Bloomberg Daybreak: March 21, 2022 - Hour 1 (Radio)

today for President Biden. Supreme Court nominee plus Justice Clarence Thomas's hospitalized. I'm Michael barn More Ahead, I'm John Stash Aaron Sports. The n C Double A tournament field trimmed to sixteen, a win for the Rangers, losses for the Islanders and Nicks. That's all straight Ahead on Bloomberg day Break on Bloomberg Gilman Treo, New York, Bloomberg one, Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nineteen and around the world.

Old on Bloomberg Radio dot Com and via the Bloomberg Business at and good morning. I'm John Tucker, I'm Nathan Hagar. Futures are moving a touch lower to start the week. We're coming up to five oh one on Wall Street. We checked the markets every fifteen minutes during the training, Dawn Bloomberg. Right now, SMP features are down six and a half point STAF futures down ninety one. Nest A features are lower by sixty. The tenure treasury is down

nine thirty seconds. Yield two point one eight percent, yield on the two year one point nine seven percent. Nim X screwed up four and a half percent or four all. There's seventy one cents at a hundred nine dollars forty one cents a barrel. COMEXS goal down a tenth percent or two dollars forty cents at nine fifty announced John and Nathan. We're gonna have more of the markets in a minute. But first we have breaking news out of Asia, the reports of a commercial plane crash in China, and

Bloomberg's Michael Barr is joining us slide with the very latest. Michael, good morning, Good morning, John. Chinese media reports of Boeing seven thirty seven n G carrying one to thirty three passengers has crashed in southwestern China. Radar tracking from flight Radar twenty four shows that China Eastern Airlines flight took a steep descent and as it was heading toward the province of gong Zoo. The New York Times says local officials saw flames and smoke rising from a hillside in

the area. Chinese State TVs as a rescue team has assembled and is approaching the site. So far, China Eastern and Boeing have not been available for a common in New York. Michael Barn Bloomberg Daybreak. Thanks Michael shares a bowling down six percent in early trading following that reported crash of Churse. We're gonna bring you the latest details all morning right here on Bloomberg Radio. Of course you

will John. In the meantime, we continue to shift our focus to the war in Ukraine as intense attacks continue. Ukraine is rejecting Russia's demand to surrender Maria Paul Bloomberg said, Baxter has the details. The Kremlin has said that if that was done, it would open humanitarian lanes. Ukraine said no, and Defense Secretary Lloyd Austin says the Russians may not be able to take Marapo. You haven't taken it yet.

And we've seen in the past that the Ukrainians have counterattacked, that they've they've used their initiative to to move things around on the battlefield uh And and they presented some significant problems for the for the Russians. Meanwhile, more U S weaponry is expected to arrive in the next few days. In San Francisco, I'm at Baxter Bloomberg Daybreak, I said

Ukraine's President philodiprs Zalinski is asking for more help. He address to Israel's parliament calling out hesitancy to provide military aid and join in international sanctions against Moscow did not. Could you explain why we are still appealing to the world in many countries appealing to you for help. Is it in different calculation or mediation without choosing side. I leave it to you to choose the answer to this question. I only note one thing that indifferent skills Koinian for insident.

Zelinski has renewed. He's offered to negotiate with Russia's Vladimir Putin and a. Zelinsky says Moscow is starting to use more destructive artillery in its attacks for President Biden heads to Brussels for NATO summit this week John, but before that trip, he talks with European and UK leaders. This morning. Amy Morris has details from our Bloomberg news room in Washington. President Biden's talk with the leaders of France, Germany, Italy and the UK is set for eleven this morning while

street time. While in Europe, the President is also expected to visit Warsaw, where he'll meet with Poland's President Andre DooDah. Sources tell Bloomberg that later today, senior US officials, including Treasury Secretary Janet Ellen and National Security Advisor Jake Sullivan, will meet with executives in the energy, refining, financial services,

and manufacturing sectors. Leaders from ex On, Mobile, JP, Morgan Chase and other firms are expected to attend the off the record discussion about the global push to sanction Russia, up ending supply chains and exacerbating in flationary pressures. In Washington, on Many Moore as Bloomberg Daybreak, thanks Amy, Russia has begun using hypersonic missiles against Ukraine. It's a shift in strategy that may signal a new phase of the war. Analysts expect more air power to be used as the

Russian ground campaign stalls. NATO Secretary General Yan Stoltenberg is also worried about chemical weapons. We know that Russia has used chemical agents in Europe before against their own political opponents, and they Russia has been facilitating supporting the outsold regime in Studio where chemical weapons has been used. So this is something we take extremely serious. NATO Secretary General Yain Stoltenberg made the comments on NBC's Meet the Press, heard

Sundays on Bloomberg Radio. With no end of the war inside John oil is surging for a third day. Attacks by Iranian backed revels on energy facilities in Saudi Arabia are also adding to upward pressure. Crude has rallied almost

fourteen percent since Wednesday. Checking prices now, Nimex crudes up four point seven percent, or four dollars nine cents at a hundred nine dollar sixty three cents a barrel brand is up four and a half percent at a hundred twelve dollars sixty eight cents, and as crude climbs, inflation remains front and center. Today, j Powell gets another chance to weigh in on the matter. The Fed share banks remarks and answers questions at an economics conference in Washington.

Critics like former Treasury Secretary Larry Summers say the Central Bank needs to hike rates more aggressively. We've got to raise interest rates by more than four percentage points. We've got to raise them by four percent to stay neutral. We probably have to raise them more than that. So I think ultimately we're gonna need a four or five percent interest rates levels they're not even thinking of as conceivable.

The former Treasury Secretary and Bloomberg contributor Larry Summers was against on Bloomberg's Wall Street week Herd weekdays on Bloomberg Radio and television. Stay tuned for those remarks from J. Powell. We're gonn bring those two you live, coming up just before one pm Wall Street Time. All right on the

Corvert front this morning, Johnson Merger Monday News. Private equity firm Tomma Bravos agreed to buy San Francisco based software company and a Plan in a deal valued at ten point seven billion dollars and a Plan shares her up more than twenty six percent in early training. Nathan Thanks five oh seven of Wall Street and let's bring in Michael Barr with more on what else is going on in New York end around the world. John, thank you

very much, sir. The Senate Judiciary Committee is set to begin it's history confirmation hearings today for Judge Katangi Brown Jackson, one year old federal judge would be the first black woman on the Supreme Court. Jackson is expected to present an opening statement, then answer questions from the committee's eleven Democrats and eleven Republicans over the next two days. Senate Minority Leader Mitch McConnell says he is keeping an open mind.

I'm gonna listen to the hearings and by the way, she'll be treated much better than Democrats are typically treated. Republican nomination like Clarence Thomas and Brett cabinaught. Senator McConnell spoke on CBSS Face the Nation, which can be heard Sundays on Bloomberg. Supreme Court Justice Clarence Thomas remains hospitalized with flu like symptoms. According to the Supreme Court, Thomas is being treated with antibiotics for an infection and is

resting comfortably. The new subvariant of the coronavirus has the attention of the nation's top in factious disease. Doctor Dr Anthony Fauci says the new coronavirus B A two subvariant is about fifty to six more transmissible than omicron. It does have an increased transmission capability. However, when you look at the cases, they do not appear to be any more severe. Dr Fauci says that's the good news, but he warns b A two could lead to an increase

in COVID cases in the weeks ahead. Overall sickness and hospitalizations have dropped pre pandemic levels. Fauci spoke on ABC's This Week, which can be heard son days right here on Bloomberg. Fans welcome back the Cinderella team of the men's NC Double A Tournament. Jersey City's St. Peter's University got a hero's welcome when they return Sunday, everyone has a Peacock Nation is like, this is crazy because we're such a small school. Over the weekend, the fifteenth seed

advanced to the sweet sixteen. Peacock's guard Darryl Banks, this is amazing. You know, just growing up, I want to play basketball. This is time of the moment that you live for. It as you dream of guard Darryl Banks and his st Peter's teammates now take on Produe this Fronday, Global News twenty four hours a day on It and on Bloomberg Quittake, powered by more than twenty seven dred journalists and analysts in more than a hundred twenty countries.

I'm Michael Bard. This is Bloomberg, John Michael, thank you, and it is coming up a five tennel wall street side out of the Bloomberg Sports Update, here's John Stash Thanks Johnny n like turn him at field down to the sweet sixth teen and it includes Duke. Mike Schowski's coaching career not over yet. Blue Devils pulled away late to beat Michigan State. You don't go to the sweet sixth Steins just with talent, you do it with character. And uh, that's that's what my teams have had. But

it's not like I've given them that. You know, we've recruited that and we've made use of it. Coach k and Duke now headed out to San Francisco to play Texas Tech, who got by Notre Dame a two seed went down last night, Auburn lost to Miami, a one seed nearly went down, but Arizona survived in overtime over TCU. Eleven seed at Iowa State is moving on. The Cyclones went two and twenty two last year, also advancing Villanova, Houston and Purdue. Purdue is next for Cinderella St. Peter's

and that game is Friday night in Philadelphia. At the Guard of the Knicks had recent wins over Portland and Washington, Utah much better team Jazz came in and won one O eight to ninety three. Donovan Mitchell thirty six points, r J Barret of the Knicks with twenty four. What

a weekend for the Rangers. Road wins at Tampa Bay the two tons of Fenning Stanley, Cup James, and then first place Carolina was too nothing with backup goalie Alex Gorgi getting forty four stays in the shutout goals by Chris Crying or his forty one and recent Ranger pick up Frank Metronto. Islanders lost in Philadelphia to one. Red Sox signed Freed and Swarts stop Trevor's story. They plan to use him at second base, but up big numbers with Colorado or The numbers tend to inflate, but he's

got plenty of power. He's at thirty seven and thirty five home run seasons. John stash A Warner, bloom Bird Sports. John, all right, thanks John. Ahead of the cash open, Old Wall Street futures right now after last week's games, they're in the red this morning. The down futures down one d and twelve points. That's at the client about three tenths of a percent. Smp E Mini futures line point slower,

that's down two tenths of a percent. And the head of the cash open, the nastaic E Mini futures sixty three point slowers this morning. That's down about half a percent. As we look at treasuries, the tenure yield this morning, it's up three bases points two point one eight percent. You're listening to Bloomberg Daybreak and the Bloomberg Weather for it today from Gary Bass. Sunshine, the high temperature about sixty degrees. Could see some showers after midnight tonight Tomorrow,

partly sunny. The high temperature about sixty degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business app, and at Bloomberg Quick Tape he's a Bloomberg business lash. Good morning, I'm Nathan Hagar. US futures European equities are wavering as crude oil extends the climb and investors monitor diplomatic efforts to bring an

end to Russia's nearly month old war in Ukraine. We checked the markets every fifteen minutes during the trading day on Bloomberg. Right now, SMP futures are down seven point. STAFF futures are down. Nasdaq futures are lower by fifty seven point. European stocks very slightly in the green right now, with the decks in Germany little change. The cat in Paris higher by one tenth of one percent, the foot scene London up a half percent. It's in your treasury

right now, is down ten thirty seconds. The yield two point one eight percent. In the yield on the two year right now one point nine eight percent. Nime X Screwed, as you mentioned, was surging for a three point nine percent or too four dollars thirteen cents at a hundred eight dollars eighty three cents of barrel. Comex Skulled is down two tenths percent at nine fifty announced. That's a Bloomberg Business Flash. Now here's Michael Barr. It's more on

what's going on around the world. Good morning Michael, Good morning Nathan. Chinese media reports of Boeing seven thirty seven n G carrying one d passengers has crashed in southwestern China. Radar tracking from Flight Radar twenty four shows the China Eastern Airlines flight took a steep descent as it was headed toward the province of gong Zoo. Chinese State TV reports that a rescue team has assembled and is approaching

the sign. Ukrainian officials have defiantly rejected a Russian demand that their forces in Mariopo lay down arms and raised white flags in exchange for safe passage. The Senate Judiciary Committee is set to begin its His Story confirmation hearings for Judge Katangi Brown Jackson. The fifty one year old federal judge, would be the first black woman on the Supreme Court. College basketball demands NZ double a Sweet sixteen to set Duke. Kansas and Villanova advanced yesterday. NBA, the

Knicks and Warriors lost, the Celtics won. In the NHL, the Rangers won, the Islanders and Capitals lost. Global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven journalists and analysts more than a hundred twenty countries. I'm Michael Baren. This is Bloomberg, Michael, Thanks very much, five twenty on Wall Street. We are live from the Bloomberg Interactive Brokers studios and this is Bloomberg Daybreak. We do have those

reports on that commercial passenger plane crash in China. Word on that coming through in just the past, our late breaking stories still the stop and let's find out what we know right now from Bloomberg's Will Davies. He joins us from Hong Kong. Will, what can you tell us morning, John? Yeah, it's delay developing situation obviously, but what we know so far is that the China Eastern Airlines Boeing aircraft is that was flying from Kunming to Guangzho in the south

of China has crashed. There were a hundred twenty three passengers and nine crew on board. There's some footage emerging online videos showing as of a fiery scenes on the mountain side. Um and that's the reports are the playment down in a place called the wood job. The Chinese aviation regulator is sending in a team to uh probe see what's happened, But we haven't heard direct from the

airlines yet. China Eastern's website has gone to black and white as a sort of acknowledgement of something that's happened, and the flight radar, those sort of websites are showing that took a steep descent um this this plane a couple of years ago. Yeah, an investigation about the start and the A lot of people don't know. But with investigations like this involving Boeing aircraft, the lead investigators usually

are actually the investigators from the Boeing company itself. Do we know anything more about the plane other than it's a seven thirty seven. The exact model we're told is is energy, So not a seven thirties seven, not a Max. No, No, so the Max isn't actually approved for commercial flights in China. Yeah,

it's one of the last main holdouts. That's been an issue for Bowing because China is obviously it's huge, a huge market, it's his biggest market, and even Bowing has to sort of planets production ramp ups based on its access to China's. China's market in China was the first to ground the MAX in March two thousand nineteen after the crash in Ethiopia. And it's still it was approaching that there was taught that you know, there's reports that we've reported on that it is going to be cleared

very soon. Um. So this was not a MAX, but it was a six year old cemetery. Um. But yeah, I mean, it's obviously a tragedy and it's another setback for for Boeing has come at a bad time and even sending over investigators. I'm sure they'll make allowances, but you know they've got the COVID issues. It's hard to even get into China at the moment um and travel around is hard. But yeah, the investigation will will need to be done. But yeah, another major setback to Bowing.

Do we know how old this particular model of aircraft is and tell me again the operator? And do we also know the region where it crashed? Is it particularly remote area of China? Do you know? Yeah? I think in Guansi Province, which is south it's southwest of China. It's kuldn't it was time? Couldn't mean which the capital of Yunn. It's a sort of a very large uh province in the in the southwest. So from the scene that it looks like the video coming through is a

remote mountain area, UM, rural area, UM. You know, vast landscape over in that part of the world heading to Guangzo, one of the major Chinese city. UM. This was operated by China Eastern Airlines, which is based out of Shanghai. That it's one of the big three airlines in China, along with Air China and China Southern. You know, China's had a good reputation on the air safety or something

it takes great pride in. It hasn't had a the last crash is there in and China Eastern it's last sort of fatal crash anyway, it was in two thousand and four and in the Mongolia in the north. So um. Yeah, this is real shocking development really because China hasn't really had many safety issues with the aviation industry, as you would sort of alluded to with the Boeing Max. How how long it's taken to get that back in the air, whereas it's been improved elsewhere. China was the first aground

that and you know it made to be seen. If it's now going to the regulators or the government will bat ground other Boeing planes following this particular crash. We don't know that yet. We'll keep an eye on it, all right, Well, thanks very much. Bloomberg's Will Davies joining us from Hong Kong this morning. Again, China Eastern Airlines Boeing seven thirty seven eight hundred en G plane on thirty two people on boards crashed and the south western

Western province there in China. Well, thanks very much, we appreciate it. It is five the twenty five right here on Bloomberg Radio. You're listening to Bloomberg Daybreak. Let's shift our attention now to the latest developments on the war in Ukraine. Ukraine rejecting a Russian demand that its forces laid down their arms and leave Mariopold today. Let's get joined. Let's get an update right now. We're joined by Rosalind Mathison,

Bloomberg's executive editor for International Government. What do we know what's taking place on the ground right now? Rose, can you give us an update? But what we're saying is that the city of Mariopol is remaining under siege. It is ugly the city that's suffering the most right now in Ukraine with humanitarian aid when he struggling to get

in and people struggling to get out. So Russia gave the city an ultimatum yesterday said if all its troops and weapons leave, they will allow aid to come in and people safe passage out. Ukraine has rejected that, and that deadline expired. This morning's Okay, this is Bloomberg Dave Break. I'm Nathan Hager along with John Tucker, and we are about four hours away from the open of US trading. So let's get you up to date on the news

you need to you know at this hour. Beginning with the breaking news out of Asia reports of a commercial plane crash in China, Bloomberg's Michael bar joins US Live with the very latest. Good morning, Michael, Good morning Nathan. Chinese media reports Boeing seven thirty seven n G carrying

one thirty two passengers has crashed in southwestern China. Radar tracking from Flight Radar twenty four shows the China Eastern Airlines flight took a steep descent as it was headed toward the province of Guangzho The New York Times says local officials saw flames and smoke rising from a hillside in the area. Chinese state televisions as a rescue team has assembled and as approaching the site live in New York. Michael Barer Bloomberg DAB. Thanks Michael. We now turned to

the latest developments of the war in Ukraine. Ukraine rejecting a Russian demand that its forces laid down their arms and leave the city of Maripol. More talks expected later today. Yesterday, Ukraine's President philodamr Zalinski addressed Israel's parliament, calling out hesitancy to provide military aid and joy international sessions. Could you explain why we are still appealing to the world in

many countries, appealing to you for help. Is it in different calculation or mediation Without choosing side, I leave it to you to choose the answer to this question. I only note one thing that in different kills. Ukrainian President Zelinsky, renewing his offers to negotiate with Vladimir Putin and Ata. Zelinski says Moscow has started using more destructive artillery in

its attacks, that its artillery includes hypersonic missiles. John and analysts say that marks a shift in strategy with Russia using more air power as its ground campaign stalls. Lloyd Austin is the U S Defense Secretary. I would not see it as a game changer. I think again, the reason that he's resorting to using these types of weapons

is because he's trying to re establish some momentum. Secretary of Defense Lloyd Austin made the comments on Face the Nation from CBS, heard Sundays on Bloomberg Radio and coming up today, President Biden speaks with European leaders ahead of his trip to the continent this week. Senior US officials also meet with executives from excell On Mobile, JP Morgan and other firms to discuss the impact of sanctions, and traders are also looking out for a speech today from

FED chair J. Powell. He will make remarks and answer questions at an economics conference in Washington. Will bring that to you live. That's coming up around one pm Wall Street time ahead of the Mark could open this morning. Futures are moving lower, with SMP futures now down three points down, futures down seventy five, NASTACK futures onto decline by forty three points. The ten your treasury is down eleven thirty seconds. The yield two point one nine percent

yield on the two year one point nine eight. Nim X screwed up three point seven percent or three dollars eighty two cents at a hundred eight dollars fifty two cents in barrel. Comic stlled down three tenths per cent or five dollar sixty cents at n thirty announced the euro one point one zero six zero against the dollar. Straight ahead, your latest local headlines, and a check of sports. This is Bloomberg. Thanks Nathan five three of Wall Street.

And let's bring in Michael Barr again with Moura. What else is going on in New York and around the world, John, thank you very much, sir. The confirmation hearings for President Biden's first Supreme Court nomineer schedule to get underway today. Judge Katangi Brown Jackson is the first black woman to be nominated to the Supreme Court. Republican Senator John Barrasso, We're going to have a fair process and a respectful process,

unlike what the Democrats did to justice Capital. Republican Senator Josh Holly last week trying to discredit Jackson in a barrage of tweets saying she was soft on crime. Democratic Senator Dick Durbin says that Holly's claims have been fact checked and discredited, saying Hally's base is far from Centrists. He's part of a fringe within the Republican Party. This was the man who was fist bumping the murderous mob

that descended on the Capitol. Senators Durbin and Barasso spoke on ABC S this week, which can be heard Sundays on Bloomberg. We're learning that Justice Clarence Thomas was hospitalized with flu like symptoms and treated with intravenous antibiotics for an infection. The Supreme Court said the seventy three year old justices symptoms have eased and he is resting comfortably. Even with COVID cases down, US health officials said that they are expecting more cases with the new BA two variant,

through a large surge is unlikely. Dr Anthony Fauci says, well, the b A two symptoms are not typically severe. It is even more contagious than it's omicron predecessor. It's about fifty or so more transmissible, which means ultimately over time, it might take over as the dominant variant. There have been more than seventy nine million cases of COVID in the US alone and more than nine hundred seventy one deaths.

The U. S. Marine Corps identified the four Marines who died when their Osprey aircraft crashed Friday night in a Norwegian town in the Arctic Circle during an ATO exercise. All four were out of Marine Corps air Station New River, North Carolina. The cause of the crash remains under investigation. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts and more than a hundred twenty countries.

I'm Michael bar This is Bloomberg, John, Michael. Thank you. Some breaking news crossing the Bloomberg right now. Berkshire Hathaway buying Alleghany for eight hundred and forty eight dollars and two cents this year, a deal worth eleven point six billion dollars. New York based Allegheny operates in the property and casualty reinsurance and insurance business. It is now five

thirty six on Ball Street. Damn, that's time for the Bloomberg Sports Upding Good morning, John Stan Shower A Morney John n C Double A Tournament Sweet sixteen includes three one seeds, two twos, two threes, and three fours. But it wasn't easy for many the favors, certainly not for top seed Arizona, who needed overtime to get by t c U, or for Duke, who beat Michigan State and he five seventy six. It was closer in that Blue Devil pulled away late in the win. Means Mike Schewski's

coaching career not over yet. Duke now plays Texas Tech Perdue. Beat Texas Perdue is up next for St. Peter's. The Cinderella Peacock is gonna have plenty of fans support on Friday. The game just down the road from Jersey City in Philadelphia wins last night from Miami and Iowa states that they'll play each other Friday. That means a double digits

need is guaranteed of being in the Elite eight. The next slip playoff Folks took a hit beating up by Utah at the Garden one of eight ninety three donald the Mitchell score thirty six points. Second place Rangers visited first place Carolina, game of scoreless second periods. Trying to center, but it kicks back out behind the net. Slapper gear to the far corner climbs. The blue lot gets the back out to the corn with the shot the flection be it scored. It gets who in front of that?

It's Chris Fryder, his forty first goal of the year and the Rangers getting the one and of the lead on just their eight shot of the game. The piano they called Frank Petronto the Rangers picked up last weekend an empty netter and the Rangers won too nothing. Forty four stays in the shutout for Alex Scourge you have when the Rangers get their forty when they trailed the

Hurricanes by just three points. Islanders lost in Philadelphia through to one and Champa Yankees got a grand slam from his Waldo Cabrera about the Tigers with four of the ninth one eight seven. Elis Sevareno gave up four and so did David Peterson. The Mets loss of the cardinal in Ports Lisa John Dash Award Bloomberg Sport thinks a lot five thirties seven on Wall Streets on down for the Bloomberg tri State business reports have for that we're

joined by ed Quarry. New York city seven points six percent unemployment rate is among the worst of major cities. It also lacks behind Northern New Jersey and Long Island. The jobless rate jumps to eleven percent, not seasonally adjusted, in the Bronx, the highest of New York's five boroughs. It's even higher for Black New Yorkers. A small fraction of the highest paid longshoreman jobs at the seaports of

New York Harbor are given to Blacks and Latinos. Only sixteen of the two hundred nine longshoreman who make at least four hundred thousand dollars a year are black and nine others are Latino, according to salary records The Daily News obtained from the Waterfront Commission. The Lord and Taylor Building in Eastchester is getting a new retail tenant, Sacks Off Fifth is opening a new location in the now closed Lord and Taylor space at seven fifty White Plains Road.

Sacks Off Fifth is an outlet store offering luxury brand clothing, accessories and shoots at discounted rates. Andrew Bloomberg trying State business report. I made Corey like I said, five thirty aids Wall Street. Bloomberg Radio on the air from San Francisco to New York, London to Hong Kong. Let's check in now with our global news team, where some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Potaskan on ten ten

Wins in New York. We're talking about how slow returned to office plans, the lagging entertainment industry are keeping the city's unemployment rate high. Um Cournanaho on ktr H in Houston, and the biggest oil field service providers are halting future work in Russia. I'm Gina Servetti and for Caseys in San Francisco. I'm reporting that the business software seller and a Plan is being snapped up by a private equity firm in an almost eleven billion dollar deal. I made

Corey on wwf J and Detroit. I'm reporting engineers are working on self driving big rigs that can carry long home break and those are some of the stories are Bloomberg journalist and analysts are working on this morning around the world. It's Fine thirty nine on Wall Street The following is an editorial from Bloomberg Opinion. This week, the Senate Judiciary Committee holds hearings on the nomination of Judge

Katangi Brown Jackson to the Supreme Court. Her selection fulfills a campaign pledge made by President Joe Biden to name the first black woman to the Court. But Jackson would bring diversity to the bench in ways that go beyond race and gender. Not only would she be the first former public defender to sit on the High Court, she'd be the first justice since Third Goood Marshall with a

criminal defense background. At the same time, she has been praised by the Fraternal Order of Police, which speaks well of her record of maintaining balance. A substantive hearing focused on Jackson's record, rather than her identity, should allow the country to learn more about a distinguished jurist. Hopefully it will also reveal a fresh perspective that the Supreme Court needs. This editorial was written by the Bloomberg Opinion Editorial Board.

I'm David Shipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash opinion or opi and go on the Bloomberg terminal base has been Bloomberg Opinion terminal counsters. Read more at opi end. Go at the Bloomberg weather fort today from Gary Beast. Sunshine, the high temperature topping out at about sixty degrees, maybe some showers. Amped at

midnight Tomorrow am partly sunny, the high temperature about sixty degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg. Tucktape is a Bloomberg Business Flash. I'm Nathan Hagar. Futures are a little bit lower. European stocks are wavering, Crude oil is extending its rally as investors wantit, or diplomatic efforts to bring an in to Russia's nearly month long

war in Ukraine. We checked the markets every fifteen minutes during the trading day on bloom burgess and futures down or down six points down, futures down ninety seven, NASTAC futures leading to the clients down fifty points. The docks in Germany and the cat in Paris are both little changed.

The tenure treasury is down ten thirty seconds. The yield two point one eight percent yield on the two year one point nine eight n Imax screwed up three point four per cent or three dollars fifty one cents at a hundred eight dollars twenty one cents a barrel. Comax golled down three tenths per center five dollars forty cents at nineteen fifty announced the euro one point one zero six two against the dollar, the yen one nineteen point

two three. Berkshire Hathaways agreed to buy all outstanding Allegheny shares for eight hundred forty eight dollars two cents to share in cash transaction values the reinsure at about eleven point six billion dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Nathan, thank you very much. Chinese media reports of Boeing seven thirty seven n G carrying on

two passengers has crashed in southwestern China. Radar tracking from Flight Radar twenty four shows the China Eastern Airlines flight took a steep descent as it was headed toward the province of guang Sho. The New York Times says local officials saw flames and smoke rising from a hillside in the area. Joe Biden will speak with the European leaders ahead of his trip to the continent this week. Meanwhile, shelling continued overnight with a large shopping center on the

outskirts of Kiev, killing at least six people. Ukraine rejected a Russian demand for its forces to lay down their arms and leave Mariopal. In College of Basketball, the men's n C double A Sweet sixteen is set. Duke, Kansas and Villanova advanced. Yesterday in the NBA, the Nickson Warriors lost, the Celtics won. In the NHL, the Rangers won, the

Islanders and Capitals lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven journalists and analysts in more than a hundred twenty countries. I'm Michael bar This is Bloomberg, John Michael, thank you, five forty nine on Wall Street. We're lining from the Bloomberg in Tryin to Brokers Studios. This is

Bloomberg Day Break. Well. Investors are looking at the diplomatic efforts to bring a war, bringing the end of the war in Ukraine let's get you a set up for the trading day ahead. We are joined now by St. Twack, the Flowbank chief investment officer. Thanks for being with us this Monday morning. You know, we have war, we have a FED hiking cycle, we have inflation, and yet over the past few trading sessions and it's been a risk on sentiment. Can you make sense of this for me?

Good morning. I think we've just gotten to the point where so much bad news was already priced in and technicals were turning favorable because there were not a lot of people long because we were looking at really oversold conditions, And we got a couple of good headlines, a little more clarity from central banks, a lot of work from the Fed to try to re anchor those inflation expectations, a little bit of which might have been a bit premature,

on negotiations between Russia and the Ukraine. And then of course some reassurance from China on its regulatory crackdown and on support for the markets, and kind of you put all those and that technical picture, and at some point the market was bound to recover. Where do we go from here? Well, I think that the today's looking a little more mixed Um, it depends a bit on your investment horizon. We're still not out of the woods on

a number of these events. Uh. And obviously the situation with the Ukraine seems like it's going to last longer than than people might have hoped. Um, there's potentially a little more upside, but I think going through some of the more recent highs of the last couple of months might take a little bit longer, so it could stay choppy for a couple more months. But those loads seem to be holding, and I think that's a very encouraging sign.

For six or nine or two alf months from now, we've had healthcare and the energy among the factors that have been outperforming. How, if at all, has your investment thesis changed. We haven't changed so much because we had something of a Barbell approach, So we were overweight energy since last year's and not at all expecting the conflict, but thinking that these companies had catch up potential compared

to oil prices even before this happened. UM, we have the Barbell approach, thinking that tech at some point growth is going to slow and then you're going to want that more defensive nature of that quality, and those sustainable earnings, so maybe a little more selective um on the tech side, but we've kept those and we we've seen so much movement in the markets basically since the invasion at the end of February, it hasn't felt, uh that we really

wanted to start playing around too much. We might look at adjusting at some point now, but again positioning more for three to six months from now and and staying constructive with our outlook after the meeting last week that here Jerome Powell is speaking a little later to the idea, suppose he opens up any new doors. You know, where we haven't had that much clarity yet is on the asset or on the balance sheets. Although it does seem

like there aren't going to be outright assets sales. It's really going to be about UM letting those reinvestments roll off and stopping that. One thing that we've heard a lot from the Fed. They weren't as explicit last week, but we could keep hearing about that. They talked they always think in terms of inflation expectations remaining anchored, and

it feels like these expectations came unanchored recently. The conflict certainly didn't help, and We're going to see a lot of work from the feed to re anchor those medium to long term expectations. They know the short term inflation picture is going to be higher for longer and there's only so much you can do about it. Right, higher interest rates is going to help with food and energy prices given the current situation. But they want to re anchor.

They want to get that confidence from the market that they can pay inflation, and I would expect Paul to mention that again in just about twenty seconds. The yield curve flattening and necessarily is that an indication of recession risk being raised? I think all of the QUEUEI and the intervention from central banks has changed that as an indicator. It would be one more in a list of negatives for markets, But it doesn't necessarily mean a recession is coming.

And I certainly don't think the US is facing a recession this year, as do you always A pleasure has to dank Flowbanks Chief investment Officer Nathan Okay John thanks for coming up to five fifty four on Wall Street Time now for our Bloomberg Law reported a legal story we're watching this morning. The prosecution is coming to the end of its case against former Goldman sax banker Roger Ing his prosecution as part of the firm's one MDB scandal.

Ing is accused of conspiring with his former boss to him Lysner, to help finance Joe Lowe siphoning billions from a trio of Vonville's the bank did for the Sovereign Wealth Fund one MTB. Lisner's pleaded guilty. He's the state's star witness against However, during his ten days on the standal Eisner admitted to a host of lies, lies to his wives, to his business partners, and to his bosses. For more on the case, June Grosso speaks to Bloomberg

Legal reporter Patricia Hurtado. Pat you need a scorecard to keep track of all Leisner's lies. The defense called him a rare and cunning liar. What was your impression of him? Well, it's really rare. You have a white collar descendant who seems to be admired in duplicit its behavior. I don't know there's another way of characterizing it. I mean, he

have admitted to being a double big a mess. So he was twice married to two women at the time, undirect He told the prosecutor that he had staked divorces from to women. Defense also showed how he created a safe email account imposed as his current wife at the time to converse with his future wife, who turns out to be the former fashion model Commrally Shimmons. And it's quite extraordinary that somebody was able to pose as his

wife for years in this fake relationship. And he's also shown to use accounts created in his wise name to create a bunch of shell companies to which he funneled and shuffled money around. And he's accused of being involved in this massive foreign bribery case involving one MTB, the Malaysian Sovereign Wealth Fund. So you have this massive fraud

that's the center of the case. But then you also have a flawed cooperating witness that has a lot of baggage and a lot of explaining to do, and the defense has exploited a that what the defense seems to be hoping for here is jury nullification. You know, the jury saying, hey, the two other guys in this scheme did far worse things. The guy on the stand, Tim Leisner, has made a deal with the government, and the other guy, j Lo has disappeared into the ether and no one

is prosecuting him. So in's the fall guy here and it would be unfair to convict him. Well, that's definitely the defensive story. It's this is the wrong guy. Roger's just here. Just because you're present at a scene of a crime doesn't need you're participating in the crime. Isn't how the jury is going to view Wisner in the

context of who's really moving that's brought along? Is it really Wisner that's the main mover with Roger tagging along, and we have so many problems laying lisner version of events which seem a little shaky, that we may decide, you know, how are we going to hold him responsible for this guy that's the main mover? The defense has argues that basically Wisner is implicating Roger to get off and get a more lenient sense, so remains to speak sane,

whether or not the jury beliefs. That's Bloomberg Legal report of Patricia Hurtado speaking with bloombergs June Grosso. You can catch more of that interview a 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, and attorneys can find exceptional legal research and business development tools at Bloomberg law dot com. Right now, SMP futures are down six point staff futures down, ACT

futures down forty nine points ten. Your treasury is down nine thirty seconds. The two ninemex screwed up three point four percent a hundred eight dollars twenty three cents of barrel bitcoin trading right now just shy of forty one three hundred dollars. Bloomberg Daybreak continues. We'll check our top stories of the morning straight ahead. This is Bloomberg