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Speaker 1: g A future is rising this morning. Let's go to
Speaker 1: the first Word Breaking news desk for today's morning call.
Speaker 1: Here's Bill Maloney, Bill, good morning, and good morning Can.
Speaker 1: That's right. US futures are in the green right now
Speaker 1: with down features up a hundred forty nine points. SPEs
Speaker 1: gained twenty two well, Mass det futures rise by seventy
Speaker 1: two the US ten year old at three percent. Gold
Speaker 1: is down for oil is trading lower, but Bitcoin is
Speaker 1: trading higher by one percent. Japan was a little changed
Speaker 1: for night, while up markets are in the red this
Speaker 1: morning and back in the US on the economic Fronday
Speaker 1: thirty initial Java's claims in other news Tesla's Chinese production
Speaker 1: that Stars back with output more than tripling, and Facebook
Speaker 1: is said to have halted development on its Apple Watch
Speaker 1: rival and deal news people familiar to that Walgreens received
Speaker 1: a binding offer from Apollo and Reliance for its international
Speaker 1: arm and wrapping things up, Scott's Miracle Grow was cut
Speaker 1: to neutral over at JP Morgan Live from the first
Speaker 1: Sir Baking News descon Bill Malodey care, Herry, Bill, thank you,
Speaker 1: and to hear live breaking news over your Bloomberg type
Speaker 1: squawk on your termin I'll sue you a w K.
Speaker 1: We're also watching Target this morning, shares on more than
Speaker 1: one percent and increased its quarterly cash dividend to a
Speaker 1: dollar eight to share from nineties cents. And that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barrow with more on
Speaker 1: what's going on around the world. Michael Karen, thank you
Speaker 1: very much. The January six Committees primetime live hearings begin tonight.
Speaker 1: The committee will try to show the nation what sparked
Speaker 1: the Capitol ryant and who was responsible. The House passed
Speaker 1: a package of gun legislation last night. It comes ahead
Speaker 1: of whatever compromised plan emerges from bipartisan negotiations in the Senate.
Speaker 1: In the NBA Finals, the Celtics beat the Warriors one sixteen,
Speaker 1: one hundred to take a two games one lead in
Speaker 1: the series. In baseball, the Yankees and Mets lost, along
Speaker 1: with the Nationals and A's. The Red Sox and Giants won.
Speaker 1: Global News twenty four hours a day on air and
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Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: I'm MICHAELA. Bar This is Bloomberg. The following commentary is
Speaker 1: from Bloomberg Opinion. Important. I'm Jonathan Burnstein, a columnist for
Speaker 1: Bloomberg Opinion. After another primary night this week, here's one
Speaker 1: thing that stands out. We're going to hear a lot
Speaker 1: from Republicans over the next few weeks about how voters
Speaker 1: don't care about the attack on the Capitol on January
Speaker 1: six last year, or about Donald Trump's attempts to stay
Speaker 1: in office despite losing an election. In a way, this
Speaker 1: is correct. Voters tend to not care about lots of
Speaker 1: important things after or more accurately, lots of important things
Speaker 1: don't normally affect many votes. Regardless, quite a few candidates
Speaker 1: are talking a lot about the election, and those candidates
Speaker 1: are Republicans. Recently, Pennsylvania Republicans nominated a gluberatorial candidate running
Speaker 1: on false claims of fraud, while a Trump endorsed candidate
Speaker 1: for governor in Georgia was badly defeated after spending much
Speaker 1: of his campaign talking about more of the same this week,
Speaker 1: some winning, some losing. Certainly a lot of Republican candidates
Speaker 1: and at least one former president think it's essential to
Speaker 1: keep focused on the election. I'm Jonathan Bernstein. For more opinion,
Speaker 1: please go to Bloomberg dot com, Slash Opinion or O
Speaker 1: P I n go on the Bloomberg terminal has been
Speaker 1: Bloomberg Opinion and Bloomberg Opinion commentary is gonna be heard
Speaker 1: every weekday at this time and terminal customers can read
Speaker 1: more as O P I n go. It is six
Speaker 1: fifty on Wall Street. We turned to news in science
Speaker 1: and technology now at the Bloomberg and J. A. T.
Speaker 1: Stemmer report brought to you buy New Jersey Institute of
Speaker 1: Technology ranked top fifty national public university by US News
Speaker 1: and World Report and number fourteen in the nation on
Speaker 1: Money's Best Colleges. List. Learn more at n j I
Speaker 1: T dot E d U and here's US making news
Speaker 1: and science, technology, engineering and math. We're learning more about
Speaker 1: the severity of so called long COVID. According to a
Speaker 1: study by South Africa's biggest health insurer, people who had
Speaker 1: a documented COVID nineteen infection are more likely to be
Speaker 1: hospitalized or developed diabetes or hypertension in the months following
Speaker 1: their illness. The findings indicate the risk of dying is
Speaker 1: still no higher. Facebook parent company Meta has haunted development
Speaker 1: of a smart watch with the dual cameras. It's instead
Speaker 1: working on other devices for the risk. According to a
Speaker 1: person with knowledge of the matter, the device has been
Speaker 1: under development for two years and was designed to include
Speaker 1: several health and tech features common and other smart watches.
Speaker 1: And Apple said it will handle the lending itself for
Speaker 1: a new buy Now, Pay Later offering, sidestepping partners as
Speaker 1: the tech giant pushes deeper into the financial services INDUS
Speaker 1: three holy On subsidiary will oversee credit checks and make
Speaker 1: decisions on loans for the service, which is called Apple
Speaker 1: Pay Later. And that's the Bloomberg and j I T
Speaker 1: stamp report. Nathan all Right, Karen thank you. We are
Speaker 1: live from the Bloomberg Interactive Broker Studios, where it is
Speaker 1: now six fifty two on Wall Street Time Now, to
Speaker 1: check what's going on in d C, where some of
Speaker 1: the top stories include President Biden being pressed on guns
Speaker 1: and inflation on Jimmy Kimmel's ABC late night show, President
Speaker 1: proposing a regional economic partnership as the Summit of the
Speaker 1: Americas gets underway in Los Angeles, and the January six
Speaker 1: Committee promising surprises in tonight's first primetime televised hearing. Ahead
Speaker 1: of all that. We are joined live this morning by
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, Good morning. I
Speaker 1: think the takeaway line from President Biden on last night's
Speaker 1: Jimmy Kimmel Show is the uh quote, inflation is the
Speaker 1: bane of our existence. It's kind of a tough room
Speaker 1: for the President last night. Yeah, I was a little
Speaker 1: surprising that a late night show host is seemed to
Speaker 1: be determined to ask some tough questions. He pressed him
Speaker 1: on inflation, he pressed him on executive in action on
Speaker 1: gun control. But I mean, clearly the President's words were
Speaker 1: true in an economic and political sense. It's the bane
Speaker 1: of democrats. Existence on the campaign trail as well, and
Speaker 1: it's clear he feels the need to address that. I
Speaker 1: did think it was fairly newsworthy that when he talked
Speaker 1: about potential responses, even though some of this is out
Speaker 1: of his hands, he did go back to the prescription
Speaker 1: drug pricing debate. And that's something that is still sort
Speaker 1: of maybe on the back burner, but being discussed in Congress.
Speaker 1: It's not the panacea for overall inflation and price increases,
Speaker 1: but if that political pressure regarding inflation, uh, prompts I
Speaker 1: guess greater movement on the the drug pricing debate, that
Speaker 1: would certainly be a significant development. And when it comes
Speaker 1: to the gun debate, Jack was the president kind of
Speaker 1: arguing that moving forward that is kind of out of
Speaker 1: his hands at least unilaterally. Yeah, he actually invoked former
Speaker 1: President Donald Trump, who he said went overboard with executive orders.
Speaker 1: He he wants to follow the law. Uh, And it's
Speaker 1: true that the president there's there's no law that gives
Speaker 1: the president a huge amount of leeway regarding any major
Speaker 1: gun control measures. So really the conversation is still in
Speaker 1: the Senate where they're trying to figure out what could
Speaker 1: get sixty votes uh, to respond to the recent UH
Speaker 1: mass shootings. UH, and that that may be a smaller measure.
Speaker 1: They're talking about red flag laws at the state level,
Speaker 1: shoring up background checks, background checks for younger people who
Speaker 1: might have certain things expunged in their records. Not a
Speaker 1: huge measure, but you know, the conversation is still going
Speaker 1: forward in the legislative branch and the Senate about what
Speaker 1: they can do. Yeah, speaking of huge measures, we did
Speaker 1: get one passed in the House yesterday, but I guess
Speaker 1: you're sort of implying there that one's probably not going
Speaker 1: to go much of anywhere in the Senate. Yeah. That
Speaker 1: was the more ambitious measure with a lot of Democrat
Speaker 1: Democratic support. It include included measures such as raising the
Speaker 1: minimum age for the purchase of many semi automatic rifles
Speaker 1: to twenty one years old. Uh. It got into federal
Speaker 1: standards for the safe storage of firearms. That was almost
Speaker 1: exactly a party line vote. There were five Republican votes
Speaker 1: in favor. There are actually two Democrats who voted no.
Speaker 1: They got two hundred twenty three votes when they needed
Speaker 1: about two d eighteen. So you know, it's a chance
Speaker 1: for Democrats to vote on something they like in the House.
Speaker 1: That's that's kind of why the House of Representatives is there.
Speaker 1: But as for something with a realistic chance of being enacted,
Speaker 1: the action really is in those behind the scenes talks
Speaker 1: in the Senate. Only about a minute and a half
Speaker 1: left here, Jack, we got to talk about what's coming
Speaker 1: up tonight in prime time on Capitol Hill. The first
Speaker 1: nationally televised January six hearing. Yeah, prime time is the
Speaker 1: major takeaway starts at eight, and the the lawmakers on
Speaker 1: the panel are determined to kind of make their case
Speaker 1: to the American people that this was significant that the
Speaker 1: the you know, lawmakers like Jamie Raskin on the panel
Speaker 1: had said this was not a spur of the moment thing.
Speaker 1: They're going to lay out the details of what they
Speaker 1: know about any level of prior coordination. The inclusion of
Speaker 1: Nick Quested, the documentary and documentary filmmaker in this is
Speaker 1: interesting because he was embedded with a camera crew with
Speaker 1: the far right Proud Boys. There was a meeting on
Speaker 1: January five between them and the oath Keepers. I think
Speaker 1: they will get into the degree to which certain groups
Speaker 1: organized their activities rather than the the overrunning of the
Speaker 1: capital being a spur of the moment response in our
Speaker 1: last thirty seconds here, Jack, The committee is promising surprises
Speaker 1: to come out of this, and we know there have
Speaker 1: been a lot of closed to or hearing Sir, what
Speaker 1: are you gonna be looking for in terms of things
Speaker 1: we might not know about what happened on January six, Well,
Speaker 1: they've conducted a lot of interviews. They are said to
Speaker 1: plan portions of video testimony from Trump family members and
Speaker 1: other high profile people. We don't know exactly who, but
Speaker 1: it would be very interesting to see if if they
Speaker 1: include some of that testimony that that was recorded, interviews
Speaker 1: with people like Ivanka Trump or Jared Kushner or Mark Meadows,
Speaker 1: who is the chief of staff at the time. They've
Speaker 1: talked to a lot of people close to the president, uh,
Speaker 1: and a focus on what they had to say would
Speaker 1: be some of the most newsworthy events out of this
Speaker 1: hearing tonight. Now, we know you're gonna be watching it
Speaker 1: very closely, Jack, and we're gonna have full morning after
Speaker 1: coverage for you here tomorrow, right here on Bloomberg day Break,
Speaker 1: Bloomberg Government reporter Jack Fitzpatrick, as always, thanks for being
Speaker 1: with us. You can read more about all these stories
Speaker 1: on Bloomberg dot Com or on the Bloomberg terminal. Listen
Speaker 1: to Bloomberg Radio in Washington. Bloomberg and one oh five
Speaker 1: point seven FM h D two focus this morning on
Speaker 1: an easy be policy decision ahead of it. S ANDP
Speaker 1: futures are higher by twenty two points. Much more to
Speaker 1: come on Bloomberg Surveillance. That's straight ahead for Karen Moscow.
Speaker 1: I'm Nathan Hager. This is Bloomberger broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living
Speaker 1: Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one
Speaker 1: oh six one, to San Francisco, Bloomberg nun sixt to
Speaker 1: the Country Sirius XM Chento one ninet and around the
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we are
Speaker 1: just about three hours away from the Open of US training.
Speaker 1: Time for the five things you need to know to
Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive
Speaker 1: Brokers charges margin loan race at one point three to
Speaker 1: two point three three percent rates subject to change. Learn
Speaker 1: more at ibk r dot com slash compare. First, traders
Speaker 1: are awaiting a policy decision from the European Central Bank.
Speaker 1: We get a preview from Bloomberg's James Wilcock in London.
Speaker 1: Options Pricing suggests that traders haven't been this jittree about
Speaker 1: an ECP rate decision since the Central Branch is set
Speaker 1: to en quwee and says out the path to what
Speaker 1: its first rate hikes in twenty eleven when it meets today.
Speaker 1: But what traders really want to know is the President
Speaker 1: Christine the Guard would back fifty basis point hikes in
Speaker 1: the future. As the Eurozone faces inflation accelerating at a
Speaker 1: record pace, and Bloombergs James Wilcox says the ECB decision
Speaker 1: will come down in an hour and fifteen minutes from now.
Speaker 1: Well ahead of that, Karen Gas continues to surge to
Speaker 1: record highs, and we get the latest live with Bloomberg's
Speaker 1: John Tucker. More pain at the Pump, John Yeah, Nathan.
Speaker 1: Gasoline prices have now top five dollars a gallon in
Speaker 1: sixteen states, and prices aren't likely to drop anytime soon.
Speaker 1: Increased oil demand continues to outpace the global supply. Gasoline
Speaker 1: inventories are at the lowest seasonal level in eight years,
Speaker 1: according to the Energy Information Administration. It's part of the
Speaker 1: overall inflation picture that continues to be a top focus
Speaker 1: of the White House and President Biden. Inflation is the
Speaker 1: is the is the vein of our existence. The President
Speaker 1: making the comments at an interview with ABC Late Night
Speaker 1: host Jimmy Kimmel live in New York. I'm John Tucker
Speaker 1: Bloomberg Daybreak. All right, John, thank you. On Twitter is
Speaker 1: telling its staff a vote on Elon must deal to
Speaker 1: buy the company is coming this summer. We get the
Speaker 1: latest line from Bloomberg's Nita Young Rnita Karen Bloomberg. Sources
Speaker 1: say Twitter's top lawyer is reassuring staff that the deal
Speaker 1: to sell the company to Elon Musk will go ahead
Speaker 1: and that a vote could happen in late July or
Speaker 1: early August. Meantime, regulatory filings showed Dubai based investment firm
Speaker 1: VI Capital is committing seven hundred million dollars to help
Speaker 1: finance Musk's bid for Twitter. That makes the company the
Speaker 1: third biggest outside equity investor that has also drawn money
Speaker 1: from billionaire Larry Ellison and Sequoia Capital. Live in New York,
Speaker 1: I'm rened a young Bloomberg daybreak. We need to thanks.
Speaker 1: Shares of Tesla up more than three percent. Production in
Speaker 1: China more than tripled last month, even though the electric
Speaker 1: carmaker just got its Shanghai factory back up to speed,
Speaker 1: and the transformation on Facebook continues. Nathan. The company which
Speaker 1: changed its name to Meta Platforms last year will now
Speaker 1: trade it to the ticker m E t A instead
Speaker 1: of f B. And that's the five things you need
Speaker 1: to notice start your day. Brought to you by Interactive Brokers.
Speaker 1: All Right, Karen, thank you to sixty three on Wall
Speaker 1: Street where it's sixty degrees with the rain continuing now
Speaker 1: causing flooding on the southbound West Side Highway. Nineties through
Speaker 1: the seventies. More coming up in traffic. First, Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Good morning, Mike, cal Good morning, Nathan.
Speaker 1: The House passed a package of gun legislation, including raising
Speaker 1: them and a mage to buy a semi automatic rifle
Speaker 1: from eighteen to one before the vote. Democratic Representative Mike
Speaker 1: Thompson spoke in fiver of the measure, raising the age
Speaker 1: to buy an assault weapon saves lives. Limiting magazine capacity
Speaker 1: will limit the carnage of math shootings, and it saves lives.
Speaker 1: Going after traffickers keeps guns out of the hands of
Speaker 1: people who shouldn't have them, and it saves lives. However,
Speaker 1: Republican Congressman James Comer disagrees with the Thompson We have
Speaker 1: people in the military, uh, using weapons when they're eighteen
Speaker 1: and and uh, I mean that's good enough for a
Speaker 1: military anything that's a that's the way it should be
Speaker 1: for law about. Comer was among the two hundred four
Speaker 1: who voted against the bill. Meanwhile, New York Mayor Eric
Speaker 1: Adams testified before a House committee on oversigning reform on
Speaker 1: gun violence in Washington. Adams, who posted his comments on
Speaker 1: his Twitter account, says, it is a disgrace that virtually
Speaker 1: every day brings another bout of gun violence. We have
Speaker 1: facing the crisis that is killing more Americans than war.
Speaker 1: It crisis as now the number one cause of death
Speaker 1: for our young people. Mayor Adam says, it is high
Speaker 1: noon in America. Members of the House committee investigating the
Speaker 1: events of January six will hold their first prime time
Speaker 1: hearing tonight to share what they have uncovered about former
Speaker 1: President Donald Trump and the deadly storming of the US Capitol.
Speaker 1: Former President Trump, Donald Trump Jr. And his daughter Ivanka
Speaker 1: have agreed to answer questions under oath next month and
Speaker 1: the New York Attorney General's civil investigation into his business practices,
Speaker 1: A man hadn't judge signed off on an agreement that
Speaker 1: calls for the Trump's to give deposition starting July fifteen.
Speaker 1: The agreement comes after a series of setbacks for Trump's
Speaker 1: efforts to block State Attorney General Letitia James's three year
Speaker 1: long investigation. People who have had a documented COVID nineteen
Speaker 1: infection are more likely to be hospitalized or developed diabetes
Speaker 1: or high pertension in the months after their illness and
Speaker 1: indication of the severity of so called long COVID. That's
Speaker 1: according to a study by South Africa's biggest health insurer,
Speaker 1: Discovery Health Global News twenty four hours day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalists and antalyists more than a hundred twenty countries.
Speaker 1: I'm Michael barn This is Bloomberg. Thank you Michael, almost
Speaker 1: six thirty six on Wall Street. John Stash hours here
Speaker 1: at the Bloomberg Sports Update, Thanks Nathan. Three games into
Speaker 1: what's been a strange NBA Finals, the Warriors have outscored
Speaker 1: the Celtics in the third quarters by a total of
Speaker 1: forty three points, but the Celtics have on the fourth
Speaker 1: by forty. There has been a close final score yet.
Speaker 1: In Boston, Celtics jumped in front to nine and then
Speaker 1: won that fourth twenty three to eleven. Eleven is the
Speaker 1: third fewest points ever scored in the final quarter of
Speaker 1: the Finals game Boston one hundred, now up to one
Speaker 1: in the series. Rangers and Lightning tied to two, game
Speaker 1: five tonight at the Guarden Rangers goes Gerard Glan asked
Speaker 1: about Tampa Bay's ability to prevent the Rangers from scoring
Speaker 1: when it's not a power plus, nothing that they haven't
Speaker 1: seen before. You know, they're doing different than just it's
Speaker 1: intense hockey and you gotta get ready to play it
Speaker 1: and it doesn't seem to bother us when we're playing
Speaker 1: at home. So the last two games was the issues, yes,
Speaker 1: but we got to get better. We will. Rangers have
Speaker 1: not scored a five on five goals since Game two,
Speaker 1: but they have won eight in a row. At MSG,
Speaker 1: Yankees and Mets both suffered their most lopsided losses of
Speaker 1: the season. The Yanks seven game win streak ended at
Speaker 1: Minnesota eight to one. Yanks had just four hits. Both
Speaker 1: Nestor Cortez and Clark Schmidt gave up four runs. That's
Speaker 1: the most allowed this season by Cortez. Garret Cole pitches tonight,
Speaker 1: and Mets lost in San Diego thirteen to two. So
Speaker 1: outscored the last two nights twenty two. The Padres five
Speaker 1: runs in the fourth and ain't in four and the fifth,
Speaker 1: and Mets are off tonight. They visit the Angels tomorrow.
Speaker 1: The Angels have lost fourteen games in a row, half
Speaker 1: of those by one run. I just lost one up
Speaker 1: into the Red Sox have now won their last seven,
Speaker 1: and so has Atlanta, the Braves being Oakland that was
Speaker 1: also thirteen to two. John Scash, We're Bloomberg Sports didn't
Speaker 1: all right? John? Thanks? It is six thirty seven on
Speaker 1: Wall Street. Let's take a look down at some of
Speaker 1: the stocks that are moving in the pre market. Bloomberg
Speaker 1: TV anchor and Markets correspondent Danny Berger joins us this morning. Danny,
Speaker 1: we mentioned the Tesla shares moving up. This morning, Elon
Speaker 1: Musk Company put out some pretty strong production numbers from
Speaker 1: the Shanghai Gigaff factory, even though it's been shut down
Speaker 1: for quite a bit exactly. I mean, that's part of
Speaker 1: what makes these numbers so remarkable. So they came out
Speaker 1: from the China Passenger Car Association, and production in May
Speaker 1: more than tripled. Um. I'm not sure too many people
Speaker 1: expected this because for most of April well shutdown. Really
Speaker 1: only in May did they start getting back online. And
Speaker 1: even though I mean it's not up to full production, um,
Speaker 1: the numbers they put out, yes, a triple from the
Speaker 1: month before, but it's still about fifty percent below what
Speaker 1: they do in a normal month. Although I'm not sure
Speaker 1: what counts is normal in this environment anymore, um, But
Speaker 1: but still, you know, it is a big move for them.
Speaker 1: U B S also upgrading the stock, saying, you know,
Speaker 1: their outlook looks brighter than ever, saying they sold off
Speaker 1: a lot, so this is an attractive entry point. So
Speaker 1: Tessa up more than three and a third percent to
Speaker 1: Morning Premarket. Yeah, a good morning to upgrade the stock.
Speaker 1: And we're also seeing some signs Danny, that China's chech
Speaker 1: crackdown has been going on for the last few months
Speaker 1: starting to ease up for jack Ma. Yeah, a really
Speaker 1: fantastic scoop by the Bloomberg China Tech team. Um that
Speaker 1: China's consider considering reviving Aunt Group's I p O as
Speaker 1: you say, jack Ma's company. Um. And this comes off
Speaker 1: the back of China approving some more video games earlier
Speaker 1: this week. So these signs are pointing towards a relaxation
Speaker 1: of some of the tech crackdown. Of course, Ali Bamba
Speaker 1: owns about a third of ANTS, so in terms of
Speaker 1: premarket movers, that A d R obviously one of the
Speaker 1: ones to benefit. It's up about one percent. It's off
Speaker 1: some of the highs that it had been. But d
Speaker 1: D for example, another Chinese a d R that's up
Speaker 1: more than three and a half percent. Um. So yeah,
Speaker 1: China Securities Regulatory Commission apparently establishing a team to reassess
Speaker 1: the ANT share plan. So again it's it's just sort
Speaker 1: of all of China tech rising in sympathy. About thirty
Speaker 1: seconds left here. Danny of Drama continues at credit Sueetz,
Speaker 1: can you get us in thirty seconds? Um, looks it's
Speaker 1: a it's this continued story of you know, in States,
Speaker 1: you're going to buy them a lot of analysts of
Speaker 1: pork cold water on it. Bloomberg out with the reports
Speaker 1: that they're tapping the brakes on their China growth, it
Speaker 1: again lends itself to the problems in the region and
Speaker 1: greater for credit. So look, it's going to be a
Speaker 1: volatile session for credit, Sweez, you know, not just today,
Speaker 1: probably for the near foreseeable future. Yeah, we'll continue keeping
Speaker 1: an eye on it, all right. Danny Burger, Bloomberg TV anchor,
Speaker 1: joining us on radio this wearing our markets correspondent. Thanks
Speaker 1: for being here Danny this morning and looking at stocks
Speaker 1: as a whole as we get set for an ECB
Speaker 1: policy decision in just about an hour, and of course
Speaker 1: the weekly jobless claims coming out just about two hours
Speaker 1: from now. We have SMP futures up twenty one points.
Speaker 1: Right now, DAL futures up a D forty four, NASTACK
Speaker 1: futures higher by eighty one points. Germany stacks down a
Speaker 1: half percent ahead of the ECB decision. Tenure treasury up
Speaker 1: four thirty seconds the yield right at three percent, and
Speaker 1: the yield on the two year two point seven seven percent.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather
Speaker 1: rain clearing out this afternoon, going up to the upper seventies,
Speaker 1: mostly sunny for one day Tomorrow, We're looking for showers
Speaker 1: to return Saturday, still raining, still sixty degrees. Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business Out and at Bloomberg Quick
Speaker 1: Tape He's a Bloomberg Business Clash and I'm Karen Moscow.
Speaker 1: When you West Dot Index futures are rising this morning,
Speaker 1: is boon yield stabilized and as a report that Chinese
Speaker 1: financial regulators have started discussions on a potential revival of
Speaker 1: a group's initial public offering feels optimism that a crackdown
Speaker 1: in the tech sector is easing. European equities meanwhile slipping
Speaker 1: ahead of an ECB decision that will put the region's
Speaker 1: monetary policy on a path of tightening. We check the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Guess and P futures have fourteen points and down futures
Speaker 1: of a hundred three nowsday future is up fifty six
Speaker 1: The decks in Germany's down seven tenths of upper cent.
Speaker 1: Can your treasury up one thirday second? You know, three
Speaker 1: point one percent? The yield on a two year two
Speaker 1: point seven eight percent nimex screwed oil is down three
Speaker 1: tenths per cent, or thirty nine cents, and a hundred
Speaker 1: twenty one dollar seventy two cents in barrel. That's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world, Michael Karen. After a
Speaker 1: day of emotional testimony on Capitol Hill from families and
Speaker 1: survivors shattered by gun violence, the House passed a sweeping
Speaker 1: gun control package late last night. However, the measure is
Speaker 1: facing a roadblock in the Senate. The House of lt
Speaker 1: committee investigating the deadly January sixth capital attack will present
Speaker 1: its material over the first time in prime time tonight.
Speaker 1: In the NBA Finals, the Celtics beat the Warriors to
Speaker 1: take a two games to one lead in the series.
Speaker 1: In baseball, the Yankees and Mets lost, along with the
Speaker 1: Nationals and as the Red Sox and giants one Global
Speaker 1: News twenty four hours a day on air, hand on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven d journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg, Nathan, Thanks Michael. At six nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg a daybreak, and now we bring you
Speaker 1: an interview with the head of ARC Investment Management, Kathy Would.
Speaker 1: She spoke at the UP Summit conference in Arkansas yesterday,
Speaker 1: telling Bloomberg's ad Ludlow inflation will die down. One points
Speaker 1: to massive inventories now held by US companies and suggests
Speaker 1: price pressures will ease for consumers. There has been volatility
Speaker 1: in public markets. There has been under performance in higher
Speaker 1: multiple sometimes pre revenue, often preprofit companies. But thematically they
Speaker 1: are in mobility, ev and battery related startups, lidar related stalltops, ability,
Speaker 1: stalltops that went public, virus back. Why is that innovation
Speaker 1: generally um? Starting in February of twenty one, that was
Speaker 1: our peak UM innovation has been for one of a
Speaker 1: better word, trashed. And the reason is that what I
Speaker 1: mean is I'm giving the backdrop here. So if you
Speaker 1: look at our our performance, our flagships performance from the
Speaker 1: low and COVID to the peak in February one, that
Speaker 1: was increase, innovation solved problems. We had a lot of
Speaker 1: problems through the coronavirus. Innovation solved problems. We were rewarded
Speaker 1: accordingly since then peak to trough. When we hit our trough,
Speaker 1: then goodness, we're pasted down. Why inflation and interest rates?
Speaker 1: So there is this and it's really interesting to be here,
Speaker 1: um Walmart territory because I think we're learning a lot
Speaker 1: from the retailers now and we're talking about what we
Speaker 1: learned about in intori uh so uh. The fear of
Speaker 1: rising interest rates uh and inflation out of control has
Speaker 1: grouped the market. And of course, and that's the equity market.
Speaker 1: If you look at the fixed income market, it does
Speaker 1: not agree with this. The three year I mean the
Speaker 1: ten year treasury bondfield is three. That that instrument should
Speaker 1: be one of the most responsive to inflation fears, right,
Speaker 1: so three, which suggests GDP growth to three to four
Speaker 1: percent during the next ten years. So it's not being
Speaker 1: corroborated by the fixed income markets. And I don't think.
Speaker 1: I don't think that we are in a period where
Speaker 1: we can't extricate ourselves from this. In fact, the inventory
Speaker 1: stories are a very good example of why, of why
Speaker 1: inflation has become a problem. You know, the scrambling to
Speaker 1: bring more and more inventory to satisfied demand, stay at
Speaker 1: home demand went into overdrive, and I believe the narrative
Speaker 1: in the last year inflation gave purchasing managers this idea that, Okay,
Speaker 1: what's the worst that could happen if I build inventories.
Speaker 1: The worst that could happen is that I'm able to
Speaker 1: deliver inventory profits sell at a higher price. Well, that's
Speaker 1: not going to happen. That's not going to happen when
Speaker 1: we see I've never seen inventory um surges like this
Speaker 1: in my career, and I've been around for a long time.
Speaker 1: So uh at Walmart, at at Target, uh seventy at
Speaker 1: at Coals, so very broad based. UH. And so I
Speaker 1: think we're going to see a lot of discounting and
Speaker 1: this and what's beginning to happen now just at the margin. UH.
Speaker 1: And we're seeing it because our strategy is now starting
Speaker 1: to outperform the rest of the market. I've never been
Speaker 1: in a market where the market has gone to new
Speaker 1: highs and we are hitting loads. I've never been in
Speaker 1: a market so there's been and it hasn't been supported
Speaker 1: by the fixed in car market. So we'll see what happens.
Speaker 1: Let me just point out to the audience here in
Speaker 1: the room at UP Summit in Bentonville, Arkansas, and those
Speaker 1: listening around the world on Bloombow television radio. I keep
Speaker 1: looking at my phone, and the reason I do is
Speaker 1: I'm on the bloom Bow terminal. It's a down day
Speaker 1: in equity markets, but the ark Innovation eat F is
Speaker 1: up two point seven. Why is that? I think it
Speaker 1: is h seeping into the investor's mind. Is wait a minute,
Speaker 1: are we right on this inflation call? They felt so
Speaker 1: right because supply chain issues extended for such a long time.
Speaker 1: Then Russia invades Ukraine, you know, of course, and of
Speaker 1: course monetary and fiscal policy have been so stimulative. But
Speaker 1: as I've said many times, we think the greatest greater
Speaker 1: risk by far is deflation. Deflation cyclically. But you're talking
Speaker 1: over a longer time. He was talking about now too,
Speaker 1: because I think this inventory issue highlights the cyclical reason
Speaker 1: we've been saying we think inflation will unravel. The secular
Speaker 1: deflation story is very powerful and and and as e
Speaker 1: VS and autonomous mobility of all stripes starts becoming a
Speaker 1: bigger base in the economy, that deflationary pull is going
Speaker 1: to be aggregated because again, these are convergences between a
Speaker 1: month for different technologies that are all on their own
Speaker 1: deflationary cost curves. And that was Cathy Wood, the head
Speaker 1: of our investment management, speaking with Bloomberg's ad Ludlow from
Speaker 1: the UP Summit conference in Arkansas. And you can catch
Speaker 1: more of that interview. We have it for you online
Speaker 1: at Bloomberg dot com. Right now, S and P futures
Speaker 1: are higher by twenty one point, STAFLE futures up a
Speaker 1: hundred forty two, NASTAC futures higher by eighty eight points.
Speaker 1: European stocks moving lower ahead of the ECB decision due
Speaker 1: out in about an hour and twenty minutes than forty
Speaker 1: five Wall Street time will get the latest policy announcement
Speaker 1: from the European Central Bank. Ten Your treasury is up
Speaker 1: to thirty seconds with a yield three point zero one
Speaker 1: per cent. You're listening to Bloomberg Daybreak BLOOBG Daybreak is
Speaker 1: brought to you by the Jewish Communal Fund. J c
Speaker 1: f's donor advised fund is the smart choice to manage
Speaker 1: your philanthropy, especially in times of crisis. Make your giving impactful.
Speaker 1: Visit j c F n Y dot org. Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak for Thursday,
Speaker 1: June nine. Coming up this hour, the e c B
Speaker 1: gets set to tighten monetary policy. Gasoline prices had recognize
Speaker 1: in more states. The January six hearings get underway in
Speaker 1: prime time tonight, and Twitter says it expects a vote
Speaker 1: on Elon must take over bid later this summer. New
Speaker 1: York Mayor Adams justifies before a House committee on gun violence.
Speaker 1: Plum House passes gun reform legislation. I'm Michael bar More ahead.
Speaker 1: I'm John Stash, Aaron Sports the South, they speak, the
Speaker 1: Warriors in the NBA Finals, Rangers Lightning Game five tonight,
Speaker 1: lopsided losses for the Mets and Yankees. That's all s
Speaker 1: traded ahead on Bloomberg Daybreak on Bloomberg eleven three on
Speaker 1: New York, Bloomberg one, Washington, d C Bloomberg one oh
Speaker 1: six one Boston, Bloomberg nine sixties, San Francisco, Syrius x
Speaker 1: M one nine team and around the world on Bloomberg
Speaker 1: Radio dot com and via the Bloomberg Business APT And
Speaker 1: good morning. I'm Karen Moscow. I'm Nathan Heger. Bloomberg day Break,
Speaker 1: brought to you by b n Y Melon, Pershing's Insight
Speaker 1: Conference back in person June fifteen through the seventeenth of
Speaker 1: the Gaylord Resort in Grapevine, Texas. Don't miss at register
Speaker 1: now at Insight dot b n y Melon dot com.
Speaker 1: And futures are higher this morning six o one on
Speaker 1: Wall Street. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg s and P Future is
Speaker 1: up thirteen points down. Future is up ninety two nasdays.
Speaker 1: Future is up forty eight ten year Treasury up one
Speaker 1: thirties second deal three point one percent, and a yield
Speaker 1: on the two year two point seven eight percent, and
Speaker 1: nine x screwed oil is down about two tenths of
Speaker 1: a percent. Nathan, all right, Karen, We'll get more on
Speaker 1: the markets in just a minute, but we begin overseas
Speaker 1: as the European Central Bank begins a new era of
Speaker 1: monetary policy today to confront the threat of inflation running
Speaker 1: out of control. Bloomberg's You and Parts joins us from
Speaker 1: London with the latest. Good morning and good morning Nathan
Speaker 1: and Karen. Today's decision, due at seven forty five am
Speaker 1: New York time, is set to announce an imminence end.
Speaker 1: It's a large scale asset purchases. The easy v is
Speaker 1: also to pave the way for its first rate increase
Speaker 1: in more than a decade next month. The plan would
Speaker 1: match of timetable unveiled by Presidents Christine Legard. He wants
Speaker 1: to bring to an end the euro areas ultra low
Speaker 1: borrowing costs, but with rates that minus more point five percent,
Speaker 1: that's likely more to come in London. I'mmune pot split
Speaker 1: bog day break, are you and thank you? Well? We
Speaker 1: get the latest on inflation here in the US when
Speaker 1: the Consumer Price Index is released tomorrow. Inflation, along with
Speaker 1: rising oil prices and tightening monetary policy, are affecting Investor Outlook.
Speaker 1: Malafia Dura walla co c i O for Multi Asset
Speaker 1: Class Solutions at Rock Creek, talks about how she thinks
Speaker 1: investors should navigate the market volatility in terms of portfolio
Speaker 1: positioning the most important. Stay nimble, stay flexible, raise cash
Speaker 1: where you can, and be prudent and cognizant of the
Speaker 1: trade offs between liquidity potential investments and have a longer
Speaker 1: term horizon Rock Creeks, Alafia, Dura, Wallas. As supply shortages
Speaker 1: are creating further uncertainty in Asia, Karen's stocks were weighed
Speaker 1: down by the impact of high inflation. Semiconductor stocks across
Speaker 1: the region fell after Intel warned weaker demand. China showed
Speaker 1: exports grew at a faster pace in May than the
Speaker 1: previous month, but sentiment waned on news of many lockdown
Speaker 1: in Shanghai. When we turned to oil Now Nathan which
Speaker 1: has to passed a hundred twenty two dollars of barrel
Speaker 1: earlier this morning, and gas prices also hitting records in
Speaker 1: more states as Americans start to hit the road for
Speaker 1: peak driving season and Bloombergh. John Tucker joins US Live
Speaker 1: with the latest John, Good Morning, and Karen. Gasoline prices
Speaker 1: of broken records for at least seven days. Prices of
Speaker 1: top five dollars a gallon in sixteen states, and the
Speaker 1: demand is still rising. Gasoline supplies are more in line
Speaker 1: with levels that we usually see at the end of
Speaker 1: the driving season. We have now seen ten weeks of
Speaker 1: declines and gasoline inventories. That's the longest run since twenty nineteen.
Speaker 1: It's likely to drive oil prices higher. Goldman Sachs increased
Speaker 1: its quarterly forecast for this year and into next year,
Speaker 1: raising its w T I estimate for the next quarter
Speaker 1: to one d thirty seven dollars of barrel. Drivers in California,
Speaker 1: by the way, are paying the most in the country
Speaker 1: for gasoline, forking over an average of six dollars thirty
Speaker 1: nine cents a gallon. Live in New York, I'm John Tucker,
Speaker 1: Bloomberg Radio. All right, John, thank you. Turning to corporate news,
Speaker 1: Amazon CEO Andy Jasey says his company's feeling the pinch
Speaker 1: of gas prices and inflation. I think we thought the
Speaker 1: inflation would start to attenuate in two and with war
Speaker 1: in Ukraine, it just went the other way and it
Speaker 1: has significantly accelerated. So the cost of trucking and line
Speaker 1: hole and ocean and air and fuel has just substantially
Speaker 1: gone up. Amazon CEO Andy Jessy spoke at the Bloomberg
Speaker 1: Technology Summit in San Francisco. Nathan Bloomberg also spoke with
Speaker 1: investing giant Kathy Wood at the UP Summit conference in
Speaker 1: Arkansas about inflation. The head of our investment management thinks
Speaker 1: it will eventually come down. I've never seen inventory um
Speaker 1: surges like this in my career, and I've been around
Speaker 1: for a long time. I think this inventory issue highlights
Speaker 1: the cyclical reason we've been sitting. We think inflation will
Speaker 1: out of battle and our investments. Kathy Wood said, the
Speaker 1: greater risk to consumers and investors is actually a deflation.
Speaker 1: Here why in a few minutes, we'll bring you more
Speaker 1: of our interview with Kathy Wood. All right. Meantime, Twitter
Speaker 1: is telling staff a vote on Elon musk steal to
Speaker 1: buy the company. It comes with some big names backing
Speaker 1: the bid. Bloomberg Jernita Young joints to slide with that
Speaker 1: Good morning, Good morning, Nathan Bloomberg. Sources say Twitter's top
Speaker 1: lawyer is reassuring staff that the deal to sell the
Speaker 1: company to Elon Musk will go ahead, that a vote
Speaker 1: could happen in late July or early August. Meantime, regulatory
Speaker 1: filing showed Dubai based investment from v Capital is committing
Speaker 1: seven hundred million dollars to help finance Musk's bid for
Speaker 1: Twitter that makes the company the third biggest outside equity investor.
Speaker 1: The deal has also drawn money from billionaire Larry Ellison
Speaker 1: and Sequoia Capital. Live in New York, I'm Nita Young,
Speaker 1: Bloomberg Daybreak, Renita, thank you well. After nearly a year
Speaker 1: of investigating the US capital insurrection, the House Committee is
Speaker 1: about to go public with what did Nose? Starting tonight,
Speaker 1: and Bloomberry's Amy Morris supports from our newsroom in Washington.
Speaker 1: The committee has interviewed more than a thousand people and
Speaker 1: reviewed more than one d twenty five thousand documents, focusing
Speaker 1: on funding, motivation, and leadership of the mob that attacked
Speaker 1: the capital on January six last year. Tonight is the
Speaker 1: first in a series of public hearings. Members are promising
Speaker 1: explosive new information with never before seeing photos and other exhibits.
Speaker 1: There could be as many as eight hearings and all
Speaker 1: but a formal schedule has not been released. It all
Speaker 1: starts at eight o'clock tonight, Wall Street Time in Washington.
Speaker 1: I'm anymore as Bloomberg Daybreak, alright, any thanks right now?
Speaker 1: SMP futures are up thirteen points down. Futures of Nastack
Speaker 1: futures are higher by forty eight points. The decks in
Speaker 1: Germany down six tenths per cent ahead of the ECB
Speaker 1: decision coming up next hour. Cack in Paris down three
Speaker 1: tenths per cent. The tenure treasury is up one thirty
Speaker 1: second you'll three point zero one per cent. Nimex crew
Speaker 1: down three tenths per cent at a hundred twenty one
Speaker 1: dollars seventy three cents of barrel right now. The euro
Speaker 1: little changed against the dollar one point zero seven one seven.
Speaker 1: Straight ahead, your latest local headlines and a check of sports.
Speaker 1: This is Bloomberg six oh seven on Wall Street. Range
Speaker 1: sixty degrees in Central Park have severe thunderstorm warnings and
Speaker 1: parts of Ocean County Monmouth County in central New Jersey.
Speaker 1: Details coming up first. Michael Barr with more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The House passed the package of gun
Speaker 1: legislation Bloomberg's at Baxter reports. It's called the Protecting Our
Speaker 1: Kids Act. It includes raising the age limit for purchasing
Speaker 1: some kinds of automatic weapons, prevents gun trafficking, and address
Speaker 1: a safe storage. The arguments remained about the same. Republican
Speaker 1: Steve Scalise. All we see is a rush to go
Speaker 1: take away the rights of law binding citizens to have guns.
Speaker 1: Democrat Katie Porter. Shootings involving assault weapons are six times
Speaker 1: as deadly as shootings involving handguns. The true test comes
Speaker 1: in the Senate, though, where passage is still considered an
Speaker 1: uphill battle. In San Francisco, I'm at Baxter Bloomberg Gay Break. Meanwhile,
Speaker 1: New York Mayor Eric Adams testified before a House Committee
Speaker 1: on Oversign and Reform on gun violence and Washington. Adams
Speaker 1: posted his comments on his Twitter account. It is high
Speaker 1: noon in America. Time for every one of us to
Speaker 1: decide where we stand on the issue of gun violence.
Speaker 1: Time to decide if it's more important to protect the
Speaker 1: profits of gun manufacturers or the lives about children. Mayor
Speaker 1: Adams says, we are facing a crisis that is killing
Speaker 1: more Americans than more. President Joe Biden is kicking off
Speaker 1: his first full day at the Summit of the America's
Speaker 1: in Los Angeles, which brings together leaders from across the
Speaker 1: hemisphere every few years. Biden is working toward new agreements
Speaker 1: on economic development, climate change, and migration. We need to
Speaker 1: break the cycle where marginalized communities are hit the hardest
Speaker 1: by disasters and have the fewest resources to recover from
Speaker 1: crisis and prepare for the next one. Also yesterday, President
Speaker 1: Biden made an appearance on ABC IS Jimmy Kimmel Live,
Speaker 1: where he talked about gun reform and inflation. Inflation is
Speaker 1: mostly in food and in gasoline. At the phone, Biden
Speaker 1: called inflation the bane of our existence. A recount determined,
Speaker 1: that's a Loberty. Physician Memit Oz won the fiercely contested
Speaker 1: Republican the US Senate primary in Pennsylvania that was too
Speaker 1: close to call for three weeks. Oz will now face
Speaker 1: Democratic Lieutenant Governor John Fetterman in the phone. Manhattan Apartment
Speaker 1: of rents continue to skyrocket last month, with the median
Speaker 1: hitting four thousand dollars for the first time on record.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg, Nathan, thank you Michael almost
Speaker 1: extent on Wall Street time for the Bloomberg Sports Update
Speaker 1: with John Stashon Nathan. Yankees and Mets have the two
Speaker 1: best records in baseball, so they could be forgiven for
Speaker 1: both suffering lopsided losses on the road against good teams.
Speaker 1: They lost by a combined twenty one to three and
Speaker 1: for both their worst losses of the season for the
Speaker 1: Yankees and eight to one defeat at Minnesota. Twins scored
Speaker 1: twice four string innings. They got home runs from Brian Buxton,
Speaker 1: Ryan Jeffers, Nestor Cortez, who came into an r a
Speaker 1: of one and a half, gave up four runs suffered
Speaker 1: his first loss in more than a month. The Mets,
Speaker 1: who lost seven nothing Tuesday, lost thirteen to two in
Speaker 1: San Diego. Padres roughed up Chris Bassett Jake coroner Worth
Speaker 1: a three run home redrove in five. The Messing without
Speaker 1: Peterlonzo and Sterley Marked. They both left Tuesday's game with
Speaker 1: risk and quad injuries, both to do today. NBA Finals
Speaker 1: Game three in Boston, Celtics beat the Warriors one sixteen
Speaker 1: to one hundred to go up two to one. Celtics
Speaker 1: are now seven and Oh in these playoffs. After loss
Speaker 1: his Game four is tomorrow. Game five is tonight at
Speaker 1: the Garden where the Rangers of one eight in row.
Speaker 1: They look to keep that going and regain the lead
Speaker 1: over Tampa Bay in the East Finals that are tied
Speaker 1: into in London today, the first ever round in the
Speaker 1: new Lived Golf Tour, financially backed by Saudi Arabian interests.
Speaker 1: You're still Nicholson. I don't condone human rights violations. I
Speaker 1: don't know how I can be anymore clearing. I understand
Speaker 1: your question, um, but again, I love this game of golf.
Speaker 1: I've seen the good that it's done, and I see
Speaker 1: the opportunity for LIV golf to do a lot of
Speaker 1: good for the game throughout the world. And I'm excited
Speaker 1: to be about a part of this opportunity. And says
Speaker 1: he's earned the right to have a lifetime exemption on
Speaker 1: the PGA Towards says will be in Boston next week
Speaker 1: for the U S John Stash, I went Bloomberg Sports,
Speaker 1: all right, John, thanks SMP futures right now at eleven points,
Speaker 1: Staff futures up seventy nine, futures up forty points. Tenuere
Speaker 1: Treasury is up one thirty second to yield three point
Speaker 1: zero one per cent on the tenure note. Cathy Wood
Speaker 1: of Art Investment Management next on why she thinks deflation
Speaker 1: is the bigger worry. This is Bloomberg. Bloomberg day Break
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