Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Monday, March seven two. Coming up this hour,
Speaker 1: equities tumble as stock markets from Europe to Asia head
Speaker 1: for bear markets. Oil sewers on the prospect of the U.
Speaker 1: S Van on Russian supplies. Gold rallies to top two
Speaker 1: thousand dollars announce, and more companies join the effort to
Speaker 1: cut ties with Russia. Former New York Governor Cuomo is
Speaker 1: hinting at a political combat lust. Vice President Harrison marks
Speaker 1: the Bloody Sunday Anniversary in Selma. I'm Michael barn More Ahead.
Speaker 1: I'm trying stas Sharon sports rare wind for the makes.
Speaker 1: They beat the Clippers in l A, the Nets lost
Speaker 1: in Boston, the Rangers one in Winnipeg. That's all straight
Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven Trio, New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen
Speaker 1: and around the world Old on Bloomberg Radio dot Com
Speaker 1: and via The Bloomberg Business. Good Morning, I'm Nathan Hagar.
Speaker 1: And I'm Karen. Moscow and global stocks are tumbling again
Speaker 1: to start the week. We are coming up to thought
Speaker 1: on one on Wall Street and gonna check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. Right now,
Speaker 1: the SMP futures are down sixty four points down, futures
Speaker 1: down four hundred seventy and NASDAG futures down two hundred
Speaker 1: thirty or one point seven percent. A ten year treasury
Speaker 1: down to thirty seconds. They at one point seven three percent,
Speaker 1: and they yield on the two year one point for
Speaker 1: eight percent. Nathan Karen will have more on the sell
Speaker 1: off in just a minute, but first the latest developments
Speaker 1: in the war in Ukraine. Russia says it has agreed
Speaker 1: to a ceasefire to open up humanitarian corridors in some cities,
Speaker 1: but Ukraine says Moscow is still shooting near the capital
Speaker 1: Kiev and near the port city of Mario, Pol where
Speaker 1: about two hundred thousand civilians are trapped. Ukraine's president Vladimir
Speaker 1: z Alinski is pleading with the US and Europe for
Speaker 1: a no fly zone. Don't if you don't impose a
Speaker 1: no fly zone, if you at least don't give us
Speaker 1: planes so that we can defend ourselves, then there can
Speaker 1: be only one conclusion. You also want us to be
Speaker 1: slowly killed. This is the responsibility of world's politicians Western
Speaker 1: leaders today and forever. President z Lensky spoke with US
Speaker 1: President Joe Biden over the weekend. A third round of
Speaker 1: talks between Ukraine and Russia is set for today. Meantime,
Speaker 1: Nathan the US is planning to send more aircraft to Ukraine,
Speaker 1: and Bloomberg said Baxter has the story. Secretary of State
Speaker 1: Anthony Lincoln says, the US is actively talking with NATO
Speaker 1: countries about getting hell been that gets a green light.
Speaker 1: In fact, we're talking with our Polish friends right now
Speaker 1: about what we might be able to do to backfill
Speaker 1: their needs if in fact they choose to provide these
Speaker 1: fighter jets to to the Ukrainians, So the US would
Speaker 1: be directly and indirectly helping this. As he says, the
Speaker 1: world should expect a long war there, and Russian President
Speaker 1: of Vladimir Putin says that he will not end the
Speaker 1: invasion until Ukraine agrees to all of his demand ends
Speaker 1: In San Francisco, I met Baxter Bloomberg daybreak. Thanks said,
Speaker 1: Russia finds itself increasingly isolated, but China this morning is
Speaker 1: declaring its ties with Moscow to be quote rock solid,
Speaker 1: despite President Vladimir Putin's invasion of Ukraine. China's foreign minister
Speaker 1: is also accusing the US of trying to build a
Speaker 1: new version of NATO in the Pacific energy markets. Also
Speaker 1: in focus this morning, Nathan sources say the White House
Speaker 1: is considering whether to prohibit Russian oil import to the
Speaker 1: US is considering a unilateral move without the participation of
Speaker 1: allies in Europe, at least initially. Secretary of State Anthony B.
Speaker 1: Lincoln discussed the plans on CNN. We are now talking
Speaker 1: to our European partners and allies to look in a
Speaker 1: coordinated way at the prospect of banning the import of
Speaker 1: Russian oil while making sure that there is still an
Speaker 1: appropriate supply of oil on world markets. That's a very
Speaker 1: active discussion as we speak. Secretary of State Anthony Blancoin
Speaker 1: meets with his Israeli counterpart today to discuss the situation
Speaker 1: in Ukraine, among other matters. Following those men scaring we
Speaker 1: saw oil sword to just shy of a hundred forty
Speaker 1: dollars of barrel Right now, Brent crudes at a hundred
Speaker 1: twenty five dollars twenty six cents of barrel, while West
Speaker 1: Texas intermediates at a hundred eighty nine cents. Other commodities
Speaker 1: are also rallying. This morning. Gold futures jumped above two
Speaker 1: thousand dollars and ounced for the first time in more
Speaker 1: than eighteen months, while copper and palladium hit all time highs.
Speaker 1: Nicols spiked as much as thirty one while we slammed
Speaker 1: the daily upward limit for the sixth day in a row.
Speaker 1: Welcome about it. These are searching. Nathan's stocks are selling
Speaker 1: off around the world. We're seeing some of the biggest
Speaker 1: drops in Europe, and we head to London and get
Speaker 1: the very latest live with the Bloombergs. You and Pot's
Speaker 1: good morning You and good morning Counting Nathan. Major stock
Speaker 1: markets from Europe's Asia heading for bear markets today, falling
Speaker 1: more than twenty percent from their highs. That's a made
Speaker 1: fairs of an inflation shock and perhaps a growth shock
Speaker 1: in the world economy. As crude source on the prospects
Speaker 1: of a ban on Russian supplies, Banks, carmakers and retailers
Speaker 1: leading losses today defense companies gaining energy and mining stops
Speaker 1: the only sectors in the green today around Europe Live
Speaker 1: in London, I'm you and part spin by daybreak, Okay
Speaker 1: you and thank you. We also saw heavy selling in
Speaker 1: Asia overnight. Let's get the recap from Bloomberg's Juliette Sally
Speaker 1: in Singapore. Good morning, Juliet, Good morning, Nathan and Karen.
Speaker 1: The m s CI Asia Pacific Index was on course
Speaker 1: for a bear market, a drop of more than twenty
Speaker 1: percent from its February one peak. Japan's n K two
Speaker 1: to five index had its worst session in a year,
Speaker 1: falling to November twenty twenty levels, Hong Kong stocks falling
Speaker 1: two July twenty sixteen lows. China c s I three
Speaker 1: hundred entered further into bear market territory, falling fourth at
Speaker 1: the fourth straight session. This despite a policy statement from
Speaker 1: the Nashville People's Congress over the weekend which failed to
Speaker 1: offer meaningful support for the market. In Singapore, Juliette Sally
Speaker 1: Bloomberg Daybreak, Right, Juliet, thank you. As Stark sell off,
Speaker 1: more analysts are downgrading their outlook for US equities. We
Speaker 1: get the latest forecast live from Bloomberg's Renny to Young,
Speaker 1: Good morning Radia, Good morning Karen. Yourdinly Research predicts the
Speaker 1: S and P five hundred will drop another eight percent
Speaker 1: to about four thousand by the end of this year.
Speaker 1: Chief investment strategist ed Ardini says a recession cannot be
Speaker 1: ruled out given that jump in oil prices. Every corps
Speaker 1: I s I says the S and P could fall
Speaker 1: as low as thirty seven hundred. Chief equity strategist Julian
Speaker 1: Emmanuel says a drop of about fifteen percent from Friday's
Speaker 1: Clothes could trigger action from the Federal Reserve to help
Speaker 1: stabilize markets. Before the war, the median SMP target for
Speaker 1: strategists was around five thousand. Now it's about forty three hundred.
Speaker 1: Live in New York. I'm Ranita Young, Bloomberg, Daybreak. Thanks
Speaker 1: Unitas the war in Ukraine intensifies, the list of companies
Speaker 1: cutting ties with Russia is growing. Let's get the latest
Speaker 1: on that from Bloomberg's Lisa Matteo. Netflix, TikTok, Samsung, and
Speaker 1: credit card operators are the latest either cut ties or
Speaker 1: review their operations in Russia. Netflix, which has been available
Speaker 1: in Russia since two thousand, sixteen has under one million
Speaker 1: customers in the country. Over the weekend, Visa and master
Speaker 1: Card also said they were suspending operations in Russia. Each
Speaker 1: gets about four percent of its net revenue from business
Speaker 1: link to Russia, and yesterday American Express said it was
Speaker 1: the spending its operations in Russia and Belarus. Lisa Mateo
Speaker 1: Bloomberg Daybreak. Okay, Lisa, thanks right now. SMP features are
Speaker 1: down sixty seven points, a drop of one and a
Speaker 1: half percent. Straight ahead your latest local headlines and the
Speaker 1: check of sports. This is Bloomberg five oh seven on
Speaker 1: Wall Street, sixty three degrees in Central Park. We gotta
Speaker 1: crash on northbound Root nine year New Brunswick Avenue and
Speaker 1: Board Bridge. Details coming up in traffic. First Michael Barr
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. Former
Speaker 1: New York Governor Andrew Cuomo appeared to be hitting at
Speaker 1: a political comeback in remarks at a Brooklyn church on Sunday.
Speaker 1: The Democrats said he acknowledged his behavior wasn't appropriate, but
Speaker 1: he had decried the political sharks in Albany who used
Speaker 1: the accusations too in his words, effectively overturned an election.
Speaker 1: Probably no, I've gone through a difficult period the past
Speaker 1: few months. I resigned as governor of the press roasted me.
Speaker 1: My colleagues were ridiculed, my brother was fired. It was ugly.
Speaker 1: It was probably the toughest time of my life. Cuomo
Speaker 1: resigned in August, days after an independent probe concluded he's
Speaker 1: sensually harassed eleven women, something he denies. It's the next
Speaker 1: chapter for New York City about the COVID pandemic. Starting today,
Speaker 1: the city is dropping several mandates, including masks in schools
Speaker 1: and vaccination requirements for businesses. Also, today, restaurants were no
Speaker 1: longer asked for proof of vaccination before entering. Meanwhile, COVID
Speaker 1: nineteen deaths are about to hit the six million mark
Speaker 1: in the world. It's another tragic reminder about the deadliness
Speaker 1: of the pandemic. Even as masks are dropping and businesses
Speaker 1: are reopening around the globe, the US is nearing one
Speaker 1: million deaths alone. Vice President Kamala Harris was in Selma, Alabama,
Speaker 1: to mark the anniversary of a defining moment and to
Speaker 1: find for equal voting rights. On March seventh, nineteen sixty
Speaker 1: five white state troopers beaten tear gas black voting rights
Speaker 1: marchers attempting to cross the Edmund Pettis Bridge. Harris val
Speaker 1: to push for federal legislation that guarantees voting rights across
Speaker 1: the country. States past anti voting lawns laws that banned
Speaker 1: drop boxes and restrict early voting. Vice President Harris says
Speaker 1: the bravery of those fifty seven years ago as a
Speaker 1: reminder that freedom and democracy can never be taken for granted.
Speaker 1: Seven people are dead after tornado swept through central Iowa.
Speaker 1: Iowa Governor Kim Reynolds talked about the hundreds of volunteers
Speaker 1: who showed up to help. We show up, We take
Speaker 1: care of our family, We take care of our neighbors,
Speaker 1: and we take care of our community. Governor Reynolds says
Speaker 1: the deadly tornado had winds of up to a hundred
Speaker 1: sixty five. Global news twenty four hours a day on
Speaker 1: air and on Bloomberg quit think, powered by more than journalists.
Speaker 1: Analyist are more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: This is Bloomberg. Nathan. Thanks Michael five O nine on
Speaker 1: Ball Street time for the Bloomberg Sports up taking morning
Speaker 1: John Stan Showery Nathan Nix in l A. They jumped
Speaker 1: in front of the second quarter at starting the Clippers
Speaker 1: thirty four to eighteen. Forgive Nick fans if they weren't
Speaker 1: celebrating yet. During this stretch of seventh straight losses sixteen
Speaker 1: in their last nineteen, the nixt had size of the
Speaker 1: lead seemingly every game they kept blowing the lads. This
Speaker 1: time they didn't. They beat the Clippers one sixtee R J.
Speaker 1: Barrett sent four point Emmanuel quickly twenty one to coach
Speaker 1: Tom Thibeeau from the All Star break off. We played
Speaker 1: well in the Miami game. We played well. In both
Speaker 1: Philadelphia games. We played well. We don't have anything to
Speaker 1: show for it. That's unfortunate part. We didn't close it out.
Speaker 1: But in tonight we played well from start to finish,
Speaker 1: and so hopefully we can go on it and play
Speaker 1: tonight in Sacramento, chance for their first two game win
Speaker 1: streaking almost two months, as the Nets couldn't stop Jason
Speaker 1: Tatum in Boston. He poured in fifty four points, thirty
Speaker 1: four in the second half. Red hot Celtics one once two,
Speaker 1: one twenty. They've won fourteen of their last six team
Speaker 1: the Nets have lost seventeen of their last twenty. They're
Speaker 1: now under five hundred. Kevin Durrant led Brooklyn with thirty seven.
Speaker 1: He went over twenty five thousand career points twenty three
Speaker 1: in NBA history to do that. Solid win for the Rangers.
Speaker 1: Pair of goals in the first period, two more in
Speaker 1: the third. They won four one at Winnipeg, two goals
Speaker 1: for Chris cry At our numbers thirty seven and thirty eight.
Speaker 1: Baseball players made a concession in an effort to end
Speaker 1: the lockout, giving their blessings to rule changes like a
Speaker 1: pitch clock and a reduction of shifting, but the economic
Speaker 1: issues remain. In fact, MLB says the two sides are
Speaker 1: now further apart. Another week's worth of regular season games
Speaker 1: may soon get canceled. John Stash, Edward Bloomberg Sports Nathan
Speaker 1: Thanks john SMP futures down to down sixty five points,
Speaker 1: SOUND futures down four undred seventy four, Nanstact futures lowered
Speaker 1: by two hundred twenty seven points Following European stocks lower.
Speaker 1: The decks in Germany is down three point four percent
Speaker 1: CAC and Harris down three percent. Get the latest on
Speaker 1: this market with Lori Calvacin ahead of US Equity strategy
Speaker 1: at RBC Capital Markets, she joins US. Next to this
Speaker 1: is Bloomberg Bloomberg eleven three oh weather created increasing clouds today,
Speaker 1: showers and thunderstorms possible. The high near seventy degrees will
Speaker 1: be mostly sunny, breezy and cooler tomorrow upper forties, mid forties,
Speaker 1: mostly cloudy by Wednesday. Currently sixty three in Central Park
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at
Speaker 1: Bloomberg Victap. This is a Bloomberg Business flash and I'm
Speaker 1: Karen Moscow. Major stock markets from Europe to Asia heading
Speaker 1: for bear markets following more than twenty percent from highs
Speaker 1: and mid fears of an inflation shock as crude oil
Speaker 1: soars on the prospect of a ban on Russian supplies.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg Guess and P future is down sixty
Speaker 1: three points this morning. Down futures down four D seventy
Speaker 1: three and NASDAC futures down two D at seventeen or
Speaker 1: down about one point six percent. The decks in Germany
Speaker 1: is down three and a quarter percent. Pen your treasury
Speaker 1: down one thirty second you have one point seven three percent.
Speaker 1: They yield on the two year one point four eight percent.
Speaker 1: Nimex screwed oil is up five point nine percent of
Speaker 1: six dollars eighty seven cents at a hundred twenty two
Speaker 1: dollars fifty five cents a barrel. Comic schoold is at
Speaker 1: one point nine percent or thirty six dollars fifty cents
Speaker 1: at two thousand three dollars thirty cents and ounce. The
Speaker 1: euro one point zero eight three three against the dollar,
Speaker 1: British pound one point three one six eight. The ends
Speaker 1: at one fifteen point o nine Bitcoin this morning, moving
Speaker 1: lower down two percent, is at thirty eight thousand, two
Speaker 1: hundred forty dollars as a Bloomberg Business flash. Now, here's
Speaker 1: Michael Barr with more on what's going on around the world. Muncil.
Speaker 1: Good morning, Good morning, Karen. President Vladimir Putin said again
Speaker 1: the war will continue until Ukraine accepts his demands and
Speaker 1: holds resistance, timming hopes for a negotiated settlement. Meanwhile, a
Speaker 1: representative for Kiev has urged the United Nations top court
Speaker 1: to order Russia to hold its devastating invasion of Ukraine.
Speaker 1: In the NBA, the next one, the Celtics beat the
Speaker 1: Nets one twenty. The Wizards won. In the NHL, the
Speaker 1: Devil's beat the Blues and overtime three to the Rangers one.
Speaker 1: Major League Baseball reacted angrily to the latest offer by
Speaker 1: locked out players when bargaining resumes Sunday. Management accused the
Speaker 1: Union of backtracking and showing no sign of a breakthrough
Speaker 1: to get the derailed season back on track. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven under journalists
Speaker 1: and analysts and more than a hundred twenty countries. How
Speaker 1: Michael Bard, this is Bloomberg, Nathan Alright, Michael. Thanks, It's
Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak and Lori Calvacina is
Speaker 1: with us now head of US Equity Strategy at RBC
Speaker 1: Capital Markets, at the start of what's looking to be
Speaker 1: a very difficult day for equity investors. Lorie, good morning.
Speaker 1: Are we looking at a bear market here? All right? Well?
Speaker 1: Thanks for having me. We'll look, we're certainly looking at
Speaker 1: a very difficult stretch in the equity market, and I
Speaker 1: think at our worst we've been down about twelve percent
Speaker 1: from peak, and we've said that this episode to us
Speaker 1: feels like a growth scare, and growth scares ten take
Speaker 1: stocks fourteen down from their peak. So I don't know
Speaker 1: if you want to call that a bear market or
Speaker 1: something worse, UM, but it is. You know, it does
Speaker 1: look to me like that's the kind of period we're in.
Speaker 1: So we don't think that we've you know, in the
Speaker 1: very short term at least uh seen an end to
Speaker 1: the downside. In the past, you've said that you're targeting
Speaker 1: fifty fifty five thousand fifty for the SMP at the
Speaker 1: end of this year. Are you sticking with that? So
Speaker 1: we stuck with it from now, and we put out
Speaker 1: a piece on Friday basically saying we're going to continue
Speaker 1: to be nimble in our forecast. And the way I
Speaker 1: put it with this was was this way that at
Speaker 1: this point in time, we can still see a path
Speaker 1: now that would assume that we get some resolution UM
Speaker 1: in the intermediate term of this crisis and do get
Speaker 1: those loads that I mentioned in the market, those kind
Speaker 1: of growth scare pricing. We basically assumed that we see
Speaker 1: a seventeen percent type drop from the peak that we
Speaker 1: saw earlier this year, which is your average growth scare
Speaker 1: type of clients. And we did do it take a
Speaker 1: quick look, you know, just to see how quickly and
Speaker 1: how powerfully markets recover and those growth scares once they
Speaker 1: make those decline, and we did see that the recoveries
Speaker 1: tend to be pretty swift and powerful. You can get
Speaker 1: to get back to pre crisis highs in the market
Speaker 1: within four to five months of making a bottom UM
Speaker 1: and tend to see about twenty seven type games on
Speaker 1: a ten months forward basis, So you know, we do
Speaker 1: see a path now that's very different right from saying
Speaker 1: that I'm pounding the table in the market, and I
Speaker 1: really resist that term UM. But the other thing we
Speaker 1: have talked about is that if you look at sentiment
Speaker 1: gauges like the a AII Net Bullbear Survey UM, they
Speaker 1: have basically been below pandemic lows recently UM, and they
Speaker 1: do tend to give you a very strong BI signal
Speaker 1: on the market on twelve months forward basis. So you know,
Speaker 1: I would emphasize the tone, we can see a path.
Speaker 1: We're not pounding the table here though necessarily and again
Speaker 1: we do see some potential for interim downside that can
Speaker 1: be worse than what we've already seen just based on
Speaker 1: the growth scare analysis. Is there any way to game
Speaker 1: out how long that interim downside lasts? Yea, I mean,
Speaker 1: it's got all depend on how the war goes, doesn't it.
Speaker 1: I think that's right, And I think the problem with
Speaker 1: the war, I mean, there are many many problems with
Speaker 1: the war and the staff market I would put, you know,
Speaker 1: sort of at the bottom of that of that list
Speaker 1: of priorities here. Um. But look, I think the problem
Speaker 1: is that it is an inherently unpredictable situation. And I
Speaker 1: do think that if you look at pricing in the
Speaker 1: S and P five hundreds, it does look like it
Speaker 1: is trying to stabilize. Now. Of course, you know, the
Speaker 1: features are down pretty big this morning, but the market,
Speaker 1: I think sort of that that sideways move we've seen
Speaker 1: in recent weeks is reflecting sort of the inherent uncertainty,
Speaker 1: um that's associated with this crisis right now. So when
Speaker 1: you talk about a growth shock, at least in the interim,
Speaker 1: is is that pointing to stagflation? Is that something you're
Speaker 1: thinking about in your forecast. So I don't love the
Speaker 1: term stagflation. I mean, to me, the most important part
Speaker 1: it is really just the rattling down of economic growth expectations.
Speaker 1: And you know, we we've assumed essentially at this point
Speaker 1: in time that we'll we'll see some erosion and economic
Speaker 1: forecast UM, but not necessarily pulling this into a recession.
Speaker 1: That's something we've consulted very closely with our economists. So
Speaker 1: I've um and that's his view at the moment. But
Speaker 1: you know, if you look at sort of the high
Speaker 1: sleep with the indicators, and I think we're somewhat lucky
Speaker 1: we've come out of this COVID period. People like me
Speaker 1: have a whole arsenal of high frequency economic barometers to
Speaker 1: look at. UM. What we're seeing for the time being
Speaker 1: at least, is that we are continuing to come out
Speaker 1: of COVID. We're continuing to see a recovery and diving
Speaker 1: and flying despite the challenges that emerged. We need to
Speaker 1: see if the consumer does hold up UM, but for
Speaker 1: now we're not seeing reasons to panic in the data.
Speaker 1: In our last minute here Laurie, where do you look
Speaker 1: for havens? Are there stock havens for you? So I
Speaker 1: think it's very difficult when you think about defensive sectors
Speaker 1: to play the safe having game. Consumer staples is an
Speaker 1: area that people have been trying to go to and
Speaker 1: and frankly, it's one of the worst possible areas you
Speaker 1: could be at. And if you look at the intersections
Speaker 1: of risks from this crisis, in particular, things like food prices, sentiment,
Speaker 1: European economic exposure, energy and non commodity and non energy
Speaker 1: commodity prices all intersect there um. The dollar has been
Speaker 1: the safe haven. The US equity market, frankly has been
Speaker 1: the safe haven outperforming rest of the world, and that
Speaker 1: does give us a little bit of a buffer. As always,
Speaker 1: good to have your thoughts. Thanks for this, LORI really
Speaker 1: appreciate it. Lori Calvacina is head of US Equity strategy
Speaker 1: at RBC Capital Markets. And as you look at US
Speaker 1: equities this morning, they're pointing to a much lower open,
Speaker 1: with SMP futures now down sixty points or one point
Speaker 1: four percent down. Futures are down four undred fifty four
Speaker 1: points in NASDAC futures, leading the declines. Right now, they're
Speaker 1: down two hundred fourteen points. That's a drop of about
Speaker 1: one and a half percent. Germany's docks down three percent.
Speaker 1: The cack in Paris down too and two thirds percent.
Speaker 1: Right now, the tenure treasury is down three thirty seconds,
Speaker 1: yield one point seven four percent. The yield on the
Speaker 1: two year right now one point four nine. Oil surging
Speaker 1: once again this morning. We have Brent crewed up six
Speaker 1: point two percent, or seven dollars thirty three cents a
Speaker 1: hundred twenty five dollars forty one cents a barrel. West
Speaker 1: Texas Intermediate's at a hundred twenty two dollars seventy one
Speaker 1: sets day with us for the very latest on the
Speaker 1: war in Ukraine. This is Bloomberg Bloomberg eleven three oh Weather.
Speaker 1: Increasing cloud showers and thunderstorms today with a high near
Speaker 1: seventy degrees. There will be mostly sunny, breezy and cooler
Speaker 1: tomorrow upper forties for highs mid forties by Wednesday. Right
Speaker 1: now sixty two in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving
Speaker 1: Freed to Washington, d C. Bloomberg to Boston, Bloomberg on
Speaker 1: six one, to San Francisco, Bloomberg nine sixty to the
Speaker 1: country Sirius XM Total one nineteen and around the globe
Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you up to date on the news. You need
Speaker 1: to know what this tour. Starting with the latest developments
Speaker 1: on the war in Ukraine. Russia says it's agreed to
Speaker 1: a ceasefire to open up humanitary corridors in some cities,
Speaker 1: but Ukraine says Moscow is still shooting near the capital Kiev,
Speaker 1: and you're the port city of Mariopol, where about two
Speaker 1: hundred thousand civilians are trapped. The Mayor of kie Vatali Klitchko,
Speaker 1: says Ukraine needs more support. We need unity, we need pressia,
Speaker 1: we need sanctions, we need the weapons support. The mayor
Speaker 1: of Kiev was a guest on ABC's This Week or
Speaker 1: at Sundays on Bloomberg Radio. Meantime, caring global stocks are
Speaker 1: selling off oil is soaring on the prospect of a
Speaker 1: ban on Russian supplies. Bloomberg News has learned the White
Speaker 1: House is considering whether to prohibit Russian oil imports into
Speaker 1: the US without the participation of allies in Europe. Here's
Speaker 1: California Democratic Congressman Adam Chef. I think there's very strong
Speaker 1: Biparson support to cut off Russian oil and gas sales
Speaker 1: to the United States. It's an affaba. I think to
Speaker 1: many of us in Congress that while we were sanctioning
Speaker 1: them and trying to cripple their economy, that we would
Speaker 1: help them in any way by purchasing their petroleum. But
Speaker 1: I think Administration wants to make sure that we work
Speaker 1: with our allies. Congressman Adam Scheff made those comments on
Speaker 1: Face the Nation from CBS heard Sundays on Bloomberg Radio.
Speaker 1: As for the reaction in the oil market, it originally
Speaker 1: jumped as much as eighteen percent on the prospect of
Speaker 1: a ban on Russian crewed Right now, non night screwed
Speaker 1: oil is up more than six and a half percent,
Speaker 1: so as Brent. By the way, gold futures jumped above
Speaker 1: two thousand dollars announced for the first time in more
Speaker 1: than eighteen months, while copper and palladium hit all time highs,
Speaker 1: the stocks sell off around the world, care and more
Speaker 1: analysts are downgrading their outlooks for US equities. Let's get
Speaker 1: the details life from Bloomberg's need a Young, Good morning,
Speaker 1: Good morning. Nathan yar Danny Research predicts the SNPI will
Speaker 1: drop to about four thousand by the end of this year.
Speaker 1: Chief investment strategist Ed yar Danny says a recession cannot
Speaker 1: be ruled out given that jump in oil prices. Every
Speaker 1: core I s I says the SNP could fall as
Speaker 1: low as third the seven hundred. Before the war, the
Speaker 1: median S and P target for strategists was around five thousand.
Speaker 1: Now it's had about live in New York. I'm Renita Young,
Speaker 1: Bloomberg debreak. All right, thank you, Nita, and the corporate
Speaker 1: exodus from Russia continues today. Netflix, TikTok, Samsung, Visa, MasterCard,
Speaker 1: and American Express are the latest companies to either cut
Speaker 1: ties or review their operations in the country. Again. Futures
Speaker 1: are following this morning and straight a hand your latest
Speaker 1: local headlines plus a check of sports. And this is Bloomberg.
Speaker 1: Thanks scaring five three on Wall Street sixty two degrees
Speaker 1: in Central Parking. Now an accident investigation in woodbridges in
Speaker 1: northbound Route nine in New Brunswick Avenue. Details coming up
Speaker 1: in traffic. First Michael Barr with more on what's going
Speaker 1: on in New York and around the world. Michael Nathan,
Speaker 1: thank you very much. Former New York Governor Andrew Cuomo
Speaker 1: making a campaign style speech at the Brooklyn Church. He
Speaker 1: hnded that a possible political comeback. Cuomo resigned in August
Speaker 1: after an independent investigation found he's sexually harassed nearly a
Speaker 1: dozen women. Today, he attributed some of his behavior to
Speaker 1: quote perspectives that changed, but made the point that none
Speaker 1: of the cases were substantial enough to be prosecuted. The
Speaker 1: actions against me were prosecutorial misconduct. That is clear. They
Speaker 1: didn't act in the interests of justice. The district attorneys
Speaker 1: proved that they acted in their own self interest. They
Speaker 1: wanted me out because they wanted my job. Cuomo called
Speaker 1: it the worst time of his life. Vice President Kamala
Speaker 1: Harris visited Selma, Alabama yesterday to commemorate a defining moment
Speaker 1: in the fight for equal voting rights. Harris linked arms
Speaker 1: with activists from the civil rights movement and led thousands
Speaker 1: across the Edmund Pettis Bridge, where on March seven, white
Speaker 1: state troopers attacked black voting rights marchers attempting to cross
Speaker 1: their Bravery is a reminder that freedom and democracy can
Speaker 1: never be taken for granted. Vice President Harris also called
Speaker 1: for lawmakers today to pass the John Lewis Voting Rights Act.
Speaker 1: The world is about to hit the grim milestone. We're
Speaker 1: approaching six million deaths because of COVID. The U S
Speaker 1: has about a million deaths alone. Florida state officials say
Speaker 1: all available resources, including National Guard helicopters, have been brought
Speaker 1: in to fight two large wildfires in Florida's Panhandle. Governor
Speaker 1: Around Descantis, we are working with really all hands on
Speaker 1: deck to be able to mitigate this, and it's a
Speaker 1: really really significant, certainly multiple fires, a major fire you
Speaker 1: know out there that we were able to see, according
Speaker 1: to Governor Descantist. The Florida Forest Service says two fires
Speaker 1: in Bay County are the biggest of nearly a hundred
Speaker 1: fifty wildfires in the state that are burning more than
Speaker 1: twelve thousand acres. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael barn this is Bloomberg, Nathan. Thanks Michael.
Speaker 1: On Wall Street time for the Bloomberg Sports Update with
Speaker 1: John Sinshower. Eggs, Nathan, nothing unusual about the Knicks grabbing
Speaker 1: a big league What was different last night in l A?
Speaker 1: They held onto it the next last month, lost three
Speaker 1: games when they were ahead by more than twenty points,
Speaker 1: so they blew up fourteen point lead Friday in Phoenix,
Speaker 1: the Sun's won on that banked in three point at
Speaker 1: the buzzer. That was the Knicks seventh loss in a row.
Speaker 1: But in l A, next Knicks meet the Clippers one
Speaker 1: sixteen to ninety three. R J. Barrett scored four points.
Speaker 1: Great because you know we've been playing extremely well overall.
Speaker 1: Definitely those a couple of games that we should have won,
Speaker 1: especially last game, you know that one earth. So to
Speaker 1: come in here today and played like that from start
Speaker 1: to finish with amazing bench, played well. Emmanual Kick quickly
Speaker 1: scored twenty one. Cam Reddish at his best game as
Speaker 1: a Nick with seventeen Nicks play again tonight in Sacramento.
Speaker 1: Julius Randall got thrown out of that game in Phoenix.
Speaker 1: He shoved a player and he made contact with the ref.
Speaker 1: Randall was fine fifty thousand dollars. In Boston, it was
Speaker 1: Kevin Durant versus Jason Tate. Katie's toward thirty seven points
Speaker 1: with Tatum went for fifty four thirty four and the
Speaker 1: second half. Celtics beat the Nets one to one. Twenty
Speaker 1: Boston's now won fourteen to the last sixteen, while Brooklyn
Speaker 1: has dropped seventeen the last twenty and the Nets are
Speaker 1: now under five hundred. Rangers won four one at Winnipeg,
Speaker 1: two more goals for Chris Cryder now has thirty eights,
Speaker 1: tied for second in the NHL. Devil's the three two
Speaker 1: overtime went over St. Louis Doug Hamilton at the game winner.
Speaker 1: College Jokes are scared for Rutgers, but they held on
Speaker 1: at top Penn State fifty eight much he didn't win
Speaker 1: to the Starlet Knights if they are to gain entry
Speaker 1: to the upcoming in Stea Double A tournament. Scottie Scheffler,
Speaker 1: who won the golf in Phoenix last month, one again
Speaker 1: at Fa Hills by two shots, John Stash, Edward Bloomberg,
Speaker 1: Sports Nathan, Thanks Shawn. It's five thirty seven on Wall
Speaker 1: Street time for the Tri State Business reportment. Here's bloomberg
Speaker 1: sad Cory development. He has begune on what could become
Speaker 1: New York City's first community to reach net zero carbon emissions.
Speaker 1: The roughly one billion dollar project on the Rockaway Peninsula
Speaker 1: and Queen's could be improving ground for new i'm at
Speaker 1: in economic policies. It will incorporate geo thermal heating, pans
Speaker 1: of house design, and a plan to raise the storm
Speaker 1: surge elevation. Danny Meyers sixty floor restaurant, which closed at
Speaker 1: the start of the pandemic, returns on St. Patty's Day.
Speaker 1: Man Hatta, the Sky High restaurant at the restaurant Tour,
Speaker 1: closed at the beginning of the pandemic, will reopen on
Speaker 1: March seventeenth, but The Times reports the space at twenty
Speaker 1: eight Liberty Street will initially serve only drinks in bar food.
Speaker 1: According to Triple A, gas prices in New Jersey hit
Speaker 1: four dollars nine cents a gallon over the weekend that
Speaker 1: broke the record of three dollars ninety nine cents, said
Speaker 1: on July eight, two thousand eight. The price is a
Speaker 1: dollar twenty two higher than a year ago. That your
Speaker 1: Bloomberg Try State Business report. I'm in Cory on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm do You Polis on K and X in Los Angeles.
Speaker 1: We're talking about Netflix shutting down operations in Russia. I'm
Speaker 1: Gina Servetti and for w b b M in Chicago.
Speaker 1: I'm talking about a report saying that the owners of
Speaker 1: the Cubs are weighing an offer to buy Chelsea Football Club.
Speaker 1: I'm Purney Donahoe on ktr H in Houston. Teshiba's concerned
Speaker 1: the chip crisis may get worse after the invasion of Ukraine.
Speaker 1: I'm Caroline Heapcolle Bloomberg DAB Digital Medio in London. We're
Speaker 1: we're putting on a proposal by MPs that could be
Speaker 1: voted on today to freeze Russian oigous assets to stop
Speaker 1: them liquidating. Well, I'm in Corey, w T A M.
Speaker 1: In Cleveland. I'm reporting investors are snapping up a growing
Speaker 1: share of homes in Cuyahoga County. Those are some of
Speaker 1: the stories are hundred Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. It's five thirty nine
Speaker 1: on Wall Street. The following commentary is from Bloomberg Opinion.
Speaker 1: Want to reduce dependence on Russian energy, Get a heat bump.
Speaker 1: I'm justin Fox, a columnist for Bloomberg Opinion. Heat pumps
Speaker 1: are far more energy efficient than other heaters, but currently
Speaker 1: warm just six percent of residential buildings in Europe and
Speaker 1: eleven point five percent of housing units in the US.
Speaker 1: In the US, they are widely seen as inappropriate for
Speaker 1: colder climates, but newer models work well at temperatures below zero.
Speaker 1: In Europe, their market share is highest in Finland, Norway
Speaker 1: and Sweden, where it gets pretty cold in the winter,
Speaker 1: but they've only just begun to break through in Germany.
Speaker 1: In the UK, efforts to reduce greenhouse gas emissions have
Speaker 1: already led the policies encouraging heat pump adoption in many countries,
Speaker 1: including modest subsidies in the US. With the West now
Speaker 1: trying to reduce its energy dependence on Russia, a bigger
Speaker 1: push seems to be in order. I'm justin Fox. For
Speaker 1: more opinion, please go to Bloomberg dot com, slash Opinion
Speaker 1: or O P I n go on the Bloomberg terminal.
Speaker 1: These has been Bloomberg Opinion. Listen for Bloomberg opinion commentaries
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n go. Sp futures down down
Speaker 1: sixty nine points down, futures lowered by five eight NASTAC
Speaker 1: futures down two thirty five points. The tenure Treasury little
Speaker 1: changed at one point seven to NIMEX screwed up six
Speaker 1: point three percent, up seven dollars thirty one cents a
Speaker 1: hundred twenty two dollars nine cents a barrel. You're listening
Speaker 1: to Bloomberg day Break Bloomberg eleven three oh Weather increasing
Speaker 1: cloud showers and thunderstorms, breezy with a high near seventy today,
Speaker 1: upper forties, mostly sunny and breezy tomorrow, mostly cloudy, mid
Speaker 1: forties by Wednesday, currently sixty two in Central Park Markets,
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick takes a Bloomberg Business Flash and I'm parent Moscow.
Speaker 1: Major stock markets from Europe to Asia heading for bear
Speaker 1: markets falling more than from highs amid fears of an
Speaker 1: inflation shock is crude oils stores on the prospect of
Speaker 1: a ban on Russian supplies. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg s and
Speaker 1: P Future is down at sixty four points down Future
Speaker 1: is down four d eighty two NASDACK futures down two
Speaker 1: hundred twenty one. The decks in Germany is down three
Speaker 1: and a half percent. The ten year treasury up one
Speaker 1: thirty second at one point seven two percent. They yield
Speaker 1: on the two year one point four seven percent. Nimex
Speaker 1: screwed oil is up more than six percent of seven
Speaker 1: dollars twenty seven cents at a hundred twenty two dollars
Speaker 1: nine two cents a barrel. Comex s gold is up
Speaker 1: two percent or thirty eight dollars eighty cents at two
Speaker 1: thousand five dollars forty cents and ounce. The euro one
Speaker 1: point eight to six against the dollar and bitcoin this
Speaker 1: morning at thirty eight thousand, one hundred seventy five dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Even as Russia announced the cease
Speaker 1: fire starting this morning and the opening of humanitarian fourri
Speaker 1: doors in several areas, It's armed forces continued to pummel
Speaker 1: Ukrainian cities. Rockets hit residential buildings. A large group of
Speaker 1: truck drivers who object to COVID nineteen man dates drove
Speaker 1: two loops around the Beltway surrounding Washington yesterday. They deliberately
Speaker 1: moved slowly to impact traffic and make their feelings known
Speaker 1: to lawmakers. In the NBA, the next one, the Celtics
Speaker 1: beat the Nets one one twenty, the Wizards one in
Speaker 1: the NHL, the Devil's beat the Blues and overtime three two.
Speaker 1: The Rangers won global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts and more than a
Speaker 1: hundred twenty countries. I'm Michael Bard. This is Bloomberg. Nathan
Speaker 1: all right, Michael, thanks for coming up to five forty
Speaker 1: nine on Wall Street Line from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak and Bloomberg's executive editor for International Government,
Speaker 1: Rosalind Matheson, is back with us this morning as we
Speaker 1: continue following the latest developments on the war in Ukraine. Rosalind,
Speaker 1: we did get those reports of an agreement on a
Speaker 1: ceasefire between Russian and Ukrainian forces, but it sounds as
Speaker 1: though those commitments aren't being met. Well, that's right, and
Speaker 1: this is the third day in a row that we've
Speaker 1: seen efforts to create some sort of humanitarian corridor to
Speaker 1: allow a safe passage of people out of different parts
Speaker 1: of Ukraine in the south, mostly in the past few days.
Speaker 1: Those collapsed on themselves within a matter of hours, with
Speaker 1: recriminations on both sides, Ukrainian forces accusing Russia of braking
Speaker 1: the seasfar and shelling people trying to leave. Today we
Speaker 1: saw an effort to set up slightly different corridors, including
Speaker 1: in the capital Kiev of Russia is saying that it
Speaker 1: was going to allow safe passage of people, but they
Speaker 1: would have to go through Yellow Us into Russia and
Speaker 1: out from there. That seems to be aimed more at foreigners,
Speaker 1: people who were stuck there from China and India and
Speaker 1: so on, rather than Ukrainian nationals, who of course would
Speaker 1: not agree to go through that route. So that seems
Speaker 1: to have also fallen apart very quickly, and that just
Speaker 1: means that it just highlights again how hard it is
Speaker 1: for people to move about and how to get out
Speaker 1: of Ukraine at the moment. So what's being done in
Speaker 1: the meantime to further support Ukraine? There have been talk
Speaker 1: of sending in more European fighter jets. Is that moving forward? Uh,
Speaker 1: there's the Ukraines have asked for fighter jets to come
Speaker 1: in from countries in Eastern Europe, but of course Eastern
Speaker 1: European countries are very nervous about doing that. But one
Speaker 1: thing they most of them have fairly small air forces themselves.
Speaker 1: The planes they've got are quite old, not necessarily in
Speaker 1: good condition. If they send those in, what have they
Speaker 1: got left at home to defend themselves. And are they
Speaker 1: by doing that really inserting themselves into the conflict in
Speaker 1: the eyes of Russia and risking retaliation. So it's very
Speaker 1: complicated and not something that would happen easily. The US
Speaker 1: has suggested it could potentially resupply these nations with fighter jets,
Speaker 1: but normally that process and itself takes years to go
Speaker 1: through the processes in the US, so there's no sign
Speaker 1: any of that's going to happen immediately. What came out
Speaker 1: of thematic efforts over the weekend, We've heard reports that
Speaker 1: Israel's Prime Minister Bennett was meeting with the President of Russia,
Speaker 1: Vladimir Putin. Did anything come out of that? Not very
Speaker 1: much detail came out of it, at least publicly. But
Speaker 1: what we can glean from these various conversations that happened
Speaker 1: on the weekend, including also the French President spoke again
Speaker 1: with Vladimir Putin, mostly around efforts to secure passage of people,
Speaker 1: to get the humanitarian effort further underway on the ground,
Speaker 1: to allow people to leave safely as that crisis builds
Speaker 1: inside Ukraine. So the conversation seemed to be mostly about that.
Speaker 1: But as we've seen, every time there's been an effort
Speaker 1: to build a corridor, it's fallen apart within a matter
Speaker 1: of hours. Of course, the talk about the US potentially
Speaker 1: going it alone on a ban on Russian oil has
Speaker 1: obviously royal the market this morning. What kind of impact
Speaker 1: could that have on Russia's war machine were the US
Speaker 1: to unilaterally start buying Russi in oil. Interesting thing, of course,
Speaker 1: is the US doesn't buy very much oil from Russia.
Speaker 1: It's about three I believe of US imports. Altho, I
Speaker 1: think it might be around of Russia's exports, so that
Speaker 1: the impact or Russia may not be that significant. More
Speaker 1: to the point that the soaring price of oil, which
Speaker 1: is just shy the hundred forty dollars a barrel, brings
Speaker 1: more money into Russia in a way, into its coppers.
Speaker 1: It might that might christian the impact. The real question
Speaker 1: here is a dilemma for Europe, which is much more
Speaker 1: reliant on Russian energy and imports a lot of oil
Speaker 1: and a lot of natural gas, and has been very
Speaker 1: reticent to cut that off. And do those conversations now
Speaker 1: escalate in Europe to try and take some sort of
Speaker 1: action here as well, because of course the impact there
Speaker 1: would be much more significant, both for Russia potentially but
Speaker 1: also for Europe. On that last minute, here are we
Speaker 1: seeing any sign that the sanctions that have been imposed
Speaker 1: so far having any effect on the ground in terms
Speaker 1: of Russia's ability to continue this offensive certainly doesn't seems
Speaker 1: to be deterring the Russian president at all. He's been
Speaker 1: saying repeatedly across the weekend that he intends to continue
Speaker 1: in Ukraine until his goals there met, which seemed to
Speaker 1: be complete, the militarization of Ukraine and the removal of
Speaker 1: the government. The impact on the sanctions, if anything, is
Speaker 1: probably being built by ordinary Russians to this point, difficulty
Speaker 1: accessing funds with their banks, using their credit cards, companies
Speaker 1: pulling out and so on. So, if anything, the impact
Speaker 1: is just for the consumer in Russia, less than the
Speaker 1: upper echelons of power um and it's so far not
Speaker 1: really translating into any sort of sign that the government
Speaker 1: there intends to change course on the war itself. I
Speaker 1: thinks there's always rather will be checking checking in with
Speaker 1: you periodically throughout this war. Roslyn Matheson is our executive
Speaker 1: editor for International Government for Bloomberg News. Karen Verry Nathan,
Speaker 1: it is five fifty four on Wall Street. It's time
Speaker 1: for our Bloomberg Lab Report, brought to you by American
Speaker 1: Arbitration Association, business dispute. Your inevative bowlers alve faster with
Speaker 1: the American Arbitration Association, the global leader in alternative dispute
Speaker 1: resolution for over ninety years. More at a d R
Speaker 1: dot org. Our legal story we're watching brings us to
Speaker 1: intellectual property law in the entertainment industry. The Apple TV
Speaker 1: series Servant is being served a lawsuit. Francesca Gregorini claims
Speaker 1: the TV series riffs offer movie titled The Truth About Emmanuel.
Speaker 1: The Ninth Circuit Court is reviving the lawsuit after a
Speaker 1: district court had dismissed it. For more in the case,
Speaker 1: Bloomberg's doing grosso speak to intellectual property litigator Terence Ross,
Speaker 1: a partner at Kevin Mutchen Rosenman, the judge said, the
Speaker 1: alleged similarities pale in comparison to the differences. So here's
Speaker 1: the core problem with the district court judges decision. In
Speaker 1: my opinion, it's this focus on differences between the two works.
Speaker 1: That's not the legal standard from the Ninth Circuit and
Speaker 1: other courts have said, we focus on what are the
Speaker 1: similarities and not are the differences. This is not a
Speaker 1: balancing test where you put on one side the similarities
Speaker 1: and on the other side the differences say, uh, there're
Speaker 1: more differences than similarities. Therefore, we're going to dismiss the lawsuit. No,
Speaker 1: that's not the way it's done. The way it's supposed
Speaker 1: to be done is you focus just on the similarities
Speaker 1: and ask yourself, are there sufficient similarities that a reasonable
Speaker 1: juror might find copyright infringement. That's not well spelled out
Speaker 1: in the Ninth Circuits decision reversing the discord judge, but
Speaker 1: it is the one thing that jumped off the page
Speaker 1: at me in the District Court judges decision and was
Speaker 1: probably working on the minds of the Appellate Court judges,
Speaker 1: even though they didn't expressly articulate it that way. Tell
Speaker 1: us more about the Ninth Circuits reasons for unanimously telling
Speaker 1: the judge you can't dismiss this lawsuit at this stage.
Speaker 1: So the decision on appeal largely focused on procedural elements,
Speaker 1: and these procedural elements have been a bugaboo in the
Speaker 1: Ninth Circuit in copyright cases for over a decade. Now,
Speaker 1: what does that issue with substantial similarity? And for substantial
Speaker 1: similarity we apply a two part test known as the
Speaker 1: extrinsic test and the intrinsic test. But on a motion
Speaker 1: to dismiss, all we consider is the extrinsic test, and
Speaker 1: the extrinsic tests asks whether there are similarities, remember similarities,
Speaker 1: not differences. Where there are similarities between plot themes, dialogue, mood, setting, characters,
Speaker 1: and sequence of events that are considered protectable elements under
Speaker 1: copyright law. So the general idea of a grieving mother
Speaker 1: is not protectable under copyright law. The idea of all
Speaker 1: being given humanistic features being treated like is not copyrightable.
Speaker 1: The fact that you focused on inducing a boyfriend to
Speaker 1: go steal a bottle of wine that may well be copyrightable.
Speaker 1: What did not happen here at the discord level was
Speaker 1: the judge never attempted to separate the wheat from the chaff,
Speaker 1: to figure out what were the copyrightable elements and what
Speaker 1: were the non copyrightable elements, and then say, well, these
Speaker 1: copyrightable elements do have some similarity such that reasonable juror
Speaker 1: might believe there was copyright infringement. That's what the district
Speaker 1: court did not do, in which the Ninth Circuit really
Speaker 1: wants to be done. On a motion to the smith,
Speaker 1: and as Terence Ross, a partner at Kennon Mutchen Rosenman,
Speaker 1: speaking with Bloomberg John Garasso. Catch more at that interview
Speaker 1: plus analysis of the latest legal news by listening to
Speaker 1: the Bloomberg Law Show at ten pm Eastern Time or
Speaker 1: subscribing to the Bloomberg Law Podcast, and attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com. And again, futures are falling this morning, Still
Speaker 1: ahead on Bloomberg Daybreak, check on the business headlines and
Speaker 1: all the news you need to start your day. And
Speaker 1: this is Bloomberg