Bloomberg Daybreak: June 6, 2022 - Hour 1 (Radio)

Plus primary elections take place in seven states tomorrow, including New Jersey. I'm Michael barr More an I'm John stash Owen sports a late goal live to Tampa Bay over the Rangers. The Warriors beat the Celtics, wins for the

Mets and Yankees. That's all trading ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nine team and around the world on Bloomberg Radio dot Com and via the Bloomberg Business app. And Good Morning, I'm pared Moscow. I'm Nathan Heger. Bloomberg Daybreak is brought to you by Informattica. In the Cloud, your data has the power to do

the extraordinary. Managed data across any location in the cloud for accurate and actionable insights. More at Informatica dot Com and US futures are higher this morning. It is five oh one on Wall Street and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, S and P futures have about forty seven points now. Futures

have two D eighty one. NAZAC futures have one hundred and nine ten year treasury down seven thirty seconds, yield two point nine five percent, and a yield on the two year two point six eight percent. Nine X Screwed oil is up three tenths of a percent. Nathan, Wellkaren, we are seeing a lift in markets as we begin a new trading week, helping to boost a sentiment in Asia Beijing reopening further from its COVID restrictions. Let's get

the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan and Koura and Japanese equities are raised earlier losses, and Texas rose in Hong Kong following the long weekend, this after a gauge of Chinese companies traded in the US had risen two percent of the two trading sessions that Hong Kong had been closed. Stocks in Maitland China advanced as Beijing eased back COVID nineteen restrictions,

also lifting the on Choi one. Australian stocks fell, bucking the trend ahead of an expected second consecutive interest rate increased Tuesday, while Swiss Bank UBS said buying the Ozzie Dolla is a phenomenal trade in Singapore. Juliette Sally Bloomberg Daybreak, All right, Juliet, thank you all. Oil is also on the rise this morning, approaching a hundred twenty dollars of

barrel Saudi Arabia signaling confidence and demand for oil. The Kingdom raised prices more than expected for Asian customers and again more from Bloomberg Markets Live editor Heather Burke, so Do Arabia signaled confidence with the demand um with the bigger than expected price increases, It's screwed for Asia and overall we're seeing improve in demand picture. Um, we're heading into peak summer driving season, and also in China, which is the top crude buyer. They um they continue to

eat COVID restrictions. We should also help the demand side of oil and Bluebird Markets Live editor heatherir Burke says oil is rallied almost six this year. Checking prices right now and not make screwded oil at three tenths per center thirty three cents and a hundred nineteen twenty one cents of barrel Brent is up to tenths percent is in a hundred nineteen two cents. Well, oil has certainly

been a major factor in the rise of inflation. Karen and now President Biden's Commerce chief Gina Romando says it may make sense to lift tariffs on some imported products to help ease higher prices steel and aluminum. We've decided to keep some of those tariffs because we need to protect American workers and we need to protect our our steel industry. That's a matter of national security. There are other products, um, you know, household goods, bicycles, et cetera. Uh,

and it may make sense. Commerce Secretary Gena Mondo made the comments on CNN. Over the weekend, ball Street is racing for a key report on inflation. We get the story from Bloomberg's Vinnie Down Judas. The Labor Department will the shoe May's consumer price index on Friday. Economists say that you over your inflation rate will continue near historic levels topping eight percent. A major driver in May record petroleum costs in addition to the sustained run up another

household stables. Also on this week's date agenda, University of Michigan figures and consumer sentiment. Sentiment has been running low as the quest of living runs high. Judas Bloomberg day break. All right, Vinney, thank you. We're getting a new word from Goldman Sachs at the u S economy remains on

a narrow path to a soft landing. Let's get more on that life from Bloomberg's We need a young Good Morning Grin Good Morning, Nathan Goldman says improving inflation numbers and other factors suggest that the Fed may be able to pull off its aggressive rate hike plan without tipping the country into a recession. Goldman economists say sequential core inflation appears to be slowing, and pressures on the supply chain are improving and as signs of softening in the

job markets emerge. But the econdomists say while the deterioration and indicators like the first quarters GDP contraction suggests near term recession risk risk has increased, other measures show output is still expanding. Live in New York. I'm gonna need a Young Bloomberg day break. All right, we need to thank you at least I have. Of a dozen central

banks are expected to raise interest rates this week. Meanwhile, the European Central Bank is predicted to finally join the global tightening bandwagon, with policymakers on Thursday expected to announce an end to bond purchases and formally begin the countdown to an increase in borrowing costs in July. In Europe, Karen, the future of Boris Johnson is in focus as he faces a leadership vote in his ruling Conservative Party. Let's go live to London and get the very latest on

that with Bloomberg's Ein Potts. Good morning, Good morning, Nathan and Karen. After months of speculation, at eight am outside the British House of Parliament, it was announced that the Prime Minister is the face of votes of confidence in his leadership. This off the fis of lawmakers from Boris Johnson's own Conservative party called for the votes. The pms be under five for a series of illegal gatherings at

Downing Street during the COVID lockdowns. The votes on Johnson's future will conclude at eight pm London time, and he needs the support of at least half of lawmakers to keep his position in London. I'm your part Spoomberg Daybreak, Right you and thank you. Back here in the US, President Biden will take executive action to boost the U s solar industry. Bloomberg's Amy Morris has deta answermer newsroom

in Washington. Sources tell Bloomberg News the President plans to invoke the Defense Production Act to provide support for US made solar panels, while announcing a two year hald on new solar tariffs now that would allow domestic developers to use the foreign equipment while US manufacturing ramps up. The White House is also set to use the federal government's purchasing power to help support American clean energy manufacturers. The announcement could come as early as today. In Washington, I'm

Amy Morris, Bloomberg Daybreak, All right, Amy. Thanks. And finally, Starbucks is looking at external candidates only for its next CEO. That's according to interim chief executive Howard Schultz. He tells the Wall Street Journal the coffee chain needs to add new talented skills to its leadership ranks. Schultz is in his third stint running Starbucks, but he says he is not a candidate for the full time job. You're listening to Bloomberg Daybreak. It's sound five oh seven on Wall

Street where at sixty four degrees in Central Parks. Still got some lingering road construction. He spound two eighty bags at seven and West Orange. We'll get the details on that for you in traffic shortly. Michael Barr is here first with war on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. A deadly weekend of shootings in the US and several states left about a dozen people dead. In Philadelphia, three

people were killed and eleven wounded into shooting. Philadelphia Police Commissioner Danielle Outlaws says they are looking for the shooter who fled on foot. We're working with our local, state, and federal partners to make sure that no lead is lost and that no stone remains unturned. Commissioner outlaws as authorities are offering a twenty tho dollar reward for information leading to the arrest of the shooter. A shooting near a Chattanooga nightclub left three dead. Police say fourteen were

shot and three others were hit by vehicles. Chattanooga Mayor Tim Kelly, I've been an avid hunter and a marksman all my life, and I want to say clearly a fully responsible I fully support rather responsible gun owner show. The Congress needs to do their jobs and past common sense regulations that will help stop this nonsense. Mayor Kelly implored parents to keep track of their children, especially if

they are suspect to carrying a gun. Meanwhile, a bipartisan group of US Senators say gun talks are inching forward, though a deal is far from assured. Officials fear more than fifteen people were killed in southwestern Nigeria when gunman burst into a Catholic church during mass, opening fire and

detonating explosives. So far, no one has claimed responsibility. Primary elections in New Jersey and six other states will take place tomorrow will set the stage for US House and send it battles this fall that will play into control of Congress. Many contests are being shaped by political divisions in both major parties and the shadow of former President

Donald Trump. In New Jersey's GOP primary, Tom Malinowski one by fewer than two percentage points, and his district has become slightly more Republican since new congressional district lines were set last year. The US and South Korea launched eight missiles in response to North Korea. Yesterday at the North test fired eight missiles. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists antalists more than a

hundred twenty countries. Michael Barrn this is Bloomberg, Nathan. Michael thanks five o nine on Wall Street time for the

Bloomberg Sports Updated. Morney, John Sesshaw, every Morney. Nathan. Rangers fans probably not realistically expect that series sweep of Tampa bayl though id likely after their minds when the Rangers scored two power play goals in the second period and led Game three to not think, but the Lightning came back two power play goals of their own and then in the final minute, the first and only five on five goal of the game, shoot save me if by

the circuit rebound the turnack right point left point head been Class A speed plot FO one w f l A and Tampa Lightning won three two. Rangers now lead the series to one game four s Game two of the NBA Finals, Warriors dominated the third quarter. That was the difference. They beat the Celtics one oh seven eighty eight type of series and one. Quince Snyder resigned after eight years as the coach of the Utah Jazz Mets.

In l A trail. The early scored three rounds of the eighth anywhere one out from victory bottom of the ninth with the Dodgers tied the game, Mets still won five for and ten, so they gained a split of the four game set. After they dropped the first two. They played tonight in San Diego. Yankees are off they liked. The Mets also won five four tennantings after Detroit tied the game of the eighth of John Donaldson Zack flying the tenth, and the Yanks sweep the x game homestand

a third of the way through the season. Yankees are thirty nine and fifteen. It's the best record any MLB team has had at this point in the last twenty one years. Make it fourteen French Open titles. Paraphi on the Douts went the two Grand Slams. That's two more than Roger Federer and go Back Tokovich. Billy Orsol won the Memorial Galpin Ohio by four shots. John Stashoward Bloomberg Sport okay, John, thanks so. After ending last week with losses, futures are pointing two gains as we kick off a

new trading week dominated by inflation ratings. Right now, SMP futures are up forty five point, Stown futures up two hundred seventy two, NASTACK futures are higher by a hundred eighty five points. The tenure treasury is down six thirty seconds.

The yield two point nine five percent. You'ld on the two year two point six eight nime X Scrude is hired by three tenths per cent, forty two cents hired a hundred nineteen dollars twenty six cents a barrel, and come X gold is up two tenths percent At eighteen fifty four. Ten announced we'll get you set for the new trading week. Next Dennis Gartman, the former publisher of the Gartman Letter, is with us in just a few minutes.

This is Bloomberg Bloomberg eleven three oh weather. Lots of sunshine today with a high near eighty degrees upper seventies and partly sunny Tomorrow. Showers and storms likely Wednesday with highs in the upper seventies. Right now sixty four degrees in Central Park. Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quick Tape. She's a Bloomberg business

flash and I'm pared. Moscow Stocks in Europe are gaining along with US stock index futures as Beijing further eases COVID restrictions, helping to soothe a fragile mood of bit inflation and rate high concerns, treasuries and the dollars slipping.

We checked the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures of forty five points to death features of two hundred seventy five nast day features of one hundred seventies seven the decks in Germany's of one percent ten year treasury down seven thirty seconds held two point nine five percent. They yield on the two year two point six eight percent. Nimex screwed oils at three ten percent or forty one cents and

a hundred nineteen dollars twenty nine cents a barrel. Comics goold of a quarter percent or four dollars seventy cents at eighteen fifty four and ninety announce the euro one point oh seven for eight against the dollar, British pound one point to five seven one and the yen one thirty point seven three and Bitcoin this morning of five percent at thirty one thou four hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with Moore on

what's going on around the world. Buncle, good morning, Good morning, Cameron. Boris Johnson could be housked it as Britain's Prime Minister. He's facing an old confidence vote in his Conservative party after he had rule breaking parties during the COVID lockdown. Lawmakers in Washington say they're more hopeful than ever that bipartisan negotiations on gun reform will finally get somewhere. Meanwhile,

there were several mash shootings over the weekend. The Warriors even the NBA Finals in a game of peace after beating the Celtics in Game three of the NHL East Final. The Rangers lost to the Lightning three too. In baseball, the Yankees and Mets one, the Red Sox beat the A's, the Orioles lost the Nationals and Giants. 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, are more than a hundred twenty countries. Michael Barr And this is Bloomberg. Nathan, Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we get ready to kick off another trading week. We are joined this morning for the hour by Dennis Gartman, chairman of the University of acron Endowman Investment Committee, former publisher of the Gartment Letter. Dennis, it's always great to speak with you.

We are seeing a rally for equities around the world on China, dialing back some of its COVID restrictions. Does that give you confidence in this market? Not particularly. I mean, we are seeing some strength this morning. It's it's it's the surprising to me, to be quite honest, and for the first time in quite some period of time for my own account, I actually went marginally and I mean marginally net short on Friday. We'll see if that works

right now. I'm behind just a tad and I mean just a tad and predicated upon the fact that China is in fact, uh, reducing its restrictions, which is long overdue. They should have done this quite some period of time ago. So you're you're getting a rebound in stock prices around the world predicated upon Chinese easing their restrictions. I think it's a little overdone. We'll see right now. As I said, I'm marginally net short, and I mean marginally, so so

let's let's see how that works. What makes you think that it's overdone at this point? I mean, isn't that the idea that China could be dialing back restrictions could have some implications for the supply chain down the road. Well, let's hope, uh, And obviously if I'm wrong that that will be the reason why I'm wrong, Uh, there's clearly

the supply chain is doing a little bit better. To look at the number of tankers that are in ships that are outside the long Beach here in southern Regina, the number of ships that are outside our our harbor have been reduced. So the supply chain is. The problems in coming in the supply chain that have been so pervasive over the course of the past six seven, eight, nine, ten months, a year and a half or so are

are being alleviated. And let us hope that and I would hope that the lifting of restrictions in China would be uh long term amenable to economic activity. We'll see. Time shall tell, But as I said, I'm marginally that shortened right now. I'm I'm to be quite honest, I'm wrong for the day, all right. Well, we also got some insight from Goldman Sacks strategist saying that they see a narrow path for the FED to avoid a recession, but while raising interest rates the narrow path for a

soft landing. What's your view on the impact of FED tightening on this economy going forward. I think that's portant to understand that we're gonna have at least three fifty basis point increases. Um, the president of the Cleveland FAD, who has been one of the most bariosh members of the voting members of the f MC, said that she expects to see fifty basis points through the September meeting. Uh,

we're there there. It's clear that they're tightening. But I think what's far more raising the overnight said funds rate is what they do to the balance sheet. We'll see what On Friday. I think we get a report on the size of the Fed's balance sheet. Again, we'll see if they're allowing the balance sheet to run off. They

need to. The fact that they've taken the over the balance sheet from what nine billion to nine trillion in the course of the decade, that's to me, is far more important than than than the level of interest rates of the overnight said funds rate. We'll see if they're allowing the the the balance sheet to run off. Hopefully they are. They've got years that they have to accomplish this task, and it's going to take a long period

of time. They're taking money out of the system that had been flooding in the system for the past decade. I think I think that's the major reason why stock prices have been as strong as they have been for the past several years. And the fact that they're taking that fuel away, to me, is barious in the long run for the for the stock market. So we'll see. Time shall tell. So where are you looking for bond fields to go? As the FED does start to unwind

the balance sheet, probably marginally higher. We might get the ten year, which is what now on the ten year, We might go to three fifty over the course of the next two years or so. I doubt that we'll go much beyond that. I think what's really more important is what happens to the to the very short end of the curve. We actually have fives above tens for the first time. They're basically a parody. But the five year for a couple of hours on Friday traded through

the ten year. We'll see if that inversion continues. Everybody's watching twos versus tens. I watched five versus tens, and the fact that the curve is inverted the tad is to me that's important. Inverted heel curves are never beneficial, always detrimental, always harbingers of recession, and I think that we're going to get a a modest recession. I think we're actually going to be in it by the third

quarter of this year. So we'll see time she'll tell again, all right, Dennis Gartman with us for the full hour here on Bloomberg Daybreak. We're gonna get more oots from Dennis, especially on the path for inflation, uh as we look ahead to the release of the May Consumer Price Index coming out later on this week, actually on Friday, and

what that could mean potentially for federal reserve policy. So looking forward to checking back in with Dennis Gartman, former publisher of the Gartment Letter, now the chairman of the University of Akron Endowment Investment Committee. As Bloomberg Daybreak continues here on this Monday morning, where we're seeing futures on the rise on China dialing back some of those COVID restrictions. We have SMP futures right now up forty four points again at one point one percent down futures up two

seventy one NASDAC futures leading the games this morning. They're hired by a hundred seventy eight points. That is a gain of one point four percent right now. The tenure. Treasury is down seven thirty seconds, the yield two point nine six percent and the yield on the two year two point six eight percent. Just ahead, the Biden administration opens the door to lifting some tariffs and more on Goldman Sex idea of a narrow path to a soft landing.

Top stories of the morning. Just ahead on Bloomberg Daybreak, Blomberg eleven three oh weather. Lots of sunshine to start off the week with a high near eighty degrees that will be partly sunny, upper seventies Tomorrow. Showers and storms likely by Wednesday, with highs in the upper seventies. Currently sixty four in Central Park. Broadcasting live from the Bloomberg

Interactive Broker's studio in New York. Bloomberg E living free on to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine six to the Country, Sirius XM too one nine T and around the globe the Bloomberg Business Act. In Bloomberg Radio dot Com. This is Bloomberg Daybreak is five thirty on Wall Street. Good Morning. I'm Nathan Hager, and I'm Karen, Moscow. We're just about four hours away from the open of

view West Trading. Let's get you up to date of the news you need to know. At this hour, we're seeing a lift in markets to begin a new trading week, with a boost from Asia. Beijing is reopening further from its COVID restrictions, raising stocks, and China Japanese equities are raised earlier losses and tex shares rose in Hong Kong. We're also watching oil rise this morning, Karen, Hovering around a hundred twenty dollars of barrel as Saudi Arabia signals

confidence in demand for oil. Checking prices now, West Texas Intermediate, it's up four tenths per cent, or fifty one cents at a hundred nineteen dollars thirty eight cents of barrel. Brent is up four tenths per cent at a hundred one Alterning to Washington Now, President Biden's Commerce chief of Gina Ramando says the administration is not willing to lift

all tariffs on imported steel and aluminum right now. We've decided to keep some of those tariffs because we need to protect American workers and we need to protect our steel industry. That's a matter of national security. Commerce Secretary Gina Ramando told CNN over the weekend that lifting tariffs on other household goods may make sense to help ease rising prices. Was the Fed aims to ease price hikes? Karen Goldman Sachs says the US economy remains on a

narrow path to a soft landing. Let's get more on that live from Bloomberg's We Need a Young. Good Morning, Nita, Good morning. Nathan. Goldman says improving inflation numbers and other factors suggests that the Fed may be able to pull off its aggressive rate hike plan without tipping the country into a recession. Economists there say sequential core inflation appears

to be slowing and supply chain pressures are improving. While the deterioration and indicators like the first quarters GDP suggests near term recession risk has increased, Goldman says other measures show output is still expanding. Live in New York. I'm

Renita Young Bloomberg Daybreak. I re need to thank you for at least a half a dozen central banks are expected to raise interest rates this week, and the European Central Bank is expected to announce an end to bond purchases and formally begin the countdown to an increase in borrowing costs in July, saying in Europe, Karen Boris Johnson faces a leadership vote today and his ruling Conservative party

that could remove him from office. It's unclear if there is enough support though, to unseat the UK's Prime minister, and futures are higher this morning. S and P futures up forty two points down futures of two hundred fifty eight NASDACK futures of one hundred seventy three ten year treasury down six thirties seconds yield two point nine five percent. They yield on the two year two point six eight percent. Nine mag Screwed oil is up four tenths percent at

a hundred nineteen dollars thirty nine cents a barrel. Sure to had your latest local headlines plus a check of sports and this is Bloomberg. Thanks three on Wall Street, sixty four degrees in Central Park, gotta crash in the northbound van wake by Jamaica Avenue and Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan, and has been a weekend of shootings in several states that have

left about a dozen people dead. One shooting in Philadelphia left three dead and another elevant injured. Philadelphia Police Commissioner Daniel Outlaw he's ensi us have an exponential effect on our community, and it not only impacts the individual that's been directly victimized, but it victimizes their loved ones, their families, and their neighbors neighborhoods all over the world. Commission Or

outlaws as the suspect fled on foot. Meanwhile, there are some reports that US Senators are inching towards some kind of compromise and movement on gun safety, Bloomberg said. Baxter reports a bipartisan group is working in Republican Pat Toomey says background checks are on the table, at least for commercial sales of firearms. There ought to be a background check, so sales at gun shows, sales that are advertised over

the internet. To me has been working with Democrat Joe Manchin for years on this, and Toomey on CBS has heard here on Bloomberg says, the outcome of these talks is still uncertain. We are still trying to figure out exactly what mechanism is going to enable us to get the boats that we would need. But he says closer this time in San Francisco. I'm at Baxter Bloomberg Gabrae. Primary elections in New Jersey and six other states tomorrow will set the stage for US House and Senate battles

this fall. In New Jersey's GOP primary, Tom Malakowski one by fewer than two percentage points in his district, has become slightly more Republicans since new congressional district lines were said last year. After North Korea test fired eight short range ballistic missiles Sunday, the US launched a joint exercise with South Korea and Japan to demonstrate their ability to

quickly respond. Today, the US military conducted what it called a ballistic missile defense exercise, also firing eight missiles into the Sea of Japan. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven journalists analysts more than twenty countries. Michael bar this is Bloomberg, Nathan. Thank you. Michael. On Wall Street, Time for the Bloomberg Sports Update with John

Sasha all Right. Nathan Rangers went to Tampa Bay having won their last four playoff games six and the last seven, and they had a lead in Game three. He had another power play goal from Macon's Avanta Jaen. Shortly after that, Chris Kryler, with a man advantage, put in the rebound of his advantage as shop. But Tampa Bay got power play goals from the Keith to Kudrow second period Stephen

stamp Coast in the third. The Lightning dominated the third period, big edge in shots on goal, and they won three to two on an Andre Polott goal of a nifty pass from Kuptrop only forty two seconds remaining. Rangers still made the series to one game four tomorrow. NBA Finals now tied at one. Golden State Pe Boston one oh seven to eighty eight outscore the Celtics of the third

quarter thirty five at four teen. Yankees going for a sweep of the home stand back and fourth game with the Tigers for four tenth any and swung on their goals deep wet field. That's gonna win the game. Harold Task go back and he made the catch on the warning track, tagging his judge. He's scores full game over. Yankees win an They've been doing a lot of that. A Yankee record of thirty night and fifteen a third of the way through the season. That's the best in

baseball since two thousand one. Mets also won five four also intendating defter the Dodgers tied the game with two in the bottom of the night thought Seth Lugo a J. D. Davis double in the Tanta Let's get a split of the four game series, and I have moved down to San Diego now. When Pete Sampras retired from tennis, not that long ago, he had the record for most Grand Slams one with fourteen. Raphael and Dallas won fourteen French Open twenty two slams straight sets to the final in Paris.

Billie Orshl won Memorial golfin Ohio by four shots. John stash Ellard Bloomberg Sports, Thank you John. It's thirty seven on Wall Street time for the tri State Business Report with bloombergs ed Cory. According to Triple A, the average price for a gallon of gas in New York State is currently four dollars and eight cents a gallon. That's down five cents from last week thanks to the suspension

of certain gas taxes. Last Wednesday, Hudson Piers on Yonker's Waterfront could see its first residence with in two years. Six buildings of four hundred departments in about forty thousands of square feet of retail will fill in one of the last gaps in the Yonkers skyline along the Hudson. Construction began last month and the first two buildings as part of Extel's five hundred eighty five million dollar development offering list price for a home in some New Jersey communities.

Isn't enough homes in New Jersey in April, We're selling statewide for one hundred four percent of asking price. According to the most recent data from New Jersey realtors, in April of twenty one, they were selling for one hundred one percent of list price. In April twenty it was eight percent. At your Bloomberg Try State Business Report, I'm in Corey. Thank you edits 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's Steve Potas content ten Wins in New York, where about Goldman Sachs economists spatting the economy could avoid a recession. On the Cornetana how on ktr H in Houston, Americans are worse to personnel than they were before the pandemic. Trying

Jinas Servetti in for double the BBM in Chicago. I'm talking about a published report saying that one of grub Hub's co founders was looking at buying back the Chicago based food delivery company from Just Eat Takeaway. I'm Stephen Carol on Bloomberg d a B Digital Radio in London. We're reporting on the leadership challenge facing Boris Johnson. Conservative vampes will vote Laser in a move which could topple the Prime Minister. I'm Ed Corey on t AM in Cleveland.

I'm reporting signs and lighting for a new Shirtwin Williams headquarters in downtown Cleveland have been approved and those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. Euro Area inflation searched to eight point one percent in the year to May, once

again higher than expected. But despite signs that inflation is getting entrenched, the European Central Bank has chosen to stand pat. It hasn't yet raised its policy interest rate, which stands at minus zero point five percent, and its signaling suggests the first increase will be just a quarter of a point, coming in the latter half of July. With inflation above eight percent, a policy rate that's less than zero in nominal terms maintains an extraordinarily reckless level of extra demand.

Too much stimulus applied for too long adds to the danger of a violent correction later. The ECB's caution until now has been understandable, but the balance of risk has shifted. The Central Bank should start a deliberate effort to normalize policy, beginning with an increase of fifty basis points this week, not next month. This editorial was written by the Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash Opinion or opang

on the Bloomberg terminal this has been Bloomberg Opinion. You can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O P I N go. Right now, SMP futures are higher by thirty eight points. Stuff futures up two, NASTACT futures up a hundred fifty seven points. Tang your treasury yield two. This is Bloomberg Bloomberg eleven three oh weather. Sunshine to start the week.

High your eighty degrees today, partly sunny, upper seventies Tomorrow, some showers and storms for Wednesday, with highs in the upper seventies. Currently sixty four degrees in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow. This update brought to you by Informatica. In the Cloud,

your data has the power to do the extraordinary. Managed data cross any location in the cloud for accurate and actionable insights. More in Informatica dot Com. Stocks in Europe are gaining along with US stock index futures as Beijing further eases COVID restrictions. Check the markets every fifteen minutes throughout the trading day. On Bloomberg s and P Future

is up thirty nine points. Now Future is up two hundred thirty seven and NASDAG futures have a hundred fifty seven The decks in Germany's up nine tenths of upper cent. Ten year treasury down six thirties seconds, held two point nine five percent yield on the two year two point six seven percent. Comex screwed oil is up seven tenths per cent or eighty four cents at a hundred nineteen dollars seventy two cents a barrel. Comex fold up three tenths per cent or five dollars twenty cents at eighteen

fifty five fifty announced. The euro one point oh seven four three against the dollar, British found one point to five six one and again one thirty point six nine. Bitcoin this morning is higher, up almost five percent at thirty one thousand, three hundred ninety dollars as of Bloomberg Business Flash. Now Here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very

much it possible to earning point on gun control. After a weekend of mass shootings, US lawmakers say they're more hopeful than ever that bipartisan negotiations will finally get somewhere. Boris Johnson could be housked to deny it. As Britain sprime Minister, he's facing an ok confidence vote in his Conservative party after revelations he broke COVID lockdown rules. The Warriors even the NBA Finals at the Game of Peace.

After beating the Celtics in Game three of the NHL East Final, the Rangeers lost to the Lightning three too. In baseball, the Yankees and Mets one. The Red Sox beat the A's, the Orioles lost, the Nationals and Giants won. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analyists more than a hundred twenty countries. I'm Michael Bart. This is Bloomberg. Nathan Okay, Michael, thank you.

It's just about five forty nine on Wall Street Live from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak and Dennis Gartman is back with us now chairman of the University of acron Endowment Investment Committee and former publisher of the Gartment letter Dennet's. When we spoke the last half hour, you said that you feel that the gains we're seeing inequities this morning may be overdone for those

listeners who may have just joined us. Can you explain why. Well, I think that we've seen a good from the lows. A couple of weeks ago we had I hate to bring up a rival, but the CNN Fair and Green Index got to six, which historically you get a bounce from from the markets. When when you get that egregiously oversold and we're just bouncing, I think this is a bear market. I think the bear market began January five this year. Uh, and I think that market's going to

last for question a period of time. I think we're just getting a nice bear market bounce and nothing more than that. Perhaps I'm a bit early. Uh well, we'll see. Time shall tell. But as I said earlier this morning, I went marginally net short from my own account on Friday, and I mean just three or four percent of my position. So that's that's a marginal position to be taken at this point, but I think it's just a regular come as you are bear market bounced, nothing more than then,

and I don't think it's very long. We'll see. Time shall tell. We have more inflation data coming out later on this week. The Consumer Price Index for the month of May is due out on Friday. What is your expectation there? Could we see signs of peak inflation in that print? It is very possible. Take a look at

what's going on in the grain markets. The grains has been very bullish going from the lower left to the upper right, because of delayed and delayed planting prospects and because of the problems incumbent with the inability to get the grain out of Ukraine and out of Russia. But I think what we're seeing that the grain market has turned from being overly bullish to being manifestly barished at

this point. The crops are getting here, being put on the ground relatively quickly here in the United States, and are growing very well. Same same circumstance in Canada. So I think we're seeing a turnaround in the grain markets.

Gold doesn't seem to want to rally much anymore. I'm still bullish of the gold market, but it does put together much of a sustained rally, and we'll see today is going to be I think a very important day in crude oil because we traded the the nearby futures w T I above one twenty were just barely holding above one twenty right now, And if crude oil were to close lower on the day to day, that would

be very interesting to me. I think it would be a telltale sign that perhaps perhaps the operative word here is perhaps inflation. We made the worst numbers in inflation for for a period of time. Time shall tell. We'll see, but keep them to keep an eye today on what goes on in the crude oil market. But the grain markets have turned from being manifestly bullish to being I think overtly bearish, and even live stock prices have turned down,

So keep an eye on those things. I think inflation inflationary problems are probably let's let's hope our well behind us. In our last half hour, you mentioned that you think the FED is going to continue with fifty basis point great hikes at least the next three meetings. If we do start to see some moderation in commodities prices, does

that affect the Fed's path. In the months to come, we'll see they're still gonna there's still a group within the FOMC that believes in the transitory nature of inflation. We'll see if that. But right now, given us act that Miss Smiths are the the the president of the Cleveland head announced on Friday that she sees at least three more raises of the overnight said funds rate by

fifty basis points each. I think that that's the telltale sign we're going to take the overnight said funds rate another hundred fifty points higher before they have a rethink of that circumstances. Keep an eye on what goes on on the balance sheet. To me, that's more important than the overnight said funds rate, and we'll get an idea what the what the FED is doing to the balance

sheet when they report that number on Friday afternoon. Just about thirty seconds left here, Dennis, what's your read on whether the FED can pull off a soft landing Goldman Sachs as it sees a narrow path. I think Golden Sacks is wiser than I am. The FED has had a problem in the past trying to land an air the aircraft carrier, land, the the the the economy on the aircraft carrier of economic circumstances, getting a getting a soft landing is always difficult. I have my doubts as

store be accomplished. As always, Dennis grates to have you on with us. Thanks for being here. Dennis Gartman, the former publisher of the Gartment Letter, now the chairman of the University of Acrid Endowment Investment Committee. Karen Ray Nathan, thank you at five three 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 and alternative dispute resolution for over ninety years. More at a d R dot org. We get to the illegal stories we're watching this morning from Bloomberg's Jeff Bellinger. The e p A sent limits on the amount of five solvents that workers can inhale before they start facing health risks to federal appeals courts rule that irks You're

half away. Nationwide mutual and Greater New York insurance companies do not have to cover businesses pandemic related losses because there was no property damage. The Occupational Safety and Health Administration is proposing more than half a million dollars in combining penalties against Dollar General. OSHA says inspectors found blocked exits at stores in Ohio and was Wisconsin. 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. Now another legal story we're watching. The Supreme Court is heading into the home stretch of the term with more than half of its work incomplete and blockbuster opinions on abortion and gun rights coming, as well as decisions on immigration and religious rights. This backlog of cases is the biggest in percentage term since at least nineteen fifty, according to

emperiodical Scotus dot com founder Adam Feldman. It comes as the justices and their law clerks are dealing with an investigation at the leak of a draft opinion over turning Roe v. Wade abortion rights ruling. For more, Bloomberg's June Grosso speaks to Kimberly Strawbridge Robinson Bloomberg the Law Supreme Court reporter Kimberly. At this point, the Justices have thirty three decisions outstanding. That's more than they've issued this whole term.

Is this unusual, Well, it is, and it isn't. So it's not unusual for the Court to kind of backload. It's worked with opinions, you know, that makes a lot of sense. In the beginning of the term, the justices are also hearing oral arguments in cases. There's a lot of prep for those arguments to happen, and then they stopped doing that around April and focused totally on opinions.

So we do tend to get a lot of the opinions in June, specifically as the Court tries to hit this kind of informal deadline at the end of June to knock out all of its opinions. But it's unusual in the sense to have so many. We could see the Supreme Court was already working pretty slowly before we got that unprecedented leak of an abortion ruling, but since

then it's been going even more slowly. So it is unusual to have thirty three cases left for the Justices to get out, and it is a pretty heavy list. Maybe we won't be hitting that informal deadline this year. Since the majority opinions are sort of spread out evenly among the justices, Supreme Court watchers watch which justice has written opinions and how many to determine who's left. So what have you found out? Right? This is one of those things that we're forced to do because you know,

it's such a secretive institution, the League notwithstanding. But yeah, so typically we see justices trying to even out the opinions, spread them across each of the argument sittings, and so we can kind of get an idea of who we're expecting the most opinions from. Right now to Justice Roberts and Kagan have written the most opinions. They've written four of the six or seven that we expect to see. But some of the other justices have a lot more

work to do. Thomas Alito, Kavanaugh, you know, they've only written too so they're not even halfway done with their work. Of course, we know Justice Alito from that league is probably writing ski majority opinion in that big abortion case. But who's writing what else? We'll get a better clue as more opinions kind of trickle in and we can play this process of elimination and as Kimberly Strawbridge Robinson Bloomberg lost Supreme Court reporters speaking at the Bloomberg June Grasso.

Catch more of that interview, plus analysis of the latest legal news, by subscribing to the Bloomberg Law Podcast or downloading the 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. Futures this morning are on the rise.

SNP futures or of forty points down futures of two hundred forty six and now as DAK futures have one fifties seven ten year treasury down seven thirty seconds, yield two point nine six percent, and they yield on the two year two point six eight percent. The euro one point oh seven four two against the dollar still ahead on Bloomberg Daybreak and checked on the business headlines and all the news you need to start your day. And this is Bloomberg