Speaker 1: It's five oh seven on Wall Street where fifty six
Speaker 1: degrees in Central Park. Of course, we're really following subway
Speaker 1: traffic as the search goes on for the shooter in Brooklyn.
Speaker 1: Michael Barr is back with us with more on that
Speaker 1: and what else is happening in New York. Michael's Good morning,
Speaker 1: Good morning, Nathan. Reaction and information continue from yesterday's mass
Speaker 1: shooting on a Brooklyn subway. They had left ten people shot.
Speaker 1: This man was one of the victims. You see like
Speaker 1: a smoke, black smoke bomb going off and then and
Speaker 1: then people bomb rushing to the back. This pregnant woman
Speaker 1: was in front of me. I was trying a helper.
Speaker 1: I didn't know they were shots at first. I just
Speaker 1: thought it was a black smoke bomb. New York City
Speaker 1: Police Commissioner Keeachin Sewell the suspect is a dark skinned
Speaker 1: male and was wearing a neon orange vest and a
Speaker 1: gray colored sweatshirt. We do have a person of interest
Speaker 1: in this investigation. Commissioner Sewell says he has identified as
Speaker 1: sixty two year old Frank James. A motive remains unclear.
Speaker 1: New York City Mayor Eric Adams says the city is
Speaker 1: working to ensure the safety of subway writers. Immediately, We're
Speaker 1: going to double down on our patrol strinth. If I
Speaker 1: was not here coming from COVID, I would be on
Speaker 1: that subway system today because I think I said, Mayor,
Speaker 1: you have to leave from the front. Adams will speak
Speaker 1: to Bloomberg at am All Street time. New York Governor
Speaker 1: Kathy hokel agrees with many of Adams and calling for
Speaker 1: an end to gun violence. The last time there was
Speaker 1: a mess shooting on our subway system, I believe, so
Speaker 1: I don't want to act as if treated to a
Speaker 1: normal experience on our subway. This is a rarity, but
Speaker 1: one instant like this is one too many. President Biden
Speaker 1: echoed what Governor Hocal said, Joe and I and my
Speaker 1: wife Jill and I are praying for those who are
Speaker 1: injured in all those touched by that trauma. We're grateful
Speaker 1: for all the first responders who jumped into action, including
Speaker 1: Suvenians suvenions who didn't hesitate to healthy fellow passenger and
Speaker 1: try to shoot them. President Biden's as his team has
Speaker 1: been in touch with the Mayor, Adams, the NYPD, the
Speaker 1: Department of Justice, and the f behind the investigation. New
Speaker 1: York Lieutenant Governor Brian Benjamin has been resigned and the
Speaker 1: wake of his arrest in a federal corruption investigation. Benjamin,
Speaker 1: a Democrat, was accused in an indictment of participating in
Speaker 1: the scheme to obtain campaign contributions from a real estate
Speaker 1: developer when he was a state senator. British opposition politicians
Speaker 1: are again calling on UK Prime Minister Boris Johnson to resign.
Speaker 1: Police are finding the Prime Minister for breaking his own
Speaker 1: lockdown laws. On COVID Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven hundred journalists analysts more than a
Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg Nathan time. Michael,
Speaker 1: thank you almost five ten of all street time for
Speaker 1: the Bloomberg Sports I think one', John stash Our Lord
Speaker 1: and Nathan on what was obviously a very harrowing morning
Speaker 1: in Brooklyn. The day ended with an NBA play in
Speaker 1: game at the Barkleys Center and a victory for the Nets.
Speaker 1: Reabout affected Lewis Trow's got it again out to Irving Left. Wait,
Speaker 1: here's the three YT's go the Kyrie. He still hasn't missed. Hey, Cleveland,
Speaker 1: need's a time out. It's match their largest lead in
Speaker 1: the game, gets sixty seven of the Cat's forty seven.
Speaker 1: Kyrie is ten for ten. Had to call Kyrie Irby,
Speaker 1: we're going to make his first twelve shots. He scored
Speaker 1: thirty four points. Kevin Duran had twenty five nets. Never
Speaker 1: trailed being Cleveland one one oh eight and now it's
Speaker 1: on the Boston. Game one of the playoff series with
Speaker 1: the Celtics. Sunday afternoon. Minnesota won the playing game in
Speaker 1: the West over the Hilly Cliffords the Rangers at the Garden.
Speaker 1: We're hoping to knock offf Carolina move into a time
Speaker 1: for first and the Metropolitan Division. Didn't happen. Hurricanes with
Speaker 1: three in the third, one four two and now lead
Speaker 1: by four points. Chris Cryder did score a late goal
Speaker 1: for the Rangers, became the fourth and team history to
Speaker 1: score fifty in season. Islanders beat the Penguins by four.
Speaker 1: Devils won six to in Arizona. Shutout wins for the
Speaker 1: Mets and Yankees. The Mets to nothing in Philadelphia as
Speaker 1: Tyler and McGill turned in his second brilliant Auty McGillis
Speaker 1: two and oh as yet to lower run and over
Speaker 1: at tendings on the mound at the stadium. Yankees over
Speaker 1: Toronto for not being Estra Courtis didn't finish the fifth inting,
Speaker 1: so we couldn't get credit for the wind, but he
Speaker 1: was outstanding. Followed by four relievers together, Yankee pitchers allowed
Speaker 1: only five hits struck out Tenna did not welcome batter
Speaker 1: Aaron Hickson a two run homer. Garrett Cole starts tonight.
Speaker 1: Ma back Scherzer will be on the mount of the
Speaker 1: day game for the Mets in Phillip Johns dash that
Speaker 1: Bloomberg's Oh, that'll be fun. Thanks John red Headline cross
Speaker 1: the Bloomberg terminal moments to go, Perhaps a vote of
Speaker 1: confidence for the return to office. Google plans to invest
Speaker 1: nine and a half billion dollars US offices and data
Speaker 1: centers in two and also plans to create at least
Speaker 1: twelve thousand new full time jobs by the end of
Speaker 1: the year. You're listening to Bloomberg daybreak Bloomberg eleven three
Speaker 1: oh Weather turning mostly cloudy with a high near seventy today,
Speaker 1: scattered showers chance for late day, thunderstorm tomorrow, highs near eighty.
Speaker 1: We'll be back in the mid sixties, mostly sunny by Friday.
Speaker 1: Right now fifty six in Central Park markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and us
Speaker 1: knock Index. Future is moving higher this morning. Bonds are
Speaker 1: falling as investors way inflation risks against the start of
Speaker 1: the earning season. Check the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg U S and P Future
Speaker 1: is up twenty seven points down Future is up a
Speaker 1: hundred seventy two and NASDAG Future is up a hundred fifteen.
Speaker 1: The decks in Germany's down four tenths of Upper set ten.
Speaker 1: Your Treasury down n thirty seconds held two point seven
Speaker 1: five percent. They yield on the two year two point
Speaker 1: four one percent. Nim X screwde oil is up four
Speaker 1: tenths percent, or thirty eight cents at a hundred dollars
Speaker 1: and ninety nine cents of barrel comex School There's up
Speaker 1: a tenth of Upper cent or two dollars fifty cents
Speaker 1: in nineteen seventy eight sixty an ounce the euro one
Speaker 1: point eight to nine against the dollar British pound one
Speaker 1: point three zero zero two and they get at one
Speaker 1: twenty six point one seven. Bitcoin is higher up on
Speaker 1: and a half percent at forty thousand, one d twenty dollars.
Speaker 1: And today we're looking for another report on inflation with
Speaker 1: the producer price. And next Saturday thirty Wall Street Time, JP,
Speaker 1: Morgan Chase, black Rock and Delta I'M companies schedule to
Speaker 1: report earnings today. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barrow with Moore on what's going on around the world. Muchael,
Speaker 1: good morning, Good morning Karen. The Biden administration is preparing
Speaker 1: a military assistance package of roughly seven hundred fifty million
Speaker 1: dollars for Ukraine and his battles against Russian invaders. People
Speaker 1: familiar with the matter said the types of weapons and
Speaker 1: the package are still being discussed. The New York City
Speaker 1: Police say the gunmen in yesterday's subway shooting in Brooklyn
Speaker 1: is still on the loose. Police are looking for a
Speaker 1: person of interest in the NBA. The NETS beat the
Speaker 1: Calves in the Eastern Conference, playing an opener. Brooklyn now
Speaker 1: faces the Celtics on Sunday. In MLB, the Yankees Mets
Speaker 1: Red Sox one. The Giants also one and made history.
Speaker 1: Lissa Nakin became the first female coach on the field
Speaker 1: and the regular season game after the original first base
Speaker 1: coach was ejected. The Nationals Orioles and As lost in
Speaker 1: the NHL, the Islanders wanting to shootout with the Penguins
Speaker 1: five four, the Rangers lost, Devils and Capitals one. Global
Speaker 1: News twenty four hours a day on here and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Ow Michael
Speaker 1: bar this is Bloomberg. Alright, Michael, thank you. It is
Speaker 1: uh five nineteen on Wall Street, Live from the Bloomberg
Speaker 1: Intractive Brokers Studios. This is Bloomberg Daybreak. We want to
Speaker 1: go right now to Gregg Valier, chief US policy strategist
Speaker 1: at a GF Investments. Lots to get to with you,
Speaker 1: Greg this morning, not the least of which is a
Speaker 1: subway attack in Brooklyn. The search still ongoing for the suspect.
Speaker 1: We're actually gonna be speaking with New York City Mayor
Speaker 1: Eric Adams on Bloomberg Radio and Television later on this morning.
Speaker 1: Is there a political dimension to this attack given the
Speaker 1: rise in violent crime we've seen in many cities and
Speaker 1: Congress seem le uh having difficulties acting on violent crime. Yeah,
Speaker 1: I think it's a factor. Nathan, Good morning. I think
Speaker 1: that everything, of course in Washington is politicized. That's the
Speaker 1: nature of this city. And with crime statistics looking really
Speaker 1: horrible in New York City, crime statistics getting worse, it's
Speaker 1: a political factor. I mean, Biden has a lot to
Speaker 1: worry about, illegal immigration Ukraine Hunter. Biden a long, long
Speaker 1: list of things to him to be concerned about, and
Speaker 1: I would have to say crime is high on the list.
Speaker 1: How would you expect President Biden to react to this
Speaker 1: incident in New York City? We had the announcement just
Speaker 1: this week on ghost guns. Is there more that the
Speaker 1: President can or should be doing to respond to this?
Speaker 1: There's not a lot. But at the same time, he
Speaker 1: has to refute the idea that Democrats are soft on crime,
Speaker 1: wanted to fund the police. That's not really quite fair.
Speaker 1: Not the politics is ever fair, But I don't think
Speaker 1: Biden has ever embraced defund the police. He's got to
Speaker 1: make a stronger case that he wants to spend more
Speaker 1: fun police. And we've seen a strong statement, certainly the
Speaker 1: strongest yet from President Biden when it comes to the
Speaker 1: war in Ukraine now labeling Russia's actions, particularly in northern
Speaker 1: Ukraine a genocide. Why the shift, Well, the facts. I mean,
Speaker 1: they're finding so many bodies, people who have been tortured
Speaker 1: and killed. I mean, just when you think this couldn't
Speaker 1: get any more depressing, you hear Putin yesterday totally rejecting
Speaker 1: any any possibility of negotiation, saying he's going to fight
Speaker 1: on and you see these these atrocities continuing. I do
Speaker 1: worry that the next phase that's now beginning on flat
Speaker 1: ground is different from a phase that would be guerilla
Speaker 1: warfare in the hills. And I do think the next
Speaker 1: couple of weeks could be uh unnerving for the rest
Speaker 1: of the world seeing the Russian troops continue to advance. Yeah,
Speaker 1: certainly the images out of Bouscha at other cities in
Speaker 1: northern Ukraine have been horrifying, and now we have these
Speaker 1: unverified claims of chemical potential strikes in Mariopol. But the
Speaker 1: President in the past has been reticent to use the
Speaker 1: word genocide. He's called it war crimes. Is this a
Speaker 1: label that the White House is going to back up.
Speaker 1: I think they're gonna send a lot more sophisticated arms, Nathan.
Speaker 1: I think there will be even tougher sanctions. But it's
Speaker 1: it's awfully hard to see how that's gonna stop a
Speaker 1: Russian advanced The idea that the US could retaliate with
Speaker 1: chemical weapons or even send troops into Ukraine is out
Speaker 1: of the question. I don't see that happening. Well, what
Speaker 1: kind of military assistance do you expect that we will
Speaker 1: see from the White House and the Pentagon. We've heard
Speaker 1: reports that there's gonna be another surge of seven fifty
Speaker 1: million dollars in equipment, but we've all heard from President
Speaker 1: Zelinski what he's really looking for, what he has been
Speaker 1: looking for for weeks now. Is it no fly zone
Speaker 1: at least fighter jets. Do you think it goes to
Speaker 1: that point? Fighter jets? Maybe no fly zone I think
Speaker 1: would be really provocative. I wouldn't see that. Also, I'd
Speaker 1: like to see that some of our allies talk a
Speaker 1: little tougher or do things tougher Germany in particular, good
Speaker 1: story on that and this morning's New York Times. In
Speaker 1: countries like India or even Israel that haven't shown the
Speaker 1: support one would expect, got about thirty seconds left here, Greg.
Speaker 1: We're expecting the presidents of Poland and the three Baltic
Speaker 1: states to go to Key of today, and we have,
Speaker 1: of course saw last weekend UK Prime Minister Boris Johnson
Speaker 1: head to the Ukraine capital as well. Do you think
Speaker 1: President Biden is or should go there at some point?
Speaker 1: He might. I don't think he's there yet, but looking
Speaker 1: out over the next few weeks, one of the big
Speaker 1: wild cards is much more blatant involvement by NATO. As always,
Speaker 1: Greg value great to get your insights. Thanks again for
Speaker 1: being with us, Greg Valuers, chief US policy strategist at
Speaker 1: a GF Investments. Right now, SMP futures are higher by
Speaker 1: twenty five point staff futures up a hundred sixty eight,
Speaker 1: NASTACK futures on the rise by a hundred nine points ten.
Speaker 1: Your treasuries down ten thirty seconds with a yield two
Speaker 1: point seven five almost two point seven six percent. The
Speaker 1: yield on the two year right now two point four
Speaker 1: one percent looking at nimex screwed back up a hundred
Speaker 1: dollars a barrel. Above that, up a quarter percent, up
Speaker 1: twenty five cents at a hundred dollars eighty four cents
Speaker 1: a barrel. Stay with us. You're listening to Bloomberg day Break.
Speaker 1: Bloomberg day Break brought to you by New Jersey Institute
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Speaker 1: career placement among public schools by the Princeton Review. More
Speaker 1: at n j I, T dot E d U broadcasting
Speaker 1: live from the Bloomberg Interactive Brokery Studio in New York,
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Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country. Sirius XM had a one nine
Speaker 1: team and around the globe the Bloomberg business in Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow. Are just about four hours away from the
Speaker 1: open of US trading. Let's get you have to date
Speaker 1: in the news you need to know at this hour.
Speaker 1: The New York City Police Department has identified a person
Speaker 1: of interest in yesterday's subway shooting. Ten people were wounded
Speaker 1: and thirteen were injured in the attack, and YPD Chief
Speaker 1: James essex As officials are looking for sixty two year
Speaker 1: old Frank and James. We are endeavoring to locate him
Speaker 1: to determine his connection to the subway shooting if any.
Speaker 1: Chief Essay says James is a person of interest in
Speaker 1: the incident. More in the manhunt coming up shortly in
Speaker 1: local news. Meantime, in Washington, Carr in the US is
Speaker 1: preparing to send roughly seven hundred fifty million dollars in
Speaker 1: new military aid to Ukraine as it battles Russia. President
Speaker 1: Biden has some strong words for Russian President Vladimir Putin.
Speaker 1: Bloomberg said, Baxter has the latest. This is the first
Speaker 1: clear declaration without equivocation. I'd call the genocide because it's
Speaker 1: become clearer and clear. But prudeness is trying to wipe
Speaker 1: out the idea of hedn't be able to be in
Speaker 1: Ukrainian and says it affects the rest of the free
Speaker 1: world in a number of different ways. Your family budget,
Speaker 1: your ability to fill up your tank. None of us
Speaker 1: should hinge on whether a dictator Declaire's war commits genocide
Speaker 1: half the world away, the use of the words showing
Speaker 1: a major shift in verbiage. In San Francisco, I'm at
Speaker 1: Baxter Bloomberg daybreak, All right, thank you. Turning to the
Speaker 1: economy now, the Fed's keeping a close eye on inflation.
Speaker 1: As a couple of central bankers speak out about interest
Speaker 1: to rate. We get the latest life from Bloomberg's Ready
Speaker 1: to Young Good Morning, Ready to Good Morning, Karen's Lewis.
Speaker 1: FED President Jim Bullard tells the Financial Times that US
Speaker 1: monetary policy needs to be tightened to a point that
Speaker 1: it curtails economic growth or policy makers will risk their credibility.
Speaker 1: He supports a half a percentage point increase next month
Speaker 1: and says the rate should move up sharply after that.
Speaker 1: Richmond FED President Thomas Barkin says the Central Bank should
Speaker 1: raised interest rates to the neutral range as quickly as possible,
Speaker 1: and can move above that price if pressures continue. Live
Speaker 1: in New York, I'm gonna need a Young Bloomberg day
Speaker 1: Thanks on Wall Street Today, JP Morgan releases first quarter earnings.
Speaker 1: Bloomberg's Lisa Matteo has a preview. JP Morgan's performance will
Speaker 1: offer a first look at banking fees for the second quarter.
Speaker 1: Bloomberg Intelligence expects loan should be a strength, while seasonal
Speaker 1: weakness will likely drag on the credit card business. Will
Speaker 1: also be watching for JP Morgan's comments on client demand
Speaker 1: plus full year loan growth targets and economic risks, and
Speaker 1: he remarks from Jamie Diamond are short of garner attention
Speaker 1: that JP Morgan CEO will likely be asked about geopolitical
Speaker 1: risk and monetary policy the company's conference call in New York.
Speaker 1: I'm Lisa Matteio Bloomberg Daybreak. At least thank you, SMP
Speaker 1: Future is a twenty five points this morning and straight
Speaker 1: to hand your latest local headlines plus the check of sports.
Speaker 1: And this is Bloomberg. All right, Karen, Thanks, It's on
Speaker 1: Wall Street, fifty five degrees in Central Park. We got
Speaker 1: a truck fire. He's found seventy eight Express lanes at
Speaker 1: exit forty nine and union details coming up in traffic. First,
Speaker 1: let's get the latest on the man hunt and more
Speaker 1: than what's going on in New York and around the world.
Speaker 1: Here's Michael bar Good morning, Michael, Good morning, Nathan. Police
Speaker 1: continued to search for the gunmen who opened fire on
Speaker 1: a subway train in Brooklyn Tuesday mornings. Attack left ten
Speaker 1: people wounded by gunfire. In yp D Chief of Detectives
Speaker 1: James brandishes a Glock nine millimeter handgun. He then fired
Speaker 1: that weapon at least thirty three times, striking ten people.
Speaker 1: Chief Essex says the search is focused partly on man
Speaker 1: said to have rented a van possibly connected to the violence.
Speaker 1: Investigators stress they weren't sure whether the man, Frank James,
Speaker 1: was responsible for the shooting, but authorities say of the
Speaker 1: sixty two year old is a person of interest. Victims
Speaker 1: from yesterday's shooting on the Brooklyn subway are talking. This
Speaker 1: man says he was trying to help a pregnant woman
Speaker 1: after smoke bombs went off. She said, I'm pregnant with
Speaker 1: a baby. I hugged her and then the bomb. Marsh continued,
Speaker 1: I got pushed and that's when it got shot on
Speaker 1: the back of the my knee. New York Mayor Eric Adams,
Speaker 1: we're telling anyone that's approaching anyone that they believe is suspicious,
Speaker 1: so notified the police department, but at this time the
Speaker 1: person is not apprehended. There's no reason for us to
Speaker 1: believe that he's not still on are Adams will speak
Speaker 1: with Bloomberg later this morning, starting at eight thirty am
Speaker 1: Wall Street Time. New York Governor Kathy Oakel says this
Speaker 1: gun violence has to end now. It has to end.
Speaker 1: It ends now, and we are sick and tired of
Speaker 1: reading headlines about front. Governor Huco visited the hospital where
Speaker 1: some of the victims were admitted. New York Lieutenant Governor
Speaker 1: Brian Benjamin resigned from office after being charged with funneling
Speaker 1: illicit donations to one of his past campaigns when he
Speaker 1: was a state senator. British opposition politicians are calling on
Speaker 1: Boris Johnson to resign after it was revealed the police
Speaker 1: are finding the Prime Minister for breaking his own lockdown laws.
Speaker 1: Over COVID and sad news. In the comedy world, we've
Speaker 1: lost Gilbert Gottfried. He got yesterday at age sixty seven.
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 journalist and analyists. More than a hundred twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg Nathan. Okay, Michael, thank
Speaker 1: you on Wall Street. Time for the Bloomberg Sports Update
Speaker 1: with John Stasher. All right, if we're talking about a
Speaker 1: busy sports night in the Big Apple, Rangers were at
Speaker 1: the Garden, Nets played in Brooklyn, Yankees in the Bronze
Speaker 1: Islanders were home as well. The next through the new
Speaker 1: NBA play in system, at a winning game to gain
Speaker 1: entry of the NBA Playoffs. They got it, although a
Speaker 1: twenty two point leader was cut to six. Nets beat
Speaker 1: the Calves one fifteen one away. Kyrie Irving scored thirty
Speaker 1: four points against the team he used to play for,
Speaker 1: and now he's going to face another team he used
Speaker 1: to play for, Boston. I'm grateful to play against one
Speaker 1: of the top teams in the Eastern Conference that have
Speaker 1: been playing well all the year. It's it's another challenge
Speaker 1: for us, another test um. But I think we've answered
Speaker 1: a few questions towards the end of the season where
Speaker 1: we were in the tenth spot and you know, all
Speaker 1: of a sudden, one day later we were in the
Speaker 1: seven spot, and we had the opportunity to win some
Speaker 1: games in a row. Nets Celtics should be a great series.
Speaker 1: The Celtics finished the season going twenty six and six.
Speaker 1: Game one Sunday after in Boston, Minnesota beat the l
Speaker 1: A Clippers in the West play in game losers last
Speaker 1: night play again on Friday, Rangers lost the first place
Speaker 1: Carolina for to two, but Chris Tryder did score a
Speaker 1: late goal. He joins Vic Hatfield, Adam Graves and Yarmer
Speaker 1: Yaga are only Rangers to score fifty goals in the season.
Speaker 1: Islanders be Pittsburgh five four, The Devil's won six two
Speaker 1: and ever is one of the Mets rotation already with
Speaker 1: Matchers hopefully Jacob to grow on back from injury at
Speaker 1: some point and Tyler Miguel two starts, two wins, yet
Speaker 1: to allow a run. McGill and the Mets want to
Speaker 1: nothing in Philadelphia. Home run for Brandon Nemo. Yankees also
Speaker 1: with a shutout, Nestor Cortez and four relievers teaming up
Speaker 1: for five hit or a four nothing shut out of
Speaker 1: the Blue Jayson and Hicks. That's you run home, John
Speaker 1: Stash went Bloomberg Sports Nap. Thank you John. It's thirty
Speaker 1: seven on Wall Street. Time for the Tri State Business
Speaker 1: report with Bloomberg's Ed Corey. More New York businesses may
Speaker 1: be able to get a tax break after policy makers
Speaker 1: agreed to make a technical fix and a budget deal
Speaker 1: signed by Governor Kathy Hokel tucked inside the spending plan
Speaker 1: is an adjustment to tax laws. It will allow more
Speaker 1: New York residents to receive the full benefit of assault
Speaker 1: cap workaround, sources tell Bloomberg. Facebook is adding more offices
Speaker 1: in Manhattan. The company, known formally as Meta Platforms, will
Speaker 1: take nearly three hundred thousand square feet at seven seventy Broadway.
Speaker 1: It's a property near Astor Place where it already has space.
Speaker 1: With a new lease, Face Spook will have nearly the
Speaker 1: entire building. We'll get your golf butters out and party
Speaker 1: hats ready. In June, London based Swingers will introduce New
Speaker 1: York to its alcohol and music fueled mini golf experience,
Speaker 1: which it calls Crazy Golf. The club's located below the
Speaker 1: upcoming Virgin Hotel in Manhattan's increasingly busy Nomad neighborhood. That you,
Speaker 1: Bloomberg crying, State Business Report, I'm Ed Corey crazy. Thank you, Ed.
Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve
Speaker 1: photo Scant on ten ten Wins in New York. We're
Speaker 1: talking about how hybrid work plans close a big threat
Speaker 1: to office landlords. I'm John Sucker for kaz r AG
Speaker 1: in Houston. I'm reporting on a truck blockade at the
Speaker 1: Mexican border. I'm Scott Carr w p M in Chicago.
Speaker 1: I'm reporting on millions bore being invested in the Chicago's
Speaker 1: software startup for Mayra Wanted Dispensary. I made gory on
Speaker 1: w w J and Detroy time reporting. JEEP has announced
Speaker 1: plans for figure versions of its Upscale Wagoneer and Grand Wagoneer.
Speaker 1: If you leave those are some of the stories are
Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. It's five thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: After resisting for decades, China may soon agree to let
Speaker 1: American regulators see the audit work papers of Chinese companies
Speaker 1: listed on US exchanges, potentially sparing those firms from being delisted.
Speaker 1: While some Hawks would no doubt prefer to block all
Speaker 1: Chinese companies from access to US financing, this climb down
Speaker 1: should be welcomed. Having China played by the same rules
Speaker 1: as everyone else would represent a victory for transparency and
Speaker 1: would strengthen confidence in US markets. It would also slow
Speaker 1: the loss of business to Chinese exchanges while giving US
Speaker 1: investors greater opportunity to benefit from China's growth, and it
Speaker 1: would be a win for China as well by allowing
Speaker 1: Chinese companies continued access to crucial US markets. Friction in
Speaker 1: the U S China relationship may be inevitable. That's all
Speaker 1: the more reason for both sides disease on this opportunity
Speaker 1: for cooperation. This editorial was written by the Bloomberg Opinion
Speaker 1: editorial Board. I'm David Shipley. For more Bloomberg Opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or opia and
Speaker 1: go on the Bloomberg terminal. These has been Bloomberg Opinion.
Speaker 1: You can hear Bloomberg Opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at O P I, n GO,
Speaker 1: SMP futures up eighteen points right now down futures up
Speaker 1: a hundred twenty one, NASTAC futures higher by eighty two points.
Speaker 1: The tenure treasury is down eight thirty seconds with a
Speaker 1: yield two point seven five percent. Yield on the two
Speaker 1: year right now two point four two percent as we
Speaker 1: await the kickoff first quarter earning season from JP Morgan Chase.
Speaker 1: Get a preview next with Bloomberg Shinali Bassik. This is
Speaker 1: Bloomberg Blumber eleven three oh Weather becoming mostly cloudy with
Speaker 1: a high near seventy today, scattered showers tomorrow, maybe a
Speaker 1: late day thunderstorm, highs near eighty. We'll be back in
Speaker 1: the mid sixties by Friday. Fifty five is the current
Speaker 1: temperature in Central Park markets. Headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg
Speaker 1: Business atand at Bloomberg Quick Take. This is a Bloomberg
Speaker 1: Business lash when I'm Cameron Moscow. US dot index future
Speaker 1: is on the rise. Bonds are falling as investors way
Speaker 1: inflation risks against the start of earning season. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: SNP futures up about eighteen polloids, death futures of a
Speaker 1: hundred and sixteen NASDACK futures up seventy eight the decks
Speaker 1: in Germany's down nine tenths of upper cent ten year
Speaker 1: treasury down seven thirty seconds yield two point seven four percent.
Speaker 1: They yield on the two year two point four two percent.
Speaker 1: Not x screwed oil is up third of per cent,
Speaker 1: or thirty three cents at a hundred dollars nine four
Speaker 1: cents of barrel comic schoold is up three ten percent
Speaker 1: or five dollars forty cents at sixty announced. The Euro
Speaker 1: one point eight to eight against the dollar, British bound
Speaker 1: one point to nine and nine nine, the un is
Speaker 1: at one point one three, and Bitcoin this morning is
Speaker 1: at one point four percent at forty thousand, one hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barrow with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. The New York City Police Department
Speaker 1: has identified a person of interest in yesterday's chaotic shooting
Speaker 1: at a Brooklyn subway station that left twenty three people injured,
Speaker 1: including ten shot. The shooter remains at large. NYPD Commissioner
Speaker 1: keeaching Seoul. At this time, we still do not know
Speaker 1: the suspects motivation. Commissioner Sewell says. Keys found at the
Speaker 1: scene of the attack belonged to a U haul van
Speaker 1: rented by sixty two year old Frank James. In the NBA,
Speaker 1: the Nets be the Calves in the Eastern Conference play
Speaker 1: an opener Brooklyn, Now face, there's the Celtics on Sunday.
Speaker 1: In MLB, the Yankees, Men's Red Sox and Giants won
Speaker 1: the Nationals Orioles and As lost. In the NHL, the
Speaker 1: Islanders wanting to shootout with the Penguins five four, the
Speaker 1: Rangers lost, the Devil's and Javenls won. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than journalists and analyists more than a
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg NA, all right, Michael, thanks,
Speaker 1: just about five forty nine now on Wall Street Live
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Day
Speaker 1: Break and is Karen mentioned we are getting set for
Speaker 1: the kickoff at first quarter earning season. It must really
Speaker 1: be here because Bloomberg Global Finance correspondent Shanelli Bassik is
Speaker 1: with me here in the studio getting ready for the
Speaker 1: first of the Big six Wall Street banks. JP Morgan
Speaker 1: Chase to open up the first quarter books. Channelly, Great
Speaker 1: to see you this morning. So there's so much volatility
Speaker 1: in this market right now, and of course JP Morgan
Speaker 1: is going to set the tone for what we see
Speaker 1: from the rest of the Big six. What are you
Speaker 1: really keeping an eye on? Well, Number one is Jamie
Speaker 1: Diamonds outlook for the economy this year and how that
Speaker 1: might impact operations. As we know, we know that costs
Speaker 1: are going up at the banks, but what we have
Speaker 1: not accounted for is our provisions for loan losses going
Speaker 1: to come back because the economy might be in a
Speaker 1: tougher space in the next year or even two years.
Speaker 1: So while Jamie Diamond and JP Morgan said that reserve
Speaker 1: releases were made really helping earnings last year, they may
Speaker 1: start to get tighter on underwriting standards and if they
Speaker 1: do that, then everybody does there's a big worry out
Speaker 1: there about what underwriting standards will look like. And I'm
Speaker 1: sure a lot of analysts, folks like yourself are watching
Speaker 1: not just what's the deal, but where are the deals
Speaker 1: right now because there's been quite a lot less m
Speaker 1: and A activity than there was leading into this year. Yeah,
Speaker 1: the overall corporate and investment banking business does not have
Speaker 1: the same tail winds as it does did last year,
Speaker 1: so trading is expected to go down. And remember JP
Speaker 1: Morgan had an exposed sure to that commodities that nickel
Speaker 1: trader uh that we saw really hit a lot of
Speaker 1: trouble this year. So are they going to say anything
Speaker 1: about nickel? What about inflation? Other commodities, Investment banking, advisory,
Speaker 1: debt equity all down on the year, but their pipeline
Speaker 1: will be important this month after the quarter ended. There's
Speaker 1: about a hundred billion dollars worth of debt underwriting expected
Speaker 1: in this month alone, so some of that could come back.
Speaker 1: But when it comes to the trading, there's been so
Speaker 1: much volatility, especially given all that's going on in the
Speaker 1: war in Ukraine, a lot of ups and downs, particularly
Speaker 1: in the stock market. Could we see a bit of
Speaker 1: a tailwind there for the trading debt. That's a great
Speaker 1: question because equity and debt underwriting are very closely linked
Speaker 1: to underwriting. So if underwriting drops off, which we know
Speaker 1: it has, it really does hurt equities. What's more is
Speaker 1: that the volatility was so high in the quarter. Usually
Speaker 1: high volatility means more trading, but this quarter tons of
Speaker 1: hedge funds lost tons of money, and so the buy
Speaker 1: side is not as robust coming into this quarter as
Speaker 1: it was earlier last year when they were doing much better.
Speaker 1: And thinking about the outlook, Chinale, obviously we're in a
Speaker 1: FED tightening cycle right now. We're seeing interest rates already
Speaker 1: going up to levels that we haven't seen in a
Speaker 1: couple of years here. How could that potentially affect the
Speaker 1: bottom line for jpmrek. Yeah, The thing is the net
Speaker 1: interest income, the money they make off of loans. The
Speaker 1: fact that that might rise is a very exciting thing
Speaker 1: for most of the industry. However, the yield curve is
Speaker 1: still very flat, and so banks you know, they lend long,
Speaker 1: they borrow short. If they yield curve is still flat,
Speaker 1: then the money they make from those loans will not
Speaker 1: be as profitable as they otherwise would be. They gotta
Speaker 1: wonder as well, what kind of demand we see for
Speaker 1: loans when rates are starting to go up, and particularly
Speaker 1: on the corporate side, a lot of companies are sitting
Speaker 1: on huge piles of cash from all the stimulus we've
Speaker 1: gotten during the pandemic. Yeah, that's a great question. What
Speaker 1: is the demand for loans, especially as interest rates rise.
Speaker 1: You saw so much mortgage refinancing that's really started to
Speaker 1: taper off. And then also remember just prices of things
Speaker 1: are higher. People don't want to borrow necessarily to make
Speaker 1: big purchases right now. So there is a demand question
Speaker 1: when it comes to loans, and also are these healthy loans.
Speaker 1: When we saw the pandemic really take off, people started
Speaker 1: to save money, people started to shore up their balance sheets.
Speaker 1: But are people borrowing now because they're trying to stave
Speaker 1: off inflation? Are they borrowing now because they need to
Speaker 1: borrow to afford basic goods. That's a big question that
Speaker 1: the banks are going to face. Yeah, it goes back
Speaker 1: to the outlook, the health of the consumer, whether they're
Speaker 1: feeling squeezed by all this inflation. Shinelli Basak Bloomberg Global
Speaker 1: Finance corresponded with us getting ready for those JP Morgan
Speaker 1: Chase earnings. Are expecting them sometime around seven am Wall
Speaker 1: Street time. As those headlines cross, the Bloomberg terminal will
Speaker 1: be bringing them right to you here on Bloomberg Radio. Karen,
Speaker 1: all right, Nathan, thank you. It is five three on
Speaker 1: Wall Straight time for the Bloomberg Law Report. We get
Speaker 1: to the legal stories we're watching this morning from Bloomberg's
Speaker 1: Jeff Bellinger. Nuclear Regulatory Commission staffers recommend that the agency
Speaker 1: improve its environmental justice strategy to better define the outreach
Speaker 1: to tribes and other communities that bear the brunt of
Speaker 1: nuclear industry development. North Rumans Systems agreed to pay thirty
Speaker 1: five million dollars to the government in connection with clean
Speaker 1: up costs the former Naval Weapons Industrial Reserve plant in
Speaker 1: New York. A Pennsylvania appeals court ruled that the state
Speaker 1: does not have to prove that the cannabis and a
Speaker 1: driver's bloodstream was non medical when prosecuting him for driving
Speaker 1: under the influence. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg market intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff,
Speaker 1: thank you. Another legal story we're watching a Texas district
Speaker 1: attorney has dropped his murder prosecut o shoan of a
Speaker 1: woman for allegedly causing the death of an individual by
Speaker 1: a self induced abortion. The twenty six year old woman
Speaker 1: was indicted on murder charges at the end of March
Speaker 1: and spent three days in jail before being released on
Speaker 1: a half million dollars bond. The district attorney admitted this
Speaker 1: week that it was clear she could not be prosecuted
Speaker 1: under Texas law, and a judge dismissed the charges. For more,
Speaker 1: Bloomberg's jung Grassa speaks to Mary Ziegler, a professor at
Speaker 1: the Florida State University College of Law and an expert
Speaker 1: and reproductive rights. The Star County district attorney got a
Speaker 1: grand jury to sign off on a murder indictment on
Speaker 1: March thirty, but this week the district attorney admitted the
Speaker 1: woman had not committed a crime and dropped the charges.
Speaker 1: Do you have any understanding of why he charged her
Speaker 1: in the first place. It's hard to say. I mean,
Speaker 1: there's no legal explanation, obviously, because it's worth emphasizing right
Speaker 1: that it's not just the case that there was no
Speaker 1: statute that authorized this prosecution. Texas pumicide law actually explicitly
Speaker 1: spells out that you cannot then women for having abortion.
Speaker 1: So this was a case where this was expressly prohibited
Speaker 1: by law, not just that there was still a way
Speaker 1: this was authorized. It was expressly prohibited. I think the
Speaker 1: best way you can understand it is as part of
Speaker 1: a kind of general fragmentation of authority in the anti
Speaker 1: abortion movement and a kind of shift away from healing
Speaker 1: limited by what the law is now, because I mean,
Speaker 1: historically the anti aborsition movement would have had to work
Speaker 1: within the confines of Roe v. Wade and would wait
Speaker 1: until the Supreme Court said that it was changing the
Speaker 1: rules before adjusting. And now, of course we within a
Speaker 1: world where legislators routinely passed laws they know are unconstitutional.
Speaker 1: Now because they no longer care about what the laws now,
Speaker 1: they care about what they expect the Supreme Court will
Speaker 1: do soon. And the only way I can understand what
Speaker 1: happened in Texas is that's it's sort of part of
Speaker 1: the same phenomenon right where prosecutors are saying that we're
Speaker 1: going to act as if the law is the way
Speaker 1: we wanted to be or act as if we can
Speaker 1: predict what the law will be soon, rather than actually
Speaker 1: paying attention to the rule of laws that currently stands.
Speaker 1: The district attorney admitted she hadn't committed a crime. Only
Speaker 1: after the case got national attention. She spent three days
Speaker 1: in prison. Her name and mug shot have been published
Speaker 1: across media nationwide. Is this a case for a malicious
Speaker 1: prosecution lawsuit? I think there's definitely an argument for that, Yeah,
Speaker 1: because it's really hard to see what basis there was
Speaker 1: for this. So there's no good faith argument that you
Speaker 1: can prosecute a woman in Texas for inducing her own
Speaker 1: divortion at all, much less for murder. So I'm not
Speaker 1: a Texas expert particularly, but I mean all you need
Speaker 1: to do is read texas As Homicide Statute to know
Speaker 1: the answer to this. So, um, it would not be
Speaker 1: a bad idea to establish that this was a malicious
Speaker 1: prosecution so that people don't follow the same path. And
Speaker 1: as Mary Ziegler, a professor at the Florida State University
Speaker 1: College of Low speaking at the Bloomberg Student Grosso, it's
Speaker 1: more of that interview plus analysis of the latest legal news.
Speaker 1: By listening to the Bloomberg Law Show at ten pm
Speaker 1: Eastern Time, or subscribing to the Bloomberg Law podcast, and
Speaker 1: attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com. Futures moving higher this morning,
Speaker 1: with SMP futures of twelve points down, futures have A
Speaker 1: eight and Nasdaq futures have fifty two ten. Your Treasury
Speaker 1: down six thirties seconds, the l two point seven four
Speaker 1: per cent, and straight ahead our top stories and check
Speaker 1: on the business headlines. And this is Bloomberg