Bloomberg Daybreak: April 13, 2022 - Hour 2 (Radio)

Johnson to step down. I'm Michael Barr. Bore Ahead. I'm John Stashtown Sports. The Nets beat the Calves, who advanced the way the Celtics, the loss for the Rangers, shut

out wins for the Mets and Yankees. That's all trading ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York Bloomberg ninety nine one, Washington, d C Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco Syrius Exam one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business opp Good morning, I'm Nathan Hagar and I'm Karen. Moscow and US Dock Index futures are higher this morning. We are coming up

to six o one on Wall Street. I mean check the markets every fifteen minutes throughout the trading day. On Bloomberg right now, SMP futures are up about twelve points down. Future is up eighty four. NAS day Future is a fifty five. The ten year Treasury down five thirty seconds, held two points seven four percent, and the yield on the two year two point four one percent. NIMEX screwed oil is up four ten percent at a hundred one dollars one cent to barrel. Nathan. Thanks Karen. We'll have

more on the markets in a minute. First, the man hunt is still on for a New York City shooter who opened fire during a morning rush hour incident at a subway station in Brooklyn. Bloomberg's Michael Bars following all the developments, has the very latest for US Live. What are you hearing, Michael, Thank you very much, Nathan. The gunman in the Brooklyn subway shooting fired at least thirty

three bullets in the train, wounding ten people. At least thirteen others were injured, Police say the suspect put on a gas mask and set off two smoke bombs before he started shooting. Authorities are looking for a man who rented a U haul van they believe might be connected to yesterday's shooting. They have identified the man believed to be a person of interest in my p D. Chief James Essek says, Frank James has addresses in Philadelphia and Wisconsin.

We are endeavoring to locate him to determine his connection to the subway shooting if any. Chief Essex says a key to the rendal van was found at the scene, along with the semi automatic handgun, hatchet, smoke grenades, and other items in New York. Michael Barb Bloomberg Daybreak, Karen Harry, Michael bar thank you. We will be hearing updates on this developing story throughout the morning and Tuesday. Shooting on the New York City subway comes at a time when

crime is rising in the city. Former New York City Mayor Bill de Blasio tells Bloomberg's Joe Matthew the incident represents a troubling trend about gun violence across America. The pandemic created a host of problems and one of them was the free flow of guns that intensified in the last two years. We need stronger federal efforts to cut those off before they ever get into big cities. Former New York City Mayor Bill de Blasio spoke with our

Washington corresponded Joe Matthew on Bloomberg Sound on. Catch the program weekdays at five pm Eastern or on Bloomberg Radio and stay tuned for an interview with the current Mayor of New York, Eric Adams. He sits down for a conversation on Bloomberg Surveillance. Coming up at five am Wall Street Time. Right now to the latest on the war in Eastern Europe, care and the presidents of Poland and the three Baltic States are heading to Kiev in a

show of support for Ukraine. Meanwhile, the Biden administrations preparing a military assistance package for Ukraine. As President Biden doubles down on criticism of Vladimir Putin, Amy Morris has the tales from our Bloomberg newsroom in Washington. As President Biden spoke in Iowa about fuel prizes and inflation, he accused Vladimir Putin of committing genocide in Ukraine. Then before boarding Air Force One, he backed up those comments. It's good,

different than was last week. The more evidence is coming out of the literally the horrible thing if the Russians have done in Ukraine. President Biden later added that lawyers would ultimately make that official determination putin said earlier peace negotiations with Ukraine or at a dead end. This as the administration prepares to ship weapons and other equipment to Ukraine, part of a seven fifty million dollar package of military assistance.

In Washington, I'm any Morris, Bloomberg Daybreak, right, Amy, thank you now to the markets and quarterly results from banks kicked off this morning. We had more from Bloomberg Radio and television correspondent Shinali Basa. JP Morgan is the first of the big US banks to report earnings, and investors are expecting trading volumes to really start to decline. However, net interest income is expected to rise and that may start to offset some of the pressures in training and

investment banking. Net interest in come will be dependent, however, on whether the yield curve remains under pressure. Investors will be looking for color on whether JP Morgan is also preparing for a recession that some investors expect to start as early as next year, or in bloomberg sinn Alle boss Age says expect earnings from JP Morgan Chase around seven am Wall Street time. Well, we wait for those

corporate earnings, Karen. Let's turn to the economy now. Inflation once again is in focus this morning with the release of the March producer price Index. We get more from Bloomberg's Michael McKey. Supply chain disruptions from Russia's invasion of Ukraine and China's extensive COVID lockdown likely pushed producer prices higher during March, particularly for oil and agricultural commodities and

Chinese consumer goods. US factories have reported widespread concern over rising costs, with prices of energy, grain, and fertilizer near all time highs. March consumer prices rose eight and a half percent over the past year, the fastest pace since Michael McKey Bloomberg daybreak. All right, go thank you about The FED will be closely watching data today and in the run up to their main meeting, and a couple of central bankers are speaking out this morning about the

future of interest rates. And we get the latest lie from Bloomberg's rand A Young, Good morning, Randa, good morning care and St. Louis FED President Jim Bullard tells The Financial Times that US monetary policy needs to be tightened to a point that it curtail's economic growth or policy makers will risk their credibility. He supports a half a percentage point increase next month and says the rate should

move up sharply after that. Richmond FED President Thomas Barkins says the Central Bank should raise interest rates to the neutral range as quickly as possible, and can move above that if price pressures continue. Live in New York, I'm Rnita Young Bloomberg Daybreak. All right, Nita, thanks youk. Inflation rose more than expected last month to a thirty year high. Consumer prices rose in March at an annual rate of seven percent. Higher inflation is on the way this month.

There will be a fifty four percent increase in the energy price cap and Bluemberg day break is braunt to you by bing why Melons Pershing learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at Pershing dot com. Straight to hand your latest local headlines, plus a check of sports, and this is Bloomberg, all right, Karen, Thanks six oh seven on

Wall Street, fifty five degrees in Central Park. As our coverage of the aftermath of the subway shooting in Brooklyn continues, let's get the very latest once again. Michael bars with us. Michael Nathan, thank you very much. Reaction and information continue from yesterday's mass shooting on a Brooklyn subway that left ten people's shot and more than a dozen injured. This man was one of the victims. You see like a smoke, black smoke bomb going off and then and then people

bomb rushing to the back. This pregnant woman was in front of me. I was trying to help her. I don't know they were shots at first. I just thought it was a black smoke bomb. The New York City Police can Kaitian Sewell, the suspect is a dark skinned male and was wearing a neon orange vest and a gray colored sweatshirt. We do have a person of interest in this investigation, Commissioner Sewell says. He is identified as sixty two year old Frank James, A motive remains unclear.

New York City Mayor Eric Adams says the city is working to ensure the safety of subway writers. Immediately. We're going to double down on our patrol strength. If I was not here coming from COVID, I would be on that subway system today because I think as a mayor, you have to leave from the front. Mayor Adams will speak to Bloomberg at eight forty five am All Street time. New York Governor Kathy Hukel agrees with many of Adams

and calling for an end of gun violence. The last time there was a mess shooting on our subway system, I believe, so I don't want to act as if treat this a normal experience on our subway. This is a rarity, but one instance like this is one too many. President Biden echoed what Governor Vocal said. Jill and I and my wife Jill and I are pray for those who are injured in all those touched by that trauma. We're grateful for all the first responders who jumped into action,

including civilians. Civilians who didn't hesitate to help their fellow passengers and try to shield him. President Biden says his team has been in touch with Mayor Adams and the NYPD. New York Lieutenant Governor Brian Benjamin has resigned in the wake of his arrest in a federal corruption investigation. Benjamin, a Democrat, was accused and an indictment of participating in a scheme to obtain campaign contributions from a real estate developer when he was a state senator. Benjamin pleaded not

guilty yesterday after his arrest. British opposition politicians are again calling on UK Prime Minister Boris Johnson to resign. Police are finding the Prime Minister for breaking his own lockdown laws. On COVID Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries.

Michael barn this is Bloomberg. They Michael, thank you almost sixtent on All Street time for the Bloomberg Sports Update with Johnstown Shower. All right, Nathan, After what was obviously a very harrowing morning in Brooklyn. The day ended there with an NBA playing game at the Parkleys Center and a victory for the Nets. Rebound reflected loose Trowls got a gain out to Irving left wing. Here's the three yscored Rick Hyrie. He still hasn't missed. Hey, Cleveland needs

a timeout. Thatt's match their largest lead of the game. That's sixties seven of the Cats forty seven. Kyrie is ten for ten. Called Kyrie EVERMNNA going to make his first twelve shots. He scored thirty four points duran at five. The Nets never trailed, beat Cleveland one f one oh eight. Now it's on to Boston, Game one of the playoff series with the Celtics Sunday afternoon. Minnesota won the play in game in the West over the Clippers. The Rangers

at the Garden. We're hoping to knock off Carolina moving to a time for first in the Metropolitan Division. Didn't happen. Hurricanes with three in the third, one four to two and now by four points. Chris Kryder did score a late goal for the Rangers. Became the fourth and team history to scored fifty in the season. Islanders beat the Penguins five four, Devils won six to Arizona. Shout out

wins for both the Mets and Yankees. The Mets to nothing in Philadelphia's Tyler and McGill turned in his second brilliant out in McGill's two and oh is yet to allow a run. It over tennings on the mound. Max Scherzer starts this afternoon and Philly at the stadium. Yankees over Toronto for nothing. Esther Cortez didn't finish the fifteening, so it couldn't get the win, but he was outstanding, followed by four relievers together, Yankee pitchers allowed only five hits.

Struck daft ten did not walk a better Aaron Hicks at at two on Homer. Derek Cole will start tonight, John stash Award Bloomberg School, Nathan all right, John, thank you right now. S and P futures are up thirteen points, Staff futures up ninety two, NASTAC futures higher by fifty seven points. The tenure treasury is down three thirty seconds, with the yield two point seven three percent yield on

the two year two point three nine. The very latest on the man hunt for the Brooklyn subway shooter dextra Bloomberg's Creedy Kupta. As we continue our coverage, stay with us. This is Bloomberg Bloomberg day Break brought to you by Ancient Accountants and Advisor's challenging times call for proactive advisors who help minimize taxes, increased cash flow, and create opportunities

for the future of your business. Visit Ancient dot com markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Cricktake. This is a Bloomberg Business flash and I'm Karen Moscow. US Dock Index futures on the rise this morning. Bonds are falling as investors way inflation risks against the start of earning season, and we check the markets every fifteen

minutes throughout the trading day. On Bloomberg s and P futures of fifteen points this morning, DAL futures up a

hundred four Nasdack future is up sixty one. The decks in Germany's down nine tenths of per cent, The ten year treasury down five thirty sec Ntel two point seven four percent yield on a two year two point four zero percent nine nex Screwed oil is at one point three percent of a dollar thirty at a hundred one dollars eighty eight cents of barrel Comax Gold is up three ten percent or six dollars ten cents at twenty announced, the euro one point oh a to eight against the

dollar British found one point three zero zero seven and the yen at one six point one zero and bitcoin this morning at one point two percent at thirty nine thousand, nine hundred ninety nine dollars. Today we do get another look at inflation with the producer of Price and Next at today thirty Wall Straight Time and JP Morgan Chase, Black Rock and Delta among companies schedule to report earnings today. That's a Bloomberg business flashdown. Here's Michael Barr with more

on what's going on around the world. Michael Darren, thank you very much. The New York City Police Department according to the latest information that gunman in yesterday's subway shooting in Brooklyn is still on the loose. In my PD Commissioner Keaching seol. As detectives process the crime scene, they recovered a nine millimeter some atomatic handgun, extended magazines, and a hatchet. Police are looking for a person of interest.

He is identified as sixty two year old Frank James in the NBA, the NETS Beat, the Calves in the Eastern Jofford's playing an opener. Brooklyn now faces the Celtics on Sunday. In MLB, the Yankees Mets Red Sox all one the Giants one, and made history. Alyssa Knockin became the first female coach on the field in the regular season game after the original first base coach was ejected. The Nationals Orioles and A is lost. In the NHL, the Islanders wanting to shoot out the Penguins five four,

the Rangers lost, Devils and Capitals one. Global News twenty four hours a day on air and on Bloomberg Quicktake by word by more than twenty seven hundred journalists and analysts more than twenty countries. Michael bar this is Bloomberg nag right, Michael, thank you. It is six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as we continue our coverage for the ongoing manhunt for the suspect in the Brooklyn subways shooting.

Bloomberg Radio and te correspondent Pretty Gupta was in Brooklyn yesterday as this investigation was just getting underway. Creates with me now in the studio. Pretty good to see you. There have been so many developments in just the last little less than twenty four hours when this incident first began at the thirty six Street station. Get us caught up on what we know so far, what police are saying about what unfolded yesterday on that train. Yeah, let's

just start off with the events here. You did have essentially gunman who had open fired in a subway car on the end line of this is for international audience, essentially a very key MP subway line that goes straight into from the residential areas of Brooklyn into the heart of Manhattan. So a lot of people who live out there in Brooklyn actually use it, especially in the morning commute.

So this call to the fire department happened about eighty four a m. And the reports were essentially that a gunman had opened fired and after releasing two smoke canisters, put on a construction vest and a gas mask and then had fled the scene off. That ten people had gunshot wounds and other thirteen injured. And since then we know that there is a person of interest that's linked

to the crime scene. We don't know if he is the gunman necessarily but police and FBI agents are looking for Frank James about sixty two years old, as you just heard Michael Barr report. And this again was linked to keys that were found to a rented U haul van with a dresses going back to Philadelphia and Milwaukee once again that found on the subway platform. So the police have not confirmed then whether this Frank James who they've named in this investigation is actually their prime suspect

at this point, right. And they're very careful about this. You can see that language is obviously a very key thing that they're keeping in touch. They're not saying that he is the gunman or he's the shooter, just that um and they were very clear that this is the only connection we have to Frank James as these keys to a U haul van, and they made very clear. The other thing that they were very clear about was

that this was not an act of terrorism. They very of course, we know there's a sensitive history with New York City on that Amanda around the world frankly, but he was saying or the gunman was or the me the police commissioner was saying, to be very clear, uh what that this was in an act of terror? And the assumption was that the gunman was acting alone. Yeah, they have said explicitly that they're not investigating this as

an active terror at this point. But something we've seen throughout New York City history for decades, of course, is ebbs and lulls when it comes to violent crime in this city. Of course, Eric Adams, the mayor, campaigned on fighting crime, being tougher on crime, supporting police and trying to instill confidence in a subway system that has been

decimated by COVID. Yeah, and it's really tricky here because a lot of the UH kind of issues with some of this investigation is that things like the surveillance cameras had had malfunctioned. Um, you had routine police check that we're supposed to happen across every subway platform. They did happen, but there was no police presence when when this UH, these events unfolded, So there was a lack in terms

of getting help to the people that were affected. So to Eric Adams point, yes, there's a lot of kind of push to get people, especially in New York City, back into the city five days a week. New York City really lacking some of the other major cities in America from that perspective. But also this doesn't necessarily help. You are going to start to see a little bit of hesitance. Just yesterday actually in the evening commute back home, you saw a lot of people choosing other modes of

traffic or transport. I should say cars where you had uber and lift, remove your surge pricing, you had them. Take busses you had them, so I'm just walking on foot um taxis. Even so, those are all gonna be questions that Eric Adams has to answer. How does he make New York City safer? Yeah, and when I was riding the train yesterday, I noticed of significant police and military clothes presence around a lot of the subway stations. Is that what commuters can expect this morning and in

subsequent days they can probably expect of this morning. This is not just a New York City story. We've heard of heavily armed presences across across the country. L A, Philadelphia, Chicago, UM, all really amping up their presence, even though once again to really emphasize the sports here did say that this was not an act of terrorism. This was an isolated event um and they are still searching for for the man that is the person of interest as well as

the shooter. So a lot more questions to be answered. We know you'll be asking many of them and gathering much more information. Creedy Goopta, Bloomberg Radio and TV markets correspondent with us this morning, had been in Brooklyn yesterday as this investigation was getting under way. And we should note that we will be speaking later this morning with New York City Mayor Eric Adams. He's going to be joining Bloomberg Radio and Television at eight forty five Wall

Street Times. Who want to make sure to tune in for that conversation later this morning on Bloomberg Surveillance. Looking ahead to the market, open futures are moving higher. We have SMP futures up fourteen points right now, Dow future is up a hundred four NAZAC future is higher by fifty two points. The tenure treasury right now down five thirty seconds. The yield two point seven four percent now on the tenure note, and the yield on the two

year two point four one percent. You're listening to Bloomberg Daybreak. Bloomberg Daybreak brought to you by the Jewish Communal Fund j c F S donor advised fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit j c f n Y dot org. Broadcasting live from the Bloomberg Interactive Broker's studio

in New York. Bloomberg E Loving Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg non sixteen to the Country, Sirius XM to the one nineteen and around the globe the Bloomberg Business and Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. You're just about three hours away from the open of US trading. Time for the five things you

need to notice start your day. Brought to you by Interactive Oker Simple I p k our Global Trader app. Deposit in your local currency and trade stocks in the US, Europe and Asia. Start your free trial at ibk r dot com slash Global Trader at First. The New York City Police Department has identified a person of interest and

yesterday's subway shooting. Ten people were wounded and thirteen were injured in the attack, and YPD Chief James Essay says officials are looking for sixty two year old Frank James. We are endeavoring to locate him to determine his connection to the subway shooting if Chief Essay says James is a person of interest in the incident. More in the

manhunt coming up shortly at local news meantime. Karen in Washington, the US is preparing to send roughly seven fifty million dollars in military aid to Ukraine as it battles Russia, and President Biden has some strong words for Russian President Vladimir Putin, Bloomberg said, Baxter has the latest. This is the first clear declaration without equivocation. I call the genocide

because it's become clear and clear. The prudeness is trying to about the idea of Ukraine and says it affects the rest of the free world in a number of different ways. Your family, budget, your ability to fill up your tank, none of its should hinge John. Whether a dictator declares war commits genocide half a world away, the use of the words showing a major shift in verbiage. In San Francisco, I'm at Baxter Bloomberg daybreak, all right and thank you. Turning to the economy now, the FEDS

keeping a close eye on inflation. As a couple of central bankers speak out about interest rates, we get the latest life from Bloomberg shre I need a young good morning ready now, good morning care and St. Louis FED President Jim Bullard tells The Financial Times that US monetary policy needs to be tightened to a point that it curtails economic growth or policy makers will risk their credibility.

He supports a half a percentage point increase next month and says that the rate should move up sharply after that. Richmond FED President Thomas Parkin says the Central Bank should raise interest rates to the neutral range as quickly as possible and can move above that price if price pressures can in You live in New York. I'm Rennita Young Bloomberg day Okay, Nita. Thanks On Wall Street today, JP

Morgan releases earnings. Bloomberg Intelligence expects loans to be a strength, while seasonal weakness will likely drag on the credit card business. N S and P futures are higher, up about seventeen points to own futures of a hundred nineteen, noasdays, futures of sixty three and attend year treasury down four thirty seconds. The yel two point seven three percent yield on the two year two point for zero percent. And that's the five things you need to know to start your day.

Brought to you by Interactive Brokers, straight ahead of your ladist the local headlines supposed to check a sports. This is Bloomberg Wall Street, fifty five degrees in Central Park. As we continue our coverage on the man hunt for the Brooklyn subway shooter, Michael Barr is back with the very latest. Michael, thank you very much. Nathan. Police continued to search for the gun money who opened fire on

the subway train in Brooklyn Tuesday mornings. Attack left ten people wounded by gunfire, and YPD Chief of Detectives James brandish, she's a clock nine millimeter handgun. He then fired that weapon at least thirty three times, striking ten people. Chief Hassex says the search is focused partly on a man said to have rented a van possibly connected to the violence. Investigator stress they weren't sure whether the man, Frank James, was responsible for the shooting, but authorities say the sixty

two year old is a person of interest. Victims from yesterday shooting on the Brooklyn Subway are talking. This man says he was trying to help a pregnant woman after smoke bombs went off. She said, I'm pregnant with a baby. I hugged her and then the bomb. Marsh continued, I got pushed and that's when I got shot on the back of the my knee. New York Mayor Eric Annams, we're telling anyone that's approaching anyone that they believe is suspicious,

so notified the police department. But at this time the person is not apprehended. There's no reason for us to believe that he's not still on. Mayor Adams will speak with Bloomberg later this morning, starting at am Will Street time. New York Governor Kathy Hokele it has to end. It ends now, and we are sick and tired of reading headlines about front. Governor Hokel visited the hospital whereas some

of the victims were admitted. New York Lieutenant Governor Brian Benjamin resigned from office after being charged with funneling illicit donations to one of his past campaigns. When he was a state senator. Governor Hokel says the resignation of her second in commands effective immediately. Benjamin pleaded not guilty to bribery charges in federal court in Manhattan after he was arrested earlier in the morning. He was released on a

quarter million dollar bond. British opposition politicians are calling on Boris Johnson to resign after it was revealed the police are finding the Prime Minister for breaking his own COVID lockdown laws. Johnson will be spared a grilling in Parliament today. It's a journ for the Eastern Recess and sad news in the comedy world, Gilbert Gottfried has died at the

age of sixties. Seven Global News twenty four hours a day on here and on Bloomberg Quick Tank, powered by more than seven hundred journalists analysts more than a hundred twenty countries. I'm Michael barn This is Bloomberg Anything. Thank you, Michael. Six thirty five on All Street Time for the Bloomberg Sports Update with John Stens shown thanks to Nathan talking about a busy sports night in the Big Apple. The Rangers were at the garden, the Nets played in Brooklyn

Yankees in the Bronx Islanders were home as well. Then that's due to the new NBA play in system. Had to win a game to gain entry to the NBA Playoffs. They got it, although two point lead was cut to six. They Nets beat the cast one fifteen one oh eight. Tyrie Irving sport thirty four points against the team he used to play for, and now he's going to face

another team he used to play for Boston. I'm grateful to play against one of the top teams in the Eastern Conference that I have been playing well all the year. This is another challenge for us, another test um, But I think we've answered a few questions towards the end of the season where we were in a tent spot and then all of a sudden, one day later we were in the seven spot and we had the opportunity

to win some games in a row. Net Celtics should be a great series of Celtics finished the season going twenty six and six. Game one Sunday afternoon in Boston, Minnesota bet l A Clippers in the West play in game. Rangers lost the first place Carolina four to two, but Chris tried or did score a late goal. He joins Vic Hadfield, Adam Graves and Yarmur Yager. Only Rangers will scored fifty goals in the season. Islanders be Pittsburgh five four,

Devil's won six two in Arizona. The Mets rotation already with Max Scherzer he'll pitch today hopefully, Jacob deGrom at some point back from injury, and Tyler Miguel two starts, two wins, yet to allow a run. McGill and the Mets one two knocking in Philadelphia, home run for Brandon Nimo. Yankees also with a shutout in Esther Cortez and four relievers teaming up for a five hitter, ten strikeouts, no wops. Yankees for nothing over Toronto, Aaron Hicks for a two

one h John Stashward Bloomberg Sports. Okay, John, Thanks, It's six thirty seven on Wall Street. Time to take a look at stocks now some of the names moving in the pre market. For that, we're joined live this morning by Bloomberg's Lore Right, Laura, great to have you with us, obviously for quarter earnings in focus. But I see you're starting off with a deal in the farmer space. I am yeah, Antes Farmer. Now the dal Jones are reporting that halo Zime Therapeutics are close to buying the maker

of needle free systems. They've offered five dollars sixty cents per share in cash, and this deal values and Tes roughly nine hundred and sixty million dollars as a result, ahead of the Bell and Tes Farmer up almost fifty Another Farmer deal in focus for me Nathan was Sierra Oncology London listed Glaxo smith Klein. They've offered to buy this company for fifty five dollars a share in cash.

So Farmer's where all the action is at this morning. Yeah, all the action, sure, but of course we are waiting for a lot more action, particularly in the financial space. Obviously, we've got JP Morgan reporting results in just a few minutes here, but we've already heard this morning from black Rock.

We have the world's largest money money manager, black reporting a first quarter a UM of nine point five seven trillion U S dollars, now slightly below the estimates at nine point six to trillion, but I have seen some analysis that actually that that is pretty much in line adjusted EPs nine dollars fifty two cents above forecast revenue was a slight miss. But what is interesting this quarter is that they conducted five hundred million dollars of share

repurchases and they've seen strong demand continuing for alternatives. Volume is still a little too low to look at pre market for black Rock, but when it opens at the bell want to watch, Yeah, And obviously JP Morgan is going to be a start to watch as well when those earnings come out. Are we seeing any movement in either JP Morgan or any of the big six ahead

of the results? Yeah? JP Morgan right now down four tenths of a percent in pre market trading, and the primary concern for analysts is what volatility from the war in Ukraine means for the US. Bell Weather Bank Investment banking will be in focus, trading will be and focus how the trading business in particular was able to deal with some of the wild market swings we've seen at

the start of this year. Saw one um Alice from Credit Sweez writing that he is cautiously optimistic, so make of that what you will, all right, Bloomberg's Laura right with us this morning, taking a look at the pre market action as we await those earnings from JP Morgan Chase. They're expected sometime around seven am. Wall Street Time will be bringing you those headlines as they crossed the Bloomberg terminal.

Should also mention we've gotten earnings from Delta Airlines coming in with revenue that just about what when in line with analyst estimates, and we're seeing movement to the upside for Delta right now trading higher by nearly four percent in the pre market. As for stocks as a whole, they're moving higher on this Wednesday morning. SMP futures are up twenty one point, DAL futures up at NASTAC futures

higher by eighty seven points. The tenure Treasury down one thirty second now, the yield two point seven to yield on the two year two point three nine. Seeing a surge in crewed at the moment. Nimex screwed up one point seven percent to a hundred two dollars c s a barrel. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather. Mostly cloudy today with a high near seventies, scattered showers tomorrow, maybe a late day thunderstorm with a

high near eighty degrees. Mostly sunny. Friday with highs in the mid sixties right now fifty five in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com with Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow.

This update bronto you by b n Y Melons. Perishing learned why the world's most sophisticated wealth management and institutional firms are on Pershing to help them improve profitability, create efficiency, attract talent and manage risk at Pershing dot com. And we are watching earnings cross the Bloomberg We're hearing from JP Morgan Chase and we're gonna break those down in just a second. But first you want to go to the first word breaking news dance for today's morning call.

Here's Bill Maloney, Bill, good morning, and good morning. Can that's right. Us features are in the green right now at down Features up a hundred and twenty five points, subs gained twenty one Nasdeck features rise by eight seven. You mentioned JP Morgan, They did just report you want. Adjusted revenue was thirty one point five nine billion. Estimate

was thirty one point four four billion. The US a tenual the two point seven four percent, Gold is up twelve, oil is climbing, and bitcoin is up by point nine percent. Japan rose one point nine percent overnight, while up and markets are trading mixed this morning and back in the US on the economic Frontday thirty Producer Price Index. Regarding other earnings this morning, black Rock EPs beat estimates and

deltas of five percent pre market after its numbers. In other news, Google will invest nine and a half billion offices and data centers in the US and wrapping things up, Carmacks was cut to neutral over at JP Morgan Live from the first to breaking news disc on bo Maloney care. All right, Bill, thank you, and to hear live breaking news over your Bloomberg type squawk on your terminal squ a w K, that's a Bloomberg business flash. Now here's

Michael Barr with Moore on what's going on around the world. Michael, Karen, thank you very much. The New York City Police Department has identified a person of interest and yesterday's chaotic shooting at a Brooklyn subway station that left twenty three people injured, including ten shot. Shooter remains at large. N y p D Commissioner keeaching Seoul. At this time, we still do

not know the suspects motivation. Commissioner Sewell says. Keys found at the scene of the attack belonged to a U haul van rented by sixty two year old Frank James. In the NBA, the Nets bet the Calves in the Eastern Conference, playing and opener Brooklyn now faces the Celtics on Sunday. In MLB, the Yankees, Men's Red Sox and

Giants won the Nationals Orioles and A's lost. In the NHL, the Islanders wanted to shoot out with the Penguins five four, the Rangers lost the Devils and Capitals One Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. On Michael Barr, This is Bloomberg. Hi, Michael, thank you. We are live from the Bloomberg Interactive Broker Studios where it

is six forty nine on Wall Street. And this Karen mentioned we are watching earnings cross the Bloomberg terminal from JP Morgan Chase. Let's go right to Bloomberg Intelligence Senior analysts for Global investment banks, Alison Williams, as we watched these numbers, Cross Allison as Bill Maloney just mentioned, the revenue came in at estimates, but the red headline from these numbers a miss on investment banking, so that there

is a miss un investment banking, but trading. I mean that fixed income number coming in much better than expected, and that was really I think sort of a wild card coming coming into the co it or just because there was strength and so many products and things were moving around a lot in the quarter. So that's UM a good thing and more than makes up for the the the shortfall in fees, which we knew were going

to be weak. But the big I think number that investors are going to be focusing on is the lost provision. So the bank did take a provision reserve build of almost a billion dollars nine two million, to be exact, and this follows several quarters of reserve releases, and this was really the metric that UM we said we're gonna be focusing on, and and we did get a much bigger number than than we had expected. And so now the question is what are the economic expectations that are

baked into that number. The stocks have really treated off on recession fears in recent weeks, UM and this is one of the I guess confirmation that there is some economic there's some worry on the horizon, but we'll want to hear a little bit more about exactly what's baked in there now. We've gotten a few comments early from the CEO Jamie Diamonds saying credit losses are still at historically low levels and remaining optimistic on the economy at

least for the short term. At the same time, as you mentioned those credit costs are pretty high, what does that potentially say about the medium to long term? So that the UM I guess the big change with lost provisions, which happened right as a sort of the pandemic to hold an early is that banks don't just look at what's happening now, They have to look at what's happening

over the life of that loan. And so to the extent that there is a higher probability that we could have a recession in or or potentially that has to get baked in today, and banks like JP Morgan and City Group that have very big credit card portfolios keep in mind that those tend to have figher loss rates UM, and and so that gets magnified with this type of accounting. Inflation is something that UM is a concern, especially for

the consumer. We also have UM geopolitical risks sort of raising risk of the global economy which could sort of filter back to the US. And so losses are good today, but are there risks ahead, Yes, and I think it's prudent obviously to plan for those. By accounting laws, they have to plan for those UM. The the other number that we haven't seen that we're gonna want to hear about is the loan growth UM. The expectations were that loan growth would be about flat in the quarter UM.

As I said, JP Morgan does have a pretty big card book that's a little weaker, but we're going to want to hear about the demand trends in that loan book. And I'm watching shares of JP Morgan Chase right now down about one percent more than one percent now in the pre market. Bloomberg Intelligence Senior Analyst Alison Williams, as always, thanks for breaking down the early numbers. Of course, we'll be checking back with you as the bank earning season

goes on. Here into tomorrow and next week. Actually, in the meantime, we need to check what's going on in d C. At six fifty three on Wall Street. Some of the top stories in our nation's capital include President by now accusing Putin of genocide in Ukraine, the US preparing a massive new surge of military aid, and Russia facing hard to verify claims of chemical arms in Maripole.

Also making news, of course, this shooting in the Brooklyn subway, Washington Official Washington giving its reaction to that as well. Let's bring in Bloomberg government reporter Emily Wilkins for more on all these stories. Emily, what has the president said when it comes to the violence that we've seen in

New York this week? So we know that of course Biden has been briefed on the shooting, um that he obviously has condemned gun violence, and me we saw that rollout just earlier this week with him trying to target the three D printing of guns. At the same time, though, it really does seem like there's still a lot of limits on what can be done in terms of actually moving legislation that deal with guns and firearms. The Democrats in the House have kind of moved what bills they can.

Obviously they can pass things easier there as they have the majority. But a lot of things that Democrats want to see, those background checks, uh, those bands on assault weapons, those are still stalled in the Senate at this point. So really, you are you are hearing it's mostly you know, lawmakers were sending their condolences, who are expressing their concerns. Um. But it's really unclear if if what we saw in Brooklyn yesterday is going to actually lead to any big

changes in Washington. Oh, we have heard a big change from President Biden though when it comes to his rhetoric in the war in Ukraine. He has accused Russian President Putin of war crimes in the past. Now he's using the word genocide. Yeah, Biden said yesterday in h Iowa during a stop that he did call it genocide, and he clarified that he did so because it's become clear and clear that Putin is trying to wipe out the idea of being able to be Ukraine. That's something he

told reporters yesterday saying the evidence was mounting. But let's be clear, Nathan, this is not yet the official White House position on this, Biden and White House officials said they would ultimately leave it up to lawyers to decide whether or not genocide had been committed by Russia. And you saw National Security Advisor Jake Sullivan go ahead and say last week that they haven't seen a level of systemic deprivational life that you would need to write that

that would rise to the level of genocide. But it is something that the US and other countries are monitoring. Certainly, they're already those looking into war crimes that have been committed by putin Um, and I think there's a lot of concern about what this trajectory of the war is going to mean for the people of Ukraine. Government reporter Emily Wilkins US from Washington. Thanks as always. Read more

at Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington at Bloomberg one and one oh five point seven FM h D two. Karen, All right, Nathan,

it is six fifties six on Wall Street. Let's turn to news and science and technology now with the Bloomberg and j. I. T. Stammer Report brought to you buy New Jersey Institute of Technology ranked a top fifty national public university by US News and World Report, and at top ten for best career placement among public schools by the Princeton Review. More at n J, I, T, DOT, E, d U, and now Here's What's making news and science, Technology, engineering,

and math. One was the deadliest year in US history. The main reason for the increase in deaths COVID nineteen. According to the Centers for a Disease Control and Prevention, deaths rose in one to more than four hundred fifteen thousand, up from three hundred fifty one thousand a year before. Experts blame new coronavirus variants and large numbers of Americans

refusing to get vaccinated or wear masks. A new study says climate change made record is smashing deadly Atlantic hurricane season noticeably wetter, and scientists say it will likely make this season rainier to human cause. Climate change made the entire season thirty names storms dropped five more rain. During the fourteen storms that reached hurricane status, the rainfall was

eight percent heavier, according to the study in Nature. Communications and Apple plans to add a highly anticipated blood pressure monitor to its smart watch. It has hit some snags and the technology is not expected to be ready until

four at the earliest. Sources state that company has teams working on an updated sensor and software for the Apple Watch that would determine if a user has high blood pressure, but accuracy has been a challenge during testing and as the Bloomberg n j I t STEM report for Naked Hager, I'm Karen Moscow and this is Bloomberg