Bloomberg Daybreak: March 25, 2022 - Hour 1 (Radio)

Mayor Adams exempting athletes and performers from vaccine mandates. Was the House Committee investigates the wife of Justice Clarence Thomas, Michael Barr More ahead, I'm John stash Are in sports, Mike Sachetski's coaching career not over yet. Duke advances in the n C Double A Tournament Gonzaga in Arizona. Law

St Peter's plays tonight. That's all straight ahead on Bloomberg day Break on Bloomberg elim Intrio, New York, Bloomberg one, Washington, d C, Bloomberg one, O six Horn, 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. A good morning. I'm John Tucker, I'm Nathan Hager. Futures are moving a little bit lower to close out the week. We're coming up to five oh one on Wall Street.

We checked the markets every fifteen minutes during the trading day. On Bloomberg. Future is fluctuating between gains and losses this morning. Right now, SMP futures are down four point, staff futures down eight, nastack futures down twenty nine points. The tenure

Treasury is up eight thirty seconds. The yeal two point three four percent held on the two year two point one three percent, nime X Screwed is down two point six percent, down two dollars eighty seven cents at a hundred nine dollars forty seven cents a barrel, and Comics Gold right now is down three tenths per cent or five dollars ninety cents ninety announced John Nathan will have more in the markets in a minute. But first, the

latest in the war and President Biden's trip overseas. The presidentist told NATO he wants Russia out of the G twenty. Bloomberg said, Baxter begins our global team coverage. President answered the direct question of whether Russia should be removed. My answer is yes, depends on the twenty um I that was raised today, and I raised the possibility if that can't be done, if Indonesia and others do not agree, then Ukraine should be invited there to witness the proceedings.

Biden also said if Russia uses either chemical or nuclear weapons, or response should be in direct retaliation, and says that military supplies are going into Ukraine on a continuing basis. In San Francisco, I'm at Baxter Bloomberg Day Break. Okay, and thanks. It is another busy day for President Biden. He's just wrapped up meetings with European Commissioned President Ursula Vonderlyne. Let's go live to London and get the very latest

with Bloomberg's Max Ramsey. Good morning, Max, Morning to you, Nathan and John. Yes, what actually EXPERCT expecting to hear from President Biden alongside the head of the European Commission ASCID of Underland any moment now that address this new supply deal that was just announced in the past thirty minutes, We'll say we'll see America supply EU nations with at least fifteen billion cubic meters of all energy by the

end of twenty two. Remember, up to now Russia has been the biggest supplier of natural gas to Europe, so this an important step in the EU efforts to shift their energy policy away from Moscow. Live in London, Max Ramsey blooming back daybreak, Thanks Macks. The next and final staff for PROS and BNDES Europe trip Poland. That's where he plans to meet local officials and Bloomberg's age Cantroll continues our global team coverage from the Humanitarian Aid Center

near the border of Ukraine. There are going to be two focuses to his meetings here today. Firstly, there's the humanitarian angle. He's going to be talking about the humanitarian crisis, which Poland has seen the tangible effects of having accepted two million of the refugees coming over the border from Ukraine. And then there's also the other side, the security side. He's expected to meet with the eight second airborn here in Jeeshov, and there's going to be talked about this

effort to bolster the eastern flank of NATO. Bloomberg's age Cantrill says, Poland he is taking in the bulk of rafugees from Ukraine. It's winning praise for the move, but it's also causing political and economic stress. A meantime, John Ukrainian President Vladimir Zolensky is scolding NATO leaders for not responding to his request for a no fly zone. During his late night address to the European Council summit in Brussels, the Ukrainian President asked for more weapons and tighter sanctions

on Russia. What do we need for this? Ukraine is very specific in answering this question. First, to intentify sankings against Russian aggression on a weekly basis until it stops and restores peace. For second, take part in the creation of a new system of security guarantees for Ukraine for a region real guarantees. President Zelenski also called out Hungary in his remarks, asking Prime Minister Victor Orban to shun Russia and fully support Ukraine. Manytime there's more concerned about

Shot is showing support for Russia. Bloomberg News has learned to the officials suspect Beijing may supply semi conductors at other tech hard to Moscow. It would be part of an effort to soft the impact of sanctions. Russie and China denied any request for abre made or accepted, and now some other news were following this morning. Keeps us in China, John, the mystery is deepening over that commercial plane crash from Monday. All on two people on the

China Eastern Airlines going seven thirty seven are presumed dead. Bloomberg. Stephen Angle has the latest. Well, the latest is that authorities have indicated they have found potentially a piece of the aircraft about ten kilometers away from the main wreckage site, about six miles away, and that potentially indicates that something came off the aircraft midflight. And the questions now are if that piece was from the airplane, did that cause the plane to go into that nose dive and crash.

Bloomberg Stephen Angle reports the flight went down without an emergency radio call from pilots. Let's take a hard turn down to the economy of the Marketston, your treasury yields this morning coming in at two thirty four, and let's head to Europe right now. Breaking news President Biden delivering his statement with the EU Commissioned President Dependence on Russian energy putent has issued Russia's energy resources, that's course, and

manipulate his neighbors. That's how he's used it. He's used the profits to drive his war machine. That's why earlier this month, I announced the United States would ban all imports of Russian energy to make it clear that American people would not be part of subsidizing pudent, brutal, unjustified

war against people of Ukraine. At the time, I noted that we were able to take this steps when others could not because the United States is a net exporter of energy with a strong domestic industry, and the United States welcomed the European Union's powerful statement earlier this month committing to rapidly reduce his dependence on Russian gas. Today, we've agreed on a joint game plan towards that goal, while accelerating our progress towards a secure, clean energy future.

This initiative focuses on two core issues. One, helping Europe reduces dependency on Russian gas as quickly as possible. Secondly, reducing Europe's demand for gas overalls and trustworthy data flows between the EU and US, safeguarding privacy and civil liberties. And I really want to thank Commissioner Renders and Secretary Raimondo for their tireless efforts over the past month to finish a balance and effective solution. This is another step

in our strengthening our partnership. We managed to balance security and the right to privacy and data protection. Mr President did Joe put In is trying to turn back the clock to another era, an era of brutal use of force, of power, politics of spheres of influence and internal repression. I am confident he will fail. We are working together to forge a peaceful, prosperous, unsustainable future and I know

we will succeed. Thank you very much. The European Commissioned President Urselav underlying there, speaking alongside President Biden, who addressed the group earlier this meeting earlier Ian Brussels. There the announcement with both of them on an agreement to wean Europe off its dependence on Russian energy and let's take a deeper dive into this agreement and the latest developments. Were joined along with my co anchor Nathan Hagar with Greg Valier, the chief US policy strategist at a g

F Investment. Greg, another display of a united front. Your take this morning, well, You're absolutely right. I think the unity is really quite impressive, as many people have commented, and I would agree. I don't think Vladimir Putin expected this kind of unity, so it's a good sign. But when it comes to all the energy stuff, the devil will be in the details. A lot to be worked out in terms of infrastructure to accept natural gas in

Western Europe. Yeah, I'm no logistics expert, but I can tell you that Germany, for instance, doesn't have an energy terminal, at least at the moment, exactly right. You know, maybe in a couple of years they will, but I don't think it's going to be imminent, and that's that's a problem. There's other issues as well, including huge U S shipments to Asia. Will they have to slow Will that drive China to burn more coal? In many respects, Despite what Joe Biden said a few minutes ago, this is not

a good story for the environmental movement. It relies even more on fossil fuels. I think, Greg, it's Nathan Hey Grint. I have to think that this announcement, with the details still need to be worked out, it can only add to the volatility we've seen in the energy markets. What do you think is going to happen with the price of natural gas, the price of oil with this going forward, Well, it's it should keep the price pretty elevated, Nathan. I don't know if it's gonna go a lot higher, but

energy continues to be a big uncertainty. You know. I'd probably walk back and look at the big picture after what we've just heard and conclude that there is this remarkable unity that the Russians I think are facing a depression with a capital D over the next few months. Yea. I wanted to ask a little bit about that because in the lead up, even before the invasion, there were a lot of questions about whether Germany in particular would be on board with tightening the kinds of energy sanctions

that Ukraine in particular has been looking forward. Do you get the sense now, after these emergency summits in Brussels, that we are seeing more unity between the US and NATO and Europe when it comes to Russia. Yeah, I do. I think that the Germans still have to be persuaded on a lot of the LG activity as we just discussed, but I would say that most all of Europe is on board. There are a lot of countries that aren't India,

isn't China, probably isn't Uh. To me, the key country in the next few weeks is going to be Turkey, of all places, I think the Turkish Prime Minister could be an important intermediary. So you're getting an awful lot of countries trying to help, trying to bring this to a close. Greg Ursula wonder lying thing at the end of her address there that the sanctions are draining Putin's resources. Does that mean a dangerous man is backed in the

corner and becomes more dangerous. Well, that's the fear, isn't it. I mean you've got the oligarchs are are furious with him. The generals who have five of their colleagues who have been killed on the battlefield are I think increasingly skeptical of Putin, and I think ordinary Russians, who see their standard of living declining, are also beginning to turn against him. As the ruble is worth less than a penny, his

interest rates succeed. It's a very dire economic situation. And then to compound everything, you see this totally inept performance on the battlefield by Russian troops facing Ukrainian troops who are willing to die for their country. I don't think a lot of Russian troops are willing to die for Vladimir Putin, so it's a pretty grim scenario right now

for him, thankfully. Yeah, and I got to say, I was just struck by a headline that cross the Bloomberg terminal moments to go from Russian Farm Minister Sergei lavrov Uh speaking this morning, saying the West wants to destroy Russia's economy and Russia itself. What does that say about where Russia could be taking this war, the idea that Vladimir pu might be getting backed into a corner at this point he could be You can't you can't rule

it out. I think that despite the fact that a lot of Ukrainians are unwilling to make big concessions, considering all the sacrifices they've made. But I do think there's got to be a renewed focus on negotiations of trying to give Putin the one thing he needs, and that's an offer, ramp Uh, an excuse for him to declare somewhat of a victory. That victory would be Ukraine's reluctance

to join NATO. Anytime soon. I think Putin would hail that has a big accomplishment, and he might get to keep some of the Eastern provinces, he might get to keep crimea things like that. But without an offer ram from Putin, I agree with you. I think this is a very unnerving situation where he becomes even more unpredictable. We're not going to forget the human suffering in Ukraine by any means. But Greg, being at Washington, I have to ask you this question, how does this play with

the mid term elections approaching? Well, First and foremost, I think this has been remarkable to see both parties pretty much unified. On the extremes. There are some dissenters, you know, uh Tucker Carlson, people like that, But I would say, in general, you have tremendous support for confronting Russia, and

that's a good story for Biden. But the recent polls that I've seen over the last week or so don't show any increase in Biden's job approval rating, and he still has other big problems inflation, urban crime, illegal immigration. So I would have to say, you know, despite this unity with Biden and NATO, the Democrats are clear underdogs to keep the house. Greg a pleasure, Thanks very much

for joining us this morning. Greg Valier, the chief US policy strategist at a gap investment with this this morning and ahead of the cash open up. Wall Street dowth futures right now fourteen points lower. Little change right now, say, with the S and P five hunted down just three, the nines day futures are twenty four points lower. This

is Bloomberg day Break. The Bloomberg weather from Road Carola becoming apparently Sunday mild today high sixty to sixty five and tomorrow Saturday any morning sun giving way to clouds, maybe a shower. The heights aperture fifty five degrees. Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

Bloomberg Living Freedom to Washington, d C, Bloomberg N one to Boston, Bloomberg one O six one to San Francisco, Bloomberg M sixty to the Country, Sirius XM to A one nine and around the globe, the Bloomberg Business apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning on John Tucker and I'm Nathan Hagar. 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. President Biden cante used his trip in Europe. This morning. He has met with European Commissioned President Ursula vunder Lyine. Moments ago, he announced an agreement to boost the supply of liquefied natural gas to European countries. These steps will increase energy security, economic security, and national security.

We're gonna stand up joint task force to molement these changes, drive progress that will be co chaired by representatives from the White House and the President of the European Unions Team. President Biden says the agreement DAMES to help Europe wean itself from Russian fuel. Moscow has been the main focus of the submoity in Europe. Yesterday, President Biden called Fort Runcha to be removed from the G twenty. He also warned Vladimir Putin against using biological, chemical or nuclear weapons

in Ukraine. Bloom Briggs Maria Today, oh has more from Brussels. The symbolic nature of the STRIMP was huge, and yesterday we did get the show of unity. The President of the United States summarized it very well. He said, when Vladimer Putting invaded Ukraine, he was looking to create ko us in disarray in Europe. The reality is at this

point we're more united than we've ever been. And that was echoed by the Secretary General of NATO who said, at this point where the strongest military allies and the world we stayed together, we stick together, We are going to be safe. Bloomberg Maria Today reports the Ukrainian President, Flodimer Zolinski is asking NATO for more weapons and tighter

sanctions on Russia. I meantime, John, there's more concerned about China showing support for Russia, and Bloomberg News has learned EU officials suspect Beijing may supply semiconductors and other tech hardware to Moscow. It would be part of an effort to soften the impact of sanctions. Russia and China have denied any requests for aid were made or accepted. And another story we're following this morning, Nathan, the mystery deepening over the crash of that China Eastern Airlines Boeing seven

thirties seven. At least one piece of the plane appears to a broken loose well before impact. It was found about six miles away from the main wreckage area. That is raising questions about the condition of the plane. Would have begun a steep nosedive from nearly thirty thousand feet. All one thirty two people on board are presumed dead night. Let's check the markets ahead of the Friday morning open. The SMP futures right now are down four points, Stown

futures down twenty four. Nasdaq futures are lower by twenty three points. The tenure Treasury is up five thirty seconds, the yield two point three five percent yield down, the two year two point one four nime X screwed is down two point four percent or two dollars seventy three cents at a hundred nine dollars sixty one cents in barrel, and Comex gold is down two tenths per cent or

four dollars forty cents. In nineteen sixty three, thirty announced straight ahead your latest local headlines and a check of sports. This is Bloomberg hesive thirty three on Wall Street. Time to bring in Michael Barr with more of what else is going on to New York and around the world. Jeahn, thank you very much. Their New York City unions are blasting Mayor Eric Adams after he exempted athletes and performers, including Brooklyn net starre Kyrie Irving, from the city's vaccine mandate.

This after about fourteen hundred city workers were fired last month for failing to comply with the mandate. Harry nest Pole, head of the Municipal Labor Committee, said the city should offer away for fired workers to get their jobs back. Don't shut the door on them. Not when they had to come to work, when everybody was running out to the Hampton's and everybody's running up State New York and the only people here with city works. Harry nest Poley,

head of the Municipal Labor Committee. However, Mayor Adams says his move will help struggling performers as well as those vendors and smaller businesses that rely on the city's entertainment economy. We created an unfair disadvantage to New York based performance. I'm correcting that unfair disadvantage, and I'm doing it at the appropriate time when our numbers are low. Mayor Eric Adams. It's an extraordinary development in the ongoing investigation into the

January sixth rioting last year on Capitol Hill. The House Committee is now examining dozens of text messages sent to President Trump's chief of Staf Mark Meadows. According to several reports, Virginia Thomas, wife of Justice Clarence Thomas, texted Meadows urging him to keep challenging the election results. North Korea's leader, Kim John Une, told state media that he's getting ready

for a confrontation with the United States. The report came after North Korea launched its largest intercontinental ballistic missile yesterday, drawing international condemnation. Retired General Robert Abram's, former commander of US forces in Korea, is calling for tougher sanctions on North Korea. The sanctions that North Korea is under today pale in comparison to what the international community has done in very short order to Russia. So we should look

very hard at that. Retired General Abrams spoke to ABC Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than journalists, analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg. John Michael, thank you. He is five six Wall Street, this time for the Boober Sports updates. Can Good morning John, Good morning John. The upsets continue in the n C Double A tournament has to One Seeds

went down. Arkansas had never beat No. One seed in the n C Double as the Razorbacks beat Gonzaga six eight, and then Arizona ousted by Houston seventy two sixty four to two. Seeds did win Villanova sixty three fifty five over Michigan, and Duke moves on trail at the half. But against Texas Tech, the nation's top defensive team, Duke scored forty nine points and won seventy eight seventy three. So Duke is gonna? Is Duke gonna go to the Final four in micro Eskin's final season. We'll find out

tomorrow against Arkansas. Villanova will play Houston. Four more Sweet Sixteen games tonight, including Cinderella St. Peter's taken on Perdue in Philadelphia. The Pea coops have been letting the postseason by Doug Eatard. He says they have nothing to lose tonight, no pressure at all. Honestly, there's no pressure at all. Um I think that, Uh, there's there's nothing that shared. There's nothing really that's different. Now we've we've been playing

basketball this whole season. We've been uh, we had our ups and downs, and we're just gonna look forward to keep executing the game plan and just keeping what we've been doing. Also in Philly, use c l A plays North Carolina, battle of college basketball traditional powers. In Chicago, it's Kansas against Providence and two double digit seeds meet Miami plays Iowa State. N i t A has its Final four next week at the Garden, where the n i T, except for last year, has concluded every year

since the tournament began in eighteen thirty eight. Now we're the n i T Final four. The next two seasons will not take place in New York. It's not known where it will be. John stash Award Bloomberg Sports don't all right, John, thanks very much. It is five thirties seven on Wall Street, timed out for the Tri State Business Report. After that, we're joined by Bloomberg's Ed Quarry.

Sources tell Bloomberg Blackstone's exploring a large office expansion in Manhattan, seeking space at a time when many companies are embracing hybrid schedules. The New York based private equity firm is hunting for about one and a half million square feet of ADS as it considers relocating from its Park Avenue headquarters. Connecticut residents can expect some relief at the gas bump. Governor Ned Lamont Thursdays signed to bipartisan bill to temporarily

lift the state's gasoline tax. House and Senate lawmakers Wednesday voted unanimously in favor of suspending the state's twenty five cents a gallon excise tags on gasoline. Starting April one, New Jersey's Cannabis Board took its first formal action on recreational marijuana applications, approving sixty eight conditional licenses to cultivate, manufacture, or run a testing lab. In all, three hundred seventy one more applications are being evaluated now. Drew Bloomberg try

State Business Report. I'm ind Corey all right, thanks said, It is five thirty eight on the Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in now with their global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve poto Stan on ten ten Wins in New York. We're talking about how has more people returned to gym workouts.

Wall Street is pouring millions in the companies that owned gym um Courtney Donaho on Carol Dan Dallas Southwest will allow customers to transfer the value of the council ticket to someone else. I'm Gina Servetti in for w fl A in Orlando. I'm reporting that Olive Garden's owner is looking at raising menu prices again to cover its rising costs. I'm Carolyn Hip complained bag D a B Digital Radio

in London. Women porting on a slump in UK retail sales and soft consumer confidence as the cost of living crunch hits consumers. I mean Corey on w w T A M in Cleveland. I'm reporting Great Lakes Brewing is hired, Boulevard Brewing Brewmaster is its news ceoo. Yeah, those are some of these stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is

an editorial from Bloomberg Opinion. This senatorial was written by the Bloomberg and Atorial Board. Questions about the US commitment to Asia flourished even before Russia's shocking invasion of Ukraine. With Europe now demanding more attention, those doubts will only grow. That makes it crucial for US President Joe Biden to address the issue. Indo Pacific nations care about the most

economic engagement. Unfortunately, the Administration's vague Indo Pacific Economic framework won't excite countries that want more access to US markets. In effect, it pushes them to sign onto American priorities without offering much in return. There is a better alternative. The US instead should seek to join the eleven member Comprehensive and Progressive Transpacific Partnership or cpt p P that would demonstrate the commitment to economic engagement that countries in

the region really want to see. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, Slash Opinion or O P I N go on the Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg Opinion editorial is gonna be heard every weekday at this time and terminal customers can read more in I P I n GO. You're listening to Bloomberg day Break Bloomberg Weather for It today from meturologists Rob Carlin,

becoming partly study. Gonna be a mild day. The high temperature sixty to sixty five tomorrow morning, So I'm giving reddick clouds, maybe a shower. The high temperature be limit. US needs markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape Greece. He's a Bloomberg Business Flash Nathan Hagar. Stocks are struggling for traction this morning as investors evaluate the economic risks from federal reserve policy

tightening and Russia's war in Ukraine. We checked the markets every fifteen minutes during the trading day on Bloomberg SMP futures are little change down, futures up two points, NASTACK futures lower by four. The decks in Germany is up two tenths percent, the CACK and Paris up one tenth of one percent. The tenure treasury is up six thirty seconds. The yield two point three five percent yield on the

two year two point one five percent. Nim X crew down two percent, down two dollars nineteen cents at a hundred ten dollars eighteen cents of barrel comes to gold down a quarter percent, or four dollars eighty cents at

nineteen sixty two ninety announce. The Euro is at one point one zero one two against the dollar, British pound one point three six eight, the end is at one one point five six and Bitcoin right now is up six tenths percent right trading right around forty four thousand dollars at ten am all street time, we get February pending home sales and the University of Michigan Sentiment Index. That's a Bloomberg business flash. And now here's Michael Barr

with more on what's going on around the world. Good morning, Michael, Good morning, Nathan. President Biden announced the United States and European Union have a new partnership to reduce the continent's reliance on Russian energy, start of a year's long initiative to further isolate Moscow after its invasion of Ukraine. The President, speaking in Poland, says, as part of the plan, the US and other nations will increase liquefied natural gas exports

to Europe. Jersey City St. Peter's Peacocks look to keep their surprise running the n C Double A tournament and when they are going to play for due tonight. The Peacocks are the third fifteenth seed to make the Sweet sixteen and are trying to become the first to get to the Elite eight in the NHL. The Islanders won global news twenty four hours a day on air and on Bloomberg Quick Take Power by more than twenty d journalists analysts more than a hundred twenty countries. Michael bar

this is Bloomberg, alright, Michael, thank you. Five and forty nine on the Wall. Streeper line from the Bloomberg interranto Broker's studios, and she said, the European leaders and President Biden wrapping up meetings and Russell's focused almost entirely on Russia's war in Ukraine. And we did here earlier this hour from President Biden and the europe Pan Commissioned President Vers underlying announcing a deal to help wean Europe off

Russian energy. Let's get more now. Line from Brussels, and that's where we find our corresponded Maria today, Maria, good morning to you. Another show of unity. Just how important well it is, and you know, I think you have to separate always the symbolic nature of a lot of these meetings with the real detail. When it comes to the symbolic nature of this, we did see a show

of unity. We heard from the President of United States, but also NATO and all the European countries say we are aligned on this and this is a barbaric war that Puttin has instigated. But the reality is he's getting the opposite of what he wanted. We're more united than we've ever been, and that was echoed pretty much by everyone, the Secretary General of NATO but also the French President repeating uh this line that everyone is now on their feet to try to counter this terrible war and try

to put Vladimir Putting in the corner. The big question, however, is how is he going to respond to this, especially because as you see, Russia is facing huge economic isolation. It's been essentially shut off from normal financial markets. And now today we had a new energy deal between the United States and the European Union, about energy being shipped over to Europe. So there is a clear commitment now from the European Union to move away to from Russia

and the energy sector and this is a big money maker. Yeah, this also raises some logistical questions if I'm not mistaken correctly, But Germany doesn't even have any energy import facilities, does it. Yeah, And you know the reality is when you look at energy facilities Germany, Uh, you know, it doesn't have the infrastructure off It's it's very unclear how they can get this going very quickly. And you know, it's it's it's it's it's unclear. You know, how can they do this

very quickly? Well, you know they they'll tell you we we want to accelerate this transition. In fact, today there was a headline that says Germany aims for four kind of dependency from Russia. But the government is going to have to get very creative about the infrastructure, and it's gonna have to get very creative about the way it

does this thing in the months ahead of the next winter. Remember, the biggest preoccupation for the EU is not the two to three winters down the line, but it really is. A winter season is coming up in a few months. I remember when you look about storage facilities, this is really a story that begins now. I know it seems strange to talk about the winter when we're in spring and you know the weather is completely different, But the reality is, you know very well that you plan a

year ahead. So this conversation really has to begin now because the storage and some of the purchases will have to get done immediately. Do is vladimer' Zelinski getting everything he wants from NATA at this point? Well, you know, it's it's it's uh, it's it's Varmerzeninski has spoken clearly about the need for airplanes and the need to shut up the sky and the need to get uh, you know, additional help to help protect his country. It's been a month of war so far, he's had a major reality check.

The Natives are not going to come and help the country. The native is not going to fight this. Yesterday that with native trying to explain this was by saying, uh, you know, we want to help as much as we can, but we are not belligerents here. We were not going to fight. So for them, it really is about keeping

a flow weapons from the West into the country. And this is why this meeting today between President Biden, who's on his way out to Poland by the way, with the Polish president uh Mr Doola, will be so important because Poland is a distribution hub for big weapons into Ukraine. And the President Biden, as you say, headed to to Poland. He'll tell the humanitarian after there. The refugees also going to meet with the members of the eighty second Airborne

Marie Zadeo live from Brussels this morning. Thanks very much. We appreciated, Nathan. All Right, John, Thanks, It's five fifty three on Wall Street. It's time for a Bloomberg Law Report. Let's get to the legal stories we're watching this morning. Here's Bloomberg's Jeff Phalinger. The U S Council for International Business reiterated its concerns about new regulations on the Foreign Tax Credit and again urged the Treasury to delay implementing them.

Amazon is facing a tougher fight if it hopes to keep its warehouses non union. The a f l c i O is joining the Teamster's efforts to unionize the facilities and Environmental group told the federal court that the environmental protection agencies failure to approve or reject revised water quality standards in Montana is a violation of federal law. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg Market Intelligence. Find out more

at Boomberg Law dot com. Now, another legal story we're watching brings us to the issue of redistricting. A divided Supreme court gave a victory to the Republican controlled Wisconsin legislature. Tassa got a state ruling that adopted voting maps crafted by the Democratic governor. For more in the case, Bloomberg's June Grosso speaks to Columbia law professor Richard Brefalt. The U. S. Supreme Court left in place the governor's congressional maps, but

throughout the governor's legislative maps. Right What the U. S. Supreme Court said was that the governor's decision, which the state Supreme Court accepted, that the voting rights fact required an additional black majority district in the Milwaukee area, and

that doing that wouldn't violate the Fourteenth Amendment. The U. S. Supreme Court said the governor and the state Supreme Court neither of them did enough to show that that was correct, they failed to show that the Voting Rights Act required the US and therefore they failed to show that it didn't violate the Fourteenth Amendment, and therefore they reversed the decision to pick the Assembly in the Senate maps and sent it back to the state Supreme Court for further analysis,

which could include keeping the governor's maps. If there was additional evidence that showed that there was a strong Voting Rights Act requirement for the additional district, is that what Supreme Court precedents called for. Because in dissent, Justice Sonia Sotomayor, joined by Justice Elaina Kagan, called the decision unprecedented and extraordinary. Yes,

it's unprecedent extraordinary in several ways. For one, Normally, the burden is on the challenger to prove that race was the predominant motivating factor, whereas here the burden that seems to be being put on the governor or state Supreme Court. So one thing is that totally shifted the burden. Normally, a map gets adopted and then somebody challenges the map.

The challenger says this violates people Protection Clause, and then the plaint has to make that case by showing that it was predominly motivated by race and the status to come back and defend that there was a strong basis and evidence for a Voting Rights Act violation. They've never had a case before where a similar challenge was brought to a map adopted by a state supreme court as

opposed to one adopted by a legislature. Beyond that, there's a sense that the interplay between the Voting Rights Act and the fourteen Amendment is difficult. And indeed, the Supreme Court about a month ago agreed to stay a map adopted by a court in Alabama that held it over for full argument because of the murkiness of the relationship

between the Voting Rights Act and the Fourteenth Amendment. But here the supporting court actually made a ruling on the merits about the burden being on the state to show that there was not an alternative means of doing it. I don't think they'd ever ruled that before, and here they're doing it in a so called shadow doted case, without oral argument, without full briefing, and really pretty close to the time where these maps have to be finalize.

That's Columbia law professor Richard Brafalt speaking with Bloomberg's June Grosso. Catch more of that interview, plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time on Bloomberg Radio 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 up two points, staff futures up twenty five, Dance Deck features little changed at the moment, and your Treasury is up three thirty seconds. The yield two point three six percent yield on the two year two point one six percent. NIMEX crude is down one point six percent or a dollar eighty and at the hundred ten dollars at fifty six cents of barrel, and the Euro right now one point one zero zero seven against the dollar. Bloomberg Day Break continues. This is Bloomberg