Bloomberg Daybreak: April 25, 2022 - Hour 1 (Radio)

line of duty. Plus the Supreme Court is set to here arguments involving a separation of church and state at Michael black More, I'm John Stage and sports the Mets and Yankees both one NBA playoff wins from Milwaukee, Miami, Denver,

and New Orleans. That's all trading ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco, Syrius x M one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business app. Good Morning, I'm Nathan Hagart and I'm Karen. Moscow. US Dock Index futures are following this morning, coming up to five o one on Wall Street, and we checked

the markets every fifteen minutes throughout the trading day. On Bloomberg, U S and P Future is down forty one point down, futures down A three hundred five and NASTAG futures down one D. Ten year treasury up thirty seconds, EL two point eight one percent and they yield on the two year two point five nine percent, and NIMEX screwed oil is down four point seven percent. Nathan, all right, Karen,

we'll get back to markets in just a minute. But first, there is a significant diplomatic development in the war in Ukraine. Secretary of State Anthony B. Lincoln and the Fence Secretary Lloyd Austin met with President Vladimir z Olinsky in Kiev. They announced a hundred sixty five million dollars in ammunition sales and said US diplomats will return to Ukraine as soon as this week. Secretary B. Lincoln says Ukraine will

prevail on the battlefield. Russia has already failed and Ukraine has already succeeded because the principal aim that the President Putin brought to this in his own words, was to fully subsume Ukraine back into Russia to take away its sovereigtine independence. And that has not happened and clearly will not have. Secretary of State Lincoln was joined by Defense Secretary Lloyd Austin, who says the US wants to ensure

Russia remains weekend. It has already lost a lot of military capability and a lot of a lot of its troops, quite frankly, and we want to see them not have the capability to very quickly reproduce that capability. Secretaries Austin and Blincoln are the highest ranking US officials to visit Ukraine since Russia's invasion began. Well in France this morning, Nathan Politics Front and Center, Emmanuel mccron has won a second term as president and again more from Bloomberry's francing

the Laqua in Paris. Immanuel mccorn defeated far right leader Behind le Ben on a pro business, pro European platform. He's the first sitting president to get a second term

in twin t years. McCoy is on course to win about fifty eight percent of the vote compared with for Liepin, a narrower victory than their previous contest in twe The outcome is good news for investors who had predicted that a Liepin victory would deliver shock to markets on the scale of the UK's vote to leave the EU or the election of Donald Trump in the US, but the rise in support from behind Loepin's the Nationalist program also

reflects a bitterly divided country. Speaking to supporters in front of the Eiffel Tower in Paris, Macon thanked French voters for trusting him after five years of hard times. He acknowledged many people voted for him only to block the far right, and vowed to be president of all in Paris, I'm from de Laqua. Bloomberg day Break, All right, Francine, thank you. In Asia, Overnight stocks in China plunged almost five percent or worsening COVID outbreak is fueling fears of

a bigger slowdown in the world's second largest economy. We get more from Bloomberg Daybreak Asia anchor Brian Curtis. Authorities have lockdown some parts of the Hopital policymakers are racing to prevent a repeat of the Shanghai outbreak that has hobbled the city for weeks. Shanghai reported record daily deaths over the weekend that the lockdowns could hurt growth. Oil and iron ore tumbled in Monday morning trading. Bryan Curtis, Sloomberg Daybreak. All right, Brian, thank you all Back here

in the US. We're focusing on Twitter. The social media company is growing more receptive to Elon musk forty three billion dollar tankover offer. Let's get the latest live from Bloomberg's Randit A young good morning, Ready, and a good morning, Karen. Bloomberg. Sources say Elon Musk met with Twitter executives on Sunday

to discuss his offer. Twitter's board initially countered Musk's proposal with a poison pill, which would make it more expensive for any investor, including Musk, to acquire stock beyond a fifteen pent steak. Musk currently owns about nine percent of Twitter, but The Wall Street Journal reports Musk says he will not adjust his fifty four dollars and twenty cents this year offer for Twitter that's above Friday's closing price. The journal also reports a you could be finalized as soon

as this week. Live in New York. I'm gonna need a young Bloomberg day Break, all right, we need to thank you. Corporate earnings are also in focus, with more than a third of the companies in the SMP five reporting. This week, we get a preview from Bloomberg's Charlie Pellett, Apple, Amazon, and other technology giants report results. As to major industrial, healthcare and consumer goods companies. Sarah Malick is chief investment

officer at Nouven. Who we're watching for for earnings are with the demand outlook, pricing, power, supply chain issues so going forward, and we're so bullish that earnings will continue to drive this market higher. This week we hear from Alphabet, Microsoft, Intel, and Texas Instruments among tech names. Also this week, three M, Boeing, g E G, m Ford, Caterpillar, x On Mobile, en Visa in New York, Charlie Pellet Bloomberg day Break, Turley,

thank you. Another impact on earnings employee pay. According to a survey by the National Association for Business Economics, wages increased at a record seventy in of US companies in the first quarter. About half of the firm's surveyor still reporting shortages of skilled labor. There is a warning going out to Democrats, Karen from one of their own. Senator Elizabeth Warren says her party could be in real trouble in this year's elections if it doesn't do more to

deal with inflation. I think we're going to be in real trouble if we don't get up and deliver that. I believe that Democrats are going to lose Democrats when when they do what when they work on behalf of working people. Senator Warren's hell CNN Democrats need to push through legislation to tamp down soaring prices. Christie mcguard also speaking out about inflation, Nathan the ECB presidents, saying both the US and Europe are struggling to contain prices, but

the challenges are different. Right now, half of Europe's inflation stems from searching energy costs. I believe that we share the same result, which is to time inflation, which is to use all the tools that we have to do so. But we're facing the from beast. ECB president Christine Lagartel CBS has faced the nation that if she raised interest

rates today, it would not bring down energy prices. And you can catch face the nation every Sunday on Bloomberg Radio, futures are lower this morning, straight ahead, your latest local headlines, plus a check of sports. And this is Bloomberg from Karen. Thank you. Five oh seven on Wall Street, seven degrees in Central Park. We've got a couple of problems going both ways on the Garden State Parkway. We'll get to

the details coming up in traffic. First, Michael Bars here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Officials say a New York City firefighter and a civilian have dined in a Brooklyn house fire where a ceiling partially collapsed. Acting Fire Department of New York Commissioner Laura Kavanaugh said thirty one year old firefighter Timothy Klein was a six year veteran of the department. The incident commander identified deteriorating

conditions and ordered all members out of the building. As they were doing so, there was a partial collapse of the seing. Four members were caught in that collapse. Commissioner Kavanaugh said eight other firefighters were also injured in Sunday's blaze, and another resident sustained minor injuries. Mayor Eric Adams more inclined death, saying the city had lost one of its bravest. Meanwhile,

Mayor Adams also talked about crime in the city. We removed eighteen hundred guns off the streets of our city since I've been elected eighteen hundred and so we're put in place the foundation of dealing with the immediate needs of violence. But we also stopped in the pipeline that caused his children to get involved in violence. Mayor Adams made his comments on CDs IS sixty Minutes, which aired last night. Jerry Selection begins today and one of the

highest profiled US capital riot trials. A former New York City police officers accused of assaulting a Washington police officer on January six. Thomas Webster was a former New York City Police officer once assigned to the detail of a former mayor. He's charged with assaulting police at the Capitol on January six with a barricade while carrying a flagpole. Prosecutors are expected to show jurors body camera video of

the confrontation. Webster is also expected to argue self defense against an officer who was overstepping The Supreme Court has had to hear arguments today in the case of a former high school football coach in Bremerton, Washington. Joseph Kennedy was fired by the public school district after refusing to stop praying on the field after games. Kennedy says his

First Amendment rights were violated. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analyst in more than a hundred twenty countries. Not Michael barn This is Bloomberg, Nathan. All right, Michael, thank you. It's five oh nine on All Street, time for the Bloomberg Sports Update and Morney John stash out. Morning Nathan. It's an early season struggles, and yet here are the Yankees right now, tied for

the best record the American Lady. They had their most lopsided win of the year, and they had their first series suite. They beat the Guardians at the stadium, tended to Anthony Rizzo, got him going to on Homer first tinning. They were up six nothing in the third, plenty of run support for Garrett Cole who got his first win. Get a nice ovation from the craft. Obviously nice Uh, it's just a nice day overall. Really well played game.

Um just to get finished to the series suite Fount hard Um and really just put a cherry on top and played to play a complete three games. And fans at the stadium behaved themselves after what happened on Saturday. Yanks off tonight that hosts Baltimore tomorrow. Mets with a six to win at Arizona's. Tyler McGill improved the three and oh and the Mets have won every series they've played this season. They have a four game lead in

the NL East. They're in St. Louis tonight. That's the battle of early season National League the losing leaders Final Wake in the NHL regular season, Carolina beat the Islanders five to two. That puts the Hurricanes four points ahead of the Rangers. The team's fighting to win the Division of the Keynes will face the Rangers at the Garden tomorrow. At Barkley's Tonight, Nets and Celtics game four, with Boston

going for the sweep. There was some hope that facing elimination of the Nets would have Ben Simmons in the line up for the first time ever, but citing the sworeback Simmons will not play. To stay alive. Nets need a better game from Kevin Durand. He has been decisively outplayed in the series by Celtics store Jason Tatum Milwaukee in Miami, both one of the Road Leader series three one Denverse stayed Alize till Trail's Golden State. Three one,

New Orleans beat Phoenix. That series tied at two. John stash Dower bloom Brick Sports okay, John, thank you a risk off morning. With SMP futures down forty five points down, futures down three thirty, NASTAC futures down a hundred twenty six points, The tenure treasury is up twenty thirty seconds, the yield two point two per cent, nime X screwed down four point nine percent, down five dollars one cent

to ninety seven dollars four cents a barrel. We look at these market next with Dennis Gartman, former publisher of the Gartment Letter. This is Bloomberg, Bloomberg eleven three oh weather partly sunny today with highs in the low sixties. Chants for a few showers tomorrow with a high near sixty five. By Wednesday, it turns partly sunny but cooler, upper fifties right now forty seven in Central Park Markets.

Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. This is a Bloomberg Business flash, and I'm Cameron. Moscow's docks and commodities are tumbling as China's worsening COVID outbreak compounds fear sparked by faster fed a reserve tightening. Bonds are arising. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg U S and P.

Future is down about forty seven points down. Future is down three d Nasdack Future is down one D five. The decks in Germany's down one point nine person sent ten. Your treasury of twenty one thirty seconds held two point eight one percent, That yield on the two year two point five nine percent. Nine X Screwed oil is down four point eight percent, down four dollars ninety one cents

at ninety seven dollars twenty cents a barrel. Comics gold is down nine tenths per cent, or sixteen dollars seventy cents at nineteen seventeen sixty announced the euro one point seven three eight against the dollar, British pound one point to seven four zero, the un is at one eight point one one, and Bitcoin this morning lower down more than three percent at thirty eight thousand, two hundred ninety dollars. Today we are watching for earnings from companies, including Coca Cola,

and that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, good morning, Good morning, Karen, U training An officials saying the U S Secretaries of State and Defense have met with President Belodamir Zelinsky in Key. French President Emmanuel McCraw has secured another term in office, handily defeating is far right opponent Marine Leapin. The Chrome won a second term with roughly fifty eight percent of the vote, depend got

about forty two. In MLB, the Yankees and Mets one. The Red Sox and Orioles lost. The Giants beat the Nationals twelve three the A's one. Tonight, it will be do or dive for the Brooklyn Nets as they try to stay off elimination from the Boston Celtics. They will play Game four tonight, also in the NBA Playoffs, the Warriors lost to the Nuggets. Golden States still has the

three games to one lead in that series. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and analyst more than a hundred twenty countries. Hi, Michael Barr, and this is Bloomberg. Nathan, Okay, Michael, thank you. It's five nineteen on Wall Street Live from the Bloomberg Interactive Brooker Studios.

This is Bloomberg Daybreak, and Dennis Gartment is with us this morning, chairman of the University of Akron Endowment Investment Committee and of course, former publisher of the Gartment Letter. As we see deep red for risk assets on the screen this morning, it seems as though Dennis did tell me, if I'm wrong, a lot of this is driven by concerns about COVID in China. How much further could this go? I think fearfully it could go quite quite a good

deal further to the downside. I've embarrassed with stocks since January this year, been very consistent about that fact, and actually had the university reduced the size of its portfolio by twelve to on December thirty one to last year. Uh. For my own account, I got stopped out of a lot of long positions on Thursday and Friday of last week. I'm happy to be basically as as flat as I've

been in a long period of time. The set is tightening monetary policy long overdue, something that should have been started two years ago. They're going to be their assets rather consistently over the course of the next two or three years, and the overnight said funds rate is going to go higher. So I think you got I think you have problems here for a period of time ahead, and you have to be very very careful. So this is I think people are trying to explain the today's

move predicated upon the COVID. I think it's more to attributed to the fact that the Federal Reserve Bank has become has has excited QUEI and is beginning quantitative tightening. And I think we're going to be in that a long period of time, so be very careful. This is going down a long way. I'm afraid how far do you think it could go? I mean, give me a number now, I prefer not giving a number. The best

the one can do. I've been in the business for almost fifty years, and if you get the direction right, that's the best you can do. So things are moving from the upper left to the lower right. They're going to continue to move from the upper left to the lower right. Mark this down. They'll continue to do so until they stop. So putting a number on it, that's that's almost silly. And the best the one can do is get the direction correct. So what what bothers me

is the use of margin has been declining. That's always one of the signs of the top in the market, the feedtest. That's that's clearly going to be a delictarious to share prices. So as I said, be careful, I think it goes down another percent from here, at least

maybe more. Now we have seen FED funds fuge his price in multiple fifty basis point hikes in upcoming meetings here do you think that continues if we do see demand destruction in commodities, If this China COVID situation continues to play out like it is at the moment, I think the said clearly will will tighten monetary policy by at least fifty by by fifty points in the upcoming

May meeting. I think they're professionally to move fifty and fifty and fifty again has probably been reduced, but they're clearly they're gonna by fifty basis points at the meeting in two weeks and then I think it's up for up for grabs. But I think they're going to continue to tighten to the course of the year. But will they take it basis points higher than where they where we are right now by years? And I have my doubts. Rich what does that tightness mean for the growth? No

problem inside? Now what does the tighter FED mean for US growth going forward? We've got a lot of discussion about whether the US has headed for a recession either this year or next. What's your view on that? Two things to watch and one I wrote two weeks ago, three weeks ago that if the said begins to take the overnight or it takes the two year above the five year and takes the two year above the ten year and then has UH crude oil above a d

ten dollars a barrel recession is almost probability. I think that the former is going to happen. The two years going to go to a premium over the five years years going to even go to a premium over the ten year. But clearly the sort of slowing circumstances globally have put downward pressure upon crude oil prices. So instead of saying that there's a probability of recession this year, I reduced that to thirty better than better than the even.

But still the odds of a recession have been reduced just because crude oil prices have fallen rather precipitously, pay attention to what's going on in crude oil. The fact that we've gone from a hundred ten dollars a barrel to what are we now ninety pausive barrel and the term structure is narrowing. That's a that's a material change in the course of the past month and a half. So I think it it's illustrative of the deletarious circumstances

prevailing in the in the economy. Be careful, That's that's the best thing I can say. Be careful, all right, be careful and we'll leave it there. Thank you, Dennis, great as always having you with us. Dennis Gartman, Chairman of the University of Acronym Dowmint Investment Committee and former publisher of the Gartman Letter Red Headline just crossed the Bloomberg terminal moments ago. The global route wipes out negative yields from the company. Bond market will continue following that

for you. Right now, SMP futures are down forty seven points to drop of one point one percent. Down Future is down three forty six. NASTACK futures are lower by a hundred thirty nine points. The tenure treasury is up twenty one thirty seconds now, the yield two point eight one percent and the yield on the two year two point six zero percent. Just ahead, Biden's cabinet visits Kiev and Twitter gives Elon Musk's takeover off for a second look your top stories of the morning. It's away. Stay

with us. You're listening to Bloomberg Day right Bloomberg eleven three oh Weather partly sunny today with highs in the low sixties. Will be near sixty five of the chance for a few showers Tomorrow, turning partly sunny and cooler Wednesday,

upper fifties for highs. Right now forty seven in Central Park broadcasting live from the Bloomberg Interactive Broker studio in New York, Bloomberg e Living Free to Washington, d C. Bloomberg to Boston, Bloomberg on a six one to San Francisco, Bloomberg sixty to the country, Sirius XM to one, nine ten, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak Pits five thirty

on Wall Street. Good morning, I'm Nathan Hager and I'm Karen Moss Galley or 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 hour. And we've again in Ukraine, where U S. Secretary of State Anthony B. Lincoln and Defense Secretary Lloyd Austin met with the President of Vladimier's Lensky. Austin says Moscow has already lost a lot of military capability and he wants

that to continue. You want to see Russia weakened to the degree that it can't do the kinds of things that it has done in invading Ukraine. U S Secretary of Defense Lloyd Austin, along with Secretary of State Anthony Blincoln, met with Zelenski and Kiev. The US promised over seven hundred million dollars in financial assistance for Ukraine and it's allage. B. Lincoln also announced diplomats will soon return to the country.

Part of our commitment going forward involves a number of things that I was able to share with President Zelinski yesterday, including the return of American diplomats to Ukraine starting next week. Secretaries Austin and B. Lincoln are the highest ranking US officials to visit Ukraine since Russia's invasion began. Well meantime, in France, Karen Emmanuel macrons securative victory over far right

leader Marine Leapin in the country's presidential election. Mccron becomes the first incumbent to win a second term in France in two decades. And China stocks and currencies are slumping as a COVID outbreak is stoking fears of a lockdown in Beijing. US futures and European shares are also dropping. DAL futures are lower down three hundred twelve points and the SNP is down. OUR futures are down fort h

q in early trading. Back here in the US caring it is another big week for earnings tech giants Apple, Amazon, Alphabet, and Microsoft all report this week, as do many major industrial, healthcare, and consumer goods companies. And while big tech reports earnings, Twitter is growing more receptive to Elon musk forty three billion dollar takeover offer. We get the latest live from Bloomberg's Ready to Young, Good Morning, Ready to Good Morning,

Karen Bloomberg. Sources say Elon Muth met with Twitter executives on Sunday to discuss this offer. Twitter's board initially counted Musk's proposal with a poison pill, which would make it more expensive for any investor, including Musk, to acquire stock beyond a fifteen pcent steak. Musk currently owns about nine percent of Twitter, but the Wall Street Journal reports Musk says he will not adjust his fifty four Twitter since this year offered for Twitter that's above Friday's closing price.

The journal also reports a deal could be finalized as soon as this week. Live in New York, I'm rened a Young Bloomberg day break, all right, rened to thank you and again, SMP futures down at thirty eight points down, Futures down two hundred eighty one and nasdack futures down one hundred seven ten year Treasury up nineteen thirty seconds

held two point eight two per cent. Straight to head your latest local headlines, plus a check of sports ham This is Bloombergs on Wall Street seven degrees in Central Park. Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan, a New York City firefighter, was killed and others injured after a house fire in Brooklyn. More than a hundred firefighters were at the scene of the three alarmed blaze.

Mayor Eric Adams says thirty one year old Timothy Kline was one of four firefighters caught in a partial ceiling collapse. It gives us great pain is sorrow to announce that New York City has lost one of the bravest Manyor Adams also says a civilian apparently died in the blaze. The Supreme Court is taking on a dispute between public school officials and a former high school football coach who wanted to kneel and prey on the field after games.

The case before the Justices involves Joseph Kennedy. He is a former football coach at Bremerton High School in Bremerton, Washington. The school district asked him to stop the prayers. Kennedy's lawyers say the Constitution's freedom of speech and freedom of religion guarantees that he is allowed to pray on the field. The Biden administration is appealing a federal judge's ruling to end the mask mandate for passengers on planes, trains, and buses.

The termination of those c DC travel restrictions come as COVID cases are rising in places like New York City. The new Commissioner of Health in New York City, Dr. Ashwyn Vassan says he is disappointed. Number One, from a public health standpoint, wearing masks in indoor settings is is safe. It's a safety issue UM and planes, trains and automobiles and public transport is are really important higher risk locations

because of the duration of exposure. Dr Vassan also says it really undermines trust when some city teachers got fake vaccination cards. The Axiom one spacecraft undocked from the International Space Station and we'll return to Earth. Axiom one brought the first all private crew to the orbiting lamp. Global News twenty four hours a Day on air and on Bloomberg Quick Take powered by more than twenty seven under a journalist and analysts are more than a hundred twenty countries.

I'm Michael Barr and this is Bloomberg Nathan. Thank you. Michael on wall Street on Stashire has the Bloomber Sports Update ks Nathan. The strong start to the Mets season continues. They won six two in Arizona's Tyler McGill improved the three and home run for J. D. Davis. The Mets have now played five series. They have lost once and only once in each series. They'f a little better team now. The Cardinals are in perching n L Central Matchers or St.

Louis Native on the bound for the Mets. Tonight, Yankees first sweep for the season ended with their most lopsided win, ten to two over the Guardians at the Stadium. Yanks rub six and nothing by the third inning home runs for Anthony Rizzo, d J. Le Mayhew and the seldom us Tim Locasto. Garrett Cole able to get his first win, able to lower his lower his e R. A down of four Nankings are off tonight at Barkley. Tonight, Nets face elimination. Celtics go for the series sweep. Let's go.

Steve Nash after the Game three loss, asked if Kevin Durant's quiet series is the biggest problem. I think it's the unforced tournaments. I don't think Kevin has to go off. You know, we we we shot a good percentage. We just up, you know, court decision making, connecting simple passes, and they're going the other way. That's to me is in the difference of all three games, and that's of course made the big train of Philadelphia shipped out James Harden.

The key player they got in return was Ben Simmons. Simmons didn't play at all for the Sixers this year to to some mental issues, and then he heard his back while getting ready to play for the Nets. He was said to be set to make his Nets debut tonight would have been his first game in nearly a year, but Simmons woke up with his back still sore. He's

not going to play Milwaukee and Miami. With wins at Chicago and Atlanta, the Bucks and he'd have three one serious leads Denver one still Traill's Golden State three one. New Orleans beat Phoenix that series, Side of Town statue, Bloomberg Sports and thank you John thirty seven on Wall Street Time for the tri State Business Report with Bloomberg's head Cory. New York City is urging Amazon shareholders to vote against the re election of two of the online

retailers board members responsible for human capital management. The city and others say that they opposed the reelection of Dan Hutton Locker and Judith McGrath, saying they failed to provide adequate independent oversight over workforce issues. Union mental health workers employed by Sound Community Services went on strike Sunday. They won better conditions and a mental healthcare nonprofit in New London, Connecticut. The union says state leaders of outsourced public mental health

work to nonprofits in order to cut costs. Cattalent has agreed to buy Irritech self therapy manufacturing facility in Princeton for forty four point five million dollars. Irritech has a Phase one trial and first line pancreatic cancer ongoing in the US and is talking with the FDA about other developments that you Bloomberg tried, State Business Report, my D Corey, Thanks on Wall Street, Bloomberg Radios 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. Steve Potaskan on ten ten Wins in New York, We're talking about top business economists saying that companies are paying more in wage is that for raw materials but passing those costs along to consumer um Corney's on a holl On Carol d and Dallas, Locky Barton and the Union at its F thirty five factory

reach a new contract. John Tucker for w BBM in Chicago. I'm reporting US airlines are facing a pilot shortage. I'm killing hit called Bloomberg, DAB Digital Media and Onto. We're reporting on how one intent companies in the UK have been failing to provide reporting on modern slavery, a legal requirement that regulator says ferns must do more. Id Cory

w w J and Detroit. I'm reporting BMW has promised to continue producing internal combustion engine and those are some of the stories are undred 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 editorial was written by the Bloomberg Editorial Board.

The bailouts of the past few decades, necessary as they were, have created a growing expectation whenever there's distress in markets, central banks must step in. Now some are suggesting they backstop commodity markets too. It's a bad idea. Commodity traders play a crucial role in the global economy, but their process is heavily dependent on borrowed money. Now some fear that a financing crunch could disrupt the flow of materials to end users, such as power plants. Still, a bailout

would be hard to justify. The world's trading firms remain profitable, and their current financing challenges are largely their own doing. It's possible to imagine a scenario in which central banks have no choice but to intervene. For example, if a complete cutoff of Russian energy exports sent commodity prices skyrocketing. That time, fortunately has not come. This editorial was written

by the Bloomberg Editorial Board. For more Bloomberg Opinion, please go to Bloomberg Dot com slash opinion or opie I end go on the Bloomberg terminal. This has been Bloomberg opinion, and you can hear Bloomberg opinion commentaries every weekday At this time. Terminal customers can read more at O P I N goal SMP futures down thirty eight points, Stowle futures down two eight NASTC futures lower by one hundred

eight points. This is Bloomberg Bloomberg eleven three oh weather partly sunny today with highs in the low sixties, A few showers possible tomorrow behind Your sixty five will be in the upper fifties, turning partly sunny by Wednesday. Right now seven in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Tricktape. This is a

Bloomberg Business flash and I'm Karin. Moscow stops and commodities tumbling as China's worsening COVID outbreak compounds fear sparked by faster to reserve tightening bonds are rising. You check the markets every fifteen minutes throughout the trading day on Bloomberg guess and p Future is down thirty one points and down Future is down two d forty two and as deck futures down seventy five. The decks in Germany has

done one point four percent. The ten year treasury of eighteen thirty seconds held two point eight two percent yield on the two year two point six zero percent. Nimex screwed oil is down four point three percent on four dollars forty two cents at ninety seven dollars sixty eight

cents of barrel. Comex's gold is down nine ten percent or sixteen dollars eighty cents at nineteen seventeen fifty announced the euro one point oh seven four two against the dollar, British found one point to seven three eight and again at one twenty eight point one seven. Bitcoin this morning lower down two point four percent at thirty eight thousand, five hundred eighty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around

the world. Michael, thank you very much, Cameron. After a secrecy shrouded visit to Kiev, US Secretary of State Anthony Lincoln said Rush is failing in its war and Aimes Ukraine is succeeding. The trip by b Lincoln and Defense Secretary Lloyd Austin was the highest level American visit to the Capitol since Russia invaded. In late February, crews are fighting a fast moving wildfire in New Mexico. Firefighters in Colfax County near Las Vegas are battling the Cook's Peak fire.

The flames have expanded to more than forty eight thousand acres. In MLB, the Yankees and Mets one. The Red Sox in Orioles lost. The Giants beat the Nationals twelve three, the A's one. In the NBA Playoffs, it is do or die tonight for the Nets. They have to beat the Celtics and game four of their series to avoid being eliminated. The Warriors lost to the Duggets. Golden State still has the three games to one lead in that series.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Thanks Michael. It's five for none. On Wall Street life from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak with a focus on politics overseas this morning, because French President Emmanuel mccron is heading for a second term after defeating nationalist leader Marine Lapin in yesterday's runoff. Now mccron gets another five years to convince French voters his pro business, pro Europe vision will work for them. Let's get more Now joining us live from Paris, Bloomberg's Caroline Kna Carolyn, good to have you with us this morning. I look at the results, mccron beat Lapin

by a seventeen point margin. To this American's eyes, that looks like a landslide. But we got kind of a somber victory speech from mccron last night. What's the takeaway? There was a huge relief on the Gendre mouse at the feet of the Ifel Tower last night, where emmanuelma considerbrated his victory for the second mondate for a number

five years. But clearly it was not the same landslide victory that we had back in twenty seventeen, a the time he had one with sixty six percent of the votes against that same national rally leader mar In Lepan.

Last night he only won with fifty eight percent of the vote, so clearly the margin was not as wide, meaning that there is a large proportion of the French who felt left behind, who felt like he hasn't really dealt with their daily issues when it comes, for example, to energy inflation, the issue of the cost of living, or even their concerns about immigration or Europe. So clearly this is something that Emriel mcin will have to address

in his next month date. And there is a sense of responsibility here because last night he said, I will address all the French, including those who voted for me only to block mary In Lepan, and including those who are voted for the extreme. I am accountable for what happened, because he knows that he will be held accountable if an anti establishment, far left or far right candidates gets

to parent next time. And it sounds, Carolina as though that sort of sets up where the next round of voting is going to happen in just a couple of

months here with parliamentary elections. How is now President McCraw setting the stakes for the parliamentary vote that's coming up just in a few weeks here, This is what everybody calls the third round of these presidential elections, meaning the parliamentary elections happening mid June in France, because even though mccon got a clear majority last time around five years ago,

it may be more difficult this time. Is a party Republic on the Move has performed poorly in previous local cities and regional elections over the past couple of years, and clearly those who voted against him in this presidential election from the far right of the far left will clearly try and get a majority in order to prevent Emmanuel mccon from really doing the policies he wants to

implement over these next five years. For example, Jean Luc Milan Chean, this Hall Left candidate who came third in the first round with about twenty two percent of the French votes, actually said last night the third run starts tonight.

He called the French to vote for him in order to get a majority in parliament, because if that happens, that means Emmanuel McCain will be forced to choose a prime minister which is different from his party, and that will actually make it very difficult for him to really govern. So the politics continue in France. Thanks for this caroling. Good having you on with us. Carolyn ConA Bloomberg Paris correspondent, joining us from Paris this morning, Claren, Hey, Nathan, thank you.

It is five at sifty three on One Street. Times to the Bloomberg Law Report, brought to you by American Arbitration Association. Business Disputes or Inevitable overs fans with the American Arbitrary Ration Association, the global leader in alternative dispute resolution for over ninety years. More at a dr dot org. Now, let's get to the legal stories we're watching this morning.

From Bloomberg's Jeff Bellinger. A federal appeals court in New Orleans upheld President Biden's firing of the top lawyer at the National Labor Relations Board. Many tobacco free nicotine products could linger in stores beyond the summer deadline. The Food and Drug Administration was given the power to regulate the products,

and it still has to come up with policies. A federal court challenge was filed after Florida Governor Rohn de Santis moved to block what he calls corporate wokeness, in which workers are taught they should feel guilty over their race or gender. 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, Jeff,

thank you, and another legal story we're watching. Many people can recite the Miranda warnings thanks to TV shows like Law and Order. Now the landmark Miranda decision is before the Supreme Court again. It's clear that Miranda bars coerced confessions from being used in court. But what's not clear is whether a police officer who fails to give Miranda warnings can be sued civilly for violating a suspect's constitutional rights. The justices will answer that question and for more. Bloomberg

student Grosso speaks to Bloomberg Law reporter Jordan. Reuben Jordan explained the central question here. So the question here is whether the failure to give Miranda warnings can give rise to a federal civil rights lawsuit. Now, for such a lawsuit to go forward, there needs to have been a violation of a constitutional right, and so that's what raises the question is whether this Miranda right is a constitutional right or something else. And that's been a long simmering

question and that was the focus of this argument. Miranda was subject to a lot of criticism in the eighties and nineties, and a decision Chief Justice ran Quist put that to rest, right, So that was really interesting that

Dickerson case in two thousand. As you mentioned, ran Quists and other conservatives had long been critical of not just Miranda, but it was really a part of a series of these Warren Court era criminal procedure decisions, part of this so called criminal procedure revolution, and so these really became the opinions that were not liked on the conservative side. But in a two thousand case, Dickerson rank was actually wrote an opinion, a seven to opinion effectively upholding Miranda,

when he obviously could have disagreed with it. And so really the question in this case now is what exactly did Dickerson mean? And some subsequent cases as well, And so it's not just the fact that Ranquist didn't overturn Miranda, but what exactly was he doing there? And so that's really where a lot of this case is going to be decided and how did the justices interpret ran quist decision.

It was pointed out by some of the more conservative justices that Rernquist was careful with his words and didn't exactly refer to miranda as a constitutional right. He referred to it having constitutional underpinning, sort of a constitutional essence to it, if you will, but specifically not saying constitutional right.

And that distinction could wind up being very important in this case, because remember, the question is is miranda a constitutional right that can give rise to such a federal civil rights suit like the one that Mr Tico is trying to bring here. And the Chief who clerk for Renquist was one of those justices saying that he was very careful with his language. Did you get a feel for how many of the justices might decide that miranda

does not provide a constitutional right? So I think that it was fair to say that some comments from Avanaugh and Barrett were also along the lines of the Chief Justice, and as Bloomberg Law reporter Jordan Jordan Rubens because Bloomberg's do Grosso catch more of that interview plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading this show at Bloomberg dot com slash podcast.

Attorneys can find exceptional legal research and business development tools at Bloomberg law dot com and on the Bloomberg terminal at b law go and again futures are moving lower this morning. S and P futures are down thirty five points down, futures down two under at sixty five NASDAG futures down nineties six ten. Your treasury up eighteen thirty seconds. The yield is at two point eight two percent. Yield

on the two year two point six zero percent. Nim X screwd Oyle falling down four point three percent on four dollars forty one cents at ninety seven dollars sixty seven cents of barrel and still a haad on Bloomberg day break and check on the business headlines and all the news you need to start your day. This is Bloomberg