Live from the Bloomberg into Rector Berger Studios. This is Bloomberg day Break for Thursday, March two. Coming up this hour. Ukraine and Russia hold the highest level talks since the start of the war. Global stocks falling after yesterday's rally, Wall Street braces for another historic reading on inflation, and Amazon shares rally on a twenty for one stuff split. The first licenses to sell recreational pot in New York would go to people with marijuana related convictions. The South
Korea has elected a new president. I'm Michael laugh More, I'm John stash in Sports, third straight win for the nixt st John's advances, and the baseball lockout continues. That's all straight ahead on Bloomberg day Break on Bloomberg Elevenoro, New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world Old on Bloomberg Radio, dot Com and via the Bloomberg Business At Good Morning,
I'm Nathan Hagar and I'm Karen Moscow. And US futures are lower this morning. We're coming up to five oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On bloomberg SMP futures down twenty two points and down futures down a hundred and nine. NASDAG future is down to ninety eight and the ten year treasury of seven thirty seconds. He had one point nine two percent yield on the two year one point six six percent, nim ex screute oil of
four percent. Nathan, all right, Karen, we begin this morning with the latest on the war in Ukraine. Foreign ministers from Russia and Ukraine have met in Turkey today for the highest level talks since the war began. Ukraine is signaling it's willing to negotiate terms to end the invasion. Bloomberg's Ed Baxter has the story. It says neutrality could be part of the equation. President Zelenski's deputy chief of staff heart Zukova says that ultimately it will be solved
whether Zelenski putin face to face. So we asked the world community to existance in having these direct negotiations, to sit down with at the negotiation table. Meanwhile, Pentagon spokesman John Kirby says the US doesn't think Poland's idea to supply makes the Ukraine will work. At this point, the intelligence community has assessed the transfer of mid twenty nine to Ukraine may be mistaken as escalatory, and Kirby says
that would hurt Ukraine even further. In San Francisco, I'm at back, Stir Bloomberg, Gay break Andy, thank you Meantime, Ukrainian President vladimir's Lensky is accusing Russia of war crimes, as after an air strike had a maternity hospital in the besieged city of Mariopol. An aerie Obama on an maternity hospital is the conclusive evidence that what is happening is a genocide of Ukrainians Europeans. You won't be able to say that you didn't see what happened to Ukrainians
and Mary Upaul you saw. You know. Consequently, you must strengthen sanctions against Russia so that it never has the chance to continue this genocide. President Zelenski says the attack three people, including a child, and that's according to Mariopol's city council and President Zolensky is still asking NATO to set up a no fly zone Karen, but the Pentagon warns that could escalate the situation. Illinois Democrat Raja Christiana
Northey sits on the House Intelligence Committee. We can't let Paton decide what we're going to do to help our friends defend their freedom. And so when President z Lensky asked us in a zoom call about a week ago to either and force a no fly zone or give him the means to do so, I think we should do whatever we can. Congressman Roger Christiana Murphy spoke with
our Washington correspondent Joe Matthew on Bloomberg Sound On. Catch the program weekdays at five pm Eastern on Bloomberg Radio, Well, Nathan. The House has passed a more than thirteen billion dollar eight package for Ukraine as part of a measure to fund the US government for the coming year. Amy Morris has the details from our Bloomberg ninety one newsroom in Washington. The emergency Ukraine related spending includes six and a half
billion dollars for the Pentagon. That's three billion to bolster U S troops in Europe and three and a half billion to replace weapons given to Ukraine. Coronavirus funding was taken out of the measure and domestic agencies will get their biggest increases in years under the bill. Now, it's up to the Senate to sign off on the legislation before the current stop gap measure expires Friday night. Just in case, the House also sent the Senate a four day spending bill just to buy a little extra time
that one expires. March fifteen in Washington. I'm Amy Morris, Bloomberg Daybreak. Thanks Amy. The House has also approved legislation barring US imports of Russian oil. Let's get the details on that live from Bloomberg. Nitta Young, Good morning, Grinita, Good morning, Nathan. The US ban on Russian oil imports would go into effect forty five days after it's signed
into law. The House legislation also takes steps to review Russia's access to the World Trade Organization, and it reauthorizes and strengthens the Magnitsky Act, which calls for sanctions on offenders of human rights. But the legislation does have a provision letting the President allows some product jacks or products rather to be imported from Russia if they're in the national interests, but they'll be subject to review by Congress. Live in New York, I'm rned a young Bloomberg Daybreak,
All right, Rned to thank you. Inflation is also and focus this morning, but the relase of February is consumer price Indix. We get a preview from Bloomberg's and Michael McKee. A few weeks ago, many economists were eyeing February as the peak in the US consumer inflation. Now it's looking more like a fresh baseline. The consumer price index is forecast to rise the most since two but economists are now saying it could peak somewhere in the eight to
nine percent range this month or next. The invasion of Ukraine and severe restrictions of the Russian economy will likely send the prices of staples like oil and food soaring. Without knowing how long the war will last, it's hard to know how high and for how long. Michael McKee Bloomberg Daybreak, All right, Mike. Thanks. There's also a major market event overseas. We get a policy decision from the European Central Bank this morning. Here with details is Bloomberg's
Hannah George. Faced with the twins challenges of inflation and war on its border, the ECB may postpone. It's timetable setting out an end to trillions of euros of asset purchases. That would mark another abrupt shift in the central bank stance. Just last month, President Christine Lagarde turned more hawkish in the face of inflation that's almost three times the two percent target. The danger now is that the invasion and sanctions against Russia will curb Europe's rebound from the pandemic.
In London, I'm Hannah, George, but in both daybreak, all right, Hannah, thank you, and incorporate news. This morning, shares of Amazon are surging. They're up more than six and a half percent in early training after announcing plans for a twenty one stock split weeken more from Bloomberg Charlie Pellett. It's subject to a vote by shareholders, which is scheduled from May. The e Commerce Giants Board also approved a ten billion
dollar share buy bank program. The repurchase authorization replaces a current five billion dollar plan approved in six The company previously split its stock three times in nine and nine. In New York Charlie Bloomberg Daybreak, Okay, Charlie, thanks SMP. Futures down twenty four points down. Futures down two hundred fifteen nastack futures lower by ninety five. Straight ahead, your latest local headlines and a check of sports. This is Bloomberg at five oh seven on Wall Street. It's thirty
four degrees in Central Park. Still dealing with the same issues on New Jersey Transit have been with us for much of the week. I'll have details and traffic shortly. First, Michael Bars here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. The first licenses to sell to recreational marijuana customers and for distributors in New York will go to
people who have a record. State officials said that people with Merillana marijuana related convictions will get DIBs on the first one D two hundred retail cannabis licenses awarded by New York State. The state says it's part of a broader effort to redress the inequities of a justice system that locked up a disproportionate number of people of color for drug crimes. Governor Kathy Hokel has said to announce
the plan regulations for social equity applicants today. Meanwhile, Governor HOCl showed her support for those suffering in Ukraine from the Russian invasion, and interfaith ceremony in support of Ukraine was held at a Ukrainian Orthodox cathedral in New York City. Hokel was there and said she was immersing herself in the community. When I look out in this room, yes, I hear the words of prayer on your lips, and those are powerful words, heartfelt words. But I also see
tremendous pain in your eyes. Governor HOCl praise the defiance of the Ukrainian people in the face of Russia's invasion. South Korea's conservative president elect, Yun suk yol says he would solidify an alliance with the United States, build up a powerful military, and sternly cope with North Korean provocations. Hours after he won the country's hard fought election to become its next leader, n spoke with President Joe Biden
on the phone. The White House is reacting to a bill that would make it illegal in Florida to discuss sexual identity and orientation in some classrooms. It heads to the governor's mask for signing. The state Senate passed the measure despite days of protests and student walkouts. The bill supporters say they give parents more of us say in
their children's education. Why Now's Press Secretary Jen Psaki, I think the most important question now is why are Florida leaders deciding the need to discriminate against kids who are members of the l g B t q I community. What prompts them to do that? Is it meanness? Is it wanting to make kids have more difficult times in
school and their communities? Spokesperson Jen Saki. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. I'm michaela bar This is Bloomberg. Alright, Michael, thank you, Coming up to five ten on Wall Street time for the Bloomberg Sports Updake and what are you? John stash Ower? Your morning, Nathan?
What's going on with the Knicks? Into seven game losing straight, sixteen losses in the span of nineteen games, the Knicks has suddenly won three in a row. They had gone all those two months without winning two straight, and over their last six quarters, Knicks have outscored the opposition by sixty one points. It was easy in Dallas Paul Louse trying to get it back dives quarter three. It's good Evan four titleson the Knicks fifty five Dallas, twenty seven PM.
The Call Final one oh seven seventy seven Knicks five fifth straight win in Dallas. That Alice native Julius Randall scored twenty six match shot only thirty one percent. They were six for forty four on three pointers. They missed their first nineteen at the Garden St. John's beat to Paul ninety two to seventy three to advanced to place billing Ova Today. At the Big East Tournaments, Seaton Hall got by Georgetown p seven fifty three. The Hoya has
never won a Big East game all season. Butler upset Xavier and overtime. At the ACC Tournament in Brooklyn, Syracuse. Blue out Florida State by thirty nine, but top score Buddy Bayhon throw a punch and the coach's son suspended for today's game. With two heartbreak for Iona at one point lost a writer at the mc turney in Atlantic City, the Bronx wanted on a shot with seven seconds left their fourteen and eighteen. They advanced Iona at twenty five
and six. Will settle for the n i T and the baseball labor dispute is now said to be a new conflict whether to institute a draft for international players. If it's not one thing, it's another, and still no deal. The lockout continues the first four series of the season of Malvin Kids. John stash Award Bloomberg Sports. Maybe all right, John, thank you. Red headline just crossing the Bloomberg terminal on talks between the Russian and Ukrainian foreign ministers to meetro
Kulava of Ukraine says Russia. Convada will continue its attack until its demands are met. You get the very latest on the war in Ukraine next with Bloomberg Smart Champions. Stay with us. This is Bloomberg. Good morning, Bloomberg, eleven three oh Weather. Partly sunny today, up or forties for highs, mix of sunning clouds, upper forties tomorrow, rainy, wendy, maybe a little bit of wet snow on Saturday. Temperatures falling through the afternoon. Right now thirty four 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 takes a Bloomberg business lash and I'm Karen Moscow. US stock index futures and European shares are falling amid concern. US inflation accelerated for a six successive month, while investors turned to the European Central Bank degage policymakers response to
the war in Ukraine. We checked the markets every fifteen minutes through While the trading day on Bloomberg SNP future is down thirty three points down, futures down two one nasdack futures down on one d twenty nine, the decks in Germany's down two and a quarter percent. Can your treasury up six thirty seconds? He had one point nine three percent. They yield on the two year one point
six six percent. Nim X scrude oil is a four point nine percent of five dollars thirty six cents and a hundred fourteen dollars of Beryl comex s goold is up six tents percent or twelve dollars fifty cents at two thousand dollars. Announced. The euro one point one zero three three against the dollar. British found one point three one five one. The ends in one fifteen point nine eight and the and Bitcoin this morning lower down six and a half percent at thirty nine thousand, one hundred
seventy dollars. That's a Bloomberg Business Flash. Now here's Michael bar with more on what's going on around the world. Michael, thank you very much. Karen. Talks between the feign ministers of Russia and Ukraine just wrapped up on the sidelines of a diplomatic summit in Turkey. Russia conveyed it will continue attacks on Ukraine until demands are met. City Council of Maryupole says an air strike on a hospital killed
three people, including a child. The World Health Are going to Zation said it has confirmed eighteen attacks on medical facilities since the Russian invasion began two weeks ago. Major League Baseball has got another week of the upcoming season with the lockout in its day. The decision means the season won't begin until April fourteenth, at the earliest. In the NBA, the Knicks and Celtics won, the Wizards lost. In the NHL, the Capitols lost in overtime to the Oilers.
For three Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Hi, Michael Barr, this is Bloomberg Nathan. Thanks Michael. It's five nineteen on Wall Street Live from the Bloomberg Intractor Broker's studios. This is Bloomberg day Break. Let's get more now on the war in Ukraine. And these talks have just wrapped
up between the foreign ministers of Ukraine and Russia. Mark Champion is with us now, Bloomberg New Senior reporter for International Affairs. Mark, It's good to have you with us. And just judging from the headlines that across the Bloomberg terminal coming out of these talks between Demetro Kuleba and Sergey lavrav it doesn't sound like much headway was made. No, there is a long way to go to cross uh, you know, to to get these two sides to meet.
You know, on the one hand, it's already progressed at their meeting and at the diplomatic level is increased from sort of technical meetings up to now the foreign ministers. But you know, you have to kind of look at
what each side is demanding. That the the Russians are demanding that that there should be recognition of Crimea, which was the next in two thousand and fourteen, as Russian territory, and their demanding also that the don Ba separatist territories where there's been a wars instude thousand and fourteen um that those should be recognized by Ukraine as independent states, so that you know, a significant chunk of Ukrainian territory
would be acknowledged as no longer part of Ukraine. That is, as President Zelinsky has already said, kind of a non starter. They're willing to talk about status, to discuss status, what kinds of autonomy, that sort of thing, but they're not willing to just recognize um. And in the Ukrainian position is that they before they even start talking about those kinds of substant things, they want the Russian troops out, they want to cease fire, and as Labor said as
he left, that's not happening. Are we seeing some signs of at least a little bit of progress when it comes to the idea of neutrality. We talked to the deputy chief of staff to President Zelinski yesterday and he said that that could be on the table. And we've also heard from Russian diplomats saying that they're not looking for regime change in Ukraine? Does that show some possibility
that we could see at least some diplomatic movement. Absolutely, and we're we've already moved significantly from where we were saying on February, you know, the day after this began. I mean, at that time President Putin made very clear that he wanted Ukraine first of all, demilitarized. So that meant the no armed force for Ukraine at all, it would have to lay down its arms and be uh disbanded. Um. And secondly it meant that the denotification is what he
called it, but that was regime change. Um. And they are no longer talking talking about denotification, Uh. They the demilitarization is still talking about but it seems like that might be negotiable into you know, some level of Ukrainian armed force. But but for the rest you know, we're
still very a long way apart. Uh, and some very very difficult You think that for eight years they were trying to negotiate the terms of a political settlement for those separatist territories in the don Bus and they weren't able to do it. You know, in a sense we're
back at that position, but with an arm conflict going on. Yeah, and when we see that armed conflict going on, we've looked at the reports of Russian forces getting bogged down to the north and of course these seemingly indiscriminate attacks on civilian sites and places like Mariopol. What does that tell us about where this war could be going from here? Mark, Well, I think it tells us something about why there has been movement, especially on the Russian side. I think each
side is under enormous pressure. That the Ukrainians simply because the people are being killed in numbers and their cities and infrastructure are being destroyed. So the Ukrainian side is very much under pressure. But so to President Putin, because he went in with a plan where whereby Ukraine would
be taken fairly quickly, within days. His troops would just drive almost into the center of the towns and would take uh take down the government in Kiapan in other cities, and just replace it with something more friendly to Russia. And then he could organize the terms on his on his his leisure. That simply didn't happen, and so now he's had to move to a different military strategy which involves basically shelling cities into submission and hoping that eventually
Zelenski will submit because of the pressure. But that is a that is a strategy with no obvious UH time frame for the exit, and as we know from conflicts elsewhere, it can take a long time. Um, you know, suppress suppressing a city. If you think of what happened in Yugoslavia, in the eastern city of Kava, there was a famous stiege that that that took ninety days. Thanks for this, Mark, great to have you with us this morning. Mark Champion,
Senior reporter for International Affairs for Bloomberg News. As we continue monitoring developments following the foreign ministers meeting between Russia and Ukraine, Russia's Sergey Lavrov is now speaking. Will continue bringing his comments and UH developments to you as the morning Progressive. Stay with us. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather partly sunny, upper forties today, mix of sun and clouds. Tomorrow upper forties, rainy for Saturday.
That rain could mix with some wet snow is Temperatures dropped through the day. Right now, thirty four in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Living Free on to Washington, d C, Bloomberg nine one to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the Country, Sirius XM to A one ninet, and around the globe the Bloomberg business in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karin Moscow. We're just about four hours away from the open of US trading. Let's catch you up to date on the news you need to know. The show our arraid sirens in Ukraine's capital Kiev this morning. As Russia's invasion enters its third week, Ukraine's President Vladimir Zelenski says he's willing to consider compromises, but he won't seed territory. You must strengthen sanctions against Russia so that it never
has the chance to continue this genocide. You need a pressure Russia so that it sits at the negotiating table and ends this barbarous war. Zelenski says he has not spoken to Vladimir Putin. Foreign ministers from Russia and Ukraine's spoken Turkey today with no breakthrough, Moscow said it well continue its attack until demands are met. It's seeking surrender from Ukraine. Like in Washington, Karen, Congress is ramping up pressure on Moscow. The House has passed to build a
band oil imports from Russia. Bloomberg's Ranita Young joins US Live with the story, Ranita Nathan. The US ban on Russian oil imports would go into effect forty five days after it's signed into law. The House legislation also takes steps to review Russia's access to the World Trade Organization, and it reauthorizes in strengthens the Magnitsky Act, which calls
for sanctions on offenders of human rights. But the legislation does have a provision letting the President allows some products to be imported from Russia, and that's if they're in the national interests, but they'll be subject to review by Congress. Live in New York, I'm gonna need a Young Bloomberg Daybreak alright, rened to thank you, turning to All Street today, it's all about inflation. The consumer price index is expected to increase it at seven point nine percent annual rate.
Bloomberg's Finny Deal. Judai says, more red hot inflation. It's probably going to get worse as the war in Ukraine sends global food and energy prices higher. Ukraine is a major wheat exporter, Russia oil and gas. For now, economists are saying US inflation could peak somewhere around eight percent or nine percent, perhaps in a month or two. Final Judace Bloomberg daybreak. Al Right, Vinnie, thank you. In overseas markets,
the focus is on monetary policy. The European Central Bank decides on whether to raise interest rates in these asset purchases. That strategy could be delayed as it navigates inflation and economic shocks from the war. I'm back here in the US, Nathan. For the first time in two decades, Amazon is splitting at stock. The company plans to boost its outstanding shares by a twenty to one ratio. It's also authorizing at ten billion dollar buyback, and Amazon shares up about six
percent in early trading. Futures this morning are lower. SMP futures down twenty nine points down, futures down two hundred thirty Nasdag Futures down one eighteen and straight ahead your latest of local headlines plus the check of sports and this is Bloomberg. Thanks Scaring three on Wall Street, foggy thirty three degrees in Central Park, we had an overturned tractor trailer southbound New Jersey Turnpike. Exsit thirteen Hells coming up in traffic. First Michael bar with more on what's
going on in New York and around the world. Michael, thank you very much. Nathan. The first pot sales permits in New York State will go to people with convictions. The states going to award up to two hundred only to people who had been convicted of marijuana related crimes. Governor Kathy Oakel says it's an effort to address the inequities of a system which has locked up people of color for such offenses at disproportionate rates and in her faith.
Ceremony and Support of Ukraine was held at a Ukrainian Orthodox cathedral in New York City. Governor Hokell attended the event and praised the defiance of the Ukrainian people in the face of Russia's invasion. Ukrainians stand up women grabbing weapons and going to the front line, some taking their children as safety, but others staying I'll stand with the menimal fight back. Governor Hokel said she was immersing herself in the Ukrainian community. South Korea has elected a new president.
Conservative Yun suk Yol, defeated his rival in one of the country's most closely fought presidential elections. Un spoke with President Joe Biten shortly after his win. Former astronaut Scott Kelly is upset with a head of Russia's Space agency for threatening on social media to leave one of the American astronauts on the International Space Station behind when a Russian saw use spacecraft parts the station later this month.
Kelly says he found the comments outrageous. The people at the Russian Space Agency, I've known many of them for well over two decades. I trust them. I've literally literally trusted them with my life before. Kelly also says the events of the past weeks have taught us to prepare
for the worst and hope for the best. A federal lawsuit filed in Colorado claims a group of Donald Trump's supporters called the US Election Integrity Plan, has been sending its agents to people's homes in an effort to intimidate voters. They are said to have sent agents, in some cases armed, to voters homes, asking questions and taking pictures. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist and an
analyst in more than a hundred twenty countries. Michael Barr, This is Bloomberg, Nathan. Thanks Michael. On Wall Street. Time for the Bloomberg Sports Update with John stas Shower. Nathan the Nixon joined Life on the Road. They had that heartbreaking loss in Phoenix. The Sun's banked in at three point at the buzzer, but they beat the Clippers in l A. They came from twenty down at Sacramento and they cruised do an easy win in Dallas one oh
seven seventies seven. So after going nearly two months without two wins in a row, Knicks have won three straight. Julius Randall coming off a career high forty six points, this time at twenty six at his hometown. R J. Barrett at it that all we're doing different, you know, because the past couple of games before that, we always you know, are winning have it meat and then we would lose it, So it really differences now. Just finishing the games on Randall called it the Knicks best defensive
effort of the season. They held the Master thirty one percent shooting. Dallas was six of forty four on three point and started over nineteen Nixon Memphis Tomorrow Nets and Sixers Tonight in Philadelphia is the Nets face James Harden. Ben Simmons still not playing for his new team. He had refused to play for Philly. He will be there tonight sitting on the next bench. Figgy's Tournament The Guard St. John's beat to Paul ninety two to seventy three. Seaton
Hall got by Georgetown fifty seven fifty three. Big upset at the Matt Turney in Atlantic City. Ryder top Diona seventy one. Seventy of the Gales had beating the Bronx twice in the regular season once by twenty six, but Ryder advances in Iona will settle for the n I T. Col Gate going to the n C Double eight to the second year in a row. The baseball lockout continues. Two more series canceled, wiping out a Mets road trip in Philly and Washington, and a Yank Young stand against
Toronto and Boston. The earliest the season could now begin is April fifty down Station with Bloomberg Sports Baseball in Texas. All right, John, thank you thirty seven on Wall Street time for the Tri State Business Report with Bloomberg's head Cory. Manhattan apartment rent store to an all time record high last month. Tennant's paid a median of three thousand, six hundred thirty dollars, the most for any month and more than a decade of data keeping, end up twenty eight
percent from a year earlier. Leasing costs are now two and a half percent higher than the previous record set in April two thousand twenty. The Brooklyn Tower is starting sales as the luxury market once again booms. After five years of construction, the Times Rewards JDS Development Group has nearly completed the city's first and only super tall building
tower outside Manhattan. The Treasury Department says the Supreme Court shouldn't take up a case that challenges the constitutionality of a camp Congress imposed on federal deductions for state and local taxes. New York, New Jersey, Connecticut in Maryland have said the camp undermines their sovereign authority over fiscal issues and their ability to raise revenue. That yourew Bloomberg Dry
State Business Report. I'm Ed Corey on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Potaskan on ten ten Wins in New York. We're talking about Manhattan apartment reds hitting another all time on. I'm Corney Dannaho on Cafabian Omahaw Caterpillar and Deer joined
firm suspending business in Russia. I'm Gina Servetti and for w c c O in Minneapolis. I'm reporting that Sun Country Airlines sees demand allowing airlines to pass along higher fuel costs. I'm Caroline Headfield. Do they dab dishal radio at Landaport? On the government freezing the assets of Chelsea Football Club owner Robert of Bramovich and with six other Russian oliggs. My head Corey, you w w J in Detroit. I'm reporting philantist G. M. Gordon testa all game ground
on Wednesday. Those are some of the stories are twenty 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. What's happening in Ukraine is a special military operation, not a war. President Vladimir Putin is a hero standing up to Western powers. This is the story that most Russians have been getting
from state TV channels. For everyone's sake, Russians need better information, which is why the international community must support the dwindling number of journalists who are trying to provide it, either in Russia or reporting on Russia from abroad. Fund Lying state aid to Russian media organizations would be a mistake. It would undermine the independence local outlets have fought so
hard to preserve. Far better for governments to look for ways to keep communication channels into Russia open and to assist Russian journalists by granting them asylum and work documents. We must support Russian civil society in what may prove to be a long exile, hoping that its proponents can do some good from abroad and someday return to a very different home. 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 in Listen for Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at O P I n GO. SMP futures down thirty one point, staff features down two to fifty seven. Nanstack futures lower by
a hundred thirty three points. Ahead of the release of the February Consumer Price Index, Bloomberg's Michael McKee joins us next with a preview. This is Bloomberg Blomberg eleven three oh Weather. Partly sunny, upper forties today, partly sunny upper forties Tomorrow, rainy, wendy, maybe a little wet snow Saturday, with temperatures falling through the afternoon. Right now, it's foggy
and thirty three 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 quicktape. This is a Bloomberg business flash and I'm Karen Moscow US dot in next futures and European shares falling amid concern US inflation accelerated for a six straight month, while investors turned to the European Central Bank to gauge policymakers response to
the war in Ukraine. We checked the markets every fifteen minutes throughout the trading day on Bloomberg s and P Future is down thirty points down, futures down two hundred fifty six and NASDAG futures down one d twenty eight. The decks in Germany is down two point two percent. Ten year treasury up six thirty seconds. He had one point nine three percent yield don the two year one
point six six percent. NIMEX Screwed oil is up four point three percent, up four dollars seventy cents at one hundred thirteen dollars forty cents of barrel comics gold is up seven ten percent or fourty dollars thirty cents at two thousand two dollars. Announced. The euro one point one
zero to eight against the dollar. British pound one point three one four nine, the ends at one sixteen point oh three, and Bitcoin this morning down more than six and a half percent at thirty nine thousand, one hundred twenty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Muchael, Karen, thank you very much. Ukraine and Russia made little progress
in the halt the war. At the first high level talks between their foreign ministers since the Russian invasion began, Russia indicated it will continue its acts until its goals are met. Russia and Ukraine's foreign ministers met in Turkey today. Meanwhile, the City Council of Marupo says a Russian air strike on a hospital killed three people, including a child. Major League Baseball has cut another week of the upcoming season with the lockout and It's day. The decision means the
season won't begin until April fourteenth at the earliest. In the NBA, the next and Celtics won, the Wizards lost. In the NHL, the Capitals lost in overtime to the Oilers. For three, Global News twenty four hours a day on air and on Bloomberg Quicktach powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. How Michael bar this is Bloomberg. Nathan okay, Michael, thank you. It's five forty nine on Wall Street Life
from the Bloomberg Intractor Broker Studios. This is Bloomberg Daybreak on top of war risk, inflation is top of my and for investors this morning. With the consumer Price Index for February due out at about eight thirty am Wall Street time, we are likely to see another historically high reflection of the cost pressures Americans have been feeling for months. Now, let's bring in Bloomberg Economics correspondent Michael McKee. Mike, good morning.
Just checking the eco function on the terminal. Seven point nine percent is the economist consensus for a year over year inflation is the risk to the upside. There may be some risk to the upside, but it doesn't really
matter in this sense. This is pre war, and we know energy prices have skyrocketed since then, also other commodity prices that eventually feed into what we pay for goods around the country, and so this is probably not as bad as it's going to get The Fed had hoped that we were getting into a season of UH base effects, where because inflation was very high during these months last year due to co of it, that it would be held down a little bit this year. But it doesn't
look like that's going to happen. And the bad news on top of the bad news is UH economists are generally pretty close in estimating what CPI is. Yeah, I wanted to ask a little bit more about how much harder it's going to be to predict peak inflation given that we do have a war on now and that's having obvious effects on for the least of which is
oil prices. Yeah, it's oil prices, and that's the most dramatic change on a month to month basis, and it's the one that people notice the most because of course you can fill up your tank UH and every time you do, the prices are higher. But food prices are also going to be going up. It's a little bit
less of an issue. We know soft commodities like wheat and corner higher now because of the war, but there are middlemen between the farmer and you in the supermarket, so some of that get absorbed It's going to be a real problem in some countries though, where food is a much higher part of a family's monthly budget, and so that could be a real issue. On top of all that, we're keeping an eye on rents because house
prices have been still going up. Is that going to be affected by the fact that mortgage rates have gone up? Are we going to start to see an impact on that because mortgage rates have gone up in anticipation of the Fed. And of course when we think about food and energy prices, of course those are the highly volatile aspects of inflation that the FED likes to strip out
when it comes to its decision making process. I mean, how important is this particular CPI going to be for the FED when we do have so much likely future volatility with the war happening. Yeah, it's one of those things where we thought a month ago it was going to be extraordinarily important, and now it's taken on much less important because the Fed's already told us what it's going to do this month. They're going to raise rates
by a quarter percentage point. I suppose if we got a huge upside surprise, the FED could surprise and raised by fifty basis points. But right now it looks like we're kind of locked in. So the Fed is gonna be looking down the road to see what the impacts of the Russian war are and what whether those impacts are going to be lasting. That's gonna be key. Do we think that this war is going to go on and oil prices are going to be elevated and keep
going up for months and months. That's the question out there that nobody has an answer to right now, and certainly the question that we're gonna be looking for a lot more clarity on as we do get that. February CPI coming out at eight thirty a m. Wall Street Time. Bloomberg's Michael McKey are economics correspondent. As always, good to get your thoughts ahead of the official read. Karen Nathan, thank you. It is on Wall Street time for the
Bloomberg Law Report. Let's get to the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger, the Treasury is urging the Supreme Court to leave in place a lower court ruling upholding the constitutionality of a cap on deductions for state and local taxes. For states are challenging the cap California's Supreme Court refused to revive a suit by hotels who claimed their COVID related income lasses should be
covered by their commercial Property insurance. OSA says COVID nineteen remains its primary enforcement concern, even though mask mandates are being lifted in many places. 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 where watching brings us to the Supreme Court justices have turned away Republican challenges to congressional maps drawn for this year's election in Pennsylvania and North Carolina. This could help Democrats win a handful of races in November, but the end in the case also raises some new concerns for Democrats.
For conservative justices say they wanted to consider a far reaching legal theory that would shift more federal election power to the state legislatures, which are now disproportionately controlled by Republicans. For more in the case, Bloomberg's Jon Grosso speaks to elections law expert Rick Hassan, a professor at U c Irvine Law School, So the court left the maps in place. Was that an expected decision under current law, So the kinds of arguments that were being made against the two
different states laws were somewhat different. The claim in Pennsylvania was essentially punted. It was basically that a federal statute required that if the legislature didn't draw lines in a certain way, then you'd have to elect all the members of Congress from the entire state voting. And so that case just got punted and is going to be put before a three judge court, and we'll be back before
the Supreme Court at some point. The more immediate interesting case is the North Alina case, because there we've seen an argument raised that conservatives have been raising for twenty years, more than twenty years since Bush versus Gore, which is at state courts applying state constitutions have very limited powers to apply those state constitutions against state legislatures in federal elections.
And that's because of a part of the Constitution that says the state legislatures get to set their rules for running congressional elections subject to Congress is override. It's very complicated called the independent state legislature doctrine, and So far, no majority of the Court has accepted it, but there are a number of justices who have expressed some interest in it. So we're waiting to see what happens ultimately
with the resolution of this issue. So in the Carolina case, the courts three most conservative members, Justices Samuel Alito, Clarence Thomas, and Neil gors It, said they would have blocked the state court from adopting a new map, and they use this independent state legislature doctrine. That's right, And Justice Kavanaugh said, yeah, I think we should take this independent state legislature. Doctor seriously,
I just think we're too close to the election. But he suggests that if the case came back for a regular hearing, not on an emergency basis, that he'd be willing to hear the case. It always takes four of the nine justices to a pretty hear a case, so it seems pretty likely that this case will ultimately be back for the Supreme Court, maybe to be heard next year,
and with the decision a year from June. So the Democrats win here in the short term, but now this is something that they should be concerned about in the long term. Oh, I think absolutely, yes, This is something that really could have impact beyond redistricting as well. It could apply anytime the state legislature's rule is challenged as violating a state constitutional provision, and it's going to be
applied in a federal election. And as Rick House and a professor at U see Irvine Law School speak about the Bloomberg student grosso Care's more of that interview, plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading this show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at b law Go and again, futures
are lower this morning. S and P Future is down thirty four points down, futures down two hundred eighty five, nasdack futures down one forty six. The decks in Germany is down to and a quarter percent ten. Your Treasury up seven thirty seconds, yield one point nine two percent, yield on the two year one point six six percent. Niam X screwed oil is up three point nine percent of four dollars eighteen cents at a hundred twelve dollars eighty nine cents of barrel, the euro one point one
zero three six against the dollar, and still ahead. On Bloomberg Daybreak, a check on the business headlines and all the news you need to start your day. And this is Bloomberg.