Speaker 1: Live from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Thursday May twelve two. Coming up this hour,
Speaker 1: the Wall Street sell off spreads overseas global team coverage
Speaker 1: straight ahead. Cryptocurrency has resumed declines as bitcoin nears twenty
Speaker 1: five thousand. Investors await another reading on inflation, and Disney
Speaker 1: shares to drop on the company's growth. Altbook. Governor Murphy
Speaker 1: seeks to require New Jersey insurers to cover abortion costs.
Speaker 1: Plus reactions to the US send its vote to block
Speaker 1: abortion rights like along more ahead, I'm John Stashow. In sports,
Speaker 1: the Rangers survived. They beat the Penguins to force the
Speaker 1: game six in Pittsburgh. The Mets lost another win for
Speaker 1: the Yankees. That's all trained ahead on Bloomberg Daybreak on
Speaker 1: Bloomberg eleven three on New York, Bloomberg nine one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nine team and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business Oppy. Good morning. I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow, and we're watching US dock index
Speaker 1: futures fall this morning extending yesterday is sell off. We're
Speaker 1: coming up to five oh one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SNP Future is down about twenty five points down.
Speaker 1: Future is down a hundred forties six, and NASTAG futures
Speaker 1: down a hundred thirty three. The decks in Germany's down
Speaker 1: two point two percent. The tenure treasury of thirty seconds
Speaker 1: yield two point eight three percent, and they yield on
Speaker 1: the two year two point five seven percent, and NIMEX
Speaker 1: screwed oil is down about two and a half percent. Nathan, Yeah,
Speaker 1: we're going to continue watching this inflation fueled sell off. Karen.
Speaker 1: It's got US stocks beginning this session at their lowest
Speaker 1: level since March of last year. The hotter than expected
Speaker 1: print we got on consumer prices yesterday is sparking fears
Speaker 1: that the Federal Reserve may have to unleash even further
Speaker 1: tightening and that it tipped the economy into recession. Michael
Speaker 1: Darta is chief economist and macro strategist at MKM Partners.
Speaker 1: That's still a major problem for this bond market a
Speaker 1: major problem for this Federal reserve, and as we're seeing
Speaker 1: a major problem for the valuations that support the S
Speaker 1: and P five M CAM Partners Michael Darda says the
Speaker 1: Fed missed the boat on inflation. The tech having NASDAC
Speaker 1: humbled more than three percent yesterday. It's now lost more
Speaker 1: than a quarter of its value so far this year.
Speaker 1: Austin Graph is a portfolio manager at Truemark Investments. You're
Speaker 1: seeing a continuation of kind of what we've seen throughout
Speaker 1: the entire year so far, where you're seeing some of
Speaker 1: the high fliers the last few years and the growth
Speaker 1: names training off Truemark Investments. Austin Graph notes Apple is
Speaker 1: down about twenty percent from its recent high. In fact,
Speaker 1: the iPhone maker has now been surpassed by Saudio Ramco
Speaker 1: as the world's most valuable company. Well, Nathan, yesterday sell
Speaker 1: off is spreading overseas and we begin our Globe bull
Speaker 1: team coverage now with the Bloomberg's You and part Live
Speaker 1: in London. Good morning You, and good morning Karen and Nathan.
Speaker 1: Plenty of read on traders bloom blow screens this morning.
Speaker 1: Europe Investors taking fright at that stubborn US inflation. The
Speaker 1: Stoftie hundred down two point one. Mining stocks the worst
Speaker 1: performing sector, down more than four percent, but real estate
Speaker 1: and carmakers also near the bottom of the table. All
Speaker 1: twenty industry groups lower this morning. As to the markets,
Speaker 1: the foot Sea here in London one of the worst performing,
Speaker 1: down two point three percent. Live in London, I'm you
Speaker 1: and parts in Big Daybreak, May you and thanks. We
Speaker 1: saw the same selling pressure overnight in Asia. Let's continue
Speaker 1: our team coverage now. Bloomberg's Juliette Sally joins us from Singapore.
Speaker 1: Good morning, juliet, Good morning, Nathan and Karen. The m
Speaker 1: c I Asia Pacific Index fell to June twenty twenty
Speaker 1: lows is new COVID cases in Shanghai damp and prospects
Speaker 1: for reopening. Investors also appearing to be unimpressed by Premier
Speaker 1: Leese comments urging officials to use fiscal and monetary policies
Speaker 1: to stabilize employment and the economy. Hong Kong shares came
Speaker 1: under pressure as the city and defened dip end its
Speaker 1: currency for the first time since twenty nine. In Singapore.
Speaker 1: Juliette Sale bloom Bag Daybreak Delianne, Thank you, But we're
Speaker 1: also seeing cryptocurrencies continue their sell off. This morning, we
Speaker 1: get the latest on that line from Bloomberg's Randa Young
Speaker 1: in New York and morning Ranida, Good morning Karen. Bitcoin
Speaker 1: is trading at its lowest level since twenty twenty. At
Speaker 1: one point this morning, it touched just over twenty five thousand,
Speaker 1: and right now it's trading at close to twenty eight thousand.
Speaker 1: It's been falling in conjunction with the regular market, but
Speaker 1: the collapse of the terra usd stable coin is triggering
Speaker 1: a flight from many of the large digital tokens, and
Speaker 1: backers of the coin are trying to raise about one
Speaker 1: point five billion dollars to shore up the token. Stable
Speaker 1: Coins are key elements of the crypto market. There were
Speaker 1: traders park funds as they move them in and out
Speaker 1: of other tokens. The total value of all stable coins
Speaker 1: is beyond one hundred billion dollars. Live in New York.
Speaker 1: I'm Nita Young, Bloomberg Day break. All right, Nita, thank you.
Speaker 1: Let's turn to corporate earnings on Wall Street. Now, that's
Speaker 1: what's driving shares of Disney lower down about five percent
Speaker 1: in early trading. The company reported subscriber gains for its
Speaker 1: flagship streaming service. Those beat estimates, but Disney's also tempering
Speaker 1: its outlook for the year. We get the details on
Speaker 1: that from Bloomberg's Charlie Palace. Disney said it will trim
Speaker 1: spending on movies and TV shows. On the conference call,
Speaker 1: CEO Bob Japeck said Disney is lowering its projection for
Speaker 1: overall film and TV spending by one billion dollars to
Speaker 1: thirty two billion this year. Disney did report battled and
Speaker 1: expected growth in its flagship Disney Plus streaming service, while
Speaker 1: saying half of Disney Plus subscribers are adults without kids
Speaker 1: in New York. Charlie Palace to Bloomberg day break. All right, Charlie,
Speaker 1: thank you well. On the economic front, today, we'll get
Speaker 1: another key reading on inflation the producer price and next
Speaker 1: comes out of eight thirty am Wall Street Time, and
Speaker 1: we get a preview from Bloombery Smuchael McKee. Inflation isn't
Speaker 1: going away soon, but it may ease a bit. Producer
Speaker 1: prices are forecast US to have increased more slowly in April,
Speaker 1: following a stronger than expected gain the previous month, while
Speaker 1: food prices continued to accelerate. Oil prices retreated in April.
Speaker 1: Supply chain snarls could worsen amid China's COVID lockdowns, suggesting
Speaker 1: wholesale inflation will be slow to recede. Coming after a
Speaker 1: firm April CPI, the p p I is unlikely to
Speaker 1: add much to market thinking about inflation or the Fed's
Speaker 1: plans for raising rates. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks,
Speaker 1: As the Fed fights inflation, it's adding another member to
Speaker 1: its ranks. The Senate has confirmed a third nominee of
Speaker 1: President Bidence to the FED Board. Makers confirmed economist Philip
Speaker 1: Jefferson as FED governor yesterday Today, Senate Democrats expect to
Speaker 1: vote on Jerome Powell's bid for a second term as
Speaker 1: Federal Reserve chair. And in the markets this morning, Nathan,
Speaker 1: we're seeing the impact of the recent bonds sell off.
Speaker 1: Pimco saw clients pull more than fourteen billion dollars from
Speaker 1: its funds last quarter as investors fled fixed income securities
Speaker 1: amid rising interest rates. Now the sell off an Equis
Speaker 1: continues this morning. Karen with SMP futures down down twenty
Speaker 1: eight points. Stown futures down a hundred seventy six. NASDAC
Speaker 1: futures are lower by a hundred thirty seven points. The
Speaker 1: tenure Treasury is up twenty three thirty seconds. Yield on
Speaker 1: the tenure two point eight to straight ahead local headlines
Speaker 1: in the check of Sports. This is Bloomberg and it's
Speaker 1: now five oh seven on Wall Street. Where's sixty degrees
Speaker 1: in Central Park? So far, so good on the roads.
Speaker 1: I hope I'm not jinxing at. Michael Bars here with
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael, good morning, Good morning, Nathan. New Jersey
Speaker 1: Governor Phil Murphy says he's backing legislation to protect and
Speaker 1: expand abortion access in the state. Murphy says that includes
Speaker 1: a requirement that insurers cover costs of the procedure. Abortion
Speaker 1: is healthcare, and healthcare decisions should be left up to
Speaker 1: the individual. Your body belongs to you. Governor Murphy says
Speaker 1: no one should be criminalized for getting the care they needed.
Speaker 1: It is the latest step taken by Democrats after elite
Speaker 1: opinion indicated the U. S. Supreme Court will owerturn the
Speaker 1: landmark gro v Way decision. The Democratic leadership in the
Speaker 1: US Senate has failed and its attempt to codify abortion
Speaker 1: rights in the law. Bloomberg said Baxter as the story,
Speaker 1: the vote to move the bill to the floor needed
Speaker 1: sixty eyes, it got forty nine. Vice President Kamala Harris
Speaker 1: immediately made it a campaign issue. And let's be clear,
Speaker 1: at the majority of the American people believe in defending
Speaker 1: a woman's right, her choice to decide what happens to
Speaker 1: her own body. The Senate Minority leader, Mitch McConnell, though,
Speaker 1: says he doesn't understand the uproar. Democrats were melting down
Speaker 1: because of the the Supreme Court may may uphold of Mississippi
Speaker 1: law of a limit abortion after fifteen weeks. The final
Speaker 1: Supreme Court opinion and ruling is due most probably in
Speaker 1: June in San Francisco. I'm at Baxter Bloomberg Gay Break.
Speaker 1: Finnish leaders have announced Finland must join NATO without delay
Speaker 1: given Russia's invasion in Ukraine. Burring Sweden is expected to
Speaker 1: decide on joining NATO in the coming days. New York
Speaker 1: City may Or may Eric Adams and the NYPD are
Speaker 1: demanding the federal government revoked the business license of a
Speaker 1: prominent gun manufacturer. They blame for the increase of ghost
Speaker 1: guns in the city. Adams says the company Polymer eighty
Speaker 1: sells untraceable, ready to assemble gun parts online. It comes
Speaker 1: as crime is on the rise in New York. Former
Speaker 1: New York Congressman Joe Crowley says the economic impact of
Speaker 1: the pandemic is partly to blame. I think this is
Speaker 1: all related in many respects to what's happened in terms
Speaker 1: of coming out of this virus, the you know, the
Speaker 1: COVID by TV, the impact that has had on the
Speaker 1: overall economy. Former Democratic Congressman Joe Crowley spoke on Bloomberg's
Speaker 1: balance of power with David weston Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quittake, powered
Speaker 1: by more than twenty seven hundred journalist antalists more than
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg NA. Thanks Michael.
Speaker 1: Come up to five cent on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update. Good morning, John Stesship, Good morning Nathan.
Speaker 1: The Rangers, had they lost last night, would have been
Speaker 1: playing golf today. Instead, they're traveling back to Pittsburgh for
Speaker 1: Game six tomorrow at the Garden. They trailed the Penguins
Speaker 1: to nothing, and then came alive through the house and
Speaker 1: up the right point steps Potter over again, Troup back
Speaker 1: a shutting Stars three two Rangers and three Ranger goals
Speaker 1: in two minutes forty two seconds, But thirteen seconds after
Speaker 1: the Rangers took the lead, the Penguins tied it on
Speaker 1: Jake Gensel's second goal the night seventh of the series,
Speaker 1: so Game five was tied. Called the Pluck down comes
Speaker 1: the Heatler shoot stores pilla Headle gives the rate Ers
Speaker 1: the lead with a power play goal early at period
Speaker 1: three fifteen. At the end, the Rangers won five three,
Speaker 1: but can they went in Pittsburgh where they just lost
Speaker 1: seven four and seven to Will. The Penguins have Sydney Crosby.
Speaker 1: He left last night with an injury. Florida beat Washington,
Speaker 1: Calgary beat Dallas, both go up three two. NBA Milwaukee
Speaker 1: came from fourteen down in the fourth quarter to win
Speaker 1: Game five in Boston. Memphis beat Golden State by thirty nine.
Speaker 1: Bucks and Warriors have the three two series lead at
Speaker 1: the stadium. Another win for the sizzling hot Yankees. They
Speaker 1: made a fifteen of the last seventeen beat Toronto five
Speaker 1: three labor Torres drove in all five MAT's at a
Speaker 1: three nothing first. Didn't lead in Washington Peter Alonzo Homer,
Speaker 1: but the Nationals with five in the bottom of the
Speaker 1: first and three more in the second eight runs off.
Speaker 1: Tyler McGill only got four outs the Nationals wanted eight.
Speaker 1: The three Johns Dash Bloomberg Sports NA Thanks john SMP
Speaker 1: futures down down twenty nine points, South Futures down a
Speaker 1: hundred eighty five. Nance Deck futures down a hundred forty
Speaker 1: three points. Bitcoin lower by three point two percent right
Speaker 1: now about twenty seven thousand, five hundred dollars as the
Speaker 1: sell off continues on renewed worries over inflation. We speak
Speaker 1: next with Drew Maddis, Chief Market Strategistic MetLife. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather. Partial sunshine today with
Speaker 1: highs in the low seventies. Scattered showers possible tomorrow with
Speaker 1: the high near seventy, and showers continue for Saturday with
Speaker 1: highs in the low seventies. Right now sixty one degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com. The Bloomberg business out and at Bloomberg
Speaker 1: quick takes a Bloomberg business blash and I'm Karen Moscow
Speaker 1: Global stocks and you watch. Stock Index futures are tumbling
Speaker 1: as stubborn inflation in the world's biggest economy adds to
Speaker 1: the case for more aggressive monetary tightening by the Federal Reserve.
Speaker 1: This is after the SMP five hundred dropped yesterday to
Speaker 1: its lowest since March of last year. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: SP futures down twenty nine points down, futures down a
Speaker 1: hundred eighty three NASDAG futures down one two The decks
Speaker 1: in Germany's down two and a half percent. Ten year
Speaker 1: treasury of twenty thirty seconds yeld two point eight four percent.
Speaker 1: They yield them a two year two point five seven percent.
Speaker 1: Nine max screwed oil is down two point one is
Speaker 1: down two point one percent on two dollars twenty three
Speaker 1: cents at a hundred three dollars fifty cents of Barrel
Speaker 1: Comics school down a quarter percent or five dollars at
Speaker 1: eighteen forty eight. Seventy announced the euro one point oh
Speaker 1: four four one against the dollar. British found one point
Speaker 1: to one and the end at one twenty eight point
Speaker 1: seven one. Bitcoin this morning falling down two point nine
Speaker 1: percent at twenty seven thousand and five hundred eighty dollars.
Speaker 1: And today we're looking for our appard on inflation at
Speaker 1: the whole sale level at eight thirty Wall Street Time,
Speaker 1: along with the weekly report on initial jobless claims as
Speaker 1: a Bloomberg Business Flash. Now here's Michael Barr with more
Speaker 1: on les's going on around the world. Uncle, good morning,
Speaker 1: Good morning, Karen. Ukraine's military says Russian forces are continuing
Speaker 1: air strikes on the steel plant in Meryouple. It comes
Speaker 1: in day seventy aid of the ward. Finland's president and
Speaker 1: prime ministers say they're in favor of applying for NATO membership.
Speaker 1: Neighboring Sweden is expected to decide on joining NATO in
Speaker 1: coming days. In the NHL Playoffs, the Rangers stay alive
Speaker 1: after beating the Penguins in Game five. The Capital is
Speaker 1: lost to the Pantherst fall behind in that series three
Speaker 1: games to two. NBA Playoffs, the Celtics lost to the
Speaker 1: Bucks and are now on the brink of elimination. The
Speaker 1: Warriors lost to the Grizzlies. Golden State still leads that
Speaker 1: series three to two. In baseball, the Yankees one, the
Speaker 1: Mets lost to the Nationals, Red Sox and Orioles lost.
Speaker 1: Giants and as one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than hundred journalists analysts more than a hundred twenty countries. Hi,
Speaker 1: Michael bar this is Bloomberg Ni. Michael, thank you. It's
Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive
Speaker 1: Brokers studios. This is Bloomberg Daybreak as we continue to
Speaker 1: watch the selling on inflation worries. Drew Maddis joins US
Speaker 1: now chief market strategist at MetLife in Estment Management. Drew,
Speaker 1: it's good to speak with you this morning. It sounds
Speaker 1: kind of silly to ask whether this UH sell off
Speaker 1: has further to run, because it seems like market participants
Speaker 1: are heading for the hills here. But I wonder if
Speaker 1: you're looking at any particular indicators to try to gauge
Speaker 1: whether there could be a bottom to this sell off. Well,
Speaker 1: I think it's it's interesting how you describe what's going on,
Speaker 1: because I see it as a sell off because people
Speaker 1: are afraid the Fed's going to try to handle inflation
Speaker 1: like they did in the nineteen seventies. When you when
Speaker 1: you actually see what's happening with things like forward inflation measures, uh,
Speaker 1: it's it's pretty clear that the market thinks the Fed
Speaker 1: can handle inflation. They're just worried that they're going to um.
Speaker 1: And that's not to say that the FED shouldn't try
Speaker 1: to contain inflation, but given that inflation and supply chain driven, uh,
Speaker 1: you know, maybe trying to get it back down to
Speaker 1: two percent or or even substantially below where it currently
Speaker 1: is might not be the appropriate policy. So if you
Speaker 1: say that inflation is supply chain driven, does that imply
Speaker 1: that the Fed might not feel as much pressure as
Speaker 1: the market is putting out there for something like a
Speaker 1: seventy five basis point rate hike sooner than has been telegraphed.
Speaker 1: I think that's right. I think I think one of
Speaker 1: the one of the misconceptions is that, you know, Pal
Speaker 1: has been very hawkish. At the last meeting, he had
Speaker 1: the chance to go seventy five. It wasn't fully priced in,
Speaker 1: but there were there were some people expecting it, and
Speaker 1: it would have been less of a surprise. Uh. And
Speaker 1: he had the chance to start quantitative tightening, you know,
Speaker 1: the next day. Uh, and instead he decided to they
Speaker 1: decided to push that off a month. So, you know,
Speaker 1: I think what's really going on is the FED understands
Speaker 1: part of the inflation problem is not one that can
Speaker 1: be solved. It's the supply chain side of it. Uh.
Speaker 1: There is some of it that's excess demand, and they
Speaker 1: get they're certainly acting on that. But I think the
Speaker 1: market thinks that the FED sees everything is nextcess demand story. Um,
Speaker 1: And I actually think they're misreading the Fed. I think
Speaker 1: palsmen very maybe a little too clever at kind of Um.
Speaker 1: You know what the FED is capable of, and what
Speaker 1: the FED isn't capable of, and what they're going to
Speaker 1: try to achieve. So do you think that the that
Speaker 1: the narrative in the market could shift based on what
Speaker 1: we get from consumer prices later I'm sorry, from producer
Speaker 1: prices later this morning? It could? You know, the CPI
Speaker 1: data yesterday was not helpful to to the idea that
Speaker 1: the FED. That you know is that it could be
Speaker 1: doing the right thing if if we're reading them correctly, um.
Speaker 1: But at the same point we did see inflation begin
Speaker 1: to peek. It's still running very high. But in my mind,
Speaker 1: what the FED is really targeting is their two percent
Speaker 1: target plus whatever percentage of inflation they think is due
Speaker 1: to supply chains, i e. The stuff that they can't control.
Speaker 1: And so in my mind, you know, when you're thinking
Speaker 1: about where the FED will stop, uh, you know, they'll
Speaker 1: stop once they control the inflation that they think they
Speaker 1: can control, and they'll hope that supply chains work themselves
Speaker 1: out over time. So what's your outlook then for whether
Speaker 1: we could be in for a recession later this year
Speaker 1: or next year? And where do you see inflation going
Speaker 1: by the end of this year based on what happens
Speaker 1: with supply chains? Doesn't make it tougher to sort of
Speaker 1: gauge where things go based on supply chain factors. It does,
Speaker 1: and I think that's the reason the market is kind
Speaker 1: of behaving the way it is is it's very difficult
Speaker 1: to to kind of see with it what the endgame is.
Speaker 1: You know, from our point of view, we see inflation
Speaker 1: drifting into the mid fours UM. So it's gonna be elevated,
Speaker 1: but it's not particularly horrible UM. And then on the
Speaker 1: recession question, we don't expect the recession this year. We
Speaker 1: would look for you know, if there's going to be
Speaker 1: a recession, we think it would be you know, margin lead,
Speaker 1: so firms see contracting margins, they're being the cutback on
Speaker 1: employment and investment. Uh. And we think that takes time
Speaker 1: to play out and is more likely a late twenty
Speaker 1: three early scenario, so you know, last thirty seconds. Then, Drew,
Speaker 1: do you see opportunities in this market? Well, I just
Speaker 1: think you you look at what's overdone, so yeah, I
Speaker 1: would say that there probably are opportunities. Um. You know,
Speaker 1: we think yields are heading back down uh to kind
Speaker 1: of the twenty five range UM by the end of
Speaker 1: the year. And I think that's you know, uh for
Speaker 1: an insurance company that that's kind of an opportunity right there. Alright,
Speaker 1: Drew Madis, thanks for this, really appreciated. Drew Madis is
Speaker 1: chief market strategist at MetLife Investment Management. As we continue
Speaker 1: to track the sell off this morning, we have SMP
Speaker 1: futures down down twenty seven points. Down futures are lower
Speaker 1: by a hundred sixty five points, and NASDAC futures leading
Speaker 1: declines right now, down a hundred forty points or one
Speaker 1: point two percent. Right now, the tenure Treasury is up
Speaker 1: twenty three thirty seconds, pushing the yield down just shy
Speaker 1: of two point eight three percent, and the yield on
Speaker 1: the two year right now is a two point five
Speaker 1: seven percent. Looking at commodities, NIMEX CREWD is lower by
Speaker 1: two point one percent right now, down two dollars and
Speaker 1: seventeen cents for a hundred three dollars fifty four cents
Speaker 1: of barrel. Just to add much more on this sell
Speaker 1: off and Disney's outlook not so magical. Top stories of
Speaker 1: the morning straight Ahead on Bloomberg day Break Bloomberg eleven
Speaker 1: three oh weather partly sunny, low seventies today, Scattered showers
Speaker 1: possible tomorrow with a high year seventy degrees, and we're
Speaker 1: looking for low seventies on Saturday with the chance for showers.
Speaker 1: Right now sixty one in Central Park, broadcasting live from
Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E
Speaker 1: Living Freedom to Washington, d C. Bloomberg on to Boston,
Speaker 1: Bloomberg one six one to San Francisco, Bloomberg nine sixty
Speaker 1: to the country, Sirius XM channel one nine and around
Speaker 1: the globe the Bloomberg Business and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg day Break. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hager and I'm Karen Moscow, and
Speaker 1: we're just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at sour yesterday is hot.
Speaker 1: Inflation reading is sending markets downward. Stocks begin the session
Speaker 1: at their lowest level since March of one. Former New
Speaker 1: York Fan Governor Bill Dudley says Fed here J. Powell
Speaker 1: may have to tighten monetary policy more than he's planning to.
Speaker 1: I think he's four to five or higher. Um, you
Speaker 1: know I was three or four, maybe six months ago,
Speaker 1: from four to five when shocked me. If I'm you know,
Speaker 1: five to six a few months from now. Former New
Speaker 1: York Fed Governor Bell Dudley says the Federal Reserve is
Speaker 1: not forcefully stated how it will lower inflation to two percent.
Speaker 1: We'll get another key inflation reading this morning when the
Speaker 1: Producer Price Index is released. Well, markets in Europe and
Speaker 1: Asia down as well. Karen European stocks are poised for
Speaker 1: their fifth straight week of declines, and crypto assets are tumbling.
Speaker 1: Nathan Bloomberg's Rinita Young joins US Live with more. Good morning, Nina,
Speaker 1: Good morning, Karen. Bitcoin is trading at its lowest level
Speaker 1: since twenty twenty. It touched just over twenty five thousand
Speaker 1: this morning. It is now trading it close to twenty
Speaker 1: eight thousand. It's been falling in conjunction with the regular market,
Speaker 1: but the collapse of the terra usd stable coin is
Speaker 1: triggering a flight from many of the large digital tokens.
Speaker 1: Backers of the coin are trying to raise about one
Speaker 1: point five billion dollars to shore up the token. Staple
Speaker 1: Coins are key elements of the crypto market. There were
Speaker 1: traders park funds as they move in and out of
Speaker 1: other tokens. Live in New York. I'm we need a
Speaker 1: Young Bloomberg daybreak, All right, we need a Thanks to
Speaker 1: corporate earnings now, Disney shares, you're moving lower after the
Speaker 1: company lowered its spending projections for TV and film content.
Speaker 1: Gerber Kawasaki CEO and Disney investor Ross Gerber thanks strong
Speaker 1: subscriber growth in Disney streaming service reflects overall positive signs
Speaker 1: for the company. Disney had very good results for their
Speaker 1: streaming businesses, and much better than we expected because obviously
Speaker 1: we thought they had a tough comparison to the COVID era,
Speaker 1: and you know, quite frankly, all their businesses are starting
Speaker 1: to improve now. Gerber Kawasaki CEO. Ross Gerber spoke with
Speaker 1: Emily Chang on Bloomberg Technology, which you can watch week
Speaker 1: days at five pm Eastern on Bloomberg Television. Well Nathan.
Speaker 1: In the nations capital, the SEC is reportedly probing whether
Speaker 1: Elon Musk broke rules last month when he disclosed a
Speaker 1: large sneak and Twitter. Musk is also facing FTC inquiries
Speaker 1: over taking Twitter private. Also in the nation's capital, care
Speaker 1: in the Senate has confirmed economist Philip Jefferson as FED
Speaker 1: governor and expects to vote today to confirm FED Chair
Speaker 1: Jerome Powell to a second term. And SMP futures are
Speaker 1: down thirty seven points this morning, and straight ahead your
Speaker 1: latest local headlines plus a check of sports. This is
Speaker 1: Bloomberg five thirty three on Wall Street sixty one degrees
Speaker 1: and so far, so good on the roads. Michael Barr
Speaker 1: has more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much, Nathan. New
Speaker 1: Jersey Governor Phil Murphy is taking additional steps to protect
Speaker 1: abortion rights. Murphy wants his state to make midwives, advanced
Speaker 1: practice nurses, and physicians assistants clear to provide abortions. We
Speaker 1: remained steadfast in our commitment to ensuring that all New
Speaker 1: Jerseyans have access to reproductive healthcare, including abortion, and we
Speaker 1: stand with women across the nation who are facing inevitable
Speaker 1: hardships on the horizon. Governor Murphy also wants end state
Speaker 1: insurance companies to cover abortions. Senate Republicans, along with the
Speaker 1: Democratic Senator Joe Mangin, have blocked to build a turn
Speaker 1: abortion rights into federal law. This as Supreme Court justices
Speaker 1: are set to meet today for the first time since
Speaker 1: a draft opinion that would overturn Roe v. Wade was
Speaker 1: leaked to the media. Finnish leaders have announced Finland must
Speaker 1: join NATO without delay given Russia's invasion of Ukraine. Finland's
Speaker 1: Foreign Minister Peca Havisto addressed the EU Committee on Foreign
Speaker 1: Affairs and Brussels this morning and its representatives must be
Speaker 1: held accountable for the consequencies and effects of the illegal
Speaker 1: war of aggression. Foreign Minister Havisto says a few months
Speaker 1: have changed everything. Meanwhile, Sweden could give its decision on
Speaker 1: joining NATO in a few days. Mandatory evacuations are underway
Speaker 1: in parts of Orange County, southern California, as a wind
Speaker 1: driven wildfire moves through. The so called Coastal Fire is
Speaker 1: newly burned about two hundred acres and destroyed nearly two
Speaker 1: dozen homes since it broke out yesterday afternoon. North Korea
Speaker 1: imposed a nationwide lockdown today to control its first acknowledge
Speaker 1: COVID nineteen outbreak. The country has a poor health care system,
Speaker 1: and its twenty six million people are believed to be
Speaker 1: mostly unvaccinated. Some experts say the North, by its rare
Speaker 1: admission of an outbreak, maybe seeking outside aid. Global News
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Speaker 1: Quick Take, powered by more than twenty d journalists and analysts,
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Speaker 1: is Bloomberg, Nathan, Michael. Thanks on Wall Street, Joint Stashires
Speaker 1: and Bloomberg Sports Update. Thanks Nathan. The range facing elimination,
Speaker 1: trailing the Penguins three games to one, Trailing Game five
Speaker 1: at the Garden, too nothing, but after no goals in
Speaker 1: thirty five minutes, three goals in two minutes and forty
Speaker 1: two seconds Adam pops Alexis Lafronier Jacob Truba, then third
Speaker 1: period of range of power play in the first playoff
Speaker 1: goal for Philip Eagle Rangers with an empty net right
Speaker 1: at the end, they beat the Penguins five to three.
Speaker 1: They still trail the series three to two. The Ranger
Speaker 1: concern is whether they can now win in Pittsburgh Game
Speaker 1: six tomorrow. The Penguins, concerned and injury suffered last night
Speaker 1: to their stars. Sidney Crosby, Florida beat Washington, Calgary beat Dallas, NBA.
Speaker 1: Memphis at one point led Golden State by fifty five.
Speaker 1: The Grizzlies won by thirty nine forty for Jana's son
Speaker 1: to the Compo Milwaukee rally to win. In Boston, the
Speaker 1: Celtics took out the nets in round one nets GM.
Speaker 1: Shawn Marx met the media and Brokelyn the tough about
Speaker 1: how to get better. We have prided ourselves on the
Speaker 1: past with finding players with a chip on his shoulder
Speaker 1: with a resilience to summing a proof. Um, we're gonna
Speaker 1: have to go back to that. We're gonna have to
Speaker 1: go back to looking a little bit more development, looking
Speaker 1: more at finding the right characteristics to play fits here
Speaker 1: and when asked about locking up Kyrie Irving with a
Speaker 1: new long term deal, Mark said he's not committing to that.
Speaker 1: In d C, the Nationale's gut to Tyler McGill beat
Speaker 1: the Mets eight to three, with all the scoring come
Speaker 1: in the first two innings. Mc gill got only four outs,
Speaker 1: game of eight Rouns eight hits the series end of
Speaker 1: this afternoon, the Yankees will visit the White Sox cannight.
Speaker 1: They just beat Toronto five to three. Labor Torres drove
Speaker 1: in all five and Yanks have won fifteen to the
Speaker 1: last seventeen. John stash Award Bloomberg Sports. Maybe all right? John,
Speaker 1: thanks almost thirty seven on Wall Street time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's head Cory. Manhattan apartment
Speaker 1: rents sword in April to a record high for a
Speaker 1: third consecutive month. Signs point to even constantly or rates
Speaker 1: on the horizon. Tenants paid a median of thirty eight
Speaker 1: hundred seventy dollars on new lease's signed last month. That's
Speaker 1: up six point two percent from the previous record set
Speaker 1: in March and thirty nine percent from April one. Lucrative
Speaker 1: tax credit and years of growing demand for streaming content
Speaker 1: have fueled the growth of the film production industry in
Speaker 1: New York. DW. Jones reports the total amount of sound
Speaker 1: stage square footage is increased fourteen percent across New York
Speaker 1: and New Jersey since January. New Jersey transit ridership is recovering.
Speaker 1: Further is COVID restrictions ease and workers increasingly head into
Speaker 1: the office again. Weekday rail ridership is more than fifty
Speaker 1: five percent of pre pandemic levels, up from last amounts
Speaker 1: level of above fifty percent are Bloomberg Trying State Business Report.
Speaker 1: I'm ind Corey. Thanks on Wall Street. Bloomberg Radio is
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Speaker 1: the carpet wretch sorting April to a record high. On KFEH,
Speaker 1: egg prices are sky rocketing, jumping more than in April.
Speaker 1: I'm Genus Servetti in for w BBM in Chicago. I'm
Speaker 1: reporting on new data showing Illinois among states with the
Speaker 1: lowest percentages of equity rich properties in the first quarter.
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Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. With an eye
Speaker 1: on the midterm elections. Republicans have highlighted US surge in
Speaker 1: illegal crossings of the southern border to attack President Joe
Speaker 1: Biden's handling of immigration. Their criticism is not unwarranted. Biden
Speaker 1: has largely failed to implement a coherent border policy. This,
Speaker 1: in turn, is making it harder to create the immigration
Speaker 1: system the country badly needs. Biden should compromise on lifting
Speaker 1: pandemic erab border restrictions and press Congress to commit more
Speaker 1: resources to strengthen border security. After containing the challenges of
Speaker 1: the border, Biden could then begin to forge a bipartisan
Speaker 1: coalition to reform the legal immigration system. A Canadian style
Speaker 1: system that prioritized highly skilled immigrants would encourage economic growth,
Speaker 1: and polls show that it could command public support. But
Speaker 1: for that to become a reality, the US government must
Speaker 1: prove it can contain illegal immigration first. This editorial was
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Speaker 1: nd go red headline just across the Bloomberg terminal, Japan's
Speaker 1: Coast Guard says North Korea may have fired a ballistic missile.
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Speaker 1: futures are tumbling as Stubbard inflation in the world's biggest
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Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. The U. S.
Speaker 1: Supreme Court will gather today for the first time since
Speaker 1: the leak of a majority draft opinion that suggests the
Speaker 1: Court will overturn a rope be Wade. It comes after
Speaker 1: the U. S. Senate failed to pass a measure to
Speaker 1: enshrining abortion rights in federal law. Ukraine's military says Russian
Speaker 1: forces unleashed air strikes on the last pocket of Ukrainian
Speaker 1: resistance in the besieged city of Mariouple. In the NHL Playoffs,
Speaker 1: the Rangers stay alive after beating the Penguins. The Capital's
Speaker 1: lost to the Panthers to fall behind in that series
Speaker 1: three games to two. NBA Playoffs, the Celtics lost to
Speaker 1: the Bucks. There are now on the brink of elimination.
Speaker 1: The Warriors lost to the Grizzlies. Golden States still leads
Speaker 1: that series. Three to baseball, the Yankees one, Mets lost
Speaker 1: to the Nationals, Red Sox and Orioles lost. Giants and
Speaker 1: Day's one Global News twenty four hours a day on
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Speaker 1: twenty seven hundred journalists analysts more than a hundred twenty countries.
Speaker 1: Michael barn This is Bloomberg. Okay, Michael, thanks, just about
Speaker 1: five forty nine on Wall Street Life from the Bloomberg
Speaker 1: Intractive Broker Studios. This is Bloomberg Daybreak. As we keep
Speaker 1: an eye on Disney shares this morning, they're losing value,
Speaker 1: down more than five percent in the pre market right now. Now,
Speaker 1: the entertainment Colossus came out with better than expected earnings,
Speaker 1: but the outlook seems to be what's weighing on the
Speaker 1: shares this morning. Let's get more insights now, Keith Wronganathan
Speaker 1: is with US now media analyst at Bloomberg Intelligence. Keith,
Speaker 1: it's always good to speak with you, and I know you,
Speaker 1: along with a lot of analysts, were keeping a very
Speaker 1: close eye on the subscriber numbers for Disney. Plus those
Speaker 1: came in better than expected. Shouldn't that be sort of
Speaker 1: balancing things out a little bit? What's your view? Yeah?
Speaker 1: It should. I mean this is this is surprising to me, honestly.
Speaker 1: Good morning, Natan, Thanks for having me so. You know,
Speaker 1: as far as Disney's results yesterday were concerned, I think
Speaker 1: they blew it out of the park. I think this
Speaker 1: was an A plus report guard on on all fronts.
Speaker 1: I mean, the two key metrics that we were looking for,
Speaker 1: obviously was the subscriber number and the park profits, and
Speaker 1: and they outperformed on on both scores. But you really
Speaker 1: have to look at the market right now. I mean,
Speaker 1: if after those numbers they came in seventy spent ahead
Speaker 1: of consensus estimates and there's still five percent down just
Speaker 1: really tells you that the market is just extremely nervous
Speaker 1: about the whole streaming model right now. It is not
Speaker 1: as attractive a model as we were thinking it would be.
Speaker 1: And even the slightest hint of you know, kind of
Speaker 1: the growth in the second half of fiscal um, the
Speaker 1: second half of not being as maybe gang busters as
Speaker 1: analysts have previously expected, that's what's kind of weighing down
Speaker 1: on the stock a little bit. But really, I mean
Speaker 1: that there is I think it's it's a bit of
Speaker 1: an overreaction, honestly. Well, I wonder if the commentary we
Speaker 1: got from Disney yesterday about where they see the streaming
Speaker 1: service going sort of changes your view on the streaming
Speaker 1: market overall. When they're talking about, you know, tempering subscriber growth,
Speaker 1: potentially bringing in more of an ad based Disney plus,
Speaker 1: how does that affect your view on streaming. So I
Speaker 1: think the one thing that you know, people have kind
Speaker 1: of really now understood about the streaming business is, you know,
Speaker 1: first of all, there were questions about what the total
Speaker 1: addressable market was. You know that there was a point
Speaker 1: when we were thinking that maybe it was you know,
Speaker 1: an eight hundred nine hundred million one billion subscribers. But
Speaker 1: when when Netflix reported, they obviously kind of really tempered
Speaker 1: down those expectations. Now Disney, on the other hand, has
Speaker 1: been pretty consistent all along. So they have guided to
Speaker 1: about two hundreds of millions subscribers. Like FIST four. They
Speaker 1: went ahead and reiterated that target yesterday. Um, so you know,
Speaker 1: I think they have a pretty good strategy in place now.
Speaker 1: The second big thing that people are looking for really
Speaker 1: is the profitability metrics. And we know that for for
Speaker 1: you to be successful in the streaming business, you have
Speaker 1: to spend billions and billions and billions of dollars before
Speaker 1: you can even make a single dollar in profit. This
Speaker 1: is a capital intensive business. And again Disney class is
Speaker 1: not making any money right now in terms of profit,
Speaker 1: but they did retreat they are going to do unprofitable
Speaker 1: in Cisco. I just think the market is not that
Speaker 1: patient right now. They are worried about near term profitability,
Speaker 1: and we see this kind of affecting all the story,
Speaker 1: you know, all of the streaming players, and of course
Speaker 1: Disney doesn't seem to be any exception as well. In
Speaker 1: our last minute here, of course they're not. They're not
Speaker 1: just relying on the streaming business, They've got cable properties,
Speaker 1: They've got that parks business, cruise lines. Are they going
Speaker 1: to be sort of leaning on the in person entertainment
Speaker 1: for lack of a better word, at least in the
Speaker 1: short term, to uh, to give investors a little more confidence. Yeah,
Speaker 1: this is where I think Disney such a great company,
Speaker 1: unique company, right. They have that perfect cadge. If you're
Speaker 1: stuck at home, you have the stream the streaming business,
Speaker 1: if you you know, you have the reopening trade with
Speaker 1: the parks, and the parks are really I mean they
Speaker 1: knocked it out of the park. You know, sorry for
Speaker 1: the fun, but um, you know, the parks are jammed
Speaker 1: right now. There is just so much a pent up demand.
Speaker 1: And I think even with his economic overhang and you know,
Speaker 1: with the sessionary theories, I think this time is going
Speaker 1: to be a little bit different. People have just been
Speaker 1: cooped up so long inside their houses. I think they're
Speaker 1: really looking to get out. I don't think it's going
Speaker 1: to weigh on the parts as much as people are fearing.
Speaker 1: Thanks for this, Keith, always great to get your thoughts.
Speaker 1: Keep the wrong enough. The media analyst at Bloomberg Intelligence,
Speaker 1: Karen Alright. Nathan It is three on Wall Street. It's
Speaker 1: time for the Bloomberg Law Report, and we get to
Speaker 1: the legal stories we are watching this morning with Bloomberg's
Speaker 1: Jeff Bellinger n Circuit Delta blow to California's gun control efforts,
Speaker 1: ruling that the state's near total ban on the sale
Speaker 1: of semi automatic rifles to young adults likely violates the
Speaker 1: Second Amendment. New York State will create a state agency
Speaker 1: to supervise the unregulated pharmacy benefit management industry. It's part
Speaker 1: of an effort to keep drug costs slow. The federal
Speaker 1: judge ruled that the Kansas McDonald's may have subjected a
Speaker 1: female department manager to sex based discrimination, harassment, and retaliation.
Speaker 1: The case will go to trial. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Right, Jeff,
Speaker 1: thank you. Now. Another legal story we're watching. The Sunate
Speaker 1: rushed yesterday into an almost certain a failed vote toward
Speaker 1: enshrining Roe v. Wade abortion access as federal law. If
Speaker 1: the Supreme Court overturns Row as expected, a woman's right
Speaker 1: to an abortion will depend on the state she lives in,
Speaker 1: and many abortion rights activists fear at the end of
Speaker 1: Row is just the beginning for more. Bloomberg student Grosso
Speaker 1: speaks to Mary Ziegler, professor at u C. Davis Law School.
Speaker 1: The next battle ground, Well, there are a few battlegrounds.
Speaker 1: So let's say one of the next battle grounds is
Speaker 1: states trying to stop their residents from traveling across state
Speaker 1: lines to terminate a pregnancy. Can states enforce their laws
Speaker 1: beyond their borders? The answer is, we don't know. So
Speaker 1: the extra territorial applicat of these laws is something that
Speaker 1: hasn't or even really any laws, is something that hasn't
Speaker 1: been dealt with a lot in recent history. We have
Speaker 1: one case that isn't really directly on point from the
Speaker 1: Row era, and then to look back further, you really
Speaker 1: have to go to the days of kind of fugitive
Speaker 1: slave disputes to really get into this kind of interstate war.
Speaker 1: So I don't know, it is the answer. And so
Speaker 1: that's one of the reasons you see blue states anticipating
Speaker 1: these struggles and passing laws like the one in Connecticut,
Speaker 1: essentially saying we're not going to comply with these requests.
Speaker 1: We're going to protect our doctors. But how you know
Speaker 1: those disputes will be resolved. Whether what the Red state
Speaker 1: would be doing would be constitutional is unclear. Which states
Speaker 1: law would apply in those circumstances is unclear. And the
Speaker 1: great irony of it all, of course, is that if
Speaker 1: that's contested, gonna end right back up in the Supreme Court,
Speaker 1: which in this draft is telling us that, you know,
Speaker 1: things are going to become much more peaceful when the
Speaker 1: Court gets out of the abortion business than this goes
Speaker 1: back to the States. Another next battle ground is medication
Speaker 1: abortion or abortion pills, which account for more than half
Speaker 1: of recent abortions according to stats. Is this the most
Speaker 1: workable option in the future for getting an abortion? It
Speaker 1: may well be. Medication abortion obviously isn't applicable throughout pregnancy
Speaker 1: at the moment. The FBA only authorizes it for the
Speaker 1: first ten weeks, but it is becoming the preferred method
Speaker 1: and it is relatively hard to trace. It is something
Speaker 1: that people can get in states who are abortion is
Speaker 1: illegal from organizations like aid Access that operate internationally. But
Speaker 1: I think in a postal world, no abortion method will
Speaker 1: be really free of potential consequences for people seeking it. Unfortunately.
Speaker 1: How would states go about cracking down on medication abortions, Well,
Speaker 1: much in the same way they would crack down on
Speaker 1: other drugs, just by probably selectively prosecuting people they find
Speaker 1: with those drugs. And I think we haven't seen entirely
Speaker 1: how states are going to do this. We're likely to
Speaker 1: see more digital surveillance, were likely to see more bounty programs,
Speaker 1: We're likely to see more selective prosecution. And so I
Speaker 1: think what we've seen so far is just the tip
Speaker 1: of the iceberg. And that's Mary Ziegler, a professor at
Speaker 1: You See Davis Law School, speaking at the Bloomberg's June
Speaker 1: Grass So catching more of that interview, plus analysis of
Speaker 1: the latest legal news by subscribing to the Bloomberg Law
Speaker 1: Podcast or downloading the show at Bloomberg dot com slash podcasts.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at blong Go. Futures following this morning, S and P
Speaker 1: futures down twenty seven points down, Futures down one and
Speaker 1: NASDAG futures down one, dred thirty three and still I
Speaker 1: had on Bloomberg day break and check on the business
Speaker 1: headlines and all the news you need to start your day.
Speaker 1: And this is Bloomberg.