Bloomberg Daybreak: March 11, 2022 - Hour 1 (Radio)

residents say no self served gasoline. I'm Michael bar More Ahead, I'm John Stashdown Sports. The baseball lockout is over. Opening day of April seventh. Big win for the Nets. The Rangers lost, heartbreaking loss for St. John. That's all straight Ahead on Bloomberg day Break on Bloomberg elim Freo, New York, Bloomberg n Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nine Team, and around the world. Old on Bloomberg Radio dot Com

and via The Bloomberg Business or Good Morning. I'm Nathan Hagar, and I'm fair at Moscow and US DOT Index futures are moving higher this morning and it's coming up to five oh one on Wall Street. IM gonna check the markets every fifteen minutes throughout the trading day. On Bloomberg SNP futures of seventeen points down, futures have one hundred five NASDAG futures up sixty four the decks in Germany's

at one point two percent ten. Your treasury down one thirty second you had one point nine eight percent and they yield on the two year one point seven one percent, and n i'm ex screwde oil is up one point eight percent, up a dollar ninety and hundred seven dollars ninety two cents a barrel. Day been all right, Karen. We'll have more on the markets in a minute, but first, the latest on the war in Ukraine to cities in western Ukraine were hit by air strikes overnight. Those locations

had been far from the site of recent fighting. Russia is also not letting up on the city of Mariopol after the bombing of a maternity and children's hospital. Brigs and Baxter as the latest civilians trapped inside the frigid city are scrounging for food and fuel under constant bombardment. Many don't even have heat. Michael nine, Highest, President and CEO of UNISEF, says the toll on children is immeasurable.

Then in Ukraine, for years we have that Steven in in eight different locations there that are were working directly with children, children that are in bunker's, children that are fleeing. Ukraine says more than thirte hundred people have died in the ten day surge in the city in San Francisco. I'm at Baxter Bloomberg Daybreak, all right, and thank you.

The US is making more moves to isolate Moscow. Now it looks like Russia will lose its preferred trade status with the United States, and Amy Morris has details from our Bloomberg newsroom in Washington. President Biden today is expected to call for an and to normal trade relations with Russia, putting them in the same category as Cuba and North Korea. This clears the way for increased tariffs on Russian imports. Biden, can't UNI, I do a really call for the change

in Russia's trade status. That authority lies with Congress, where lawmakers are calling for that revocation, and sources tell Bloomberg News the president's announcement will come alongside the Group of Seven Nations and European Union leaders, which are also calling for their own reveal of Russia's trade status. In Washington, I'm amy more as Bloomberg daybreak, al right, Amy, thanks. The Senate has passed a spending bill that includes security

and humanitarian aid for Ukraine. Let's get the details life from Bloomberg's who need a young Good morning Radida, Good morning Nathan. Just over thirteen billion dollars of that package goes to Ukraine for humanitarian and security aid, and it's overwhelmingly approved under a bipartisan sense of urgency. Now for Democrats, completing this bill in an era of hyperpartisanship is a

major achievement. The government had been using Trump era program funding levels since the start of the fiscal year on October one, and now domestic agencies will get a nearly seven percent boost. The spending bill now helps to President Biden's desk for his Nature live in New York. I'm goneed a young Bloomberg daybreak, all right, berneda thank you. Meantime, we are seeing more financial companies cutting ties with Russia, including JP Morgan and Bloomberg's Charlie Pellett has a story.

JP Morgan is the biggest American bank, and in a statement it said it is currently engaging in limited activities. Goldman was the first of the major Wall Street banks to announce its intention to exit Russia, saying it is winding down business there. The finance industry titans are joining those in other sectors, including McDonald's and Coca Cola, that have already said they will halt business operations in the nation as the death toll rises in Ukraine and millions

of refugees fleet in New York. Charlie Pellett Bloomberg Daybreak, All right, Charlie, thanks in the war in Ukraine now has Wall Street cutting its forecasts for US economic growth. Let's get that story live from Bloomberg's John Tucker, John Nathan. There's more than one in three chance the US will fall into recession, according to the economist at Goldben Sachs.

The down grade it comes as US consumer prices or to a fresh forty year high on rising gasoline, food and housing costs, and inflations poised to rise even further following Russia's invasion of Ukraine. Earlier this week, fed share Jerome Palell reaffirmed plans to raise the interest rates this month and commence a series of hikes to curb high prices. The International Monetary Fund also expected to cut its forecast

for global growth this year. Live in New York on John Tucker Bloomberg Daybreak, All right, John, thank you, Let's turn to China now or GDP figures are also in focus. Premier le Ka cheng amits it won't be easy to hit the country's growth target this year, and Bloombery Daybreak Asia anchor Bryan Curtis has more the growth rate was set at about five and a half percent this year. The comments of difficulty reaching dot will likely stoke expectations that more support is on the way, and Lee did

say that government spending will be beefed up. He spoke at the end of the annual NPC meetings and said that China can cope with the challenges. He said tax breaks for companies will be like getting oxygen two mountain climbers on Ukraine. The Premier set China supports the cease fire on Hong Kong. China supports the delay in elections to combat the virus. Brian Curtis Bloomberg Daybreak and Brian thanks Lekacheng is also announcing an end to his time

as Chinese Premier. Li says he will step down from his post after this year, pointing to a coming reshuffle in the presidency of Shi jin Ping and Nathan. Turning to the markets, now, let's take a look at some stocks on the move this morning. Shares A Docusigner down eighteen percent and early trading, the electronic signature company forecast

first quarter revenue below estimate. Shares A det Global Or down twenty Sources say the right hailing company haunted A planned a listed shares in Hong Kong after failing to appease regulator demands about user data and shares A Rivy and Automotive down eleven and a half percent. The electric pickup maker says plans to accelerate production are being hit by overstretched supply chains. And finally, Karen. It was two years ago today that the World Health Organization labeled the

COVID nineteen outbreak up pandemic. Now a new study says the global death toll could be eighteen point two million, three times higher than official records suggest to study from the University of Washington points to a lack of testing and unreliable data to explain the discrepancy. Futures moving higher. Right now, straight ahead, your latest local headlines and a check of sports. This is Bloomberg. It's not five oh seven on Wall Street. We're forty degrees in Central Park.

We gotta crash on westbound Route eighty. It's near Exit fifty eight. Details coming up in traffic. First, Michael Barr is here with more on what's going on in New York and around the world. Good Friday morning, Michael, Good morning to you, Nathan. After two years of the pandemic battering New York City, Mayor Eric Adams is open to steer the city toward an economic revival by learning tourists back and beautifying the streets. You could fill the energy.

Someone called me this morning and it said Eric. I was at the Ferry. It was crowded. This is the first week where I had to wait on an elevata because it was so full. You know. The Democratic mayor unveiled an economic development plan that he said would usher in a new New York. The recovery is not going

to be about getting back to it always. It's going to get back to the new ways of doing things, and we're going to take this opportunity to reboot our entire system and make changes that are going to include equity and inclusive inclusiveness. Mayor Adam's plan calls for helping small businesses and cultivating specific industries, including pharmaceuticals, manufacturing, and the legal pot industry. People in New Jersey are saying new Way to lawmakers attempts to allow self service gasoline.

The Rutgers Eagleton Pole found that seventy three percent of residents prefer to have an attendant do it for them. Among women, it's t shirts and magnets have sprung up saying Jersey girls don't pump gas. It looks like North Korea tested the new missile system. U S Intelligence has now assessed that to ballistic missile tests carried out late last month and last week involved a relatively new intercontinental

ballistic missile system North Korea is developing. A senior Administration official is calling it a serious escalation by North Korea and serious violations of U N Security Council rules. Jesse small Lett has been sentenced to one hundred fifty days in jail for lying to police in a racist and homophobic attack that he staged himself. Cook County Judge James Lynn tore into the disgraced actor. He took some scamps off, some healy wounds, and you've ripped him apart for one reason.

You want to make yourself more famous, and for a while it worked. Judge Lynn also sentenced small Let to pay back a hundred twenty dollars to the City of Chicago. And the actor who played Louise on TV Sesame Street has died. Emilio Delgado died at the age of eighty one from blood cancer. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists analyst for more than

a hundred twenty countries. I'm Michael Barr. This is Bloomberg. Thanks Michael. Come up to five ten on Wall Street. Time for the Bloomberg Sports Update. Spring is here, John Stash, lay Ball, and Nathan Technically. The baseball lockout lasted nine days, but all in the off season, though twice MLB announced cancellations of games. They'll end up playing all one hundred

and sixty two, so and nobody lost the paycheck. Players expecting to start showing up for spring training today, mandatory by Sunday, exhibition games next weekend and opening day April seventh. It's expected the Yankees will open at home against the Red Sox with the Mets in Washington. They compromised on some economic issues. The minimum salary was raised, the playoffs expanded to twelve teams. National League will start using the d H. Other rule changes could be coming next year.

Commissioner Rob Manford was asked why when it seemed like the lockout might end, it didn't, and then when it looked like it wouldn't it did. Booking back at it, I think we used deadlines effectively to move the process points in time when it needed to move, and you know who out flanked two. My view is there's only one win, and that's getting an agreement, and we got one. Infan says he hopes to have a better relationship with players. Going fuller nets some sixers in Philly first time since

the big trade. It was all Brooklyn d Kevin Duran twenty five points, and Seth Curry, who was part of the trade at twenty four. James hard New engineered the Nets trading in to Philly. Struggled mightily against this whole team. Shot three of seventeen Rangers who lost the other night five to two, lost six to in St. Louis, All Islanders six nothing over Columbus, the hatrick for andrews Lee. Devils lost to Winnipeg to one. Big East Turney St. John's was going for a major upset blew a big

League lost to Villanova by one. Seaton Hall lost to you kind of went for Fordham to advance at the Atlantic ten John stash Ally Bloomberg Stage, Nathan Okay, John, thank you, SMP futures up twenty points now, futures up a hundred thirty three futures are hired by seventy four points. Send your treasury little change with the yield one point

nine eight percent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather partly Sunday today, low fifties, rainy, windy Tomorrow, could mix with some wet snow before ending early afternoon. Early highs in the upper forties. By Sunday will be in the upper thirties right now, forty degrees, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business and at Bloomberg Quicktake. This

is a Bloomberg Business Flash and I'm Karen Moscow. Raging volatility continues to whip song global markets, capping the final week before a new US rate cycle, and or in is worsening. War in Ukraine boost inflation and threatens to sink global growth. We checked the markets every fifteen minutes throughout the trading day. Bloomberg s and P futures are up down futures five Nowaday futures up seventy one. The

day in Germany is up wanted a third percent. The ten year treasury little change at one point nine eight percent, and the yield on the two year one point seven one percent. Nine x Scrude oil is up two point three percent, up two dollars forty eight cents at a hundred eight dollars fifty cents A barrel. Comic school is down to tens per cent, or four dollars ten cents at nineteen ninety six ten announce. The euro is at

one point o nine seven four against the dollar. British found one point three zero seven four and again is at one sixteen point nine to bitcoin. This morning, it is moving lower down about sixtensive upper cent at thirty nine thousand, one hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on

around the world. Unchael, good morning, Good morning, Karen. Russian strikes have hit near airports in western Ukraine as the military offensive whitened and invading troops kept up pressure on the capitol Kiev and the besieged ports city of Mariupol. Meanwhile, the Senate has given final congressional approval to a thirteen point six billion dollar emergency package of milled Jerry and you managed erryan aide for besieged Ukraine and its European allies.

Major League Baseball reached new labor agreements with its players union, and in a three month lockout, it paved the way for the season to start next month. In the NBA, the Nets and Warriors one. In the NHL, the Rangers and Devils lost, The Islanders and Bruins won. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. I'm Michael bar

This is Bloomberg, Nathan. Thanks Michael, five nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and Julie Norman is with us this morning, professor and lecturer on Politics and International Relations at University College London. With Russia's war in Ukraine now in today

sixteen professor, Good morning. As Michael mentioned, the fighting has spread out to cities in western Ukraine that had been far from where the fighting had been up to now. And we're also getting reports that President Putin is saying that he's bringing in Middle Eastern volunteer fighters and fighters from other countries to get involved. What does this tell

you about where this war is going from here? Well, good morning, Nathan, and yes, we have seen a different kind of expansion over the last day or two, as you mentioned, expanding the offensive to new cities that had not previously been targeted. And this is of course just increasing the cost and the toll on civilians quite directly, it's also increasing the number of people who have been displaced already over two million, and now that will increase

in these new areas. And there's also kind of the the ongoing slow burn effect of all these things, to the sense that these cities are increasingly being cut off from heat, from water, from electricity, from food imports, and so the humanitarian conditions in these cities where the offensive is extending to just becomes more and more dire as well.

We did hear also this week that Prutin has been trying to recruit some volunteers from Syria, which is where a Rush of course is very involved in the Syrian Civil War, and seems to be trying to play on that that kind of relationship there. I haven't heard exactly how many are actually taking him up on that offer, but there do seem to be those kinds of overtures happening in terms of where it all goes. Again, this is something that we've all been trying to um to

ascertain since the beginning. Um Again, I think as the squeeze on humanitarian populations continues, uh, and as the squeeze on Russian continues with sanctions, you know, the hope is obviously there will be a bit more nudge towards negotiations and there are some tangible things to actually discuss in terms of territory, in terms of proposed neutrality, but I don't think either side is quite at that point yet.

When you think about the war in Syria and the idea of fighters coming in from there, we all remember the atrocities that have taken place over this more than decade long war in Syria. And now the Russians are pointing out these sort of disputed reports about US and urine Ukrainian biochemical weapons development. It's ray see a lot of concern, isn't it that that could be some kind of false flag for Russia perhaps mirror some of the same tactics that have taken place in Syria when it

comes to banned weapons. Absolutely, and we see the Biden administration and allies trying to get out ahead of this, as they have with previous UH intelligence that they had leading up to the current invasion, where they had a sense that Russia was trying to use misinformation about Ukrainian development of something, in this case chemical weapons that might actually indicate something Russia itself is planning to do. UM Again, none of that is confirmed yet, but it is certainly

UM considered a very possible threat. And again this is something that you know, we've seen Russia take very um costly actions against civilians, not only in this crisis, but as you mentioned in Syria, also in Technia in the past when gros and umensities like Aleppo were you just had very massive civilian casualties, not only through chemical weapons, but more over just through conventional weapons and the use of areads in particular, which we haven't seen extensively yet

in Ukraine, but could certainly ramp up if if Russia decides to play that card. The White House, as President Biden is going to make an announcement of further action against Russia this morning. Bloomberg News is reporting he's going to call for an end to Russia's preferred normal trade relations. Do you see that making any difference? So Biden has been in conversation with European allies about this move. So this call is supposed to come today, most likely in

concert with the EU and the G seven. For the US, it will allow the US to obviously put more tariffs on Russian goods that's only about twenty billion dollars. Only about five percent of Russian exports come to the US.

But about a third of Russian exports go to the EU, So if the EU and the G seven make this move in concert, that's more where we'll have the effect then with the US, But for the U S it's an important political movement the less only about thirty seconds left here, Professors, there a risk that public support for pressure on Ukraine changes if the economic pain gets worse for a mayor, Arikans and Europeans. Well, obviously that's been

a threat since the beginning. But so far, Nathan, we've seen just unprecedented solidarity from UH people around the world, but also from the private sector around the world and really kind of pushing back at this aggression from Russia. UM. With that said, you know, we've seen the numbers coming out this week in the US, highest inflation in decades and just keeps getting higher. So I do think that will affect people's perceptions, but I think anyone paying attention

knows that the inflation issues started before the war. It's been exacerbated by it, but there's a lot of other factors going into that as well. Thank you as always, Professor, good having you on with us this morning. Julie Norman, Professor and lecture on Politics and International Relations at University College London. Future is moving higher at the moment. SMP futures up twenty points, staff futures up a hundred thirty four,

nasty futures higher by sixty eight points. In the tenure treasury right now little chains yield one point nine eight percent. Just ahead. More Ukraine aid coming in a massive government funding bill, and the or leads to more growth downgrades in the US. This is Bloomberg Bloomberg eleven three oh weather partly sunny, low fifties today, rainy, windy tomorrow. The rain may wicks with what snow. Early highs in the upper forties with temperatures falling through the afternoon. We'll only

get to upper thirties by Sunday. Right now forty degrees broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving Freedom to Washington, d C, Bloomberg On to Boston, Bloomberg one O six one does San Francisco, Bloomberg sixty to the country, Sirius XM to the one nine and around the globe, the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and

I'm Karen Moscow. We are just about four hours away from the open of US trading. Let's get you have to date on the news you need to know at this hour. Beginning with day sixteen of the war in Ukraine, sirens heard again in a capital, Kiev. The mayor of the city says almost half of its citizens have fled since Russia's invasion began. Cities in western Ukraine are now under attack to taking fire from a long distance strikes. In the south, the city of Mariopol remains under siege.

The death toll there has reportedly passed thirteen hundred. Meantime, back in d C, Karen, President Biden is set to call for an end to normal trade relations with Russia. Sources say the plans would allow for increased tariffs on Russian imports, putting Moscow on par with Cuba and North Korea. Well. At the same time, Nathan, the Senate has passed a spending bill that includes security and humanitarian aid for Ukraine, and we get the details live with the Bloomberg's Ranida Young.

Good morning, Ranida Good morning, Karen. Just over thirteen billion dollars of that package goes to Ukraine for humanitarian and security aid. For Democrats, passing this bill in an era of hyper partisanship is a major achievement. The government had been using Trump era program funding level since the start of the fiscal year on October one, and now domestic agencies will get a nearly seven percent boost. The spending bill now goes to President Biden's desk for his signature

in New York. I'm Rania Young Bloomberg Daybreak, Okay, Ranina, thank you. On Wall Street today, the war in Ukraine has one firm cutting its forecast for US growth. Let's get that storyline from Bloomberg's John Tucker. John Nathan Goldban Sacks warns there is a more than one in three chance the US will slip into recession in the next year. The firm is cutting growth forecast because of the hip from rising oil prices and other impacts from Russia's war.

The revision comes the US prices for everything from gas to food and housing jump to a forty year high, and that's even before Russia's invasion. For this year of the firm products GDP will slow to one point seven Live in New York. I'm John Tucker Bloomberg Daybreak. All right, John, thank you. Meantime, the corporate exodus from Russia continues. JP Morgan is joining Goldman Saxon winding down operations there. City Group has yet to act, but says it's also assessing

operations in Russia. Futures this morning are on the rise. SNP futures up twenty three points now futures up a hundred forty seven, NASDAG futures up eighty two. The tenure treasury little change at one point nine eight percent, and the yield on the two year one point seven zero percent. NIMEX scrude oil is up two point seven percent, up two dollars eighty six cents and a hundred eight dollars eighty eight cents of barrel. Straight to hand your latest

local headlines plus a check of sports. And this is Bloomberge on Wall Street, forty degrees in Central Park, jammed up on westbound l I E with a crash. Youan Maurice Avenue. Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan. New York Mayor Eric Adams unveiled as economic development plan for the city. Adam says it would

us you're in a New New York. During his news conference, the mayor saluted the truck drivers who delivered goods the stores in the city, calling them essential workers. You know onions are not in your stores because someone texts them over there, your stores because those trucks delivered them here. Mayor Eric Adams is hoping to steer his city toward an economic revival by lurning tourists back, beautifying the streets,

and embracing New York's looming legal pot industry. The Biden administration says to North Korean missile launches in recent weeks were in fact, test firings of a new long range I c b M. The tests were of a missile reportedly larger than an I C b M North Korea launched in twenty seventeen that was assessed to be capable of reaching the US. The administration warned that a full range test could soon follow. Actor Jesse small Head has been sentenced to a hundred fifty days in jail for

hate crime hoax in twenty nineteen. The former Empire Star will have to pay back a hundred twenty grand to the City of Chicago. Cook County Judge James Lynn I acknowledged there are wonderful sides to you that they're very giving and charitable and loving sides to you, But you have another side of you that is profoundly arrogant and selful, selfish and narcissistic. Judge Lynn also sent in small probation

for thirty months. The latest census undercounted Black, Latino and Native Americans at higher rates than a decade ago, potentially depriving those communities of financial resources and political representation. That's according to new data released by the U. S Census Bureau. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries.

I'm Michael Barr. This is Bloomberg, Nathan. Thanks Michael on Wall Street time for the Bloomberg Sports Update with John stash Our. Thanks. They can get out the key unlocked the gates the baseball stadiums. There were a couple of times lately when it looked like the lockout would end, and it didn't, and then when it looked like it wasn't going to end, it did. New five of your

agreement ratified unanimously by the owners. The player reps have proved that to four, though the eighth member union committee was all against it. COMMITSI rod manfred was asked his message to fan looking back at it, I think we used deadlines effectively to move the process at points in time when it needed to move, and you know who out flanked two. My view is there's only one win,

and that's getting an agreement, and we got one. Opening day now April seven, they'll play all one hundred and sixty two games, and then the playoffs will expanded to twelve teams and now begins the race to sign unsigned free agents. There are some good ones out there, like Carlos Corea, Freddie Freeman, and Chris Bryant. James Harden, wanted out of Brooklyn, got traded to Philadelphia, faced his old team and shot three of seventeen nets, blew out the

Sixers one to one hundred. Kevin ran twenty five points. Step Curry, who was part of the trade, had twenty four knicks. Are in Memphis tonight Cam Reddish, who the Knicks acquired in January. We'll miss the rest of the season with a separated shoulder. In St. Louis Us, the Blues three goals of the first period, three more in the second. They beat the Rangers six to two. Devils

lost to Winnipeg two to one. Islanders all over Columbus sixth and nothing, the hat trick for andrews Lee at the Garden, heartbreak for St. John's questionable foul call with two seconds left. Villanova made the two free throws and pulled it out sixty six six five. Also the Big East Seaton Hall lost at Yukon Fordham one to advance at the Atlantic ten. Turning John Staward Bloomberg Sport. Thanks John.

We're coming up to five thirty seven on Wall Street time for the Trice State Business Report with Bloomberg z Cory. New York City Mayor Eric Adams wants to suspend a surcharge on liquor licenses. It's an effort to help restaurants and barns that are still struggling after the pandemic to host the World Soccer Championship, part of an economic recovery plan. Adams unveiled Thursday, I made a nationwide wave of inflation. Prices in New York City are rising at the slowest

rate of any US metro area. They went up five priest stand in February from a year earlier, compared with the decades high seven point nine percent jump nationwide, according to the Bureau of Labor Statistics. For Princeton alumni are donating twenty million dollars to the school. They attended the Ivy League University in the nineteen eighties and went on to become some of the highest profile individuals in the cryptocurrency world. The money will fund a research initiative to

better understand blockchain and the technology behind cryptocurrencies. At your Bloomberg Try State Business Report, I'm Ed Corey. Thanks Ed. Coming up to five thirty 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

Steve Podascan on k X in Los Angeles. We're talking about for testing its electric truck as a possible power source for the home Unho on tt r H in Houston. Thieves are scaling catalytic converters in ever greater numbers, sending insurance claims stories. I'm genus Toby and for Double D B B M in Chicago. I'm reporting that the electric pickup maker Ribbian says it's plans to ramp up production are being squeezed by parts of shortages. I'm Ade Dory

on w w J in Detroit. I'm reporting Ford and P g and E has the use of an electric trunk of our homes during blackouts. Those are some of the stories are Bloomberg journalists and analysts are working on this morning around the world. It's coming up to five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. The European refugee crises of two have

at least one thing in common. Vladimir Putin played a big part in causing the former by bombing Syria, and he is solely responsible for the latter with his attack against Ukraine. But the two humanitarian calamities are very different, and therein lies an opportunity for the European Union in the EU was divided. To the west, member states led by Germany, tried to find an orderly but humane way of treating the asylum seek while strengthening Europe's refugee system.

To the east, member states led by Hungary and Poland, closed their doors before the arriving refugees. The situation could not be more different this time. More than two million Ukrainians have already arrived in the EU, and yet the reception offered to them so far has been uniformly compassionate.

Whatever may divide Europeans, much more unites them, and it could extend to the creation of a military union, a European army to stare down hand in hand with NATO the likes of Vladimir Putin, The block's divisions suddenly look small enough to overcome. With luck. Europeans will recognize this historic moment and seize it. This editorial was written by the Bloomberg Opinion editorial Board. I'm David Chipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash opinion

or OPA and go on the Bloomberg terminal. These has been Bloomberg opinion and you can hear Bloomberg Opinion editorials every weekday. At this time, terminal customers can read more at O P I n GO. SMP future is now up nineteen points, staff features up a hundred nineteen Nastack futures higher by seventy three points, and Treasury starting to catch a bid this morning. The tenure Treasury is now up to thirty seconds with the yield one nine seven percent.

Patrick Armstrong of Klaimi Wealth joins us next on the volatility in this market. This is Bloomberg Bloomberg eleven three oh Weather partly sunny at low fifties today, rainy, wendy, maybe some wet snow tomorrow, early highs in the upper forties, of temperatures falling through the afternoon. Sunny, breezy Sunday, upper thirties right now forty degrees. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the

Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business lash and I'm Karen moscow Enraging volatility as whips on global markets, capping the final week before I knew US rate high cycle as a worsening war in Ukraine, boost inflation and threatens to sink global growth. We check the markets every fifteen minutes throughout the trading day on bloomberg S and P Future is up about eighteen points now, Futures up a hundred ten nas day Future is up

sixty five. The decks in Germany's up one and a quarter percent. The ten year treasury of one thirty second, the yield one point nine eight percent, the yield on the two year one point seven zero percent. Nine X screwed oil is up three and a third percent of three dollars fifty nine cents at a hundred nine dollars sixty one cents of barrel and comex school is down to ten percent or three dollars sixty cents at nineteen

and ninety six eighty announced. The euro one point oh nine eight one against the dollar, British found one point three zero eight five, the ends at one sixteen point eight six, and Bitcoin this morning moving lower at thirty nine thousand dollars. It's down about eight tens of a percent, and that's a Bloomberg business flash. Now here's Michael Barrow with Moore on what's going on around the world. Michael, thank you very much. Karen and Russian strikes have hit

near airports in western Ukraine. Comes as the mayor of Kiev says that almost half the capitol citizens f led since Russia began attacking the city. Meanwhile, President Joan Bot Joe Biden plans to announce that, along with the European Union and the Group of Seven Countries, the US will move to revoke Most Favored Nation trade status for Russia

over its invasion of Ukraine. Major League Baseball reached a new labor agreement with its players union and in a three month lockout, it paves the way for the season to start next month. In the NBA, the Nets and Warriors one. In the NHL, the Rangers and Devil's Lost, the Islanders and Bruins one. Global news twenty four hours a day on here and on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts in more than one d twenty countries. And Michael Bard. This

is Bloomberg, Nathan, Thanks Michael. It's five forty nine on Wall Street Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg day Break. We're really pleased to be joined now by Patrick Armstrong, chief investment officer at Plurimi Wealth, to try to ex sense of what has been a very wild week for markets. Patrick, good morning, with a war on and inflation in the front burner. Now, how

much more volatility should we be expecting? There's going to be a lot of volatility um the environment we're in.

It's not a short term environment. I think we're in, probably for years to come, a stagflationary environment where the pendulum has swung from globalization outsourcing manufacturing to where things could be done cheaper, to a protectionist environment where there's sanctions and trade wars and real wars unfortunately, So you've got that as one part of the backdrop, and you've got a FED who's going to be hiking and withdrawing liquidity. So that's the perfect recipe for volatility. Do you have

the S word there? How long do you think this stagflation could last? I think it's ahead of us for years. So it doesn't mean recessionary inflation, but it means growth. It's waning with very sticky inflation, and in the short term inflation is going to be moving higher and not lower. Probably the most similar environment that we're going to be

facing in the coming years. It's similar to what we were coming out of nineteen seventy two going into nineteen seventy three with the oil prices in the United States. So the world just getting past the Vietnam War and then the Iran Revolution led to supply disruption on oil. Higher prices, lower growth, and the fact that felt they

had to fight to hike despite this slowing growth. Of course, Goldman Sachs is getting a lot of attention this morning for coming out with a call that there's a one in three chance of recession in the US into next year. Is that a good calm? Is that the way you see it's I'd see a little bit less in the United States. I'd say Europe is probably going to go into a recession in the next year just because of utility bills, energy prices. Gas prices matter more to Europe,

and the commodity prices are just higher in Europe. You've got cheaper natural gas in America. UM. US, I don't think we'll fall into a recession, but it's definitely something you should be aware of. You shouldn't be investing thinking it's a blue sky. Um. There are recessionary headwinds, recession. Recession is a possibility, and I think one of three is a little higher for the US, but that's probably too low for Europe on the point of the US

or the U S economy being different from Europe's. Obviously, the ECB is taking away support a lot more quickly than a lot of analysts and investors had expected. Is that something that could move the FED? Do you think? I don't think so. I think it's an e CB reacting to the FED, and even though it is a little bit more hawkish and we expected, it's still a relative loosening if you have a FED doing what the markets indicating. So I don't think the FED will be

hiking as much as this the market is indicating. But they're definitely on a hiking cycle now and the bomb buying from the FED is done so despite a lower growth backdrop, I don't see many scenarios where we've got two percent tenure yields by the end of the year. I think we'll have a tenure yield rising despite the lower growth profile. Well, how much more hiking are you expecting from the FED? What's your call in terms of

the rate high picture this year? I think there'll be four hikes this year, which is just the FEDS making sure the world knows they're not asleep at the wheel, that they're addressing the inflation that's clearly there, but they're also aware of the geopolitical risks and aware of the impact on higher gas prices has on the kount of the economy. So higher gas prices create the inflation that the Fed don't like, but that's also part of the tightening as well that it disrupts some of demand from

consumers as well. It's in our last thirty seconds here, with all this in the backdrop, where do you put your money? What are you advising your clients right now? You should be investing in things if you're one of the for equities, own companies that don't access that are in short supply. What we've been buying recently is aggy business equities. We think potash, um, fertilizer, even tractors, John Deer. Those farmers are going to need to be giving a

lot of cash. Sow for the crops is basically Ukrainian and rush and supply of wheech is going to be disrupted. Um. I think you want to own commodities and you want to be short the long duration equities, which are those dream tech stocks that have no oratings and still trading at very lofty multiples despite sell off so far. Big pivot ahead. Thanks for this, Patrick, good having you on. Really appreciated. Patrick Armstrong, Chief Investment Officer at Plurimi Wealth.

Karen Nathan, It is five fifty three on Wall Street. Time for that. Bloomberg The Law Report. Let's get to the legal stories we're watching this morning. From Bloomberg's Jeff Linger. Alterneys see potential legal problems over Ocean's proposed worker heat protection rule, among them an argument that the agency is trying to regulate a public health hazard. Filing in a New York federal court indicates three consumers agreed to end claims alleging the Procter and Gamble's Crest gumm and Enameled

Repair toothpaste was deceptively marketed. Federal judge in Connecticut awarded additional damages to three female tech support workers who sued New England Computer Services for sex bias. 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. Jeff, thank you. Now, another legal story we're watching brings us to last year's attack on the Capitol.

The first person to go on trial over Churchis coming from the insurrection, was found guilty of obstruction of Congress and four other counts. The jury convicted Guy raf At, a Texas member of the three percenter's militia group who was turned in by his own son. For more in the case, June Grasso speaks to Bloomberg the legal reporter Eric Larson. Let's talk about the prosecution's case, and what was so unusual and telling was that his son was

the government's star witness against him. That was a real twist. His then eighteen year old sign contacted the FBI, informed them about his father's involvement in the riots, and even one so far as to secretly record his father talking at the kitchen table, to put his iPhone down on the table and just let his father speak as he was bragging about all of his activities on January six. So he really went pretty far and trying to help

the government. And one of his reasons for doing so is that at one point, as his father realized that so many writers were being arrested and charged. He threatened his children to keep them clients, knowing that they had different political views than he did, and knowing that they had some pretty incriminating information. He told them that speaking with law enforcement would be treason and that traders get shots, as they put it. You know, it was really a

lot of evidence, I have to say. I showed the video footage of people attacking. They had witnesses talk from the Senate floor explaining how they had to abandon the session. They showed cell phone footage from other writers. Mr Ruff's own helmet mounted camera, his zoom calls with other militia leaders, things like that. So they really put it all out there. The jury didn't take very long to come back with guilty on all charges. Was this trial at test for prosecutors?

In some ways? I would say so. I think that, especially the obstruction of Congress charge, there has been some dispute over whether or not Congress was technically in session at the moment that the capital was breached, and whether or not the certification of the votes qualifies as the

kind of legal proceeding that can be obstructed. Sort of technical arguments around that, and the judge had denied emotion to dismiss that charge earlier, and of course it went to trial and that jury agreed based on the evidence that Congress wasn't session, that what was happening was an official proceeding of the government, and that it was obstructed

by the actions. So I did speak with a former federal prosecutor who said that that wasn't important to us to see if a jury would agree that Congress has been obstructed, since that is a charge that will see in so many of these cases. And as Bloomberg Legal reporter Eric Larson speaking with June Grosso, catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time.

Were subscribing to the Bloomberg Law Podcast, and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com. And futures this morning are on the rise. SMP futures up twenty two points, Dow futures have one thirty two, NAS day futures up seventy eight, and the ten year treasury up two thirties seconds. He had one point nine seven percent yield on the two year one

point seven zero percent. Still ahead on Bloomberg day Break and check on the business headlines and all the news you need to start your day. This is Bloomberg.