Bloomberg Daybreak: June 9, 2022 - Hour 1 (Radio)

the open of US trading. Let's get you up to date on the news you need to know at this hour. Traders awaiting a policy decision from the European Central Bank. We had a preview from Bloomberg's James Wilcock in our London bureau. Options. Price Think suggests that traders haven't been this jittree about an ECP rate decision since the Central Brank is set to enquie and sets out the path

with its first hikes eleven when it meets today. But what traders really want to know is President Christine the God would back fifty basis point hikes in the future as the Aurozone faces inflation accelerating at a record pace, and Bloombergs James Wilcox says the ECB decision will come down at am Wall Street time, well ahead of that, Karen. Stocks in Europe are lower, oil is hovering around a hundred twenty two dollars of barrel, and gasoline prices continue

their record surge. We get the latest live at Bloomberg's John Tucker, John and Nathan. Gasoline prices have now top five dollars a gallon in sixteen states. Gas prices aren't likely to drop anytime soon. Increased oil demand continues to outpace the global supply. Gasoline inventories were at the lowest seasonal level in about eight years. That's according to the Energy Information Administration. It's all part of the overall inflation picture that continues to be a top focus of the

White House and President Biden. Inflation is the is the is the vein of our existence? Or the President making the comments in an interview with ABC Late Night host Jimmy Kimmel live in New York, I'm John Tucker, Bloomberg Daybreak. All right, John, thank you about gasoline prices of now top five dollars a gallon and sixteen states gas prices are not likely to drop anytime soon. Increased oil demand

continues to outpage the global supply. Gasoline inventories are at the lowest seasonal level in eight years, according to Energy Information Administration. Data is part of the overhaul inflation picture that continues to be a tough focus of the White House and President Biden. All right, Karen, thank you well. Shares of Tesla right now are up nearly three percent. Production in China more than tripled last month, despite the electric carmaker only recently getting its Shanghai factory back up

to speed. And the transformation of Facebook continues. The company, which changed its name to Meta Platforms last year, will now trade under the ticker ticker Meta instead of f V. Karen, all right, Nathan, thank you. And futures this more our higher SMP futures up about fourteen points and down futures are up ninety NASDAK futures up fifty. Straight to hand your latest local headlines plus the check of sports, and

this is Bloomberg. All right, Karen, thanks, It's five thirty three on wall streets still reigning still sixty nine degrees in Central Park and still slippery out there. The latest crash southbound Garden State Parkway by one. More 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. The House passed a package of gun to legislation, including raising them in a mage to

buy a semi automatic rifle from eighteen one. Before the vote, Democratic Representative Mike Thompson's spoke in favor of the measure. Raising the age to buy an assault weapon saves lives. Limiting magazine capacity will limit the carnage of mauth shootings, and it saves lives. Going after traffickers, keeps guns out of the hands of people who shouldn't have them, and it saves lives. However, Republican Congressman James Cohmer disagrees with Thompson.

We have people in the military, uh using weapons when they're eighteen and and uh, I mean that's good enough for a military anything that's a that's the way to be for law alading Central Comer was among the two hundred four Republicans who voted against the bill. Meanwhile, New York Mayor Eric Adams testified before our House Committee on

Oversign and Reform on gun violence in Washington. Adams, who posted his comments on his Twitter account, says, it is a disgrace that virtually every day brings another bout of gun violence. We have facing a crisis that is killing more Americans than war. It crisis as now the number one cause of death for our young people. Mayor Adams says,

it is high noon in America. Members of the House Committee investigating the events of January six will hold their first prime time hearing tonight to share what they have uncovered about former President Donald Trump and the dead storming of the US capital. Former President Trump, Donald Trump Jr. And his daughter Ivanka have agreed to answer questions under oath next month in the New York Attorney General's civil

investigation into his business practices. A Manhattan judge signed off on the agreement that calls for the Trump's to give depositions starting July. The agreement comes after a series of setbacks for Trump's efforts. The block State Attorney General Letitia James is three year long investigation. Global News twenty four hours a day on here and on Bloomberg Quicktake powered by more than journalists and analysts more than a hundred

twenty countries. I'm Michael Barron. This is Bloomberg. Nathan. Okay, Michael, thanks on Wall Street time for the Bloomberg Sports Update with John statshop all right, Nathan. Three games into what's been a strange NBA Finals, the Warriors have outscored the Celtics in the third quarters by a total of forty three point than the Celtics have won the fourth by forty.

There hasn't been a close final score yet. In Boston, Celtics jumped in front to nine, then won that fourth three to eleven, third fewest points ever scored in the final quarter of a Finals game. Boston won six one hundred and now have to one in the series. Rangers and Lightning tied at two, game five tonight at the Garden. Rangers coach Gerard Glenn asked about Tampa Bay's ability to prevent the Rangers from scoring. When it's not a power plus,

nothing that they haven't seen before. You know, they're doing different than just it's intense hockey and you gotta get ready to play it. And it doesn't seem to bother us. We're playing at home, so the last two games was as issues, yes, but we got to get better, so we will. Rangers have not scored a five on five goals since Game two, but they have one eight in a row had msg Yankees and Mets both suffered their most lopsided losses of the season. The Yanks seven game

win streak endo at Minnesota eight to one. Yanks had just four hits. The Twins Jose Miranda had three, drove in three both Nestor Cortez and Clark Schmidt. They've got four runs. That's the most allowed this season by Cortez. Garrett Cole pitches. Tonight, Mets lost in San Diego thirteen to two. So outscored the last two nights two the Padres five runs in the fourth and in the four more in the fifth. John and I have bet Chris Basset, who gave up seven run. Mets are off tonight. They

visit the Angels tomorrow. The Angels have lost fourteen games in a row. Three weeks ago, they were in first place. Half of those losses have been by one run. They just lost one nothing to the Red Sox and now won their last seven. John stash I went Bloomberg Sports. Okay, John, Thanks, It is seven on Wall Street. Time now for the Tri State Business Report. Here's Bloomberg's Cory. New York City is making a comeback. After the US was briefly frozen

by COVID. People were leaving the city, but now that migration out of many neighborhoods has reversed, the city's population is still decreasing, but more households are moving into Manhattan than we're moving in before the pandemic in Manhattan. Apartment rents continued skyrocketing. Last month, the media hit four thousand bucks for the first time on record. Rates on new leases jumped from a year earlier in all time behind

in three decades of data keeping. Luxury home developer National Realty Investment Advisers has filed from bankruptcy and its home state of New Jersey. The Sacacus firm says it was under investigation by securities regulators. The filing comes six weeks after the firm CEO step down. An independent manager took over and found a host of financial issues, according to court documents. That's your Bloomberg Dry State Business Report. I'm

ed Corey E said. It's eight 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 Corney Donaho on ktr H in Houston. Brace Yourself, Spice Lovers, the worlds now facing a SACHA shortage. Belim Gina Servettian

for k CBS and San Francisco. I'm reporting that Apple will be handling the lending itself for its new by Now Pay Later service als Matteo, and on camel X and s Lewis, I'll be reporting on the top car colors when it comes to resale. Timid Cory on w p AM in Cleveland. I'm reporting Kent State University is expanding into Rwanda. And those are some of the stories our 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. The House Committee investigating the January sixth attack on the U. S. Capitol plans to hold a series of televised hearings about its findings starting on Thursday night. Its members should focus on presenting the facts, not scoring political points. The facts, after all, speak for themselves. Rioters who breached the Capitol that day assaulted more than a hundred police officers and

caused more than thirty million dollars in damages. Prosecutors have charged more than eight hundred defendants with crimes related to the attack, including counts of seditious conspiracy. With all this on record, the committee's goals should be straightforward to lay out this learned and explain how to prevent a repeat attack. A sober, methodical presentation may not sway many votes, but it can still expose the causes of an assault on American democracy and perhaps serve as a warning for other

officials toin with insurrectionary ideas. 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 ope and 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 GO SMP future is now at fifteen points. Staff futures up a hundred five dance

stack features higher by fifty seven points. European stocks moving a little bit lower out of an ECB decision, with the European Central Bank getting ready to lay out a timetable for reining in inflation. Thoughts on these price pressures. Next, from the CEO of Amazon Andy Jassy, This is Bloomberg Bloomberg eleven three oh weather, rain right now clearing this afternoon, up for seventies for highs. We'll get up to near eighty under mostly sunny sky Tomorrow, Moore showers possible Saturday.

Currently sixty nine degrees in Central Park five oh seven on Wall Street rain and sixty nine degrees in Central Park, slippery roads. Already dealing with the crash of the New York State through a south found New York's in ten details coming up in traffic First, Michael Barr with more on what's going on in New York and around the world. Staying dry, Michael, I'm trying to, I hope, so, thank

you very much. Nathan. The House passed a package of gun the legislation Bloomberg said, Baxter reports, it's called the Protecting Our Kids Act. It includes raising the age limit for purchasing some kinds of automatic weapons, prevents gun trafficking, and address the safe storage. The arguments remained about the same. Republican Steve Scalise, all we see as a rush to go take away the rights of law binding citizens to have guns. Democrat Katie Porter. Shootings involving assault weapons are

six times as deadly as shootings involving handguns. The true test comes in the Senate thal where passage is still considered an uphill battle. In San Francisco, I'm at back stair, Bloomberg Gay Break. Meanwhile, New York Mayor Eric Adams testified before our House Committee on Oversight and Reform on gun violence in Washington. Adams, who posted his comments on his Twitter account, says, it is a disgrace that virtually every day brings another bout of gun violence. It is high

noon in America. Time for every one of us to decide where we stand on the issue of gun violence. Time to decide if it's more important to protect the profits of gun manufacturers or the lives about children. Mayor Adams says, we are facing a crisis that is killing more Americans than more. President Biden is kicking off his first full day at the Summit of the America's and Los Angeles, which brings together leaders from across the hemisphere

every few years. Biden is working toward new agreements on economic development, climate change, and migration. We need to break the cycle where marginalized communities are hit the hardest by disasters and have the fewest resources to recover from crises and prepare for the next one. Also yesterday, President Biden made an appearance on ABC's Jimmy Kimmel Live, where he talked about gun reform and inflation. Inflation is mostly in food and in gasoline. At the phone, Biden called inflation

the bane of our existence. Manhattan and broken. The rents continued skyrocketing last month, with the media hitting four thousand dollars for the first time on record. According to Miller Samuel and brokerage Douglas Element Real Estate Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than the hundred journalists and analysts more

than a hundred twenty countries. Michael barn this is Bloomberg Nathan Alright, Michael, thank you, coming up to five ten on them all Street time for the Bloomberg Sports Updateken Morning, John Stry Morning, Nathan. Yankees and Mets two best records in baseball. They can be forgiven for both suffering lopsided losses on the road against good teams. They lost by a combined twenty one to three for both their worst losses of the season for the Yankees and eight to

one defeat at Minnesota. The Twins score twice in four straight hitting. He's got home runs from Brian Buston and Brian Jeffers. Nestor Cortezer came into an e r a of one and a half, gave up four runs, suffered his first loss in more than a month. The Mets, who lost seven nothing on Tuesday, lost thirteen to two in San Diego. The Padres were roughed up Chris Bassett. Jake coroner Worth a three run home and he drove

in five. The Mets room without Pete Alonso and Sterling Marte both left Tuesday's game with wrist and quad injuries. Both are day to day. NBA Finals Game three in Boston, the Celtics beat the Warriors one sixteen to one hundred

to go up to one. The Celtics are now seven and oh in these playoffs after losses Game four tomorrow, Game five tonight at the Garden with the Rangers of one eight in a row, look to keep that going, regain the lead over Tampa Bay and at East Finals that are now tied to In London today the first ever round of the new Live Golf Tour, financially backed by Saudi Arabian interests. There's still Nicholson. I don't condone human rights violations. I don't know how I can be

anymore player. I understand your question, um, but again, I love this game of golf. I've seen the good that it's done, and I see the opportunity for live golf too do a lot of good for the game throughout the world, and I'm excited to be about a part of this opportunity. Nicholson says he's earned the right to have a lifetime exemption that could also play the PGA Tour. Says will be in Boston next week for the US Open.

John stash Were Bloomberg Sports, Thank you, John SMP futures up fifteen points, Staff futures up a hundred five dance that futures up fifty five points. The euro little changed against the dollar, training at one point zero seven one six ahead of an ECB policy decision. We preview it next to Simon French of Pan your Gordon, this is Bloomberg Bloomberg eleven three or whether this rain should clear out this afternoon We'll get up to near eighty degrees,

mostly sunny, near eighty tomorrow, more showers possible. Saturday is then in the low seventies currently rain in sixty nine degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape's

a Bloomberg Business Clash and I'm Karen. Moscow and European equities are slipping this morning ahead of an ECB decision that will put the region's monetary policy on a path of tightening and help close the gap with global piers mean, while US stock indext futures are on the rise and we checked the markets every fifteen minutes throughout the trading day on Bloomberg, Guess and P futures are up fourteen

points down futures up Nasdack futures up fifty three. The decks in Germany's down half per cent to in your treasury up three thirty seconds, he'll three point one percent. The yield on the two year two point seven seven percent.

Nimex scrude oil is up tenth of a percent or eleven cents at a hundred twenty two dollars, twenty cents in barrel, comex schooled at a quarter percent or four dollars fifty cents at eighteen fifty two and ounce the euro one point oh seven one four against the dollar British found one point to five one nine and the end one thirty three point five too. And looking at bitcoin, it's up about one percent at thirty thousand and five

hundred dollars. Today we are watching for the weekly report and initial jobless claims had to eat thirty Wall Street time, and that's a Bloomberg business flash. Now here's Muchael Barr with more on what's going on around the world. Michael, good morning, Good morning, Karen. After a day of emotional testimony on the Capitol Hill from families and survivors shattered by gun violence, the House passed a sweeping gun control package late last night. However, the measure is facing a

roadblock in the Senate. The House of lut committee investigating the deadly January sixth Capitol attack will present its material for the first time in prime time tonight. In the end be A Finals, the Celtics beat the Warriors one sixteen, one hundred to take a two games to one lead in the series. In baseball, the Yankees and Mets lost, along with the Nationals and A's Red Sox and Giants.

One Global Names twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven the journalists and analysts more than a hundred twenty countries. Michael Barren, this is Bloomberg, Nathan alright, Michael, thank you. It is five nineteen on Wall Street Live from the

Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and five nineteen means we are about two hours and twenty six minutes away from A decision from the European Central Bank is expected to set the stage for the first interest rate heights in the Eurozone in more than a decade, as the As Europe continues to deal with the inflation the likes of which it has never seen. For more, we are joined this morning by Simon, French Chief Economists

to Pandra Gordon. Simon, it's always great to speak with you. What is the ECB? What will President Christine Legard's signal today? M Yeah, good morning, Nason aloys. Pleasure to talk to you. So what we have is the last I think moment from the ECB Governing Council to prepare markets for um interest rate increases, as you say, the first time since twenty eleven. That would be the case in the Eurozone, but they really have a little choice with inflation running

it now north of eight percent across the Eurozone. In terms of what to expect today, I think there are two things to look out for. One flexibility. How much will Christie mcgarden the Governing Council try and emphasize to markets that if peripheral spreads in countries like Italy and Greece, those spreads blowout versus German buns. What ability will the ECB have to act to address that? And secondly, we've seen fifty basis points moves from other central banks around

the world, in Australia and Canada. In the US, I think the ECB is going to take a more gradual path, but there is some speculation there about fifty basis points in I think they will have to address those head on. Yeah, yeah, you were lead right into it, the speculation that is going on in the markets. But whether the ECB is going to signal a twenty five basis point move or a fifty basis point move. Are you expecting more clarity there on where the ECB stands, given that central banks,

as you mentioned, have been going aggressive ahead of this decision. Yes, so, I think Chief Economists Philip Laine has talked about twenty five basis point increments in recent weeks, so certainly trying to reinforce the expectations of twenty five other than fifty um, they won't have any think rule out a move of

fifty basis points. But I think if you look at the underlying dynamics of the Eurozone economy, look at core inflation, which is still only only but running at four percent, so less core pressures than we're seeing in the US or the UK. But also the fact that the Eurozone imports about sevent of its gross energy needs, so me in tern that starts to be deflationary and therefore some of the heavy lifting and getting inflation down will come

from expensive energy imports. I think that is the case for why we see a divergence between the pace which, for example, the Federal Reserve will go at compared to what the e c B is prepared to go at. What are you expecting that we're going to get from the ECB when it comes to new economic projections. We've already heard, as you know, from the O e c D and the World Bank they've lowered their outlook for

the year pretty significantly more than once so far this year. Yeah, and I think we will get the same indications from the e c B. I don't think these official forecasters deviate too much from the script, and for good reasons at the moment, given the global headwinds through higher energy costs, ongoing supply chain disruptions, particularly out of China, all those signs of those assign to ease. I think we're still

in a official downgrade cycle for growth projections. I don't think, however, going to change fundamentally what the market sees is the rate path from the ECB. ECB have to respond to the risk that what is largely an exogenous trade shark starts to build into expectations for price growth, and those second order effects kick in and so growth projections although going coming down, I don't think you're going to haul down rate expectations at this point. Something about a minute

left here, simon. What is the challenge for the ECB given those exogenous reasons for inflation the war in Ukraine particularly, does the ECB have the tools it needs to handle this kind of inflation? If it doesn't, it needs to acknowledge the fiscal policy has to also play a role in putting a floor, if you like, under Eurozone economic activity. But what it needs to do is accentuate flexibility to impose at the transmission mechanism to periphery countries or to

corporate lending. Your household lending starts to get and pat. That's the Bob's success for Christine Legard today she achieved that. Then July is still very much live in terms of starting this process of normalization. Now we're listening to those comments from Christine Legard very closely. Later on this morning, following the decision, coming up at seven forty five Wall Street time, we will have full coverage for you as the e c B gets set to make that decision

later this morning. Keep it right here on Bloomberg Radio. Simon French, chief economists at Pamier Gordon with us this morning, Simon, thanks to your insights ahead of that decision. Looking ahead to the market open, we have futures moving higher, a divergence they're compared to European shares. This morning, we have SMP futures up thirteen points right now down futures down or I'm sorry, they're up eighty nine points. NASDAC futures

up forty six. Germany's DAX is down six tenths percent, The cat in Paris down three tenths of one percent. Tend your treasury right now, little change at three point zero two percent for the yield on the tenure note. This is Bloomberg Bloomberg eleven three oh weather. We're expecting this rain to clear out this afternoon. We'll get up to near eighty degrees today, mostly sunny tomorrow, but only

for one day. More showers possible Saturday. Right now sixty nine is the rain continues live from the Bloomberg Interactive Broker Studios. Is Bloomberg day Break for Thursday June nine. Coming up this hour, the e c B gets set to tighten monetary policy, gesoline prices hit recognize in more states. The January six hearings get underwig in primetime tonight, and Twitter says it expects a vote on elon must take over bed later this summer. New York Millier Adams testifies

before a House committee on gun violence. Lost. The House passes gun reformed legislation. I'm Michael Barre. More ahead, I'm John Stash Daron Sports the South, they speak, the Warriors in the NBA Finals, Rangers Lightning Game five tonight, lopsided

losses for the Mets and Yankees. Tolls training ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg ninety nine one, Washington d C, Bloomberg one oh six one, Boston Bloomberg nine sixties and Francisco Sirius XAM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business app. And good Morning. I'm Karen Moscow, I'm Nathan Hacker. Bloomberg Daybreak 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 informattica dot com. And futures this morning are on the rise. It is five oh one on Wall Street. We checked the markets every fifteen minutes throughout the trading day on Bloomberg U S and P. Futures up seventeen points down, Futures up a hundred eleven. Nasday features up sixty eight, the ten

year treasury up one thirty second. You have three point one percent, and the yield on the two year two point seven seven percent, and nine x screw to eal is down about two towns per cent or one cents at a d cents a barrel. Nathan, right, Karen. We'll have more of the markets in just a minute, but we begin overseas this morning. As the European Central Bank is getting ready to usher in a new era of monetary policy today to confront the threat of inflation running

out of control. Bloomberg's You and Putts joins us live with the latest. Good morning You, and good morning Nathan and Karen. Today's decision, due at seven forty five am New York time, is set to announce an imminent end. It's a large scale asset purchases. The ECB is also to pay the way for its first rate increase in more than a decade next month. The plan would match

of timetable unveiled by Presidents Christine the Guard. He wants to bring to an end the euro areas ultra low borrowing costs, but with rates that minus nor point five percent, that's likely more to come in London. I'mun pots big day, break right you and thank you all. We get the latest on inflation here in the US when the latest consumer price index is released tomorrow. Inflation, along with rising oil prices and tightening monetary policy, are of affecting investor outlook.

A La Fiadora Walla, co c i O for a multi asset class Solutions at Rock Creek, talks about how she thinks investors should navigate the market volatility in terms of portfolio positioning. The most important stay nimble, stay flexible, raise cash where you can, and be prudent and cognizant of the trade offs between liquidity potential investments and have a longer term horizon. Rock Creeks Elafia dor O Walla

says supply shortages are creating further uncertainty in Asia. Karen's stocks were weighed down by the impact of high inflation. Semiconductor shares across the region also fell after Intel warned of weaker demand. China showed export screw at a faster pace in May than the previous month, though sentiment waned

on news of a mini lockdown in Shanghai. Turning to oil, which has surpassed a hundred twenty two dollars a barrel earlier this morning, gas prices are also hitting record prices and more states as Americans start to hit the road for peak driving season and Bloomberg John Tucker joins US Live with the latest junk of morning. Good Morning, Karen. Gasoline prices broken records for at least seven days. Prices

have topped five dollars a gallon in sixteen states. At demand is still rising, Gasoline supplies are more inligned with levels that we usually see at the end of the driving season. We have seen ten weeks of declines and gasoline inventories. That's the longest run since twenty nineteen, and it's likely to drive oil prices even higher. Goldman Sachs increased its quarterly forecast for this year and into three, raising his w t I estimate for the next quarter

to one hundred thirty seven dollars a barrel. Drivers in California, by the way, are paying the most in the country for gasoline, working over an average six dollars and thirty nine cents a gallon. Live in New York, I'm John Tucker Bloomberg Radio. All right, John, thanks, So it's not just drivers feeling the pain. Amazon CEO Andy Jazzy says his company's feeling the pinch of gas prices and inflation. I think we thought the inflation was started to attenuate

with war in Ukraine. It just went the other way. It's significantly accelerated. So the cost of trucking and line hon ocean and air and fuel has just substantially gone up. Andy Jasse, CEO and of Amazon, spoke at the Bloomberg Technology some of it in San Francisco. You can catch more of that wide ranging interview with Andy Jase a little bit later in the program. Well. Nathan Bloomberg also spoke with investing giant Kathy Wood at the UP Summit

conference in Arkansas about inflation. The head of our investment management thinks it will eventually come down. I've never seen inventory um surges like this in my career, and I've been around for a long time. I think this inventory issue highlights the cyclical reason we've been saying. You think inflation will unravel our investments, Kathy Wood says the greater risk to consumers and investors is actually deflation. Here why later this morning, We'll bring you more of our interview

with Kathy Wood at six fifteen Wall Street time. Meantime, Karen Twitter is telling its staff that a vote on Elon Musk's deal to buy the company comes with some big names back busts bid. Bloomberg's Rnita Young joins US Live with more on that. Good morning, Granita, Good morning Nathan. Bloomberg. Sources say Twitter's top lawyer is reassuring the staff that the deal to sell the company to Elon Musk will go ahead and that a vote could happen in late

July or early August. Meantime, regulatory filing showed Dubai based investment firm By Capital is committing seven hundred million dollars to help finance Musk's bid for Twitter. That makes the company the third biggest outside equity investor, and the deal has also drawn money from billionaire Larry Ellison and Sequoia Capital. Live in New York. I'm Ranita Young Bloomberg Daybreak, need

to thank you. After nearly a year of investigating the US capital and surrection, the House Committee is about to go public with what it knows, starting tonight. Bloomberg's Amy Morris or pours from our newsroom in Washington. The committee has interviewed more than a thousand people and reviewed more than one D twenty five thousand documents, focusing on funding, motivation, and leadership of the mob that attacked the capitol on Anruary six last year. Tonight is the first in a

series of public hearings. Some members are promising explosive new information with never before seeing photos and other exhibits. There could be as many as eight hearings and all but a formal schedule has not been released. It all starts at eight o'clock tonight, Wall Street time in Washington. I maybe more as Bloomberg day Break. Okay, thank you right now. SMP futures are up sixteen points down, futures up a

hundred four, NASTAC futures up fifty eight points ten. Your treasury is up to thirty seconds the old three point zero one straight ahead, local headlines and a check of sports. This is Bloomberg Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg Victaque is a Bloomberg Business lash and I'm Karen Moscow. This updates brought to you by

Informatica and the Cloud. Your data has the power to do the extraordinary managed data across any of the cacation in the cloud for accurate and actionable insights. More at Informatica dot com S andp future is higher up fourteen points this morning down futures of ninety six and ASDAG futures of forty nine at ten year treasury. That'll change. You had three point two per cent and night make screwed oils down to ten per cent or twenty one cents and a hundred one dollar two cents a barrel.

And that's a Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael, Karen, thank you very much. The January six Committees Primetime Live hearings begin tonight. The committee will try to show the nation what sparked the Capitol riot and who was responsible. The House passed a package of gun legislation last night. It comes ahead of whatever compromise plan emerges from bim

partisan negotiations in the Senate. In the NBA Finals, the Celtics beat the Warriors one sixteen, one hundred to take a two games to one lead in the series. In baseball, the Yankees and Mets loss, along with the Nationals and A's. The Red Sox 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 analysted

more than countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael. Thanks, It's five forty eight on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Now we want to bring you a wide ranging interview with Amazon CEO Andy Jase. He sat down with Bloomberg's Emily Chang

at the Bloomberg Technology Summit in San Francisco. Jesse talked about the grim economic outlooks some business leaders have shared in recent weeks and what the next era for Amazon will look like. Ela Musk just came out saying he has a super bad feeling about the economy, Tesla laying off ten percent of his staff. Jamie Diamond says he's preparing for an economic hurricane. The World Bank just slashed its forecast for global growth. How do you feel about

the economic climate? But it wasn't planting on giving any guidance. Please, but are super supermad? Yah? I think, uh, there's some things that it relates to Amazon that are useful to remember, you know. I think the first pieces remember that eighty five percent of the of the worldwide retail market segment share is offline. And if you believe that that equation is going to flip at some point, which we do, I think it will will flip over a long period

of time. But if you believe that you have the companies that have great customer experiences like we do, I think we're gonna are gonna do all right. And you know, and that and great customer experiences mean you have really broad selection, low prices, and very fast delivery that's reliable to customers. You know. I also think that if you look at different town turns, um, you know, should we

have one at some point. We've been through a few obviously in the twenty five years that I've been at Amazon. Customers change their habits. You know. They tend to be pickier about what they buy and when they buy and who they buy from, and they often pick the partners in the companies that they trust, you know, and that have great customer experiences, like the dimensions I mentioned earlier, UM.

And so you know, I also think there's you know, those two reasons, those two factors give me some optimism that even if we have a downturn, that we have the potential to still grow the theme of this conference is moving forward? What are the moon shots at Amazon that are capturing most of your time and attention? What is going to define the next era of Amazon? I mean, is it? Is it astro the home roll about or is it something else? Well, you know, we have a

unique way that we look at big new investments. And I'm not sure it's right or roll and it just happens to be our way. And we ask ourselves when we're considering something four questions. We ask, uh, if it's successful, can be big and move the needle in Amazon is being well served today? Do we have a differentiated approach and do we have competence there? And if not, can we acquire quickly? If we like the answer to those scions will go pursue it with a single thread team

that isn't distracted by the rest of the business. And sometimes that leads to innovation investments that seemed pretty obvious. Like you know, when I got today, a company was a books only retailer, and then we expanded to music and video and electronics and choice, it seems obvious to people. Other times that process does not lead to investments to seem obvious to people. I mean, AWS was something that people externally and internally thought was a little bit nutty

at the time. But just imagine what Amazon would be today without AWS and and I think that you see the same thing here. You know that there are so many significant investments from making that I'm excited about. I'm gonna have to constrain myself to a few, but you know, I'm really excited about what we're doing in the prime video space. Um, I think we're clearly on the right

track there and building a significant business. That's interesting because Netflix also just announced some layoffs, first subscriber loss in a decade, Disney cutting back on costs. Do you see Amazon strategy has fun to mentally different from Netflix and Disney And if so, how well, I know, we're very bullish on it. And remember we have all the all

of the models are a little bit different. But for Prime Video, we have two uni million plus Prime subscribers, who are you know, get that entertainment for free by being part of Prime and so we have a little bit different pricing model than some of the others. But I'm incredibly encouraged by what we have coming. If you if you look at mean we launched the show Reacher earlier in the year. It was a huge hit. We you know, we have a new masal Um season. I'm

very bullish about it. Um We also, you know, we're excited about what we've done with mgm uh. You know, I think some of the assets there will go very well with the rest of what we're doing. Entertainment wise, we haven't and I supported um channel there or platform there and free b which I think is appealing. And I'm optimistic that we have a chance to build a significant grocery business, which is you know, early stages for us. I am excited about Kiper, which is a little Earth

orbit satellite that we're building. I continue to be very optimistic about Alexa. And then you are autonomous driving ride hailing service and zoos that were building, you know here in the Bay Area. I just think with the way auto consumption is evolving, I think that also is a chance to be a really significant business. And that was Amazon CEO Andy Jesse speaking with Bloomberg's Emily Chank. Be sure to get Emily's Bloomberg Tech podcast wherever you get

your podcasts. Karen, all right, Nathan, thank you, and it is five fifty three on Walls Street at this time. Now for a 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 d R and dot org. And now one of the legal stories we're watching this morning, the Houses January six Committee

will hold hearings in primetime tonight. But as far as the Justice Departments and massive investigation into attack on the Capitol eventeen months in and prosecutors have scored relatively few

felony convictions. However, there are indications that the investigation is entering a more aggressive phase with respect of potential felonies committed by lawyers and organizers ahead of January six to stop the vote certification for more Bloomberg's doing ground So speaks to Chris Strom Bloomberry Legal reporter, give us sort of the scorecard for the investigation so far. You know,

how many prosecutions, how many convictions. The investigation has been criticized for moving at the glacial pace, and I think the statistics back up some of the criticism. So far, the department has brought charges against about eight hundred and fifty individuals, but by far most of the charges are for misdemeanors on the day of January six, such as,

you know, illegally entering the Capitol building. So far, the department has charged about two hundred fifty people with assaulting or resisting officers, which is one of the most serious charges that have been brought. In terms of resolutions to some of these cases, two hundred fifty people have pleaded guilty to misdemeanors and sixty I pleaded guilty to felony.

In terms of sentencing, by far, most people are getting probation or find it's believed that two thousand people are ultimately going to be charged, but the Department has only brought charges against eight hundred and fifty people so far, and there's been no charges brought for the potentially criminal activities that were taking place before January six by former President Trump and his lawyers and his inner circle in terms of creating false electors or trying to alter vote.

Attorney General Merrick Garland has said, I think several times that they're going to follow the evidence wherever it leads, but there seems to be no confidence that they will pursue the former president if that's where the evidence leads. Well, there's an interesting dichotomy that that's happening with the investigation now. The charges against people who had stormed the capital in January six are moving very very slow and have seemed

to stagnate. But the investigative activity against the small group of people who were part of Trump's inner circle who were working to overturn the election, the investigative activity against

them is actually increasing at a greater pace. The Justice Department has started issuing grand jury subpoenas for information about organizing and fundraising activities in the days before January six about efforts to create false electors in key states, and the Justice Department is now increasing the pace of the investigation in the amount of investigative activity into the actions of Trump and the key people that we're working with Trump to try to return the election and as Chris

Strom Bloomberg Legal reporters speaking with Bloomberg stun Grosso. Catch more of that interview plus analysis of the latest illegal 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 future is up eleven points down, Futures of seventy two, nasday, futures of thirty nine ten, Your treasury up to thirty seconds. You have three point one percent. They yield them a two year two point seven seven percent, and I'm like screwd Oil is down three tenths per cent, still ahead on Bloomberg day Break and check on the business headlines and all the news you need to start your day. And this is Bloomberg