Speaker 1: Live from the Bloomberg Get directed Berger Studios is Bloomberg
Speaker 1: day Break for Tuesday, June two. Coming up this hour.
Speaker 1: Stocks get a lift after China eases it's strict COVID protocols.
Speaker 1: Banks boosted dividend payouts after acing the FED stress tests.
Speaker 1: ECB president Christine Legarde says rates are going higher, and
Speaker 1: the January six committee as a surprise hearing later Today.
Speaker 1: It's primary day in New York and six other states,
Speaker 1: plus it is sentencing day for Gilaine Maxwell in the
Speaker 1: Jeffrey Epstein sexual abuse case. I'm Michael barn More Ahead,
Speaker 1: I'm John Stash Sharon sports another comeback win by the Yankees,
Speaker 1: and Kyrie Irving is opting in with the net. That's
Speaker 1: All's training ahead on Bloomberg Daybreak on Bloomberg Eliven Free
Speaker 1: on New York, Bloomberg on Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: XM one nineteen and around the world on Bloomberg Radio
Speaker 1: dot Com and via The Bloomberg Business and Good Morning.
Speaker 1: I'm Perrod Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought
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Speaker 1: the power to do the extraordinary. Managed data across any
Speaker 1: location in the cloud for accurate and actionable insights. More
Speaker 1: at informattica dot com and US future is higher this
Speaker 1: morning six so one On Wall Street. We check the
Speaker 1: markets every fifteen minutes throughout the trading day. On bloomberg
Speaker 1: S and P futures of eighteen points down futures have
Speaker 1: a hundred sixty four and as day futures of forty
Speaker 1: seven and the ten year treasury down eight thirty seconds.
Speaker 1: You have three point to three percent Nathan Well Karen.
Speaker 1: The lifting stocks comes after a major shift to China's
Speaker 1: COVID nineteen policy. China's cutting the quarantine period to ten
Speaker 1: days from up to three weeks for inbound visitors. We
Speaker 1: get more from Bloomberg's John Lou in Beijing, but the
Speaker 1: significance is the amount of cross border travel. The amount
Speaker 1: of business people coming in and out have been great
Speaker 1: really reduced since the pandemic largely because of that twenty
Speaker 1: one days of quarantine people would potentially have to do
Speaker 1: when they come in. This is a substantial reduction, at
Speaker 1: half of what it used to be Not only is
Speaker 1: it for travelers, it's also for people who come into
Speaker 1: close contact with a with an infective person. Bloomberg's John
Speaker 1: lu says Asia's equities erased losses to climb for a
Speaker 1: fourth session, and tourism related stocks led the games well. Nathan.
Speaker 1: US futures are also getting a boost on China easing
Speaker 1: COVID restrictions. Yesterday, stock started the week on a losing note,
Speaker 1: but Aaron Kennon, chief executive officer at Clear Harbor as
Speaker 1: said management says there are some optimistic signs for investors.
Speaker 1: We are seeing some light at the end of the tunnel.
Speaker 1: And I know it may not be in vogue to
Speaker 1: suggest this, but um inflation metrics such as you know,
Speaker 1: for example, copper down, nickel off. I was looking at
Speaker 1: shipping rates. They're down dramatically over the last couple of months,
Speaker 1: aluminums off iron or we you know, even even oils
Speaker 1: off double digits right now. Clear Harbor Asset Management CEO
Speaker 1: er and Kennon still recommends investors be cautious. Yeah, so
Speaker 1: does Goldman Sachs Care and that firm strategists say US
Speaker 1: profit margin estimates are too optimistic and that will put
Speaker 1: stocks at risk of more declines when Wall Street analysts
Speaker 1: downgrade expectations. Goldman expects aggregate margins for SMP companies to
Speaker 1: remain flat in three even if the economy does not contract.
Speaker 1: They say the risk is lower for the ten biggest
Speaker 1: companies on the index, which account for nineteen of its earnings.
Speaker 1: Well Nathan Bank stocks are higher in early trading. They
Speaker 1: boosted dividends following success in passing bank stress tests. Beget
Speaker 1: more from Bloomberg's Turley Pillett. Bank of America announced a
Speaker 1: dividend increase, while Morgan Stanley boosted it's payout while saying
Speaker 1: it will repurchase as much as twenty billion of stock.
Speaker 1: Morgan Stanley boosted its quarterly dividend to seventy seven point
Speaker 1: five cents a share from seventy cents. Bank of America's
Speaker 1: payout limes to two cents from twenty one cents. State
Speaker 1: Street Corps and Truest Financial also announced dividend increases in
Speaker 1: New York. Charlie pea Bloomberg Daybreak. All right, Charlie, thank
Speaker 1: you for watching shares of Nike this morning. They're down
Speaker 1: two and a half percent in early training Bloomberg's Doug
Speaker 1: Prisner reports the company offered a downbeat full year forecast
Speaker 1: the sports where company said gross marchin will be flat
Speaker 1: to down fifty basis points and revenue is expected to
Speaker 1: grow this fiscal year by one percent in the low
Speaker 1: double digits. Nike is also being cautious on China. In
Speaker 1: the last quarter, sales in the Greater China region fell
Speaker 1: at constant currencies. Nike still views China as a long
Speaker 1: term growth market and the company will continue to invest
Speaker 1: in the region even with that China weakness. Overall revenue
Speaker 1: for the last quarter beat estimates, and Nike's board authorized
Speaker 1: a new eighteen billion dollar stock buyback program. In New York,
Speaker 1: I'm Doug Krisner, Bloomberg Daybreak. All right, Doug, thank you.
Speaker 1: We now turn overseas for the European Central Banks Annual
Speaker 1: Forum and Centrums underway and her keynotes speech earlier this morning,
Speaker 1: ECB President Christine the Guards said raids are going higher
Speaker 1: to combat inflation. In July, we intend to raise our
Speaker 1: policy rates for the first time in eleven years, and
Speaker 1: we have provided some guidance for our September policy meeting
Speaker 1: and the rate path that we envisage. Thereafter, ECB President
Speaker 1: Christine and the Guard's signal the July rate high will
Speaker 1: be a quarter of a point of This morning, Karen,
Speaker 1: President Biden's headed to Madrid for the start of the
Speaker 1: three day NATO summit. The White House says he spoke
Speaker 1: with Turkeys president on the way. Biden's leaving a G
Speaker 1: seven meeting in Germany, where leaders accused Russia of war
Speaker 1: crimes for attacking a Ukrainian shopping mall. Ukraine's President vladimir's
Speaker 1: Lensky also condemned the attack. Only terrorists who have no
Speaker 1: place on Earth could strike on such a location. This
Speaker 1: is not a mistaken missile strike. It is a calculated
Speaker 1: Russian strike on the shopping center. President's Lensky address the
Speaker 1: summit through an interpreter. The G seven wrapped up with
Speaker 1: an urgent call for ministers to explore a price cap
Speaker 1: on Russian oil and gas. Well back here at home, Nathan,
Speaker 1: the January six Committee has quickly added an additional hearing.
Speaker 1: It's scheduled for today. A Bloomberg said, Baxter has the
Speaker 1: story a bit of a surprise. The committee's signal last
Speaker 1: week though that it had obtained new information and it
Speaker 1: obviously thinks it is important enough to change the schedule
Speaker 1: like this. Sources say it will center on information from
Speaker 1: documentary filmmaker Alex Holder about footage he has of Donald
Speaker 1: Trump after the election and leading up to the assault
Speaker 1: on the capitol by his supporters. It also has interviews
Speaker 1: with family members including Ivanka Trump, Jared Kushner, and Eric Trump.
Speaker 1: Holder also says it has never before seen footage of
Speaker 1: the insurrection attempt at the capitol in San Francisco. I'm
Speaker 1: at Baxter Bloomberg daybreak, al right, and thank you. SMP
Speaker 1: futures right now up eighteen points. Now futures are hired
Speaker 1: by a hundred sixty three points, NASTAC futures on the
Speaker 1: rise by forty seven points. The tenure treasury is down
Speaker 1: eight thirty seconds. The three point to three percent yeld
Speaker 1: on the two year three point one two Nimex cruds
Speaker 1: up one and a half percent, up a dollar sixty
Speaker 1: six and a hundred eleven dollars cents in barrel, and
Speaker 1: right now the euro is at one point zero five
Speaker 1: eight eight against the dollars. Straight ahead your latest local
Speaker 1: headlines in the check of sports. This is Bloomberg six
Speaker 1: oh seven on Wall Street sixty six degrees in Central Park.
Speaker 1: Heads up, if you take the Sawmill there's a downtree
Speaker 1: northbound Green Lane in Bedford. Details coming up in Traffic
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Michael, thank you very much, Nathan.
Speaker 1: Seven states, including New York, are set to host primary
Speaker 1: elections today, the first election since last week's Supreme Court
Speaker 1: ruling eliminating the constitutional right to an abortion. For the Democrats,
Speaker 1: New York Governor Caffey Hoco faces Tom Swase and Jamanni
Speaker 1: Williams for the gubernatorial nomination. Rob Astino Andrew Giuliani, Harry Wilson,
Speaker 1: and Lee Zelden, who has been endorsed by former Vice
Speaker 1: pres and A Mike Pence running for the GOP nomination
Speaker 1: for governor. A judge has blocked New York City from
Speaker 1: letting non citizens vote for mayor and other municipal offices.
Speaker 1: Republicans challenged the measure as unconstitutional, and the Staten Island
Speaker 1: judge agreed with the GOP and the ruling. The laws
Speaker 1: supporters said it gave an electoral voice to many people
Speaker 1: who have made a home in the city and pay taxes,
Speaker 1: but faced tough paths to citizenship. It is the latest
Speaker 1: tragedy to claim the lives of migrants smuggled across the
Speaker 1: border from Mexico to the US forties. Six people are
Speaker 1: dead after being abandoned an attractor trailer on a remote
Speaker 1: back road in San Antonio. Sixteen people were hospitalized, including
Speaker 1: four children. San Antonio Police Chief Bill mcmanas, who heard
Speaker 1: a cry for help, came out to investigate, found a
Speaker 1: trailer with the doors partially opened, open them up to
Speaker 1: take a look and found the number of um the
Speaker 1: ceased individuals inside. Chief McManus says three people have been arrested.
Speaker 1: At least three people are dead after an Amtrak train
Speaker 1: hit a dump truck in rural Missouri and derailed. This
Speaker 1: man was a passenger on board. Seats were coming apart,
Speaker 1: bags were going everywhere, um and then after it stopped,
Speaker 1: you can smell the fumes until people started panicking thinking
Speaker 1: it was gonna catch fire. So we try to get
Speaker 1: out as quick as possible. Federal investigators will be on
Speaker 1: the scene today. Delane Maxwell will be sentenced today in
Speaker 1: New York for helping the wealthy financeer Jeffrey Epstein sexually
Speaker 1: abused underage girls. Maxwell's lawyers have asked the judge to
Speaker 1: sentence there to no more than five years, while prosecutors
Speaker 1: say she deserves at least thirty years. Behind bars. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg. Nathan. All right, Michael, thank you,
Speaker 1: almost six cent on All Street time for the blue
Speaker 1: Berg Sports Update. Here's John Stashow Banks Nathan. A near
Speaker 1: upset of the Bronx Yankees at the best record baseball
Speaker 1: Oakland A has had the worst, and yet they's got
Speaker 1: the Jordan Montgomery the third and he scored five times,
Speaker 1: led five to one, showing up. The Yanks came back
Speaker 1: a bizarre seventh any when they were helped by two
Speaker 1: catcher's interference calls against the ah Seawan Murphy, Josh Donaldson
Speaker 1: Jose Ravinia, both at two undoubles. Yanks scored the last
Speaker 1: eight runs. They won nine to five, not quite the
Speaker 1: emotion of Sunday's comeback. Whenever Euston with Aaron Boom. Still
Speaker 1: please the good one coming off, you know, obviously at
Speaker 1: high energy, intense series, you know, come out here and
Speaker 1: get a little rain. Early. Um I thought her energy
Speaker 1: was good and uh and obviously a great fit of Nanks.
Speaker 1: Now thirty two and nine at home. The Astros are
Speaker 1: still in New York after that split in the Bronx.
Speaker 1: They visit the Mets tonight. The feeling was things were
Speaker 1: not good between Kybrie, Irving and the Nets, and so
Speaker 1: Irving was gonna pass up the thirty seven million become
Speaker 1: a free agent. Now perhaps there wasn't as much interest
Speaker 1: as he expected. Irving is opting in he could still
Speaker 1: be traded, and that's gm. Shawn Marks hinted wasn't thrilled
Speaker 1: with some of Irvine's ways, and he likes players who
Speaker 1: are available, which Tyree often is not. Opening. They had
Speaker 1: wibbled of that. Venny jf Novak djokovid one in four sets.
Speaker 1: Carlos Alcarez, the nineteen year old Spaniards seated fifth, needed
Speaker 1: five sets, so that John isn't there. American Danielle Collins
Speaker 1: seated seventh. She made us the Australian Open final. She
Speaker 1: lost her first round match. Marlon Brisco has died. He
Speaker 1: was seventy six and nineteen sixty eight. He was the
Speaker 1: starting quarterback for the Denver Broncos, the first African American
Speaker 1: starting QB in pro football history. John Stashun, We're Bloomberg
Speaker 1: Sports all right, John, Thanks SMP features down up seventeen
Speaker 1: points down, features up a hundred fifty three. NAT that
Speaker 1: features are higher by forty three points. The tenure treasury
Speaker 1: is down nine thirty seconds. The yield three point two
Speaker 1: three percent up. Next, the latest from the G seven
Speaker 1: as President Biden now heads to the NATOS. Some at
Speaker 1: Bloomberg's Rosalind Mathieson joins us. Next, This is Bloomberg Bloomberg
Speaker 1: eleven three O weather sunshine and a high and near
Speaker 1: eighty today, mid eighties with Sunday sky Tomorrow sunny and
Speaker 1: hot by Thursday with a high expected near ninety. Right
Speaker 1: now sixty six and cloudy in Central Park markets. Headlines
Speaker 1: and breaking new ones twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktap.
Speaker 1: This is a Bloomberg Business lash and I'm Karen Moscow
Speaker 1: stocks are arising after China softened its strict COVID protocols
Speaker 1: us an investor concern about global growth, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: futures are higher, with SMP futures up seventeen points down
Speaker 1: futures have a hundred fifty five and NAST day futures
Speaker 1: at forty three. The decks in Germany's up six tenths
Speaker 1: of upper cent and your treasury down ten thirty seconds.
Speaker 1: You three point to three percent, the yield on the
Speaker 1: two year three point one three percent, Nimex screwed oils
Speaker 1: at one point six percent of a dollar seventy seven
Speaker 1: at a hundred eleven dollars thirty three cents, and barrel
Speaker 1: comes gold is little change in eighteen twenty six and
Speaker 1: ounce the euro one point oh five eight nine against
Speaker 1: the dollar, British ground one point to two six five
Speaker 1: and the yen at one thirty five point nine five.
Speaker 1: And look at it bitcoin, it's up half percent at
Speaker 1: twenty one thousand dollars. Today we're watching for reports on
Speaker 1: wholesale inventories at an eight thirty Wall Street time and
Speaker 1: nine we get two reports on home prices and at
Speaker 1: tend consumer confidence. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more unless going on around the world. Chael,
Speaker 1: thank you very much. Jar In the January six dollars
Speaker 1: panel investigating the US capital ryot is holding a surprise
Speaker 1: during today with a non identified witness. The last minute
Speaker 1: proceedings are being cloaked in secrecy, raising expectations for new
Speaker 1: bombshells in the sweeping investigation. Rescuers are searching through charred
Speaker 1: rubble of a shopping mall for more victims of a
Speaker 1: Russian missile strike that has killed at least eighteen and
Speaker 1: wounded scores of others in a Ukrainian city. The U
Speaker 1: n Security Council scheduled an emergency meeting today to discuss
Speaker 1: the attack. In baseball, the Yankees one along with the
Speaker 1: Nationals and Orioles, the Red Sox lost Global news twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,
Speaker 1: powered by more than journalists and analysts, are more than
Speaker 1: a hundred twenty countries. How Michael Bar, this is Bloomberg, Nathan, Michael. Thanks,
Speaker 1: It's six nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg day Break. We want
Speaker 1: to get more now on the summits overseas. President Biden
Speaker 1: is moving on from the G seven in the Bavarian
Speaker 1: Alps to a three day NATO summit in Madrid, as
Speaker 1: both G seven and NATO leaders are focused on the
Speaker 1: short and long term challenges of Russian aggression and arising China.
Speaker 1: Joining us now from Bavaria. Bloomberg News Executive editor for
Speaker 1: International Government Rosalind Matheson. Ros It's great to speak with
Speaker 1: you this morning. Thanks for being with us, Gus. One
Speaker 1: of the biggest developments to come out of the G
Speaker 1: seven is this talk about talking about Russian oil and
Speaker 1: gas price caps. I guess that gets to the challenge,
Speaker 1: particularly in Europe, on how to punish Russia for the
Speaker 1: invasion without hurting the European economy. Well, that's right. So
Speaker 1: we're just getting the details now of the final communicate
Speaker 1: of the leaders as they wrap up their meeting here,
Speaker 1: and as expected, they're they're committing more broadly to the
Speaker 1: idea of a cap on Russian oil prices. As you say,
Speaker 1: the imperative there is to limit the amount of money
Speaker 1: that's going into Vladimir Putin's war coffers because of course,
Speaker 1: with energy prices so high, he's benefiting enormously and that's
Speaker 1: really helping him fund his war machine. So being unable
Speaker 1: to fully stop him selling oil to other countries, at
Speaker 1: the least they can do is try and make sure
Speaker 1: he can't get a good price for it. The equation
Speaker 1: is how do you actually and that's a price caps.
Speaker 1: So what they're they're doing now is simply saying they
Speaker 1: think that there's some possibility here and they need to
Speaker 1: go away and try and figure out exactly how to
Speaker 1: do it. So many steps still to be overcome before
Speaker 1: they actual price cap would be put in place. What's
Speaker 1: the challenge rise for the G seven and NATO to
Speaker 1: confront Russia while putting more of a focus now on
Speaker 1: China and the economic challenge that the world's second biggest
Speaker 1: economy poses. Well, that's right, it's a juggling out to
Speaker 1: these nations. Of course, the US President Joe Biden when
Speaker 1: he came in, made clear that his number one foreign
Speaker 1: policy priority was China and tackling China's expanding economic and
Speaker 1: strategic reach. And then of course came the war in Ukraine.
Speaker 1: Russia's invasion, which kind of abended that and has caused
Speaker 1: him to be distracted from his primary task. That the
Speaker 1: question is, how can you continue to deal with Russia
Speaker 1: while not taking arrive the ball on China and in
Speaker 1: some way the too our interlinked. Of course, China has
Speaker 1: refused to condemn Russia for its actions in Ukraine. It's
Speaker 1: still buying Russian oil, its companies are still trading with
Speaker 1: Russian companies, and President c GM Ping is perhaps not
Speaker 1: leaning on the Russian president as hard as he could
Speaker 1: to curtail his actions in Ukraine, but certainly is very
Speaker 1: difficult the countries like the US to deal with these crises.
Speaker 1: At the same time, meanwhile, China is simply building its
Speaker 1: influence um as every day goes by, but certainly at
Speaker 1: least a statement here of intent to try and refocus
Speaker 1: attention on China. And even before this NATO summit gets
Speaker 1: underway in Madrid, Spain, we've heard a lot of developments
Speaker 1: from the Military Alliance, including word of this new strategic
Speaker 1: posture document that's going to mention China for the first
Speaker 1: time and Secretary General John Stoltenberg saying they're really going
Speaker 1: to increase the rapid response force to confront Russia. What
Speaker 1: further developments are we expecting ras from the NATAI ga ing, Well,
Speaker 1: there are those two things that you've mentioned, but the
Speaker 1: biggest issue on the table arguably for NATO as leaders meet,
Speaker 1: there is a way to try and convince Turkey to
Speaker 1: allow Sweden and Finland to join NATO. Of course, Turkey
Speaker 1: is obstructing that membership application, citing what he says is
Speaker 1: their support for what he calls Kurdish terrorists. And and
Speaker 1: and urdu Wan will be at that meeting. There's a
Speaker 1: possibility he'll even sit down with the US president. That
Speaker 1: would be an effort by the US to try and
Speaker 1: mediate through that and find a way for Turkey to
Speaker 1: agree to unblock that membership right now, though of course
Speaker 1: they're pretty dog in. The question is there's the US
Speaker 1: have to provide Turkey with something in order to get
Speaker 1: them over the lines. That have to sort of talk
Speaker 1: about possibly giving them greater military weapons, perhaps even replacement
Speaker 1: at sixteen fighter jets. Is that a way to convince
Speaker 1: Urdue to show me he has gotten something for what
Speaker 1: really is brinkmanship on the NATO front. But certainly that's
Speaker 1: a key issue on the table. The yeah, and certainly
Speaker 1: underscoring perhaps the importance of the Sweden Finland NATO candidacy.
Speaker 1: We got word from the White House just this morning
Speaker 1: the President Biden spoke with Turkish President ur Nowuan even
Speaker 1: as he makes his way over to that summit in Madrid, Spain.
Speaker 1: Rosalind Matheson, Executive editor for International Government for Bloomberg News,
Speaker 1: thanks for being with us this morning, getting all the
Speaker 1: way us on both these summits now under way, the
Speaker 1: G seven wrapping up in the Bavarian Alps, as the
Speaker 1: NATO leaders get set to meet for three days in Madrid, Spain.
Speaker 1: Looking ahead to the market open on Wall Street, futures
Speaker 1: are moving higher. We have SMP futures up nineteen points
Speaker 1: right now, DAL futures up a hundred seventy three and
Speaker 1: NASTAC futures higher by fifty two points. Looking at bonds,
Speaker 1: the tenure is down nine thirty seconds, the yield three
Speaker 1: point to three percent, and the yield on the two
Speaker 1: year just about three point one three percent. For the
Speaker 1: two year Treasury note, you're listening to Bloomberg Daybreak, and
Speaker 1: Bloomberg day Break is brought to you by Hofstra University's
Speaker 1: Frank gz RB School of Business, top ranked online NBA
Speaker 1: program with a real world foundation. Learn more at Hofstra
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Speaker 1: Loving Freedom to Washington, d C, Bloomberg On to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixteen,
Speaker 1: to the Country Sirius XM tod A one nineteen and
Speaker 1: around the globe the Bloomberg Business at and Bloomberg Radio
Speaker 1: dot com. This is Bloomberg Daybreak hits six thirty on
Speaker 1: Wall Street. Good morning, I'm Nathan Hayger and I'm Karen Moscow.
Speaker 1: We're just about three hours away from the open of
Speaker 1: US training. Time for the five things you need to
Speaker 1: know to start your Dave Rotch you buy Interactive Brokers.
Speaker 1: Interactive Brokers Global Analysts helps you find new global investment
Speaker 1: opportunities to diversify your portfolio and discover undervalued companies that
Speaker 1: may have greater growth potential. Try ibk our Global Analysts
Speaker 1: today at ibker dot com, slash g a A first.
Speaker 1: Stocks are rising after China made a major shift in
Speaker 1: its COVID nineteen policy, it cut its quarantine period to
Speaker 1: ten days from three weeks for inbound visitors. Bloomberry Senior
Speaker 1: executive editor John Leui and Beijing outlines the reasons for
Speaker 1: the move. The caseload has come down substantially. The other
Speaker 1: thing is the economy has obviously been pummeled last week,
Speaker 1: who had presidents coming out and saying that the government
Speaker 1: is going to do what it can to hit this
Speaker 1: year's growth target. If the government is value and if
Speaker 1: it's willing to take steps like this, it's possible we
Speaker 1: might get closer to five and a half percent than
Speaker 1: previously thought. Bloombery John Luis has stocks in AJR race
Speaker 1: losses to climb for a fourth session. Karen Futures are
Speaker 1: getting a boost as well after stocks started the week
Speaker 1: in the US on a losing note. River Front Investment
Speaker 1: Group chief investment strategist Chris Constantino says, with the outlook
Speaker 1: remaining unclear, investors should put their money in safe assets.
Speaker 1: We think that clipping coupons in the form of you know,
Speaker 1: dividend yields from safe, high quality, high cash low type
Speaker 1: equities as well as certain parts of the fixed income world.
Speaker 1: Those types of instruments are really going to be an
Speaker 1: investor's best friend, we think for the next few years.
Speaker 1: Chris Constantinos, Riverfront Investment Group says the macro environment in
Speaker 1: the U S and globally remains uncertain well overseas, Nathan.
Speaker 1: The European Central Banks Annual Forum in Central is underway.
Speaker 1: ECB President Christine and the Guard addressed interest rates and
Speaker 1: inflation in a keynote speech. In response to the changing
Speaker 1: inflation outlook. We have consistently followed the path of policy
Speaker 1: normalization since December last year, sequentially adjusting our policy stunts.
Speaker 1: ECB President Christine le guards and inflation in Europe is
Speaker 1: expected to remain undesirably high in the foreseeable future. President
Speaker 1: Biden's on his way to Madrid Careen for a three
Speaker 1: day NATO some with a group of seven gathering coming
Speaker 1: to a close. The White House says the President spoke
Speaker 1: with Turkeys President on the way. Well back here at home, Nathan,
Speaker 1: The January six Committee added an additional hearing scheduled for today.
Speaker 1: Sources ATOS center around information and footage from documentary filmmaker
Speaker 1: Alex Holder. That's the five things that you need to
Speaker 1: know to start your day brought to you by Interactive
Speaker 1: Brokers and futures this morning are gaining s and P
Speaker 1: futures up twenty one points in OW futures up a
Speaker 1: hundred eighty Nasdack futures up fifty six. The decks in
Speaker 1: Germany up about eight tenths of upper cents. Straight ahead
Speaker 1: your latest local headlines, plus a check of sports. This
Speaker 1: is Bloomberg. Hi, Karen. Thanks at six thirty three on
Speaker 1: Wall Street where sixty six degrees in Central Park and
Speaker 1: delayser building on the upper level of the George Washington
Speaker 1: Bridge after an earlier accident. Details coming up in traffic.
Speaker 1: Michael bars here first with what else is going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. Today marks the first election since the
Speaker 1: Supreme Court revoked woman's constitutional rights when abortion it is
Speaker 1: it's issue in multiple races and primaries and seven states,
Speaker 1: including New York Governor Kathy Hoco faces Tom Swazi and
Speaker 1: Jamanni Williams for the Democratic gubernatorial nomination. Rob Astino Andrew Giuliani,
Speaker 1: Harry Wilson, and lee Z Elden are running for the
Speaker 1: GOP nomination for governor. A Staten Island judges blocked New
Speaker 1: York City from letting non citizens vote for mayor and
Speaker 1: other municipal offices. The judge agreed with Republicans who challenged
Speaker 1: the measure as unconstitutional. A federal court in Louisiana temporarily
Speaker 1: blocked the state from enforcing its abortion ban. Louisiana is
Speaker 1: one of thirteen states with triggering laws that took effect
Speaker 1: when the Supreme Court overturned the federal right to an abortion.
Speaker 1: Abortion clinics there immediately sued to stop Louisiana's band, saying
Speaker 1: it lacks safeguards to prevent the state from arbitrarily enforcing it.
Speaker 1: Police say forty six people were found dead in a
Speaker 1: semi trailer parked in San Antonio, Texas, likely victims of
Speaker 1: each strokes and now the sixteen were taken to area hospitals.
Speaker 1: Temperatures climbed to a hundred three degrees in San Antonio.
Speaker 1: Mayor ron Nyronberg suggests that the people who died were immigrants.
Speaker 1: We are dealing with a horrific human tragedy, so I
Speaker 1: would urge you all to think compassionately and pray for
Speaker 1: the deceased, the ailing the families. Mayor ron Nyrenberg. Three
Speaker 1: people have been taken into custody. Three people are dead
Speaker 1: after an Amtrak train hit a dump truck in rural
Speaker 1: Missouri between Kansas City and St. Louis. The train then derailed.
Speaker 1: This man was a passenger on board. The thing that's
Speaker 1: going to step with me the most is the smell
Speaker 1: of just the train, the grinding of the nettle and everything.
Speaker 1: INDSB investigators will be on the accident scene today. Delaine
Speaker 1: Maxwell will be sentenced today in New York for helping
Speaker 1: the wealthy financier Jeffrey Epstein sexually abused underage girls. The
Speaker 1: prosecution will likely paint a picture of how Epstein and
Speaker 1: Maxwell flaunted their riches and associations with prominent people to
Speaker 1: groom vulnerable girls and then exploit them. Maxwell denies abusing anyone.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analyst in more than a hundred twenty countries,
Speaker 1: and Michael Barren. This is Bloomberg, Nathan, Michael, thank you
Speaker 1: Almost six thirty six On Wall Street. John stash Ower
Speaker 1: has the Bloomberg Sports Update. Thanks from the Yankees. Fifty
Speaker 1: fourth win of the year, the thirty second at home,
Speaker 1: and it was their twenty third come from behind victory.
Speaker 1: In fact, in each of the yanks last four wins,
Speaker 1: they failed by at least three runs. They were down
Speaker 1: by four as the lowly Oakland A scored five times
Speaker 1: in the third any, but the Yanks put up six
Speaker 1: in the seventh. The first run was scored with a walk,
Speaker 1: a catcher's in afference call a hit by pitch, and
Speaker 1: then another catcher's in afference joh Donaldson. Jose Travino then
Speaker 1: had two undoubles. Yanks b the a S nine to five.
Speaker 1: The Mets are back home tonight to play the Astros.
Speaker 1: NBA free agency comes next to mat Kyrie every will
Speaker 1: not be a free agent. He's opping in with the Nets.
Speaker 1: He'll make thirty seven million to be a free agent
Speaker 1: next year, and we'll see if the Nets still try
Speaker 1: to trade him. They like irving the flare, but maybe
Speaker 1: not just thrilled with some of the baggage that comes
Speaker 1: with him. John Wall, at one time All Star guard,
Speaker 1: hasn't played much lately to the injury. He said to
Speaker 1: be headed to the l A Clippers. Deshaun Watson as
Speaker 1: a hearing today before the former judge who will decide
Speaker 1: if he's to be suspended by the NFL for sexual
Speaker 1: misconduct with numerous women. A year ago at Wimbledon, Serena
Speaker 1: Williams heard her hamstring in the opening round. Wasn't known
Speaker 1: if she would play again, but then now forty year
Speaker 1: old seven time Wimbledon champ will be on center for today.
Speaker 1: I didn't retire. I just needed to hell physically mentally.
Speaker 1: Um and yeah, I just I had no plans, to
Speaker 1: be honest, I just didn't know when I would come back.
Speaker 1: I don't know how I would come back, and um
Speaker 1: it just you know, obviously Wimbledon is such a great
Speaker 1: place to be still chasing the Ransom title with the
Speaker 1: Tye the all time record. John stash were Bloomberg Sport.
Speaker 1: Not good to see your back, all right, John, thank you.
Speaker 1: At six thirty seven on Wall Street, time to take
Speaker 1: a look at stock some of the names moving in
Speaker 1: the pre market. Bloomberg Radio and TV Markets correspondent Creedy
Speaker 1: Gupta is back with us this morning. Creety, what's on
Speaker 1: your eye this morning? Well, let's start with the earning story.
Speaker 1: Nathan Nike coming out UM for with some kind of
Speaker 1: interesting mixed results. Here'm gonna break it down, n K
Speaker 1: easier taking. The shares are down about three percent in
Speaker 1: the pre market, and it's kind of interesting because they
Speaker 1: beat their earnings overall. If you actually even look at
Speaker 1: this on a constant currency basis, which essentially gets rid
Speaker 1: of all the currency fluctuations. We know that the dollar
Speaker 1: has been extremely strong, so any kind of overseas sales
Speaker 1: or profits you have to bring it back to the
Speaker 1: States and convert it into dollars, which means you're essentially
Speaker 1: making less profit when you kind of make that conversion.
Speaker 1: But when you calculated on a constant currency basis, global
Speaker 1: sales actually rose three percent. Remember this is in an
Speaker 1: era where a lot of people are saying consumers around
Speaker 1: the world are going to start pulling back, pinching pennies,
Speaker 1: trying to get kind of ahead of a lot of
Speaker 1: that recession to nevertheless Nike coming out on top. But
Speaker 1: here's what the shares are reacting to here. It's that
Speaker 1: downbeat full year forecast, and they're saying a lot of
Speaker 1: it is coming from the issues in the Chinese market.
Speaker 1: They say it's a very long term game for them
Speaker 1: in the China market. But recently in this quarter especially
Speaker 1: their sales dropped twenty percent, Nathan, and has everything to
Speaker 1: do with those COVID lockdowns. They're just not able to
Speaker 1: get their UH products out, but they're also not able
Speaker 1: to really get those sales in that market that was
Speaker 1: supposed to be so lucrative. And that's the theme that
Speaker 1: you're seeing really around the world. Yeah, and the theme
Speaker 1: we're seeing this morning with a positive sentiment more broadly
Speaker 1: with China least lifting some restrictions and I see robin
Speaker 1: Hoods on your list. Some merger talk there potentially, Um,
Speaker 1: I'm gonna set he's very technical term here, Nathan, wishy washy.
Speaker 1: That is kind of getting really deep this morning. It's
Speaker 1: six thirty. Yes, we're looking at robin Hood shares h
Speaker 1: o O D is your ticker. It's down about well,
Speaker 1: let's just call it four percent here this morning. It's
Speaker 1: interesting because it came from news yesterday afternoon that Sam
Speaker 1: Bank but phrase FTX Crypto Exchange would is exploring whether
Speaker 1: it might be able to acquire robin Hood. According to
Speaker 1: people with knowledge of the matter. That being said dal
Speaker 1: Jones now reporting that the CEO says that they're not
Speaker 1: in active talks with Robin Hood. That doesn't necessarily mean
Speaker 1: that they're not still exploring a path, but they're not
Speaker 1: an active talk. So what the share prices have done
Speaker 1: yes or down about four percent in the pre market,
Speaker 1: but they were up four percent yesterday afternoon. So if
Speaker 1: you actually look at a net net the shares are
Speaker 1: actually positive when you look at it the last twenty
Speaker 1: four hours, which is kind of a weird way to
Speaker 1: look at it. But keep an eye on these shares
Speaker 1: as we get more commentary on it. And I'll leave
Speaker 1: you with one last one, Spirit Airlines talking about M
Speaker 1: and A. Here s a b E up four percent,
Speaker 1: Jet Blue boosting it's all cash bit in response to
Speaker 1: an increased offer Bright Frontier. Remember this is days before
Speaker 1: that crucial shareholder both on Tunet. Yeah, even following that
Speaker 1: saga for days and looks like we'll continue to do so.
Speaker 1: Boomberg Radio on TV Markets correspondent Creed Gupta with us
Speaker 1: on a morning where shares as a whole are moving higher.
Speaker 1: On that from China that COVID quarantines for inbound traveler
Speaker 1: is gonna be cut in half. SMP futures are up
Speaker 1: twenty one points foul futures up eighty six. NASAC futures
Speaker 1: are higher by fifty nine points, and the tenure treasury
Speaker 1: is down eight thirty seconds, the yield three point to
Speaker 1: three percent. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: sunshine with a higher eighty today, mid eighties and sunny tomorrow,
Speaker 1: sunny and hot for Thursday, the higher ninety right now,
Speaker 1: cloudy and sixty seven degrees in Central Park markets. Headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, a Bloomberg business atand at Bloomberg Quick Tape,
Speaker 1: He's a Bloomberg business lash and I'm Karen Moscow and
Speaker 1: futures are on the rise. This morning we get to
Speaker 1: the first word breaking news desk for today's morning call.
Speaker 1: Here's Bill Malot, name Bell, Good morning, and good morning, Karen.
Speaker 1: That's right you as features are on the green. Right now,
Speaker 1: dowt futures up a hundred and eighty three points as
Speaker 1: to these game twenty two Well, NASDA futures rise by
Speaker 1: fifties seven. The US ten year at three point to
Speaker 1: three percent, Gold is little changed, Oil is climbing, and
Speaker 1: Bitcoin is higher by half a percent. Shanghai rose point
Speaker 1: nine percent overnight. Note that China cut its quarantine travel time,
Speaker 1: while RPM markets are in the green, led by one
Speaker 1: percent gains in Spain and the UK back in the US.
Speaker 1: On the economic frontday thirty whostale inventories and at ten
Speaker 1: o'clock consumer confidence and Richmond fed After the BELUS night,
Speaker 1: nak Nike gave a downbeat guide and shares a down
Speaker 1: town a half percent in the pre market, and Bank
Speaker 1: of America, Morgan Stanley, Wills Fargo, and Goldman Sachs all
Speaker 1: raised their dividends. In deal news, the f t X
Speaker 1: CEO said there are no active talks about a robin
Speaker 1: Hood takeover, and another news, Goldman Sachs said US profit
Speaker 1: margin estimates are too optimistic, rapping things up. Boston Beer
Speaker 1: was cut to sell Goldman Sachs, Snowflake raised to buy Jeffreys,
Speaker 1: and Verizon was raised to sector outperform over at Scotia
Speaker 1: Bank Live from the first to Breaking news deskon Bill
Speaker 1: Maloney camp All right, Bill, thank you, and here live
Speaker 1: breaking news over here. Bloomberg type squawk on your terminal.
Speaker 1: That's squ a w K. That's a Bloomberg business flash
Speaker 1: now here's Michael Barrow with more on what's going on
Speaker 1: around the world. Michael, thank you very much. Karon. Mystery
Speaker 1: surrounds a surprise January sixth hearing that will take place
Speaker 1: this afternoon. The committee says the hearing will present recently
Speaker 1: obtained evidence, raising the expectations of new bombshells. Rescuers are
Speaker 1: searching through charter rubble of the shopping mall for more
Speaker 1: victims of a Russian missile strike that has killed at
Speaker 1: least eighteen and wounded scores of others in the Ukrainian city.
Speaker 1: Many of the more than one thousand people inside managed
Speaker 1: to escape. The UN Security Councils scheduled an emergency meeting
Speaker 1: today to discuss the attack. In baseball, the Yankees one
Speaker 1: along with the Nationals and Orioles the Red Sox lost
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than seven journalists
Speaker 1: and analysts in more than countries. I'm MICHAELA. Bar This
Speaker 1: is Bloomberg hearent alright, Michael, thank you. It is sixty
Speaker 1: nine on Wall Street. Return to news now in science
Speaker 1: and Technology with the Bloomberg and j I T. Stem
Speaker 1: Report brought to you by New Jersey Institute of Technology
Speaker 1: and j i T is dedicated to bolstering support for
Speaker 1: female and minority students pursuing careers in high paying STEM industries.
Speaker 1: Learn more at n j i T dot ETU. You know,
Speaker 1: here's what's making news in science, technology, engineering and math now.
Speaker 1: SO wants to experiment with a new orbit around the
Speaker 1: Moon that it hopes to use in the coming years
Speaker 1: to once again land astronauts on the lunar surface. So
Speaker 1: it's sending up a test satellite from New Zealand, with
Speaker 1: the launch scheduled for later today. If successful, the Capstone
Speaker 1: Cube SAT satellite, only about the size of a microwave oven,
Speaker 1: will be the first to take the new path around
Speaker 1: the Moon and we'll send back vital information for at
Speaker 1: least six months. Google's cloud computing division is preparing to
Speaker 1: reveal the carbon footprint for its workspace apps as it
Speaker 1: builds out its suite of tools to help customers assess
Speaker 1: their impact in the environment. The move by Apple owned
Speaker 1: Google Cloud Expands or Alphabet owned Google Cloud I should
Speaker 1: have said, expands measures on veiled last year to help
Speaker 1: clients measure and reduce the gross carbon emissions of using
Speaker 1: Google cloud services. Google aims to be completely decarbonaged by
Speaker 1: twenty and Netflix is looking to Asia, seeking to both
Speaker 1: maintain growth in the one region where it's still adding
Speaker 1: subscribers and replicated success there in other parts of the world.
Speaker 1: The company says, despite plans to curb overall spending, investment
Speaker 1: in Asia will keep growing, including financing for the production
Speaker 1: of local films and series. And that's a Bloomberg and
Speaker 1: j I t Stem report taken. All right, Karen, Thanks,
Speaker 1: We're live from the Bloomberg Interactive Brokers studios where we're
Speaker 1: coming up to six fifty one on Wall Street, and
Speaker 1: it's now time to check what's going on in d C.
Speaker 1: Some of the top stories from our nation's capital include
Speaker 1: President Biden heading to a three day NATO summit following
Speaker 1: gatherings from the G seven in the Bavarian Alps, the
Speaker 1: White House dodging calls to use fed old property for
Speaker 1: abortions after the post road decision, and the January six
Speaker 1: Committee holding a surprise hearing today on new evidence. Let's
Speaker 1: bring in Bloomberg Government reporter Emily Wilkins for more on
Speaker 1: all these stories. As we continue to follow President Biden's
Speaker 1: progress through the summits oversees emily what should we be
Speaker 1: watching for today from the NATO summit? So a couple
Speaker 1: of different things. UM. One of the big ones is
Speaker 1: exactly what the NATO Summit is going to be doing
Speaker 1: in terms of China. Right now, they're working on some
Speaker 1: draft language, but it seems like they're going to be
Speaker 1: labeling China a strategic challenge in a policy document going forward, UH,
Speaker 1: noting that they're going to highlight some concerns about China
Speaker 1: in areas like cybersecurity, disinformation. You know, this is something
Speaker 1: that definitely certain members of NATO have wanted to happen.
Speaker 1: Others are a little more lenient just because of their
Speaker 1: tight economic relationships that they have with China. But it's
Speaker 1: gotten to the point, UM where a lot of countries
Speaker 1: felt like they needed to do something, uh to address
Speaker 1: just international concerns that China has raised over time. UM.
Speaker 1: And so we're going to be seen that uh, that
Speaker 1: particular strong language coming out today. Obviously today is the
Speaker 1: start of this three days summit, and we're also expecting them,
Speaker 1: in addition to China, of course, to focus on Russia
Speaker 1: and Ukraine and as well as what needs to happen
Speaker 1: in that particular situation. Uh, if they're going to be
Speaker 1: able to continue to support them, how long they will
Speaker 1: be able to continue to support Ukraine in its battle
Speaker 1: and what that support will look like. And just the
Speaker 1: last hour, Emily, we got word from the White House
Speaker 1: that President Biden spoke with Turkish President Wretch of type
Speaker 1: Urtawan as he makes his way to the NATO summit.
Speaker 1: Of course, Turkey has been pretty strongly opposed to Sweden
Speaker 1: and Finland joining the Alliance. Could we see more developments there? Definitely.
Speaker 1: I think that will be something that's going to wind
Speaker 1: up being discussed today as far as next steps. UM,
Speaker 1: it's certainly there are many already country of NATO who
Speaker 1: are open uh to having them be a part of
Speaker 1: the summit. Uh. We know from the White House that
Speaker 1: day after they're the phone call that the leaders discussed
Speaker 1: Russia as well as Ukraine, UM as well as terrorism,
Speaker 1: and the White House says that they will take historic
Speaker 1: actions together when they get to NATO. UM. I definitely
Speaker 1: think it's a it's a good point to raise that
Speaker 1: you do have the two countries who are seeking NATO
Speaker 1: membership that will be a part of this overall discussion, um,
Speaker 1: and I think it will be one thing to watch
Speaker 1: for of many today as this conference gets underway. And
Speaker 1: let's turn to domestic politics, where, of course, the abortion
Speaker 1: issue continues to be front and center following the Supreme
Speaker 1: Court's decision last week. The White House is talking a
Speaker 1: little bit about this idea from some Democrats that federal
Speaker 1: lands be used for the procedure in states where abortion
Speaker 1: rights are being restricted. Now, yeah, this is something that
Speaker 1: we've heard from a number of lawmakers call for the
Speaker 1: US to happen. It's a way just to get abortion
Speaker 1: clinics closer to folks in red states that have banned
Speaker 1: the practice. However, Vice President Kamala Harris at the White
Speaker 1: House is not considering opened up abortion clinics on federal lands,
Speaker 1: and White House officials told Bloomberg that it risks putting
Speaker 1: women and providers in legal jeopardy in state courts if
Speaker 1: they were to do that. But Nathan, there's a question
Speaker 1: about what the White House needs to be doing here.
Speaker 1: The White House knew this decision was coming, they saw
Speaker 1: the draft leaked back in May, and there are some
Speaker 1: concerns among progressives and even some moderates within the Democratic
Speaker 1: Party that simply Biden is not doing enough here that
Speaker 1: he needs to use the power of the presidency. Certainly,
Speaker 1: you've seen Biden do a couple of things, um notably
Speaker 1: look into the availability of making sure um that fills
Speaker 1: that could cause abortion are available to women even in
Speaker 1: states where abortions are currently banned. But it seems like
Speaker 1: calls at this point to expand the Supreme Court really
Speaker 1: are going to be gained much momentum with an institutionalist
Speaker 1: like Biden in the White House and also folks like
Speaker 1: Nancy Pelosi and Chuck Schumer in the Senate who just
Speaker 1: really have not had the appetite to try to move
Speaker 1: legislation expanding the court up to this point. What do
Speaker 1: we know about this January sixth hearing that we just
Speaker 1: found out yesterday is going to happen today. So we've
Speaker 1: seen reporting from a couple of outlets, punch Bowl of Politico,
Speaker 1: c Ann that the surprise guest today is going to
Speaker 1: be Casey Hutchinson. She was a staffer to Mark Meadows,
Speaker 1: who has been chief of staff uh for Donald Trump,
Speaker 1: and she said that she has been nearly every meeting
Speaker 1: that Trump has been in and so she's been the
Speaker 1: source at this point for a lot of information that
Speaker 1: has come out throughout the January six hearing. Uh. And
Speaker 1: even before that, I mean, she was one of those
Speaker 1: sources that documents were being the story of via being
Speaker 1: flushed in the toilet. Um that members of Congress UM
Speaker 1: had asked for Trump to pardon them to have their
Speaker 1: names added to the part of the blist. The committee
Speaker 1: wasn't just supposed to have any hearing this week. They
Speaker 1: bumped them all back until July, and now they said
Speaker 1: that this is needed to happen. Uh. Expectations are very high.
Speaker 1: John Deane, Uh, of course was such a central figure
Speaker 1: UM in the Watergate scandal, tweeted that this better be
Speaker 1: a big deal, UM, saying that it needs to rise
Speaker 1: to the importance of Alex Butterfield testifying that to Nixon's
Speaker 1: secret taping system. So it's the high expectations for the
Speaker 1: committee today. UM. Of course, a big question mark as
Speaker 1: to what exactly we're going to be seen from this testimony. Yeah,
Speaker 1: I know, we'll be watching for that hearing to get
Speaker 1: underway right around one pm Wall Street time from Capitol Hill.
Speaker 1: Bloomberg Government reporter Emily Wilkins. Thanks, as always for the
Speaker 1: update from the nation's capital. You can read more about
Speaker 1: all these stories on Bloomberg dot com or on the
Speaker 1: Bloomberg terminal, and a reminder, you can follow all the
Speaker 1: latest on Bloomberg Radio in Washington Bloomberg and one oh
Speaker 1: five point seven FM HD two. Looking ahead to the
Speaker 1: market open this morning, futures are on the rise. SMP
Speaker 1: futures up twenty three point staff futures of two hundred
Speaker 1: one NASTAC futures with a gain of sixty four points.
Speaker 1: The tenure Treasury is down fourteen thirty seconds. The yield
Speaker 1: three point to five percent yield on the two year
Speaker 1: note three point one. Looking at commodities, DIMEX screwed is
Speaker 1: up one and three quarters percent, up a dollar ninety
Speaker 1: one to a dred eleven dollars forty nine cents. Bario
Speaker 1: comes goal down to dollar eighteen eight. Announce Bloomberg Surveillance
Speaker 1: is next with Tom Keene, Jonathan Faroe, and Lisa Abramowitz
Speaker 1: for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg