Bloomberg Daybreak: April 1, 2022 - Hour 1 (Radio)

for the latest reading on the economy. A Jade orders New York's Democrat controlled legislature to redraw the states congressional districts. Plus New Jersey Governor Murphy has covid on Michael bar More ahead, I'm John stash Tower and sports over time in Brooklyn, The Bucks beat the Nets, and yet another

injury concern for Metzas Jacob de Grand. That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York, Bloomberg Washington, d C, Bloomberg one six one, Boston, Bloomberg nine six, San Francisco, Sirius x M one nine team, and around the world on Bloomberg Radio dot Com and via The Bloomberg Business and Good Friday Morning. I'm Nathan Hagar, and I'm Karen, mostown and US Dock Index futures are higher this morning, and we are coming up to five

out one on Wall Street. We checked the markets every fifteen minutes throughout the trading day on Bloomberg and right now U S and P futures are up about eighteen points Down futures have one thirty seven, and NASDAG futures are up fifty two. The ten year treasury down twenty thirty seconds, the l two point for one per cent. Nathan, all right, Karen, We'll have more on the markets in a minute, but first we start in Ukraine. Peace talks with Russia are set to resume today. These negotiations will

be by video link. Russia says two Ukrainian military helicopters have made a strike across the border, hitting a Russian oil tank facility. Amy Morris has the latest from our Bloomberg newsroom in Washington. Kiva has not confirmed the strike in Russia, but did say it's forces retook several villages in the curse And region to the south. This as President Biden says Vladimir Putin may have detained some of

his own advisors. He seems to be self wastolated and there's some indication that he has um fired or put in the house arrest some of his advisers. Meanwhile, the United Nations says relief convoys are unable so far to reach Mariopal, but Russia says it will open a humanitarian corridor there today in Washington, I maybe more as Bloomberg daybreak. All right, Amy, thank you well. China is also in focus as morning. European leaders are warning Beijing about involvement

in the war. And we go live to London and get the leaders and Bloomberg's un parts. Good morning, Uen, Good morning Karen and Nathan. The European Commission's president says China has a special responsibility to demand that Russia respects international law and to defend Ukraine's sovereignty. That's the message to us. The Vondeli will deliver the Beijing today at a virtual summits expected to be dominated by Russia's war.

Europeans are expected to tell China that any help to Moscow to avoid sanctions or to supply happens well results in severe consequences. Live in London, i'mumpulse break, okay you and thanks. Let's turn back to markets now and checkout oil, it's heading for its biggest weekly loss almost two years. Checking prices now, Nimex cruise down a half percent or forty eight cents at ninety four cents of arrel. Brent

is at a hundred four dollars fifty four cents. All this after the White House ordered an unprecedented release from the strategic reserves. Democratic Michigan Congressman Dan Kilde says it's a good first step. I don't think by itself it solves the problem, but it's a step. I'd like to see us do a couple other things, but this is a step in the right direction. People need relief at the pump, and this will make a difference in terms

of the prices they're seeing for everything. Congressman Dan Kilde also supports temporary lifting of the federal and state gas tax. He spoke with our Washington correspondent Joe Matthew on Bloomberg Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio. More inflation and the lingering impact of the pandemic made the first quarter a historically rough one for investors. Nathan and more than three trillion dollars were

erase from bond and equity values in the period. Megan Hornman, chief investment officer at Verdens Capital Advisors, sees the current situation as a buying opportunity. We are also looking at some of the areas that are getting beaten down the most, you know, some of the growth areas that got hit

really bad in January and February. We did put some money to work there, thinking that over the long run that they had been unfairly pushed lower because of what's going on with interest rates as well as the war with fresh in Ukraine. Megan Hornman with Verdens Capital Advisor says earning season will be a key for future market action. Well. Questions are swirling about what earnings will look like, Karen,

and also whether a recession is coming. City Group Global Chief economist Nathan Sheet says the odds of one are significant globally, UH it's around a third UH. The geo political situation, the energy situation is very severe. I think in the United States we are insulated anach when I think about kind of the global situation coupled with the Federal Reserve potentially hiking very rapidly, maybe one in four over the next eighteen months. It is it is significant.

The City Group Global Chief Economist Nathan Sheets made the comments on Bloomberg's Balance of Power Catch the program weekdays at noon Eastern on Bloomberg Radio and Television. Well Nathan began more clues about the economy later this morning with the release of the March jobs are for at The median forecast calls for four hundred ninety thousand new jobs

at an unemployment rate of three point seven percent. To get more from Bloomberg's Michael McKee, analysts expect March was another strong month of job growth, although borrowing a major surprise, the numbers may not make a whole lot of difference to the Fed. Policymakers have all but said they're in line to raise the nation's benchmark lending rate by half a percentage point on May fourth. Nevertheless, they will feel better if they see a lot of Americans going back

into the labor force. That would ease pressure on wages and therefore on inflation. That's particularly true for manufacturing. Company have struggled to find factory workers, leading some to turn away business. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks, Let's turn to corporate News Now with a focus on the world's largest retail site. The push to unionize at Amazon is growing. Let's get the latest life from Bloomberg's

Rnita Young. Good morning, Ranita, Good morning Nathan. The upstart Amazon labor union in Staten Island is closer to forming workers who want to organize our leading by more than three hundred fifty votes out of about twenty hundred, talied That count will continue today. Meantime, Amazon were warehouse workers in Alabama voted to reject a union in a tight race yesterday, but the National Labor Relations Board says about a quarter of the votes are challenged and will need

to be reviewed. Those could potentially change the outcome. Live in New York, I'm Nita Young, Bloomberg Daybreak. All right, Granita, thank you. And in early trading this morning, rushing shares of Game stop moving higher, up fourteen and a half percent. The video game retailer plans to ask shareholders for approval of a stoch and in the form of a dividend, and mirror's recent moves from Amazon, Alphabet and Tesla futures

this morning are higher. SMP future is up about sixteen points down futures up a hundred twenty four Nasday futures at forty three and straight ahead your latest local headlines plus a check of sports. And this is Bloomberg, Karen, thanks to five oh seven on Wall Street. Were fifty eight degrees in Central Park. We have a vehicle fire on the southbound Garden State Parkway, Newyorks of one thirty five.

Details coming up in traffic. First Michael Barr with what else is going on in New York and around the world on this April Fool's Day. Everything's true, of course, Michael, yes, it is, Thank you very much, Nathan. A judge has ordered New York's Democratic Control legislature to redraw the states congressional and legislative districts after finding they were unconstitutional. Judge Patrick mcallistairs said in ruling that maps redrawing the state's

congressional districts were jerrymander to benefit Democrats. Judge mcdallistair gave lawmakers until April eleventh to try again. If their new maps failed to pass muster in the courts again, the judge said he would order the state to pay for court approved expert to redraw the maps. The NMPD says a twelve year old boy was killed by gunfire as he was eating in a parked car in Brooklyn with two family members, one of whom was shot and wounded.

Assistant Chief Michael Kemper said the boy was shot multiple times and pronounced dead at the scene. A preliminary investigation reveals that the three pulled over in the car to eat some food when shots were fired that penetrated their vehicle. Kemper said a twenty year old woman in the driver's seat was taken to the hospital and is expected to recover. An eight year old girl in the back seat was unhurt. New York City Mayor Eric Adams, also at the New scofference,

stressed the importance of getting guns off the streets. The question I can see to ask, what about the innocent people? What about people us sitting in their cause and his shot and kill. We so much about those who are fighting, but when are we going to stop fighting for the innocent people of this city. Mayor Adams says we need everyone to help us in this senseless violence. New Jersey Governor Phil Murphy as tested positive for COVID nineteen and

will isolate for five days. A spokesperson says Murphy is asymptomatic and feeling well, but will cancel all events for now. Most New Yorkers who worked from home during the pandemic plan to cut their time in the office by nearly half and spend less money in the city annually. According to Stanford economics professor Nicholas Bloom, the average New York City office worker would slash annual spending in the city by more than sixty seven hundred dollars, down from an

estimated twelve thousand, five hundred before the pandemic. At the conference of the Federal Reserve Bank of New York, Bloom said the remote work pushed could cost New York between five and ten percent of its city center population. Global News twenty four hours a day on air rand on Bloomberg Quick eight, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathin. All right, Michael, thank you. We're

coming up to five ten on Wall Street. It's time for the Bloomberg Sports Update. Happy Friday, John step Shower, and thanks Nathan. Originally, the plan was for Jacob de Grand to spend the last day of March on the Mountain City Field. Pitch you'd opening day for the Mets Courts. Opening day pushed back a week after the lockouts of De gram instead was doing some long tossing in Port St. Lucy and he felt some tightness in his shoulder, and every Mets fan had the same thought, here we go again.

When de Grand pitches, he's the best there is, but so often he doesn't pitch. Missed the second half of last seams to len elbow injury. He's likely headed for an m r I over Town and Brooklyn. Milwaukee top the Nets one nineteen Jana's sons, the Compost scored forty four points, Kevin Uran had twenty six Caven twenty five Islanders, Big Columbus five to the Devils lost in Boston eight to one, the last n I T game at the Garden, at least for a while. They are now going to

move the turn them in around to other cities. Avior top Texas, A and M in a game with seventeen league changes, seventy three seventy two. Women's Final four starts tonight in Minneapolis, the men tomorrow in New Orleans. Four days after coaching St. Peter's in the n C Double A Elite, h Jaheen Holloway introduced as the new coach at Keaton Hall. I hope you guys are ready to work. I hope you gots are ready to work, because that's bla blah blah blah bla work blah Hallward, no shortcuts,

no nothing. I hope you guys are to work. I know I'll watch his team while I know what you think to do. So after this meet and after this press office or the thing, will you need to go understand what's gonna take to be played for me? Understand the traditions of seta Hall. University needs to seton Hall. Along all of Halloway. St. Peter's players attended the presser in South Orange. They gave their former coach a standardization. John Stash were Bloomberg sports all right, John, thank you

right now. S and P futures are up fifteen point, staff futures up a hundred twenty two. Nastack futures are higher by forty four points. As we get ready for the first trading day of the second quarter. This is Bloomberg. Bloomberg eleven three weather. Partial sun today with a high near sixty degrees. That will be probably mostly sunny, mid fifties tomorrow, chance for a few showers by Sunday. Otherwise more clouds than sun and highs in the low fifties

right now fifty eight degrees in Central Park. Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktape. This is a Bloomberg business clash and I'm Karen Moscow. European stocks in US stock Index futures are rising as investors evaluate the economic outlook amid moderating oil prices, tightening

federal reserve monetary policy, and Rush's war in Ukraine. Europe Stock six hundred is gaining after its worst quarter since the pandemic bear market, while technology shares fall. US Dot Index futures are higher. We check the markets every fifty minutes throughout the trading day on bloomberg s and p Future is a fifteen points down, futures of A hundred twenty four and NASDAG future is up forty two. The decks in Germany is little changed and your treasury down

eighteen thirty seconds yield two point four zero percent. They yield on the two year two point three eight percent. Nive X screwed oil is up half percent or fifty seven cents at a hundred dollars eighty six cents of barrel comics gold is down three quarters of a percent,

or fourteen dollars fifty cents. In nineteen thirty nine, fifty announced the euro one point one zero five two against the dollar, British bound one point three one to seven, the ends at one twenty two point four four and bitcoins lower down one point four percent at forty five thousand,

one hundred ten dollars. And today we are watching for the March jobs report at eight thirty well straight time, and Eurozone inflation accelerated to another all time high, March consumer prices surging seven and a half percent from a year ago, up from five point nine percent in February. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Uncle, Good morning, Good morning, Karin. And Russia claims Ukrainian forces have attacked

a fuel depot across the border inside of Russia. If confirmed, it would be the first Ukrainian air strike on Russian soil since the war started. Meanwhile, Ukrainian authorities say Russian troops have left the heavily contaminated Chernobyl nuclear site. It comes as Russia confirms video talks will resume today with

Ukraine video video links. The European Union will seek China's assurances that it won't assist Russia in circum banning economic sanctions leveled over the invasion of Ukraine and an annual summit today. In the NBA, the Nets lost. In the NHL, the Bruins put on what For and Why Weapon? On the Devil's eight one, the Islanders one. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than the journalists and analysts more than

a hundred twenty countries. Hi, Michael bar this is Bloomberg Nather. That's not in April full scar is it might go not at all for the uninitiated. Eight one is rather lopsided in hockey, all right, thank you very much for that. It's coming up to five twenty on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and its signs that the tables maybe turning in the war in Ukraine. Let's get the Washington perspective now, more

than a month since the Russian invasion. Bloomberg Government reporter Emily Wilkins joins US now from the nation's capital. Emily, good morning. As we heard, uh, Russia is now saying that Ukraine has actually targeted an oil facility in its territory, the first cross border action in this war. What's the White House assessment of how things are going against Russia?

And I think we're definitely gonna learn a little bit more about this as you know, Washington continues to wake up and see reports about these helicopters making this really

rare cross border move and to attack an oil storage facility. UM. I think really at this point you have seen wide ranging bipartisan support on behalf of Ukraine, that Ukraine is the victim here, that they were the one attacked, and that they are doing everything that they need to sort of keep keep their people safe and and keep going

as a as a country and as a democracy. UM. But definitely this will be something to watch throughout the day exactly what the response here is and how, if at all, this might change request for aid requests for weapons um. Right now, the Biden administration is considering that half billion to Ukraine in funding an additional aid um that would be humanitarian as well as military. And we're seeing Congress continue to discuss sanctions on Russia as well.

So definitely still a lot of activity in Washington in support of Ukraine. And it's been very interesting Emily as well to hear President Biden get even more candid about how he thinks things are being perceived by Russian President Vladimir Putin, this idea that the president may be self isolated, maybe misled by his own advisors. What's the advantage for President Biden to put out this kind of speculation, as

he him self terms it, about how Putin is perceiving things. Sure, and I do want to just note here that the President did say that he didn't want to put too much stock in it at this time because we don't have that much hard evidence that these advisors are now under house arrest. But it really kind of shows this isolation of Putin, and it would suggest, if it is correct, that perhaps there have been some cracks within Putin's inner circle, which was the Bowl of sanctioning some of these Oldgarks

and other people that were supposedly close with Putin. I mean, the idea for things like that is that by hitting people close to Putin, then they will put pressure on Putin to either change course or you know, potentially take other actions. And so I think at this point that's kind of the impression that the White House wants to give.

It is coming at a point where there also has been reporting that a number of Algarks have not been sanctioned in Russia and that the sanctioned system is not perhaps as strong as it could be, that there's not a ton of coordination between who's being sanctioned by which countries. Uh, And I think this might be sort of a way for the Biden administration to kind of emphasize that these

sanctions do but are potentially doing something. And speaking of pressure, I think it's safe to say that the president's feeling some pressure when it comes to inflation, with this announcement that there's going to be this pretty huge, though long slow release from the Strategic Reserve. Yeah, he is absolutely feeling pressure, There's no question about it, from within his own party, which is already facing a very tough mid term.

You know, Nathan, Historically, if if you're the party that's in power, that's saying in the White House, mid terms are not good for you, and they just get worse. The worse are a president's approval rating gets. And part of that is side to oil and gas prices. Americans do blame Biden more so than they do putin or big oil companies for the spike in prices, and so this is a way for Biden to try and send the message that he is doing something to be active

in it. I think there is a question of exactly how much that might ultimately wind up lowering gas prices. We did didn't see huge drops um last year when President Biden also tapped the strategic reserves. So I think that's a serve of a question about what will happen next. We also know that in the House and in the Senate, Democrats are startings who look at bills that could potentially

reduce the price and oil and start discussing it. UH Speaker Nancy Pelosi yesterday dismissed the idea that there would be a holiday from the gas tax because she's worried the savings would not be passed down from oil companies to consumers. But she mentioned potentially a windfall tax um. There's been some other things that have been considered in terms of putting pressure on oil companies to lower their prices. Thanks for this, Emily, good having you on with us.

Bloomberg Government reporter Emily Wilkins for our ninety nine one studios in Washington, d C. Just taking a quick look at oil right now. It's starting to move up with nimex screwed up seven tenths percent above a hundred dollars of barrel now at a hundred dollars nine two cents and brents at a hundred five sixty. Future is moving higher as well as we get ready for the first

trading day of the second quarter. You're listening to Bloomberg Daybreak Bloomberg eleventh, three oh weather showers a good way to partial sunshine today with higher sixty degrees, mid fifties, partly mostly sunny Tomorrow, more clouds than sun Sunday with highs in the low fifties. Right now, showers in fifty

seven degrees in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E living free to Washington, d C. Bloomberg on to Boston, Bloomberg one A six one to San Francisco, Bloomberg non sixteen to the country, Sirius XM. Gentle one nineteen and around the globe, the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's my thirty on Wall Street. Good morning.

I'm Nathan Hagard and I'm Karen Moscow. We are just about four hours away from the open of US trading. Let's get you up to date on the news you need to know at this Shower of the tables may be turning in the war in Ukraine. Russia says to Ukrainian helicopters hit a Russian oil tank facility, and Ukraine says it's retaken territory in the Curson and Turnative regions. President Biden says the war is not going well for

Vladimir Putin. I'm not saying this was a certainty. He seems to be self isolated, and there's some indication that he has um fired or put under house arrest some of his advisors. President Biden cautions, though that there's not much hard evidence on that talks between Ukraine and Russia are set to resume by video today. Meantime, carrying the White House decision to release US strategic oil reserves has crewed on track for its biggest weekly loss in almost

two years. After dropping seven percent yesterday, oils up this morning. Russ Texas Intermediates hired by six tenths per cent, or sixty seven cents at a hundred dollars cents of barrel. Brent Is hired by nine tenths percent at a hundred five dollars fifty eight cents. Well as the beginning of the second quarter, Nathan more than three trillion dollars or a race from bond and equity values. In the first quarter. The SNP five drop four point nine percent, while treasuries

fell five point six percent. This morning, futures are higher. SNP futures are up twenty two points for markets today, it's all about March jobs, care and economists surveyed by Bloomberg forecasting gain of almost a half million payrolls. They also see the unemployment rate falling to three point seven percent. Bloomberg's Vinny del Judace has more America's economy is added about one point two million jobs since the start of

the year. Job openings to eleven point three million in February, just shy of a record Bloombreak economics, labor market is room to run, with payrolls still below February twenties peak just before the pandemic landed in the US. Look at weekly jobless claims, they dropped to a half century low in mid March. They had been running in the millions in the early stages of the pandemic. Vinny del Judaic

Bloomberg Day Break, Graig Vinny, thank you. Let's her in the corporate news now with a focus on the world's largest retail site. To push to unionize at Amazon is growing and Bloomers Reny to Young joins US Live. But the latest Good morning, Renny to Good morning Karen. The upstart Amazon labor union in Staton Island is closer to forming. Workers who want to organize are leading by more than three hundred fifty votes out of about twenty six hundred

talied That count will continue today. Meantime, Amazon workers in Alabama voted to reject a union in a tight race yesterday, but the National Labor Relations Board says about a quarter of the votes are challenged, it will need to be reviewed. Those could potentially change the outcome. Live in New York, I'm Renny to Young Bloomberg day Break, h Rea to thanks.

It's five thirty three on Wall Street where a fifties seven degrees in Central Park and accident investigation as the ramp from northbound four forty northbound Root nine and Woodbridge closed. Tales coming up in traffic. First Michael bar with more on what's going on in New York and around the world. Michael, thank you very much, Nathan to Judges ordered New York's Democratic controlled legislature to redraw the states congressional and legislative

districts after finding they were unconstitutional. State Trial Court Judge Patrick McAllister's said, and a ruling that maps redrawing the states congressional districts were jerrymander to benefit Democrats. The judge gave lawmakers until April eleventh to redo the maps. If the new maps failed to pass muster in the courts again, the judge said he would order the state to pay

for a court approved expert to redraw the maps. The federal judge has overturned most of a restrictive Florida voting law, calling it discriminatory. The judge has ruled that the sections of the law, including restricting voting by mail and the use of drop boxes, were unconstitutional. Florida Governor Rhnda Santis, it's an election integrity law. I wouldn't say it's a restriction at all. To have somebody show identification is not a restriction. It's common sense and some of the other

things we did. Governor de Santis says the state will appeal. Police in New York City need your help after a shooting in Brooklyn last night and left the twelve year old boy dead. He was killed while sitting in a parked vehicle with two relatives. Authorities say it's twenty year old. A woman in the driver's seat was also hit by

the gunfire, but is expected to survive. Speaking to reporters from the scene, NYPD Assistant Chief Michael Kemper, no, that's senseless shooting this time, the shooting involving the death of a twelve year old child. Assistant Chief Kemper was joined by New York Mayor Eric Adams. Who're gonna kiss this shoot up. But as long as we have guns and'n to evolve indoors system. We're going to continue to come to crime scenes like this. It's time for it to stop.

Mayor Adams says at least eleven rounds were fired at the scene in East Flatbush, New Jersey. Governor Phil Murphy has COVID. A spokesperson for the governor says Murphy has tested positive for COVID nineteen and will isolate for five days. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist and analyst more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg, Nathan. Thanks Michael on Wall Street.

Time for the Bloomberg Sports Update, Houston Senational. All right, and it was an elbow injury that prevented Jacob Deground from pitching the second half of last season. But the Mets as has had virtually every injury his neck, to his back, lat forearm. Now for a second time an issue with his shoulder to ground felt tightness while doing

some long crossing, so he won't pitch a schedule today. Instead, it will have an m R I. The hope still is to have the ground pitch opening day next Thursday in Washington, the Nationals beat the Mets in Fort say Lucy. The Nats came in one and ten in spring training. They were coming off the loss of the Cardinals where they gave up twenty nine runs fifteen and one inning. The Yankees loss of affillies. Milwaukee Bucks last praying one

of Game seven in Brooklyn and overtime. The Bucks last night one in Brooklyn in overtime one twenty the one nineteen Yahndo his son to the compost for forty four points. His three pointer fourcedot. He moved past Kareem abdul Jabbar became the Bucks all time leading score. The Nets are in a three way tied for the eighth, ninth, and tenth spots in the East. Save, who just fired its

coach hired a new one for next year. Won the n I T one point whenever Texas, A and Emity guard The final four tomorrow in New Orleans starts with Kansas and Villanova. That it's North Carolina versus arch rival Duke Mike Schowski. Coach is a young they don't feel pressure, and I'm amazed that. Try to remember being that age, I would have felt pressure and nervous and maybe a little bit afraid. They're They're not they are they are not.

I admire that. And of course coach K's career will end either tomorrow or if not tomorrow then definitely on Monday with John Stature Bloomberg Sports, Maybe what a career was? Thank you, John seven on Wall Street Time for the Tri State Business Report. Here's Bloomberg's head Cory. American Express, te Mobile, and nine other companies have agreed to provide data on gender and race to the New York City Comptroller.

That caps off a two year campaign to get the information for the biggest companies the city invent stin, bringing the number of firms agreeing to make the data public to seventy eight. Manhattan's Roosevelt Hotel closed its stores in two thousand twenty. Its owner has lost a bid for a court order blocking New York City's new five hundred dollar weekly severance man date for hotel workers laid off

during the pandemic. That's according to a federal court ruling issued Wednesday, New Jersey may actually be financially stronger than it was before the pandemic. S and P has raised its credit rating one notch to A minus, the seventh highest from triple B plus. Came after a boost March second. That was the state first upgrade since two thousand and five, following years of pension underfunding and public worker benefit increases. That your Bloomberg Dries Day Business Report. I'm in Corey.

Thanks that it's on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Poto Stan on K and X in Los Angeles. We're talking about growing Senate pushback on Microsoft's plan takeover of Activision

Blizzards um Corney Donahoe on ktr H in Houston. American shiel drillers say steel shortages are recent, They're not raising outfit. I'm Gina Servettian for w b B. I'm in Chicago. I'm reporting that First Women's Bank has new partnerships with United Airlines and Microsoft. I'm Caroline Hilled bloom BAGDAB Digital Way in London. Women putting on the overnight jumping energy prices in the UK that will push millions towards policy

ad Cory on w w J in Detroit. I'm reporting Baines says chip shortage DOOD will begin to eat for the Autawa industry in the second half of the year. And those are some of the stories our twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This senatorial

was written by the Bloomberg Editorial Board. The Biden administration has once again hauled for higher taxes on affluent households to cover the cost of extra spending. Specifically, the administration's just released budget plan proposes a new minimum tax of twenty percent on the full income, including unrealized capital gains of taxpayers with wealth of more than one hundred million dollars.

This is both radical and demanding. Complex rules will be needed to allow for the valuation of assets that can't easily be marked to market, and to let taxpayers settle their liabilities over time. In short, this proposal, like the budget as a whole, just isn't happening. That's not entirely surprising that the administration's continuing failure to wrestle with the implications of its spending ambitions remains disappointing. This editorial was

written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Opinion or ope I n go on the Bloomberg terminal. This has been Bloomberg opinion. You can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O P I n go, SMP futures up twenty one point, style features up a hundred fifty nine and NASTAC futures up seventy one. You're listening to Bloomberg Daybreak Bloomberg eleven

three oh weather. Showers will give way to partial sunshine at a high near sixty degrees, mid fifties, probably mostly Sunday. Tomorrow, we'll have more clouds than sun Sunday. Chance for a few more showers with highs in the low fifties. Right now fifty seven in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com.

The Bloomberg Business Atland at Bloomberg quick tape. This is a Bloomberg business blash and I'm kara at Moscow and European stocks in US DOT Index futures are on the rise this morning, investors evaluating economic outlook im in moderating oil prices, tightening federal reserve monetary policy, and Russia's war in Ukraine. And we checked the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures have nineteen points now futures up a hundred forty nine

Nasdack future is up sixty five. The decks in Germany up three tenths of up percent. Ten year treasury down fifteen thirty seconds. You have two point three nine percent yield on the two year two point three seven percent. NIMEX Screwed oil is up seven tenths per cent or sixty eight cents, and a hundred dollars ninety one cents a barrel comics goal down seven tenths percent or fourteen

dollars thirty cents. At nineteen thirty nine, seventy announced the euro one point one zero four or seven against the dollar. British bound one point three, one two seven and agains in one twenty two point four to Bitcoin is lower down more than one and a half percent at forty five thousand, fifty dollars. That's of Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around

the world. Michael Darren, thank you very much. Talks between Ukraine and Russia will resumed today via video link following meetings earlier in the week. In Turkey email, Russia said to Ukrainian military helicopter has made a rare strike across the border, hitting an oil tank facility in the city of Belle Gordero. There was no immediate confirmation from Kiev. President Joe Biden said Russian leader Vladimir Putin may have fired some of his advisers, who put them under house arrest.

Biden says it is an open question as to whether Putin is fully informed on his military's performance in Ukraine. In the NBA, the Nets lost, in the NHL, the Islanders won, the Bruins told the Devils where to go. With an eight one win, Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists analysts more than a hundred twenty countries.

I'm Michael barn This is Bloomberg Nathan all right, Michael. Thanks, it's coming up to five forty nine on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as we get ready for a second quarter kicking off with a key data release for investors and potentially the Fed. We await the March jobs reports, so let's get a preview now from Bloomberg Economics correspondent Michael McKee joining us from O Bloomberg Studios in Washington, d C. Mike,

good morning, Thanks for being with us. The estimate on the terminal four nine thousand is the median from economists and three point seven percent for the unemployment rateomy jobs growth has been one of the bright spots for this red hot economy, and it looks like economists think it's gonna keep going. They do, and the Fed is hoping

it keeps going. But what they would like to see his more people coming into the labor force looking for jobs, because at this point they're afraid, uh, the wages could get into some sort of inflationary spiral if people start to think that inflation is going to be with us for a long time, so they'll be watching the average hourly earnings of the participation rate closely. Today both are

supposed to take up. The question is by how much Now we seeing any signs ahead of the release of people getting pulled back to the sidelines just by virtue of the fact that ages are going up. UH, we are seeing people In the last couple of months, we've seen significant advances in the number of people who are in the labor force. A lot of people, the theory went, we're staying home because they were afraid of getting COVID.

Now the danger has gone down, it appears, and they were also living off the savings they got from the government stimulus programs and that has gone away. So a lot of people finding themselves in need of money and going back into work. What is the expectation about what we could see when it comes to UH increases in wages, given that we are starting to see a retail spending consumer spending start to lag a bit at least from

what many Wall Street analysts have been expecting. Well, we just got wage data for the month of February, which one month behind this job's report, but the wage data showed that we saw wages rise eight tenths of a percent of very strong performs during the month of February.

So the question is does that continue When I have talked to FED officials in recent weeks, they talked to c e o s in their district who are telling them that it is getting easier to find people, but they are still offering higher wages than they used to. The question is the second round, do they need to keep going higher in order to keep people with the

quit rate that high. It is a possibility, and I guess there's a question as well about whether there's demand for I guess, uh, maybe I'm terming this the wrong way the right kinds of jobs, because it seems like there's been a lot of hiring lately in you know, transportation, manufacturing, the good side of the payrolls ledger and services have been lagging a bit. We have seen services come back

in the last month or so. Particularly last month, we saw a hundred sixty one thousand people come back into the leisure and hospitality category, which is mostly restaurants and bars. Hotels are still trying to staff up, but we'll see if that continues that was that's one of the most customer facing jobs out there, And so if you are afraid of COVID, you don't necessarily want to go right

back to work. But now as people have to, as the COVID danger goes down and people go back to restaurants, there so far being able to find people in the last month or so. I mean, that's got to be a big consideration for the FET. Isn't about whether we're really coming out of the pandemic recovery here? If we do start to see more employment coming on the services side. I mean, that's what a lot of FED watchers are looking for, isn't it. It is, and the FED is too.

They would like to see strong growth. Their forecast, which most Well Street economists dismisses that they'll be able to raise interest rates over the next three years and unemployment won't change. Uh. The idea of raising interest rates is to raise unemployment a little bit. But as long as the labor market stays strong, then it's gonna be a question of what you have to pay people to keep

it that way. If it can stay strong, that helps the economy avoid recession and helps create the soft landing scenario. The Fed looks for probably about thirty seconds left here, Mike, how big a deal is this report for the Fed? I mean, we've got one more before the next decision, right, Actually we don't. The the calendar works out there. Next FED decision after this is going to be two days after two days ahead of the job's report. So this

is the last jobs report they'll see. They're more interested in the trend. They kind of told us what they're planning to do, all right, Mike McKee, are Bloomberg Economics correspondent with us ahead of the March payrolls report too out eight thirty am Wall Street Time. We will have as always, full coverage here on Bloomberg Radio. Karen Nathan, thank you. It is five three on Wall Straight time

for the Bloomberg The Law Report. We get to the legal stories we are watching this morning from Bloomberg's Jeff Bellinger. A new law in Washington State makes rideshare drivers for companies like Uber and Left both for some benefits, but the workers will still not have employee status. In Maryland, a bill granting workers up to twelve weeks of paid time off every year for family or medical needs was

passed by lawmakers and sent to the governor. A Texas appeals court ruled that Union Pacific Railroad must face a property damage and personal injury lawsuit over alleged exposure to a chemical released into a Houston neighborhood. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg market Intelligence. Find out more at Bloomberg

Law dot com. All right, thanks Jeff. Now, another legal story we're watching brings us a Supreme Court where a pair of cases could test the expansion of a workplace arbitration. The decisions will have ripple effects on disputes involving Amazon, the gig economy, and the US Chamber of Commerce. At least nine lower federal court cases have been paused waiting for the decisions in these cases. For more, Bloomberg's June Grosso speaks to Emery Cellier, a professor at Loyola University,

New Orleans College of Law. Tell me about the importance of this case together with another case that was heard this week, and the ripple effects of these cases. So there are sixty million arbitration agreements in the American workplace today, and this means that you have limited proceedual protections if you want to assert any claim involving your employment, and these tend to be confidential proceedings, and so arbitration in the past has been used to cover up a lot

of widespread wrongdoing. We have to employment arbitration cases heard this term, and the Supreme Court is defining the contours of when is workplace arbitration appropriate. There are several cases that are being held awaiting a decision here. Yes, that's correct. The lower courts placed their decisions on hold, and so these employment cases can run their course. So the Federal Arbitration Act, it desembs transportation workers. They're not covered. They

can't be forced to arbitrate under federal law. And so there are a lot of lower court cases that they put on hold involving arguable transportation workers to see how the Supreme Court rule in these cases. You know what will be the final say as to the scope of workplace arbitration. And this is a big deal with the

big economy. You can argue that some truck drivers, that some delivery drivers, that they are considered transportation workers and so they should be exempt from arbitration agreements under the federal law. Would you say that usually at the Supreme Court, arbitration wins out. Yes, that has been the track record for the past forty or fifty years. However, in two thousand and nineteen there was one workers victory and a kiss called new Prime via Olivera, and I never expected

to see that coming. And so there's a glimmer of hope for workers here. But the past track record is not really good for workers last forty or fifty years. And this Viking Rivers case here is just one of several cases this term involving arbitration. There are actually five total arbitration cases being heard, which is unusual. The Court has heard like one or two or three a year. And I believe the Board has an interest in promoting arbitration.

Arbitrations like a safety valve for an overcrowded judicial docket. It's like every case to get since arbitrations one less case of courts have to hear it. I think the justices have an interest in trying to keep arbitration fine tuned and working well. That's Emery Sell, professor at Loyola University, New Orleans, College of Law, spiking at the Bloomberg Student Carrosso catch More of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show

at ten pm Eastern Time. Are subscribing to the Bloomberg Law Podcast, and attorneys can find exceptional legal research and business development tools. Have Bloomberg Law, dot com and futures this morning or higher. SNP futures up about twenty three points, and our top stories are straight ahead on Bloomberg