Bloomberg Daybreak: March 18, 2022 - Hour 1 (Radio)

Former New York Governor Clomo says he's opened to running for his old job. Plus Sarah Palin is appealing or loss in the deformation suit against The New York Times' Michael Laaren More ahead, I'm John Staddar in sports Islanders stopped the Rangers at the Garden and Sat Peter's stunned

Kentucky in the n C Double Day Tournament. That's all straight ahead on Bloomberg day Break on Bloomberg Element Trio, New York, Bloomberg one, Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, Syrius x M one, nineteen and around the world old on Bloomberg Radio dot com and via the Bloomberg Business. Thank good Friday morning. I'm Nathan Hagar and I'm Karen Moscow, and

futures are lower this morning. We're coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures down twenty three points to down, futures down a hundred sixty four NASDACK futures down d the decks in Germany's down half percent. Ten year treasury up four thirty seconds, l two point one five percent, and they yield on the two year one point nine two nim X screwed oil is up seven ten percent or seventy two cents

and a hundred three dollars seventy cents of barrel. The euro one point one zero six seven against the dollar. Nathan, all right, Karen, we'll have more on the markets in just a minute, but first, this could be a pivotal day in Russia's war with Ukraine. In just a few hours, President Biden holds his first call in months with one of Vladimir Putin's closest allies Chinese president she Jin Ping. This comes as Russia's forces appear bogged down outside Ukraine's

capital city, Kiev. We get more from Bloomberg's Amy Morris in Washington. While the UK Ministry of Defense believes Russia's invasion has stalled on all fronts, that has not stopped the intense battles and shelling around schools, hospitals, and residential areas, leading US officials to believe war crimes have been committed. Now, President Biden meets today with China President shi Jinping. Secretary of State Anthony Lincoln says Biden will issue a warning

to Beijing that helping Russia will have consequences. We believe China, in particular has a responsibility to use its influence with President Putin and to defend the international rules and principles that it professes to support. Instead, it appears that China is moving in the opposite direction. This as the Pentagon warns Russia may threaten to use nuclear weapons if their invasion of Ukraine is stalled. In Washington, I'm Maymy Morris,

Bloomberg daybreak, All right, Amy, thank you. Well. As stiff defense from Ukraine and economic sanctions raised speculation of nuclear threats from Russia. Simer, Secretary of Defense and CIA director Leon Panetta says diplomatic talks won't be enough to deter Putin. Panetta said the U S should continue to arm Ukraine as Putin doubles down. This is a power game. Putin understands power. He really doesn't understand diplomacy very much. He

understands power. And the only way to convince Putin that this is not going anywhere and that he should take some kind of off ramp is to continue to beat him on the battlefield. Former Defense Secretary Leon Panetta made the comments on Bloomberg's Balance of Power with David weston Catch the program of week Days at noon Wall Street Time on both Bloomberg Radio and television. The cost of

ensuring Russian debt against default has dropped. This morning. Karen Bloomberg News has learned funds earmarked for interest payments on the Russian government's dollar notes were sent to the payment agent. Sources say JP Morgan Chase process the funds and sent the money onto City Group, and that is spring optimism. The bonds may still be settled in dollars. Well, Nathan, if the war and a FED rate high were not

enough for in esters to handle. There could be more volatility than usual today and we get the latest live with Bloomberg's John Tucker. John, good morning, Good morning, Karen. It's the quarterly event known as triple witching. Single stock and index level options are set to expire today. At the same time, more near the money options are maturing

than at any time. Since. If that's not enough, there's a rebalancing of benchmark index is a combination that tends to sparks single day volumes that rank among the highest of the year. Lori Calvacine ahead of US Equity Strategy at RBC Capital Markets. As the wild swings won't end here, I think that volatility is likely to stay elevated for quite some time. We like balanced portfolios between growth and value.

We do think that growth stocks are ultimately going to recover, but we think that's going to be because markets are going to continue to price in nervousness and what high quality exposure. That's Lori Calvasine at RBC. The rebalance in the index alone could lead to thirty three billion dollars of stock trades in today's session. Line to New York on John Tucker Bloomberg Daybreak. All right, John, thanks, there's also another day of volatility in nickel trading in London

this morning. Let's go live to the city get the latest of Bloomberg's You and Parts. Good morning You, Good morning Nathan and Karen. Yet another glitchy open for the nickel market today, as the price continues its retreat from an unprecedented short squeeze last week. Nickel dropped by the maximum allowed for a third straight day, nickel tumbling twelve percent to the new daily limit, a limit you've only just been increased from eight percent in the previous session.

A frustrating Friday, after a frustrating week for the London Metal Exchange. They will be very pleased that tomorrow is Saturday live in London. I'm you and pots Pin Big Daybreak, are you and thank you? Back here in the US and corporate news, General Electric has slash CEO Larry Cops paypackage by ten million dollars a year. It's a surprise move in response to last year's rebooked by rebuke by shareholders. Copps total target compensation went from about twenty one million

to eleven million. All right, let's take a look at some stocks moving in early trading this morning. Carrien shows of FedEx, who down about three and a half percent the delivery come but he posted quarterly profit below analyst estimates. Rising costs related to a US labor shortage and lower than expected package volume dragged on gains from pricing increases at FedEx, and shares of Game Stopper down nearly seven percent. That company reported a surprise loss during the holiday quarter,

and we turned to the pandemic. Now, Nathan Maderna is asking for US government approval for a fourth COVID shot for adults. So we get the latest lie from Bloomberg's Reny to Young. Good morning Rady, Now, good morning Karen. This would cover significantly more people than Fiser's earlier request for emergency authorization for a fourth shot for those over sixty five years old. Right now, there's a heated debate over how long vaccines protect from infection and whether repeated

shots are necessary to prevent severe disease and death. Meantime, Dr Anthony Fauci says the US could see COVID nineteen cases rise again and vulnerable people would likely need a fourth dose. Live in New York I'm reneed a young Bloomberg debreak rened to thank you. SMP futures right now down twenty three point. Staff futures are lower by a hundred sixty seven and Nastack futures down eight one points.

The tenure treasury is up four thirty seconds, the yield two point one five yield on the two year note one point nine seven percent. Straight ahead your latest local headlines and a check of sports. This is Bloomberg. It's now five oh seven on Wall Street where fifty one degrees in Central Park already got a crash northbound Route one by Plainfield Avenue and Edison to tails coming up in traffic. First, Michael Barr is here with what else is going on in New York and around the world.

We made it to Friday, Michael, Yes we did. Nathan, Thank you very much and good morning. New York. Governor Kathy Hocle says that state agencies and public authorities will cease business with companies that have continued to do business with Russia. Hoc Will previously signed an executive order banning state agencies from doing business with Russian companies. Hocal's Folk and Younkers where now We're going to prohibit any state agencies and authorities from the contract with any entities that

are still doing business in Russia. Governor Hocoll also said New York will also send one hundred thousand pounds of medical supplies, including masks and gowns, to Ukraine. Andrew Cuomo says he's open to running for New York governor again, it would consider creating his own political party to do so. Cuomo, a Democrat who resigned in August amid a sexual harassment scandal, delivered his second public address in as many weeks, this time to a group of clergy in the Bronx Knew.

Details are emerging about the driver of a pickup truck that slammed into a college golf team van in West Texas, killing nine people. According to the NTSB, it was the failure of the left front tire of the pickup. In TSB vice chair Bruce Landsberg says, as for the driver of the pickup, a thirteen year old child was behind the wheel of the pickup truck. The NTSB s Bruce Landsberg says the spare tire failed on the pickup at seventy five hour that resulted in the truck veering into

the golf team bus. At least five people died and several were injured in a chain reaction crash involving dozens of vehicles on an interstate in southeast Missouri. Police say thick fog led to the crash about a hundred fifty miles south of St. Louis. Forecasters say the multi year mega drought that's drained western US reservoirs and parched crop lands across California shows no signs of easing. The National Oceanic and Atmospheric Administration says the region faces another spring

and summer of dwindling water resources and rising temperatures. Sarah Palin is appealing or loss in the defamation suit she filed against The New York Times. Palin says she was denied a fair trial. The former Alaska governor sued over an opinion piece that linked her to a deadly shooting. 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 on Michael bar this is Bloomberg. Nathan all right, Michael, thank you come up to five ten on Wall Street time for the Bloomberg Sports up date. Good morning John Session, Good morning Nathan. They are celebrated in Jersey City. A couple of months ago. St. Peter's record was three and six, lost to l i U, lost to Stony Brook, lost to St. John's by twenty one, and yet the Peacock

is able to win their conference. Sturney gain entry to the n C Double A Tournament, where they pulled off a huge first round stunner, beating Mighty Kentucky eighty five, seventy nine and overtime, only the tenth time ever a fifteen seed has beaten a two arrow Banks to twenty seven point. It was amazing, you know, playing basketball. You grew up watching college basht on college basketball, the Marsh

Matters tournament. So just letting that sink game, knowing that the game was over, we got it just overally good. It was the biggest upset of the day, not the only one. Twelveth seed in New Mexico State knocked off Yukon and Richmond upset Iowa. Since seeding began in nineteen seventy nine, Richmond has won nine times as a twelve seed or lower. No other school has done it more than four were times at the Garden. Islanders got a Kyle palm Mery go with less than privments to play

and beat the Rangers two to one. The Ranger goal the forty the year for Chris Rider. Twenty one of those have been on the power play NIX and nets both at home games. Tonight, Yankees play the Pirates in Bradenton. They're brief the opener. The Giants have released veteran safety

Logan Ryan Big. NFL trade went down last night. Green base and Star wide receiver Davante Adams to Las Vegas for first and second round draft picks, and Adams is already breed to a new five year contract with the Raiders. Brown's quarterback Baker Mayfield has requested a trade upset that Cleveland showed interest in acquiring to Shaun Watson. Watson is expected to be dealt by Houston, but to either Atlanta

or New Orleans. John stash Ower, Bloomberg Sports, Nacren all Right, John thanks SMP futures now down twenty five point, Staff futures down a hundred seventy eight, Nastack futures down eighty seven points ten your treasure. You have four thirty seconds. The yield two point one five percent. President Biden set to call China's shi Jin Ping on the war in Ukraine, will preview it next with Bloomberg's and the current in

Hong Kong. This is Bloomberg Bloomberg eleven three oh weather clouds and Patchee fog give way to sunshine today behind in your seventy degrees, periods of rain Tomorrow low sixties, upper fifties, partly sunny by Sunday right now fifty one and partly cloudy in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's

a Bloomberg Business Flash and I'm Karen Moscow. Futures are lower this morning, SMP futures down twenty eight points down, futures down a hundred ninety two, Nastack futures down ninety eight. The ten year treasury up four thirty seconds, YELD two point one five percent held on the two year one point nine one. Nimex screwed oils up seven ten percent or seventy cents at a hundred three dollars sixty three cents of barrel and Bitcoin this morning is at forty thousand,

five hundred seventy dollars, down four tens per set. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on around the world. Muncale, Good morning, Good morning, Karen. World leaders called for an investigation of Russia's repeat attacks on civilian targets in Ukraine. Meanwhile, rescue workers search for survivors in the ruins of a theater

that was serving as a shelter in Meryupole. Top seeds Gunzaga, Baylor, and Kansas have advanced to the second round of the n C Double Amen's basketball Tournament. On a day a number two seed was dispatched, the f team's seeded St. Peter's Peacocks and Living Color beat Kentucky eight five seventy nine in overtime. In the NHL, the Islanders beat the

Rangers to one. The Capital's one global news twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg David. All right, Michael, thank you for coming up to five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we continue our global team in coverage of the war in Ukraine.

Were joined this morning from Hong Kong by Bloomberg Chief Asia Economics correspondent and the Current and from Brussels Bloomberg's Maria Today, Oh is with us as well, and what could be a pivotal day in the war in Ukraine as we're awaiting a call, the first call in months between President Joe Biden of the United States and Chinese President shi Jinping. Is part of the US president's overall effort to try to put global pressure on Russia to try to stop Ukraine. So, and I'll start with you

from the perspective of China. Obviously we know what the president is looking to achieve when it comes to this call today with a president she what is China hoping to get out of it? But China is so far hasn't condemned the invasion of Ukraine, not or has it even described it as an invasion. It is kind of tried to thread the middle ground. On the one hand, it has spoken about the need to respect sovereignty and independence, and it has called for a peaceful ending to the conflict.

On the other hand, out that has also backed up some of Russia's allegations against the West and the US and the like. And I think what most people will be hoping for out of its call tonight is at least some clarity in terms of where China will be

going next in in this conflict. I mean, are they going to go full bore and support Russia and in which case, of course, that risk sanctions on China's own economy, or will they come out and start explicitly calling for peace and explicitly calling for a way out of this contact. We had a six hour meeting between officials in Rome

earlier this week that we're described as constructive. This is the first call between Biden and Sheets in the last November, so I think there is a lot you know, expectations might be low, but there's still a lot of writing in terms of what signals will come out of it for China's next steps. A Marie of today on in Brussels, I'll turn to you because I know you've been in very close contact with Ukrainian diplomats. What's the European perspective

on this call this morning? Look, I think, of course they keep a very close eye because China, of course is a huge geo political agent, and of course it could really help Russia if they do deliver these weapons

that they it was reported Russia had asked for. But I think for the European Union is very important, almost as important as it is for the United States to get a clear sense in terms of what does Russia want out of this Excuse me, China went out of this conflict and what role are they going to play going forward for the Europeans. They also believe that, frankly, the Chinese do not have an interest in getting involved

in here, because of course there would be repercussions. The European Union has a trade deal with China which is waiting for approval. Many would tell you by the way, China, no China or conflict in Ukraine. This trade deal between China and the EU is dead because this relationship is getting very frosty from the two sides. But you know, they really have an interest in finding out what is

it that China wants to war plan around Ukraine. The other thing, of course, that I would note, Um, you mentioned the conversation that I had with a deputy to the Ukrainian President Lanski earlier today, and he told me just minutes ago, I hope that China is smart enough to know that they'll get nothing out of stepping in in Ukraine. China is a wise country and they won't want to get involved. So that is also the language coming out from the Ukrainian side, and I'll turn it

back to you. Obviously, there's a very close relationship between China and Russia. We have this Defense Department assessment that if Russia continues to get bogged down in Ukraine, that Russia could threaten to use nuclear weapons. What kind of leverage does China have to try to avoid that kind of strong rhetoric, that sort of threat from Russia. Well, both sides have been growing the economic linkages in recent years, on the one hand of Russia selling China energy and

the wheat. On the other hand, of course, Shina selling Russia lots of merchandise. Good recently, just before the Olympic Games that started February, the kind of brought a peak to their relations when they put out a communication saying there's no limits to friendship between both sides. All of that being said as though, this is where it gets complicated for China because it will not want to get caught up in the Western sanctings. Number one, for its

banks or its companies. Number two, it likes to be seen as playing a global a good global citizen on the world stage, regardless of one's use of its internal politics. And of course number three, China itself is pushing for a year of stability because it has a very important physical conference at the end of the year when President

seesting Thing is expected to get an other terms. So the weight of all of this is expectatily towards China and making an intervention using its incluends like you ask, it's economic and it's it's alliance influence with Russia to try and bring this to an end somehow. But a big question is how will use that leverage, What kind of solution will it push to push Russia towards r and D does it not choose that pass into the double down on harsh rhetoric against the broad US West

alliance and to continue to support Russia. Remember One variable to consider in this is that if China comes out of this conflict having been seen it back to the wrong horse, that of course will be judgment on the present cheating thing in the government for having gone too far and building its alliance with Russia in the first place and ultimately having to swing around to the western

side of the store. There's a lot of stake for China and navigating the path out of this will not be simple, and I think that's why a lot of people are waiting now for clarity from this read out from the court side to see whether or not China is starting to move its position to the point of whether China is backing the wrong horse here Maria today, Oh, what is the Ukrainian relationship with China? Like I know Ukraine has been in recent decades moving toward a more

close relationship with the West. But in terms of the Chinese relationship, what is it like between China and Ukraine. Well know, if you ask me that question, what's the relationship between Ukraine and China? My answer to you as we actually don't know, because the reality is for Ukraine this is not a top priority, is not a relationship that they actively search because over the past essentially for three years, their efforts have purely and mostly concentrated on

the European Union and the United States. We've been trying to build coloration with the even recent years. I think there's a Bloomberg's and occurring with us this morning from Hong Kong. Thanks as well to Bloomberg's Maria Today Oh in Brussels. Our global team coverage on day twenty three of the war in Ukraine. Karen, all right, Nathan, thank you, and it's five thirty on Wall Street. Good morning. I'm Karen Moscow along with Nathan Hagar, and we're just about

four hours away from the open of US trading. Let's get you up to date on the news you need to know at this hour. Russia's invasion continues as missiles struck western Ukraine and regions close to the border of Poland. According to new Pentagon intelligence, Russian President Vladimir Putin may soon leave be nuclear threats against the West in an attempt to project strength. Well back in Washington, Karen, President Biden his schedule to speak with China's President she jinping

about the war. We get the latest from Bloomberg's head Baxter the White House is saying it gives President Biden a chance to really assess where President She stands and to step up pressure for him to cooperate. Spokes on when John Sake, saying it will give she a chance

to announce the Russian invasion. This flies in the face, of course, of everything China stands for, including the basic principles of the UN Charter, including the basic principles of respect for sovereignty of nations, and sources the Bloomberg say the White House is concerned that China's muted response may be a sign that it may be moving closer to supporting Moscow. It says this meeting will tell that story. In San Francisco, I'm at Baxter Bloomberg daybreak, Okay, and

thank you. On Capitol Hill, yesterday the House voted to end regular trade relations with Russia. Well on Wall Street, Nathan Financial Marcus expect more fireworks today, and Bloomberg John Tucker joins us have to explain. John Darren, three and a half trillion dollars of single stock and index level options are sent to expire today, and at the same time, more near the money options are maturing than at any time since twenty nineteen, triple witching Friday, this coin science

with a rebalancing of benchmark indexes. It's a combination that tends to spark single day volumes that rank among the highest of the year. I watch today. If investors rebuild their holdings of protective puts or chase the market rebound with call contracts, all adds up to a vulnerable day ahead Live in New York on John Tucker Bloomberg Daybreak. All right, John, thanks checking that market volatility. Right now,

US futures are falling. Oil has surpassed a hundred dollars of barrel again West Texas Centermedia crewed right now training

and a hundred three dollars seventy two cents. Well, turning to the pandemic, Nathan Madonna is asking for US government approval for a fourth COVID shot for adults, and we get the latest live from Bloomberg's Rena Young Good Morning Ray to Good Morning Care and Moderna's request would cover significantly more people than Fighter's earlier request for Emerger Agency authorization for a fourth shot, which was for those over

sixty five years old. Right now, there's a heated debate over how long vaccines protect from infection, and whether repeated shots are necessary to prevent severe disease and death live in New York. I'm gonna need to young Bloomberg Day break, all right, Nita, thank you, And futures are lower this morning.

SMP futures are down twenty two points in down futures down one two and NOWS day futures down seventy eight and straight I had your latest local headlines, plus a check of sports, and this is Bloomberg three on Wall Street. Let's bring in Michael bar for a look at what's going on in New York and around the world. Michael,

thank you very much. Nathan. New York Governor Kathy Opal says that state agencies and public authorities will cease business with companies that have continued to do business in Russia. The Democratic governor previously signed and executive order banning state agencies from doing business with Russian companies. So this is not just directly with Russian companies, it is with companies American companies that are continuing to do business in Russia

in light of what's happening. So that is the message that we're delivering to our state agencies. Governor Hokel, speaking in Yonkers, also says New York will send one hundred thousand pounds of medical supplies, including masks and gowns, to Ukraine. Former New York Governor Andrew Cuomo is dangling the possibility he may run for his former job. Just six months after he resigned amid sexual harassment allegations, Cuomo gave a campaign style speech to a friendly audience of about a

hundred people in the Bronx. Asked afterwards if he would run for office, Cuomo told reporters he is open to all options. Former Alaska Governor Sailah Palin is appealing her loss in the defamation suit she filed against The New York Times. She sued Times and former opinion page editor James Bennett in seventeen over a piece mistakenly linking her to a deadly shooting. Palin claimed the errors were driven

by bias against her. Investigators are learning more about Tuesday night's deadly collision of a pickup truck and a van carrying New Mexico College students and a golf coach. The NTSB says the driver of the pickup truck was only thirteen years old, too young to drive in TSB Vice chair Bruce Landsberg. The left front tire, which was a spare tire, had failed, which resulted in the vehicle pulling hard to the left and crossing into the opposing lane.

The pickup went head on into the van carrying the golf team, killing seven inside. Both people in the pickup were also killed. A pile up on a Missouri Understate left at least five people dead. The fog shrouded thirteen mile stretch was closed for hours. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than dred journalists and analyst more than a hundred twenty countries. I'm Michael Barr, this is Bloomberg, Nathan Michael,

Thank you. Five On Wall Street, John Stannshire has the Bloomberg Sports update D did. It was truly a David versus Golive type upset. And in Indiana that's where the movie Hoosiers took place. He had Kentucky State School thirty two pousand students, winners of eight n C Double A tournaments, and he had St. Peter's Tiny Jesuit school from Jersey

City had never won an n C Double A game. Before, and yet the Peacocks right there with the Wildcats all night and they wanted it overtime eighty five seventy nine coach to the Peacocks. You know, at the end of the day, you know, every team that made it to the NC double a torment d every team that made DC double torments think they take advance. You know this. You just have to be good on this night. It's not about your records, not about what school you at

is who who's ever good on that night? And tonight you know it was a night Tampa time. Ever A fifteen seed knocked off two is one of three overtime games Last night, Murray State dept. By San Francisco. Creighton trailed for about forty minutes, but rallied past San Diego State. Twelve city New Mexico State upset John Teddy Allen thirty seven points for the Aggies. Twelve seedon Richmond upset Iowa.

Even Gonzaga, the thirty's top overall seat, had a struggle, led Georgia's State by only four with ten minutes left, then Gonzaga one on to one run. Sixteen more games today and tonight. Last game of the first round Seaton Hall against TCU in San Diego is under stopped. The Rangers too want at the Garden on a late cal palmary Go. Chris Pryder scored the Ranger goal his forty. Only one NHL player has more. Aaron Rodgers decided to keep playing in Green Bay, but he won't have his

best weapon to throw through. The Packers traded star wide out Davante Adams to Las Vegas for first and second round draft picks. John Stasheller, Bloomberg Sports Snap thanks John seven on Wall Street Time for the Trice State Business Report with Bloomberg Scott Carr. The New York City apartment rental market has remained durable, but at least according to Compass real estate broker Isaac Rosenberg. He tells New York Business Journal Compass has seem dramatically increased market activity for

the first time since twenty nineteen. In his opinion, if you haven't found a tenant for your rental property by fifteen days in, you're doing something wrong. With gas prices at or near record highs, New Jersey Congressman Frank Malone Jr. Is pressing oil company exects to explain why if you will cost so much, and ja dot Com reports the powerful Democratic chair of the House Energy Committee as asking executives with BP, Chevron, ex On Mobile and other suppliers

to come to Capitol Hill to answer questions. For the third year in a row, lawmakers in Connecticut are considering a ban on flavored vaping products, still being one of only a few states in the region that have not limited their sale. Hartford Bus Journal reports a proposal this year would only target flavored vaping products. That's the Bloomberg Trish Stay Business Report. I'm Scott Carr, Thank you, Scott,

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 are on our three hundred affiliate radio stations around the world. I'm Steve Podascant

on ten ten Wins in New York. We're talking about Amazon facing a core petition to rehire a Staten Island warehouse worker behind organizing efforts um Corney Tanaho on w h S and Louisville FedEx posted a profit that missed estmates on rising costs I'm Gina Servetti and for w w BBM in Chicago. I'm reporting that United Airline says passenger volume for spring break is near pre pandemic levels. I'm Caroline Hedko on Blueberg d A B Digital Radio

in London. We're reporting on Nickel on the London Metal Exchange dropping by the maximum allowed for third day in a row, so there's been very little trading time. Scott car on w d c H in Washington, reporting on solar powers continue to ramp up in the region. Those are some of the stories our twenty Bloomberg journalists and analysts working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial

from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. In a surprise move this week, the U. S sent had passed a bill to make daylight saving time permanent. In one sense, reform is welcome. Changing clocks twice a year of policy adopted during World War One to conserve energy disrupts people sleep and health. But why stick with daylight saving time? Standard time is better aligned

with human circadian rhythms. Perhaps lawmakers don't remember how unhappy Americans were the last time Congress imposed year round daylight saving time in the nineteen seventies. Although the change was popular at first, late sunrises in the debt of winter soon weighed on people's minds. Support for the initiative plummeted, and Congress quickly reversed course. Nearly fifty years later, the fate of daylight saving time once again rests with House lawmakers.

They should be wary of repeating a failed experiment. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Indian or O P I N go on the Bloomberg terminal. This has been Bloomberg opinion. You can hear Bloomberg opinion editorials every weekday at this time standard or daylight Terminal Customers can read more at OPI N going. Future is moving lower on this triple witching day. This is Bloombergen

Bloomberg eleven three oh. Weather clouds, patchy fog give way to sunshine and a high Your seventy today, rain tomorrow. Low sixties will be back in the sunshine, but upper fifties for Sunday highs right now clouds and fifty one in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quick Takes a Bloomberg Business Flash and I'm camer in Moscow. This update brought to you

by s EI. Crises bring out the best in people, character, community, partners ship together as one s E I go to s C I C dot com slash I M s us Dock Index futures lower this morning along with European shares as traders wigh nixed signals from the peace docks between Russia and Ukraine, embrace for volatility from expiring options.

We checked the markets every fifteen minutes throughout the trading day on Bloomberg s and P futures down twenty seven points down, futures down one hundred seventy eight and nasdack futures down in ninety The decks in Germany's down eight tenths of upper cent, CAC in Paris down seven tenths per cent, and the foot Sea one hundred is down to tenths of upper set in n K to twenty five in Japan gained about seven tenths of upper cent, and the Hanks sing in Hong Kong was down four

tenths of upper set ten. Your treasury up six thirties seconds, YELD two point one four percent yield on the two year one point nine one percent. Nivex screwed oil is up one percent or a dollar two at a hundred four dollars of barrel. Comic schoold is down about six tenths of uppercent, down ten dollars seventies sense at nineteen thirty seven fifty announced. And that's in Bloomberg Business Flash Show. Here's Michael Borrow with more on what's going on around

the world. Michael Karen, thank you very much. Russian forces are pressing their assaults on Ukrainian city, striking on the outskirts of the capital Kiev and the western city of Aviv. Rescue workers are still searching for survivors the ruins of a theater that was serving as a shelter in the besieged southern city of Mariupol. President Joe Biden will talk on the phone with Chinese President shi Jing Ping. Biden hopes Beijing will ratchet up pressure on Moscow to end

its war in Ukraine. In the n C Double A Men's basketball Tournament, St. Peter's as Proud as a peacock. The Jersey City team, ranked fifteenth, beat number two seed Kentucky seventy nine in overtime. Top seeds Gonzaga, Baylor, and Kansas advance to the second round. In the NHL, the Islanders beat the Rangers to one. The Capitals one Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven and

under journalist analyst more than countries. I'm Michael Barr. This is Bloomberg. Nathan all right, Michael, thank you. It is five forty nine on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and we're joined now by Patrick Palfrey, cohead of Quantitative Research, senior equity Strategists at Credit Suie. On another morning where futures are falling, bonds and oil are rising, kind of feels like how it's felt since the start of the war, Patrick, Is

this a headline driven market from here on out? Well, certainly it shows that the volatility that we're experiencing day to days, is remains quite elevated, and even in your day, we're seeing very big moves. I think it comes down to what you mentioned earlier, that that the headlines are really driving the market. We have too complete dynamics. We have what's going on with that policy, and we have

what's going on with the invasion Ukraine. Uh. Sometimes there at odds in the sense that we have policy shifting potentially more favorably from markets, and then at other times they expect of response from the Fed is is potentially more hawkish and it causes more more problems and in actually seem a little bit more volatility. So there's two competing odds and they're playing out very violently right now within the markets. Well, let's take a look at one

of those factors, Fed policy. How much more pricing in do you think this market needs to do when it comes to this tightening cycle. Well, right now, the market shouldn't be surprised by the pace of inflation. And when you look at, for example, the two ten spread, the difference between the two year and the tenure, you see something that's twenty five basis points and it's been flattening in response to the expectation that the Fed's gonna hike. UM,

so there's no surprise that this is happening. I think what was interesting from the FED meeting on Wednesday with the fact that pal came out and dramatically increased his end of year inflation target, and it shows that, uh, this is going to be stickier than I think they had expected, and I think there's gonna be some persistence, but the Fed is going to take this seriously. So

the market is making the appropriate adjustments. We have priced in a lot of that UM, but but on the margin there's still fine tuning going on because when you have inflation running at elevated levels, it leads volatility higher. Do you think the Fed's gonna hike at every meeting in order to hit the goal of which they're looking to It seems like that's going to be the case.

I think the question is how many hikes can they get in as well, And ultimately it appears that they're looking to do seven potentially this year and then four potentially next year. Uh. It's it's a dramatic move, particularly where you look at UH. Perhaps you know this time a year ago for sure, but even last summer. We weren't expecting anywhere near this level of of FED move. So it's been a dramatic shift in a short period of time, and it's been a lot for the market

st to digest. But it shouldn't be problematic for equities. Well, it could have been problematic for the growth picture. I mean, if we start to see the economy is slow down or uh you know, some are talking about recession as well, what could that mean for six I mean, let's let's be clear, the the economy on a real basis is slowing. It's it's a function of coming out of a bounce that's um off the bottom of an economic cycle. I think what's important is to remember that nominal GDP is

actually continuing to increase. And that's important because companies live in a phenomenal world. They receive price UH and units when they calculate their sales, so many companies actually benefit from this inflationary environment and they're not going to see the impact. I think what's interesting this time around, and it makes the analogy to this eventues and eighties more difficult, is we have high inflation, yes, but interest rates remain

very low. So you're getting to benefit to corporate profits without necessarily the offset and impact the PS. And that's why we think equities can continue to do quite well in this environment, despite the fact that these dynamics feels very uncomfortable to investors and the minute left here, I think it's safe to say that at the start of the year, before this hiking cycle began, your shop has been one of the most bullish on Wall Street. Do you see that optimism continuing? Where do you see the

market ending up by the end of this year. We we still do see a tremendous mount of optimism on the horizon, and it really comes from the fact that, yes, there's there's a lot of dynamics investors point too, but I think they're really selectively cherry picking the data. We are still going to see g EP grow maturely above the pace that has grown for the last twenty years. Uh So, yes, things are softening, but once again that's just a reflection of where we are coming out of

the bounds. Backdrop remains incredibly robust and intact. I s mp M eyes remained very strong. Unemployment demands for labor is indicating there's tremendous amount of robustness within the labor market. All these point to positive pictures. Yes, there are certainly cracks and in issues, but but on a balance note that the optimism should be there. Great to have you on with us this morning, Patrick. Thank you, Patrick Palfrey's cohead of quant Research and see your quitty strategist at

Credit Suite, Karen Nathan. It is five fifty four on Wall Street. It's time now for the Bloomberg Law Report, brought to you by American Arbitration Association. Business disputes are inevitable, resolve faster with the American Arbitration Association, the global leader and alternative dispute resolution for over ninety years. More at a d R dot org. Now here's a legal story

we're watching this morning. Mark Zuckerberg will not have to testify in the District of Columbia's suit against Facebook over its handling of user data after a ruling by the judge overseeing the case. In fact, Judge Maurice Ross says the attempt by the d C Attorney General to add Zuckerberg to the suit and to post him smacked of bad faith and he found it frankly annoying. Quote for more Bloomberg, Jon Grassos speaks to Bloomberg the legal reporter

Eric Larson. The DC Attorney General wanted to add Zuckerberg to the lawsuit and deposed Zuckerberg because he said that allowing third party apps like Cambridge Analytica to access user data was Zuckerberg's brain child. What did the judge decide, Well, he wasn't going to have it. He shot down the attorney general's proposal pretty harshly, I would say. The judge denied the Attorney General's motion to add Zuckerberg as a defendant and granted Facebook's motion for a protective order to

block the Attorney General from trying to depose Zuckerberg. So the judge said, look, this is a consumer protection lawsuits. This is about financial damages basically for consumers. The judge said, based on what he had heard, the Attorney General already had plenty of information to go ahead with his case and bring the current claims that he had to trial.

He was pretty critical at some point, I would say he was shouting at the district lawyers saying that they basically were trying to turn this case into a case about Mark Zuckerberg, inst that a case about Facebook, and it was really critical of their attempt to to add some thing that they did not need to depose Mark Zuckerberg in order to potentially get damages from this data

breach for the district consumer. So at one point the judge did say, look, if you find that Mark Zuckerberg did something wrong with the evidence, you have final a criminal complaining against him. He was being a little flippant, but he's the point he was making is if Mark Zuckerberg did something wrong, maybe that's a different case. But for the purposes of this lawsuit, he wanted to narrow it in. He wanted to feed it up that the

case has been going on too long. Whether or not Mark Zuckerberg personally said do this or don't do this, I think the judge is saying, it's irrelevant to the claims and the complaints, and we can't leave out that. The judge quoted from the movie Jerry Maguire in his career Lega said he had said that for the purposes of a consumer protection complaint, it's about getting money back to consumers at the end of the day, not proving,

you know, some sweeping wrong doing by Mark Zuckerberg. So he's saying, if this is about money damages, which consumer protection is. He said, you know, it's like Jerry McGuire,

He's like Cuber getting Junior show me the money. So he did mention that he likes to reference pop culture and is hearing it's on occasion and as Bloomberg Legal reporter Eric Larson speaking with the Bloomberg stun Gross So catch more of that interview plus analysis of the latest legal news by listening to The Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law Podcast. An Attorneys can find exceptional legal research and business development

tools at Bloomberg Law dot com. Futures are lower this morning, SMP futures down about twenty four points, at OWN futures down one hundred sixty one, and NASDAGG futures down to seventy five. Still ahead on Bloomberg Daybreak and check on the business headlines and all the news you need to start your day and MS is Bloomberg