Bloomberg Daybreak: March 23, 2022 - Hour 2 (Radio)

under five. Plus. A deadly tornado cuts a destructive path through New Orleans by Michael barn More. I'm John Stash, Aaron's boards, a loss for the next the win for the Alders, the Devils beat the Rangers, and the top

women's tennis player in the world is retiring. That's all straight ahead on Bloomberg day Break on Bloomberg Elementary, on New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen, and around the world on Bloomberg Radio dot Com and via The Bloomberg Business at Good Morning. I'm John Tucker. I'm Nathan Hagar. Futures moving lower this morning.

We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes during the trading day on Bloomberg. Right now, SMP futures are down almost fifteen points, Staff futures down ninety four, Nastack futures are lower by almost fifty nine points. The tenure treasury is up seven thirty seconds. The yield two point three five percent yield on the two year two point one one nime X screwed is up one and a half percent, or a dollar sixty five to a hundred ten dollars

cents of barrel. John and Nathan will have more on the markets in a minute, but first, the latest on the war in Ukraine. Ukraine's President Filoadimrzlyinsky says about one hundred thousand people remain in the besieged city of Maripol, there without food, water, in medicine, and under constant bombardment. Meantime, President Biden heads to Europe to rally allies around tougher

sanctions on Russia. That story from Bloomberg's at Baxter National Security Advice or Jake Sullivan says the Biden trip this week will firm the plans he will join our partners in imposing further sanctions on Russia and tightening the existing sanctions to crack down on evasion and to ensure robust enforcement. And reports are that the Biden administration is preparing sanctions on most members of Russia State Duma, the lower house

of parliament, more than three hundred. They will be coordinated with the EU. In San Francisco, I'm at Baxter Bloomberg Daybreak. Alright, and thanks another major story where following takes us back to Capitol Hill, where it will be day three of Judge Kittanji Brown Jackson's Supreme Court hearings before the Senate Judiciary Committee. Yesterday mark Jackson's first chance to field questions from senators. Amy Morris has details from our Bloomberg newsroom

in Washington. Republican Senator Marsha Blackburn pressed Jackson on abortion and whether she would respect the Supreme Court's ruling in the event that the Court effectively guts Roe v. Wade. Senator, whatever the Supreme Court decides in Dobbs will be the president of the Supreme Court art and I commit to treating it as I would any other President. Republican Senator Tom Cotton pressed to Jackson on policing and the role of law enforcement. I asked a simple eider or question,

does United States need more or fewer police? Senator? The determination about whether there should be more or fewer police is a policy decision by another branch of government. It is not something that judges have control over. More questioning by senators is set for today in Washington. I'm any more as Bloomberg Daybreak, Thanks Savy, we turned from Washington to China down the latest details on the deadly plane

crash this week. The China Eastern jet to crash Monday was traveling close to the speed of sound just moments before plunged into a hillside. Let's get more from Bloomberg's Asia,

corresponded Stephen Angle. When the airplane is traveling at that speed, crashing into the ground, it obliterates everything, including potentially the flight and voice day, the recorders, the so called black boxes, which are actually of course orange, and those have been found and that will be critical, of course to determine what exactly caused this mystery crash and Bloomberg Steven Angle reports that a black box was found just today after all,

one two people on board died in the crash. Back here in the US, John for markets, it's all about the FED. Central Bank officials are joining j Powell's hawk ish call on interest rates. Cleveland FED President Loretta Mester says more than a quarter point hike maybe needed. I don't think fifty days this point should be off the table. You know, my fungery paths is a little steeper than the median path. So if you do the math, you know, um, I think what we're gonna probably need to move some

some of those meetings fifty. But we're gonna go into every meeting looking at what the data is telling us about the outlet before we determine. We don't predetermine before we go there. Loretta Master joined St. Louis FED President

Jim Bullard and calling for quicker tightening. Bullard tells Bloomberg, faster is better when it comes to right, Hi, So what you have to do is move the policy rate up discreetly a fair amount, not to be too disruptive, but I think fifty basis point moves will definitely be in the mix, and then get to a level that we can be neutral, and then from there we can decide if we want to be restrictive and put further downward pressure on In flash of Jim Bullard's reiterating his

call for interest rates to rise above three percent this year, Stay tuned for more from the Fed today when we'll speak live with San Francisco President Mary Daily. That's coming up at eleven thirty a m. Wall Street time on Bloomberg Radio and Television. Nathan, the prospect of higher rates taking a toll on the bomb market. That Bloomberg Global Aggregate Index that's a benchmark for government and corporate debt total returns has fallen eleven percent from its high in

January of last year. That's the biggest decline from a peak in data. Stretching back to it equates to a drop in the index market value of about two point six trillion dollars. When it comes to stocks, John, now is not the time to I that's according to Muhammad al Arian, the Bloomberg opinion columnist and chief Economic advisor Alliance. He says investors should pair their holdings. If I'm investing over the next twelve month horizon, I would reduce equities

at this point. I would take some money off the table I think the market is giving you a wonderful opportunity to come out. Muhammadal Arian says equity markets have yet to factor in what's to come for the economy. And speaking of the economy, we have French data on wages. This morning, there's a new study that shows many Americans are still seeing pay below fifteen dollars an hour, and Bloomberg's Really the Young joins us live with details, Really

the good morning, Good morning John. A report from Oxfam America finds one in three U S workers is still making less than fifteen dollars an hour, and the share of women and people of color earning that amount is even greater. The report helps quantify how many Americans could be impacted by the Raise the Wage Act, which would set a fifteen federal minimum wage. The legislation is still pinned in Congress. Of men earned less than fifteen dollars an hour, the figure is fort for women and for

working women of color. Live in New York. I'm really need a Young Bloomberg day break. Allright, we need to thanks very much. Dal Futures right now down, SMP futures down fourteen, Mrs Bloomberg, And that brings us to six oh seven on wal Street. Let's bring in Michael barn now to find out what else is going on in New York and around the world. Yeahn thank you very much, sir. New York City Mayor Eric Adams just preparing to lift requirements that children under the age of five where face

masks in school. We'll announcing that if the numbers continue to show a low level of risk. Let me see that again. If the numbers continue to show a low level of risk, mask would be optional for two to four years old students is schools and in daycare. Adam says it will start April fourth, if case rates and the risk of the virus spreading remained low. Adams two weeks ago lifted several pandemic related rules, including that students

five and older ware masks in school. A new federal lawsuit accuses the NYPD of taking and storing d n A as part of an illegal and unregulated database. The lawsuit accuses the department of turning tens of thousands of people into quote permanent criminal suspects. It happens when someone is arrested or brought in for questioning, and each drinks or smokes while on the premises. The NYPD admits it collects DNA in this way, but says it is within

the law. A large, destructive tornado struck the east side of New Orleans last night. St. Bernard Parish President Guy McGinnis says the damage is widespread. I was lifted off this foundation and put it to the street right around a carner for him. Parish President Guy McGinnis says at least one person was killed old The twister was part of an outbreak of severe thunderstorms across the Deep South

and followed the siege of tornadoes in Texas. On Monday, Hillary Clinton tested positive for COVID nineteen and had some mild cold symptoms. According to a tweet, the former Secretary of State and former presidential candidate says she is feeling fine, and White House Press Secretary Jen Saki tested positive for COVID nineteen and will no longer travel with the President Joe Biden to Europe. Zaki says she is experiencing only mild symptoms and will isolate for five days. Biden tested negative.

Global News twenty four hours 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. I'm Michael Barr. This is Bloomberg, John, Michael, thank you at It's six o nine on Wall Street. Time for the Bloomberg Sports Update. Here's John Stesshower. All right, John. The Knicks last season finished fourth in the East. This year they are twelfth, and any faint hopes of sneaking

in the playoffs may avenge. With the home loss to Atlanta one seventeen one eleven left the Knicks six games out, only ten to play. Trey Young lead the Hops. He scored forty five points. R J. Barrett had thirty for the Knicks and Newark nightmare second period for the Rangers. Devils wanted five nothing, scoring all five and a thirteen minutes span. They won the game seven to four. The

Islanders won three nothings over Ottawa. Ash Party is the best women's tennis player in the world, ranked number one. She just won Wimbledon and then the Native Asse captured the Australian Open. But she's retiring at age twenty five. She's the anti Tom Brady. Party says she no longer has the physical drive or the emotional wants she's getting married. She says, she's said to enjoy the next phase of her life. Baseball's open to day two weeks from tomorrow.

Yankees alost the Red Sox right now. The question is whether unvaccinated Yankees will be allowed to play or will it be a Kyrie Irving situation, not allowed to play home games uder the city's private employer mandate in person Worth Mayor Adams said yesterday they may peel it back slowly, but that most businesses like the mandate. Here, Yankee manator Aaron Boone think there's a lot up in the air and a lot left to play out and and we'll just see. But no, we haven't had a big group

discussion on these kind of things. Where again, um, I feel like Grandy's on top of that and handling that, and we'll see where it goes. And when it comes to time and that we have to address it, we will reference Yankee President Randy Levin, who used to work at city Hall, not knowing how many or which Yankees are unbacked, not to fash our Bloomberg Sports John all right, John, thanks a lot ahead of the cash shop on Wall Street this morning. Futures right now in the red. The down.

Futures down ninety five points. That's a decline of three tents of eight percent. Smp E many futures sixteen points slower. That's down three tents. And when I say futures right now, down sixty two points, down four tenths of a percent. As we also have to focus on the bond market this morning, as far as treasuries are concerned, the tenure getting a bit of a bid this morning. Tenure yield is at two thirty six, that is down two basis points.

The two year yield is at two point. This is Bloomberg Daybreak, brought to you by the Jewish Community Fund j c F. S Donnor Advised Fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit j c F n Y dot org, markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Act and at Bloomberg Quick Tape. He's a Bloomberg Business Lash.

I'm Nathan Hagar. Stocks are drifting lower along with US futures as global bond markets stabilized from an unprecedented route. We check the markets every fifteen minutes during the training day on Bloomberg SMP futures right now are down fourteen points down, futures down eighty eight, nastack futures lower by sixty three points. Both Germany's decks and the CAC in Paris are down by two tenths of one percent. The

tenure treasury is up four thirty seconds. The yield two point three six percent yield on the two year two point one two percent. Nimex crewed up one percent of two dollars four cents at a hundred eleven dollars thirty one cents a barrel. Comex gold is up six tenths percent or ten dollar seventy cents at nine forty announced. The Euro one point one zero zero two against the dollar, British pound one point three two two five. The n is at zero free and that is a Bloomberg business flash.

Now here's Michael Barr with more on what's going on around the world. Michael Anathan, thank you very much. One of two black boxes has been located in the crash of a China Eastern plain with a hundred thirty two people on board. However, the Civil Aviation Authority of China says the recorder is so damaged that they are not able to tell whether it is the flight data recorder

or the cockpit voice recorder. President Joe Biden's trip to Europe comes at a critical moment for the war in Ukraine, which could become a bloody stalemate as Russia pummel cities with air strikes and artillery. Biden departs today on a four day trip. You'll head the Brussels in later Poland. In the NBA, the Knicks and Warriors lost. In the NHL, the Devils beat the Rangers seven four, The Islanders won,

the Capitals lost. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael Barn. This is Bloomberg Jump Michael, thank you, coming up on six twenty All Street, relying for the Bloomberg Interact of Broker Studios. This is Bloomberg Daybreak A global bond markets have suffered unprecedented losses and

money as a result has been flowing to stocks. For closer look at the markets this morning, get just set up for the trading day. Head were joined by Tracy mcmillion, head of Global ASCID Allocations Strategy, Wells Fargo Investment Institute. She's joining us from Winston Salem, North Carolina this morning. Nice for being nice to have you with us this morning.

Are stocks the correct alternative to bonds? So? Uh, you know, this week what we have seen is an investors moving into stocks and out of the bond market UM, putting that money into equities where you know, companies still have the ability to raise prices to offset inflation. UM. And the issue appears to be UM one for another day, that higher rates will inevitably slow growth, you know, perhaps to the point of recession. UM. We are in a

highly charged, highly levered economy where interest rate increases. That though this far as ist s fast, will probably have a disruptive effect on equity markets at some point. But for today, investors are looking at equities versus six income equities versus cash and saying I will stick with the inflation hedge of equities for now. I mean, it sounds like you have to be a lot more selective in terms of looking at the margins and who has the

pricing powers this point you do. And you know, investors are also looking at earning season that starts in a couple of weeks here, and surprisingly earnings really haven't on the forecast for earnings really haven't seen big revisions here. So we think that that's probably a result of um, you know, COVID starting to wane here in the US. UM at the same time that's being balanced by uh, you know, worsening consumer's sentiment. But that's the two of

them are kind of keeping earnings estimates pretty stable. So we think investors will be listening to companies quarterly reports to see what their forecasts are for the future and how much pricing power they have, how much margin pressures they're facing here. Uh, so they will start to be more selective. You know, it's just the back to fix income just for for a moment, and I do want to focus just on equities. But when you consider the

ration risk, can the treasures be a safe haven? They can be, uh, and they are when periods of significant market volatility. And you know, the yield curve right now is flashing a yellow warning sign because you know, yields had moved up so much on the front end. But we think that's giving investors an opportunity to invest in those shorter term and immediate term bonds and generate more income, a lot more income than they were generating just a couple of months ago. And that does provide a hedge

in an equity portfolio. But I gotta wonder if the if for the average investor, that portfolio is pretty much dead and buried at this point. M Yeah, it's a tough here for a sixty forty portfolio because both equities and fixed income, you know, have had negative returns so far this year, So a sixty forty is experiencing negative returns.

And that's why we think investors need to diversify beyond just equities and fixed income and invest in things like commodities, which have had a pretty good year, UM invest in hedge funds that are market neutrals, that have strategies that can benefit in both up markets and down markets. So there's some diversification that probably should be happening here beyond its traditional sixty forty. You touched on this briefly before, but maybe a little deeper diver in the minute we

have left Canda. The global economy weather of a sustained period of higher finance and costs. Yeah, so, UM, we we think so. To some extent, UM investors have been calling for the Fed to get toplan inflation UM to prevent UH an even more problematic outcome in the future. So you know, a hawk is hawk is bed right now is counterintuitively being seen as the market's friend. UM. And you know, in the presence of so much uncertainty, UM, markets are really lasting onto these short lived themes UM,

and that's causing significant price movements. We think that you know, for the new year term, we probably are going to be able to avoid a recession, but we're growing a little bit more concerned about three. Tracy, your pleasure, Thanks for being with us this morning. Tracy McMillian, head of Global Lasset Allocations Strategy, Wells Fargo Investment Institute and ahead

of the cash Olten on Wolf Street. The down futures right now one points lower, that's down three tents pent SMP even in futures seventeen points lower than ant futures found seventies seven. Tracy mentioned the yield curve flattening the difference between twos and tents right out twenty two basis points.

You're listening to Bloomberg day Break. Daybreak being drunk to by ancient accountants that advisers challenging times called for proactive advisors who helped minimize taxes, increased cash flow, and great

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I'm Nathan Hager. We're about three hours away from the open of US trading. Time for the five things you need to know to start your day. Brought to you by I v k R Investment Advisors switched to Interactive brokers for lowest cost global trading and turn key custody solutions, no ticket charges, no conflicts of your interests at ibk R dot com slash r I A first President Biden heads to Europe today to radley allies around tougher sanctions on Russia for its invasion of Ukraine. We get the

latest from Bloomberg senior reporter Mark Champion. What they are trying to do is to get ahead of what they know will be a continuing issue with Russia over Ukraine. So try and get ahead on issues like how do we make sure that the sanctions take real effect, how do we resolve our differences of that have to do

with energy, particular oil. Bloomberg's Mark Champions says President Biden will join back to back summits, first with NATO members in Brussels, then the Group of Seven and European Union. It's day three of Judge Katangi Brown jackson Supreme Court hearing before the Senate Judiciary Committee. Yesterday marked their first chance to field questions from Congress and defend her record.

My record demonstrates that I am not proceeding from any sort of preconceived notion about how a case comes out. Jackson face questions from Republicans about her religion, critical rice theory, child pornography, and abortion. I'm not ruling consistent with any sort of ideology. I'm doing what impartial and fair judges do, which is to decide in every case based only on the facts and the law. Jackson returns to Capitol Hill for more questioning Today. Turning the markets now, John Global

bonds remained under heavy pressure. The Bloomberg Global Aggregate Index, a benchmark for government and corporate dead total returns, has fallen eleven percent from high in January last year. That's the biggest decline from a peak in data, stretching back to the bomb market and focus. Tune in today for more from the Fed. We're gonna speak live this morning

with San Francisco President Mary Daily. Catch that at eleven thirty am Wall Street Time, and looking at the economy now, a new study shows many Americans are still seeing wages below fifteen dollars an hour. Bloomberg's Jornita Young joins us live with that Ranita Nathan. A report from OXFA America finds one in three U S workers is still making less than fifteen dollars an hour, and the share of women and people of color earning that amount is even greater.

The report helps quantify the impact from the Raise the Wage Act, which would set a fifteen in our federal minimum wage. The legislation is still pending in Congress. Live in New York. I'm Ranita Young Bloomberg Daybreak. All right, Ranita, thank you. Those are the five things you need to know to start your day. Brought to you by Interactive Brokers. Right now, I S and P futures are lower by fourteen points, nastact futures down. Sixty five local headlines in

the check of sports. Up next, this is Bloomberg Payton thanks sixty three Wall Street. Time to bring in Michael barn to tell us what else is going on in New York hand around the world. Yeah, thank you very much, sir. New York City Mayor Eric Adams is preparing to lift for requirements that children under the age of five where face masks in schools. Adam says that he will make masks optional for those in daycare and pre kindergartens starting April fourth, if case rates and the risk of the

virus spreading remain low. And let me tell you something, it doesn't matter what decisions you make on this, You're going to have voiciferous people on both sides of the conversations. And so we we can't go by the noise. We have to go by the science, and we have to go buy the safety about children. Two weeks ago, Mayor Adams lifted several pandemic related rules, including requirements that students

five and older wear masks in school. The Gateway Rail Project, tunnel between New York and New Jersey, is expected to compete for some of the two point nine billion dollars in grants that the Biodministration is making available for infrastructure

projects of regional or national significance. According to the Transportation Secretary Pete Buddha Diage, two types of projects that are eligible under these programs are intercity passenger rail infrastructure and interstate bridges, and the tunnel touches both of those categories. At least one person is dead after a tornado tour through parts of New Orleans and its suburbs last night,

flipping cars and ripping roofs off homes. Parts of Saint Bernard Parish, which borders New Orleans to the southeast, appeared to take the brunt of the twister. Louis Pomas Is, the St. Bernard Parish Board Yard Chief of Operations. They didn't walk through an epic street that will damage the road Yard chief Louis Pomas. The damage comes after other tornadoes spawned by the same storm system hit parts of Texas and Oklahoma. White House Press Secretary Jen Saki has

tensed it positive for COVID. It's the second time she has tested positive for the virus. Saki says she will no longer travel with President Joe Biden to Europe. Hillary Clinton says she has tested positive for COVID, and a tweet, Clinton says she has some mild cold symptoms but is feeling fine. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than one hundred twenty countries.

Michael Barr, this is Bloomberg, John, Michael, thank you. It's six thirty six d Wall Street. Time for the Bloomberg Sports Update. Good morning John, Stashower, Morning John. Last season and for the Knicks, with a loss at the Guard into the Tree, Young lead Atlanta Hawks last night. Young was back. He scored forty five points and led Atlanta to a one seventeen one eleven victory, then likely ended

the Knicks already faint playoff. Holks R J. Barrett scored thirty nicks for without the injured Julius Randall, who got fined forty thousand dollars for using hostile lane wind towards the ref As if Randall's season hasn't gone poorly enough, He's now been fined a total of a hundred thirty thousand dollars. Rangers into Jersey led to nothing second Fury, Then the Devil scored five goals in thirteen minutes. Jack Used added two more in the third. The Devil's won

seven to four. Islanders are three nothing shut out of Ottawa. N I T wins for Xavier and St. Bonaventure. Both will come to the Garden next week to the n i T Final four in Port St. Lucie. Mets over the Marlins two nothing. Welcome back Jacob de Graham. He got six outs, five by strikeout to Graham's brilliant season came to an end in early July. Georgan Montgomery roughed up Toronto beat the Yankees ninety two. Baseball is bringing back the ghost runner. Extra innings will again begin with

a runner at second base. The filia is with the shortened spring training and for the best not to have extra long games. There's also expanding the rosters. In April, stunning news from tennis world number one Ash Party announced her retirement. I don't have that in me anymore. I don't have the the physical drives, the emotional um want and and kind of everything it takes to challenge yourself at the very top of the level anymore. And I think I just know that I'm absolutely I am spent um.

I just know physically I have nothing more to get parties only. She did step away from tennis once to four John DASHWARER, Bloomberg Sports, John John, thanks very much. Stefferings us to six thirties seven out of Wall Street tied down to take a look at stocks and so that any that are moving in the pre market for that, we're joined by Bloomberg Radio and TV markets for responded critic Gupta. You know, one of my favorite functions on the Bloomberg is imp go, so you can take an

index and break it down. See what the big movers yesterday. May be no surprise there was only one uh uh industry mover in the red of all the eleven industry groups in the SMP five hundred. That was energy. So a complete reversal of that today and that those are the moves are actually moving higher. You have a lot

of kind of red on the screen. But today it goes back to the trade that we've been talking about for weeks, for months, the idea of hopping into American oil companies basically so occidental of course, is gonna be at the top of that list. Two point two percent gains in the pre market for O x Y, that's your taker. They're joined by similar companies. Marathon Oil up one point six percent. M R OS your taker. Haliburton not too far away, h A L is your taker,

They're up one point. Even those diversified oil names are doing better. Chevron's cd X, X on x O M both up about eight tenths of a percent. Of course, this is following higher oil prices, so no surprise that's going to seep into what you're gonna see in stock market. Brent crewed, for example, at a hundred and eighteen dollars a barrel, and I was reading a story this morning, looks at the consensus here is that we're headed for a hundred and fifty dollars a barrel when it comes

to oil. So if that's your bet, then energy stocks are probably gonna rally with that. Okay, wah wah on thirty six this morning, and New Jersey was just under and I think nine tenths. So what are you tell that's going high when you think when I'm sorry, okay, yeah, that's where that's the convenience store. Yes, yes, yes, I know. It's very very supposed to it in Virginia. I'm a Texas girl, and when I went to college in Virginia,

everyone was obsessed with Wawa. I did not understand the obsession, um, but but I get it. Sort of. What's what's going on with in video this morning? Yeah, this is gonna be the other story. So the other side of this trade, right, there's kind of two spectrum of the trade. On the one hand, you have big tech, your safe haven um, but also you're really heavy waiters. On the other hand,

you have the battered oil sector. So on days that the battered oil sector really outperforms, like what kind of looks like today is going to be that kind of day, big tech and video is included kind of underperformed, So and video is actually under pressure right now. N v d A is your ticker down about seven tenths of a percent in the pre market. And this is significant

because it goes to something very important. They had an investor day yesterday and they're actually talking about buy backs here. A lot of investors were expecting after the deal to acquire ARM forty billion dollar deal would have been the

biggest chip making acquisition in history. Well, obviously they didn't get uh, the regulatory approval for that, so and Video a lot of investors were expecting and Video to ramp up their buy backs instead, with all the other extra cash they had lying around in the investor day, they said, Nope, we're not doing that. So investors not to not too thrilled about that this morning. Thanks appreciate it. You know,

walwas felt upside down as Mama Bloomer. He'd work markets Resapondi Critty, good to Thanks for johnas And as we look at US stocks on the whole of this morning, down futures down ninety three. Right now, the SMP EVENI futures they are down sixteen points, and the nasday futures seventy five points lower. As far as treasures the tenure at two thirty six, at least the yield that's down two basis points. This is Bloomberg and Bloomberg Weather from

Rob Caroline. Thickening clouds with showers arriving that will be just before evening tonight. The high temperature today fifty tomorrow occasional rain. The high temperature fifty to fifty five degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktake. This is a Bloomberg Business flash. I'm Nathan Hager. Stocks are drifting lower as global markets in bonds stabilized from

an unprecedented round. Europeans docks paused after their longest winning streaks since November. SNP contracts pointing lower after the index claud back half the decline that began in January. We check the markets every fifteen minutes during the trading day on Bloomberg. Right now, SMP futures are down eighteen point, STAFF futures down a hundred thirteen. NASACT futures are lower by ninety one points. The decks in Germany, cat in Paris both down four tenths of one percent. The tenure

treasury is up four thirty seconds. The yield is two point three six percent yield on the two year two point one three percent. Nime X crewed up two and a half percent now of two dollars seventy three cents at a hundred twelve dollars. Even a barrel Comex gold up six tenths percent, up eleven dollars ninety cents at

nineteen thirty eight sixty announced. The euro one point one zero zero two against the dollar, British pound one point three two two two, the yen is at one one point oh two and Bitcoin one percent lower on the session at about forty two thousand, two hundred dollars. That is a bloomberg business flash. Now here's Michael Barner with more on what's going on around the world. Michael Nathan, thank you very much. China says one of two black boxes from the China Eastern plane crash was found in

severely damaged condition. The recorder is so damaged that they are not able to tell whether it is the flight data recorder or the cockpit voice recorder. One thirty two people were killed in that plane crash. President Joe Biden is seeking to rally US allies around harder hitting sanctions to punish Russia for invading Ukraine. Biden leaves today for back to back summits Thursday with NATO, the Group of Seven, and the European Union in Brussels. The President will then

head to Poland on Friday. In the NBA, the Knicks and Warriors lost. In the NHL, The Devil's beat the Rangers seven for the Islanders won The Capitol's lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists and analysts in more than one twenty countries. How Michael Bard, this is Bloomberg, Nathan, Thank you Michael on Wall Street. Now let's turn to

news in science and technology. The Bloomberg n j I T STEM Report is brought to you by New Jersey Institute of Technology, ranked in the top two percent nationally for alumni mid career earnings and number one in the nation for student upper economic mobility. More at n j I T dot e DU. Now Here's what's making news and science, technology, engineering and math. More Than a third of last week's coronavirus cases in the US were caused by the omicron B, a two subvariant that is a

notable increase from a week earlier. CDC says the subvariant is most common in New England and the New York region. B A two is not believed to be more dangerous than other strains, but it may be more infectious. Federal officials have proposed designating the Northern long eared bat, once common but ravaged by a deadly fungus, as an endangered species. The population has plummeted since colonies infected with white nose syndrome were spotted in New York caves in the mid

two thousands. That bat, the Northern long ear, is likely to go extinct without a dramatic turnaround. And FIFA has added Crypto dot Com as one of the sponsors for this year's Soccer World Cup and cat Heart the high profile sponsors of deal comes just months after Singapore based Crypto dot Com said it would from the place Staples as the title sponsor of downtown Los Angeles iconic Arena. Crypto dot Com getting around. That's the Bloomberg and j

I T Stem Report. John, all right, thanks Nathan. We're live on the Bloomberg Interact and Brokers Studios where eighty is now six fifty on Wall Street and that's time to check what's going on in d C. Some of the top stories in our nation's capital this morning include, of course, President Biden taking a tough on putin message to the allies as he said to travel overseas, the US has got to hold the largest military drill in

decades with the Philippines, and Judge Jackson Parry's Republican attacks inches toward joining the Supreme Court, and also one of three U s workers learning less than fifteen dollars in an hour. We've been taking a closer look at that all morning. Let's take a deeper dive now into some of these stories with Bloomberg Government reporter Jack Fitzpatrick. Jack, thanks for being with us this morning. What's the message that the President Biden takes with him as he heads

to Europe this week? Big week for for diplomacy. Yeah, Well, the biggest thing is that they're looking to make an announcement, according to Jake Sullivan, the President's National security advisor, regarding further sanctions. We don't have all the details on what exactly those sanctions are going to be, but there's gonna be a conversation between the US and European allies UH, Sullivan has said on trying to increase European energy independence

from Russia. Obviously, a lot of talking, a little bit of pushback recently from German Chancellor all Off Schultz on the idea of actually cutting off German imports of oil and natural gas from Russia. But some sort of reduction of imports UH and a reduction of European reliance on Russian energy is on the docket, as well as a conversation about getting everyone on the same page in terms of what the response would be if China were to

materially support Russia. Obviously, there were some warnings from the US last week on repercussions for China if they get involved on behalf of Russia, and that is something that the President is looking to follow up on in a conversation with European allies, particularly with the energy sanctions being dependent on Russia for a lot of things. Is the resolve as strong as it appears to be on the surface right now, Well, you know, even on the surface,

there is some hesitance and and just difficulty to move away. UH. For the U s it's one thing to ban imports of fossil fuels from Russia because we get a very small percentage on the imports, about three percent of our oil and natural gas from Russia UM. But countries like Germany again have a much harder time and it raises more long term questions about exactly how their energy systems work and how they would move away from that. That's not something you can solve in a day or a month,

or even very easily in a year. So there's going to be a conversation about what is feasible to move those more reliant countries away from Russia and what's possible

in the short term. But it is a very difficult thing, and that's why the President in conversations with Congress, when they're pushing him to impose further sanctions, whether it's on nord Stream too or elsewhere in the energy sector, he has at times pumped the brakes a little bit and said that he wants to run this by European allies and really take an international approach because it's very difficult

for them. And this also was sort of on the foreign relations front, the US holding a military drill one of the biggest decades with the Philippines and guests. Who sends uh sends this sends a message too. I guess it's one of the questions. Yeah, it's it's hard to read this in any other context other than a message to China. This is a very large military drill with the Philippines uh IN in a region that's gotten a lot of attention lately. This is happening March through April

eight UM. Obviously one with the warnings as I mentioned, about China taking any role uh in materially aiding Russia. Uh this is this is not the easiest time for conversations between the US and China. The conversation last week

between Presidents Biden and She focusing more on Russia. But this, you know, it potentially could even send a bit of a message about US cooperation with allies in the region, almost an Indo Pacific version of NATO, as the US looks to shore up uh cooperation with countries like the Philippines and other military allies in the area. China hasn't pushed back on this very hard, but it's it's the kind of thing that the context is this is read as a bit of a message to China about the

US his presence in that region. Yeah, finally on the hill there UH, Judge Jackson pairing with the GOP, the inching tour the Supreme Court, UH with the nomination Judge Kanji Brown Jackson. UH, the Republicans on the panels that it wouldn't descend into anything like the capitall hearings. Where

does it stand right now? While there was some pointed question questioning from UH some some of the more I guess high profile Senate Republicans, we heard from Ted Cruz and Josh Holly, UH sort of seeing if if there are holes in her record. That the line of questioning regarding UH ten instances in which she handed down lesser sentences to people convicted on child pornography charges than what

federal guidelines might have have called for. She really pushed back on that and said that on the whole that she has in no way a weak record on that. UH. Nothing seemed to change in terms of changing the minds of Democrats who planned to support her. UH, it's still really expected that she can manage at least a slight majority. Jack, Thanks very much, Bloomberg Government reported Jack Fitzpatrick, and you could read more about these stories on Bloomberg dot com

or the Bloomberg terminal reminder. You can follow all the latest on Bloomberg Radio in Washington. That's Bloomberg ninety nine one and one oh five points seven FM HD two. Nathan all Right, John, Thanks six fifty six on Wall Street, this is Bloomberg Daybreak. Of course, March is Women's History Month, and every day this month we're celebrating significant moments in

women's history. Now with their installment from March twenty three, here is Bloomberg's Nita Young on this day in Women's History. In nineteen seventeen, Virginia Wolf establishes the Hogarth Press with her husband Leonard Wolf in the dining room of their home. They published works by key modernist writers, and on the day they established the Hogarth Press, Virginia and Leonard were walking down the street in London and saw the Excelsior

Printing Supply Company window. Before that, they'd been turned down at the St Bride School of Printing, but when they walked into Excelsior, and assistant convinced them that with the help of a sixteen page booklet, they'd be able to teach themselves all they needed to start their own printing business. So the Wolfs bought a small hand printing press and launched the business. Virginia would print several of her own books, and she's now considered one of the most innovative writers

of the twentieth century. Through their non linear approaches to writing, Virginia's novels greatly influenced the narrative genre that's sitting in women's history. I'm rend A Young, Bloomberg Radio. All right, Rinita, thank you. Future is moving lower on this Wednesday morning. Bloomberg Surveillance is up next for John Tucker. I'm Nathan Hagar. This is Bloomberg