Bloomberg Daybreak: June 9, 2022 - Hour 2 (Radio)

g A future is rising this morning. Let's go to the first Word Breaking news desk for today's morning call. Here's Bill Maloney, Bill, good morning, and good morning Can. That's right. US futures are in the green right now with down features up a hundred forty nine points. SPEs gained twenty two well, Mass det futures rise by seventy two the US ten year old at three percent. Gold is down for oil is trading lower, but Bitcoin is

trading higher by one percent. Japan was a little changed for night, while up markets are in the red this morning and back in the US on the economic Fronday thirty initial Java's claims in other news Tesla's Chinese production that Stars back with output more than tripling, and Facebook is said to have halted development on its Apple Watch rival and deal news people familiar to that Walgreens received a binding offer from Apollo and Reliance for its international

arm and wrapping things up, Scott's Miracle Grow was cut to neutral over at JP Morgan Live from the first Sir Baking News descon Bill Malodey care, Herry, Bill, thank you, and to hear live breaking news over your Bloomberg type squawk on your termin I'll sue you a w K. We're also watching Target this morning, shares on more than one percent and increased its quarterly cash dividend to a dollar eight to share from nineties cents. And that's a

Bloomberg business flash. Now here's Michael Barrow 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 ryant and who was responsible. The House passed a package of gun legislation last night. It comes ahead of whatever compromised plan emerges from bipartisan negotiations in the Senate.

In the NBA Finals, the Celtics beat the Warriors one sixteen, one hundred to take a two games one lead in the series. In baseball, the Yankees and Mets lost, 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 analysts more than a hundred twenty countries. I'm MICHAELA. Bar This is Bloomberg. The following commentary is

from Bloomberg Opinion. Important. I'm Jonathan Burnstein, a columnist for Bloomberg Opinion. After another primary night this week, here's one thing that stands out. We're going to hear a lot from Republicans over the next few weeks about how voters don't care about the attack on the Capitol on January six last year, or about Donald Trump's attempts to stay in office despite losing an election. In a way, this

is correct. Voters tend to not care about lots of important things after or more accurately, lots of important things don't normally affect many votes. Regardless, quite a few candidates are talking a lot about the election, and those candidates

are Republicans. Recently, Pennsylvania Republicans nominated a gluberatorial candidate running on false claims of fraud, while a Trump endorsed candidate for governor in Georgia was badly defeated after spending much of his campaign talking about more of the same this week, some winning, some losing. Certainly a lot of Republican candidates and at least one former president think it's essential to

keep focused on the election. I'm Jonathan Bernstein. For more opinion, please go to Bloomberg dot com, Slash Opinion or O P I n go on the Bloomberg terminal has been Bloomberg Opinion and Bloomberg Opinion commentary is gonna be heard every weekday at this time and terminal customers can read more as O P I n go. It is six

fifty on Wall Street. We turned to news in science and technology now at the Bloomberg and J. A. T. Stemmer report brought to you buy New Jersey Institute of Technology ranked top fifty national public university by US News and World Report and number fourteen in the nation on Money's Best Colleges. List. Learn more at n j I T dot E d U and here's US making news and science, technology, engineering and math. We're learning more about

the severity of so called long COVID. According to a study by South Africa's biggest health insurer, people who had a documented COVID nineteen infection are more likely to be hospitalized or developed diabetes or hypertension in the months following their illness. The findings indicate the risk of dying is still no higher. Facebook parent company Meta has haunted development of a smart watch with the dual cameras. It's instead

working on other devices for the risk. According to a person with knowledge of the matter, the device has been under development for two years and was designed to include several health and tech features common and other smart watches.

And Apple said it will handle the lending itself for a new buy Now, Pay Later offering, sidestepping partners as the tech giant pushes deeper into the financial services INDUS three holy On subsidiary will oversee credit checks and make decisions on loans for the service, which is called Apple Pay Later. And that's the Bloomberg and j I T

stamp report. Nathan all Right, Karen thank you. We are live from the Bloomberg Interactive Broker Studios, where it is now six fifty two on Wall Street Time Now, to check what's going on in d C, where some of the top stories include President Biden being pressed on guns and inflation on Jimmy Kimmel's ABC late night show, President proposing a regional economic partnership as the Summit of the Americas gets underway in Los Angeles, and the January six

Committee promising surprises in tonight's first primetime televised hearing. Ahead of all that. We are joined live this morning by Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, Good morning. I think the takeaway line from President Biden on last night's Jimmy Kimmel Show is the uh quote, inflation is the bane of our existence. It's kind of a tough room for the President last night. Yeah, I was a little surprising that a late night show host is seemed to

be determined to ask some tough questions. He pressed him on inflation, he pressed him on executive in action on gun control. But I mean, clearly the President's words were true in an economic and political sense. It's the bane of democrats. Existence on the campaign trail as well, and it's clear he feels the need to address that. I did think it was fairly newsworthy that when he talked about potential responses, even though some of this is out of his hands, he did go back to the prescription

drug pricing debate. And that's something that is still sort of maybe on the back burner, but being discussed in Congress. It's not the panacea for overall inflation and price increases, but if that political pressure regarding inflation, uh, prompts I guess greater movement on the the drug pricing debate, that would certainly be a significant development. And when it comes to the gun debate, Jack was the president kind of arguing that moving forward that is kind of out of

his hands at least unilaterally. Yeah, he actually invoked former President Donald Trump, who he said went overboard with executive orders. He he wants to follow the law. Uh, And it's true that the president there's there's no law that gives the president a huge amount of leeway regarding any major gun control measures. So really the conversation is still in the Senate where they're trying to figure out what could get sixty votes uh, to respond to the recent UH

mass shootings. UH, and that that may be a smaller measure. They're talking about red flag laws at the state level, shoring up background checks, background checks for younger people who might have certain things expunged in their records. Not a huge measure, but you know, the conversation is still going forward in the legislative branch and the Senate about what

they can do. Yeah, speaking of huge measures, we did get one passed in the House yesterday, but I guess you're sort of implying there that one's probably not going to go much of anywhere in the Senate. Yeah. That was the more ambitious measure with a lot of Democrat Democratic support. It include included measures such as raising the minimum age for the purchase of many semi automatic rifles to twenty one years old. Uh. It got into federal

standards for the safe storage of firearms. That was almost exactly a party line vote. There were five Republican votes in favor. There are actually two Democrats who voted no. They got two hundred twenty three votes when they needed about two d eighteen. So you know, it's a chance for Democrats to vote on something they like in the House. That's that's kind of why the House of Representatives is there.

But as for something with a realistic chance of being enacted, the action really is in those behind the scenes talks in the Senate. Only about a minute and a half left here, Jack, we got to talk about what's coming up tonight in prime time on Capitol Hill. The first

nationally televised January six hearing. Yeah, prime time is the major takeaway starts at eight, and the the lawmakers on the panel are determined to kind of make their case to the American people that this was significant that the the you know, lawmakers like Jamie Raskin on the panel had said this was not a spur of the moment thing. They're going to lay out the details of what they

know about any level of prior coordination. The inclusion of Nick Quested, the documentary and documentary filmmaker in this is interesting because he was embedded with a camera crew with the far right Proud Boys. There was a meeting on

January five between them and the oath Keepers. I think they will get into the degree to which certain groups organized their activities rather than the the overrunning of the capital being a spur of the moment response in our last thirty seconds here, Jack, The committee is promising surprises to come out of this, and we know there have been a lot of closed to or hearing Sir, what are you gonna be looking for in terms of things we might not know about what happened on January six, Well,

they've conducted a lot of interviews. They are said to plan portions of video testimony from Trump family members and other high profile people. We don't know exactly who, but it would be very interesting to see if if they include some of that testimony that that was recorded, interviews with people like Ivanka Trump or Jared Kushner or Mark Meadows,

who is the chief of staff at the time. They've talked to a lot of people close to the president, uh, and a focus on what they had to say would be some of the most newsworthy events out of this hearing tonight. Now, we know you're gonna be watching it very closely, Jack, and we're gonna have full morning after coverage for you here tomorrow, right here on Bloomberg day Break, Bloomberg Government reporter Jack Fitzpatrick, as always, thanks for being

with us. You can read more about all these stories on Bloomberg dot Com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington. Bloomberg and one oh five point seven FM h D two focus this morning on an easy be policy decision ahead of it. S ANDP futures are higher by twenty two points. Much more to come on Bloomberg Surveillance. That's straight ahead for Karen Moscow. I'm Nathan Hager. This is Bloomberger broadcasting live from the

Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one oh six one, to San Francisco, Bloomberg nun sixt to the Country Sirius XM Chento one ninet and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow, and we are just about three hours away from the Open of US training.

Time for the five things you need to know to start your day. Brought to you by Interactive Brokers. Interactive Brokers charges margin loan race at one point three to two point three three percent rates subject to change. Learn more at ibk r dot com slash compare. First, traders are awaiting a policy decision from the European Central Bank. We get a preview from Bloomberg's James Wilcock in London.

Options Pricing suggests that traders haven't been this jittree about an ECP rate decision since the Central Branch is set to en quwee and says out the path to what its first rate hikes in twenty eleven when it meets today. But what traders really want to know is the President Christine the Guard would back fifty basis point hikes in

the future. As the Eurozone faces inflation accelerating at a record pace, and Bloombergs James Wilcox says the ECB decision will come down in an hour and fifteen minutes from now. Well ahead of that, Karen Gas continues to surge to record highs, and we get the latest live with Bloomberg's John Tucker. More pain at the Pump, John Yeah, Nathan. Gasoline prices have now top five dollars a gallon in sixteen states, and prices aren't likely to drop anytime soon.

Increased oil demand continues to outpace the global supply. Gasoline inventories are at the lowest seasonal level in eight years, according to the Energy Information Administration. It's 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. The President making the comments at an interview with ABC Late Night host Jimmy Kimmel live in New York. I'm John Tucker

Bloomberg Daybreak. All right, John, thank you. On Twitter is telling its staff a vote on Elon must deal to buy the company is coming this summer. We get the latest line from Bloomberg's Nita Young Rnita Karen Bloomberg. Sources say Twitter's top lawyer is reassuring 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 filings showed Dubai based investment firm VI 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 that has also drawn money from billionaire Larry Ellison and Sequoia Capital. Live in New York, I'm rened a young Bloomberg daybreak. We need to thanks.

Shares of Tesla up more than three percent. Production in China more than tripled last month, even though the electric carmaker just got its Shanghai factory back up to speed, and the transformation on Facebook continues. Nathan. The company which changed its name to Meta Platforms last year will now trade it to the ticker m E t A instead of f B. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers.

All Right, Karen, thank you to sixty three on Wall Street where it's sixty degrees with the rain continuing now causing flooding on the southbound West Side Highway. Nineties through the seventies. More coming up in traffic. First, Michael Barr with what else is going on in New York and around the world. Good morning, Mike, cal Good morning, Nathan. The House passed a package of gun legislation, including raising them and a mage to buy a semi automatic rifle

from eighteen to one before the vote. Democratic Representative Mike Thompson spoke in fiver of the measure, raising the age to buy an assault weapon saves lives. Limiting magazine capacity will limit the carnage of math 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 Comer disagrees with the 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 it should be for law about. Comer was among the two hundred four who voted against the bill. Meanwhile, New York Mayor Eric Adams testified before a House committee on oversigning 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 the crisis that is killing more Americans than war. It crisis as now the number one cause of death for our young people. Mayor Adam 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 deadly storming of the US Capitol.

Former President Trump, Donald Trump Jr. And his daughter Ivanka have agreed to answer questions under oath next month and the New York Attorney General's civil investigation into his business practices, A man hadn't judge signed off on an agreement that calls for the Trump's to give deposition starting July fifteen. The agreement comes after a series of setbacks for Trump's efforts to block State Attorney General Letitia James's three year

long investigation. People who have had a documented COVID nineteen infection are more likely to be hospitalized or developed diabetes or high pertension in the months after their illness and

indication of the severity of so called long COVID. That's according to a study by South Africa's biggest health insurer, Discovery Health Global News twenty four hours day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and antalyists more than a hundred twenty countries. I'm Michael barn This is Bloomberg. Thank you Michael, almost six thirty six on Wall Street. John Stash hours here

at the Bloomberg Sports Update, Thanks 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 points, but the Celtics have on the fourth by forty. There has been a close final score yet. In Boston, Celtics jumped in front to nine and then won that fourth twenty three to eleven. Eleven is the third fewest points ever scored in the final quarter of the Finals game Boston one hundred, now up to one

in the series. Rangers and Lightning tied to two, game five tonight at the Guarden Rangers goes Gerard Glan 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 when we're playing at home. So the last two games was the issues, yes,

but we got to get better. We will. Rangers have not scored a five on five goals since Game two, but they have won eight in a row. At MSG, Yankees and Mets both suffered their most lopsided losses of the season. The Yanks seven game win streak ended at Minnesota eight to one. Yanks had just four hits. Both Nestor Cortez and Clark Schmidt gave up four runs. That's the most allowed this season by Cortez. Garret Cole pitches tonight, and Mets lost in San Diego thirteen to two. So

outscored the last two nights twenty two. The Padres five runs in the fourth and ain't in four and the fifth, and Mets are off tonight. They visit the Angels tomorrow. The Angels have lost fourteen games in a row, half of those by one run. I just lost one up into the Red Sox have now won their last seven, and so has Atlanta, the Braves being Oakland that was also thirteen to two. John Scash, We're Bloomberg Sports didn't all right? John? Thanks? It is six thirty seven on

Wall Street. Let's take a look down at some of the stocks that are moving in the pre market. Bloomberg TV anchor and Markets correspondent Danny Berger joins us this morning. Danny, we mentioned the Tesla shares moving up. This morning, Elon Musk Company put out some pretty strong production numbers from the Shanghai Gigaff factory, even though it's been shut down for quite a bit exactly. I mean, that's part of

what makes these numbers so remarkable. So they came out from the China Passenger Car Association, and production in May more than tripled. Um. I'm not sure too many people expected this because for most of April well shutdown. Really only in May did they start getting back online. And even though I mean it's not up to full production, um, the numbers they put out, yes, a triple from the month before, but it's still about fifty percent below what

they do in a normal month. Although I'm not sure what counts is normal in this environment anymore, um, But but still, you know, it is a big move for them. U B S also upgrading the stock, saying, you know, their outlook looks brighter than ever, saying they sold off a lot, so this is an attractive entry point. So Tessa up more than three and a third percent to Morning Premarket. Yeah, a good morning to upgrade the stock.

And we're also seeing some signs Danny, that China's chech crackdown has been going on for the last few months starting to ease up for jack Ma. Yeah, a really fantastic scoop by the Bloomberg China Tech team. Um that China's consider considering reviving Aunt Group's I p O as you say, jack Ma's company. Um. And this comes off the back of China approving some more video games earlier this week. So these signs are pointing towards a relaxation

of some of the tech crackdown. Of course, Ali Bamba owns about a third of ANTS, so in terms of premarket movers, that A d R obviously one of the ones to benefit. It's up about one percent. It's off some of the highs that it had been. But d D for example, another Chinese a d R that's up more than three and a half percent. Um. So yeah, China Securities Regulatory Commission apparently establishing a team to reassess the ANT share plan. So again it's it's just sort

of all of China tech rising in sympathy. About thirty seconds left here. Danny of Drama continues at credit Sueetz, can you get us in thirty seconds? Um, looks it's a it's this continued story of you know, in States, you're going to buy them a lot of analysts of pork cold water on it. Bloomberg out with the reports that they're tapping the brakes on their China growth, it again lends itself to the problems in the region and

greater for credit. So look, it's going to be a volatile session for credit, Sweez, you know, not just today, probably for the near foreseeable future. Yeah, we'll continue keeping an eye on it, all right. Danny Burger, Bloomberg TV anchor,

joining us on radio this wearing our markets correspondent. Thanks for being here Danny this morning and looking at stocks as a whole as we get set for an ECB policy decision in just about an hour, and of course the weekly jobless claims coming out just about two hours from now. We have SMP futures up twenty one points. Right now, DAL futures up a D forty four, NASTACK futures higher by eighty one points. Germany stacks down a

half percent ahead of the ECB decision. Tenure treasury up four thirty seconds the yield right at three percent, and the yield on the two year two point seven seven percent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather rain clearing out this afternoon, going up to the upper seventies, mostly sunny for one day Tomorrow, We're looking for showers

to return Saturday, still raining, still sixty degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Quick Tape He's a Bloomberg Business Clash and I'm Karen Moscow. When you West Dot Index futures are rising this morning, is boon yield stabilized and as a report that Chinese financial regulators have started discussions on a potential revival of a group's initial public offering feels optimism that a crackdown

in the tech sector is easing. European equities meanwhile slipping ahead of an ECB decision that will put the region's monetary policy on a path of tightening. We check the markets every fifteen minutes throughout the trading day on Bloomberg. Guess and P futures have fourteen points and down futures of a hundred three nowsday future is up fifty six The decks in Germany's down seven tenths of upper cent. Can your treasury up one thirday second? You know, three

point one percent? The yield on a two year two point seven eight percent nimex screwed oil is down three tenths per cent, or thirty nine cents, and a hundred twenty one dollar seventy two cents in barrel. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael Karen. After a day of emotional testimony on 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 lt committee investigating the deadly January sixth capital attack will present its material over the first time in prime time tonight. In the NBA Finals, the Celtics beat the Warriors to take a two games to one lead in the series.

In baseball, the Yankees and Mets lost, along with the Nationals and as the Red Sox and giants one Global News twenty four hours a day on air, hand on Bloomberg Quicktake, powered by more than twenty seven d journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Thanks Michael. At six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.

This is Bloomberg a daybreak, and now we bring you an interview with the head of ARC Investment Management, Kathy Would. She spoke at the UP Summit conference in Arkansas yesterday, telling Bloomberg's ad Ludlow inflation will die down. One points to massive inventories now held by US companies and suggests price pressures will ease for consumers. There has been volatility in public markets. There has been under performance in higher

multiple sometimes pre revenue, often preprofit companies. But thematically they are in mobility, ev and battery related startups, lidar related stalltops, ability, stalltops that went public, virus back. Why is that innovation generally um? Starting in February of twenty one, that was our peak UM innovation has been for one of a better word, trashed. And the reason is that what I

mean is I'm giving the backdrop here. So if you look at our our performance, our flagships performance from the low and COVID to the peak in February one, that was increase, innovation solved problems. We had a lot of problems through the coronavirus. Innovation solved problems. We were rewarded accordingly since then peak to trough. When we hit our trough, then goodness, we're pasted down. Why inflation and interest rates?

So there is this and it's really interesting to be here, um Walmart territory because I think we're learning a lot from the retailers now and we're talking about what we learned about in intori uh so uh. The fear of rising interest rates uh and inflation out of control has grouped the market. And of course, and that's the equity market. If you look at the fixed income market, it does not agree with this. The three year I mean the

ten year treasury bondfield is three. That that instrument should be one of the most responsive to inflation fears, right, so three, which suggests GDP growth to three to four percent during the next ten years. So it's not being corroborated by the fixed income markets. And I don't think. I don't think that we are in a period where we can't extricate ourselves from this. In fact, the inventory stories are a very good example of why, of why

inflation has become a problem. You know, the scrambling to bring more and more inventory to satisfied demand, stay at home demand went into overdrive, and I believe the narrative in the last year inflation gave purchasing managers this idea that, Okay, what's the worst that could happen if I build inventories. The worst that could happen is that I'm able to deliver inventory profits sell at a higher price. Well, that's

not going to happen. That's not going to happen when we see I've never seen inventory um surges like this in my career, and I've been around for a long time. So uh at Walmart, at at Target, uh seventy at at Coals, so very broad based. UH. And so I think we're going to see a lot of discounting and this and what's beginning to happen now just at the margin. UH. And we're seeing it because our strategy is now starting

to outperform the rest of the market. I've never been in a market where the market has gone to new highs and we are hitting loads. I've never been in a market so there's been and it hasn't been supported by the fixed in car market. So we'll see what happens. Let me just point out to the audience here in the room at UP Summit in Bentonville, Arkansas, and those listening around the world on Bloombow television radio. I keep looking at my phone, and the reason I do is

I'm on the bloom Bow terminal. It's a down day in equity markets, but the ark Innovation eat F is up two point seven. Why is that? I think it is h seeping into the investor's mind. Is wait a minute, are we right on this inflation call? They felt so right because supply chain issues extended for such a long time. Then Russia invades Ukraine, you know, of course, and of course monetary and fiscal policy have been so stimulative. But as I've said many times, we think the greatest greater

risk by far is deflation. Deflation cyclically. But you're talking over a longer time. He was talking about now too, because I think this inventory issue highlights the cyclical reason

we've been saying we think inflation will unravel. The secular deflation story is very powerful and and and as e VS and autonomous mobility of all stripes starts becoming a bigger base in the economy, that deflationary pull is going to be aggregated because again, these are convergences between a month for different technologies that are all on their own deflationary cost curves. And that was Cathy Wood, the head of our investment management, speaking with Bloomberg's ad Ludlow from

the UP Summit conference in Arkansas. And you can catch more of that interview. We have it for you online at Bloomberg dot com. Right now, S and P futures are higher by twenty one point, STAFLE futures up a hundred forty two, NASTAC futures higher by eighty eight points. European stocks moving lower ahead of the ECB decision due out in about an hour and twenty minutes than forty five Wall Street time will get the latest policy announcement

from the European Central Bank. Ten Your treasury is up to thirty seconds with a yield three point zero one per cent. You're listening to Bloomberg Daybreak BLOOBG Daybreak is brought to you by the Jewish Communal Fund. J c f's donor advised fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit j c F n Y dot org. Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak for Thursday,

June nine. Coming up this hour, the e c B gets set to tighten monetary policy. Gasoline prices had recognize in more states. The January six hearings get underway in prime time tonight, and Twitter says it expects a vote on Elon must take over bid later this summer. New York Mayor Adams justifies before a House committee on gun violence. Plum House passes gun reform legislation. I'm Michael bar More ahead.

I'm John Stash, Aaron Sports the South, they speak, the Warriors in the NBA Finals, Rangers Lightning Game five tonight, lopsided losses for the Mets and Yankees. That's all s traded ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C Bloomberg one oh six one Boston, Bloomberg nine sixties, San Francisco, Syrius x M one nine team and around the world on Bloomberg Radio dot com and via the Bloomberg Business APT And

good morning. I'm Karen Moscow. I'm Nathan Heger. Bloomberg day Break, brought to you by b n Y Melon, Pershing's Insight Conference back in person June fifteen through the seventeenth of the Gaylord Resort in Grapevine, Texas. Don't miss at register now at Insight dot b n y Melon dot com. And futures are higher this morning six o one on Wall Street. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg s and P Future is

up thirteen points down. Future is up ninety two nasdays. Future is up forty eight ten year Treasury up one thirties second deal three point one percent, and a yield on the two year two point seven eight percent, and nine x screwed oil is down about two tenths of a percent. Nathan, all right, Karen, We'll get more on the markets in just a minute, but we begin overseas as the European Central Bank begins a new era of monetary policy today to confront the threat of inflation running

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

match of timetable unveiled by Presidents Christine Legard. He wants to bring to an end the euro areas ultra low borrowing costs, but with rates that minus more point five percent, that's likely more to come in London. I'mmune pot split bog day break, are you and thank you? Well? We get the latest on inflation here in the US when the Consumer Price Index is released tomorrow. Inflation, along with rising oil prices and tightening monetary policy, are affecting Investor Outlook.

Malafia Dura walla co c i O for 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, Alafia, Dura, Wallas. As supply shortages are creating further uncertainty in Asia, Karen's stocks were weighed

down by the impact of high inflation. Semiconductor stocks across the region fell after Intel warned weaker demand. China showed exports grew at a faster pace in May than the previous month, but sentiment waned on news of many lockdown in Shanghai. When we turned to oil Now Nathan which has to passed a hundred twenty two dollars of barrel earlier this morning, and gas prices also hitting records in more states as Americans start to hit the road for

peak driving season and Bloombergh. John Tucker joins US Live with the latest John, Good Morning, and Karen. Gasoline prices of broken records for at least seven days. Prices of top five dollars a gallon in sixteen states, and the demand is still rising. Gasoline supplies are more in line with levels that we usually see at the end of the driving season. We have now seen ten weeks of declines and gasoline inventories. That's the longest run since twenty nineteen.

It's likely to drive oil prices higher. Goldman Sachs increased its quarterly forecast for this year and into next year, raising its w T I estimate for the next quarter to one d thirty seven dollars of barrel. Drivers in California, by the way, are paying the most in the country for gasoline, forking over an average of six dollars thirty nine cents a gallon. Live in New York, I'm John Tucker,

Bloomberg Radio. All right, John, thank you. Turning to corporate news, Amazon CEO Andy Jasey says his company's feeling the pinch of gas prices and inflation. I think we thought the inflation would start to attenuate in two and with war in Ukraine, it just went the other way and it has significantly accelerated. So the cost of trucking and line hole and ocean and air and fuel has just substantially gone up. Amazon CEO Andy Jessy spoke at the Bloomberg

Technology Summit in San Francisco. 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 sitting. We think inflation will

out of battle and our investments. Kathy Wood said, the greater risk to consumers and investors is actually a deflation. Here why in a few minutes, we'll bring you more of our interview with Kathy Wood. All right. Meantime, Twitter is telling staff a vote on Elon musk steal to buy the company. It comes with some big names backing the bid. Bloomberg Jernita Young joints to slide with that

Good morning, Good morning, Nathan Bloomberg. Sources say Twitter's top lawyer is reassuring staff that the deal to sell the company to Elon Musk will go ahead, that a vote could happen in late July or early August. Meantime, regulatory filing showed Dubai based investment from v 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. The deal has also drawn money from billionaire Larry Ellison

and Sequoia Capital. Live in New York, I'm Nita Young, Bloomberg Daybreak, Renita, thank you well. After nearly a year of investigating the US capital insurrection, the House Committee is about to go public with what did Nose? Starting tonight, and Bloomberry's Amy Morris supports 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 capital on January six last year. Tonight is the first in a series of public hearings. 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'm anymore as Bloomberg Daybreak, alright, any thanks right now? SMP futures are up thirteen points down. Futures of Nastack futures are higher by forty eight points. The decks in Germany down six tenths per cent ahead of the ECB decision coming up next hour. Cack in Paris down three tenths per cent. The tenure treasury is up one thirty

second you'll three point zero one per cent. Nimex crew down three tenths per cent at a hundred twenty one dollars seventy three cents of barrel right now. The euro little changed against the dollar one point zero seven one seven. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg six oh seven on Wall Street. Range sixty degrees in Central Park have severe thunderstorm warnings and parts of Ocean County Monmouth County in central New Jersey.

Details coming up first. Michael Barr with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. The House passed the package of gun legislation Bloomberg's at 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 a safe storage. The arguments remained about the same. Republican

Steve Scalise. All we see is 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, though, where passage is still considered an uphill battle. In San Francisco, I'm at Baxter Bloomberg Gay Break. Meanwhile, New York Mayor Eric Adams testified before a House Committee on Oversign and Reform on gun violence and Washington. Adams

posted his comments on his Twitter account. 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 Joe Biden is kicking off his first full day at the Summit of the America's in 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 crisis and prepare for the next one. Also yesterday, President Biden made an appearance on ABC IS 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. A recount determined, that's a Loberty. Physician Memit Oz won the fiercely contested Republican the US Senate primary in Pennsylvania that was too close to call for three weeks. Oz will now face Democratic Lieutenant Governor John Fetterman in the phone. Manhattan Apartment of rents continue to skyrocket last month, with the median hitting four thousand dollars for the first time on record.

Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan, thank you Michael almost extent on Wall Street time for the Bloomberg Sports Update with John Stashon Nathan. Yankees and Mets have the two best records in baseball, so they could be forgiven for both suffering lopsided losses on the road against good teams.

They lost by a combined twenty one to three and for both their worst losses of the season for the Yankees and eight to one defeat at Minnesota. Twins scored twice four string innings. They got home runs from Brian Buxton, Ryan Jeffers, Nestor Cortez, who came into an 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 Tuesday, lost thirteen to two in San Diego. Padres roughed up Chris Bassett Jake coroner Worth

a three run home redrove in five. The Messing without Peterlonzo and Sterley Marked. They both left Tuesday's game with risk and quad injuries, both to do today. NBA Finals Game three in Boston, Celtics beat the Warriors one sixteen to one hundred to go up two to one. Celtics are now seven and Oh in these playoffs. After loss his Game four is tomorrow. Game five is tonight at the Garden where the Rangers of one eight in row.

They look to keep that going and regain the lead over Tampa Bay in the East Finals that are tied into in London today, the first ever round in the new Lived Golf Tour, financially backed by Saudi Arabian interests. You're still Nicholson. I don't condone human rights violations. I don't know how I can be anymore clearing. 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 LIV golf to do a lot of

good for the game throughout the world. And I'm excited to be about a part of this opportunity. And says he's earned the right to have a lifetime exemption on the PGA Towards says will be in Boston next week for the U S John Stash, I went Bloomberg Sports, all right, John, thanks SMP futures right now at eleven points, Staff futures up seventy nine, futures up forty points. Tenuere Treasury is up one thirty second to yield three point

zero one per cent on the tenure note. Cathy Wood of Art Investment Management next on why she thinks deflation is the bigger worry. This is Bloomberg. Bloomberg day Break is brought to you by Hofstra University's Frank Gez School of Business, top right downline NBA program with a real world foundation. Learn more at Hofstra dot e d U slash go grad