Bloomberg Daybreak: April 8, 2022 - Hour 1 (Radio)

hundred twenty billion dollar budget deal. Plus today President Bike will celebrate future Supreme Court Justice Jackson. Michael barn Or Ahead, I'm John stashdown and swords the season opening win for the met the big win for the Rangers, and they'll

play the second round of the Masters today. That's all stready ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x AM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business Act and good Friday morning. I'm Nathan Hagar and I'm Karen Moscow,

and US futures are higher to end the week. We're coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg SMP futures of eleven points down, futures up ninety six, nasdack futures up forty three, The dacks in Germany's at one point one percent ten. Your treasury down six thirty seconds, yield two point six eight percent, and the yield on the two year two point five one percent,

and Nimex screwed oil is up half percent. Nathan, all right, Karen, we'll have more on the markets in a minute. First, we need to bring you the latest on the war. Ukraine now says dozens have been killed this morning in a Russian attack on a railway station. Meantime, the United Nations General Assembly has voted to suspend Russia from the Human Rights Council. And that's just the first step. Bloomberg Z Baxter reports. Secretary of State Antony Blanken says exactly

the right move. When US Ambassador the UN Linda Thomas Greenfield says the body must proceed with investigation and punishment. It's about the credibility of the U n Right now, the world is looking to us. They're asking if the United Nations is prepared to meet this moment. Greenfield calls it an historic moment with work left to be done. In San Francisco, i'mad Baxter Bloomberg daybreak, All right, and thank you For the first time, the European Union has

now targeted Russia's crucial energy revenues. And we go live to London and get the latest with Bloomberg's UN pads. Good morning, UN, Good morning counter Nathan Cole. Imports from Russia are to be banned. That's the agreement reached by the twenty seven nations of the European Union. It's a significant move for the region which remains reliance on fossil fuels from Moscow. The block's fifth sanctions package, which also includes a ban on most Russian trucks and ships from

entering the European Union. As the blocking oil and gas from Russia, well, that is an altogether more difficult proposition. Live in London, i'mmun Pults break to say the least, thank you you and Many analysts believe energy sanctions, though, will put more pressure on Vladimir Putin. Haggar Shamali is a former policy advisor in the Treasury Department Sanctions Division.

The language he understands the most is the threat of military force, and so I don't want to equate the threat of sanctions to the threat of military force when it comes to changing his behavior and compelling him to negotiate um. But it helps further the pressure and it helps most importantly limit his ability to finance his violence machine. Former Treasury Department advisor Hagar Shamali was a guest on Bloomberg Sound On Catch the program weekdays at five pm

Eastern on Bloomberg Radio. Meantime, Nathan, the war in Ukraine is having a major impact on the cost of food. Global food prices are surging at the fastest pace ever, as the war Reeks have on supply chains in the Black Sea region that send food prices to a record with the United Nations Index of World Costs oring thirteen last There's more economic news this morning, Karen Is. Several

Fed officials wigh and on policy. St. Louis President Jim Bullard says he favors raising interest rates sharply to counter the highest inflation in four decades. This Taylor rule calculation is telling us that where we should be in a minimal under minimal assumptions, very generous assumptions. It's saying it should be a three and a half percent, where we actually only one third of one percent or thirty seven and a half basis points. So you're too low by

about three basis points. St. Louis FED President Jim Bullard is suggesting he backs a half percentage point half h percentage point hike in May. However, Atlanta's Raphael Bostick supports increases more in line with the path laid out by the Fed's projections or dot plot. I think it's fully appropriate that we move our policy uh closer to a neutral position, but I think we need to do it

in a measured way. Atlanta FED President Raphael Bostick is a voter this year on the rate setting f o MC meantime, N and FED meetings could see some new faces on the way. Senate Banking Chairman Sheared Brown says he expects votes by the full Chamber on President Biden's for FED board nominees later this month to get the details from Bloomberg's Charley Pillett. He thinks that will happen after the Senate's two week break, The Ohio Democrats said.

He also hopes Biden will have nominated a new vice chair of Supervision by then. Brown said he expects Lisa Cook, a pick for Fed Governor or Lele Brainerd nominated as vice chair, to be the first to be confirmed. Republicans have lined up in opposition to Cook, but four Republicans back Brainerd in the Banking Committee in New York. Charlie Bloomberg day Break. All right, Charlie, thank you. At the Treasury Department this morning, there's a a parents set back

for Janet Yellin's pushed for a global tax agreement. Let's get the latest on that life from Bloomberg's John Tucker. John, and it looks like big business is not backing the plan, Nathan. Executives at eight major US based multinational corporations interviewed by Bloomberg said that far too much remains unknown about the deal. Treasure Secretary Yelling is counting on their support, which could

be critical to help win passage in Congress. The corporate leaders agree the ground baking global deal yelling secured last year could deliver important benefits by helping to reduce disputes and prevent trade wars, but they also called the plan overly complex. Live in New York on John Tucker Bloomberg Daybreak. All right, John, thank you all. Turning to corporate news. Now,

it's all about Twitter again this morning. Just days after announcing a stake in the company, Elon Musk is reportedly set to address the staff, and we get the details live from Bloomberg's Ranida Young. Good morning, Nia, Good morning Karen. Twitter is planning to host Elon Musk for a Q and A session with employees. That's according to a company messages obtained by The Washington Post, which say they are internal outcries over Musk's appointment to Twitter's board of directors.

Town Hall meetings like this are not new to Silicon Valley, but it's rare to host a board member at one. Twitter is hoping to calm any anxiety workers have about Musk's impact and company culture by giving them the chance to ask him anything. Live in New York. I'm really need a Young Bloomberg day Break, All right, We need to thank S. S and P. Futures up eight point, staff futures up eight five. Nastact futures higher by thirty one points. Straight ahead, your latest local headlines and a

check of sports. This is Bloomberg and South five oh seven on Wall Street. We're fifty one degrees in Central Park. We got an accident on the cross prose To Expressway west bound by the Sheridan. The tails coming up in traffic. First. Michael Barr with laur on what's going on in New York and around the world. Happy Friday, Michael, Happy Friday

to you, Nathan. New York Governor Kathy Hokel and legislative leaders struck a two hundred forty billion dollar budget deal that promises a little less pain at the gas bump, help for working parents, and new tax breaks. It is balanced and appairs a bold vision with a fiscally responsible approach. Very important to me. We are making historic investment that will make different people's lives right now, but also more importantly, these are legacy achievements to be noted for years to come.

Governor Hokel says the budget is buoyed by more than twenty six billion dollars in pandemic recovery money and higher than anticipated tax collections. The Democratic leaders agreed to forego one d sixty two million dollars in revenue by accelerating a scheduled reduction in personal income tax rates. They also decided on a two point two billion dollar homeowner tax rebate, six months suspension of the state's fuel tax, and a

two hundred eighty seven million dollar child tax credit. Manhattan District Attorney Alvin Bragg says a criminal investigation and the former President Donald Trump and his business practices is continuing despite a recent shake up in the Probes leadership. It was part of a double dose of bad legal news for Trump. New York Attorney General Letitia James also asked a court to hold Trump in contempt and find them ten thousand dollars per day for failing to comply with

the subpoena for documents in her ongoing civil investigation. Trump slam James as an operative for the Democrat Party President Joe Biden. Today was celebrate the confirmation of Judge Ktanji Brown Jackson to the Supreme Court. Vice President Kamala Harris said she was honored to preside over the Senate for yesterday's confirmation. Vote. The Senate approved Judge Jackson in a fifty three to forty seven vote, making her the first

black woman to serve as a Supreme Court justice. What a glorious day in the evening, it is what Aday Vice President Harras spoke about the vote during an event at the National Art Gallery last night. One person who can't be at today's celebration is how speaker Nancy Pelosi. She tested positive for COVID yesterday. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analyst more

than a hundred twenty countries. Michael Barrn this is Bloomberg, Nathan. Alright, Michael, thank you on coming up to five ten on Wall Street time for the Bluebird Sports Update to Morning John stash Our, Morning Nathan. Since nineteen seven, Mets we won the World Series once. For what they have done over the last fifty three years is be dominant on opening day and incredible record of forty and thirteen. It was five to one in Washington, Tyler McGill's surprise opening day

starter five scoreless innings. Eight of the nine Mets starters at hits. Robinson Canoe, Pete Alonso, and Mark Canna all had two hits tonight In d C. It's Max scherz Or his Mets debut, will face his little team with the Skies now clear, Yankees and Red Sox set to open the season today at the Stadium. Garrett Cole versus Nathan of All the also this afternoon. Round two of the Masters Tiger Woods has a late tea time that gives him a chance to recover from his first competitive

round in a year and a half. It was a very impressive one for Taggery one under Parlar seveny one is to play this golf course and to do what I did today, to make the hit the shuts in the right spot title and I know where to hit it to a lot of these pins and I'm missing the correct spots and give myself good angles. And I did that all day and I was able to make a few cuts and end up in the red like I am right now. Year old Korean Sunjay Im shot sixty seven's got a one shot lead on the Austin

Cameron Smith Hourly updates on Bloomberg Radio. The Master's Tonight wrap up show at eleven if the NHL season ended out, the Rangelers would play Pittsburgh in the opening round. They have met the Penguins three times over the last two weeks, and one all three. It was three nothing at the Garden with Engors historic and making thirty saves for his fourth shutout. Persons January Devil has lost in Montreal seven

to four. Final weekend of the NBA regular season. The Knicks closed out tonight in Washington and then Sunday versus Toronto. Nets have home games Tomorrow and Sunday against Cleveland and Indian. John Statue, Bloomberg Sports, Okay, John, Thanks, want to pass along a couple of red headlines related to the war

in Ukraine that just across the Bloomberg terminal. Japan's Prime minister says his country will ban Russian coal imports, and the UK has just added the daughters of Vladimir Putin and Russian farm minister Sergey Lavroff to its sanctions list.

More are on the US response to the war next with Bloomberg Government's Emily Wilkins Bloomberg eleven three oh weather A mix of sun and clouds today, chance for a shower, low sixties for highs will be in the upper fifties with a chance for a shower tomorrow mix of sun

and clouds low fifties on Sunday right now forty nine degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business Atland at Bloomberg Quicktake, this is a Bloomberg Business Flash and I'm Karen Moscow. Stocks are ending the week on a positive note, with European equities snapping two days of decline sparked by the

federal reserves plan for aggressive monetary policy tightening. We checked the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures are higher up ten points down, Future is up ninety four, NAZAC futures up thirty eight. The decks in Germany's at point to percent pen Your treasury down six thirty seconds, held two point six eight percent. They yield down the two year two point five one percent. Ni Max Screwed oil is up eight tens percent or

seventy seven cents at ninety six dollars. Seventy eight cents of barrel. Comic School is down a tenth of upper cent or two dollars twenty cent at nineteen thirty five sixty announced the euro one point eight seven three against the dollar. British found one point three zero four zero, and they yet at one twenty four point one zero and Bitcoin this morning it is higher, up four tens percent at forty three thousand, seven hundred seventy dollars. That's

a Bloomberg Business flashow. Here's Michael Barr with more on what's going on around the world. Unchel, Good morning, Good morning, Karen. The UN General Assembly builded to suspend Russia from the organization's leading human rights body over allegations of atrocities in Ukraine. Meanwhile, European Union countries agreed demand coal imports from Russia. President Biden will hold a ceremony today for Katangi Brown Jackson,

who was confirmed to the Supreme Court yesterday. In golf, had the Master's Sunday m leads the field after round one with five under. Tiger Woods is four shots back from the lead. Stay tuned for updates every hour on Bloomberg Radio and a special edition of Masters Tonight coming up at eleven pm. Eastern Major League Baseball, the MAT's beat the Nationals five one and their opener. The Yankees host the Red Sox today after yesterday's schedule to open

it was postponed because of rain. In the NHL, the Rangers won the Devil's Lost. 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 one d twenty countries. Michael Barr and this is Bloomberg. Nathan. Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg

Interactive Broker Studios. This is Bloomberg Daybreak. And Emily Wilkins joins us now a Bloomberg government reporter from our Bloomberg studios in the nation's capital, as we continue to follow developments of the war in Ukraine. Emily, good morning, along

with the reported atrocities in northern Ukraine. Now we're just getting this report from Ukraine officials in the Dunettes region saying that maybe thirty civilians were killed by Russian shelling at a railway station where people were trying to evacuate. If there was any sense that Russia is concerned about feeling like a pariah country after all the response from the rest of the world. It does not seem like

that's the case now if this is confirmed. I mean, there's definitely a lot of concern, particularly with these new reports that we are hearing come out just really that give the scope of of what has happened um in Ukraine at this point, um and we're trying to get a really sort of a sense of exactly how the war is shifting, of course um at and what else

is needed to be done. Obviously, there was some optimism I think last week when it seemed like negotiations had made some sort of progress, but it's clear at this point it seems that Russia has simply regrouped and refocused its forces more in the east and less on the area of Kiev. Of the US and other countries are still trying to figure out ways to put additional pressure

on putin UH with additional Russian sanctions. You saw the Senate and the House a move very quickly yesterday passing two bills, one that would ban UH ban Russian imports of oil to the US and another one that would end a permanent normal trade relations status between the US

and Russia. Now those bills, they say had gotten held up a little bit over some concerns from Senator Rampaul who says that aspects about being Russian being punished for humanitarian abuses was not specific enough um at what that would be done. But they did come to an agreement. They were able to pass that legislation, both bills. Every single Senator voted for them, and they got overwhelming support in the House. And we know more legislation is coming.

We're seeing lawmakers continue to say that there's a need to correct out on Putin, to find other things with sanctions, and I know that President Biden is also urging his European allies to find ways to remove themselves from Russian oil, which is certainly much harder in Russias in Europe rather than in the US. But something the US is trying to find a way to help their allies with. I mean,

that's really the key here, isn't it. The idea that Europe needs to wean itself more from Russian oil and gas. I mean, even when you see a unanimous Senate, something you hardly ever seen these days. Uh, the US focus on Russian trade, is it nearly as as important as it is in Europe? Right? Yes, I mean, there's definitely there's there's an importance, and there's also a lot of I mean, just in terms of backing up Ukraine, there is a lot of support that you're seeing within the US.

It's still bipartisan, it's still very strong. So what are you gonna be looking for in the days to come? I mean, what further pressure can the US put on Russia? What further support can the US provide to Ukraine in terms of weapons and humanitarian aid? Those are all really good questions, Nathan, and we have seen additional calls from Ukraine for additional weapons, things that are a little more heftier than what the US has been currently providing in

terms of force. One thing that we've definitely heard from a number of experts really is that what Putin is responding to right now is not sanctions, but Putin is responding to force, and so there is a need for more more military equipment, more missiles, more weapons, more tanks on the ground, and that's certainly something the US is looking into, as well as humanitarian aid. What is going to happen with the refugees, What is going to happen, What is the future of cities that have been almost

completely destroyed like mariupol Um. And we don't know. Congress is out for the next two weeks, so we're not expecting to see a lot of action from them at this time, but we know that there is additional legislation that would just continue sanctions on Putin and on those and Putin's inner circle. Alright, Bloomberg Government reporter Emily Wilkins with us from Washington, EC will be checking back with

you later on in the program. With so much more going on, even with Congress heading into this two week recess, we've had history made in terms of the Supreme Court, and of course, UH got a bit of a COVID outbreak happening in the nation's capital as well. So we'll be checking back with Emily in the next hour for

more on what's happening in the nation's capital. Looking ahead to the market open on Wall Street, we're seeing some gains for futures right now, with SMP futures up ten points, staff futures up eighty nine, NASTAC futures are higher by forty three points ten your treasuries down five thirty seconds the old two point six seven percent yield on the two year two point five one, nime X screwed up a little more than one percent up a dollar one oh four barrel, and uh comics gold right now down

to ten percent to ninety six even announced straight ahead a setback for a global tax deal. And to be a fly on the wall today at Twitter your top stories of the morning. Just to head on Bloomberg Daybreak. Good morning, Bloomberg eleven three oh weather. Chance for a shower today, otherwise it mikes of sun in clouds, low sixties to win the week partly Sunday tomorrow another chance

for a shower upper fifties. Makes of sun in clouds low fifties on Sunday right now forty nine in Central Park, Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Free to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg What on six one to San Francisco, Bloomberg nine sixteen to the country, Sirius XM to the one nine ten, and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is

Bloomberg Daybreak. It's five thirty on Wall Street good morning. I'm Nathan Hagar and I'm Teren Moscow. We're 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. Ukraine says dozens have been killed in a Russian attack on a railway station. Meantime, the UN General Assembly is voted to suspend Russia from

the Human Rights Council. US Ambassador Linda Thomas Greenfield let us continue to hold Russia accountable for this unprovoked, unjust, unconscionable war, and to do everything in our power to stand with the people of Ukraine. Ambassador Linda Thomas Greenfield says, it's a collective step in the right direction. We meantime caring for the first time, the European Union's targeting Russia's crucial energy reserves. The Block has agreed to ban Russian

coal imports. It's also banning most Russian trucks and ships from entering the EU. Meantime, the war in Ukraine is having a major impact on the cost of food. Global food prices are surging at the fastest pace ever has The war raks havoc on supply chains. The United Nations index of world costs or thirteen percent last month. At the Treasury Department. This morning, there's an appearance setback for Janet Yellen. We're told big businesses pushing back at her

plans for a global tax agreement. Let's get the details live from Bloomberg's John Tucker John Nathan Transury Secretary yelling counting on the support of corporate America for her global tax deal to win passage in Congress, but big business nowhere close to backing the plan. Executives at eight major US based multinational corporations interview blind Bloomberg say far too much remains unknown about it. Most of the executives says some version of the deal could eventually pass, but not

on its current timeline. Live in New York on John Tucker, Bloomberg, Gabriak. All right, John, thank you all. Turning to corporate news now, it's all about Twitter again this morning. Just days after announcing a stake in the company, Elon Musk is reportedly set to address the staff, and we get the details live from Bloomberg's Real Need a Young Good Morning, Ready down, Good morning, Karen. Twitter is planning to host Elon Musk

for a Q and a session with employees. That's according to company messages obtained by The Washington Post, which says there are internal outcries over Musk's appointment to Twitter's board of directors. Town hall meetings like this. They're not new to Silicon Valley, but it's rare to host a board member at one. Twitter is hoping to calm any anxiety workers have about Musk's impact on company culture. Live in New York, I'm rened to young Bloomberg debris. All right,

we need to thank you. In futures this morning on the rise, SNP Future is up about ten points down Future is up ninety NASTAC Futures up forty and a ten year treasury down five thirty seconds yield two point six seven percent. They yield on the two year two point five one per cent. And straight ahead your latest local headlines plus a check of sports, and this is Bloomberg. Thanks King on Wall Street nine degrees in Central Park. We've got accident clean up in South Brunswick. It's got

Root one closed both ways at New Road. Tails coming up in traffic First, Michael Barr with more on what's going on in New York and around the world, Michael, thank you very much, Nathan. New York Governor Kathy Hogol has announced what she calls a conceptual agreement with legislators on a two twenty billion dollars state Hocal says New York will to build billions of dollars to help families pay for childcare, boost healthcare worker wages, and temporarily cut

state gasoline taxes. I said that this moment is a once in a generation opportunity to not just bring relief to families and put more money in people's pockets, but also make historic investments in our people and on our state. Governor huncle The budget was due April first, but has been held up by the last minute policy and spending disagreements. Federal workers will face renewed priceure to get COVID nineteen

shots or risk losing their jobs. Under a court ruling, the Federal Appeals Court told a trial judge the throwout a challenge the President Joe Biden's vaccine mandate covering two point one million US government civilian employees. The judge in Texas had previously blocked the presidential order nationwide. Today, President Biden will celebrate the confirmation of Judge Katangi Brown Jackson as the first black woman to reach the Supreme Court.

Vice President Kamala Harris said she was honored to preside over the Senate for Thursday's vote confirming Jackson. The Senate approved Judge Jackson on a fifty three to seven vote. We continue to witness history. Vice President Harris spoke during an event at the National Art Gallery last night. Space Access scheduled to head this morning to the International Space Station with its first all private astronaut crew, organized by

Axiom Space. It's a startup building a commercial space station to replace the current one, which is expected to be decommissioned by the end of the decade. Bird flu has been detected in a northern Indiana duck farm. State officials say it marks the disease is spread to a third poultry species. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries.

Michael Barr, this is Bloomberg, Nathan. Thanks Michael. Five on Wall Street Time for the Bloomberg Sports Update with John Senshaw, Alrie, Nathan Mets scenes, an opener pushed back a week due to the lockout and then pushed back three hours through the rain in Washington, and they waited another hour after that. Worth the way a five o one Mets victory and Buck show Walters first game as manager. Who needs Jacob de Graham and Max Scherzer when you have Tyler McGill.

He was terrific. Five scoreless sittings, the Mets broke through with two runs in the fifth, got run scoring hits from Mark Canna and Jeff McNeil. In the sixth inning, another from Francisco then door in the seventh. NAT's got only a Juan Soto home runoff Trevor May and the sixth. The Mets are forty and thirteen on opening Day since nineteen seventy. Shurtzer goes tonight his Mets debut against his old team. Yankees and Red Sox have their rain delaid

opener this afternoon in the Bronx at the Garden. The Rangers shutout Pets Pittsburgh three nothing. Thirty says for Igor, says Thirk. In the Rangers forty six win, they moved six points ahead of the Penguins and anamally two behind first place Carolina Rangers seven teen and one at home when they store the first goal. Opening around the Masters, the twenty four year old Korean Sunjay M shot sixty

seven leads the Austine Cameron Smith by one shot. Dustin Johnson, we won the green jacket two years ago, trails by two Tiger Woods in twenty three Masters five victories, only twice has broken seventy of the opening round. He had a seventy one, which is remarkable considering the injuries and the long layoff. Tiger then gave a forecast or what's ahead right, Dust and we got a long way to gold. This golf course is gonna change dramatically. Um. Cooler, dryer, windier. Um.

You can hear the sub arizon out there. So uh, this colf course is gonna change, and it's gonna get a lot more difficult round to today. Our early update too. On Bloomberg Radio when the Master's Tonight Show, John stash Award Bloomberg Sports nathm sounds fun. Thanks John seven On Wall Street Time for the Tri State Business Report. Here

Sploomberg's head Corey to Go drinks. The pandemic era lifeline for many New York City restaurants will as soon to be part of the state's new normal, but the terms outlined in a budget built Thursday, come with a hatch. Customers will have to buy some food to go along with it. The terms are part of legislation unveiled on Thursday. A Manhattan apartment building on the Upper West Side, formerly branded Trump Place, sold for two hundred sixty six million dollars.

New York based department investor A and E Real Estate purchased the tower at one forty Riverside Boulevard from Sam's El's Equity Residential. According to a person familiar with the matter, American Airlines is hired a bus company to carry passengers between Philadelphia and a couple of nearby airports. The service will start Tune third between Philadelphia International and airports in

Atlantic City and Allentown, Pennsylvania. It'll operate the service with a company called Landline That you Bloomberg try 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

Polist and on ten ten Wins in New York. We're talking about how remote work appears to be making the white collar work day longer and longer. I'm Corney's Donaho on kfydan omahaw Global food prices are surging at the fastest pace ever on the Ukraine War time Genus Servetti and for w BBM in Chicago, I'm reporting that some United Airline workers who sued over a COVID vaccine mandate say the company is breaking promises when it comes to

workers getting their old jobs back. I'm Caroline head Killed, BlueBag, d ap Dish, Javid lives it with a pushing old poet, Johnson welcoming the jumb and chosen Eno Schultz talks on Ukraine. I'm Ad Corri on w w J in Detroit. Time reporting health insurance pre approvals will becoming faster in Michigan. And those are some of the stories our twenty sudd 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. Rim scenes of devastation in Ukraine have made one thing clear. Europe must end its reliance on Russian fossil fuels as soon as possible. It's a tall order, to be sure, but the consensus among the European Unions twenty seven member states is moving

in the right direction. A proposal has been aired to embargo Russian coal, and discussions are underway to do the same with oil, reducing Russian gas imports, although more contentious should also be on the table. Meanwhile, the build out of new liquefied natural gas terminals to accept shipments from other countries should be paired with a strong push to boost renewable energy across the continent. Europeans have rightly been eager to show solidarity with Ukraine. They can do so

by refusing to fund Russia's war machine. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to bloom dot com, slash opinion or opie I n go on the Bloomberg terminal. This has been Bloomberg opinion and you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at ope

I n GO Futures moving higher. You're listening to Bloomberg Day Break Bloomberg eleven three oh weather sun and clouds today, chance for a shower, low sixties for high is partly sunny. Another shower possible tomorrow up for fifties. Mix of sun and clouds and low fifties on Sunday. Is the current temperature. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com. The Bloomberg Business at end at Bloomberg Quicktape.

This is a Bloomberg Business flash and I'm Karen Moscow stocks ending the week on a positive note, but the European equity snapping two days of the lines sparked by the federal reserves plan for aggressive monetary policy tightening, and US knock index futures on the rise. We check the markets every fifteen minutes throughout the trading day on Bloomberg. Guess and P futures have nine points this morning. Down Future is up eighty nine, Nastack futures up thirties six.

The decks in Germany is up one and a third percent. So is the cat in Paris. The foot See one had rid up one percent. Nik to twenty five in Japan gained a third of a percent, and the Hanks Sang in Hong Kong was up three tenths of a percent ten. Your treasury down four thirty seconds, held two point six seven percent yield on the two year two

point five one percent. Nine x screwe oil is up one point one percent of a dollar six and nineties seven dollars ninth cents of barrel comex Scholl down about two tenths per cent, or two dollars ninety cents and one thousand, nine hundred thirty five dollars announced. The euro one point oh eight seven one against the dollar, British found one point three zero four seven and the end is at one twenty four point oh eight. Bitcoin this morning is on the rise, up a tenth of a

percent at forty three gausand dollars. That's a Bloomberg business flash. Now here's Nuchael bar with Moore and what's going on around the world. Michael Karen, thank you very much. Russia is giving its take on its recent pullback from positions around Kiev in the Ukraine, President Putin Just pokesman Dmitri Peskoff told Sky News the troops were really withdrawn from the regions as an act of goodwill during the negotiations between the two delegations. He also acknowledged that Russia suffered

a significant loss of troops in Ukraine. The US Congress voted overwhelmingly district Russia's normal trade status with the US and band imports of its gas oil and coal. In golf at The Master's Son, Jay m leads the field after round one with five under. Tiger Woods has four shots back from the lead round two today. Stay tuned for updates every hour on Bloomberg Radio and a special edition of Master's Tonight coming up at eleven pm Eastern.

Major League Baseball The Man to Be the Nationals five one. The Yankees host the Red Sox today after yesterday's scheduled opener was postponed because of rain. In the NHL, the Rangers won The Devil's Lost. Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than journalists analysts more than twenty countries. Michael barn This is Bloomberg, Karen Hery, Michael Thank you. It is forty nine on Wall Street. Time for the Bloomberg Law Report,

brought to you by American Arbitration Association. Business disputes are inevitable, resolve faster with the American Arbitration 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. David Wiolens withdrawing his name from consideration for the role of the nation's chief wage hour regulator after his nomination was

defeated in the Senate. A federal judge in California freed Alphabet and its directors from a holder lawsuit claiming that they failed to oversee compliance with a federal children's privacy law. Owners of Chrysler PACIFICA plug in hybrid minivans are proposing a class action against f c A. The plaintiffs claim they overpaid for vehicles that are fired around explosion prone 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. Okay, Jeff, thanks, it's coming up to five fifty one on Wall Street. We are live from the Bloomberg Interactive Broker's studios and you're listening

to Bloomberg day Break. Good morning, I'm Nathan Hagar. Let's take a look at this market now as we get you set for a Friday morning STI Dweck is with US now, chief investment officer at Flow Bank on a morning STI where we're looking for some gains, particularly strong surge this morning in European stocks, as Karen mentioned earlier, after two days of declines on the FED. But given what's happening with the war in Ukraine, is there still a chance that we could see some negative moves for

markets depending on how the war develops. Good morning. For sure, we've seen that the war headlines are having less of an overall impact on markets, but punctually you can still

have that impact on certain regions, especially on Europe. But I think the doublish surprise that you had from the e c B yesterday where they did re emphasize that they think inflation is going to cool and they have a much bigger growth concern than than in the US, I think that probably for now, at least carrying over and hopefully will outweigh the war headlines, just because we've gone back and forth on those uh many many times and it shouldn't be such a surprise that they're not

as positive as one might have thought or talk about the inflation outlook for the US. Here we're starting to hear from some analysts that we may have hit peak inflation. Is that what you're seeing here? And what impacts could the FED have? Well, we're starting to see whether we are at peak or close to peak. We've been saying that for a few months, and of course we we keep getting these upside surprises. UM. I do think that

inflation is gradually going to abate. And when you take a step back and think of what's driving inflation, you kind of have this triple problem for the FED. You have the supply driven inflation that are due to the supply chain disruptions and that again was or is still I guess transitory is a tough word to use, but just a much longer transition period because of China zero COVID policy, because we've continued to have on and off lockdown,

so that is improving but slowly. Then you have the war related if I can use that term inflation, which is food and energy prices that are obviously soaring. Uh, probably haven't seen the end of that entirely coming through.

And on that really on both of the first you really don't think the FED rate hikes are going to have that much of an impact on their Where they could have more of an impact is on the wage side, which we are seeing rising again, which is a concern for the FED because that's what could stay entrenched for longer. And so you have a FED that's really trying to

re anchor those medium to long term inflation expectations. They're trying to bring these seven eight percent numbers back down hopefully into the end of the year, we're back towards four or five, down towards three for next year. Um. But that it's it's going to be a very tricky balancing act because this soft landing is very difficult to achieve. Yeah, to say the least, how aggressively do you think the

FED is going to move against inflation? Of course, you've heard the talk about perhaps a fifty basis point hike at next month's meeting and perhaps in subsequent meetings as well. Do you think the FED will go that hard. I think it's a very high probability for May in the sense that the market is pretty much absorbed it and accepted it UH to some extent and um and that should allow the Fed to just get a little extra in.

They're trying to frontload it a bit. I do still think they're going to have to pause at some point in the second half of the year. They're not going to be able to continue just keep hiking. We're already seeing the FED fund future start to pricing rate cuts at the end of So how aggressively do you want to hike if a year later you might have to be cutting. So May probably fifty. Whether they try to get one more fifty in the in Q two or I'd say June July is possible, maybe a little less likely,

But I don't see hikes at every meeting. And to the end of the year. Do you see the more aggressive stance if it does pan out from the Fed having an impact on stock valuations. At this point, we're already pricing in so many rate hikes that it's difficult

to say the market isn't pricing it in. We had a surprise this week where the markets saw Leo Brenner's comments as being more hawkish in terms of the balance sheet, and we had an impact there, But from a rate hike perspective, it's difficult to price in much more than what's already in the market. So you can have again you're gonna have a very big meeting in May, more news on the balance sheet. That can have a choppy and even a painful second quarter for stocks. Beyond that,

I think things should improve. And on the valuation side, we've already seen quite a big correction because of these rate hike expectations and just because the markets had a tough start to the year, and that should improve into the end of year as well. And of course, before the main meeting, we have earning season kicking off in Earnest next week with the big banks starting things off. What's your expectation for earnings? You mentioned wage pressures. Is

that going to affect margins? I probably only not yet. I don't think anyone's expecting a stellar first quarter earnings result. Um, we're gonna start with the banks, so we're gonna see a little bit what the consumers looking like, see how how the outlook pans out for the year, which should probably be a little bit more downbeat despite higher net interest margins um you're seeing some companies able to pass on some of the costs, which is why we're seeing

these inflation numbers. And I don't think we've seen enough which increases. And again it might depend on the segment and on the and on the sector for that to have an impact on margins for the businesses. Today, only about thirty seconds left here. St Are you turning defensive in terms of what you're advising your clients or do you think growth stocks can continue to outperform. I think there's still potential for growth stocks. We've had a barbell

approach and we're keeping it. We think tech is going to come back and demand investors look for quality and sustainable earnings, and that again might take a little bit of time, but it should feed through throughout the whole of the year. Thanks so much, great having you with us this morning. Hope you have a good weekend. St. Dwack with us now for much Flow Bank, the chief investment officer over at Flow Bank, looking ahead to the

market open. SMP futures are moving higher. We're by ten points on the SNP EM and he's now futures up a hundred four points, Nasdaq futures higher by thirty eight points. The tenure Treasury right now is down four thirty seconds. The yield two point six seven percent yield on the two year two point five one NIMEX crude is up nine tenths per cent, up eighty four cents ninety six dollars eighty seven cents a barrel. And look at a bitcoin little change right now around forty three thousand, five

hundred dollars. You're listening to bloom Bird day break