Bloomberg Daybreak: March 2, 2022 - Hour 1 (Radio)

New York's Republican Party leaders nominated Representative leeze Elder as their candidate for governor. I'm Michael Baum, I'm John Stashdower.

In sports, the baseball lockout continues. The first two series of the season were canceled road losses for the Nets Islanders and Devil That's All Straight Ahead on Bloomberg day Break on Bloomberg eleven three on New York, Bloomberg, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world gone Bloomberg Radio dot Com and via the Bloomberg Business. Good morning. I'm Nathan Hagar and I'm Karen Moscow. US

DOT Index futures are higher this morning. We're coming up to five oh one on Moll Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP Future is up thirty point Staff futures up two thirty one, Nasday Future is up eighty eight and the ten year Treasury down four thirty seconds yield one point seven four percent. They yield on the two year one point three eight percent. Nine X screwed oil is up

five point four percent. Nathan, all right, Karen, we'll have more on the markets in a minute, but first, the fighting is intensifying in Eastern Europe. According to Interfax, Russia's defense ministry says it has captured the Ukrainian port of Cissan as Moscow Predace is ahead with attacks. The US is taking more action to isolate Russia and prevent cyber attacks. Amy Morris reports from our Bloomberg ninty nine one newsroom

in Washington. The U S Government has banned Russian aircraft from American airspace, as the U S in EU look to expand sanctions on Russia. Former US Ambassador to Ukraine William Taylor tells ABC those sanctions should extend to Belarus. They are co conspirators. They are together with this as the Senate fast tract the package of cybersecurity proposals. The House is working on a companion bill. US businesses are

on high alert for Russian cyber attacks in Washington. I'm maybe Morris Bloomberg Daybreak, Amy, thank you for coming off President Biden's first State of the Union address last night, and in his speech, the President promised to take on Vladimir Putin and keeps supporting Ukraine. He thought the Western NATO wouldn't respond. He thought I could divide us at home, in this chamber, in this nation. He thought he could

divide us in Europe as well. But Putin was wrong and remarks that lesson a little more than an hour. The President also called on Congress to unite on challenges here at home, including higher prices. One way to fight inflation is to drive down wages and make America's poor. I think I have a better idea to fight inflation,

lower costs, not your wages. The President touted his bipartisan infrastructure law and called for a new action on domestic manufacturing and supply chains, lowering health and family costs and boosting competition. He also promised to keep fighting COVID even as more Americans returned to work and school. Reaction continues to pour into the State of the Union. Karen Genie Genie she and Zeo is a political science professor and a Bloomberg News contributor. I think he missed an important moment.

This is the last big speech Joe Biden will give, the last major audience he has before the mid term election, and I'm not sure he changed on the domestic front any hearts or minds, and I think he could have done a better job saying we need to restore democracy, not just abroad, but at home. Bloomberg contributor Genie she and Zano says the number one issue for voters right

now is inflation, and Republicans seized on that topic. After the President wrapped up his speech, Nathan Iowa Governor Kim Reynolds delivered the GOP response to the State of the Union. Where now one year in to his presidency and instead of moving America forward, it feels like President Biden and his party have sent us back in time to the late seventies and early eighties. I am a governor. Kim Reynolds used her fourteen minute address to say the country

is on the wrong track. She focused on issues ranging from inflation and crime to taxes and education. All right, let's turn to markets now, Karen. We are seeing major moves this morning in commodities as the war in Ukraine intensifies. Let's get the latest life from Bloomberg's John Tucker, John Nathan. Oil surging this morning, Brent crude above one dollars of barrel. The International Energy Agency warns that global energy security is

under threat because of Russia's war on Ukraine. In addition that energy medals and grains prices are higher. Russian commodities not targeted by sanctions, but thanks for pulling. Financing and shippers are reluctant to touch anything from Russia. Live to New York. I'm John Tucker, Bloomberg, debreak, All right, John, thank you all. More of the world's iconic brands are

pulling away from Russia. We get more on the growing US Live from Bloomberg's Rainy to Young Good morning, Ray, Good morning here, and Apple and Nike both say They're halting product sales in Russia, cutting off the country from the most valuable tech company and the biggest maker of athletic wear, while Disney and Warner Media are pausing new movie releases in the nation. It's a cultural and commercial split not seen since the Cold War ended in the eighties.

U S brands are quickly vanishing from the Russian marketplace in a way that will be hard for consumers to ignore. Live in New York, I'm gonna need a young Bloomberg daybreak, al Nita, thank you. How will the war in Ukraine effect? The Fed will be looking for answers on that, plus the outlook for inflation. When Federal Reserve Chairman j Powell

begins two days of testimony to Congress. Bloomberg Economics correspondent Michael McKee reports inflation in February out next week is forecast to be the highest since the start of two So there's pressure on the Fed to do something. But what policy makers don't know is how much higher prices from Russia's war will crimp growth. Those are questions Chairman Paul will face the next two days, and it's not

just a growth worry. Powell also has to worry about higher inflation expectations becoming embedded in consumer and business psychology. Michael McKee, Bloomberg Debris. All right, Michael, thank you. The

US dollar also in focus today. It's been strengthening since the war in Ukraine began, and the shift could mark a critical inflection point for the green back, as according to Zultan Posar, head of interest rate strategy at Credit Swiss, now that Russia has lost access to currency reserves, he says other countries may start questioning the value of their

own reserves and that could ripple across currency markets. The FX reserves are partly used by the central bank to be able to provide dollars to domestic financial system, and if all these balances are frozen, you know, one channel of dollars to help the local banking system drives up. So I think it's quite a complicated situation. Saltan Posar at Credit Suis made the comments on Bloomberg Odd Lots podcast. Read more about it on Today's Big Take by Bloomberg

on the terminal and online at Bloomberg dot Com. Futures this morning are higher. S and P future is up twenty five points down. Futures up one Nasdack futures up seventy seven and the ten Uere Treasury down three thirty seconds. They yield one point seven three percent. Straight ahead your latest local headlines plus the check of sports. And this is Bloomberg. I can't thank you. It's five oh seven on Wall Street, forty two degrees in Central Park in

a broken down vehicle. We got that on the outbound George Washington Bridge upper level. Tail's coming up in traffic. First, Michael Barr is here with what else is going on in New York and around the world. Good morning might call Good morning, Nathan. New Jersey drivers could soon be

forced to pump their own gas. New Jersey is the only state of the nation where drivers are not allowed to pump their own gas by law, but a bill in the state legislature could allow self service as an option for smaller stations while maintaining full service for stations with four or more pumps. Station owners say changing it would help off at rising gas prices and workers shortages. New York City's pension fund for police officers voted to

sell stocks and bonds issued by Russian companies. The fifty three point six billion dollar fund has more than eighty five thousand active members and retirees. Hong Kong is set to report a record of over fifty thousand daily new COVID infections today. The city spiraling outbreak has seen thousands of residents flee, while those remained short store shelves of

food and medicine. US Representative Lees Eldon and l I of former President Donald Trump accepted the New York State Republican Party's nomination as their candidate for the two governors race. Betta O'Rourke is projected to be the Democratic winner for the Texas gubinatorial primary. He held a victory rally and fort Worth last night. This group of people and then some are gonna make me the first Democrats to be

governor of the state of Texas. Since O'Rourke will go up against incumbent Governor Greg Abbott, who won the GOP primary, Republicans sent a message they want at Keith, Texas the land of opportunity and prosperity, per absolutely everybody. Governor Abbott spoke to his supporters at a Corpus Christie victory rebelling tells Oklahoma is searching for more remains of victims killed

in the city's race massacre. University of Florida forensic anthropologist Dr Phoebe Stubblefield says one grave held the remains of a homicide victim had multiple ben shot wounds that contributed to his death. He had a minimum of three gunshot wounds. He was a young man in his twenties. The city says it will not file criminal charges. The Moon is about to get slammed by a big piece of space junk and leave a creator the size of several semi

tractor trailers. The leftover rocket was slamming to the far side of the Moon. Friday, Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than hundred journalists and don't listen more than twenty countries. Michael bar this is Bloomberg Naked Alright, Michael, thanks almost five ten on Wall Street. Time for the Bloomberg Sports Update. Good morning, John Stann shower right, Good

morning Nathan. For the first time since the strike that canceled the World Series and went in the following season, baseball games will be lost to a warp stop is. The lockout continues the first two series of the season, canceled. Two sides had that marathon bargaining session Monday that led to an extent to the deadline and some optimism where things apparently did not go well yesterday. The commissioner is

Rob Manfred. We worked hard to avoid an outcome that's bad for our fans, bad for our players, and bad for our clothes. I want to share our fans that our failure to region agreement was not due to a lack of effort by enger Hart. The players came in for nine days, they worked hard, they tried to make a deal, and I appreci Yankees were to start the season with seven road games Texas and Houston. The Mets

first two series were at home versus Washington Atlanta. Those games will knock be made up a lot closer for the Nets. Against the Raptors, Toronto won by thirty six in Brooklyn, seam to last night in Toronto, Raptors one one oh nine, one oh A. They had a ten ing run on the fourth quarter. Nets have now lost fifteen of eighteen, just as the Knicks had Knicks playing in Philadelphia tonight. Nets played Miami tomorrow. Kevin Durants expected

to play. He's been out since mid January Islanders in Colorado, the Ads with their NHL leading forty where they scored three in the third one five three Devils lost in Columbus four to three. The w n b A has find the New York Liberty half a million dollars. Their crime was flying their players on chartered flights instead of flying commercial, as lead rules dictates, John Stash Howard, Bloomberg's and Q john SMP futures down town are up twenty

seven points. Staff futures up two hundred nests. ACT futures highed by eighty six points. The tenure treasury is down four thirty seconds. The yield one point seven and four. You're listening to Bloomberg Taper Bloomberg eleven three oh weather mostly sunny, upper forties today, chance for a shower tonight. But will you under a mix of sun and clouds tomorrow? Breezy, cooler low forties for highs upper thirties by Friday. Currently

forty two in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg Quick Tape. She's a Bloomberg Business lash and I'm Karen Moscow. US Dock Index futures on the rise this morning. European stocks erased their losses after the Kremlin said Russia is ready to resume talks with Ukraine. Tonight, Brent topped one hundred ten dollars

of barrel. Bonds in Europe held losses after data showed euro Area consumer prices rose more than forecast in February and German inflation may average five percent this year. Rushes were with Ukraine will further boost energy prices. According to the bundes Bank to check the markets every fifteen minutes

throughout the trading day. On bloomberg S and P future is up thirty six points and now futures up two hundred fifty Nasdack futures have one hundred twenty seven The decks in Germany's up four tenths of upper cent, the ten year treasury down five thirty seconds. He had one point seven four percent and the yield on the two

year one point three nine percent. Nimex screwed oil is at five and a half percent at five dollars sixty eight cents at a hundred nine dollars ten cents of barrel and Brent is at a hundred ten dollars ninety cents. Comes gold is down four tenths per cent or eight dollars ten cents at nineteen thirty five sixty announced the euro one point one zero eight six against the dollar. British found one point three three one six. The ends at one fifteen point to four bitcoin this morning higher

it's at forty four thousand, one hundred fifty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Goodbourne, Good morning, Karen. President Joe Biden gave his first State of the Union address from the capital last ninth. The President opened with a message of global unity against Russian President Vladimir Putin. Putin is now isolated from the world more than he has ever been I was. Republican Governor Kim Reynolds offered

up the GOP response to President Biden's address. Reynolds portray the GOP as the Party of Freedom and Choice, because you know, you've shown that the soul of America isn't about who lives in the White House. Reynolds is asking people to think about the last year of democratic policies coming from the White House. The scheduled opening day from

Major League Baseball has been canceled. No deal reached between the players and teams yesterday to in the lockout in the NBA, the Nets and Warriors lost, the Celtics and Wizards won. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than twenty seven under journalist and animists more than twenty countries. Michael bar this is Bloomberg. Nathan alright, Michael, thanks for coming up to five twenty on Wall Street Line from the

Bloomberg Entract to Broker's Studios. This is Bloomberg Daybreak, and fresh from anchoring our State of the Union coverage last night on Bloomberg Radio and Television, Bloomberg Washington correspondent Joe Matthew joins us this morning after, of course, host of Sound on as well on Bloomberg Radio. Joe, it's great

to have you with us this morning. After a speech that was dominated by a lot of blue and yellow in the in the Congressional chamber in support of Ukraine, the President getting a chance to show that he wants to unify the world against Russia. Well, that's right, and that was really the opening salvo in this speech. The first third of the speech really is about an hour long in total. Nathan was was directly aimed at Vladimir

Putin and commentary on the war in Ukraine. Which is highly unusual for a president to start a State of the Union address by talking about foreign policy, but this is the world we're in right now. He got both sides of the room on their feet repeatedly in calling Vladimir Putin a dictator and speaking about the effort to start chasing oligarchs. The couple of pretty good lines that we heard from the President last night, that we'd go after their yachts, their luxury apartments, go after their ill

gotten games. It really got the room fired up as he spoke about the unity in this effort. And to your point, it was a lot of blue and yellow as you looked around the room with pins and wardrobe. But you know, interesting, Nathan, it was what people were not wearing that that might have been one of the bigger stories of the night, And that would be a mask. If you look at the images of President Biden walking

into that room without a mask. The lawmakers lining the i LS, he made his way to the speaker's rostrum, shaking hands, hugging. It's something we have not seen in a couple of years, and it was a way for the administration to say that we may not have won this battle against COVID, but we have turned a corner. Yeah.

And it was interesting as well to see the President when he talked about COVID, almost seeming to line up with a lot of what Republicans have been calling for for the last few months, getting people back to work, getting people in school, and at the same time, you know, ramping up vaccinations and access to COVID treatments, that sort

of thing. Is the country moving on from COVID, Well, look, I think a lot of the country has moved on, and that's sort of the situation that the federal government, the administration has found itself in the c d C, as you know, loosened up its mask mandate weeks after a lot of states and in some cases months after a lot of states did this. There is a cry to get people back to work. Obviously, to hear the

President kind of get on board with that. Following the adjusted mandates or or adjusted policies, lack of mandate from Rochelle Wilenski at the CDC tells us a lot. And if you remember back, you know, in the middle of the summer here, the president did try this once in declaring victory almost over COVID, he said, we were about to declare our independence. Then of course delta happened. Then, oh Macron, So they have to be careful about this. But the just the visual last night seemed to go

further than most of what he said. He issued a four point plan on you know, eventually beating COVID. He said, we don't have to just live with this, but the fact is we are living with it, and watching that room last night was real evidence of that. Of course, we are still dealing with the after effects of the pandemic, not the least of which is rising prices. He says that getting prices under control will be his top priority. At the same time he's running into a very divided country.

They're very divided approach to how to do that. Yeah, well, as we walked through the night here walk through the speech, Nathan, You're right, when he got into that point pivot to domestic politics, that's when the room started to look a little more like a traditional state of the Union, Democrats up for some things, Republicans sitting down at the same time.

And it was a lot of repackaging. You know, when Build Back Better fell apart his social spending plan at the end of last year, voting rights legislation the beginning of this year, he kind of he dropped the brand build Back Better, never said that name, but talked a lot about the individual components, paid leave, the expanded child tax credit, and so forth that they hope to breathe

new life into. But in this midterm election year, with the division in Congress that you just alluded to, it's highly unlikely that any of these could see the light of day. So in our last thirty seconds, Joe, would you see this as a pivot for President Biden or sort of a reframe? Well, maybe reset is a word that we can try that that's what he wanted it to be, a reset after a very difficult first year in office, where he actually had a couple of good

things to talk about. The infrastructure, lost six million new jobs, historic unemployment. Uh, you look at economic growth of five point seven percent For a lot of presidents, those would be pretty big hallmarks but there were so many other headwinds from inflation to COVID regulations, just the bitter politics in Washington, that I think, yes, he is hoping as he called out to the room for some unity in this country, particularly now with a war underway in Europe.

Joe Matthew are Bloomberg Washington correspondent doing heavy duty this morning after anchoring our State of the Union coverage. Be back later on today with Bloomberg Sound on UH this afternoon at five pm Wall Street Time on Bloomberg Radio. Right now, SMP futures up thirty four points now, futures up, tune at forty two. NASTAC futures up a hundred fourt Brent crude at a hundred ten dollar seventy seven cents of barrel. This is Bloomberg Bloomberg eleven three oh Weather.

Sunshine upper forties today, chance for a shower tonight, but we'll be under a mix of sun and clouds tomorrow, breezy with highs in the low forties by then upper

thirties for highs on Friday. Right now forty two in Central Park, broadcasting live from the Bloomberg Interacted Broker Studio in New York, Bloomberg E living three on to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg sixty to the country Sirius XM ch A one nine and around the globe the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak.

It's five thirty on Wall Street. Good morning of Nathan Hagar and I'm Karen Moscow 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. The fighting isn't sensifying in Eastern Europe. According to inter Facts, Russia's defense ministry says it has captured the Ukrainian port of Curson. Moscow is pressing ahead

with attacks. Meantime, the United Nations is sounding the alarm and the humanitarian crisis in Ukraine, and Blueberg said Baxter has the latest. The body says almost seven hundred thousand people have already fled Ukraine and say as many as four million may leave. US Secretary of State Anthony Blincoln says Russia should not be on the Humanitarian Council. These are the human rights abuses this Council was created to stop. If we cannot come together now, when will we come together?

A u N forecast Russia to step up attacks from targeted to more widespread and more brutal. In San Francisco, I'm at Baxter Bloomberg Daybreak. All right, and thank you. We're coming out President Biden's first State of the Union address last night. The President says Vladimir Putin has no idea what's coming. He used his speech to rally support for Ukraine and to confront the challenges here at home. We'll meet the test, protect treatom and liberty, experience fairness

and opportunity, and we will save democracy. President Biden said getting prices under control will be his top priority. He touted his bypart as an infrastructure law and called for more action on domestic manufacturing and increasing competition. Speaking of gas prices, Nathan, we're seeing crew to serch again this morning. We get the latest live at the Bloomberg's John Tucker, John Karen Brent Oil's top one hundred dollars of barrel.

The International Energy Agency warns the situation is serious. While sanctions haven't targeted russ and crude. Banks won't finance and shippers don't want to touch it. About of russ and crewed trade is currently frozen. Strategic oil reserve release has done little. Detained prices OPEC plus meets today, but it's only expended to increased production by a trickle, Live in New York on John Tucker Bloomberg Daybreak. All right, John, thanks, So,

how will the war in Ukraine effect? The Fed will be looking for answers on that, plus the outlook of for inflation when Fed Chair J Powell begins two days of testimony to Congress. Listen for that live on Bloomberg Radio and television beginning at ten am Eastern. And on the corporate front, this morning, Nathan shares of Nordstrom are surge in the department store operator, up more than thirty two percent after earnings and a forecast that topped analysts estimates.

Futures are also higher this morning. SMP futures up thirty one points and DOWN future is up two five NASDACK futures up one hundred six. The ten year treasury down four thirty seconds yield one point seven four percent, and they yield on the two year one point three eight percent nine x screwed oil? Is that more than five percent? Straight to had your latest local headlines plus the check of sports, and this is Bloomberg and wall st two degrees.

We gotta crash in the westbound l I 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 Jersey drivers may soon have to pump their own gas. The New Jersey legislature introduced a measure that would allow residents the option to pump their own gas or continue with full service from an attendant. New Jersey does not

allowed drivers to pump their own gas by law. Many drivers love the full service law, but station owners say changing it would help offset rising gas prices and workers shortages. A mask mandate for students and schools ends in New York State starting today. Governor Kathy Hoko says that new cases have dropped. The mandate is still in place for New York City students for now. It's a milestone Hong Kong does not want. According to local media, the city

will report more than fifty confirmed COVID cases today. Hong Kong's spiraling outbreak has seen thousands of residents flee or those remaining strip shelves of food and medicine. There were demonstrations about the controversial bill in Florida. Protests were held outside to the Hall of Miami Beach as Florida's so called Don't Say Gay Bill advances. The measure aims demands speaking about sexual orientation or gender identity in schools, child

could feel that they are not respective. Supporters of the bills say it's not to demonize certain groups, just says that we don't talk about these sorts of things till the kids are out of third grade. The measure is officially known as the Parental Rights and Education Bill. New York's Republican Party leaders nominated US Representative Lee Zelden as their candidate for governor. Their convention was held on Long

Island yesterday. Democratic challenger Jessica sis Niros has forced the primary runoff in South Texas against Conservative Democratic Representative Henry quay Are. Neither candidate last night got more than fifty percent of the vote needed to win out right. The race was among the most heated in Texas, is first in the nation primary. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven under journalist and analysts more than

twenty countries. Michael bar this is Bloomberg, Nathan, Thank you, Michael. Thirty five on Wall Street, John stash Are is the Bloomberg Sports Update. Thanks Baithan Openny Day was to be March thirty one, Yankees in Texas Mets at home against Washington. Those games and all the first two series canceled. The baseball walkout, ninth work stoppage in MLB history, continues and you can't help again the feeling it might last a while,

both sides blaming the other. The commissioner was Bob mannything I can say, uh, is that from the perspective of the Commissioner's office in the clubs um, we are doing our very very best to try to reason agreement. Unfortunately, it's not something that's solely within our control. It takes two parties to reach an agreement, and we will continue to be committed to that process. The Players Association put out a statement. They called this the culmination of a

decade's long attempt to break the union. As Chief Tony clarks As the players have never been so united. The biggest issue the competitive balanced tax that helps smaller market teams and what a team's payroll should be yet to start paying each Nets went to Toronto. The unvaccinated Kyrie Irving normally plays road games, but he's not allowed to cross the border. Raptors one one oh nine, one o

eight to sleep the home and home. James Johnson led Brooklyn with nineteen, but he missed a game bling shot at the end. Islanders lost at Colorado five three Devils lost in Columbus four three of Angels so St. Louis. Tonight, the NFL scouting combine underway in Indianapolis and New Giants GM Joe Shane told reporters the Giants are not in good salary cap health. Shane needs to shed about forty million dollars. He admitted he would listen to trade offers

for shakemon book. John stash Aller Bloomberg Sports Nathan Thanks, John Omans thirty seven on Wall Street time for the Tri State Business Report. Here's Bloomberg's d Cory. Manhattan supply of office space hit a new record high even as workers came back to buildings. The availability rate hit a peak of seventeen point four percent in February, with ninety four million square feet of offices up for grabs, according

to data from Colliers going back to two thousand. Largely driving the increase was a surge in sub lease space. Well fewer new families enrolled their keys. It's to New York City public schools during the pandemic, the city struggling to retain young, white and affluent students. That's according to a report from the New York City Independent Budget Office.

Amid a renewed push to ban smoking in Atlantic City casinos, a new report predicts that doing that could cost up to casino jobs and nearly eleven percent of casino revenue as they struggled to rebound from the coronavirus pandemic. Independent gambling research firm Spectrum Gaming Group issued the report. Andrew Bloomberg Try State Business Report. I'm d Corey. Thanks on Wall Street Bloomberg Radios 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 and X in Los Angeles. We're talking about Netflix buying a GameMaker that produces a title based on the Stranger Things streaming series. US You're Ready and for w c CO in Minneapolis. I'm reporting that some US Bank Corps retirees are suing the bank, saying it short changes the pensions of workers

who retire early. Um Corney Danahallan Cafe bian Omaha beef prices are satirized further as costs for ranchers store. I'm Caroline had comed Blue Big Dab Digital Radio in London. Women footing on Bois Johnson updating MP's after his trip to Eastern Europe as Russia says its forces have captured a key Ukrainian pool. I'm ed Corey on w w J in Detroit. I'm reporting Fortist is spending operations in Russia. Those are some of the stories our hundred Bloomberg journalist

and analysts are working on this morning. Around the world. It's thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. Russia's invasion of Ukraine is already disrupting energy markets sending crewde prices above one hundred five dollars a barrel. So news the US has agreed to tap

its strategic petroleum reserve is welcome. Indeed, it is part of a larger plan coordinated with the International Energy Agency to tap oil stockpiles in countries around the globe, the first move of its kind in more than ten years. The US will release thirty million barrels of oil, half of the total to be released worldwide. This won't just

provide short term relief at the pump. It could also help calm global energy markets if the war in Ukraine worsens and counter Rush's ability to wield its energy supplies as a weapon. No one knows precisely what energy markets may do overcoming months. This all makes it the wiser to take precautions now. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opie I n go

on the Bloomberg terminal. This has been Bloomberg Opinion. Listen for Bloomberg Opinion and it's ariels every weekday. At this time. Terminal customers can read more at O P I, n GO, SMP futures up twenty eight points, stout futures up two or twenty five dance at futures hied by ninety six points, the tenure Treasury down eight thirty seconds, yield one point seven five per cent. You're listening to Bloomberg Daybreak Blomber eleven three oh weather sunshine, upper forties today, chance for

a shower Tonight. We'll have a mix of sun and clouds. Tomorrow breezy, low forties for highs upper thirties by Friday. Right now forty two 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 Take This. She's a Bloomberg Business Flash and I'm Karen Moscow. You want to knock index futures on the rise. This morning, European stocks erased their losses after the Kremlin said Russia

is ready to resume talks with Ukraine. Tonight, Brent topped a hundred ten barrels bonds in europholding losses after data showed Euro Area consumer prices rose more than forecast in February, which like the markets every fifteen minutes throughout the trading day on Bloomberg S and P Future is up about twenty eight points now, futures up two hundred twelve NASDACK futures up ninety one The decks in Germany's up half percent.

Ten year treasury down five thirty seconds, yield one point seven four percent, The yield on the two year one point three eight percent. NIMEX screwed oil is at four point three percent. It's at a hundred seven dollars eighty seven cents of barrel. That's up four dollars forty four cents. Brent also higher by more than four percent. It's at

a hundred nine dollars now sixty two cents. Comics gold is down nine ten per cent, or seventeen dollars at nineteen twenty six eighty announced the euro one point one zero nine three against the dollar, British found one point three three one eight the ends at one fifteen point to five, and Bitcoin is moving higher at forty four thousand, two hundred forty dollars. That's a Bloomberg business flash. Now here's Michael Barr with more i'mus going on around the world.

Karen thank you very much. Day seven of the Russia Ukraine conflict dawned with the Russia continuing its attacks on crowded Ukrainian cities. Last night, President Joe Biden, in his State of the Union speech, gave his support to Ukraine. We're giving more than a billion dollars of direct assistant Ukraine and will continue to aid Ukrainian people as they defend their country and helped ease their suffering. Hi what Governor Kim Reynolds gave the GOP response to Biden's address.

The President tried to paint a different picture tonight, but his actions over the last twelve months don't match the rhetoric. It's not what he promised when he took office. Reynolds did say all Americans must stand united and solidarity with the people of Ukraine. The scheduled opening day from Major League Baseball has been canceled. No deal was reached between the players and owners in the NBA, and the Nets and Warriors lost. The Celtics and Wizards won in the NHL.

The Devil's Islanders and Bruins all lost. Global News twenty four Hour as a Day on air and on Bloomberg Quick Take powered by more than twenty seven under journalist and analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan alright, Michael. Thanks, It's five forty nine on Wall Street Live from the Bloomberg Interactive Brokers Studios.

This is Bloomberg Daybreak. As we continue to gather reaction to President Biden's first State of the Union address, were joined live this morning by Wendy Schiller, director of the Topman Center for American Politics and Policy at Brown University. Professor, Good morning. The President called for unity against Russia and around his economic agenda and the fight against inflation. Did he step up to the moment for you? Well, Nathan, I thought it was a very good speech. H. You know,

it's all about expectations with President Biden. Sometimes he's really on his game looks, you know, really fit and sharp and uh and his will toly coherent. Joe Biden's always had a kind of career where he's not always the most coherent speaker. H. And I thought he was very, very good, very on point. It was a remarkable atmosphere for the State of the Union. We haven't seen this kind of atmosphere in many years in the State of

the Union Chamber. Uh. You know, there was one very partisan moment when he criticized the Trump tax cuts on the GEOP Congress, But other than that, there were a lot of standing ovations, a lot of applause. Now keep in mind, a lot of the GOP did not go to the speech. Uh last night. The COVID restrictions limited the number of people in the chamber. But nonetheless it was what we call a good show for the United States of America, for the rest of the world, which

was watching the speech because of Ukraine and the Russian invasion. Uh. So, you know, I think his staff probably thought he had a good night. In the past, we've talked about the president, in your view, needing to show signs that he's pivoting into some respect given the fact where his poll ratings are right now, particularly on the question of his fight against inflation. He says cutting prices will be his top priority. Is he doing enough through this speech to show that

he's got that under troll, that he has that in focus. Well, and Nat and I thought, actually that was one of the weaker points you're trying to make, because I'm just not sure how the settle government does that effectively quickly? Right, how do you force private businesses to cut their prices? And when the supply chains difficult, energy prices are high.

You know, that's a very tough call. So again, do not want to promise things you can't deliver, which is sort of what has tagged or or really nagged at Biden's presidency in the past year. I think the key thing for Biden is that one of the problems of the poll ratings is that people feel he can't do the job literally, whether he's physically or mentally not fit to do the job. I think last night really put a lot of that that, you know, those doubts to bed in the sense of, you know, is he with it?

Can he run the country? Um, he's gonna have to do a lot more of that. He's gonna have to be out and about and have the American people see him, particularly out in the country, you know, off the cuff, even though he can be a little casual off the cuff, just to see that he can run the country. Because that's the poll number that I think is most concerning to the Democrats. It's the kind of thing you can

not fix with, you know, policy recommendations. With the speech last night, how does it set up the mid term fight the fright for control of Congress. The issues he put out there, the economic agenda, it seems as though he's still arguing for a lot of the same pieces of build back better, even though he didn't use the words build back better. Well. Part of last night was

also about democratic unity. Um. You know, they showed a lot of Democrats in the in the room, including AOC who's very uh vocal and well known member of Progressive Caucus. And I think that's one of the things was let's show everybody that the Democrats themselves are united and not fractious and not divided. And so if they can hold that image, I think it helps them a little bit.

But I thought Kim Reynolds Government Iowa her response and not everybody watches the opposite party response, but I do was very on point, very sharp, well delivered, and you know, reflective by the Republicans. They were on basically installation, gas prices and culture wars. Uh and and that's something that you know Biden stayed away from completely. We'll see how the jupy handles the nomination of the first African American um woman to the Supreme Court, Uh, Johnny Brown Jackson.

And and we'll see whether the GOP wants to get into that battle as well. But it seems from Kimeron's address that they are willing to take on almost every cultural issue. Uh. And that's still something that Biden hasn't paid a lot of attention to because you know, he doesn't want to get involved in those things. But you know, they mattered in Virginia in the election, and it looks like they're gonna matter and twank you in the midterms.

Thanks for this, professor, good having you with us this morning. Wendy Schiller is director of the Topman Center for American Politics and Policy at Brown University. Karen, all right, Nathan, thank you. It is five fifty three on Wall Street. It's time for our daily Bloomberg Law Brief, exploring legal issues in the news, brought to you by American Arbitration Association.

Business disputes are inevitable. There's a faster with the American Arbitration Association, the global leader and alternative dispute resolution for over the years. More at a d R dot org. Today we're focused on the Supreme Court. Justice is debated putting new limits on the e p a's power to

tackle greenhouse gas emissions. In a case that threatens to undercut President Biden's climate agenda, Republican led states and coal companies are seeking to bar the e p A from issuing plans to reduce carbon emissions from power plants, while the White House is defending the agency's authority. For more in the case, Bloomberg student Grassa speaks to Pat Parento, a professor of environmental law at the Vermont Law School.

What's at stake in this case? When you're talking about the electricity sector that represents about a third of our total greenhouse gas emissions, so it's incredibly important to regulate that sector and get those emissions down. And within that sector, you know, the single most important category, of course, is coal fired power plants. So this case West Virginia versus e p A, no surprise, West Virginia being a huge

coal state bill even though coal is dying there. It's all about whether e p A has authority to impose the kinds of controls well, a system of controls that will significantly bring those plants into compliance with the Clean Air Act and with President Biden's avowed pledge to make the electricity sector carbon free. So there's a lot writing on this and beyond the greenhouse gas and the climate change implications of the case. Depending on what the Court does,

it may sweep even more broadly. It may affect all of environmental laws. The arguments were really long. Was there one issue that the justices were kicking around most? Yes, that's the major question doctrine. You know, the Court has already used that twice this year. They struck down a rule putting a moratorium on evictions you may recall because of the COVID epidemic, and they said that the agency didn't have the authority because that was something the agency

had never done for. And in another case, OSHA also imposed a rule and the Court struck that doubt, saying, OSHA, you're not the health agency. You can't be writing a rule that regulates people's exposure to COVID in the workplace. So the Court has already shown that it wants to wield this major Question doctrine in a way that strikes down agency rules at the court the conservative members of the Court believed are going too far, having major impacts

on the nation's economy and so forth. But it's a rule they made up. I mean, it doesn't come from the Constitution, and it's fairly recent. It's just within this era. Of the people that have joined the courts, they're all of the same mind about limiting agency authority, the so called administrative state. Is that what this is about. That's what this is about. I mean, the Court would never

use that term, but that's what it's about. It's a suspicion that agencies who are quote unelectric bureaucrats, you know, taking irrigating a lot of power, and they don't like that. And as Vermont law professor Pat Parento speaking at the Bloomberg Student Grosso. Catch 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 higher this morning, with S and P futures up twenty three points to down futures up one seventy two. NAS day futures up eighty five, the ten year Treasury down five thirties seconds, the yield one point seven four percent, and they yield them the two year one point three

nine percent. Still ahead on Bloomberg at daybreak, check on the business headlines and all the news you need to start your day. And this is Bloomberg