1: actions against me were prosecutorial misconduct. That is clear. They

461
00:24:20,760 --> 00:24:24,040
Speaker 1: didn't act in the interests of justice. The district attorneys

462
00:24:24,119 --> 00:24:27,640
Speaker 1: proved that they acted in their own self interest. They

463
00:24:27,720 --> 00:24:31,600
Speaker 1: wanted me out because they wanted my job. Cuomo called

464
00:24:31,640 --> 00:24:34,600
Speaker 1: it the worst time of his life. Vice President Kamala

465
00:24:34,680 --> 00:24:38,320
Speaker 1: Harris visited Selma, Alabama yesterday to commemorate a defining moment

466
00:24:38,400 --> 00:24:42,080
Speaker 1: in the fight for equal voting rights. Harris linked arms

467
00:24:42,119 --> 00:24:45,400
Speaker 1: with activists from the civil rights movement and led thousands

468
00:24:45,440 --> 00:24:50,200
Speaker 1: across the Edmund Pettis Bridge, where on March seven, white

469
00:24:50,240 --> 00:24:53,560
Speaker 1: state troopers attacked black voting rights marchers attempting to cross

470
00:24:53,960 --> 00:24:59,280
Speaker 1: their Bravery is a reminder that freedom and democracy can

471
00:24:59,440 --> 00:25:03,480
Speaker 1: never be taken for granted. Vice President Harris also called

472
00:25:03,520 --> 00:25:06,760
Speaker 1: for lawmakers today to pass the John Lewis Voting Rights Act.

473
00:25:07,320 --> 00:25:09,520
Speaker 1: The world is about to hit the grim milestone. We're

474
00:25:09,560 --> 00:25:12,560
Speaker 1: approaching six million deaths because of COVID. The U S

475
00:25:12,600 --> 00:25:15,960
Speaker 1: has about a million deaths alone. Florida state officials say

476
00:25:15,960 --> 00:25:19,960
Speaker 1: all available resources, including National Guard helicopters, have been brought

477
00:25:20,040 --> 00:25:24,200
Speaker 1: in to fight two large wildfires in Florida's Panhandle. Governor

478
00:25:24,200 --> 00:25:27,520
Speaker 1: Around Descantis, we are working with really all hands on

479
00:25:27,680 --> 00:25:30,520
Speaker 1: deck to be able to mitigate this, and it's a

480
00:25:30,600 --> 00:25:35,320
Speaker 1: really really significant, certainly multiple fires, a major fire you

481
00:25:35,400 --> 00:25:38,280
Speaker 1: know out there that we were able to see, according

482
00:25:38,359 --> 00:25:42,080
Speaker 1: to Governor Descantist. The Florida Forest Service says two fires

483
00:25:42,119 --> 00:25:44,399
Speaker 1: in Bay County are the biggest of nearly a hundred

484
00:25:44,440 --> 00:25:47,080
Speaker 1: fifty wildfires in the state that are burning more than

485
00:25:47,119 --> 00:25:50,200
Speaker 1: twelve thousand acres. Global News twenty four hours a day

486
00:25:50,320 --> 00:25:52,840
Speaker 1: on air and on Bloomberg Quick Take powered by more

487
00:25:53,160 --> 00:25:55,560
Speaker 1: than twenty seven hundred journalists and analysts more than a

488
00:25:55,640 --> 00:25:59,320
Speaker 1: hundred twenty countries. Michael barn this is Bloomberg, Nathan. Thanks Michael.

489
00:26:04,640 --> 00:26:06,760
Speaker 1: On Wall Street time for the Bloomberg Sports Update with

490
00:26:06,840 --> 00:26:09,960
Speaker 1: John Sinshower. Eggs, Nathan, nothing unusual about the Knicks grabbing

491
00:26:10,000 --> 00:26:12,040
Speaker 1: a big league What was different last night in l A?

492
00:26:12,119 --> 00:26:14,880
Speaker 1: They held onto it the next last month, lost three

493
00:26:15,000 --> 00:26:17,200
Speaker 1: games when they were ahead by more than twenty points,

494
00:26:17,240 --> 00:26:20,120
Speaker 1: so they blew up fourteen point lead Friday in Phoenix,

495
00:26:20,240 --> 00:26:22,520
Speaker 1: the Sun's won on that banked in three point at

496
00:26:22,560 --> 00:26:25,199
Speaker 1: the buzzer. That was the Knicks seventh loss in a row.

497
00:26:25,280 --> 00:26:27,520
Speaker 1: But in l A, next Knicks meet the Clippers one

498
00:26:27,600 --> 00:26:31,200
Speaker 1: sixteen to ninety three. R J. Barrett scored four points.

499
00:26:31,480 --> 00:26:34,480
Speaker 1: Great because you know we've been playing extremely well overall.

500
00:26:35,080 --> 00:26:37,159
Speaker 1: Definitely those a couple of games that we should have won,

501
00:26:37,400 --> 00:26:39,960
Speaker 1: especially last game, you know that one earth. So to

502
00:26:40,040 --> 00:26:41,640
Speaker 1: come in here today and played like that from start

503
00:26:41,680 --> 00:26:44,200
Speaker 1: to finish with amazing bench, played well. Emmanual Kick quickly

504
00:26:44,240 --> 00:26:46,600
Speaker 1: scored twenty one. Cam Reddish at his best game as

505
00:26:46,640 --> 00:26:49,640
Speaker 1: a Nick with seventeen Nicks play again tonight in Sacramento.

506
00:26:49,800 --> 00:26:52,080
Speaker 1: Julius Randall got thrown out of that game in Phoenix.

507
00:26:52,160 --> 00:26:54,919
Speaker 1: He shoved a player and he made contact with the ref.

508
00:26:55,160 --> 00:26:57,879
Speaker 1: Randall was fine fifty thousand dollars. In Boston, it was

509
00:26:57,960 --> 00:27:01,800
Speaker 1: Kevin Durant versus Jason Tate. Katie's toward thirty seven points

510
00:27:01,840 --> 00:27:04,879
Speaker 1: with Tatum went for fifty four thirty four and the

511
00:27:04,960 --> 00:27:08,000
Speaker 1: second half. Celtics beat the Nets one to one. Twenty

512
00:27:08,040 --> 00:27:11,160
Speaker 1: Boston's now won fourteen to the last sixteen, while Brooklyn

513
00:27:11,200 --> 00:27:13,600
Speaker 1: has dropped seventeen the last twenty and the Nets are

514
00:27:13,640 --> 00:27:16,800
Speaker 1: now under five hundred. Rangers won four one at Winnipeg,

515
00:27:16,880 --> 00:27:19,679
Speaker 1: two more goals for Chris Cryder now has thirty eights,

516
00:27:19,760 --> 00:27:22,680
Speaker 1: tied for second in the NHL. Devil's the three two

517
00:27:22,720 --> 00:27:25,399
Speaker 1: overtime went over St. Louis Doug Hamilton at the game winner.

518
00:27:25,640 --> 00:27:28,000
Speaker 1: College Jokes are scared for Rutgers, but they held on

519
00:27:28,080 --> 00:27:31,119
Speaker 1: at top Penn State fifty eight much he didn't win

520
00:27:31,200 --> 00:27:33,640
Speaker 1: to the Starlet Knights if they are to gain entry

521
00:27:33,680 --> 00:27:36,440
Speaker 1: to the upcoming in Stea Double A tournament. Scottie Scheffler,

522
00:27:36,480 --> 00:27:39,080
Speaker 1: who won the golf in Phoenix last month, one again

523
00:27:39,160 --> 00:27:42,000
Speaker 1: at Fa Hills by two shots, John Stash, Edward Bloomberg,

524
00:27:42,040 --> 00:27:44,600
Speaker 1: Sports Nathan, Thanks Shawn. It's five thirty seven on Wall

525
00:27:44,600 --> 00:27:47,160
Speaker 1: Street time for the Tri State Business reportment. Here's bloomberg

526
00:27:47,240 --> 00:27:50,040
Speaker 1: sad Cory development. He has begune on what could become

527
00:27:50,080 --> 00:27:54,119
Speaker 1: New York City's first community to reach net zero carbon emissions.

528
00:27:54,440 --> 00:27:57,560
Speaker 1: The roughly one billion dollar project on the Rockaway Peninsula

529
00:27:57,640 --> 00:28:00,280
Speaker 1: and Queen's could be improving ground for new i'm at

530
00:28:00,280 --> 00:28:04,320
Speaker 1: in economic policies. It will incorporate geo thermal heating, pans

531
00:28:04,400 --> 00:28:07,000
Speaker 1: of house design, and a plan to raise the storm

532
00:28:07,119 --> 00:28:11,520
Speaker 1: surge elevation. Danny Meyers sixty floor restaurant, which closed at

533
00:28:11,520 --> 00:28:14,480
Speaker 1: the start of the pandemic, returns on St. Patty's Day.

534
00:28:14,800 --> 00:28:17,680
Speaker 1: Man Hatta, the Sky High restaurant at the restaurant Tour,

535
00:28:17,800 --> 00:28:20,520
Speaker 1: closed at the beginning of the pandemic, will reopen on

536
00:28:20,680 --> 00:28:24,240
Speaker 1: March seventeenth, but The Times reports the space at twenty

537
00:28:24,320 --> 00:28:27,920
Speaker 1: eight Liberty Street will initially serve only drinks in bar food.

538
00:28:28,119 --> 00:28:31,119
Speaker 1: According to Triple A, gas prices in New Jersey hit

539
00:28:31,160 --> 00:28:34,159
Speaker 1: four dollars nine cents a gallon over the weekend that

540
00:28:34,359 --> 00:28:37,320
Speaker 1: broke the record of three dollars ninety nine cents, said

541
00:28:37,359 --> 00:28:40,240
Speaker 1: on July eight, two thousand eight. The price is a

542
00:28:40,320 --> 00:28:42,880
Speaker 1: dollar twenty two higher than a year ago. That your

543
00:28:42,880 --> 00:28:47,440
Speaker 1: Bloomberg Try State Business report. I'm in Cory on Wall Street.

544
00:28:47,440 --> 00:28:49,680
Speaker 1: Bloomberg Radio is on the air from San Francisco to

545
00:28:49,760 --> 00:28:51,880
Speaker 1: New York, London to Hong Kong. Let's check in with

546
00:28:51,920 --> 00:28:53,920
Speaker 1: our global news team for some of the top stories

547
00:28:53,960 --> 00:28:56,800
Speaker 1: heard on our three hundred affiliate radio stations around the world.

548
00:28:59,640 --> 00:29:02,320
Speaker 1: I'm do You Polis on K and X in Los Angeles.

549
00:29:02,400 --> 00:29:06,640
Speaker 1: We're talking about Netflix shutting down operations in Russia. I'm

550
00:29:06,720 --> 00:29:09,400
Speaker 1: Gina Servetti and for w b b M in Chicago.

551
00:29:09,560 --> 00:29:12,000
Speaker 1: I'm talking about a report saying that the owners of

552
00:29:12,080 --> 00:29:15,120
Speaker 1: the Cubs are weighing an offer to buy Chelsea Football Club.

553
00:29:15,400 --> 00:29:19,000
Speaker 1: I'm Purney Donahoe on ktr H in Houston. Teshiba's concerned

554
00:29:19,040 --> 00:29:22,280
Speaker 1: the chip crisis may get worse after the invasion of Ukraine.

555
00:29:22,480 --> 00:29:25,520
Speaker 1: I'm Caroline Heapcolle Bloomberg DAB Digital Medio in London. We're

556
00:29:25,520 --> 00:29:27,880
Speaker 1: we're putting on a proposal by MPs that could be

557
00:29:28,000 --> 00:29:31,960
Speaker 1: voted on today to freeze Russian oigous assets to stop

558
00:29:32,040 --> 00:29:36,280
Speaker 1: them liquidating. Well, I'm in Corey, w T A M.

559
00:29:36,360 --> 00:29:39,520
Speaker 1: In Cleveland. I'm reporting investors are snapping up a growing

560
00:29:39,680 --> 00:29:42,760
Speaker 1: share of homes in Cuyahoga County. Those are some of

561
00:29:42,800 --> 00:29:46,080
Speaker 1: the stories are hundred Bloomberg journalists and analysts are working

562
00:29:46,120 --> 00:29:48,600
Speaker 1: on this morning around the world. It's five thirty nine

563
00:29:48,640 --> 00:29:52,440
Speaker 1: on Wall Street. The following commentary is from Bloomberg Opinion.

564
00:29:53,360 --> 00:29:56,800
Speaker 1: Want to reduce dependence on Russian energy, Get a heat bump.

565
00:29:57,080 --> 00:30:00,959
Speaker 1: I'm justin Fox, a columnist for Bloomberg Opinion. Heat pumps

566
00:30:00,960 --> 00:30:04,280
Speaker 1: are far more energy efficient than other heaters, but currently

567
00:30:04,400 --> 00:30:07,440
Speaker 1: warm just six percent of residential buildings in Europe and

568
00:30:07,520 --> 00:30:10,360
Speaker 1: eleven point five percent of housing units in the US.

569
00:30:10,680 --> 00:30:13,680
Speaker 1: In the US, they are widely seen as inappropriate for

570
00:30:13,800 --> 00:30:17,560
Speaker 1: colder climates, but newer models work well at temperatures below zero.

571
00:30:18,000 --> 00:30:20,880
Speaker 1: In Europe, their market share is highest in Finland, Norway

572
00:30:20,920 --> 00:30:23,280
Speaker 1: and Sweden, where it gets pretty cold in the winter,

573
00:30:23,600 --> 00:30:26,120
Speaker 1: but they've only just begun to break through in Germany.

574
00:30:26,160 --> 00:30:29,680
Speaker 1: In the UK, efforts to reduce greenhouse gas emissions have

575
00:30:29,760 --> 00:30:33,240
Speaker 1: already led the policies encouraging heat pump adoption in many countries,

576
00:30:33,520 --> 00:30:36,680
Speaker 1: including modest subsidies in the US. With the West now

577
00:30:36,800 --> 00:30:39,920
Speaker 1: trying to reduce its energy dependence on Russia, a bigger

578
00:30:39,960 --> 00:30:42,800
Speaker 1: push seems to be in order. I'm justin Fox. For

579
00:30:42,920 --> 00:30:46,320
Speaker 1: more opinion, please go to Bloomberg dot com, slash Opinion

580
00:30:46,800 --> 00:30:49,280
Speaker 1: or O P I n go on the Bloomberg terminal.

581
00:30:49,680 --> 00:30:53,600
Speaker 1: These has been Bloomberg Opinion. Listen for Bloomberg opinion commentaries

582
00:30:53,600 --> 00:30:56,320
Speaker 1: every weekday. At this time, terminal customers can read more

583
00:30:56,440 --> 00:30:59,520
Speaker 1: at O P I n go. Sp futures down down

584
00:30:59,600 --> 00:31:03,160
Speaker 1: sixty nine points down, futures lowered by five eight NASTAC

585
00:31:03,280 --> 00:31:06,840
Speaker 1: futures down two thirty five points. The tenure Treasury little

586
00:31:06,920 --> 00:31:10,400
Speaker 1: changed at one point seven to NIMEX screwed up six

587
00:31:10,520 --> 00:31:13,120
Speaker 1: point three percent, up seven dollars thirty one cents a

588
00:31:13,240 --> 00:31:17,160
Speaker 1: hundred twenty two dollars nine cents a barrel. You're listening

589
00:31:17,240 --> 00:31:24,200
Speaker 1: to Bloomberg day Break Bloomberg eleven three oh Weather increasing

590
00:31:24,200 --> 00:31:27,680
Speaker 1: cloud showers and thunderstorms, breezy with a high near seventy today,

591
00:31:28,080 --> 00:31:31,600
Speaker 1: upper forties, mostly sunny and breezy tomorrow, mostly cloudy, mid

592
00:31:31,680 --> 00:31:37,680
Speaker 1: forties by Wednesday, currently sixty two in Central Park Markets,

593
00:31:37,800 --> 00:31:40,840
Speaker 1: Headlines and breaking news twenty four hours a day at

594
00:31:40,880 --> 00:31:44,280
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

595
00:31:44,360 --> 00:31:54,280
Speaker 1: Quick takes a Bloomberg Business Flash and I'm parent Moscow.

596
00:31:54,480 --> 00:31:57,640
Speaker 1: Major stock markets from Europe to Asia heading for bear

597
00:31:57,760 --> 00:32:01,239
Speaker 1: markets falling more than from highs amid fears of an

598
00:32:01,280 --> 00:32:04,120
Speaker 1: inflation shock is crude oils stores on the prospect of

599
00:32:04,160 --> 00:32:06,760
Speaker 1: a ban on Russian supplies. We checked the markets every

600
00:32:06,800 --> 00:32:09,640
Speaker 1: fifteen minutes throughout the trading day on Bloomberg s and

601
00:32:09,680 --> 00:32:12,480
Speaker 1: P Future is down at sixty four points down Future

602
00:32:12,520 --> 00:32:15,600
Speaker 1: is down four d eighty two NASDACK futures down two

603
00:32:15,680 --> 00:32:18,280
Speaker 1: hundred twenty one. The decks in Germany is down three

604
00:32:18,320 --> 00:32:20,479
Speaker 1: and a half percent. The ten year treasury up one

605
00:32:20,520 --> 00:32:23,520
Speaker 1: thirty second at one point seven two percent. They yield

606
00:32:23,560 --> 00:32:26,760
Speaker 1: on the two year one point four seven percent. Nimex

607
00:32:26,800 --> 00:32:29,960
Speaker 1: screwed oil is up more than six percent of seven

608
00:32:30,000 --> 00:32:32,360
Speaker 1: dollars twenty seven cents at a hundred twenty two dollars

609
00:32:32,440 --> 00:32:34,960
Speaker 1: nine two cents a barrel. Comex s gold is up

610
00:32:35,040 --> 00:32:37,239
Speaker 1: two percent or thirty eight dollars eighty cents at two

611
00:32:37,280 --> 00:32:40,480
Speaker 1: thousand five dollars forty cents and ounce. The euro one

612
00:32:40,520 --> 00:32:43,560
Speaker 1: point eight to six against the dollar and bitcoin this

613
00:32:43,720 --> 00:32:46,600
Speaker 1: morning at thirty eight thousand, one hundred seventy five dollars.

614
00:32:46,840 --> 00:32:49,200
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with

615
00:32:49,280 --> 00:32:52,000
Speaker 1: more on what's going on around the world. Michael Karen,

616
00:32:52,040 --> 00:32:54,440
Speaker 1: thank you very much. Even as Russia announced the cease

617
00:32:54,520 --> 00:32:57,760
Speaker 1: fire starting this morning and the opening of humanitarian fourri

618
00:32:57,800 --> 00:33:01,840
Speaker 1: doors in several areas, It's armed forces continued to pummel

619
00:33:02,000 --> 00:33:06,280
Speaker 1: Ukrainian cities. Rockets hit residential buildings. A large group of

620
00:33:06,360 --> 00:33:09,720
Speaker 1: truck drivers who object to COVID nineteen man dates drove

621
00:33:09,800 --> 00:33:14,280
Speaker 1: two loops around the Beltway surrounding Washington yesterday. They deliberately

622
00:33:14,400 --> 00:33:17,200
Speaker 1: moved slowly to impact traffic and make their feelings known

623
00:33:17,240 --> 00:33:20,480
Speaker 1: to lawmakers. In the NBA, the next one, the Celtics

624
00:33:20,520 --> 00:33:23,640
Speaker 1: beat the Nets one one twenty, the Wizards one in

625
00:33:23,720 --> 00:33:26,600
Speaker 1: the NHL, the Devil's beat the Blues and overtime three two.

626
00:33:26,680 --> 00:33:29,720
Speaker 1: The Rangers won global news twenty four hours a day

627
00:33:29,840 --> 00:33:33,000
Speaker 1: on air and on Bloomberg Quicktake, powered by more than

628
00:33:33,120 --> 00:33:35,840
Speaker 1: twenty seven hundred journalists and analysts and more than a

629
00:33:35,920 --> 00:33:38,800
Speaker 1: hundred twenty countries. I'm Michael Bard. This is Bloomberg. Nathan

630
00:33:38,840 --> 00:33:40,840
Speaker 1: all right, Michael, thanks for coming up to five forty

631
00:33:40,920 --> 00:33:43,960
Speaker 1: nine on Wall Street Line from the Bloomberg Interactive Broker Studios.

632
00:33:44,040 --> 00:33:47,920
Speaker 1: This is Bloomberg Daybreak and Bloomberg's executive editor for International Government,

633
00:33:48,000 --> 00:33:50,280
Speaker 1: Rosalind Matheson, is back with us this morning as we

634
00:33:50,320 --> 00:33:53,880
Speaker 1: continue following the latest developments on the war in Ukraine. Rosalind,

635
00:33:53,920 --> 00:33:56,480
Speaker 1: we did get those reports of an agreement on a

636
00:33:56,560 --> 00:34:01,000
Speaker 1: ceasefire between Russian and Ukrainian forces, but it sounds as

637
00:34:01,080 --> 00:34:04,960
Speaker 1: though those commitments aren't being met. Well, that's right, and

638
00:34:05,040 --> 00:34:07,240
Speaker 1: this is the third day in a row that we've

639
00:34:07,280 --> 00:34:11,000
Speaker 1: seen efforts to create some sort of humanitarian corridor to

640
00:34:11,080 --> 00:34:14,360
Speaker 1: allow a safe passage of people out of different parts

641
00:34:14,400 --> 00:34:17,439
Speaker 1: of Ukraine in the south, mostly in the past few days.

642
00:34:17,680 --> 00:34:21,000
Speaker 1: Those collapsed on themselves within a matter of hours, with

643
00:34:21,160 --> 00:34:26,360
Speaker 1: recriminations on both sides, Ukrainian forces accusing Russia of braking

644
00:34:26,800 --> 00:34:30,360
Speaker 1: the seasfar and shelling people trying to leave. Today we

645
00:34:30,440 --> 00:34:33,000
Speaker 1: saw an effort to set up slightly different corridors, including

646
00:34:33,000 --> 00:34:35,200
Speaker 1: in the capital Kiev of Russia is saying that it

647
00:34:35,280 --> 00:34:37,680
Speaker 1: was going to allow safe passage of people, but they

648
00:34:37,719 --> 00:34:40,120
Speaker 1: would have to go through Yellow Us into Russia and

649
00:34:40,320 --> 00:34:44,080
Speaker 1: out from there. That seems to be aimed more at foreigners,

650
00:34:44,520 --> 00:34:47,080
Speaker 1: people who were stuck there from China and India and

651
00:34:47,200 --> 00:34:49,799
Speaker 1: so on, rather than Ukrainian nationals, who of course would

652
00:34:49,800 --> 00:34:52,840
Speaker 1: not agree to go through that route. So that seems

653
00:34:52,840 --> 00:34:55,520
Speaker 1: to have also fallen apart very quickly, and that just

654
00:34:55,680 --> 00:34:58,239
Speaker 1: means that it just highlights again how hard it is

655
00:34:58,280 --> 00:35:00,480
Speaker 1: for people to move about and how to get out

656
00:35:00,520 --> 00:35:03,120
Speaker 1: of Ukraine at the moment. So what's being done in

657
00:35:03,239 --> 00:35:07,320
Speaker 1: the meantime to further support Ukraine? There have been talk

658
00:35:07,600 --> 00:35:13,920
Speaker 1: of sending in more European fighter jets. Is that moving forward? Uh,

659
00:35:14,000 --> 00:35:17,040
Speaker 1: there's the Ukraines have asked for fighter jets to come

660
00:35:17,080 --> 00:35:19,400
Speaker 1: in from countries in Eastern Europe, but of course Eastern

661
00:35:19,480 --> 00:35:22,759
Speaker 1: European countries are very nervous about doing that. But one

662
00:35:22,800 --> 00:35:26,360
Speaker 1: thing they most of them have fairly small air forces themselves.

663
00:35:26,440 --> 00:35:29,520
Speaker 1: The planes they've got are quite old, not necessarily in

664
00:35:29,640 --> 00:35:32,560
Speaker 1: good condition. If they send those in, what have they

665
00:35:32,640 --> 00:35:35,279
Speaker 1: got left at home to defend themselves. And are they

666
00:35:35,360 --> 00:35:38,279
Speaker 1: by doing that really inserting themselves into the conflict in

667
00:35:38,360 --> 00:35:42,520
Speaker 1: the eyes of Russia and risking retaliation. So it's very

668
00:35:42,640 --> 00:35:46,000
Speaker 1: complicated and not something that would happen easily. The US

669
00:35:46,000 --> 00:35:50,239
Speaker 1: has suggested it could potentially resupply these nations with fighter jets,

670
00:35:50,280 --> 00:35:52,960
Speaker 1: but normally that process and itself takes years to go

671
00:35:53,080 --> 00:35:56,399
Speaker 1: through the processes in the US, so there's no sign

672
00:35:56,480 --> 00:35:59,799
Speaker 1: any of that's going to happen immediately. What came out

673
00:35:59,800 --> 00:36:02,880
Speaker 1: of thematic efforts over the weekend, We've heard reports that

674
00:36:03,200 --> 00:36:07,760
Speaker 1: Israel's Prime Minister Bennett was meeting with the President of Russia,

675
00:36:07,840 --> 00:36:11,319
Speaker 1: Vladimir Putin. Did anything come out of that? Not very

676
00:36:11,400 --> 00:36:13,680
Speaker 1: much detail came out of it, at least publicly. But

677
00:36:13,800 --> 00:36:16,480
Speaker 1: what we can glean from these various conversations that happened

678
00:36:16,480 --> 00:36:19,440
Speaker 1: on the weekend, including also the French President spoke again

679
00:36:19,880 --> 00:36:24,640
Speaker 1: with Vladimir Putin, mostly around efforts to secure passage of people,

680
00:36:24,840 --> 00:36:28,800
Speaker 1: to get the humanitarian effort further underway on the ground,

681
00:36:28,920 --> 00:36:33,160
Speaker 1: to allow people to leave safely as that crisis builds

682
00:36:33,200 --> 00:36:36,800
Speaker 1: inside Ukraine. So the conversation seemed to be mostly about that.

683
00:36:36,920 --> 00:36:39,440
Speaker 1: But as we've seen, every time there's been an effort

684
00:36:39,480 --> 00:36:42,879
Speaker 1: to build a corridor, it's fallen apart within a matter

685
00:36:42,960 --> 00:36:47,280
Speaker 1: of hours. Of course, the talk about the US potentially

686
00:36:47,320 --> 00:36:49,640
Speaker 1: going it alone on a ban on Russian oil has

687
00:36:49,960 --> 00:36:53,280
Speaker 1: obviously royal the market this morning. What kind of impact

688
00:36:53,440 --> 00:36:57,240
Speaker 1: could that have on Russia's war machine were the US

689
00:36:57,360 --> 00:37:02,440
Speaker 1: to unilaterally start buying Russi in oil. Interesting thing, of course,

690
00:37:02,520 --> 00:37:05,040
Speaker 1: is the US doesn't buy very much oil from Russia.

691
00:37:05,080 --> 00:37:08,640
Speaker 1: It's about three I believe of US imports. Altho, I

692
00:37:08,680 --> 00:37:12,000
Speaker 1: think it might be around of Russia's exports, so that

693
00:37:12,200 --> 00:37:15,600
Speaker 1: the impact or Russia may not be that significant. More

694
00:37:15,680 --> 00:37:18,000
Speaker 1: to the point that the soaring price of oil, which

695
00:37:18,080 --> 00:37:21,280
Speaker 1: is just shy the hundred forty dollars a barrel, brings

696
00:37:21,360 --> 00:37:24,600
Speaker 1: more money into Russia in a way, into its coppers.

697
00:37:24,800 --> 00:37:27,440
Speaker 1: It might that might christian the impact. The real question

698
00:37:27,560 --> 00:37:29,680
Speaker 1: here is a dilemma for Europe, which is much more

699
00:37:29,760 --> 00:37:32,920
Speaker 1: reliant on Russian energy and imports a lot of oil

700
00:37:32,960 --> 00:37:34,759
Speaker 1: and a lot of natural gas, and has been very

701
00:37:34,800 --> 00:37:38,120
Speaker 1: reticent to cut that off. And do those conversations now

702
00:37:38,360 --> 00:37:40,360
Speaker 1: escalate in Europe to try and take some sort of

703
00:37:40,440 --> 00:37:43,920
Speaker 1: action here as well, because of course the impact there

704
00:37:43,960 --> 00:37:46,520
Speaker 1: would be much more significant, both for Russia potentially but

705
00:37:46,640 --> 00:37:49,480
Speaker 1: also for Europe. On that last minute, here are we

706
00:37:49,600 --> 00:37:52,320
Speaker 1: seeing any sign that the sanctions that have been imposed

707
00:37:52,440 --> 00:37:54,879
Speaker 1: so far having any effect on the ground in terms

708
00:37:54,920 --> 00:38:00,239
Speaker 1: of Russia's ability to continue this offensive certainly doesn't seems

709
00:38:00,239 --> 00:38:02,520
Speaker 1: to be deterring the Russian president at all. He's been

710
00:38:02,560 --> 00:38:06,160
Speaker 1: saying repeatedly across the weekend that he intends to continue

711
00:38:06,280 --> 00:38:09,880
Speaker 1: in Ukraine until his goals there met, which seemed to

712
00:38:09,920 --> 00:38:13,400
Speaker 1: be complete, the militarization of Ukraine and the removal of

713
00:38:13,480 --> 00:38:15,920
Speaker 1: the government. The impact on the sanctions, if anything, is

714
00:38:15,960 --> 00:38:19,640
Speaker 1: probably being built by ordinary Russians to this point, difficulty

715
00:38:19,719 --> 00:38:23,080
Speaker 1: accessing funds with their banks, using their credit cards, companies

716
00:38:23,480 --> 00:38:26,520
Speaker 1: pulling out and so on. So, if anything, the impact

717
00:38:26,680 --> 00:38:29,239
Speaker 1: is just for the consumer in Russia, less than the

718
00:38:29,360 --> 00:38:32,279
Speaker 1: upper echelons of power um and it's so far not

719
00:38:32,360 --> 00:38:35,800
Speaker 1: really translating into any sort of sign that the government

720
00:38:35,840 --> 00:38:38,920
Speaker 1: there intends to change course on the war itself. I

721
00:38:39,000 --> 00:38:41,800
Speaker 1: thinks there's always rather will be checking checking in with

722
00:38:41,960 --> 00:38:47,280
Speaker 1: you periodically throughout this war. Roslyn Matheson is our executive

723
00:38:47,360 --> 00:38:51,600
Speaker 1: editor for International Government for Bloomberg News. Karen Verry Nathan,

724
00:38:51,680 --> 00:38:54,080
Speaker 1: it is five fifty four on Wall Street. It's time

725
00:38:54,120 --> 00:38:57,000
Speaker 1: for our Bloomberg Lab Report, brought to you by American

726
00:38:57,080 --> 00:39:01,000
Speaker 1: Arbitration Association, business dispute. Your inevative bowlers alve faster with

727
00:39:01,080 --> 00:39:05,000
Speaker 1: the American Arbitration Association, the global leader in alternative dispute

728
00:39:05,040 --> 00:39:07,719
Speaker 1: resolution for over ninety years. More at a d R

729
00:39:07,920 --> 00:39:10,840
Speaker 1: dot org. Our legal story we're watching brings us to

730
00:39:11,000 --> 00:39:15,239
Speaker 1: intellectual property law in the entertainment industry. The Apple TV

731
00:39:15,440 --> 00:39:20,480
Speaker 1: series Servant is being served a lawsuit. Francesca Gregorini claims

732
00:39:20,520 --> 00:39:25,280
Speaker 1: the TV series riffs offer movie titled The Truth About Emmanuel.

733
00:39:25,600 --> 00:39:28,080
Speaker 1: The Ninth Circuit Court is reviving the lawsuit after a

734
00:39:28,160 --> 00:39:30,520
Speaker 1: district court had dismissed it. For more in the case,

735
00:39:30,560 --> 00:39:34,680
Speaker 1: Bloomberg's doing grosso speak to intellectual property litigator Terence Ross,

736
00:39:34,920 --> 00:39:38,360
Speaker 1: a partner at Kevin Mutchen Rosenman, the judge said, the

737
00:39:38,440 --> 00:39:43,320
Speaker 1: alleged similarities pale in comparison to the differences. So here's

738
00:39:43,400 --> 00:39:46,600
Speaker 1: the core problem with the district court judges decision. In

739
00:39:46,640 --> 00:39:51,080
Speaker 1: my opinion, it's this focus on differences between the two works.

740
00:39:51,640 --> 00:39:54,719
Speaker 1: That's not the legal standard from the Ninth Circuit and

741
00:39:54,800 --> 00:39:57,800
Speaker 1: other courts have said, we focus on what are the

742
00:39:57,960 --> 00:40:01,800
Speaker 1: similarities and not are the differences. This is not a

743
00:40:01,960 --> 00:40:05,440
Speaker 1: balancing test where you put on one side the similarities

744
00:40:05,520 --> 00:40:07,799
Speaker 1: and on the other side the differences say, uh, there're

745
00:40:07,840 --> 00:40:11,759
Speaker 1: more differences than similarities. Therefore, we're going to dismiss the lawsuit. No,

746
00:40:12,040 --> 00:40:14,080
Speaker 1: that's not the way it's done. The way it's supposed

747
00:40:14,120 --> 00:40:16,640
Speaker 1: to be done is you focus just on the similarities

748
00:40:16,960 --> 00:40:20,440
Speaker 1: and ask yourself, are there sufficient similarities that a reasonable

749
00:40:20,560 --> 00:40:24,680
Speaker 1: juror might find copyright infringement. That's not well spelled out

750
00:40:24,920 --> 00:40:28,400
Speaker 1: in the Ninth Circuits decision reversing the discord judge, but

751
00:40:28,520 --> 00:40:31,000
Speaker 1: it is the one thing that jumped off the page

752
00:40:31,160 --> 00:40:33,880
Speaker 1: at me in the District Court judges decision and was

753
00:40:34,000 --> 00:40:37,520
Speaker 1: probably working on the minds of the Appellate Court judges,

754
00:40:37,680 --> 00:40:40,759
Speaker 1: even though they didn't expressly articulate it that way. Tell

755
00:40:40,840 --> 00:40:45,040
Speaker 1: us more about the Ninth Circuits reasons for unanimously telling

756
00:40:45,120 --> 00:40:48,160
Speaker 1: the judge you can't dismiss this lawsuit at this stage.

757
00:40:48,920 --> 00:40:52,960
Speaker 1: So the decision on appeal largely focused on procedural elements,

758
00:40:53,120 --> 00:40:56,360
Speaker 1: and these procedural elements have been a bugaboo in the

759
00:40:56,480 --> 00:40:59,839
Speaker 1: Ninth Circuit in copyright cases for over a decade. Now,

760
00:41:00,120 --> 00:41:03,440
Speaker 1: what does that issue with substantial similarity? And for substantial

761
00:41:03,480 --> 00:41:06,480
Speaker 1: similarity we apply a two part test known as the

762
00:41:06,520 --> 00:41:09,959
Speaker 1: extrinsic test and the intrinsic test. But on a motion

763
00:41:10,040 --> 00:41:14,120
Speaker 1: to dismiss, all we consider is the extrinsic test, and

764
00:41:14,239 --> 00:41:18,680
Speaker 1: the extrinsic tests asks whether there are similarities, remember similarities,

765
00:41:18,719 --> 00:41:24,640
Speaker 1: not differences. Where there are similarities between plot themes, dialogue, mood, setting, characters,

766
00:41:24,760 --> 00:41:29,359
Speaker 1: and sequence of events that are considered protectable elements under

767
00:41:29,400 --> 00:41:33,160
Speaker 1: copyright law. So the general idea of a grieving mother

768
00:41:33,520 --> 00:41:37,320
Speaker 1: is not protectable under copyright law. The idea of all

769
00:41:37,440 --> 00:41:42,960
Speaker 1: being given humanistic features being treated like is not copyrightable.

770
00:41:43,200 --> 00:41:46,000
Speaker 1: The fact that you focused on inducing a boyfriend to

771
00:41:46,040 --> 00:41:49,040
Speaker 1: go steal a bottle of wine that may well be copyrightable.

772
00:41:49,280 --> 00:41:52,080
Speaker 1: What did not happen here at the discord level was

773
00:41:52,160 --> 00:41:55,440
Speaker 1: the judge never attempted to separate the wheat from the chaff,

774
00:41:55,680 --> 00:41:58,239
Speaker 1: to figure out what were the copyrightable elements and what

775
00:41:58,320 --> 00:42:02,000
Speaker 1: were the non copyrightable elements, and then say, well, these

776
00:42:02,080 --> 00:42:06,439
Speaker 1: copyrightable elements do have some similarity such that reasonable juror

777
00:42:06,560 --> 00:42:09,160
Speaker 1: might believe there was copyright infringement. That's what the district

778
00:42:09,200 --> 00:42:12,360
Speaker 1: court did not do, in which the Ninth Circuit really

779
00:42:12,800 --> 00:42:15,280
Speaker 1: wants to be done. On a motion to the smith,

780
00:42:15,680 --> 00:42:18,560
Speaker 1: and as Terence Ross, a partner at Kennon Mutchen Rosenman,

781
00:42:18,680 --> 00:42:21,920
Speaker 1: speaking with Bloomberg John Garasso. Catch more at that interview

782
00:42:22,160 --> 00:42:24,680
Speaker 1: plus analysis of the latest legal news by listening to

783
00:42:24,680 --> 00:42:27,600
Speaker 1: the Bloomberg Law Show at ten pm Eastern Time or

784
00:42:27,600 --> 00:42:31,000
Speaker 1: subscribing to the Bloomberg Law Podcast, and attorneys can find

785
00:42:31,000 --> 00:42:34,520
Speaker 1: exceptional legal research and business development tools at Bloomberg Law

786
00:42:34,840 --> 00:42:38,960
Speaker 1: dot com. And again, futures are falling this morning, Still

787
00:42:39,000 --> 00:42:42,400
Speaker 1: ahead on Bloomberg Daybreak, check on the business headlines and

788
00:42:42,520 --> 00:42:45,120
Speaker 1: all the news you need to start your day. And

789
00:42:45,400 --> 00:42:46,600
Speaker 1: this is Bloomberg