Bloomberg Daybreak: March 4, 2022 - Hour 1 (Radio)

as the war in Ukraine escalates. Commodities wrap up a historic week as oil and metals soar, and investors look ahead to the February jobs for fort New York City Mayor Adams could announce today e's and COVID restrictions lost the blowbat from Moscow's invasion in Ukraine hits Russian connected gas stations in Newark On Michael blar More ahem, I'm John Stashnower and sports Kevin Durant returned to the next lineup.

They still lost to the heat in Brooklyn. The Islanders lost the Vancouver That's All Straight Ahead on Bloomberg Daybreak on Bloomberg Elemen Trio, New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine six, San Francisco, Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloombird Business and Good Friday Morning, I'm Nathan Hagar and I'm Karen Moscow.

US futures are following as we're risk intensify. It's coming up to five oh one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP futures down thirty eight points this morning. Down futures down two eighty three and nasday futures down one four. The ten year treasury up seventeen thirty seconds. He had one point seven eight percent in a yield

on the two year one point four eight percent. NIMEX screwed oil is I've wanted a third percent up a dollar forty one and a hundred nine dollars seven cents of barrel. Nathan, all right, Karen, we'll get back to markets in a minute. But the stakes have been raised even higher now. In Russia's war with Ukraine, Russian forces are now occupying Europe's largest nuclear plant after shelling at the facility overnight sparked the fire. Ukrainian President Vladimir Zelinski

says Europe needs to wake up. If there's an explosion, that's the end for every one, the end for Europe, the evacuation of Europe. Only urgent action by Europe can stop the Russian troops. Do not allow the death of Europe from a catastrophe at a nuclear power station. President Zelinsky is appealing to Russian President Vladimir Putin to meet with him. Is the only way to stop the war. Secretary of State Anthony Blincoln says, the world stands ready

to assist Ukraine. We seek no conflict, but if completly comes to us, we're ready for it and we will defend every inch of NATO territory. Secretary Blincoln is meeting today with NATO ministers in Brussels. The White House says President Biden is being briefed on the situation, but right now the US is not detecting elevated radiation levels at

the nuclear site. Meanwhile, the rush to fille Ukraine. Nathan has for some very tough decisions for more than a million people on Bloomberg's and Baxter has more over a million people with a forecast of possibly four million more refugees. And El Shaker, the international Deputy Director of Refugee International, tells Bloomberg families are being split up. Sometimes if it's just a father puts those child on a bus, and here rise in pulland the father may stay to help.

So unaccompanied children are arriving in dainty extra protections, and some of these are only on fourteen day temporary visas. In San Francisco. I'm at Baxter Bloomberg daybreak, All right, ed, thank you. As the US and allies choke off investor demand for Russian assets, parts of Wall Street are jumping on the buying opportunity. Sources say Goldman Sachs and JP Morgan Chase have been purchasing beaten down company bonds tied

to Russia in recent days. The Russian stock market remains closed, Nathan, while stocks and you're a plunge over the latest development in Ukraine. Let's go live to London and get the latest to live with the Bloomberg's un parts. You and good morning, Karen, Nathan. It's the longest ever shotdown of the Moscow Stock Exchange as the Kremlin continues to attempt to stave off the impacts of global sanctions for domestic investors. The exchanges confirmed it will remain closed until at least

Wednesday of next week. Since the Moscow market was lost opened a week ago. Russian stocks listed in London. Have lost more than a percent of their value before getting suspended. Stocks opened lower across Europe this morning on news of that overnight Ukrainian nuclear power plant fire, and they've continued to set off your stocks A hundred trading down some three percent, on course for its worst week since March twenty Live in London, I'm you and pot Springbok daybreak,

all right you and thank you. We also saw losses in Asia overnight. Let's get the recap on that from Bloombridge. Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan and Karen. The ms CI Asia Pacific Index fell to a fresh sixteen month lower, weighed down by losses in Japan and Hong Kong, then negate to to five paired

earlier losses of as much as three percent. It closed lower by two point two percent in Tokyo, and Chinese tech players were dumped, with an index of TEX shares listed in Hong Kong falling to its lowest since inception, and the h Shares index is trading near a six year loan. Over the course of the week, the ms CI Asia Pacific Index fell by as much as one point eight percent, it's third weekly loss in Singapore. Juliet

Sally Bloomberg daybreak. All right, Juliette, thank you. Commodities are wrapping up historic week as Russia's invasion of Ukraine royals markets. We get the latest lie from Bloomberg's Renita Young. Good morning, ready now, good morning care and soaring commodities prices from crude to aluminium and wheat are adding to hot inflationary pressures that's hurting consumers and fueling concerns over an economic slowdown. And as a result of Bloomberg, Commodity Spot index has

rallied more than nine percent this week. Oil is headed for its biggest weekly surgeon almost two years. Brent crude, which almost hit a hundred twenty dollars yesterday, is trading at just over a hundred eleven dollars of barrel right now. Prices for wheat, aluminum, nickel, and crude are all expected to continue rising, and this all comes as many raw materials are facing low stockpiles. Live in New York. I'm

Mornita Young, Bloomberg daybreak, All right, Rinita. Thanks Despite the surgeon, oil prices and the Russian invasion of Ukraine, Fed chair j Palace, sticking to plans to raise rates beginning later this month. I would be recommending and supporting a one quarter of one percent interest increase at our March meeting. If we don't see inflation behaving as we expected to be a which is to peak and begin to come down.

If we see inflation behaving in ways not consistent with that, then we're prepared to raise my more than that amount in a meeting or meetings. FED Chair J. Powell reiterated the right hike plan during two days of congressional testimony and Nathan The next major economic data point comes later this morning with the release of the February JOMP support

We get a preview from Bloomberg's Muccle McKee. The consensus is that as the oh maicron COVID variant faded in February, hiring probably picked up and was forecast another large gain in jobs restored and a drop in the unemployment rate back below four percent. Although the Russian War will cap the impact of this employment report, Federal Reserve officials will be interested in the strength of hourly earnings as they watch for signs high inflation may be becoming embedded in

the economy. The FED is also interested in the labor force participation rate, how many people are out looking for a job this week. Chairman J Powell told Congress policymakers don't know why so many people are staying home, but he expressed hope that hiring will pick up as COVID eases. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks SMP. Futures down down thirty two points down, futures down, tune forty six, and nastac features lower by a hundred two points. Straight

ahead your latest local headlines into check of sports. This is Bloomberg. It's five oh seven on Wall Street where twenty one degrees in central parking of vehicle fires slowing down the northbound FDR drive through the seventies. Details coming up in traffic. First. Michael bars here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. This could be a

big day in New York City's progress against COVID. Nineteen Mayor Eric Adams could announce as soon as today to lift mask mandates and schools and vaccination requirements and restaurants, bars and theaters, while infections, hospitalizations, and deaths continue. The move by Adams could signal the turning point in the pandemic to a return to normalcy me. While New York City Health Department says COVID hospitalizations saw the biggest racial

gap during O Macron. Black New Yorkers were hospitalized at two times the rate of White New Yorkers during the winter O Macron surge. Gas prices have shot up across the country do in large part to the Russian invasion of Ukraine. It's causing a sharp rise in oil prices. In North Carolina, the price for a gallon of regular and an Exon gas station in Raleigh get close to four dollars twenty cents. This Roley mom says, even our teenagers are fueling the pinch. I have kids that just

started driving. I know that their love and the experience, but even they are completely overwhelmed by the ends of their paycheck. You know, how do I get back and forth to work? Los Angeles is now averaging more than five dollars. Outraged by the invasion of Ukraine, lawmakers in New Jersey's largest city took aim at the Russian franchise Luke Oil Gas stations. The New York City Council voted unanimously to suspend the service stations operating licenses, citing Luke

Oil's base in Moscow. However, the stations are franchises owned by locals, not Russians, and they employ mostly New Jersey residents. President Joe Biden signed bipartisan legislation that prohibits the use of forced arbitration and sexual assault and harassment claims in the workplace. President Biden says the Forest Arbitration of Sexual Assault and Sexual Harassment Act ends a secretive practice that is often used to shield perpetrators from full and public accountability.

There will be cases where victims want their claims resolved in private, but some survivors will want their day in court, and that should be their choice and nobody else's church. President Biden says the new law profoundly changes the way businesses handle sexual abuse allegations. Global Needs twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven undred journalists and analysts, more than

twenty trees. I'm Michael Barr. This is Bloomberg. Nathan all right, Michael, thank you. Coming up to five ten on Wall Street. Time for the Bloomberg Sports Updake, Good morning, John Stenshlon Morney, Nathan Welcome back. Kevin Durant, first game for the Nets after missing twenty one with a knee injury. Samuel k d thirty one points in thirty five minutes, but the Nets lost at Barkley's to the East in Miami Heat

one thirteen one oh seven. The Heat. We're coming off a blown lead at a one point lost the night before Milwaukee, so they gave three starters the night off, but Bambata Bio played. He scored thirty in. The Nets have now lost sixteen of their last nineteen to dropped down to five hundred. Doesn't get any easier A game Sunday in Boston Celtics last night being Memphis, they've won

thirteen of fifteen. The Knicks like the Nets, losers of sixteen the last nineteen, and tough about not getting any easier. Knicks Tonight in Phoenix, the Suns are fifty and twelve, best record in the NBA U B s Areena Islanders at a third period lead Vancouver two goals forty five through the part. Midway through the third, the Canucks won four to three, so they went two and one on

their tour of the three New York area teams. The Isles of Now Lost Peak for the last eleven College Oake Verre loss for Iona in Riverdale Manhattan Sport for the second left one by two. Iona has dominated the MAC but means to win the upcoming proference turnament to gain entry to the n C Double A. It's the big college basketball story is the game tomorrow North Carolina at Duke, the final home game for Duke's legendary coach,

Mike Just. Yes, I've tried never to look in the past too much or in the future, but you know a little bit of thinking yesterday your last game in camera right, it's Crazy's coach to Duke for forty two years. John Stash Award Bloomberg Sports. Thanks John SMP. Future is down to down thirty two points. Staff futures down two sixty one, nest Act futures on the decline by a hundred two points. Continued, Treasury now up seventeen thirty seconds.

You at one point seven. You're listening to Bloomberg day Break Blomber eleven three oh weather, sunshine, upper thirties today will be in the upper forties, turning cloudy tomorrow, scattered showers, breezy and mild for Sunday, with a high near sixty five degrees. Right now, it's twenty one in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com, The Bloomberg Business at and at Bloomberg Quicktape is a Bloomberg Business clash, and I'm Karen Monstown.

US Dock Index futures are lower as war risks intensify after a Ukrainian nuclear power plant briefly caught fire. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg S and P Future is down thirty four points down Future is down two sixty three and nowsdays futures down at nine seven. The decks in Germany is down three and a quarter percent, and your treasury of sixteen thirty seconds, he had one point seven eight percent.

The yield on the two year one point four nine percent. Nimex S crude oil is up one point nine percent of two dollars twenty five cents at a hundred nine dollars two cents of barrel. Comic School is up six tents per cent or eleven dollars fifty cents at nineteen forty seven forty announced, the euro one point one zero one three against the dollar, British found one point three three oh five the yen at one fifteen point four three Bitcoin this morning moving lower down more than one

percent at forty one thousand, six hundred forty dollars. And we are today watching for the February jobs report at an eight thirty Wall Street time. That's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world. Munchale, Good morning, Good morning, Karen. More On that fire you mentioned, Ukrainian authorities say a fire at Europe's biggest nuclear planned ignited by Russian shelling, has been extinguished in that Russian forces have taken control of

the site. Ukraine's state nuclear regulators says no changes in radiation levels have been recorded so far. Donald Trump Junior's fiance has been subpoena to testify before the House January sixth Committee. The subpoenas says Kimberly Gilfoyle met with Donald Trump at the White House, spoke at the rally before the January sixth Riot and helped organize and raise money for the event. In the NBA, the Nets and Warriors lost, the Celtics won. In the NHL, the Islanders lost, the

Bruins and Capitals won. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalists and analysts more than a twenty countries. Michael mar This is Bloomberg, Nathan, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and Bloomberg News.

Executive Editor for International Government. Rosalind Matheson is back with us this morning on the latest developments in Ukraine, not the least of which, of course, is Russian forces now occupying the largest nuclear power plant in Europe after bringing it under pretty heavy fire overnight. Rosalind, what's the latest. The latest is that there was a brief fire at a training center in the vicinity of this plant overnight, after what Ukraine and the i a e A says,

with shelling by Russian forces. That fire, thankfully has been extinguished. There's no sign of any radiation damage or leak and no injuries in that. But certainly when you have this kind of shelling occurring in such proximity to nuclear power assets, it has to raise concern and you can see that in the comments from European officials and others this morning.

You can see in the comments from the US President overnight, just the concern about where this conflict is going and just how much risk is coming in that something happens that takes this conflict well outside Ukraine's own borders. Yeah, we heard the alarm from the Foreign Minister of Ukraine, Dmitri Kuebo, saying that a explosion at this particular plant would be ten times larger than Chernobyl, and of course we saw the active around the Chernobyl plant as well.

What could this say about this phase of the war, now, what Russia could be planning. Well, certainly it suggests that at least, at the very least, there's indiscriminate shelling going on. In a conflict, you do get these kind of incidents where stuff happens that perhaps is unintended, But similarly, they do know what this area contains, which is this enormous nuclear power plant, and their efforts to take control of it.

It's possible that the shelling occurred in a way. It suggests again the desperate efforts by Russian troops to make up some ground here after being bogged down at least in the northern part of the country for days, and the tactics that they're resorting to to do so. It just fits the pattern of a real heightening of the aerial bombardment that's been going on on key cit s

across the country now for a couple of days. A number of Ukrainian officials, including the Energy Minister of Ukraine who spoke to Bloomberg Television overnight or reiterating their calls for a no fly zone to be set up. Is that something that's on the table for the US and NATO, the idea of a no fly zone, Uh not at

this stage. No NATO ministers meeting in Brussels to have made it very clear that that's not something that they could entertain, despite those pleas from the Ukrainian government, including

the president. That's because what happens in a no fly zone trying to police that airspace is you would have NATO aircraft confronting Russian aircraft to try and keep them out of that area, and that means you have a scenario where NATO planes are firing on Russian aircraft, and that means the conflict has gone from being Russia and Ukraine and being Russia and Europe as a whole, including NATO, including the US, and that's not something that they say

that they can entertain at this point in time. Also, the Russian aircraft capacity inside Ukraine is pretty intense at the moment, so actually a wait, it's questions whether they could even enforce it if they wanted to because of the superiority of the Russian air force in that area. But right now, very clear messaging from NATO that this is not something that they can do. Well, what are

we expecting to come out on the diplomatic front? You mentioned NATO ministers meeting Secretary of State Antony Blinken as well. Is in Brussels. We had those second rounds of talks yesterday between Ukrainian and Russian diplomats. What if anything is coming out of all this? Very little at this point from the diplomatic side. At least, there were that second round of talks between officials from Russia and Ukraine yesterday.

They said there was some progress and quote marks towards agreeing a potential humanitarian corridor for Ukrainians to leave the country, but nothing tangible, no promise, and certainly no details yet on whether another when the next round of talks on that might even happen. The diplomatic front is really focused around condemnation at this point. The hard stuff is coming from the sanctions and penalties aimed at the Russian economy and its senior leaders, and there's more expected on that

front in the next couple of days. Our last thirty seconds here we're seeing any signs of off ramps for Russia coming out of the sanctions that have been imposed so far, not at this stage, and in fact some of these sanctions won't even take effect for weeks or months on certain parts of the economy, and so the effect of it won't be felt yet, despite the the uneas and the panty you can see on the ground

amongst ordinary consumers in Russia. So the pressure point from that is yet to come, and that might give the Russian presidents and breathing space. Thanks as always and for the help throughout this very difficult week. Roslyn Mathis and our executive editor for International Government for Bloomberg News, keeping us on top of what's happening in the war in Ukraine now into a ninth day, and near Russian forces now occupying the largest nuclear power plant in Europe in

southeastern Ukraine. Right now, SMP futures are down twenty six points down. Futures are down two under ten NANASAC futures are lower by seventy points up Ahead, commodities wrap up an extremely vaulted a week, and we look ahead to February jobs. As we check your top stories of the morning. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather mostly sunny, upper thirties today, It'll turn cloudy to start

the weekend. Tomorrow's high in the upper forties will have scattered showers, a breeze, and a high in the mid sixties by Sunday. Right now one in Central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg e Living Freedom to Washington, d C, Bloomberg on to Boston, Bloomberg one oh six one to San Francisco, Bloomberg sixty to the Country, Sirius XM chand one and around the Globe, the Bloomberg Business and Bloomberg Radio dot Com.

This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We're just about four hours away from the open of US trading. Let's get you have to date in the news. You need to know at this hour. Russia is now occupying the largest nuclear signed in Europe. Overnight, Shelling started a fire at this up areas a nuclear plant. Ukrainian Energy Minister Herman Halashenko tells us this raises the stakes in

the war. One example of the brigia could be repeated in in Uh, in the other stations, on the other units. And and that's why we ask for clothing the sky. We we don't see any other possibilities. Herman Helloshenko spoke on Bloomberg Television. The US Energy Department says it's activated it's nuclear Incident Response team, but right now it doesn't see elevated radiation levels. The US futures and stocks overseas Karen are falling as the war escalates. SMP futures are

down about a half percent right now. Major European averages and stocks in Asia are down between two and three percent, and commodities are wrapping up historic week Nathan as Russia's invasion of Ukraine royals markets. Let's get the latest line from Bloomberg's or need a Young, Good morning, Ready, good morning, Karen's. Soaring commodities prices from crude to aluminum and wheat are adding to hot inflationary pressures. That's hurting consumers and fueling

concerns over an economic slowdown. Oil is heading for its biggest weekly surgeon almost two years. Brent crude which is almost it almost hit a hundred twenty dollars yesterday. It's trading right now at just over a hundred twelve dollars of barrel. Prices for wheat, aluminum, nickel, and crude are all expected to continue rising. And it all comes as many raw materials are facing low stockpiles. Live in New York. I'm Renita Young, Bloomberg daybreak, All right, we need to thanks.

Investors are also bracing for the February jobs report. We get a preview from Bloomberg's Viney del Junie. US payable growth probably top four hundred thousand in February. That would follow a solid January day and a four hundred sixty seven thousand. Bloomberg Economics is workers have been sentive to return after the pandemic, citing rising wages as well as the end of emergency assistance. Labor shortages percessed, and the number of workers collecting unemployment funefits is at a half

century low. Finny del Judae Spoomberg Daybreak, Hey Vinny, thank you. Turning to stunks on the move. Shares of Smith and Weston down almost twenty percent this morning. The gunmaker's third quarters sales of missed estimates and gap is up more than seven percent. The retailer gave an optimistic projection for the current year. Futures are lower this morning. SMP futures down twenty five points down, futures down two hundred six

NASDAG futures down sixty three. Straight ahead your latest local headlines plus a check of sports, and this is Bloomberge on Wall Street twenty one degrees in Central Park, still dealing with a car fire and FDR drive at North Found at seventy one Street. Michael Barr is here with more on what's going on in New York and around

the world. Michael Nathan, thank you, sir. An important milestone in New York City's progress against COVID nineteen could soon arrive when Mayor Eric Adams lifts mask mandates and schools and vaccination requirements in restaurants, bars, and theaters. The Mayor says the decision could come as soon as today, a long awaited development of a city that was once the

epicenter of a deadly pandemic. While infections, hospitalizations, and deaths continue, the move by atoms could signal a turning point in the pandemic by firmly shifting the focus on recovery and a return to normalcy. Outraged by the invasion of Ukraine, lawmakers in New Jersey's largest city lashed out at symbols of Russia in their city, a pair of Luke Oil gas stations. The Newark City Council voted unanimously to suspend

the service stations operating licenses, citing Louke Oil's base in Moscow. However, the stations are franchises owned by locals, not Russians, and they employ mostly New Jersey residents. President Byiten has signed a law preventing companies from forcing sexual assault or harassment victims into secret arbitration and settlements. Between half and three quarters Wall women reports that they have faced some form of sexual harassment workplace and too often to denied a

voice from the fair chance to do anything about. Vice President Kamala Harris also made the announcement with the President for st arbitration silences survivors a sexual assault and harassment. It's shields predators instead of holding them accountable, and gives corporations a powerful tool to hide abuse and misconduct. Harris and President Biden praised both parties for ending the right for companies to require workers to sign agreements that force

and out of court sexual harassment supplement. Governor Phil Murphy is including property tax relief checks in the annual spending plan he will introduce next week with an average seven hundred dollars plan for New Jersey homeowners making as much as two hundred fifty dollars a year. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than hundred journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg, ain't it?

Thanks Michael on Wall Street time for the Bloomberg Sports Update. With John stands all right, Nathan Nixon. Nets have the exact same record over the last nineteen games, and it's not good. Three and sixteen Nets for the most part because of the Kevin Duran injury. He returned last night at Quarkley is his first game in forty seven days. Nets still lost to Miami one one oh seven k

d s thirty one point. I feel gray, I'm only gonna get better, more comfortable out there, um, you know, take more of the load out there to posts when I get um, when I get you know, more games on them my boat so um Nets visit Boston Sunday and under the lost drops them under five hundred. Nicks are in Phoenix tonight. Suns are fifty and twelve. That's twenty three games ahead of the Lakers have just got blown out by the Clippers. Dallas Beats slumping Golden Spain

look at Johnson forty one points near triple double. Warders have lost five the last six. The Islanders have lost eight of eleven, meeting at home by Vancouver four to three. College troops. Manhattan upset Iona Duke Coast North Carolina tomorrow. Over forty two years, Mike Schefski has coast over two hundred players. They have all been invited back for coach K's final home team. The NFL says no more COVID protocols for we like twenty nineteen, starting with off season activities.

France has eased its vaccine rules that may allow Novak Djokovis to play the French Open Glory. McElroy enjoys playing bay Hill. He's finished the top ten five straight years. In opening round seven under par sixty five, McElroy has a two shots Bloomberg Sports NAT thanks Sjohn. It's thirty seven on Wall Street time for the Tri State Business Report. Here's Bloomberg said. Corey Amazon dot Com workers at his second facility in New York have won approval for a

union election. The Amazon labor unions gathered enough signatures from workers at the l d J five warehouse in Staten Island to proceed with a vote. According to a National Labor Relations Boards spokesperson, workers at the Manhattan location of Outdoor Sporting Goods chain are EI voted to joining union first for that company, buying eight six percent majority. Employees voted to join the retail wholesale and department store union. The r EI union follows employees at a handful of

stores owned by Starbucks. Governor Phil Murphy is including property tax relief checks and the annual spending plan he'll introduce next week, with an average of seven hundred bucks planned for New Jersey homeowners making up to two hundred fifty thousand dollars. Renters would get about two hundred and fifty bucks. Murphy's proposal would apply to one point eight million residents. That your Bloomberg Try State Business Report. I'm d Corey.

Thanks that it's five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm John Tucker for Sensen Wins in New York recording parts of Wall Street are still buying Russian assets. I'm Cornets on a hole on t g R H in Houston. Workers are getting paid time off even before starting a

new job. I'm Caroline head Killed bloom B A D A B Disital Radio in London after and ask no questions property market UK finally moves to improve ownership disclosure with the reality of a Russian war. I made cory on w w J in Detroit. I'm reporting automaker shares fell Thursday on worries about supply chains and Ukraine. And those are some of the stories our hundred Bloomberg journalists and analysts are working on this morning around the world.

It's just before thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. American lawmakers aren't tasked with addressing tough issues such as climate change and guns, but recently, both Democrats and Republicans have been trying to pressure banks into doing the job of affecting social and environmental policy

for them. For example, some Democrats of propos was breaking up banks that failed to cut their lending to fossil fuel companies. Meanwhile, Texas recently passed a law denying municipal bond deals to banks that officials deemed to be boycotting gunmakers. Other states are looking to punish lenders that they believe discriminate against oil and gas businesses in polarized times. It's a model that seems likely to spread and to backfire.

Using banks as a political bludgeon will not further anyone's goals. Instead, lawmakers should be addressing the issues head on, that is, through legislation. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope I n go on the Bloomberg Terminal. These has been Bloomberg opinion. You can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read

more at op I n go. Looking ahead to the market, open futures are moving low. We have SMP futures down down twenty eight point, staff futures down two twenty seven, NASTACK futures on the decline by eighty five points. The tenure treasury is up seventeen thirty seconds, the yield one point seven eight per cent. Straight ahead, we look ahead to February jobs. Mark Vitner, senior economist of Wells Fargo,

joins us. Next. This is Bloomberg Bloomberg eleven three oh Weather mostly sunny upper thirties today, will turn cloudy tomorrow up for forties for a Saturday high scattered showers, breezy on Sunday with a hind your sixty five degrees right now one. That's it in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktake. He's a

Bloomberg Business Flash and I'm Karen Moscow. And stocks are falling along with US stock index futures as war risks and tensify after a Ukrainian new clear power plant briefly caught fire. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg s and P Future is down thirty two points down Future is down at two hundred sixty seven. Nastag Future is down ninety five. The

decks in Germany's down at three point one percent. Ten year Treasury up eighteen thirty seconds, held one point seven seven percent. They yield on the two year one point for eight percent. NIMEX screwed oil is at one point nine percent, up two dollars at a hundred do dollars

sixty seven cents a barrel. Comics called up seven ten percent or thirteen dollars forty cents at nineteen forty nine ounce, the euro one point one zero zero two against the dollar British found one point three three one four and the yunis at one fifteen point three a Checking bitcoin this morning, it is moving lower down about nine ten s percent at forty one thousand, seven hundred thirty dollars. And of course we're watching to the February jobs report

today at at eight thirty walls straight time. That's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world. Michael Karen, thank you very much. More on that, Pliny are you mentioned. Russian forces occupy the side of Europe's largest nuclear power plant today after an attack that ignited a fire at the complex in Ukraine. Emergency services extinguished the fire and there

were no casualties. Ukraine told the International Atomic Energy Agency the incident had not affected essential equipment and there had been no change reported in radiation levels. The Winter Paralympics are set to open in Beijing, with the Russian athletes sent home. Meanwhile, with the Ukrainian team escaping a war zone, they had of the delegation says it is a miracle. They got the China in the NBA, the Nets and Warriors lost the Celtics. One in the NHL, the Islanders

lost the Bruins. And Capitol's one 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. Nathan Okay, Michael. Thanks. It's five forty nine on Wall Street Line from the Bloomberg Interactive Broker Studios. This is bloom Daybreak and Wells Fargo Senior economist Mark Vitner joins us now on a job's Friday that really

feels overshadowed by the war in Ukraine. Mark, it's good to speak with you this morning, although it feels weird to be talking about expectations for what we're going to get from the labor department when there's so much turmoil overseas. But what are you looking for? Well, we've trimmed our our forecast back a little bit after we got that below really weak I SM Services number yesterday, so we're

looking for it again. Three thousand jobs, and we're looking for a dropping the anempoyment rate to from four percent to three point nine percent, and you know, a fairly decent increase in average arry earnings, but it's probably going to come in a little shy of expectations because a larger proportion of the jobs that were going to add are going to be in lower paying industries or like

leisure in hospitality. So it doesn't sound like you're thinking the wages are going to keep up with the inflation rate when we get the CPI later next week. No, no, no, that's uh, that is a that's that's the other big issue of the of the of this year has been the surge of inflation, and and not just the surge, but it's it's breadth where it's not just one or two items, it's everything in the CPI and UH, and what I think it's going to be the final surprises

the persistence. I think that it's going to take quite some time for us to bring inflation back down. Do you think that we're close to maximum employment? I know. Federal Reserve Chairman Jerome Powell was asked that during his congressional testimony he seems to think that we could be pretty close. Are you thinking that we're about we're pretty tight this labor market. We're fairly close. But there's a large segment that that hasn't come back yet, and that's

folks who are working downtown areas. And we're likely to see that over the next three or four months as people returned to the office and all that office adjacent employment at restaurants and bars and small businesses that depend on office workers as there is their primary customers, and we're going to see that come back, and we'll also see business travel come back. I think I think once of those industries return, we're going to see more people

come back into the labor market as well. What do you think's been keeping people on the sidelines at this point, Well, I a lot of the folks that have been delucted to commit in the workforce, our women, and they've they've got children at home, and schools haven't been back in session on a consistent basis across the country. There's also

been fears of contracting COVID and so folcus on. Many folks have been reluctant to put their children to daycare where they'd be around other kids and might bring the virus back home. So, um, I think that the fears of COVID have subsided for now and hopefully for for for for a very long time. Uh. And I think they we're going to see that the folks are going to feel a little bit more confident about re engaging

the economy. And so I think that's that's been the biggest woradblocked to for the economy getting back to where it was previously. Do you think this read on the labor market's gonna matter for the Federal Reserve when there's so much focus now on the war in Ukraine and the uncertainty surrounding that. It'll it'll certainly matter when they when they dig through the details. I mean, it's another

piece of the puzzle. Uh. They seem pretty clear that they're on a course right now to begin to remove policy accommodation. That was the wording that they used yesterday, that Paul used yesterday, And and I think that's that's very significant, that that we're going to remove policy accommodation. So they're probably going to raise rates four or five times. And I know a lot of folks have been saying, oh,

they've got to raise rates seven times. I think the war in Ukraine takes that off the table, and I wouldn't be surprised if they raised rates three or four times. It really depends on how long oil prices stay up around a hundred ten are a hundred twenty dollars of barrel, because that's going to depress demand in the US and around the world, and it's going to do a lot of the work that rising interest rates would have done.

Just about thirty seconds left here, Mark, do you see a recession risk for the US given all the geopolitical turmoil, I still see that risk is being fairly slight. Um. There's when you look at the economy. Household balance sheets are just incredibly strong. Corporate balance heats are very strong, State and local government balance sheets are very strong. Um. And the only balance sheet that's not strong is the federal government. But but they in some ways have unlimited resources.

So you know, I M I don't think that the recession is in the cards this year and probably that next year. The other things that inventories throughout the economy are so low right now that production needs to run ahead of consumption that we need to rebuild inventories. So so I think that that we've got a little bit of the wind that are back, even with all the uncertainty around the world. Fingers crossed. That holds up. Thanks Mark, good having you on with us. Mark Vitn, your senior

economist at Wells Fargo, Karen Nathan. It is five fifty four on Wall Street. Time for the Bloomberg Law Report, brought to you by American Arbitration Association. Business disputes are inevitable. There'solve faster with the American Arbitration Association, the global leader and alternative dispute resolution for over ninety years. More at

a dr dot org. Among the stories we're watching this morning, a judge is temporarily blocked Texas Child Welfare agency from investigating the parents of a transgender teenager over gender confirmation treatments, but stop short of preventing this day from looking into other reports about children receiving similar care. The parents are the first to be investigated under Governor Greg Abbott's order that the agency investigate parents who are suspected of providing

gender of affirmative treatments for child abuse. For more, Bloomberg's Judent Grosso spaces to Anthony cris A professor at the Georgia State University College of Law. So a state court in often intervened and issued a temporary restraining order. Briefly, what was the basis of the judge issuing that order.

Judge basically said that the investigation and the potential ramifications of such a prosecution for the parents, namely they could be on a child abuse list and the clatter consequences that can come from that, all way in favor of returning to the status quo that existed before the Texas turn General and the Texas Governor began their issuing of opinions and directives to investigate and prosecute these parents for

providing gender affirming care. And so essentially, the judge saw that the risks to the parents here by far outweigh whatever interests the state had, and of course the interests of the children here is outweighed by whatever immediate action the State of Texas wanted to take. And so there will be a fuller hearing and I think the court will then address more of the merits of the claims

that have been brought by these anonymous parents. You mentioned that both the governor and the Attorney General faced challengers in Tuesday's primary, and in a call with reporters on Wednesday, the top strategist for the governor's reelection campaign said that being against medical treatment for transgender children and treating it as child abuse was a winning issue for the governor. Why are the rights of transgender kids being treated as

sort of a battle ground for certain conservative groups. That's a great question. Certainly. I think that the Texas Department of Family and Productive Services here is being used in a way to turn its mission on its head and abuse children who are some of the most vulnerable children in American society. So that is just a sad display on its own. And the fact that there's smoking gun evidence here that political operatives see this as an opportunity

that they need to grab onto is quite telling. The truth of the matter is that transfolks have been the kind of subject of political operatives, or should say, they've been in their sights for quite some time now. Um, we can go back to North Carolina just a few years ago when they passed HB two, which is the bill restricting back from access and keeping trans folks kind of relegated to second class status. So using trans people generally certainly is not a new phenomenon. The focus on

children does seem to be. And that's Anthony Cras, a professor at the Georgia State University College of Lass begain the Bloomberg Student 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 or subscribing

to the Bloomberg Law Podcast. And attorneys can find exceptional legal research and business development tools at Bloomberg law dot com, and our top stories are straight ahead as Bloomberg Gaybery continues.