WEBVTT - Israel Vows Revenge; Trump Trial Update

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today, Karen.

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<v Speaker 3>Middle East tensions maybe ramping back up. Israeli military officials

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<v Speaker 3>are saying they have no choice but to respond to

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<v Speaker 3>Iran's drone and missile attack over the weekend, but the

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<v Speaker 3>US and European allies are urging Israel to avoid the

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<v Speaker 3>kind of tit for tat that could spark a wider

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<v Speaker 3>war here. State Department spokesman Matthew Miller.

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<v Speaker 4>Israel is a sovereign country. They have to make their

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<v Speaker 4>own decisions about how best to defend themselves. What we

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<v Speaker 4>always try to do is provide our best advice as

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<v Speaker 4>a longtime friend of Israel and a longtime ally and

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<v Speaker 4>partner of Israel. And that's what we've done since October seventh,

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<v Speaker 4>across a broad range of fronts. It's what we have

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<v Speaker 4>done over the weekend.

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<v Speaker 3>Matthew Miller at the State Department says the Biden administration

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<v Speaker 3>has put more than five hundred sanctions on Iranian entities

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<v Speaker 3>to hold Tehran accountable.

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<v Speaker 1>But for Israel, Nathan, the question isn't if the country response.

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<v Speaker 1>But how more on that From Bloomberg's Rosalind Madison.

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<v Speaker 5>There's a wide range of possibilities here. From a direct attack,

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<v Speaker 5>as you say, from Israel on Iran, that would not

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<v Speaker 5>be unprecedented, but that's one option for them, targeting military sites,

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<v Speaker 5>perhaps even nuclear.

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<v Speaker 6>Sites in Iran.

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<v Speaker 5>Of course, there's a lot of concern about Iran's nuclear program,

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<v Speaker 5>or does it go for something instead, like going for

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<v Speaker 5>one of Iran's proxies in the region. We're talking about

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<v Speaker 5>the Huthis in Yemen, We're talking about Hamas in Gaza,

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<v Speaker 5>Hezblah in Lebanon. Do they go through one of those

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<v Speaker 5>proxies to retaliate.

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<v Speaker 1>Bloomberg's Rauslin Madison reports are timing of an Israeli response

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<v Speaker 1>also is not clear. Iran's deputy Foreign Minister is warning

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<v Speaker 1>any Israeli counterattack would be met with a more severe,

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<v Speaker 1>faster and immediate blow. He says it would take seconds

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<v Speaker 1>for his country to launch another strike.

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<v Speaker 3>Well, Karen, the turmoil in the Middle East has added

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<v Speaker 3>new urgency to passing Foreign aid in the House after

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<v Speaker 3>months of inaction. Bloomberg's Ed Baxter reports votes could come

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<v Speaker 3>this week.

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<v Speaker 7>Speaker Mike Johnson is planning separate votes this week on

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<v Speaker 7>new aid to both Israel and Ukraine. This in an

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<v Speaker 7>attempt to assemble fragile coalitions to speed weaponry to both places.

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<v Speaker 8>We have a terrorist in tyrants and terrible leaders around

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<v Speaker 8>the world like Putin and g and in Iran, and

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<v Speaker 8>they're watching to see if America will stand up for

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<v Speaker 8>its allies in our own interest around the globe, and

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<v Speaker 8>we will.

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<v Speaker 7>Now, his party majority is very slim, and he may

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<v Speaker 7>need Democrat support, and he very well may get it.

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<v Speaker 7>The mpasse over eight has been dragging on since October.

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<v Speaker 7>At Baxter Bloomberg.

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<v Speaker 1>Radio, all right, ed, thank you now to the historic

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<v Speaker 1>criminal case involving former President Donald Trump. Jury selection continues today.

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<v Speaker 1>Bloomberg Law host June Garasso has the latest from New York.

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<v Speaker 9>Trump's criminal trial got off to a slow start. The

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<v Speaker 9>jury selection process began hours late because of a slew

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<v Speaker 9>of motions. The trial judge had to handle first, and

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<v Speaker 9>then more than half of the first pool of ninety

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<v Speaker 9>six perspective jurors was dismissed after saying they couldn't be

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<v Speaker 9>fair and impartial. Court adjourned for the day with zero

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<v Speaker 9>jurors chosen, and the judge saying we're way behind schedule.

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<v Speaker 9>Jury selection resumes this morning, June Grosso, Bloomberg Radio, All right, June.

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<v Speaker 7>Thank you.

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<v Speaker 3>While Trump deals with those legal issues, President Biden's hitting

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<v Speaker 3>the campaign trail in his childhood home state of Pennsylvania.

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<v Speaker 3>The Biden campaign says the trip aims to highlight the

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<v Speaker 3>differences between the president's tax and economic agenda and the

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<v Speaker 3>policies of Trump, who oversaw tax cuts for the wealthy

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<v Speaker 3>and corporations. Biden's three day trip includes a visit to

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<v Speaker 3>Scranton and events in the Pittsburgh area, where Nippon Steele's

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<v Speaker 3>deal to buy United States Steel has rankled union allies.

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<v Speaker 3>The president will close out the trip Thursday in Philadelphia.

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<v Speaker 10>Well.

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<v Speaker 1>Turning to Wall Street Now Nathan. First quarter earnings for

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<v Speaker 1>the nation's biggest banks wrap up later this morning with

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<v Speaker 1>Bank of America and Morgan Stanley. Bloomberg's Jeff Ellinger has

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<v Speaker 1>a look at what to expect for.

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<v Speaker 11>Bank of America. A key number to watch net interest income,

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<v Speaker 11>which alone is forecast to be about fourteen billion dollars,

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<v Speaker 11>about two percent lower than a year ago. Consensus calls

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<v Speaker 11>for total revenue of twenty five point forty three billion

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<v Speaker 11>and adjusted earnings per share of seventy seven cents. As

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<v Speaker 11>for Morgan Stanley, a jump in investment banking activity may

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<v Speaker 11>help offset and expected pullback in earnings for the ninth

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<v Speaker 11>quarter in a row, although the pace of declines likely slowed.

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<v Speaker 11>Consensus calls for revenue of fourteen point forty six billion

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<v Speaker 11>and adjusted earnings per share of a dollar sixty six.

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<v Speaker 11>Jeff Bellinger, Bloomberg Radio, Jeff.

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<v Speaker 3>Thank you well after another strong reading on retail sales.

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<v Speaker 3>Another FED official says there's no rush to cut interest

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<v Speaker 3>rates here. San Francisco FED President Mary Daily added event

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<v Speaker 3>at the Stanford Institute for Economic Policy Research, the.

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<v Speaker 12>Worst thing we can do right now is act urgently

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<v Speaker 12>when urgent isn't necessary. You know, the policy is in

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<v Speaker 12>a good place. We're in the ready position. We can

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<v Speaker 12>respond as the economy evolved. The labor market's not and

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<v Speaker 12>giving us any indication is faltering, and inflation is still

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<v Speaker 12>above our target, and we need to be confident it

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<v Speaker 12>is on path to come down to our target before

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<v Speaker 12>we would feel the need and I would feel the

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<v Speaker 12>need to react.

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<v Speaker 3>San Francisco FED chief Mary Daily votes on monetary policy

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<v Speaker 3>this year well.

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<v Speaker 1>In Europe, Nathan Britain's unemployment rate rose unexpectedly to a

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<v Speaker 1>six month high. We get more from a UK economic

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<v Speaker 1>correspondent Lizzie Burden.

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<v Speaker 13>Unemployment was expected to tick up, Actually it went from

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<v Speaker 13>three point nine percent to four point two percent rather

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<v Speaker 13>than just four percent. But on the other hand, you

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<v Speaker 13>had average weekly earnings expected to tick down from six

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<v Speaker 13>point one percent to five point eight percent. Actually they

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<v Speaker 13>only went to six percent, so hotter than I expected.

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<v Speaker 13>So it's mixed signals here. From the labor market.

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<v Speaker 1>Data, Bloomberg's Lizzie Burden says the labor numbers come ahead

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<v Speaker 1>of tomorrow's March reading on consumer prices.

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<v Speaker 3>We got some new economic data out of Asia Karen

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<v Speaker 3>China's economic growth beat expectations in the first quarter as

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<v Speaker 3>factory output led the expansion. Bloomberg Daybreak Asia anchor Brian

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<v Speaker 3>Curtis has more from Hong Kong.

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<v Speaker 14>GDP rows five point three percent year on year. That's

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<v Speaker 14>higher than the estimate of four point eight percent. In March,

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<v Speaker 14>industrial production was up four and a half percent from

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<v Speaker 14>a year earlier, versus a forecast of six percent. Retail

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<v Speaker 14>sales rose three point one percent, missing an estimate of

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<v Speaker 14>four point eight percent. China's recovery has been out of balance.

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<v Speaker 14>Manufacturing holding up, but the property crisis is denting both

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<v Speaker 14>household and business confidence in Hong Kong. Brian Curtis, Bloomberg Radio.

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<v Speaker 1>All right, Brian, thank you, and it's time now for

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<v Speaker 1>a look at some of the other stories making news

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<v Speaker 1>in New York and around the world.

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<v Speaker 15>And for that we're joined by A Bloomberg's John Tucker. John,

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<v Speaker 15>Good Morning, Good Morning, Karen. New York finally has a budget.

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<v Speaker 15>Deal exceeds two hundred and thirty three billion dollars, and

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<v Speaker 15>sources to say it includes the most sweeping change in

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<v Speaker 15>housing policy in years. Details in this report from Bloomberg's

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<v Speaker 15>Charlie Peenllett.

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<v Speaker 2>Those sources say the tentative spending plan includes a tax

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<v Speaker 2>break for affordable housing construction, alongside new restrictions on evictions

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<v Speaker 2>and rent increases for market rate renters. Details of the budget,

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<v Speaker 2>which was originally due to April first, our subject to

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<v Speaker 2>change before final approval. Soaring rents and upcoming elections are

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<v Speaker 2>key factors driving state lawmakers to forge an agreement with

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<v Speaker 2>Democratic Governor Kathy Hogel, A year after she failed to

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<v Speaker 2>advance a proposal aimed at building eight hundred thousand new

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<v Speaker 2>homes over a decade. In New York, Charlie Pellett Bloomberg.

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<v Speaker 16>Radio House, Republicans who will want the articles of impeachment

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<v Speaker 16>against Homeland Security Secretary Allejudro Maiorchis over to the Senate

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<v Speaker 16>today It kicks off at trial in that chamber. Republicans

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<v Speaker 16>accused my Orchis of mishandling the crisis at the southern border.

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<v Speaker 16>Vice President Harris returning to the campaign trailed to underscore

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<v Speaker 16>the stakes of the election. The Vice President, speaking in

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<v Speaker 16>Las Vegas a week after the Arizona Supreme Court upheld

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<v Speaker 16>an abortion ban from eighteen sixty four.

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<v Speaker 10>What we are seeing in these states that we were

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<v Speaker 10>talking about are Trump abortion bans, and he can't get

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<v Speaker 10>away from that.

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<v Speaker 16>In the wink of the Arizona Supreme Court decision, now

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<v Speaker 16>California is bracing for an influx of women seeking abortion.

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<v Speaker 16>The Supreme Court will weigh the legality of charges brought

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<v Speaker 16>against hundreds of people in connection with the attack of

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<v Speaker 16>the US capital. The question for the justices is whether

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<v Speaker 16>law passed as part of the Sarbanes Oxley Financial reforms

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<v Speaker 16>can be read to cover the January sixth riot. Hundreds

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<v Speaker 16>of people, including Donald Trump, have been charge with obstructing

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<v Speaker 16>and official proceeding. Global news twenty four hours a day

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<v Speaker 16>and whenever you want it with Bloomberg News Now. I'm

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<v Speaker 16>John Tucker. This he is Bloomberg, Nathan and Karen.

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<v Speaker 1>Sorry, John, thank you, and it's time now for the

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<v Speaker 1>Bloomberg Sports Update with John stas Shower.

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<v Speaker 17>John, Good morning, Good morning, Caaren. A terrific regular season

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<v Speaker 17>for the Rangers. Right from the start. They won eighteen

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<v Speaker 17>of their first twenty three games. It ended at the

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<v Speaker 17>Guard with a four to nothing shut out of Ottawa,

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<v Speaker 17>and the Rangers finished with a club record one one

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<v Speaker 17>hundred and fourteen points. That's the most in the NHL.

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<v Speaker 17>Their first round opponent could still be one of four

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<v Speaker 17>different teams Washington and Detroit at eighty nine points, Pittsburgh

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<v Speaker 17>has eighty eight, Philadelphia eighty seven. With one game left,

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<v Speaker 17>Islanders are in the playoffs fifth time in the last

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<v Speaker 17>six years. They finished seven and one down the stretch,

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<v Speaker 17>beat the Devils four to one. The Islanders will face

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<v Speaker 17>Carolina in Round one. Bruins failed to clinch their division

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<v Speaker 17>lost to nothing in Washington. The Mats, who began the

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<v Speaker 17>season ze five and now eight and eight to come

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<v Speaker 17>from behind sixty three win over the Pirates at City Field.

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<v Speaker 17>The Mets allowed only three hits. Yankees had only four,

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<v Speaker 17>so did the Blue Jays, but Toronto won three to one.

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<v Speaker 17>Chris Bassett beat Louis Heal, the Yanks first two game

0:09:55.080 --> 0:09:57.680
<v Speaker 17>losing streak of the season. The Big Yankee news the

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<v Speaker 17>retirement effective immediately of John's early in the radio Voice

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<v Speaker 17>of the Ink the last thirty six years. He's eighty five,

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<v Speaker 17>says he's tired. He'll be honored at the stadium on Saturday.

0:10:07.320 --> 0:10:09.680
<v Speaker 17>In Brooklyn, they held the WNBA Draft. Has there ever

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<v Speaker 17>been any draft with less suspense over who the first

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<v Speaker 17>pick will be? Caitlyn Clark headed to the Indiana Fever.

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<v Speaker 18>All this has come with just the person that I've

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<v Speaker 18>i am and the player that I've been able to be,

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<v Speaker 18>And that's exactly how you want to go into the WNBAS.

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<v Speaker 18>Don't change anything that I've done, obviously learn it's at

0:10:27.280 --> 0:10:30.120
<v Speaker 18>finding ways to get better. You know, people are going

0:10:30.200 --> 0:10:32.560
<v Speaker 18>to expose my weaknesses. But that's an amazing thing about it.

0:10:32.559 --> 0:10:33.760
<v Speaker 18>That's the challenge that I wanted.

0:10:33.800 --> 0:10:37.000
<v Speaker 17>The WNBA announced they not only is San Francisco getting

0:10:37.000 --> 0:10:38.679
<v Speaker 17>the team next season, they hope to add three more

0:10:38.720 --> 0:10:42.360
<v Speaker 17>expansion teams by twenty twenty eight. Offseason workouts with the

0:10:42.400 --> 0:10:44.760
<v Speaker 17>Giants and Daniel Jones says he'll be ready for the

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<v Speaker 17>start of training camp back to the torny ACL. He

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<v Speaker 17>also says he's not concerned that the Giants might draft

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<v Speaker 17>a quarterback. Two weeks some Thursday, Giants had the sixth pick.

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<v Speaker 17>John Stashedware Bloomberg Sports, Karen Nathan all.

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<v Speaker 1>Right, John, thank you, SMP. Futures that'll change now. So

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<v Speaker 1>we're a NASDAK yours down. Feutures down to tenth of

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<v Speaker 1>a percent or forty points, and the ten year treasury

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<v Speaker 1>yield is that four point sixty four percent.

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<v Speaker 7>Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and.

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<v Speaker 2>Around the world on Bloomberg dot Com and the Bloomberg

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<v Speaker 2>Business app. This is Bloomberg Daybreak. Good morning.

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<v Speaker 3>I'm Nathan Hager. The world is waiting for Israel's response

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<v Speaker 3>to Iran's weekend drone and missile attack, even as Allies

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<v Speaker 3>ramp up their calls for restraint and avoiding the kind

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<v Speaker 3>of tit for tet response that could spiral into a

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<v Speaker 3>wider conflict in the Middle East. For more, Bloomberg Israel

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<v Speaker 3>Bureau chief Ethan Bronner is back with us from Tel Aviv. Ethan,

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<v Speaker 3>good morning. We're hearing Israeli military officials say they have

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<v Speaker 3>no choice but to respond. What is the appetite in

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<v Speaker 3>Israel for a counter attack.

0:11:52.920 --> 0:11:55.640
<v Speaker 10>It's a bit diffuse. I mean, they actually published a

0:11:55.679 --> 0:11:59.079
<v Speaker 10>poll on one of the Channel TV channels this morning

0:11:59.360 --> 0:12:02.200
<v Speaker 10>showing that it's about a third to third to third,

0:12:02.400 --> 0:12:05.640
<v Speaker 10>meaning do it right now, do it later, don't do it.

0:12:06.040 --> 0:12:10.000
<v Speaker 10>So it's not like there's some overwhelming public pressure for

0:12:10.440 --> 0:12:15.440
<v Speaker 10>a response. I think that a lot of Israelis were

0:12:15.520 --> 0:12:20.360
<v Speaker 10>grateful for the cooperation the United States, UK and France

0:12:20.400 --> 0:12:25.280
<v Speaker 10>and even some Arab neighbors gave in stopping that big

0:12:25.320 --> 0:12:29.200
<v Speaker 10>attack on Saturday night. And they've kind of been in

0:12:29.280 --> 0:12:31.960
<v Speaker 10>the doghouse in terms of how the world has seen

0:12:32.000 --> 0:12:34.440
<v Speaker 10>them because of their war in Gaza, and I think

0:12:34.520 --> 0:12:38.800
<v Speaker 10>that that has been satisfying to be embraced again and

0:12:38.840 --> 0:12:42.880
<v Speaker 10>to see the coalition as the way forward. But you know,

0:12:42.960 --> 0:12:46.280
<v Speaker 10>at the same time, they do worry this was the

0:12:46.320 --> 0:12:50.040
<v Speaker 10>first time that Iran has ever shot from its own

0:12:50.320 --> 0:12:54.840
<v Speaker 10>soil at Israel, and the sense that if you don't

0:12:54.840 --> 0:12:59.080
<v Speaker 10>respond that somehow you're telling them you're weak. So that's

0:12:59.160 --> 0:13:02.000
<v Speaker 10>kind of the debate that's going on all day, all

0:13:02.080 --> 0:13:04.280
<v Speaker 10>night here, and I don't know how it's going to

0:13:04.640 --> 0:13:06.040
<v Speaker 10>sort itself out now.

0:13:06.040 --> 0:13:09.160
<v Speaker 3>Of course, the debate that allies are trying to add

0:13:09.240 --> 0:13:13.040
<v Speaker 3>to this is that cooler heads should prevail. We've heard

0:13:13.080 --> 0:13:17.640
<v Speaker 3>from the White House saying that Netanyahu should quote take

0:13:17.679 --> 0:13:21.920
<v Speaker 3>the win. How much is that playing into this, Well,

0:13:21.960 --> 0:13:22.360
<v Speaker 3>I think.

0:13:22.240 --> 0:13:24.679
<v Speaker 10>It is playing into it. I mean, I don't think

0:13:24.679 --> 0:13:28.000
<v Speaker 10>it's unimportant. I think that as I say that, the

0:13:28.080 --> 0:13:31.679
<v Speaker 10>sense that the United States is back again embracing the

0:13:32.120 --> 0:13:36.480
<v Speaker 10>Israel and sharing in its defense needs and so on

0:13:36.600 --> 0:13:39.480
<v Speaker 10>is important to people. It's the most important alliance that

0:13:39.520 --> 0:13:40.559
<v Speaker 10>this country has.

0:13:41.160 --> 0:13:42.400
<v Speaker 17>But you know, there's this kind.

0:13:42.280 --> 0:13:44.680
<v Speaker 10>Of old debate here, which is do we want to

0:13:44.720 --> 0:13:47.880
<v Speaker 10>be loved by our friends or feared by our enemies.

0:13:47.920 --> 0:13:51.000
<v Speaker 10>If we have to choose, we'll choose feared by our enemies. Now,

0:13:51.000 --> 0:13:54.960
<v Speaker 10>the remaining question is is hitting back the best way

0:13:55.320 --> 0:13:57.840
<v Speaker 10>to be feared? And I think that's part of the debate.

0:13:57.559 --> 0:14:02.319
<v Speaker 3>Too interesting We've also heard from Israeli military officials who've

0:14:02.559 --> 0:14:05.839
<v Speaker 3>spoken to Bloomberg Radio saying that they've presented another a

0:14:05.960 --> 0:14:10.560
<v Speaker 3>number of options to the war cabinet. What could a

0:14:10.600 --> 0:14:13.720
<v Speaker 3>potential Israeli response look like at this point?

0:14:15.040 --> 0:14:17.760
<v Speaker 19>Well, I mean, there are all these range of options,

0:14:17.840 --> 0:14:21.840
<v Speaker 19>right from doing nothing to shall we say, some kind

0:14:21.840 --> 0:14:25.040
<v Speaker 19>of a quote unquote soft attack like a cyber attack.

0:14:25.560 --> 0:14:30.560
<v Speaker 10>Then maybe a hit upon a military facility somewhere, or

0:14:30.600 --> 0:14:36.040
<v Speaker 10>a hit upon facilities belonging to proxies e. Lebanon or

0:14:36.160 --> 0:14:40.080
<v Speaker 10>Syria or Iraq. Those are rather than, of course, you know,

0:14:40.800 --> 0:14:44.280
<v Speaker 10>an assassination of some kind or indeed some kind of

0:14:44.320 --> 0:14:49.640
<v Speaker 10>attack on their nuclear facilities, which seems rather exceptionally unlikely.

0:14:49.760 --> 0:14:53.360
<v Speaker 10>But you know, those are the ranges. So and all

0:14:53.440 --> 0:14:55.520
<v Speaker 10>that's being debated, and.

0:14:55.440 --> 0:14:58.600
<v Speaker 3>The US has said that it won't support Israel when

0:14:58.640 --> 0:15:02.760
<v Speaker 3>it comes to a direct counter attack. Among those options.

0:15:02.880 --> 0:15:05.160
<v Speaker 3>Is there a sense within the war cabinet that there

0:15:05.200 --> 0:15:08.920
<v Speaker 3>are options that the US and its allies would get behind.

0:15:10.280 --> 0:15:12.800
<v Speaker 10>There probably is, but they haven't shared it with me,

0:15:12.920 --> 0:15:15.680
<v Speaker 10>and I've been trying to find out. My sense is

0:15:16.360 --> 0:15:20.680
<v Speaker 10>that they do want to not cross the US in

0:15:20.760 --> 0:15:23.000
<v Speaker 10>what they do. They want it to be seen as

0:15:23.000 --> 0:15:27.760
<v Speaker 10>something that the US can accept and permit, and so

0:15:28.280 --> 0:15:30.800
<v Speaker 10>that's where they're going through that. I think, you know,

0:15:30.840 --> 0:15:32.920
<v Speaker 10>if there were a cyber attack, if there were an

0:15:32.920 --> 0:15:36.800
<v Speaker 10>attack on proxies or something, you know, I'm assuming that

0:15:38.040 --> 0:15:41.600
<v Speaker 10>the Americans would not necessarily say absolutely no way, But

0:15:41.720 --> 0:15:45.400
<v Speaker 10>I don't know. You know, those are debates that are

0:15:45.400 --> 0:15:47.320
<v Speaker 10>going on at a very high level, and I think

0:15:47.360 --> 0:15:50.000
<v Speaker 10>that there's probably a great deal of uncertainty in the

0:15:50.120 --> 0:15:53.840
<v Speaker 10>US administration and in the Israeli government about what should

0:15:53.960 --> 0:15:55.040
<v Speaker 10>or what could happen.

0:15:55.960 --> 0:15:59.000
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<v Speaker 1>He then me