1 00:00:01,960 --> 00:00:05,320 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,440 --> 00:00:08,440 Speaker 1: at Bloomberg dot com, The Bloomberg Business at and at 3 00:00:08,440 --> 00:00:18,000 Speaker 1: Bloomberg Quicktape. This is a Bloomberg Business slash and I'm 4 00:00:18,079 --> 00:00:21,160 Speaker 1: Karen Moscow. This update brought to you by Interactive Brookers 5 00:00:21,160 --> 00:00:24,120 Speaker 1: Global Analysts. It helps you find new global investment opportunities 6 00:00:24,160 --> 00:00:27,720 Speaker 1: to diversify your portfolio and discover undervalued companies they may 7 00:00:27,720 --> 00:00:30,280 Speaker 1: have greater growth potential. Try i v k R Global 8 00:00:30,280 --> 00:00:32,839 Speaker 1: Analysts today at i v k R dot com slash 9 00:00:32,880 --> 00:00:36,120 Speaker 1: g A future is rising this morning. Let's go to 10 00:00:36,159 --> 00:00:38,400 Speaker 1: the first Word Breaking news desk for today's morning call. 11 00:00:38,520 --> 00:00:42,159 Speaker 1: Here's Bill Maloney, Bill, good morning, and good morning Can. 12 00:00:42,240 --> 00:00:44,279 Speaker 1: That's right. US futures are in the green right now 13 00:00:44,280 --> 00:00:46,760 Speaker 1: with down features up a hundred forty nine points. SPEs 14 00:00:46,800 --> 00:00:50,000 Speaker 1: gained twenty two well, Mass det futures rise by seventy 15 00:00:50,040 --> 00:00:53,160 Speaker 1: two the US ten year old at three percent. Gold 16 00:00:53,240 --> 00:00:56,600 Speaker 1: is down for oil is trading lower, but Bitcoin is 17 00:00:56,640 --> 00:00:59,800 Speaker 1: trading higher by one percent. Japan was a little changed 18 00:01:00,000 --> 00:01:01,720 Speaker 1: for night, while up markets are in the red this 19 00:01:01,840 --> 00:01:04,480 Speaker 1: morning and back in the US on the economic Fronday 20 00:01:04,560 --> 00:01:09,080 Speaker 1: thirty initial Java's claims in other news Tesla's Chinese production 21 00:01:09,120 --> 00:01:12,520 Speaker 1: that Stars back with output more than tripling, and Facebook 22 00:01:12,560 --> 00:01:15,279 Speaker 1: is said to have halted development on its Apple Watch 23 00:01:15,400 --> 00:01:18,840 Speaker 1: rival and deal news people familiar to that Walgreens received 24 00:01:18,880 --> 00:01:22,200 Speaker 1: a binding offer from Apollo and Reliance for its international 25 00:01:22,319 --> 00:01:25,080 Speaker 1: arm and wrapping things up, Scott's Miracle Grow was cut 26 00:01:25,080 --> 00:01:28,399 Speaker 1: to neutral over at JP Morgan Live from the first 27 00:01:28,400 --> 00:01:31,399 Speaker 1: Sir Baking News descon Bill Malodey care, Herry, Bill, thank you, 28 00:01:31,400 --> 00:01:33,520 Speaker 1: and to hear live breaking news over your Bloomberg type 29 00:01:33,560 --> 00:01:35,920 Speaker 1: squawk on your termin I'll sue you a w K. 30 00:01:36,080 --> 00:01:39,039 Speaker 1: We're also watching Target this morning, shares on more than 31 00:01:39,120 --> 00:01:41,840 Speaker 1: one percent and increased its quarterly cash dividend to a 32 00:01:41,880 --> 00:01:44,960 Speaker 1: dollar eight to share from nineties cents. And that's a 33 00:01:45,040 --> 00:01:47,720 Speaker 1: Bloomberg business flash. Now here's Michael Barrow with more on 34 00:01:47,840 --> 00:01:50,560 Speaker 1: what's going on around the world. Michael Karen, thank you 35 00:01:50,640 --> 00:01:54,880 Speaker 1: very much. The January six Committees primetime live hearings begin tonight. 36 00:01:54,960 --> 00:01:57,280 Speaker 1: The committee will try to show the nation what sparked 37 00:01:57,280 --> 00:02:01,040 Speaker 1: the Capitol ryant and who was responsible. The House passed 38 00:02:01,040 --> 00:02:04,160 Speaker 1: a package of gun legislation last night. It comes ahead 39 00:02:04,160 --> 00:02:08,480 Speaker 1: of whatever compromised plan emerges from bipartisan negotiations in the Senate. 40 00:02:08,880 --> 00:02:12,480 Speaker 1: In the NBA Finals, the Celtics beat the Warriors one sixteen, 41 00:02:12,600 --> 00:02:15,000 Speaker 1: one hundred to take a two games one lead in 42 00:02:15,040 --> 00:02:18,400 Speaker 1: the series. In baseball, the Yankees and Mets lost, along 43 00:02:18,400 --> 00:02:21,600 Speaker 1: with the Nationals and A's. The Red Sox and Giants won. 44 00:02:22,000 --> 00:02:24,600 Speaker 1: Global News twenty four hours a day on air and 45 00:02:24,800 --> 00:02:27,839 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 46 00:02:27,919 --> 00:02:30,480 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 47 00:02:30,600 --> 00:02:34,120 Speaker 1: I'm MICHAELA. Bar This is Bloomberg. The following commentary is 48 00:02:34,120 --> 00:02:38,600 Speaker 1: from Bloomberg Opinion. Important. I'm Jonathan Burnstein, a columnist for 49 00:02:38,639 --> 00:02:42,560 Speaker 1: Bloomberg Opinion. After another primary night this week, here's one 50 00:02:42,600 --> 00:02:44,839 Speaker 1: thing that stands out. We're going to hear a lot 51 00:02:44,880 --> 00:02:47,800 Speaker 1: from Republicans over the next few weeks about how voters 52 00:02:47,840 --> 00:02:50,040 Speaker 1: don't care about the attack on the Capitol on January 53 00:02:50,080 --> 00:02:52,799 Speaker 1: six last year, or about Donald Trump's attempts to stay 54 00:02:52,800 --> 00:02:55,919 Speaker 1: in office despite losing an election. In a way, this 55 00:02:56,000 --> 00:02:58,920 Speaker 1: is correct. Voters tend to not care about lots of 56 00:02:58,919 --> 00:03:03,120 Speaker 1: important things after or more accurately, lots of important things 57 00:03:03,160 --> 00:03:07,119 Speaker 1: don't normally affect many votes. Regardless, quite a few candidates 58 00:03:07,120 --> 00:03:10,079 Speaker 1: are talking a lot about the election, and those candidates 59 00:03:10,080 --> 00:03:15,720 Speaker 1: are Republicans. Recently, Pennsylvania Republicans nominated a gluberatorial candidate running 60 00:03:15,720 --> 00:03:18,600 Speaker 1: on false claims of fraud, while a Trump endorsed candidate 61 00:03:18,639 --> 00:03:21,639 Speaker 1: for governor in Georgia was badly defeated after spending much 62 00:03:21,639 --> 00:03:25,120 Speaker 1: of his campaign talking about more of the same this week, 63 00:03:25,360 --> 00:03:28,920 Speaker 1: some winning, some losing. Certainly a lot of Republican candidates 64 00:03:29,280 --> 00:03:31,960 Speaker 1: and at least one former president think it's essential to 65 00:03:32,040 --> 00:03:35,880 Speaker 1: keep focused on the election. I'm Jonathan Bernstein. For more opinion, 66 00:03:35,960 --> 00:03:38,720 Speaker 1: please go to Bloomberg dot com, Slash Opinion or O 67 00:03:38,840 --> 00:03:41,680 Speaker 1: P I n go on the Bloomberg terminal has been 68 00:03:41,720 --> 00:03:45,240 Speaker 1: Bloomberg Opinion and Bloomberg Opinion commentary is gonna be heard 69 00:03:45,240 --> 00:03:48,040 Speaker 1: every weekday at this time and terminal customers can read 70 00:03:48,040 --> 00:03:51,320 Speaker 1: more as O P I n go. It is six 71 00:03:51,320 --> 00:03:53,520 Speaker 1: fifty on Wall Street. We turned to news in science 72 00:03:53,560 --> 00:03:55,920 Speaker 1: and technology now at the Bloomberg and J. A. T. 73 00:03:56,160 --> 00:03:59,080 Speaker 1: Stemmer report brought to you buy New Jersey Institute of 74 00:03:59,080 --> 00:04:02,720 Speaker 1: Technology ranked top fifty national public university by US News 75 00:04:02,720 --> 00:04:05,600 Speaker 1: and World Report and number fourteen in the nation on 76 00:04:05,680 --> 00:04:08,400 Speaker 1: Money's Best Colleges. List. Learn more at n j I 77 00:04:08,520 --> 00:04:10,880 Speaker 1: T dot E d U and here's US making news 78 00:04:10,960 --> 00:04:14,720 Speaker 1: and science, technology, engineering and math. We're learning more about 79 00:04:14,720 --> 00:04:17,440 Speaker 1: the severity of so called long COVID. According to a 80 00:04:17,480 --> 00:04:20,640 Speaker 1: study by South Africa's biggest health insurer, people who had 81 00:04:20,680 --> 00:04:23,640 Speaker 1: a documented COVID nineteen infection are more likely to be 82 00:04:23,720 --> 00:04:27,520 Speaker 1: hospitalized or developed diabetes or hypertension in the months following 83 00:04:27,560 --> 00:04:30,640 Speaker 1: their illness. The findings indicate the risk of dying is 84 00:04:30,680 --> 00:04:34,640 Speaker 1: still no higher. Facebook parent company Meta has haunted development 85 00:04:34,640 --> 00:04:37,640 Speaker 1: of a smart watch with the dual cameras. It's instead 86 00:04:37,680 --> 00:04:39,880 Speaker 1: working on other devices for the risk. According to a 87 00:04:39,920 --> 00:04:42,400 Speaker 1: person with knowledge of the matter, the device has been 88 00:04:42,480 --> 00:04:45,560 Speaker 1: under development for two years and was designed to include 89 00:04:45,640 --> 00:04:48,920 Speaker 1: several health and tech features common and other smart watches. 90 00:04:49,520 --> 00:04:52,560 Speaker 1: And Apple said it will handle the lending itself for 91 00:04:52,640 --> 00:04:56,960 Speaker 1: a new buy Now, Pay Later offering, sidestepping partners as 92 00:04:56,960 --> 00:04:59,920 Speaker 1: the tech giant pushes deeper into the financial services INDUS 93 00:05:00,040 --> 00:05:03,360 Speaker 1: three holy On subsidiary will oversee credit checks and make 94 00:05:03,400 --> 00:05:06,280 Speaker 1: decisions on loans for the service, which is called Apple 95 00:05:06,360 --> 00:05:08,960 Speaker 1: Pay Later. And that's the Bloomberg and j I T 96 00:05:09,279 --> 00:05:12,040 Speaker 1: stamp report. Nathan all Right, Karen thank you. We are 97 00:05:12,120 --> 00:05:14,520 Speaker 1: live from the Bloomberg Interactive Broker Studios, where it is 98 00:05:14,560 --> 00:05:16,760 Speaker 1: now six fifty two on Wall Street Time Now, to 99 00:05:16,839 --> 00:05:18,480 Speaker 1: check what's going on in d C, where some of 100 00:05:18,520 --> 00:05:21,600 Speaker 1: the top stories include President Biden being pressed on guns 101 00:05:21,600 --> 00:05:26,279 Speaker 1: and inflation on Jimmy Kimmel's ABC late night show, President 102 00:05:26,320 --> 00:05:29,159 Speaker 1: proposing a regional economic partnership as the Summit of the 103 00:05:29,160 --> 00:05:32,200 Speaker 1: Americas gets underway in Los Angeles, and the January six 104 00:05:32,240 --> 00:05:37,320 Speaker 1: Committee promising surprises in tonight's first primetime televised hearing. Ahead 105 00:05:37,320 --> 00:05:39,240 Speaker 1: of all that. We are joined live this morning by 106 00:05:39,240 --> 00:05:43,560 Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, Good morning. I 107 00:05:43,560 --> 00:05:46,680 Speaker 1: think the takeaway line from President Biden on last night's 108 00:05:46,720 --> 00:05:50,640 Speaker 1: Jimmy Kimmel Show is the uh quote, inflation is the 109 00:05:50,720 --> 00:05:54,039 Speaker 1: bane of our existence. It's kind of a tough room 110 00:05:54,200 --> 00:05:56,680 Speaker 1: for the President last night. Yeah, I was a little 111 00:05:56,680 --> 00:06:00,359 Speaker 1: surprising that a late night show host is seemed to 112 00:06:00,480 --> 00:06:03,560 Speaker 1: be determined to ask some tough questions. He pressed him 113 00:06:03,640 --> 00:06:07,880 Speaker 1: on inflation, he pressed him on executive in action on 114 00:06:08,080 --> 00:06:12,679 Speaker 1: gun control. But I mean, clearly the President's words were 115 00:06:12,720 --> 00:06:16,159 Speaker 1: true in an economic and political sense. It's the bane 116 00:06:16,160 --> 00:06:19,479 Speaker 1: of democrats. Existence on the campaign trail as well, and 117 00:06:19,560 --> 00:06:23,039 Speaker 1: it's clear he feels the need to address that. I 118 00:06:23,080 --> 00:06:25,560 Speaker 1: did think it was fairly newsworthy that when he talked 119 00:06:25,600 --> 00:06:29,200 Speaker 1: about potential responses, even though some of this is out 120 00:06:29,200 --> 00:06:31,760 Speaker 1: of his hands, he did go back to the prescription 121 00:06:31,839 --> 00:06:35,120 Speaker 1: drug pricing debate. And that's something that is still sort 122 00:06:35,160 --> 00:06:38,280 Speaker 1: of maybe on the back burner, but being discussed in Congress. 123 00:06:38,279 --> 00:06:42,920 Speaker 1: It's not the panacea for overall inflation and price increases, 124 00:06:43,440 --> 00:06:48,599 Speaker 1: but if that political pressure regarding inflation, uh, prompts I 125 00:06:48,600 --> 00:06:52,960 Speaker 1: guess greater movement on the the drug pricing debate, that 126 00:06:53,000 --> 00:06:56,039 Speaker 1: would certainly be a significant development. And when it comes 127 00:06:56,080 --> 00:06:57,920 Speaker 1: to the gun debate, Jack was the president kind of 128 00:06:58,000 --> 00:07:01,360 Speaker 1: arguing that moving forward that is kind of out of 129 00:07:01,400 --> 00:07:05,159 Speaker 1: his hands at least unilaterally. Yeah, he actually invoked former 130 00:07:05,200 --> 00:07:09,800 Speaker 1: President Donald Trump, who he said went overboard with executive orders. 131 00:07:09,840 --> 00:07:12,840 Speaker 1: He he wants to follow the law. Uh, And it's 132 00:07:12,880 --> 00:07:15,120 Speaker 1: true that the president there's there's no law that gives 133 00:07:15,120 --> 00:07:19,000 Speaker 1: the president a huge amount of leeway regarding any major 134 00:07:19,080 --> 00:07:22,600 Speaker 1: gun control measures. So really the conversation is still in 135 00:07:22,640 --> 00:07:25,000 Speaker 1: the Senate where they're trying to figure out what could 136 00:07:25,000 --> 00:07:28,640 Speaker 1: get sixty votes uh, to respond to the recent UH 137 00:07:28,800 --> 00:07:32,880 Speaker 1: mass shootings. UH, and that that may be a smaller measure. 138 00:07:32,920 --> 00:07:35,920 Speaker 1: They're talking about red flag laws at the state level, 139 00:07:36,360 --> 00:07:39,920 Speaker 1: shoring up background checks, background checks for younger people who 140 00:07:40,040 --> 00:07:43,520 Speaker 1: might have certain things expunged in their records. Not a 141 00:07:43,640 --> 00:07:47,480 Speaker 1: huge measure, but you know, the conversation is still going 142 00:07:47,520 --> 00:07:50,560 Speaker 1: forward in the legislative branch and the Senate about what 143 00:07:50,640 --> 00:07:53,560 Speaker 1: they can do. Yeah, speaking of huge measures, we did 144 00:07:53,760 --> 00:07:58,280 Speaker 1: get one passed in the House yesterday, but I guess 145 00:07:58,280 --> 00:08:00,960 Speaker 1: you're sort of implying there that one's probably not going 146 00:08:01,000 --> 00:08:03,200 Speaker 1: to go much of anywhere in the Senate. Yeah. That 147 00:08:03,280 --> 00:08:06,000 Speaker 1: was the more ambitious measure with a lot of Democrat 148 00:08:06,360 --> 00:08:10,800 Speaker 1: Democratic support. It include included measures such as raising the 149 00:08:10,880 --> 00:08:14,920 Speaker 1: minimum age for the purchase of many semi automatic rifles 150 00:08:15,080 --> 00:08:18,480 Speaker 1: to twenty one years old. Uh. It got into federal 151 00:08:18,600 --> 00:08:22,600 Speaker 1: standards for the safe storage of firearms. That was almost 152 00:08:22,640 --> 00:08:25,320 Speaker 1: exactly a party line vote. There were five Republican votes 153 00:08:25,360 --> 00:08:27,360 Speaker 1: in favor. There are actually two Democrats who voted no. 154 00:08:27,800 --> 00:08:30,560 Speaker 1: They got two hundred twenty three votes when they needed 155 00:08:30,560 --> 00:08:33,320 Speaker 1: about two d eighteen. So you know, it's a chance 156 00:08:33,320 --> 00:08:35,760 Speaker 1: for Democrats to vote on something they like in the House. 157 00:08:35,800 --> 00:08:38,480 Speaker 1: That's that's kind of why the House of Representatives is there. 158 00:08:38,760 --> 00:08:42,119 Speaker 1: But as for something with a realistic chance of being enacted, 159 00:08:42,320 --> 00:08:45,080 Speaker 1: the action really is in those behind the scenes talks 160 00:08:45,120 --> 00:08:47,520 Speaker 1: in the Senate. Only about a minute and a half 161 00:08:47,600 --> 00:08:50,120 Speaker 1: left here, Jack, we got to talk about what's coming 162 00:08:50,240 --> 00:08:53,840 Speaker 1: up tonight in prime time on Capitol Hill. The first 163 00:08:54,280 --> 00:08:59,160 Speaker 1: nationally televised January six hearing. Yeah, prime time is the 164 00:08:59,280 --> 00:09:02,560 Speaker 1: major takeaway starts at eight, and the the lawmakers on 165 00:09:02,559 --> 00:09:05,600 Speaker 1: the panel are determined to kind of make their case 166 00:09:05,760 --> 00:09:09,600 Speaker 1: to the American people that this was significant that the 167 00:09:09,600 --> 00:09:12,560 Speaker 1: the you know, lawmakers like Jamie Raskin on the panel 168 00:09:12,600 --> 00:09:14,959 Speaker 1: had said this was not a spur of the moment thing. 169 00:09:15,000 --> 00:09:17,480 Speaker 1: They're going to lay out the details of what they 170 00:09:17,480 --> 00:09:22,480 Speaker 1: know about any level of prior coordination. The inclusion of 171 00:09:23,000 --> 00:09:26,440 Speaker 1: Nick Quested, the documentary and documentary filmmaker in this is 172 00:09:26,480 --> 00:09:29,600 Speaker 1: interesting because he was embedded with a camera crew with 173 00:09:29,679 --> 00:09:32,280 Speaker 1: the far right Proud Boys. There was a meeting on 174 00:09:32,400 --> 00:09:35,800 Speaker 1: January five between them and the oath Keepers. I think 175 00:09:35,800 --> 00:09:39,080 Speaker 1: they will get into the degree to which certain groups 176 00:09:39,520 --> 00:09:43,720 Speaker 1: organized their activities rather than the the overrunning of the 177 00:09:43,760 --> 00:09:47,040 Speaker 1: capital being a spur of the moment response in our 178 00:09:47,120 --> 00:09:51,200 Speaker 1: last thirty seconds here, Jack, The committee is promising surprises 179 00:09:51,679 --> 00:09:53,400 Speaker 1: to come out of this, and we know there have 180 00:09:53,400 --> 00:09:55,000 Speaker 1: been a lot of closed to or hearing Sir, what 181 00:09:55,080 --> 00:09:57,200 Speaker 1: are you gonna be looking for in terms of things 182 00:09:57,240 --> 00:10:00,400 Speaker 1: we might not know about what happened on January six, Well, 183 00:10:00,440 --> 00:10:03,960 Speaker 1: they've conducted a lot of interviews. They are said to 184 00:10:04,120 --> 00:10:09,240 Speaker 1: plan portions of video testimony from Trump family members and 185 00:10:09,320 --> 00:10:12,640 Speaker 1: other high profile people. We don't know exactly who, but 186 00:10:12,840 --> 00:10:15,440 Speaker 1: it would be very interesting to see if if they 187 00:10:15,520 --> 00:10:19,559 Speaker 1: include some of that testimony that that was recorded, interviews 188 00:10:19,800 --> 00:10:24,160 Speaker 1: with people like Ivanka Trump or Jared Kushner or Mark Meadows, 189 00:10:24,160 --> 00:10:26,240 Speaker 1: who is the chief of staff at the time. They've 190 00:10:26,280 --> 00:10:29,720 Speaker 1: talked to a lot of people close to the president, uh, 191 00:10:29,760 --> 00:10:32,880 Speaker 1: and a focus on what they had to say would 192 00:10:32,920 --> 00:10:35,800 Speaker 1: be some of the most newsworthy events out of this 193 00:10:35,880 --> 00:10:37,480 Speaker 1: hearing tonight. Now, we know you're gonna be watching it 194 00:10:37,640 --> 00:10:40,360 Speaker 1: very closely, Jack, and we're gonna have full morning after 195 00:10:40,480 --> 00:10:44,520 Speaker 1: coverage for you here tomorrow, right here on Bloomberg day Break, 196 00:10:44,520 --> 00:10:47,960 Speaker 1: Bloomberg Government reporter Jack Fitzpatrick, as always, thanks for being 197 00:10:47,960 --> 00:10:49,559 Speaker 1: with us. You can read more about all these stories 198 00:10:49,600 --> 00:10:52,120 Speaker 1: on Bloomberg dot Com or on the Bloomberg terminal. Listen 199 00:10:52,160 --> 00:10:56,120 Speaker 1: to Bloomberg Radio in Washington. Bloomberg and one oh five 200 00:10:56,160 --> 00:10:59,280 Speaker 1: point seven FM h D two focus this morning on 201 00:10:59,360 --> 00:11:02,080 Speaker 1: an easy be policy decision ahead of it. S ANDP 202 00:11:02,240 --> 00:11:05,360 Speaker 1: futures are higher by twenty two points. Much more to 203 00:11:05,440 --> 00:11:09,360 Speaker 1: come on Bloomberg Surveillance. That's straight ahead for Karen Moscow. 204 00:11:09,679 --> 00:11:18,520 Speaker 1: I'm Nathan Hager. This is Bloomberger broadcasting live from the 205 00:11:18,600 --> 00:11:22,560 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living 206 00:11:22,640 --> 00:11:27,240 Speaker 1: Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one 207 00:11:27,240 --> 00:11:30,400 Speaker 1: oh six one, to San Francisco, Bloomberg nun sixt to 208 00:11:30,480 --> 00:11:33,680 Speaker 1: the Country Sirius XM Chento one ninet and around the 209 00:11:33,720 --> 00:11:37,760 Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This 210 00:11:38,080 --> 00:11:46,800 Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning, 211 00:11:46,840 --> 00:11:49,839 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we are 212 00:11:49,920 --> 00:11:52,680 Speaker 1: just about three hours away from the Open of US training. 213 00:11:52,760 --> 00:11:54,520 Speaker 1: Time for the five things you need to know to 214 00:11:54,600 --> 00:11:58,280 Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive 215 00:11:58,280 --> 00:12:01,240 Speaker 1: Brokers charges margin loan race at one point three to 216 00:12:01,280 --> 00:12:04,160 Speaker 1: two point three three percent rates subject to change. Learn 217 00:12:04,200 --> 00:12:07,920 Speaker 1: more at ibk r dot com slash compare. First, traders 218 00:12:07,920 --> 00:12:10,839 Speaker 1: are awaiting a policy decision from the European Central Bank. 219 00:12:11,080 --> 00:12:14,400 Speaker 1: We get a preview from Bloomberg's James Wilcock in London. 220 00:12:14,880 --> 00:12:18,320 Speaker 1: Options Pricing suggests that traders haven't been this jittree about 221 00:12:18,320 --> 00:12:21,880 Speaker 1: an ECP rate decision since the Central Branch is set 222 00:12:21,880 --> 00:12:23,599 Speaker 1: to en quwee and says out the path to what 223 00:12:23,760 --> 00:12:26,160 Speaker 1: its first rate hikes in twenty eleven when it meets today. 224 00:12:26,400 --> 00:12:28,800 Speaker 1: But what traders really want to know is the President 225 00:12:28,840 --> 00:12:31,600 Speaker 1: Christine the Guard would back fifty basis point hikes in 226 00:12:31,640 --> 00:12:34,800 Speaker 1: the future. As the Eurozone faces inflation accelerating at a 227 00:12:34,880 --> 00:12:38,760 Speaker 1: record pace, and Bloombergs James Wilcox says the ECB decision 228 00:12:38,800 --> 00:12:41,360 Speaker 1: will come down in an hour and fifteen minutes from now. 229 00:12:41,559 --> 00:12:44,480 Speaker 1: Well ahead of that, Karen Gas continues to surge to 230 00:12:44,640 --> 00:12:47,280 Speaker 1: record highs, and we get the latest live with Bloomberg's 231 00:12:47,360 --> 00:12:50,079 Speaker 1: John Tucker. More pain at the Pump, John Yeah, Nathan. 232 00:12:50,120 --> 00:12:52,760 Speaker 1: Gasoline prices have now top five dollars a gallon in 233 00:12:52,880 --> 00:12:56,320 Speaker 1: sixteen states, and prices aren't likely to drop anytime soon. 234 00:12:56,640 --> 00:13:01,880 Speaker 1: Increased oil demand continues to outpace the global supply. Gasoline 235 00:13:01,880 --> 00:13:05,360 Speaker 1: inventories are at the lowest seasonal level in eight years, 236 00:13:05,400 --> 00:13:09,120 Speaker 1: according to the Energy Information Administration. It's part of the 237 00:13:09,160 --> 00:13:12,600 Speaker 1: overall inflation picture that continues to be a top focus 238 00:13:12,600 --> 00:13:16,280 Speaker 1: of the White House and President Biden. Inflation is the 239 00:13:17,520 --> 00:13:20,400 Speaker 1: is the is the vein of our existence. The President 240 00:13:20,440 --> 00:13:23,400 Speaker 1: making the comments at an interview with ABC Late Night 241 00:13:23,480 --> 00:13:26,199 Speaker 1: host Jimmy Kimmel live in New York. I'm John Tucker 242 00:13:26,240 --> 00:13:28,800 Speaker 1: Bloomberg Daybreak. All right, John, thank you. On Twitter is 243 00:13:28,840 --> 00:13:31,120 Speaker 1: telling its staff a vote on Elon must deal to 244 00:13:31,160 --> 00:13:33,439 Speaker 1: buy the company is coming this summer. We get the 245 00:13:33,480 --> 00:13:37,440 Speaker 1: latest line from Bloomberg's Nita Young Rnita Karen Bloomberg. Sources 246 00:13:37,480 --> 00:13:40,800 Speaker 1: say Twitter's top lawyer is reassuring staff that the deal 247 00:13:41,000 --> 00:13:43,439 Speaker 1: to sell the company to Elon Musk will go ahead 248 00:13:43,760 --> 00:13:46,000 Speaker 1: and that a vote could happen in late July or 249 00:13:46,040 --> 00:13:50,920 Speaker 1: early August. Meantime, regulatory filings showed Dubai based investment firm 250 00:13:51,000 --> 00:13:54,400 Speaker 1: VI Capital is committing seven hundred million dollars to help 251 00:13:54,440 --> 00:13:57,439 Speaker 1: finance Musk's bid for Twitter. That makes the company the 252 00:13:57,520 --> 00:14:01,199 Speaker 1: third biggest outside equity investor that has also drawn money 253 00:14:01,200 --> 00:14:05,480 Speaker 1: from billionaire Larry Ellison and Sequoia Capital. Live in New York, 254 00:14:05,559 --> 00:14:08,080 Speaker 1: I'm rened a young Bloomberg daybreak. We need to thanks. 255 00:14:08,120 --> 00:14:10,760 Speaker 1: Shares of Tesla up more than three percent. Production in 256 00:14:10,840 --> 00:14:13,280 Speaker 1: China more than tripled last month, even though the electric 257 00:14:13,280 --> 00:14:15,920 Speaker 1: carmaker just got its Shanghai factory back up to speed, 258 00:14:16,320 --> 00:14:19,320 Speaker 1: and the transformation on Facebook continues. Nathan. The company which 259 00:14:19,360 --> 00:14:21,520 Speaker 1: changed its name to Meta Platforms last year will now 260 00:14:21,520 --> 00:14:24,000 Speaker 1: trade it to the ticker m E t A instead 261 00:14:24,000 --> 00:14:25,600 Speaker 1: of f B. And that's the five things you need 262 00:14:25,640 --> 00:14:29,480 Speaker 1: to notice start your day. Brought to you by Interactive Brokers. 263 00:14:33,080 --> 00:14:35,600 Speaker 1: All Right, Karen, thank you to sixty three on Wall 264 00:14:35,640 --> 00:14:38,640 Speaker 1: Street where it's sixty degrees with the rain continuing now 265 00:14:38,720 --> 00:14:42,000 Speaker 1: causing flooding on the southbound West Side Highway. Nineties through 266 00:14:42,040 --> 00:14:44,920 Speaker 1: the seventies. More coming up in traffic. First, Michael Barr 267 00:14:44,960 --> 00:14:46,320 Speaker 1: with what else is going on in New York and 268 00:14:46,400 --> 00:14:48,800 Speaker 1: around the world. Good morning, Mike, cal Good morning, Nathan. 269 00:14:48,880 --> 00:14:52,080 Speaker 1: The House passed a package of gun legislation, including raising 270 00:14:52,080 --> 00:14:54,960 Speaker 1: them and a mage to buy a semi automatic rifle 271 00:14:55,040 --> 00:14:58,920 Speaker 1: from eighteen to one before the vote. Democratic Representative Mike 272 00:14:59,000 --> 00:15:01,840 Speaker 1: Thompson spoke in fiver of the measure, raising the age 273 00:15:01,920 --> 00:15:06,400 Speaker 1: to buy an assault weapon saves lives. Limiting magazine capacity 274 00:15:06,480 --> 00:15:10,080 Speaker 1: will limit the carnage of math shootings, and it saves lives. 275 00:15:10,400 --> 00:15:13,640 Speaker 1: Going after traffickers keeps guns out of the hands of 276 00:15:13,640 --> 00:15:17,120 Speaker 1: people who shouldn't have them, and it saves lives. However, 277 00:15:17,160 --> 00:15:20,840 Speaker 1: Republican Congressman James Comer disagrees with the Thompson We have 278 00:15:20,920 --> 00:15:24,400 Speaker 1: people in the military, uh, using weapons when they're eighteen 279 00:15:24,600 --> 00:15:27,040 Speaker 1: and and uh, I mean that's good enough for a 280 00:15:27,080 --> 00:15:29,000 Speaker 1: military anything that's a that's the way it should be 281 00:15:29,040 --> 00:15:31,920 Speaker 1: for law about. Comer was among the two hundred four 282 00:15:31,960 --> 00:15:35,200 Speaker 1: who voted against the bill. Meanwhile, New York Mayor Eric 283 00:15:35,240 --> 00:15:38,640 Speaker 1: Adams testified before a House committee on oversigning reform on 284 00:15:38,760 --> 00:15:42,200 Speaker 1: gun violence in Washington. Adams, who posted his comments on 285 00:15:42,240 --> 00:15:45,440 Speaker 1: his Twitter account, says, it is a disgrace that virtually 286 00:15:45,560 --> 00:15:48,560 Speaker 1: every day brings another bout of gun violence. We have 287 00:15:48,720 --> 00:15:53,000 Speaker 1: facing the crisis that is killing more Americans than war. 288 00:15:53,680 --> 00:15:58,240 Speaker 1: It crisis as now the number one cause of death 289 00:15:58,840 --> 00:16:01,920 Speaker 1: for our young people. Mayor Adam says, it is high 290 00:16:02,000 --> 00:16:05,400 Speaker 1: noon in America. Members of the House committee investigating the 291 00:16:05,440 --> 00:16:08,200 Speaker 1: events of January six will hold their first prime time 292 00:16:08,240 --> 00:16:11,600 Speaker 1: hearing tonight to share what they have uncovered about former 293 00:16:11,640 --> 00:16:14,680 Speaker 1: President Donald Trump and the deadly storming of the US Capitol. 294 00:16:15,160 --> 00:16:18,600 Speaker 1: Former President Trump, Donald Trump Jr. And his daughter Ivanka 295 00:16:18,880 --> 00:16:21,720 Speaker 1: have agreed to answer questions under oath next month and 296 00:16:21,800 --> 00:16:26,360 Speaker 1: the New York Attorney General's civil investigation into his business practices, 297 00:16:26,720 --> 00:16:29,280 Speaker 1: A man hadn't judge signed off on an agreement that 298 00:16:29,360 --> 00:16:32,480 Speaker 1: calls for the Trump's to give deposition starting July fifteen. 299 00:16:32,840 --> 00:16:35,920 Speaker 1: The agreement comes after a series of setbacks for Trump's 300 00:16:35,960 --> 00:16:39,600 Speaker 1: efforts to block State Attorney General Letitia James's three year 301 00:16:39,640 --> 00:16:43,600 Speaker 1: long investigation. People who have had a documented COVID nineteen 302 00:16:43,640 --> 00:16:47,760 Speaker 1: infection are more likely to be hospitalized or developed diabetes 303 00:16:47,840 --> 00:16:51,040 Speaker 1: or high pertension in the months after their illness and 304 00:16:51,160 --> 00:16:54,200 Speaker 1: indication of the severity of so called long COVID. That's 305 00:16:54,200 --> 00:16:57,280 Speaker 1: according to a study by South Africa's biggest health insurer, 306 00:16:57,360 --> 00:17:00,880 Speaker 1: Discovery Health Global News twenty four hours day on air 307 00:17:01,000 --> 00:17:03,800 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 308 00:17:03,840 --> 00:17:06,400 Speaker 1: hundred journalists and antalyists more than a hundred twenty countries. 309 00:17:06,560 --> 00:17:14,520 Speaker 1: I'm Michael barn This is Bloomberg. Thank you Michael, almost 310 00:17:14,560 --> 00:17:16,840 Speaker 1: six thirty six on Wall Street. John Stash hours here 311 00:17:16,880 --> 00:17:19,760 Speaker 1: at the Bloomberg Sports Update, Thanks Nathan. Three games into 312 00:17:19,760 --> 00:17:22,600 Speaker 1: what's been a strange NBA Finals, the Warriors have outscored 313 00:17:22,680 --> 00:17:25,040 Speaker 1: the Celtics in the third quarters by a total of 314 00:17:25,160 --> 00:17:27,719 Speaker 1: forty three points, but the Celtics have on the fourth 315 00:17:27,760 --> 00:17:30,360 Speaker 1: by forty. There has been a close final score yet. 316 00:17:30,359 --> 00:17:33,480 Speaker 1: In Boston, Celtics jumped in front to nine and then 317 00:17:33,520 --> 00:17:36,240 Speaker 1: won that fourth twenty three to eleven. Eleven is the 318 00:17:36,280 --> 00:17:38,960 Speaker 1: third fewest points ever scored in the final quarter of 319 00:17:38,960 --> 00:17:42,520 Speaker 1: the Finals game Boston one hundred, now up to one 320 00:17:42,560 --> 00:17:45,120 Speaker 1: in the series. Rangers and Lightning tied to two, game 321 00:17:45,160 --> 00:17:47,560 Speaker 1: five tonight at the Guarden Rangers goes Gerard Glan asked 322 00:17:47,560 --> 00:17:51,120 Speaker 1: about Tampa Bay's ability to prevent the Rangers from scoring 323 00:17:51,240 --> 00:17:54,240 Speaker 1: when it's not a power plus, nothing that they haven't 324 00:17:54,240 --> 00:17:57,680 Speaker 1: seen before. You know, they're doing different than just it's 325 00:17:57,720 --> 00:17:59,639 Speaker 1: intense hockey and you gotta get ready to play it 326 00:17:59,640 --> 00:18:01,760 Speaker 1: and it doesn't seem to bother us when we're playing 327 00:18:01,760 --> 00:18:04,280 Speaker 1: at home. So the last two games was the issues, yes, 328 00:18:04,480 --> 00:18:06,639 Speaker 1: but we got to get better. We will. Rangers have 329 00:18:06,720 --> 00:18:09,040 Speaker 1: not scored a five on five goals since Game two, 330 00:18:09,080 --> 00:18:11,359 Speaker 1: but they have won eight in a row. At MSG, 331 00:18:11,520 --> 00:18:14,159 Speaker 1: Yankees and Mets both suffered their most lopsided losses of 332 00:18:14,200 --> 00:18:16,359 Speaker 1: the season. The Yanks seven game win streak ended at 333 00:18:16,359 --> 00:18:18,760 Speaker 1: Minnesota eight to one. Yanks had just four hits. Both 334 00:18:18,840 --> 00:18:21,920 Speaker 1: Nestor Cortez and Clark Schmidt gave up four runs. That's 335 00:18:21,920 --> 00:18:24,640 Speaker 1: the most allowed this season by Cortez. Garret Cole pitches tonight, 336 00:18:24,680 --> 00:18:27,600 Speaker 1: and Mets lost in San Diego thirteen to two. So 337 00:18:27,640 --> 00:18:30,960 Speaker 1: outscored the last two nights twenty two. The Padres five 338 00:18:31,080 --> 00:18:33,119 Speaker 1: runs in the fourth and ain't in four and the fifth, 339 00:18:33,119 --> 00:18:35,719 Speaker 1: and Mets are off tonight. They visit the Angels tomorrow. 340 00:18:35,720 --> 00:18:38,760 Speaker 1: The Angels have lost fourteen games in a row, half 341 00:18:38,800 --> 00:18:41,000 Speaker 1: of those by one run. I just lost one up 342 00:18:41,040 --> 00:18:43,080 Speaker 1: into the Red Sox have now won their last seven, 343 00:18:43,119 --> 00:18:46,280 Speaker 1: and so has Atlanta, the Braves being Oakland that was 344 00:18:46,320 --> 00:18:50,000 Speaker 1: also thirteen to two. John Scash, We're Bloomberg Sports didn't 345 00:18:50,160 --> 00:18:52,159 Speaker 1: all right? John? Thanks? It is six thirty seven on 346 00:18:52,200 --> 00:18:53,720 Speaker 1: Wall Street. Let's take a look down at some of 347 00:18:53,720 --> 00:18:56,399 Speaker 1: the stocks that are moving in the pre market. Bloomberg 348 00:18:56,520 --> 00:19:01,200 Speaker 1: TV anchor and Markets correspondent Danny Berger joins us this morning. Danny, 349 00:19:01,200 --> 00:19:04,879 Speaker 1: we mentioned the Tesla shares moving up. This morning, Elon 350 00:19:04,960 --> 00:19:08,720 Speaker 1: Musk Company put out some pretty strong production numbers from 351 00:19:08,760 --> 00:19:12,280 Speaker 1: the Shanghai Gigaff factory, even though it's been shut down 352 00:19:12,400 --> 00:19:14,879 Speaker 1: for quite a bit exactly. I mean, that's part of 353 00:19:14,880 --> 00:19:17,360 Speaker 1: what makes these numbers so remarkable. So they came out 354 00:19:17,359 --> 00:19:21,560 Speaker 1: from the China Passenger Car Association, and production in May 355 00:19:21,760 --> 00:19:24,760 Speaker 1: more than tripled. Um. I'm not sure too many people 356 00:19:24,840 --> 00:19:28,360 Speaker 1: expected this because for most of April well shutdown. Really 357 00:19:28,359 --> 00:19:31,359 Speaker 1: only in May did they start getting back online. And 358 00:19:31,680 --> 00:19:34,440 Speaker 1: even though I mean it's not up to full production, um, 359 00:19:34,480 --> 00:19:36,200 Speaker 1: the numbers they put out, yes, a triple from the 360 00:19:36,240 --> 00:19:39,119 Speaker 1: month before, but it's still about fifty percent below what 361 00:19:39,480 --> 00:19:41,440 Speaker 1: they do in a normal month. Although I'm not sure 362 00:19:41,440 --> 00:19:45,440 Speaker 1: what counts is normal in this environment anymore, um, But 363 00:19:45,440 --> 00:19:48,640 Speaker 1: but still, you know, it is a big move for them. 364 00:19:48,720 --> 00:19:51,119 Speaker 1: U B S also upgrading the stock, saying, you know, 365 00:19:51,760 --> 00:19:54,560 Speaker 1: their outlook looks brighter than ever, saying they sold off 366 00:19:54,600 --> 00:19:57,080 Speaker 1: a lot, so this is an attractive entry point. So 367 00:19:57,160 --> 00:19:59,920 Speaker 1: Tessa up more than three and a third percent to 368 00:20:00,080 --> 00:20:03,520 Speaker 1: Morning Premarket. Yeah, a good morning to upgrade the stock. 369 00:20:03,560 --> 00:20:06,560 Speaker 1: And we're also seeing some signs Danny, that China's chech 370 00:20:06,640 --> 00:20:08,760 Speaker 1: crackdown has been going on for the last few months 371 00:20:08,760 --> 00:20:12,000 Speaker 1: starting to ease up for jack Ma. Yeah, a really 372 00:20:12,000 --> 00:20:16,000 Speaker 1: fantastic scoop by the Bloomberg China Tech team. Um that 373 00:20:16,160 --> 00:20:20,280 Speaker 1: China's consider considering reviving Aunt Group's I p O as 374 00:20:20,280 --> 00:20:23,200 Speaker 1: you say, jack Ma's company. Um. And this comes off 375 00:20:23,200 --> 00:20:25,920 Speaker 1: the back of China approving some more video games earlier 376 00:20:25,960 --> 00:20:29,400 Speaker 1: this week. So these signs are pointing towards a relaxation 377 00:20:29,480 --> 00:20:31,600 Speaker 1: of some of the tech crackdown. Of course, Ali Bamba 378 00:20:31,640 --> 00:20:34,320 Speaker 1: owns about a third of ANTS, so in terms of 379 00:20:34,359 --> 00:20:36,960 Speaker 1: premarket movers, that A d R obviously one of the 380 00:20:36,960 --> 00:20:39,400 Speaker 1: ones to benefit. It's up about one percent. It's off 381 00:20:39,880 --> 00:20:41,520 Speaker 1: some of the highs that it had been. But d 382 00:20:41,600 --> 00:20:44,080 Speaker 1: D for example, another Chinese a d R that's up 383 00:20:44,600 --> 00:20:48,000 Speaker 1: more than three and a half percent. Um. So yeah, 384 00:20:48,160 --> 00:20:52,560 Speaker 1: China Securities Regulatory Commission apparently establishing a team to reassess 385 00:20:53,160 --> 00:20:55,560 Speaker 1: the ANT share plan. So again it's it's just sort 386 00:20:55,560 --> 00:20:58,800 Speaker 1: of all of China tech rising in sympathy. About thirty 387 00:20:58,800 --> 00:21:02,640 Speaker 1: seconds left here. Danny of Drama continues at credit Sueetz, 388 00:21:02,720 --> 00:21:07,320 Speaker 1: can you get us in thirty seconds? Um, looks it's 389 00:21:07,359 --> 00:21:10,280 Speaker 1: a it's this continued story of you know, in States, 390 00:21:10,320 --> 00:21:11,840 Speaker 1: you're going to buy them a lot of analysts of 391 00:21:11,920 --> 00:21:14,359 Speaker 1: pork cold water on it. Bloomberg out with the reports 392 00:21:14,359 --> 00:21:17,520 Speaker 1: that they're tapping the brakes on their China growth, it 393 00:21:17,560 --> 00:21:20,600 Speaker 1: again lends itself to the problems in the region and 394 00:21:20,720 --> 00:21:22,560 Speaker 1: greater for credit. So look, it's going to be a 395 00:21:22,640 --> 00:21:25,600 Speaker 1: volatile session for credit, Sweez, you know, not just today, 396 00:21:25,640 --> 00:21:29,520 Speaker 1: probably for the near foreseeable future. Yeah, we'll continue keeping 397 00:21:29,560 --> 00:21:32,000 Speaker 1: an eye on it, all right. Danny Burger, Bloomberg TV anchor, 398 00:21:32,440 --> 00:21:35,320 Speaker 1: joining us on radio this wearing our markets correspondent. Thanks 399 00:21:35,320 --> 00:21:37,399 Speaker 1: for being here Danny this morning and looking at stocks 400 00:21:37,440 --> 00:21:40,440 Speaker 1: as a whole as we get set for an ECB 401 00:21:40,760 --> 00:21:43,920 Speaker 1: policy decision in just about an hour, and of course 402 00:21:43,960 --> 00:21:47,480 Speaker 1: the weekly jobless claims coming out just about two hours 403 00:21:47,520 --> 00:21:50,919 Speaker 1: from now. We have SMP futures up twenty one points. 404 00:21:51,000 --> 00:21:53,440 Speaker 1: Right now, DAL futures up a D forty four, NASTACK 405 00:21:53,520 --> 00:21:56,800 Speaker 1: futures higher by eighty one points. Germany stacks down a 406 00:21:56,800 --> 00:22:00,679 Speaker 1: half percent ahead of the ECB decision. Tenure treasury up 407 00:22:00,720 --> 00:22:04,199 Speaker 1: four thirty seconds the yield right at three percent, and 408 00:22:04,280 --> 00:22:07,360 Speaker 1: the yield on the two year two point seven seven percent. 409 00:22:08,600 --> 00:22:18,880 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 410 00:22:19,000 --> 00:22:22,000 Speaker 1: rain clearing out this afternoon, going up to the upper seventies, 411 00:22:22,040 --> 00:22:25,520 Speaker 1: mostly sunny for one day Tomorrow, We're looking for showers 412 00:22:25,520 --> 00:22:33,480 Speaker 1: to return Saturday, still raining, still sixty degrees. Markets, headlines 413 00:22:33,520 --> 00:22:36,560 Speaker 1: and breaking news twenty four hours a day at Bloomberg 414 00:22:36,600 --> 00:22:39,640 Speaker 1: dot Com, the Bloomberg Business Out and at Bloomberg Quick 415 00:22:39,720 --> 00:22:49,280 Speaker 1: Tape He's a Bloomberg Business Clash and I'm Karen Moscow. 416 00:22:49,280 --> 00:22:52,000 Speaker 1: When you West Dot Index futures are rising this morning, 417 00:22:52,000 --> 00:22:54,639 Speaker 1: is boon yield stabilized and as a report that Chinese 418 00:22:54,640 --> 00:22:57,840 Speaker 1: financial regulators have started discussions on a potential revival of 419 00:22:57,920 --> 00:23:01,560 Speaker 1: a group's initial public offering feels optimism that a crackdown 420 00:23:01,600 --> 00:23:05,280 Speaker 1: in the tech sector is easing. European equities meanwhile slipping 421 00:23:05,280 --> 00:23:08,240 Speaker 1: ahead of an ECB decision that will put the region's 422 00:23:08,280 --> 00:23:11,119 Speaker 1: monetary policy on a path of tightening. We check the 423 00:23:11,160 --> 00:23:13,880 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 424 00:23:13,920 --> 00:23:16,320 Speaker 1: Guess and P futures have fourteen points and down futures 425 00:23:16,320 --> 00:23:18,720 Speaker 1: of a hundred three nowsday future is up fifty six 426 00:23:19,000 --> 00:23:21,520 Speaker 1: The decks in Germany's down seven tenths of upper cent. 427 00:23:21,840 --> 00:23:24,000 Speaker 1: Can your treasury up one thirday second? You know, three 428 00:23:24,000 --> 00:23:26,120 Speaker 1: point one percent? The yield on a two year two 429 00:23:26,160 --> 00:23:29,440 Speaker 1: point seven eight percent nimex screwed oil is down three 430 00:23:29,440 --> 00:23:31,320 Speaker 1: tenths per cent, or thirty nine cents, and a hundred 431 00:23:31,320 --> 00:23:33,720 Speaker 1: twenty one dollar seventy two cents in barrel. That's a 432 00:23:33,720 --> 00:23:36,280 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 433 00:23:36,359 --> 00:23:39,080 Speaker 1: what's going on around the world, Michael Karen. After a 434 00:23:39,160 --> 00:23:42,240 Speaker 1: day of emotional testimony on Capitol Hill from families and 435 00:23:42,280 --> 00:23:45,520 Speaker 1: survivors shattered by gun violence, the House passed a sweeping 436 00:23:45,560 --> 00:23:48,520 Speaker 1: gun control package late last night. However, the measure is 437 00:23:48,560 --> 00:23:51,040 Speaker 1: facing a roadblock in the Senate. The House of lt 438 00:23:51,080 --> 00:23:54,720 Speaker 1: committee investigating the deadly January sixth capital attack will present 439 00:23:54,760 --> 00:23:57,520 Speaker 1: its material over the first time in prime time tonight. 440 00:23:58,000 --> 00:24:01,040 Speaker 1: In the NBA Finals, the Celtics beat the Warriors to 441 00:24:01,080 --> 00:24:03,080 Speaker 1: take a two games to one lead in the series. 442 00:24:03,320 --> 00:24:05,800 Speaker 1: In baseball, the Yankees and Mets lost, along with the 443 00:24:05,880 --> 00:24:09,400 Speaker 1: Nationals and as the Red Sox and giants one Global 444 00:24:09,440 --> 00:24:12,040 Speaker 1: News twenty four hours a day on air, hand on 445 00:24:12,080 --> 00:24:15,760 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven d journalists 446 00:24:15,760 --> 00:24:18,840 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr 447 00:24:18,880 --> 00:24:22,119 Speaker 1: and this is Bloomberg, Nathan, Thanks Michael. At six nineteen 448 00:24:22,119 --> 00:24:25,080 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 449 00:24:25,080 --> 00:24:27,280 Speaker 1: This is Bloomberg a daybreak, and now we bring you 450 00:24:27,280 --> 00:24:30,399 Speaker 1: an interview with the head of ARC Investment Management, Kathy Would. 451 00:24:30,480 --> 00:24:33,640 Speaker 1: She spoke at the UP Summit conference in Arkansas yesterday, 452 00:24:33,760 --> 00:24:38,080 Speaker 1: telling Bloomberg's ad Ludlow inflation will die down. One points 453 00:24:38,080 --> 00:24:41,560 Speaker 1: to massive inventories now held by US companies and suggests 454 00:24:41,640 --> 00:24:45,600 Speaker 1: price pressures will ease for consumers. There has been volatility 455 00:24:45,640 --> 00:24:49,520 Speaker 1: in public markets. There has been under performance in higher 456 00:24:49,640 --> 00:24:55,720 Speaker 1: multiple sometimes pre revenue, often preprofit companies. But thematically they 457 00:24:55,760 --> 00:25:01,440 Speaker 1: are in mobility, ev and battery related startups, lidar related stalltops, ability, 458 00:25:01,480 --> 00:25:06,120 Speaker 1: stalltops that went public, virus back. Why is that innovation 459 00:25:06,359 --> 00:25:10,119 Speaker 1: generally um? Starting in February of twenty one, that was 460 00:25:10,160 --> 00:25:14,679 Speaker 1: our peak UM innovation has been for one of a 461 00:25:14,720 --> 00:25:19,560 Speaker 1: better word, trashed. And the reason is that what I 462 00:25:19,640 --> 00:25:22,919 Speaker 1: mean is I'm giving the backdrop here. So if you 463 00:25:23,040 --> 00:25:27,399 Speaker 1: look at our our performance, our flagships performance from the 464 00:25:27,560 --> 00:25:31,119 Speaker 1: low and COVID to the peak in February one, that 465 00:25:31,200 --> 00:25:36,399 Speaker 1: was increase, innovation solved problems. We had a lot of 466 00:25:36,440 --> 00:25:40,639 Speaker 1: problems through the coronavirus. Innovation solved problems. We were rewarded 467 00:25:40,680 --> 00:25:44,639 Speaker 1: accordingly since then peak to trough. When we hit our trough, 468 00:25:44,720 --> 00:25:50,440 Speaker 1: then goodness, we're pasted down. Why inflation and interest rates? 469 00:25:50,440 --> 00:25:54,040 Speaker 1: So there is this and it's really interesting to be here, 470 00:25:54,680 --> 00:25:58,240 Speaker 1: um Walmart territory because I think we're learning a lot 471 00:25:58,240 --> 00:26:00,199 Speaker 1: from the retailers now and we're talking about what we 472 00:26:00,280 --> 00:26:05,439 Speaker 1: learned about in intori uh so uh. The fear of 473 00:26:05,680 --> 00:26:10,600 Speaker 1: rising interest rates uh and inflation out of control has 474 00:26:10,720 --> 00:26:14,440 Speaker 1: grouped the market. And of course, and that's the equity market. 475 00:26:14,480 --> 00:26:16,680 Speaker 1: If you look at the fixed income market, it does 476 00:26:16,720 --> 00:26:19,480 Speaker 1: not agree with this. The three year I mean the 477 00:26:19,520 --> 00:26:24,720 Speaker 1: ten year treasury bondfield is three. That that instrument should 478 00:26:24,760 --> 00:26:27,439 Speaker 1: be one of the most responsive to inflation fears, right, 479 00:26:27,760 --> 00:26:31,880 Speaker 1: so three, which suggests GDP growth to three to four 480 00:26:31,960 --> 00:26:34,760 Speaker 1: percent during the next ten years. So it's not being 481 00:26:34,800 --> 00:26:38,600 Speaker 1: corroborated by the fixed income markets. And I don't think. 482 00:26:39,000 --> 00:26:42,080 Speaker 1: I don't think that we are in a period where 483 00:26:42,200 --> 00:26:45,879 Speaker 1: we can't extricate ourselves from this. In fact, the inventory 484 00:26:46,000 --> 00:26:49,720 Speaker 1: stories are a very good example of why, of why 485 00:26:49,880 --> 00:26:53,480 Speaker 1: inflation has become a problem. You know, the scrambling to 486 00:26:53,600 --> 00:26:57,280 Speaker 1: bring more and more inventory to satisfied demand, stay at 487 00:26:57,280 --> 00:27:02,080 Speaker 1: home demand went into overdrive, and I believe the narrative 488 00:27:02,080 --> 00:27:07,560 Speaker 1: in the last year inflation gave purchasing managers this idea that, Okay, 489 00:27:07,640 --> 00:27:11,360 Speaker 1: what's the worst that could happen if I build inventories. 490 00:27:11,760 --> 00:27:14,720 Speaker 1: The worst that could happen is that I'm able to 491 00:27:14,840 --> 00:27:18,560 Speaker 1: deliver inventory profits sell at a higher price. Well, that's 492 00:27:18,640 --> 00:27:20,959 Speaker 1: not going to happen. That's not going to happen when 493 00:27:21,040 --> 00:27:26,239 Speaker 1: we see I've never seen inventory um surges like this 494 00:27:26,440 --> 00:27:28,480 Speaker 1: in my career, and I've been around for a long time. 495 00:27:28,880 --> 00:27:38,760 Speaker 1: So uh at Walmart, at at Target, uh seventy at 496 00:27:39,160 --> 00:27:42,639 Speaker 1: at Coals, so very broad based. UH. And so I 497 00:27:42,640 --> 00:27:44,439 Speaker 1: think we're going to see a lot of discounting and 498 00:27:44,560 --> 00:27:47,840 Speaker 1: this and what's beginning to happen now just at the margin. UH. 499 00:27:47,880 --> 00:27:50,240 Speaker 1: And we're seeing it because our strategy is now starting 500 00:27:50,240 --> 00:27:54,600 Speaker 1: to outperform the rest of the market. I've never been 501 00:27:54,640 --> 00:27:57,160 Speaker 1: in a market where the market has gone to new 502 00:27:57,240 --> 00:28:00,760 Speaker 1: highs and we are hitting loads. I've never been in 503 00:28:00,840 --> 00:28:04,000 Speaker 1: a market so there's been and it hasn't been supported 504 00:28:04,040 --> 00:28:06,680 Speaker 1: by the fixed in car market. So we'll see what happens. 505 00:28:06,800 --> 00:28:08,280 Speaker 1: Let me just point out to the audience here in 506 00:28:08,280 --> 00:28:10,800 Speaker 1: the room at UP Summit in Bentonville, Arkansas, and those 507 00:28:10,880 --> 00:28:13,280 Speaker 1: listening around the world on Bloombow television radio. I keep 508 00:28:13,280 --> 00:28:15,480 Speaker 1: looking at my phone, and the reason I do is 509 00:28:15,480 --> 00:28:17,800 Speaker 1: I'm on the bloom Bow terminal. It's a down day 510 00:28:17,800 --> 00:28:20,680 Speaker 1: in equity markets, but the ark Innovation eat F is 511 00:28:20,760 --> 00:28:25,040 Speaker 1: up two point seven. Why is that? I think it 512 00:28:25,240 --> 00:28:30,199 Speaker 1: is h seeping into the investor's mind. Is wait a minute, 513 00:28:30,280 --> 00:28:33,480 Speaker 1: are we right on this inflation call? They felt so 514 00:28:33,720 --> 00:28:38,960 Speaker 1: right because supply chain issues extended for such a long time. 515 00:28:39,440 --> 00:28:43,080 Speaker 1: Then Russia invades Ukraine, you know, of course, and of 516 00:28:43,120 --> 00:28:46,960 Speaker 1: course monetary and fiscal policy have been so stimulative. But 517 00:28:47,480 --> 00:28:49,880 Speaker 1: as I've said many times, we think the greatest greater 518 00:28:49,960 --> 00:28:55,000 Speaker 1: risk by far is deflation. Deflation cyclically. But you're talking 519 00:28:55,000 --> 00:28:57,520 Speaker 1: over a longer time. He was talking about now too, 520 00:28:57,880 --> 00:29:02,440 Speaker 1: because I think this inventory issue highlights the cyclical reason 521 00:29:02,520 --> 00:29:06,880 Speaker 1: we've been saying we think inflation will unravel. The secular 522 00:29:07,160 --> 00:29:13,120 Speaker 1: deflation story is very powerful and and and as e 523 00:29:13,280 --> 00:29:18,680 Speaker 1: VS and autonomous mobility of all stripes starts becoming a 524 00:29:18,720 --> 00:29:23,280 Speaker 1: bigger base in the economy, that deflationary pull is going 525 00:29:23,360 --> 00:29:27,520 Speaker 1: to be aggregated because again, these are convergences between a 526 00:29:27,560 --> 00:29:30,800 Speaker 1: month for different technologies that are all on their own 527 00:29:30,800 --> 00:29:33,800 Speaker 1: deflationary cost curves. And that was Cathy Wood, the head 528 00:29:33,800 --> 00:29:37,840 Speaker 1: of our investment management, speaking with Bloomberg's ad Ludlow from 529 00:29:37,920 --> 00:29:41,200 Speaker 1: the UP Summit conference in Arkansas. And you can catch 530 00:29:41,240 --> 00:29:43,520 Speaker 1: more of that interview. We have it for you online 531 00:29:43,920 --> 00:29:47,320 Speaker 1: at Bloomberg dot com. Right now, S and P futures 532 00:29:47,360 --> 00:29:50,360 Speaker 1: are higher by twenty one point, STAFLE futures up a 533 00:29:50,440 --> 00:29:54,120 Speaker 1: hundred forty two, NASTAC futures higher by eighty eight points. 534 00:29:54,800 --> 00:29:57,720 Speaker 1: European stocks moving lower ahead of the ECB decision due 535 00:29:57,720 --> 00:30:00,560 Speaker 1: out in about an hour and twenty minutes than forty 536 00:30:00,600 --> 00:30:03,920 Speaker 1: five Wall Street time will get the latest policy announcement 537 00:30:04,160 --> 00:30:06,800 Speaker 1: from the European Central Bank. Ten Your treasury is up 538 00:30:06,800 --> 00:30:09,680 Speaker 1: to thirty seconds with a yield three point zero one 539 00:30:09,960 --> 00:30:18,480 Speaker 1: per cent. You're listening to Bloomberg Daybreak BLOOBG Daybreak is 540 00:30:18,520 --> 00:30:20,200 Speaker 1: brought to you by the Jewish Communal Fund. J c 541 00:30:20,320 --> 00:30:22,720 Speaker 1: f's donor advised fund is the smart choice to manage 542 00:30:22,760 --> 00:30:26,080 Speaker 1: your philanthropy, especially in times of crisis. Make your giving impactful. 543 00:30:26,400 --> 00:30:34,760 Speaker 1: Visit j c F n Y dot org. Live from 544 00:30:34,760 --> 00:30:38,680 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak for Thursday, 545 00:30:38,760 --> 00:30:42,200 Speaker 1: June nine. Coming up this hour, the e c B 546 00:30:42,400 --> 00:30:46,520 Speaker 1: gets set to tighten monetary policy. Gasoline prices had recognize 547 00:30:46,600 --> 00:30:49,840 Speaker 1: in more states. The January six hearings get underway in 548 00:30:49,880 --> 00:30:52,880 Speaker 1: prime time tonight, and Twitter says it expects a vote 549 00:30:52,880 --> 00:30:55,920 Speaker 1: on Elon must take over bid later this summer. New 550 00:30:55,960 --> 00:30:59,560 Speaker 1: York Mayor Adams justifies before a House committee on gun violence. 551 00:30:59,600 --> 00:31:03,959 Speaker 1: Plum House passes gun reform legislation. I'm Michael bar More ahead. 552 00:31:04,760 --> 00:31:06,880 Speaker 1: I'm John Stash, Aaron Sports the South, they speak, the 553 00:31:06,880 --> 00:31:09,840 Speaker 1: Warriors in the NBA Finals, Rangers Lightning Game five tonight, 554 00:31:09,920 --> 00:31:15,320 Speaker 1: lopsided losses for the Mets and Yankees. That's all s 555 00:31:15,320 --> 00:31:19,040 Speaker 1: traded ahead on Bloomberg Daybreak on Bloomberg eleven three on 556 00:31:19,120 --> 00:31:23,560 Speaker 1: New York, Bloomberg one, Washington, d C Bloomberg one oh 557 00:31:23,640 --> 00:31:28,120 Speaker 1: six one Boston, Bloomberg nine sixties, San Francisco, Syrius x 558 00:31:28,320 --> 00:31:31,160 Speaker 1: M one nine team and around the world on Bloomberg 559 00:31:31,240 --> 00:31:38,080 Speaker 1: Radio dot com and via the Bloomberg Business APT And 560 00:31:38,160 --> 00:31:41,560 Speaker 1: good morning. I'm Karen Moscow. I'm Nathan Heger. Bloomberg day Break, 561 00:31:41,600 --> 00:31:43,840 Speaker 1: brought to you by b n Y Melon, Pershing's Insight 562 00:31:43,960 --> 00:31:47,080 Speaker 1: Conference back in person June fifteen through the seventeenth of 563 00:31:47,120 --> 00:31:50,760 Speaker 1: the Gaylord Resort in Grapevine, Texas. Don't miss at register 564 00:31:50,840 --> 00:31:53,760 Speaker 1: now at Insight dot b n y Melon dot com. 565 00:31:53,800 --> 00:31:56,200 Speaker 1: And futures are higher this morning six o one on 566 00:31:56,240 --> 00:31:58,640 Speaker 1: Wall Street. We checked the markets every fifteen minutes throughout 567 00:31:58,640 --> 00:32:00,920 Speaker 1: the trading day. On Bloomberg s and P Future is 568 00:32:00,960 --> 00:32:03,880 Speaker 1: up thirteen points down. Future is up ninety two nasdays. 569 00:32:03,920 --> 00:32:06,440 Speaker 1: Future is up forty eight ten year Treasury up one 570 00:32:06,480 --> 00:32:09,200 Speaker 1: thirties second deal three point one percent, and a yield 571 00:32:09,200 --> 00:32:11,520 Speaker 1: on the two year two point seven eight percent, and 572 00:32:11,640 --> 00:32:13,880 Speaker 1: nine x screwed oil is down about two tenths of 573 00:32:13,960 --> 00:32:16,080 Speaker 1: a percent. Nathan, all right, Karen, We'll get more on 574 00:32:16,120 --> 00:32:18,600 Speaker 1: the markets in just a minute, but we begin overseas 575 00:32:18,720 --> 00:32:21,280 Speaker 1: as the European Central Bank begins a new era of 576 00:32:21,320 --> 00:32:25,360 Speaker 1: monetary policy today to confront the threat of inflation running 577 00:32:25,400 --> 00:32:28,040 Speaker 1: out of control. Bloomberg's You and Parts joins us from 578 00:32:28,080 --> 00:32:30,360 Speaker 1: London with the latest. Good morning and good morning Nathan 579 00:32:30,400 --> 00:32:33,120 Speaker 1: and Karen. Today's decision, due at seven forty five am 580 00:32:33,120 --> 00:32:35,320 Speaker 1: New York time, is set to announce an imminence end. 581 00:32:35,320 --> 00:32:38,160 Speaker 1: It's a large scale asset purchases. The easy v is 582 00:32:38,160 --> 00:32:40,760 Speaker 1: also to pave the way for its first rate increase 583 00:32:40,840 --> 00:32:43,800 Speaker 1: in more than a decade next month. The plan would 584 00:32:43,840 --> 00:32:47,080 Speaker 1: match of timetable unveiled by Presidents Christine Legard. He wants 585 00:32:47,080 --> 00:32:49,560 Speaker 1: to bring to an end the euro areas ultra low 586 00:32:49,680 --> 00:32:53,160 Speaker 1: borrowing costs, but with rates that minus more point five percent, 587 00:32:53,240 --> 00:32:56,280 Speaker 1: that's likely more to come in London. I'mmune pot split 588 00:32:56,360 --> 00:32:58,240 Speaker 1: bog day break, are you and thank you? Well? We 589 00:32:58,280 --> 00:33:00,680 Speaker 1: get the latest on inflation here in the US when 590 00:33:00,680 --> 00:33:03,840 Speaker 1: the Consumer Price Index is released tomorrow. Inflation, along with 591 00:33:04,000 --> 00:33:08,600 Speaker 1: rising oil prices and tightening monetary policy, are affecting Investor Outlook. 592 00:33:08,640 --> 00:33:11,800 Speaker 1: Malafia Dura walla co c i O for Multi Asset 593 00:33:11,800 --> 00:33:14,920 Speaker 1: Class Solutions at Rock Creek, talks about how she thinks 594 00:33:14,960 --> 00:33:18,560 Speaker 1: investors should navigate the market volatility in terms of portfolio 595 00:33:18,600 --> 00:33:22,680 Speaker 1: positioning the most important. Stay nimble, stay flexible, raise cash 596 00:33:22,680 --> 00:33:25,640 Speaker 1: where you can, and be prudent and cognizant of the 597 00:33:25,680 --> 00:33:29,520 Speaker 1: trade offs between liquidity potential investments and have a longer 598 00:33:29,640 --> 00:33:33,280 Speaker 1: term horizon Rock Creeks, Alafia, Dura, Wallas. As supply shortages 599 00:33:33,320 --> 00:33:36,840 Speaker 1: are creating further uncertainty in Asia, Karen's stocks were weighed 600 00:33:36,840 --> 00:33:40,600 Speaker 1: down by the impact of high inflation. Semiconductor stocks across 601 00:33:40,640 --> 00:33:44,160 Speaker 1: the region fell after Intel warned weaker demand. China showed 602 00:33:44,160 --> 00:33:46,560 Speaker 1: exports grew at a faster pace in May than the 603 00:33:46,560 --> 00:33:50,160 Speaker 1: previous month, but sentiment waned on news of many lockdown 604 00:33:50,160 --> 00:33:52,800 Speaker 1: in Shanghai. When we turned to oil Now Nathan which 605 00:33:52,840 --> 00:33:55,040 Speaker 1: has to passed a hundred twenty two dollars of barrel 606 00:33:55,120 --> 00:33:58,120 Speaker 1: earlier this morning, and gas prices also hitting records in 607 00:33:58,200 --> 00:34:00,800 Speaker 1: more states as Americans start to hit the road for 608 00:34:00,880 --> 00:34:04,120 Speaker 1: peak driving season and Bloombergh. John Tucker joins US Live 609 00:34:04,160 --> 00:34:07,280 Speaker 1: with the latest John, Good Morning, and Karen. Gasoline prices 610 00:34:07,280 --> 00:34:10,360 Speaker 1: of broken records for at least seven days. Prices of 611 00:34:10,480 --> 00:34:14,239 Speaker 1: top five dollars a gallon in sixteen states, and the 612 00:34:14,280 --> 00:34:17,640 Speaker 1: demand is still rising. Gasoline supplies are more in line 613 00:34:17,680 --> 00:34:19,600 Speaker 1: with levels that we usually see at the end of 614 00:34:19,600 --> 00:34:22,360 Speaker 1: the driving season. We have now seen ten weeks of 615 00:34:22,400 --> 00:34:27,040 Speaker 1: declines and gasoline inventories. That's the longest run since twenty nineteen. 616 00:34:27,480 --> 00:34:30,960 Speaker 1: It's likely to drive oil prices higher. Goldman Sachs increased 617 00:34:30,960 --> 00:34:34,080 Speaker 1: its quarterly forecast for this year and into next year, 618 00:34:34,400 --> 00:34:37,040 Speaker 1: raising its w T I estimate for the next quarter 619 00:34:37,320 --> 00:34:41,080 Speaker 1: to one d thirty seven dollars of barrel. Drivers in California, 620 00:34:41,120 --> 00:34:43,000 Speaker 1: by the way, are paying the most in the country 621 00:34:43,040 --> 00:34:46,600 Speaker 1: for gasoline, forking over an average of six dollars thirty 622 00:34:46,640 --> 00:34:49,360 Speaker 1: nine cents a gallon. Live in New York, I'm John Tucker, 623 00:34:49,400 --> 00:34:52,399 Speaker 1: Bloomberg Radio. All right, John, thank you. Turning to corporate news, 624 00:34:52,440 --> 00:34:55,839 Speaker 1: Amazon CEO Andy Jasey says his company's feeling the pinch 625 00:34:55,840 --> 00:34:58,960 Speaker 1: of gas prices and inflation. I think we thought the 626 00:34:59,000 --> 00:35:02,920 Speaker 1: inflation would start to attenuate in two and with war 627 00:35:03,000 --> 00:35:04,600 Speaker 1: in Ukraine, it just went the other way and it 628 00:35:04,640 --> 00:35:08,120 Speaker 1: has significantly accelerated. So the cost of trucking and line 629 00:35:08,120 --> 00:35:11,440 Speaker 1: hole and ocean and air and fuel has just substantially 630 00:35:11,480 --> 00:35:14,880 Speaker 1: gone up. Amazon CEO Andy Jessy spoke at the Bloomberg 631 00:35:14,920 --> 00:35:18,799 Speaker 1: Technology Summit in San Francisco. Nathan Bloomberg also spoke with 632 00:35:18,840 --> 00:35:22,200 Speaker 1: investing giant Kathy Wood at the UP Summit conference in 633 00:35:22,320 --> 00:35:25,799 Speaker 1: Arkansas about inflation. The head of our investment management thinks 634 00:35:25,800 --> 00:35:30,400 Speaker 1: it will eventually come down. I've never seen inventory um 635 00:35:30,880 --> 00:35:33,600 Speaker 1: surges like this in my career, and I've been around 636 00:35:33,600 --> 00:35:36,799 Speaker 1: for a long time. I think this inventory issue highlights 637 00:35:37,160 --> 00:35:41,280 Speaker 1: the cyclical reason we've been sitting. We think inflation will 638 00:35:41,280 --> 00:35:44,319 Speaker 1: out of battle and our investments. Kathy Wood said, the 639 00:35:44,360 --> 00:35:47,640 Speaker 1: greater risk to consumers and investors is actually a deflation. 640 00:35:47,800 --> 00:35:49,440 Speaker 1: Here why in a few minutes, we'll bring you more 641 00:35:49,440 --> 00:35:52,320 Speaker 1: of our interview with Kathy Wood. All right. Meantime, Twitter 642 00:35:52,400 --> 00:35:54,600 Speaker 1: is telling staff a vote on Elon musk steal to 643 00:35:54,640 --> 00:35:57,160 Speaker 1: buy the company. It comes with some big names backing 644 00:35:57,160 --> 00:35:59,480 Speaker 1: the bid. Bloomberg Jernita Young joints to slide with that 645 00:35:59,560 --> 00:36:03,000 Speaker 1: Good morning, Good morning, Nathan Bloomberg. Sources say Twitter's top 646 00:36:03,080 --> 00:36:05,759 Speaker 1: lawyer is reassuring staff that the deal to sell the 647 00:36:05,760 --> 00:36:08,759 Speaker 1: company to Elon Musk will go ahead, that a vote 648 00:36:08,800 --> 00:36:12,640 Speaker 1: could happen in late July or early August. Meantime, regulatory 649 00:36:12,680 --> 00:36:16,640 Speaker 1: filing showed Dubai based investment from v Capital is committing 650 00:36:16,640 --> 00:36:19,719 Speaker 1: seven hundred million dollars to help finance Musk's bid for 651 00:36:19,719 --> 00:36:23,680 Speaker 1: Twitter that makes the company the third biggest outside equity investor. 652 00:36:23,960 --> 00:36:27,200 Speaker 1: The deal has also drawn money from billionaire Larry Ellison 653 00:36:27,440 --> 00:36:30,560 Speaker 1: and Sequoia Capital. Live in New York, I'm Nita Young, 654 00:36:30,600 --> 00:36:34,200 Speaker 1: Bloomberg Daybreak, Renita, thank you well. After nearly a year 655 00:36:34,280 --> 00:36:37,480 Speaker 1: of investigating the US capital insurrection, the House Committee is 656 00:36:37,480 --> 00:36:40,120 Speaker 1: about to go public with what did Nose? Starting tonight, 657 00:36:40,160 --> 00:36:44,000 Speaker 1: and Bloomberry's Amy Morris supports from our newsroom in Washington. 658 00:36:44,440 --> 00:36:47,160 Speaker 1: The committee has interviewed more than a thousand people and 659 00:36:47,280 --> 00:36:50,840 Speaker 1: reviewed more than one d twenty five thousand documents, focusing 660 00:36:50,840 --> 00:36:54,320 Speaker 1: on funding, motivation, and leadership of the mob that attacked 661 00:36:54,400 --> 00:36:57,680 Speaker 1: the capital on January six last year. Tonight is the 662 00:36:57,719 --> 00:37:01,120 Speaker 1: first in a series of public hearings. Members are promising 663 00:37:01,160 --> 00:37:05,640 Speaker 1: explosive new information with never before seeing photos and other exhibits. 664 00:37:05,880 --> 00:37:08,200 Speaker 1: There could be as many as eight hearings and all 665 00:37:08,360 --> 00:37:11,040 Speaker 1: but a formal schedule has not been released. It all 666 00:37:11,080 --> 00:37:14,160 Speaker 1: starts at eight o'clock tonight, Wall Street Time in Washington. 667 00:37:14,239 --> 00:37:18,000 Speaker 1: I'm anymore as Bloomberg Daybreak, alright, any thanks right now? 668 00:37:18,120 --> 00:37:22,120 Speaker 1: SMP futures are up thirteen points down. Futures of Nastack 669 00:37:22,200 --> 00:37:25,319 Speaker 1: futures are higher by forty eight points. The decks in 670 00:37:25,320 --> 00:37:27,840 Speaker 1: Germany down six tenths per cent ahead of the ECB 671 00:37:28,000 --> 00:37:30,959 Speaker 1: decision coming up next hour. Cack in Paris down three 672 00:37:30,960 --> 00:37:33,040 Speaker 1: tenths per cent. The tenure treasury is up one thirty 673 00:37:33,080 --> 00:37:36,319 Speaker 1: second you'll three point zero one per cent. Nimex crew 674 00:37:36,480 --> 00:37:38,759 Speaker 1: down three tenths per cent at a hundred twenty one 675 00:37:38,800 --> 00:37:41,480 Speaker 1: dollars seventy three cents of barrel right now. The euro 676 00:37:41,920 --> 00:37:45,080 Speaker 1: little changed against the dollar one point zero seven one seven. 677 00:37:45,080 --> 00:37:48,000 Speaker 1: Straight ahead, your latest local headlines and a check of sports. 678 00:37:48,040 --> 00:37:55,160 Speaker 1: This is Bloomberg six oh seven on Wall Street. Range 679 00:37:55,200 --> 00:37:58,120 Speaker 1: sixty degrees in Central Park have severe thunderstorm warnings and 680 00:37:58,160 --> 00:38:00,880 Speaker 1: parts of Ocean County Monmouth County in central New Jersey. 681 00:38:00,920 --> 00:38:04,200 Speaker 1: Details coming up first. Michael Barr with more on what's 682 00:38:04,200 --> 00:38:06,200 Speaker 1: going on in New York and around the world. Good morning, Michael, 683 00:38:06,239 --> 00:38:08,839 Speaker 1: Good morning Nathan. The House passed the package of gun 684 00:38:08,960 --> 00:38:13,040 Speaker 1: legislation Bloomberg's at Baxter reports. It's called the Protecting Our 685 00:38:13,080 --> 00:38:16,040 Speaker 1: Kids Act. It includes raising the age limit for purchasing 686 00:38:16,080 --> 00:38:19,880 Speaker 1: some kinds of automatic weapons, prevents gun trafficking, and address 687 00:38:19,880 --> 00:38:23,400 Speaker 1: a safe storage. The arguments remained about the same. Republican 688 00:38:23,440 --> 00:38:25,759 Speaker 1: Steve Scalise. All we see is a rush to go 689 00:38:25,880 --> 00:38:29,080 Speaker 1: take away the rights of law binding citizens to have guns. 690 00:38:29,320 --> 00:38:34,600 Speaker 1: Democrat Katie Porter. Shootings involving assault weapons are six times 691 00:38:35,160 --> 00:38:38,840 Speaker 1: as deadly as shootings involving handguns. The true test comes 692 00:38:38,880 --> 00:38:41,480 Speaker 1: in the Senate, though, where passage is still considered an 693 00:38:41,600 --> 00:38:46,080 Speaker 1: uphill battle. In San Francisco, I'm at Baxter Bloomberg Gay Break. Meanwhile, 694 00:38:46,120 --> 00:38:49,360 Speaker 1: New York Mayor Eric Adams testified before a House Committee 695 00:38:49,360 --> 00:38:52,760 Speaker 1: on Oversign and Reform on gun violence and Washington. Adams 696 00:38:52,800 --> 00:38:56,120 Speaker 1: posted his comments on his Twitter account. It is high 697 00:38:56,320 --> 00:39:00,160 Speaker 1: noon in America. Time for every one of us to 698 00:39:00,239 --> 00:39:03,800 Speaker 1: decide where we stand on the issue of gun violence. 699 00:39:04,160 --> 00:39:08,200 Speaker 1: Time to decide if it's more important to protect the 700 00:39:08,239 --> 00:39:12,560 Speaker 1: profits of gun manufacturers or the lives about children. Mayor 701 00:39:12,600 --> 00:39:15,200 Speaker 1: Adams says, we are facing a crisis that is killing 702 00:39:15,239 --> 00:39:18,680 Speaker 1: more Americans than more. President Joe Biden is kicking off 703 00:39:18,680 --> 00:39:21,120 Speaker 1: his first full day at the Summit of the America's 704 00:39:21,239 --> 00:39:24,360 Speaker 1: in Los Angeles, which brings together leaders from across the 705 00:39:24,400 --> 00:39:28,520 Speaker 1: hemisphere every few years. Biden is working toward new agreements 706 00:39:28,600 --> 00:39:32,000 Speaker 1: on economic development, climate change, and migration. We need to 707 00:39:32,040 --> 00:39:35,800 Speaker 1: break the cycle where marginalized communities are hit the hardest 708 00:39:36,239 --> 00:39:40,080 Speaker 1: by disasters and have the fewest resources to recover from 709 00:39:40,080 --> 00:39:44,240 Speaker 1: crisis and prepare for the next one. Also yesterday, President 710 00:39:44,280 --> 00:39:46,960 Speaker 1: Biden made an appearance on ABC IS Jimmy Kimmel Live, 711 00:39:47,000 --> 00:39:50,600 Speaker 1: where he talked about gun reform and inflation. Inflation is 712 00:39:50,640 --> 00:39:56,120 Speaker 1: mostly in food and in gasoline. At the phone, Biden 713 00:39:56,160 --> 00:39:59,800 Speaker 1: called inflation the bane of our existence. A recount determined, 714 00:39:59,800 --> 00:40:02,760 Speaker 1: that's a Loberty. Physician Memit Oz won the fiercely contested 715 00:40:02,840 --> 00:40:05,960 Speaker 1: Republican the US Senate primary in Pennsylvania that was too 716 00:40:05,960 --> 00:40:08,239 Speaker 1: close to call for three weeks. Oz will now face 717 00:40:08,320 --> 00:40:13,160 Speaker 1: Democratic Lieutenant Governor John Fetterman in the phone. Manhattan Apartment 718 00:40:13,160 --> 00:40:16,600 Speaker 1: of rents continue to skyrocket last month, with the median 719 00:40:16,680 --> 00:40:19,400 Speaker 1: hitting four thousand dollars for the first time on record. 720 00:40:19,880 --> 00:40:22,279 Speaker 1: Global News twenty four hours a day on air and 721 00:40:22,440 --> 00:40:25,239 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 722 00:40:25,280 --> 00:40:27,760 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 723 00:40:28,080 --> 00:40:35,640 Speaker 1: Michael bar this is Bloomberg, Nathan, thank you Michael almost 724 00:40:35,680 --> 00:40:38,040 Speaker 1: extent on Wall Street time for the Bloomberg Sports Update 725 00:40:38,040 --> 00:40:40,400 Speaker 1: with John Stashon Nathan. Yankees and Mets have the two 726 00:40:40,440 --> 00:40:42,680 Speaker 1: best records in baseball, so they could be forgiven for 727 00:40:42,760 --> 00:40:45,560 Speaker 1: both suffering lopsided losses on the road against good teams. 728 00:40:45,600 --> 00:40:48,000 Speaker 1: They lost by a combined twenty one to three and 729 00:40:48,080 --> 00:40:50,719 Speaker 1: for both their worst losses of the season for the 730 00:40:50,800 --> 00:40:53,640 Speaker 1: Yankees and eight to one defeat at Minnesota. Twins scored 731 00:40:53,680 --> 00:40:56,640 Speaker 1: twice four string innings. They got home runs from Brian Buxton, 732 00:40:56,760 --> 00:40:59,239 Speaker 1: Ryan Jeffers, Nestor Cortez, who came into an r a 733 00:40:59,320 --> 00:41:01,520 Speaker 1: of one and a half, gave up four runs suffered 734 00:41:01,560 --> 00:41:03,120 Speaker 1: his first loss in more than a month. The Mets, 735 00:41:03,160 --> 00:41:06,160 Speaker 1: who lost seven nothing Tuesday, lost thirteen to two in 736 00:41:06,239 --> 00:41:09,759 Speaker 1: San Diego. Padres roughed up Chris Bassett Jake coroner Worth 737 00:41:09,760 --> 00:41:11,760 Speaker 1: a three run home redrove in five. The Messing without 738 00:41:12,040 --> 00:41:15,120 Speaker 1: Peterlonzo and Sterley Marked. They both left Tuesday's game with 739 00:41:15,239 --> 00:41:18,560 Speaker 1: risk and quad injuries, both to do today. NBA Finals 740 00:41:18,600 --> 00:41:21,480 Speaker 1: Game three in Boston, Celtics beat the Warriors one sixteen 741 00:41:21,520 --> 00:41:23,320 Speaker 1: to one hundred to go up two to one. Celtics 742 00:41:23,320 --> 00:41:26,280 Speaker 1: are now seven and Oh in these playoffs. After loss 743 00:41:26,280 --> 00:41:28,719 Speaker 1: his Game four is tomorrow. Game five is tonight at 744 00:41:28,719 --> 00:41:30,600 Speaker 1: the Garden where the Rangers of one eight in row. 745 00:41:30,640 --> 00:41:33,200 Speaker 1: They look to keep that going and regain the lead 746 00:41:33,280 --> 00:41:35,560 Speaker 1: over Tampa Bay in the East Finals that are tied 747 00:41:35,560 --> 00:41:38,560 Speaker 1: into in London today, the first ever round in the 748 00:41:38,640 --> 00:41:43,200 Speaker 1: new Lived Golf Tour, financially backed by Saudi Arabian interests. 749 00:41:43,200 --> 00:41:46,239 Speaker 1: You're still Nicholson. I don't condone human rights violations. I 750 00:41:46,560 --> 00:41:49,440 Speaker 1: don't know how I can be anymore clearing. I understand 751 00:41:49,480 --> 00:41:56,800 Speaker 1: your question, um, but again, I love this game of golf. 752 00:41:56,840 --> 00:42:00,000 Speaker 1: I've seen the good that it's done, and I see 753 00:42:00,000 --> 00:42:03,920 Speaker 1: the opportunity for LIV golf to do a lot of 754 00:42:03,920 --> 00:42:05,840 Speaker 1: good for the game throughout the world. And I'm excited 755 00:42:05,880 --> 00:42:07,799 Speaker 1: to be about a part of this opportunity. And says 756 00:42:07,800 --> 00:42:09,560 Speaker 1: he's earned the right to have a lifetime exemption on 757 00:42:09,600 --> 00:42:11,759 Speaker 1: the PGA Towards says will be in Boston next week 758 00:42:11,800 --> 00:42:14,400 Speaker 1: for the U S John Stash, I went Bloomberg Sports, 759 00:42:14,760 --> 00:42:17,359 Speaker 1: all right, John, thanks SMP futures right now at eleven points, 760 00:42:17,360 --> 00:42:20,560 Speaker 1: Staff futures up seventy nine, futures up forty points. Tenuere 761 00:42:20,600 --> 00:42:23,560 Speaker 1: Treasury is up one thirty second to yield three point 762 00:42:23,680 --> 00:42:27,000 Speaker 1: zero one per cent on the tenure note. Cathy Wood 763 00:42:27,040 --> 00:42:31,240 Speaker 1: of Art Investment Management next on why she thinks deflation 764 00:42:31,719 --> 00:42:38,879 Speaker 1: is the bigger worry. This is Bloomberg. Bloomberg day Break 765 00:42:38,920 --> 00:42:41,880 Speaker 1: is brought to you by Hofstra University's Frank Gez School 766 00:42:41,880 --> 00:42:44,399 Speaker 1: of Business, top right downline NBA program with a real 767 00:42:44,440 --> 00:42:47,680 Speaker 1: world foundation. Learn more at Hofstra dot e d U 768 00:42:47,800 --> 00:42:48,720 Speaker 1: slash go grad