Bloomberg Daybreak: April 11, 2022 - Hour 1 (Radio)

for COVID plus. The Biden administration plans to announce new rules today around ghost guns. I'm like La barn Or ahead, I'm John Stash toward sports losses for the Yankees and Matts wins with the Knicks and Nets, and Scottie Scheffler won the Masters. That's alls trendy head on Bloomberg Daybreak on Bloomberg eleven three on New York Bloomberg ninety nine one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XAM one nineteen and around the world.

Then Bloomberg Radio dot Com and via the Bloomberg Business. Good morning, I'm Nathan Hagar and I'm Karen Moscow, and futures are falling to start the week. We're coming up to five oh one on Wall Street and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. SNP futures down twenty five points this morning. Down Future

is down ninety six Nasdack futures down one four. Ten year treasury down thirteen thirty seconds, yield two point seven five percent, and the yield on the two year two point five seven percent. Nieme X screwed oil is down two point four percent and ninety eight cents and barrel. Nathan well Karen will have more on the markets in a minute, but first the latest on the war in Ukraine.

Austria's chancellor says he will meet with Russian President Vladimir Putin in Moscow today as the fighting intensifies in Ukraine's East. Ukraine says Russian missiles destroyed the airport in their fourth largest city, Denepro. President Vladimir Zelinski says he expects Russia to turn to even more large scale action this week.

In an interview on CBS is sixty minutes. Correspondent Scott Pelly asked Zelenski what Ukraine needs from the US and NATO weapons Number One, They need to be very serious about it. They definitely understand what I'm talking about. Right now. They have to supply weapons to Ukraine as if they were defending themselves and their own people. Ukrainian President voladimir's Lensky spoke on CBS IS sixty minutes, which can be

heard every Sunday on Bloomberg in Washington. Meanwhile, Nathan cries are growing louder around the world for Russia to face a war crimes tribunal. We get the story from Bloomberg's head Baxter n s A director Jake Sullivan says, it's gone beyond the pale. I think we can all say that these are mass atrocities, These are war crimes. These are shocking and brutal ax They are completely unacceptable, beyond

the pale for the international community. Sullivan on ABC has heard here on Bloomberg, says they lead directly to Vladimir Poot. Make no mistake, the larger issue of broad scale war crimes and atrocities in Ukraine lies at the feet of the Kremlin, this as Ukraine expects a major Russian invasion of the East. In San Francisco, I'm at Baxter Bloomberg daybreak. Okay,

thank you. Turning to politics, a runoff election is coming in the presidential race in France, President Emmanuel mccron will square off with nationalist Marine Lepan after a tight first round vote. We get more from Bloomberg's Francy Laqua in Paris. It's a rerun of the contest. According to first projections, mccoon got around twenty eight percent of the vote compared with about twenty four percent for Lebin in the first round.

But mccon win is far from certain, as votes from trailing candidates such as John Hickman Chen may go to Lepin. While the presidents perceived arrogance turned off many voters and helped Lupin to frame him as a president for the rich, he's made France a favorite destination for foreign investors and pushed employment to the highest on record. In Paris, I'm Francine Laqua Bird day break. All right, Francy, and thank you.

Another major story we are following involves the U S economy, the relentless rise of treasury yields continues to send waves through global markets. Tenure Yells climbed through two point seven five percent for the first time in more than three years. His investors price in the impact of the federal reserves tightening plan and accelerating inflation. Cleveland FED President Loretta Mester

is confident the US will avoid a recession. I think that it will take some time to get inflation now because, as you know, there's other things going on in the economy that are adding to price pressures, including the commodity praise and increases and energy price increases that are happening um as well. So I think inflation will remain above two percent this year and even next year, but the

trajectory will be that will be moving down. Cleveland FED President Loretta Mester made the comments on CBS is Face the Nation, which can be heard Sundays on Bloomberg Radio. And a major stories developing on the equity front. Karen It has shares of Twitter sliding five percent. Elon Musk has decided he's not joining the board of this social media company after all. Let's get the latest live from Bloomberg's rned A Young quite a turnaround, quite a turnaround, Nathan.

It was just a week ago that Twitter soared more than after Eyolon Musk took his nine point two percent steak in the company. Twitter said shortly after that Musk would join the board, and the billionaire has been vocal about his changes that he'd like to see a Twitter

in the name of free speech. But Musk's abrupt reversal in his decision to join the board ignites renewed speculation about his intentions for Twitter as its largest individual shareholder, and if he does not join the board, Musk would not be subject to an agreement to keep his steak at no more than fourteen point nine percent. Live in New York, I'm Ranita Young, Bloomberg day Break. All right, Granita,

thank you all. Earnings will also be and focus this week, with the big banks kicking off reporting season for the first quarter. We get more from Bloomberg Shirley Pellad. Investors will learn how Wall Street fair last quarter amid heightened volatility stemming from the rush of Ukraine conflict and the focus saw on the federal reserves lightning path. Tony Dwyer is equity strategist at Cancord Genuity. It's gonna be a positive earning season. The commentary is going to be sketchy.

It's going to create this volatility. JP Morgan Chase will be first out of the gate with earnings on Wednesday. Thursday gets very busy with reports from City Group, Wells Fargo, Goldman, Sacks, Morgan Stanley, and p MC in New York. Charlie Pellett Bloomberg Daybreak. Thanks Charlie. Turning to the pandemic now, COVID is back on the rise, driven by the b A two oh maicron subvariant. Infections are at their highest levels in about a month. White House Chief Medical Advisory Doctor

Anthony Found. She says Americans will need to make their own risk assessments going forward. There will be a level of infection. This is not going to be eradicated and it's not going to be eliminated. And what's gonna happen is that we're going to see that each individual is going to have to make their calculation of the amount of risk that they want to take. Anthony Found. She made the comments on a VCS this week, which can

be heard every Sunday right here on Bloomberg Radio. On this Monday Morning, Futures are pointing to a lower open with SMP futures now down twenty five points, nest DAK futures down a hundred forty six down futures lower by ninety four points. The tenure treasury is down thirteen thirty seconds, with the yield close to two point seven. Straight ahead your latest local headlines and a check of sports. This is Bloomberg. It's south five oh seven on Wall Street.

Were forty one degrees in Central Park, starting off this morning with a sinkhole to get past, and Franklin Township will pitch you around that in traffic. Shortly. First, Michael Bars here with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. New York City Mayor Eric Adams as tested positive for COVID nineteen. A spokesperson for the mayor says that Adams woke up with a raspy voice yesterday. Adams took a

PCR test that came back positive. Mayor Adams was one of dozens of high profile politicians that tested positive after attending an elite gala in Washington, d C. Organizers of the grid Iron Dinner say that more than seventy cases could have been linked to that event. Doctor Eric Ash here where the Lenox Hill Hospital says the Mayor's infection

is a reminder that the virus does not discriminate. Anybody is eligible to get COVID, and we just hope that the more folks that are vaccinated and boosted will have my older cases. Doctor Eric Asher Mayor Adams has no other symptoms, but has canceled all public events for the week and we'll be taking anti viral medications. The virus is also affecting Broadway again, with some shows having to

cancel performances due to positive cases. The Marquee Stars a Plaza Suite tested positive for COVID, making it the third production to temporarily shut down because of new infections. People in Times Square had a scary moment last evening and started fleeing after a series of explosions. This first responder on broadcastify officials. It turns out a cable failure caused one man hole to erupt and a second man hole was smoking. No one was hurt in there was no

property damage. Today, the Biden administration will announce changing for the first time since the Gun Control locked of nineteen sixty eight the definition of firearm. It comes as Senate Majority Leader Chuck Schumer says the Biden administration must immediately rein in ghost gun sales. The New York senators says ghost gun kids must be treated as firearms. The preference would be for Congress to pass a law, but we've

tried and it's been blocked by our Republican colleagues. So we're now asking the administration to do this on its own through regulation. Someone will challenge it in court, but I think the law will stand. Schumer says. Sales of ghost guns are rising around the country. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analyst more than a hundred twenty countries. Michael Barn This is Bloomberg. Nathan,

Thanks Michael. Almost five ten on Wall Street time for the Bloomberg Sports Update and Morning John Shown, Good morning, Nathan. Scotty Scheffler began the year having never won a PGA tournament. For what a year he is having? For a three shot with Schef behind it, puts it and it's it and Scotty Scheffler hats one off the great starts to a year in Gulf history with his first major championship, but number one player in the world's won four times.

It's three months and he's won the two Masters tournament at Master's Radio. Heard here on Bloomberg Radio. Rory mclroy started the day ten shots behind. He ended up second with a sixty four that tied the record for a Master's final around. McIlroy finished his round by holding out of the bunker for a birdie, and then his playing partner, Colin Morrikala did the same thing. Yankees and Matt's going

for season opening sweeps, both lost. Yanks to leven on base with Bobby doll back homer to the sixth inning the Red stops one four to three. Amphorty Rizzo and Giant Carlos Kanton drove in the Yankee runs. Together, they've driven in ten of the yanks thirteen runs. Matts at a two one lead eighth then in Washington scored three times, one four to two, Nelson Cruise a first inning homer and later at two one single. Nick's closed out the season meeting Toronto at the Garden one oh five ninety

four and I opening weekend for the Knicks. Obi Topping, always a fan favorite. Topping scored thirty five points on Friday, had forty two points last night. Nanuel quickly added thirty four. Nick finished the year thirty seven and forty five. That's got thirty five from Kyrie Irving been Indiana one thirty four, one twenty six. They went forty four and thirty eight. They'll host Cleveland tomorrow if the Nets win. They advanced to play Boston in the first round of the playoffs.

John stash Allard Bloomberg Sports, didn't you thanks shown SMP future is lower by twenty five points right now toal futures down ninety four dance Stack futures leading the declines down a hundred seventy hundred forty four points. That's the drop of one percent ten your treasury yield two point seven four percent. Insights on the markets next with former

Gartment letter publisher Dennis Gartman and Bloomberg. Day Break is brought to you by New Jersey Institute of Technology, ranked the top fifty national public university by US News and World Report, in top ten for best career placement among public schools by The Princeton Review. More at n j I T dot E d U markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quick Tape. He's

a Bloomberg business lash and I'm caered. Moscow stocks and bonds falling as political and economic ranks away on sentiment. We checked the markets every fifteen minutes throughout the trading day on Bloomberg s and P futures down route twenty four points down, futures down eight ASDAG futures down on the decks in Germany's down three quarters of a percent. Ten year treasury down ten thirty seconds you two point seven four percent. They yield on the two year two

point five six percent. Nimex crude oil is down two and a half percent on two dollars forty eight cents and nine seventy seven cents of barrel comic schools of nine ten percent or sixteen dollars ninety cents in nineteen sixty two. Twenty announced the euro one pot nine oh eight against the dollar, British bound one point three zero two six, the yen at one five point three nine, and Bitcoin this morning down two and a half percent at forty two thousand thirty dollars. And that's a Bloomberg

Business flash. Now here's Michael Barr with Moore on what's going on around the world. Michael, good morning, Good morning, Karen. Austria's chancellor said he'll meet Russian President of Vladimir Putin in Moscow today. Meanwhile, Ukraine expects Russia widen it's offensive in the East this week as the war continues. U S Attorney in the Obama administration is being nominated by President Joe Biden to run the Bureau of Alcohol, Tobacco,

Firearms and Explosives. That's according to several people familiar with the matter who spoke to the Associated Press. Today is anouncement of the nomination of Steve Develbach is expected as the Biden administration and aveils its formal rule to rain in ghost guns in golf. Scottie Scheffler has one of the masters. On the final day of the regular NBA season,

the Nets nick Celtics and Warriors one. The Wizards lost in the NHL, The Capitol's Meat, the Bruins four two Global News twenty four hours a day on air and on Bloomberg Quick take powered by more than twenty seven journalists and analysts more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak as we get

set for a short but busy trading week. We're joined by Dennis Gartman, former publisher of the Gartman Letter, now Chairman of the University of Akron Endowment Investment Committee. Dennis, good morning. Seems like we're seeing some jitters in the market, with futures pointing lower and the ten year the benchmark flirting with the two point seven five percent handle. That's the highest and more than three years. What kind of

ripple effect does that have on the market. Well, first of all, we have the markets are under pressure and are going to remain under pressure. I've embarrassed with stock since January five, when the previous minutes of the f MC meeting at the end of last year came out indicating higher rates were certainly a likelihood. The fact that the minutes last week were as barish as any i've seen.

Mr Bill Dudley, the former of Vice chairman of the FED and former New York FED President, was kind of was overtly bearish of of share prices, saying that the FED has to become far more hawkish on monetary policy and needs to, in his term, inflict pain on stock prices, which was a stunning statement. He's even more embarrassed than Mrs George and uh M Smester, the presidents of the Cleveland and Kansas City Feds, even more embarrassed than Mr

Bullard has been. So it is really quite the extraordinary to have that many members of the voting members of the f MC come overly barrash of share prices. So I think that the bounce that we've seen as run its course. It was it was a nice bounce, It was a pleasant bounce. It was a satisfactory bounce for many. But it was a bouncing one the less, and that's all it has been. And I think share prices are headed rather demonstrably lower over the course the next several months.

What kind of levels are you looking at for the SMP. The best I can say, I've been in this business for almost forty five years and and trying to get the direction right is the best that one can do, and I think the direction is down. So let's just simply say we'll go past the normal threshold for the start of a bear market, which is I've always found that laughable to me. Anything that lose more than seven

percent is consequent. So the fact that the I think will be below down before this is done from the highs made January five. So the market, I think is the best that one can say, is the markets moving from the upper left to the lower right, and that's the That's the best that one is able to ascertain. You mentioned Cleveland, said President Lauretta Master. We did fear

from her again yesterday on CBS. Has faced the nation saying that she thinks that inflation could peak soon but will remain elevated, perhaps into the end of next year. At the same time, she says she's confident that the US can avoid a recession. What's your view. I think the US well, first of all, I think she's correct on inflation. There's no question that inflationary problems are are extent everywhere. Food prices are going higher, energy prices had

been higher. They're coming off of it at this point. With the crude oil tumbling down below nine dollars a barrel fort nearby near term w T w T I. But the livestock prices are higher, Cotton prices are higher, sugar prices are higher, Commodity prices generally are are higher, and they're not going to to weekend anytime soon. I think wage rates are are headed higher from they're going to go from the lower left of the upper right. So she's right about inflation. I think she's wrong about

the recession. I think the fact that we've had the Yeld curve inverting in the in the middle of the curve, and the inversion, I think it's going to become more pronounced over the course of next several months, which is always that always indicative of the recession. So I think the semester probably is wrong about the recessionary call, but she's right about the inflationary call. When do you think we get a recession? Do you think it happens this year?

I think it happens this year. We won't market. The National Bureau Economic Research, the n d e R as the is the official data of when we go to go into recession, when we come out, and they're always laid on both sides. I think they won't say that we've been in a recession until sometime early in three, but they'll market is the end of two. So I think sometimes in the third quarter the numbers will start

to be manifestly bearish and manifestly recessionary. But will we market as a recession until probably sometime in the n b R will be very slow to do. So. I'm curious whether you think we'll see any inflationary impact on the earnings as we start to get into the really the kickoff of earning season this week, we've only got about a minute left. Well, that's a good question, and I wish I was capable of answering that. I'll leave

it to wiser heads than I am. When it comes to announcing and forecasts to earnings for individual companies, all I can say is the economy seems to be slowing down or shall be slowing down, and not do this in future. Uh. And the recession is on the is on the horizon, so that that should be delictorious to earnings six months into the future. But for the next two or three months, the earnings numbers were probably quite good, all right, Dennis, as always good to have you on

with us? Dennis Gartman, former publisher of the Gartment Letter, now the chairman of the University of Akron Endowment Investment Committee. As we look ahead to the market open, it is pointing two losses on this Monday morning. SMP futures are

down twenty two points right now. Down Future is down eighty NASDAC Future is down a hundred thirty six and the tenure Treasury is down ten thirty seconds now with a yield of two point seven three percent yield on the two year two point five five nime X crewed down two point six percent right now down to fifty three dollars seventy three cents of barrel. Just ahead, Ukraine braces for a tougher fight to the east, and Elon

Musk's on again, off again with Twitter. So check your top stories of the morning on Bloomberg Daybreak Bloomberg eleven three oh weather. Sunshine today with a high near sixty. Morning showers tomorrow will claire out during the afternoon tomorrow with a high in the low seventies, upper sixties, partly

sunny by Wednesday. Right now one in Central Park broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg, On to Boston, Bloomberg, what a six, one to San Francisco, Bloomberg sixty to the country, Sirius XM Chad one nine, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar 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 of the news you need to know at this show. Ukraine says Russian air strikes destroy the airport in Ukraine's fourth largest city, to Nipro. As the war continues, a new Russian military commander is drawing alarm among US officials. As European officials meant to discuss the next phase of the war. Austrian's chancellor is heading to Moscow today to

meet with Vladimir Putin, two days after visiting Kiev. The meantime, Karen, Russia is expected to mount an offensive for control of parts of eastern Ukraine. President Vladimir's Lensky tells CBS IS Scott Kelly he has no plans to leave his nation. I'm the president of our people, and even if I wasn't president, I would have stayed here. My family understood, not only understood, but fully supported my decision fully. Ukrainian President Voladimir z Lensky spoke on CBS IS sixty minutes,

which can be heard every Sunday on Bloomberg in Washington. Well, Nathan to the markets. Now are shares or Twitter are sliding? There? Down more than four percent as Elon Musk is not joining the board of the social media company. They get the latest line from Bloomberg's rend A Young, Good morning Rena, good morning Caring. It was just a week ago that Twitter sword more than twenty seven percent after Elon Musk took his nine point two percent steak in the company.

Twitter said shortly after that Musk would join the board, and the billionaire has been vocal about changes he'd like to see at Twitter in the name of free speech. But Musk's abrupt reversal in his direct decision to join the board ignites renewed speculation about his intentions for Twitter as its largest shareholder individually and if he does not join the board, Musk would not be subject to an agreement to keep his stake at no more than fourteen

point nine percent. Live in New York, I'm Rernita Young Bloomberg Daybreak. Okay, Nita, thanks the most. Stocks are falling in early trading as a rise in US treasury yields sends waves through global markets. Ten years climbed through two and three quarters percent for the first time since March. Nathan overseas for the presidential election and France, French President Emmanuel mccron holds a slight lead over nationalist rival Marine

La Penn. Posters project mccrawn securing twenty eight percent of the vote compared to twenty four for La Penn. The second round of voting will take place in a couple of weeks from Paris to Shanghai, where, despite lockdown's new COVID cases reached an all time high. Yesterday, Shanghai reported more than twenty six thousand new infections, most of which were among people already under isolation, and futures are lower. SNP futures down twenty one points down futures down seventy two,

nasday futures down one thirty four straight. I had your latest local headlines plus a check of sports, and this is Bloomberg. Thanks Tinge on Wall Street forty one degrees in Central Park. We've got an accident on the New England through Way North bounded exit seventeen in Westchester County. Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much, Nathan. New York City Mayor Eric Adams announced he has tested

positive for COVID and is now isolating. Dr Bruce Lee with the City University of New York School of Public Health, You essentially have this more contagious big dot to suffarient that's circulating, and we're still amidst cooler and drier weather, so that can promote transmission. So we really need to be more proactive about COVID nighting precautions, Dr Lee, as New York City is now averaging about eight new cases per day. Last Saturday, Mayor Adams attended the annual grid

Ironed Dinner in Washington. Dozens who attended have since contracted COVID. China's largest COVID outbreak in two years continues to spread despite an extended lockdown of Shanghai's million people. They were more than twenty six thousand new daily infections reported in the Chinese financial hub and all time high. The Biden administration plans to announce new rules today around ghost guns. Sergeant Christian Camarillo is with the San Jose, California Police Department.

Ghost gun, or privately made firearm, is a firearm that can be made at home with pre manufactured parts. You can order these on the internet. That takes some very simple machine and you put it together and it works just like a regular firearms Sergeant Christian Camarillo. Senate Majority Leader Chuck Schumer says sales of ghost guns are rising around the country, clarifying under federal law that ghost gun kits are firearms that would require a background check and

a serial number. Senator Schumer reference to teen shooting death Friday outside of Bronx High School. Police say the seventeen year old suspect may have used a ghost gun. There's word. President Joe Biden is nominating an Obama era U S attorney to run the Bureau of Alcohol, Tobacco, Firearms and Explosives.

According to the Associated Press, Biden is expected to make the announcement today nominating Steve Dedlbuck Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries. Michael Barren, this is Bloomberg. Nathan Okay, Michael, Thanks on Wall Street time for the Bloomberg Sports Update with John. Thanks Nathan. Big things were

expected from Scottie Cheffer. He grew up in Dallas, dominated junior golf. Now Scheffler went to the Masters having won three of his last five tournaments. He had already become ranked number one at Augusta. He took the lead on Friday, never gave it up. His lead early yesterday did shrink to one shot, but then he chipped in for birdie on the third hole and that lead was never again less than three shots. It was definitely nice to build up a lead and um not nothing safe out there

on the back nine on this golf course. You know, I I've heard all the things that everybody says. It doesn't start till the back Now on Sunday, anything can happen. Don't hit in the water on twelve. You know, all the stuff, and you know, I just blocked most of that out and just tried to execute and take good golf shot. Define had a double boat on eight team, but he's still won by three overheart charging. Rory mcelroyo was still never won the Masters, but he had a

brilliant final round sixty four. Tiger Woods had a second straight seventy eight. He said he's unsure if he'll play the PGH Championship for the US Open, but he does plan to play the British Open because of his affinity for playing at st Andrews. Yankees going for a sleep of the Red Soft strand at eleven. Runners lost at the stadium four to three. Mets going for a four game sweep in Washington at a two one lead, when the Gnats scored three times in the eighth inning, they

won four to two. Next finished the year thirty seven and forty five. They beat Toronto at the Guarden. Nick fans have called for more playing time for Obi. Toppin got it this weekend and he had games of thirty five and forty two points. Nets beat Indiana. Net's had a play in game in Brooklyn tomorrow with Cleveland. The

winner then advances to play Boston. John stash Award Bloomberg Sports Nathan, Thank you John, five thirty seven on Wall Street Time for the Trice State Business Report with Bloomberg's

ad Cory. New York's theater industry has been betting on a big spring, nearly doubling the number of shows being offered, but The Times reports a number of COVID cases in New York City, coinciding with the arrival of a new sub variant is once a int rocked Broadway, infecting some of its biggest stars, forcing four shows to temporarily cancel performances.

Healthcare workers in New Jersey's hospitals, nursing homes and other facilities had until today to be vaccinated and boosted against COVID nineteen or face disciplinary action that includes the possibility of losing their jobs, and despite an initial uproar, n J Spotlight reports, it seems most healthcare workers have complied. Connecticut's tax free Weeks started on Sunday. It gives residents a break from the six point three five percent sales

tax on retail items. The tax holiday eliminate sales tax on clothing and footwear under a hundred bucks at your Bloomberg Crime State Business Report. I'm Ed Corey. Thanks 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 Potas ten ten Wins in New York. We're talking about Jet Blues plans to trim

its summer travels, sees, the schedule, duo staff shortages. I'm Gina Servettian for w c CO in Minneapolis. I'm talking about some of the locally based companies reporting earnings this week, including United Health. I'm at Corey on w t A M in Cleveland. I'm reporting developer Bobby George had big plans for Old River Road in the Flats. And those are some of the stories our hundred Bloomberg journalists and analysts are working on this morning around the world. We're

coming up to five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. India has disappointed many of its fellow democracies by not taking the stronger stand against Russia's invasion of Ukraine. Some U S officials have even let their frustrations spill out in public. Although understandable, such criticisms are unproductive. The US and Sala should instead concentrate on showing India that is the interests are better

served through partnership with the West, not Vladimir Putin. After all, India's long standing ties with Russia can't be severed overnight, nor can the US realistically expect India to abandon the strategic autonomy its foreign policy elite has jealously guarded since independence. Instead, the US and its partners must show India that they can address its needs far better than Russia can through cooperation, trade and development. In the end, trying to strong arm

India won't work. Persuading its leaders that the West is a smarter long term bet will This editorial was written by the Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opia and go on the Bloomberg terminal. This has been Bloomberg Opinion. Listen for Bloomberg Opinion editorials every weekday. At this time of terminal Customers can read more at O P I, n GO, SMP futures now down twenty points,

now features down sixty three. NAZAC future as are lower by a hundred thirty three points. The ten year treasury is down twelve thirty seconds. The yield two point seven four percent. Yield on the two year two point five seven straight ahead. The latest on the war in Ukraine as Austria's chancellor prepares to meet with Russian President Pluton. Rosalind Mathison Bloomberg Newses with US. Next to this is Bloomberg Bloomberg eleven three oh Weather. Sunshine today with a

high near sixty. Tomorrow starts off with showers, but it'll clear by tomorrow. Afternoon highs and below seventies. Will be in the upper sixties partly sunny by Wednesday. Currently forty one in Central Park