Bloomberg Daybreak: March 7, 2022 - Hour 1 (Radio)

the Bloody Sunday Anniversary in Selma. I'm Michael barn More Ahead. I'm trying stas Sharon sports rare wind for the makes. They beat the Clippers in l A, the Nets lost in Boston, the Rangers one in Winnipeg. That's all straight ahead on Bloomberg day Break on Bloomberg eleven Trio, New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com

and via The Bloomberg Business. Good Morning, I'm Nathan Hagar. And I'm Karen. Moscow and global stocks are tumbling again to start the week. We are coming up to thought on one on Wall Street and gonna check the markets every fifteen minutes throughout the trading day. On Bloomberg. Right now, the SMP futures are down sixty four points down, futures down four hundred seventy and NASDAG futures down two hundred thirty or one point seven percent. A ten year treasury

down to thirty seconds. They at one point seven three percent, and they yield on the two year one point for eight percent. Nathan Karen will have more on the sell off in just a minute, but first the latest developments in the war in Ukraine. Russia says it has agreed to a ceasefire to open up humanitarian corridors in some cities, but Ukraine says Moscow is still shooting near the capital Kiev and near the port city of Mario, Pol where

about two hundred thousand civilians are trapped. Ukraine's president Vladimir z Alinski is pleading with the US and Europe for a no fly zone. Don't if you don't impose a no fly zone, if you at least don't give us planes so that we can defend ourselves, then there can be only one conclusion. You also want us to be slowly killed. This is the responsibility of world's politicians Western leaders today and forever. President z Lensky spoke with US

President Joe Biden over the weekend. A third round of talks between Ukraine and Russia is set for today. Meantime, Nathan the US is planning to send more aircraft to Ukraine, and Bloomberg said Baxter has the story. Secretary of State Anthony Lincoln says, the US is actively talking with NATO countries about getting hell been that gets a green light.

In fact, we're talking with our Polish friends right now about what we might be able to do to backfill their needs if in fact they choose to provide these fighter jets to to the Ukrainians, So the US would be directly and indirectly helping this. As he says, the world should expect a long war there, and Russian President of Vladimir Putin says that he will not end the invasion until Ukraine agrees to all of his demand ends

In San Francisco, I met Baxter Bloomberg daybreak. Thanks said, Russia finds itself increasingly isolated, but China this morning is declaring its ties with Moscow to be quote rock solid, despite President Vladimir Putin's invasion of Ukraine. China's foreign minister is also accusing the US of trying to build a

new version of NATO in the Pacific energy markets. Also in focus this morning, Nathan sources say the White House is considering whether to prohibit Russian oil import to the US is considering a unilateral move without the participation of allies in Europe, at least initially. Secretary of State Anthony B.

Lincoln discussed the plans on CNN. We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets. That's a very active discussion as we speak. Secretary of State Anthony Blancoin meets with his Israeli counterpart today to discuss the situation

in Ukraine, among other matters. Following those men scaring we saw oil sword to just shy of a hundred forty dollars of barrel Right now, Brent crudes at a hundred twenty five dollars twenty six cents of barrel, while West Texas intermediates at a hundred eighty nine cents. Other commodities are also rallying. This morning. Gold futures jumped above two thousand dollars and ounced for the first time in more than eighteen months, while copper and palladium hit all time highs.

Nicols spiked as much as thirty one while we slammed the daily upward limit for the sixth day in a row. Welcome about it. These are searching. Nathan's stocks are selling off around the world. We're seeing some of the biggest drops in Europe, and we head to London and get the very latest live with the Bloombergs. You and Pot's good morning You and good morning Counting Nathan. Major stock markets from Europe's Asia heading for bear markets today, falling

more than twenty percent from their highs. That's a made fairs of an inflation shock and perhaps a growth shock in the world economy. As crude source on the prospects of a ban on Russian supplies, Banks, carmakers and retailers leading losses today defense companies gaining energy and mining stops the only sectors in the green today around Europe Live in London, I'm you and part spin by daybreak, Okay you and thank you. We also saw heavy selling in

Asia overnight. Let's get the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan and Karen. The m s CI Asia Pacific Index was on course for a bear market, a drop of more than twenty percent from its February one peak. Japan's n K two to five index had its worst session in a year, falling to November twenty twenty levels, Hong Kong stocks falling

two July twenty sixteen lows. China c s I three hundred entered further into bear market territory, falling fourth at the fourth straight session. This despite a policy statement from the Nashville People's Congress over the weekend which failed to offer meaningful support for the market. In Singapore, Juliette Sally Bloomberg Daybreak, Right, Juliet, thank you. As Stark sell off,

more analysts are downgrading their outlook for US equities. We get the latest forecast live from Bloomberg's Renny to Young, Good morning Radia, Good morning Karen. Yourdinly Research predicts the S and P five hundred will drop another eight percent to about four thousand by the end of this year. Chief investment strategist ed Ardini says a recession cannot be ruled out given that jump in oil prices. Every corps I s I says the S and P could fall

as low as thirty seven hundred. Chief equity strategist Julian Emmanuel says a drop of about fifteen percent from Friday's Clothes could trigger action from the Federal Reserve to help stabilize markets. Before the war, the median SMP target for strategists was around five thousand. Now it's about forty three hundred. Live in New York. I'm Ranita Young, Bloomberg, Daybreak. Thanks Unitas the war in Ukraine intensifies, the list of companies

cutting ties with Russia is growing. Let's get the latest on that from Bloomberg's Lisa Matteo. Netflix, TikTok, Samsung, and credit card operators are the latest either cut ties or review their operations in Russia. Netflix, which has been available in Russia since two thousand, sixteen has under one million customers in the country. Over the weekend, Visa and master

Card also said they were suspending operations in Russia. Each gets about four percent of its net revenue from business link to Russia, and yesterday American Express said it was the spending its operations in Russia and Belarus. Lisa Mateo Bloomberg Daybreak. Okay, Lisa, thanks right now. SMP features are down sixty seven points, a drop of one and a half percent. Straight ahead your latest local headlines and the check of sports. This is Bloomberg five oh seven on

Wall Street, sixty three degrees in Central Park. We gotta crash on northbound Root nine year New Brunswick Avenue and Board Bridge. Details coming up in traffic. First Michael Barr with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Former New York Governor Andrew Cuomo appeared to be hitting at a political comeback in remarks at a Brooklyn church on Sunday.

The Democrats said he acknowledged his behavior wasn't appropriate, but he had decried the political sharks in Albany who used the accusations too in his words, effectively overturned an election. Probably no, I've gone through a difficult period the past few months. I resigned as governor of the press roasted me. My colleagues were ridiculed, my brother was fired. It was ugly. It was probably the toughest time of my life. Cuomo resigned in August, days after an independent probe concluded he's

sensually harassed eleven women, something he denies. It's the next chapter for New York City about the COVID pandemic. Starting today, the city is dropping several mandates, including masks in schools and vaccination requirements for businesses. Also, today, restaurants were no longer asked for proof of vaccination before entering. Meanwhile, COVID nineteen deaths are about to hit the six million mark in the world. It's another tragic reminder about the deadliness

of the pandemic. Even as masks are dropping and businesses are reopening around the globe, the US is nearing one million deaths alone. Vice President Kamala Harris was in Selma, Alabama, to mark the anniversary of a defining moment and to find for equal voting rights. On March seventh, nineteen sixty five white state troopers beaten tear gas black voting rights marchers attempting to cross the Edmund Pettis Bridge. Harris val to push for federal legislation that guarantees voting rights across

the country. States past anti voting lawns laws that banned drop boxes and restrict early voting. Vice President Harris says the bravery of those fifty seven years ago as a reminder that freedom and democracy can never be taken for granted. Seven people are dead after tornado swept through central Iowa. Iowa Governor Kim Reynolds talked about the hundreds of volunteers who showed up to help. We show up, We take care of our family, We take care of our neighbors,

and we take care of our community. Governor Reynolds says the deadly tornado had winds of up to a hundred sixty five. Global news twenty four hours a day on air and on Bloomberg quit think, powered by more than journalists. Analyist are more than a hundred twenty countries. I'm Michael Barr,

This is Bloomberg. Nathan. Thanks Michael five O nine on Ball Street time for the Bloomberg Sports up taking morning John Stan Showery Nathan Nix in l A. They jumped in front of the second quarter at starting the Clippers thirty four to eighteen. Forgive Nick fans if they weren't celebrating yet. During this stretch of seventh straight losses sixteen in their last nineteen, the nixt had size of the lead seemingly every game they kept blowing the lads. This

time they didn't. They beat the Clippers one sixtee R J. Barrett sent four point Emmanuel quickly twenty one to coach Tom Thibeeau from the All Star break off. We played well in the Miami game. We played well. In both Philadelphia games. We played well. We don't have anything to show for it. That's unfortunate part. We didn't close it out.

But in tonight we played well from start to finish, and so hopefully we can go on it and play tonight in Sacramento, chance for their first two game win streaking almost two months, as the Nets couldn't stop Jason Tatum in Boston. He poured in fifty four points, thirty four in the second half. Red hot Celtics one once two, one twenty. They've won fourteen of their last six team the Nets have lost seventeen of their last twenty. They're

now under five hundred. Kevin Durrant led Brooklyn with thirty seven. He went over twenty five thousand career points twenty three in NBA history to do that. Solid win for the Rangers. Pair of goals in the first period, two more in the third. They won four one at Winnipeg, two goals for Chris cry At our numbers thirty seven and thirty eight.

Baseball players made a concession in an effort to end the lockout, giving their blessings to rule changes like a pitch clock and a reduction of shifting, but the economic issues remain. In fact, MLB says the two sides are now further apart. Another week's worth of regular season games

may soon get canceled. John Stash, Edward Bloomberg Sports Nathan Thanks john SMP futures down to down sixty five points, SOUND futures down four undred seventy four, Nanstact futures lowered by two hundred twenty seven points Following European stocks lower. The decks in Germany is down three point four percent CAC and Harris down three percent. Get the latest on this market with Lori Calvacin ahead of US Equity strategy

at RBC Capital Markets, she joins US. Next to this is Bloomberg Bloomberg eleven three oh weather created increasing clouds today, showers and thunderstorms possible. The high near seventy degrees will be mostly sunny, breezy and cooler tomorrow upper forties, mid forties, mostly cloudy by Wednesday. Currently sixty three in Central Park Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business Out and at

Bloomberg Victap. This is a Bloomberg Business flash and I'm Karen Moscow. Major stock markets from Europe to Asia heading for bear markets following more than twenty percent from highs and mid fears of an inflation shock as crude oil soars on the prospect of a ban on Russian supplies. We checked the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P future is down sixty

three points this morning. Down futures down four D seventy three and NASDAC futures down two D at seventeen or down about one point six percent. The decks in Germany is down three and a quarter percent. Pen your treasury down one thirty second you have one point seven three percent. They yield on the two year one point four eight percent. Nimex screwed oil is up five point nine percent of six dollars eighty seven cents at a hundred twenty two

dollars fifty five cents a barrel. Comic schoold is at one point nine percent or thirty six dollars fifty cents at two thousand three dollars thirty cents and ounce. The euro one point zero eight three three against the dollar, British pound one point three one six eight. The ends at one fifteen point o nine Bitcoin this morning, moving lower down two percent, is at thirty eight thousand, two hundred forty dollars as a Bloomberg Business flash. Now, here's

Michael Barr with more on what's going on around the world. Muncil. Good morning, Good morning, Karen. President Vladimir Putin said again the war will continue until Ukraine accepts his demands and holds resistance, timming hopes for a negotiated settlement. Meanwhile, a representative for Kiev has urged the United Nations top court to order Russia to hold its devastating invasion of Ukraine. In the NBA, the next one, the Celtics beat the

Nets one twenty. The Wizards won. In the NHL, the Devil's beat the Blues and overtime three to the Rangers one. Major League Baseball reacted angrily to the latest offer by locked out players when bargaining resumes Sunday. Management accused the Union of backtracking and showing no sign of a breakthrough to get the derailed season back on track. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalists

and analysts and more than a hundred twenty countries. How Michael Bard, this is Bloomberg, Nathan Alright, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak and Lori Calvacina is with us now head of US Equity Strategy at RBC Capital Markets, at the start of what's looking to be a very difficult day for equity investors. Lorie, good morning. Are we looking at a bear market here? All right? Well?

Thanks for having me. We'll look, we're certainly looking at a very difficult stretch in the equity market, and I think at our worst we've been down about twelve percent from peak, and we've said that this episode to us feels like a growth scare, and growth scares ten take stocks fourteen down from their peak. So I don't know if you want to call that a bear market or something worse, UM, but it is. You know, it does look to me like that's the kind of period we're in.

So we don't think that we've you know, in the very short term at least uh seen an end to the downside. In the past, you've said that you're targeting fifty fifty five thousand fifty for the SMP at the end of this year. Are you sticking with that? So we stuck with it from now, and we put out a piece on Friday basically saying we're going to continue

to be nimble in our forecast. And the way I put it with this was was this way that at this point in time, we can still see a path now that would assume that we get some resolution UM in the intermediate term of this crisis and do get those loads that I mentioned in the market, those kind of growth scare pricing. We basically assumed that we see a seventeen percent type drop from the peak that we saw earlier this year, which is your average growth scare

type of clients. And we did do it take a quick look, you know, just to see how quickly and how powerfully markets recover and those growth scares once they make those decline, and we did see that the recoveries

tend to be pretty swift and powerful. You can get to get back to pre crisis highs in the market within four to five months of making a bottom UM and tend to see about twenty seven type games on a ten months forward basis, So you know, we do see a path now that's very different right from saying that I'm pounding the table in the market, and I

really resist that term UM. But the other thing we have talked about is that if you look at sentiment gauges like the a AII Net Bullbear Survey UM, they have basically been below pandemic lows recently UM, and they do tend to give you a very strong BI signal on the market on twelve months forward basis. So you know, I would emphasize the tone, we can see a path.

We're not pounding the table here though necessarily and again we do see some potential for interim downside that can be worse than what we've already seen just based on the growth scare analysis. Is there any way to game out how long that interim downside lasts? Yea, I mean, it's got all depend on how the war goes, doesn't it.

I think that's right, And I think the problem with the war, I mean, there are many many problems with the war and the staff market I would put, you know, sort of at the bottom of that of that list of priorities here. Um. But look, I think the problem is that it is an inherently unpredictable situation. And I do think that if you look at pricing in the S and P five hundreds, it does look like it

is trying to stabilize. Now. Of course, you know, the features are down pretty big this morning, but the market, I think sort of that that sideways move we've seen in recent weeks is reflecting sort of the inherent uncertainty, um that's associated with this crisis right now. So when you talk about a growth shock, at least in the interim, is is that pointing to stagflation? Is that something you're thinking about in your forecast. So I don't love the

term stagflation. I mean, to me, the most important part it is really just the rattling down of economic growth expectations. And you know, we we've assumed essentially at this point in time that we'll we'll see some erosion and economic forecast UM, but not necessarily pulling this into a recession. That's something we've consulted very closely with our economists. So

I've um and that's his view at the moment. But you know, if you look at sort of the high sleep with the indicators, and I think we're somewhat lucky we've come out of this COVID period. People like me have a whole arsenal of high frequency economic barometers to look at. UM. What we're seeing for the time being at least, is that we are continuing to come out of COVID. We're continuing to see a recovery and diving

and flying despite the challenges that emerged. We need to see if the consumer does hold up UM, but for now we're not seeing reasons to panic in the data. In our last minute here Laurie, where do you look for havens? Are there stock havens for you? So I think it's very difficult when you think about defensive sectors to play the safe having game. Consumer staples is an area that people have been trying to go to and and frankly, it's one of the worst possible areas you

could be at. And if you look at the intersections of risks from this crisis, in particular, things like food prices, sentiment, European economic exposure, energy and non commodity and non energy commodity prices all intersect there um. The dollar has been the safe haven. The US equity market, frankly has been the safe haven outperforming rest of the world, and that does give us a little bit of a buffer. As always, good to have your thoughts. Thanks for this, LORI really

appreciate it. Lori Calvacina is head of US Equity strategy at RBC Capital Markets. And as you look at US equities this morning, they're pointing to a much lower open, with SMP futures now down sixty points or one point four percent down. Futures are down four undred fifty four points in NASDAC futures, leading the declines. Right now, they're down two hundred fourteen points. That's a drop of about one and a half percent. Germany's docks down three percent.

The cack in Paris down too and two thirds percent. Right now, the tenure treasury is down three thirty seconds, yield one point seven four percent. The yield on the two year right now one point four nine. Oil surging once again this morning. We have Brent crewed up six point two percent, or seven dollars thirty three cents a hundred twenty five dollars forty one cents a barrel. West Texas Intermediate's at a hundred twenty two dollars seventy one sets day with us for the very latest on the

war in Ukraine. This is Bloomberg Bloomberg eleven three oh Weather. Increasing cloud showers and thunderstorms today with a high near seventy degrees. There will be mostly sunny, breezy and cooler tomorrow upper forties for highs mid forties by Wednesday. Right now sixty two in Central Park, broadcasting live from the

Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving Freed to Washington, d C. Bloomberg to Boston, Bloomberg on six one, to San Francisco, Bloomberg nine sixty to the country Sirius XM Total one nineteen and around the globe the Bloomberg Business app 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 up to date on the news. You need to know what this tour. Starting with the latest developments on the war in Ukraine. Russia says it's agreed to a ceasefire to open up humanitary corridors in some cities, but Ukraine says Moscow is still shooting near the capital Kiev, and you're the port city of Mariopol, where about two hundred thousand civilians are trapped. The Mayor of kie Vatali Klitchko, says Ukraine needs more support. We need unity, we need pressia,

we need sanctions, we need the weapons support. The mayor of Kiev was a guest on ABC's This Week or at Sundays on Bloomberg Radio. Meantime, caring global stocks are selling off oil is soaring on the prospect of a ban on Russian supplies. Bloomberg News has learned the White House is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe. Here's

California Democratic Congressman Adam Chef. I think there's very strong Biparson support to cut off Russian oil and gas sales to the United States. It's an affaba. I think to many of us in Congress that while we were sanctioning them and trying to cripple their economy, that we would help them in any way by purchasing their petroleum. But I think Administration wants to make sure that we work

with our allies. Congressman Adam Scheff made those comments on Face the Nation from CBS heard Sundays on Bloomberg Radio. As for the reaction in the oil market, it originally jumped as much as eighteen percent on the prospect of a ban on Russian crewed Right now, non night screwed oil is up more than six and a half percent,

so as Brent. By the way, gold futures jumped above two thousand dollars announced for the first time in more than eighteen months, while copper and palladium hit all time highs, the stocks sell off around the world, care and more analysts are downgrading their outlooks for US equities. Let's get the details life from Bloomberg's need a Young, Good morning, Good morning. Nathan yar Danny Research predicts the SNPI will drop to about four thousand by the end of this year.

Chief investment strategist Ed yar Danny says a recession cannot be ruled out given that jump in oil prices. Every core I s I says the SNP could fall as low as third the seven hundred. Before the war, the median S and P target for strategists was around five thousand. Now it's had about live in New York. I'm Renita Young, Bloomberg debreak. All right, thank you, Nita, and the corporate

exodus from Russia continues today. Netflix, TikTok, Samsung, Visa, MasterCard, and American Express are the latest companies to either cut ties or review their operations in the country. Again. Futures are following this morning and straight a hand your latest local headlines plus a check of sports. And this is Bloomberg. Thanks scaring five three on Wall Street sixty two degrees in Central Parking. Now an accident investigation in woodbridges in

northbound Route nine in New Brunswick Avenue. Details coming up in traffic. First Michael Barr with more on what's going on in New York and around the world. Michael Nathan, thank you very much. Former New York Governor Andrew Cuomo making a campaign style speech at the Brooklyn Church. He hnded that a possible political comeback. Cuomo resigned in August after an independent investigation found he's sexually harassed nearly a

dozen women. Today, he attributed some of his behavior to quote perspectives that changed, but made the point that none of the cases were substantial enough to be prosecuted. The actions against me were prosecutorial misconduct. That is clear. They didn't act in the interests of justice. The district attorneys proved that they acted in their own self interest. They wanted me out because they wanted my job. Cuomo called

it the worst time of his life. Vice President Kamala Harris visited Selma, Alabama yesterday to commemorate a defining moment in the fight for equal voting rights. Harris linked arms with activists from the civil rights movement and led thousands across the Edmund Pettis Bridge, where on March seven, white state troopers attacked black voting rights marchers attempting to cross their Bravery is a reminder that freedom and democracy can

never be taken for granted. Vice President Harris also called for lawmakers today to pass the John Lewis Voting Rights Act. The world is about to hit the grim milestone. We're approaching six million deaths because of COVID. The U S has about a million deaths alone. Florida state officials say all available resources, including National Guard helicopters, have been brought

in to fight two large wildfires in Florida's Panhandle. Governor Around Descantis, we are working with really all hands on deck to be able to mitigate this, and it's a really really significant, certainly multiple fires, a major fire you know out there that we were able to see, according to Governor Descantist. The Florida Forest Service says two fires in Bay County are the biggest of nearly a hundred fifty wildfires in the state that are burning more than

twelve thousand acres. Global News twenty four hours a day on air and on Bloomberg Quick Take powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael barn this is Bloomberg, Nathan. Thanks Michael. On Wall Street time for the Bloomberg Sports Update with John Sinshower. Eggs, Nathan, nothing unusual about the Knicks grabbing a big league What was different last night in l A?

They held onto it the next last month, lost three games when they were ahead by more than twenty points, so they blew up fourteen point lead Friday in Phoenix, the Sun's won on that banked in three point at the buzzer. That was the Knicks seventh loss in a row. But in l A, next Knicks meet the Clippers one sixteen to ninety three. R J. Barrett scored four points. Great because you know we've been playing extremely well overall. Definitely those a couple of games that we should have won,

especially last game, you know that one earth. So to come in here today and played like that from start to finish with amazing bench, played well. Emmanual Kick quickly scored twenty one. Cam Reddish at his best game as a Nick with seventeen Nicks play again tonight in Sacramento. Julius Randall got thrown out of that game in Phoenix. He shoved a player and he made contact with the ref. Randall was fine fifty thousand dollars. In Boston, it was

Kevin Durant versus Jason Tate. Katie's toward thirty seven points with Tatum went for fifty four thirty four and the second half. Celtics beat the Nets one to one. Twenty Boston's now won fourteen to the last sixteen, while Brooklyn has dropped seventeen the last twenty and the Nets are now under five hundred. Rangers won four one at Winnipeg, two more goals for Chris Cryder now has thirty eights,

tied for second in the NHL. Devil's the three two overtime went over St. Louis Doug Hamilton at the game winner. College Jokes are scared for Rutgers, but they held on at top Penn State fifty eight much he didn't win to the Starlet Knights if they are to gain entry to the upcoming in Stea Double A tournament. Scottie Scheffler, who won the golf in Phoenix last month, one again at Fa Hills by two shots, John Stash, Edward Bloomberg, Sports Nathan, Thanks Shawn. It's five thirty seven on Wall

Street time for the Tri State Business reportment. Here's bloomberg sad Cory development. He has begune on what could become New York City's first community to reach net zero carbon emissions. The roughly one billion dollar project on the Rockaway Peninsula and Queen's could be improving ground for new i'm at in economic policies. It will incorporate geo thermal heating, pans of house design, and a plan to raise the storm

surge elevation. Danny Meyers sixty floor restaurant, which closed at the start of the pandemic, returns on St. Patty's Day. Man Hatta, the Sky High restaurant at the restaurant Tour, closed at the beginning of the pandemic, will reopen on March seventeenth, but The Times reports the space at twenty eight Liberty Street will initially serve only drinks in bar food.

According to Triple A, gas prices in New Jersey hit four dollars nine cents a gallon over the weekend that broke the record of three dollars ninety nine cents, said on July eight, two thousand eight. The price is a dollar twenty two higher than a year ago. That your Bloomberg Try State Business report. I'm in Cory 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 do You Polis on K and X in Los Angeles. We're talking about Netflix shutting down operations in Russia. I'm Gina Servetti and for w b b M in Chicago. I'm talking about a report saying that the owners of the Cubs are weighing an offer to buy Chelsea Football Club.

I'm Purney Donahoe on ktr H in Houston. Teshiba's concerned the chip crisis may get worse after the invasion of Ukraine. I'm Caroline Heapcolle Bloomberg DAB Digital Medio in London. We're we're putting on a proposal by MPs that could be voted on today to freeze Russian oigous assets to stop them liquidating. Well, I'm in Corey, w T A M. In Cleveland. I'm reporting investors are snapping up a growing

share of homes in Cuyahoga County. Those are some of the stories are hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following commentary is from Bloomberg Opinion. Want to reduce dependence on Russian energy, Get a heat bump.

I'm justin Fox, a columnist for Bloomberg Opinion. Heat pumps are far more energy efficient than other heaters, but currently warm just six percent of residential buildings in Europe and eleven point five percent of housing units in the US. In the US, they are widely seen as inappropriate for colder climates, but newer models work well at temperatures below zero.

In Europe, their market share is highest in Finland, Norway and Sweden, where it gets pretty cold in the winter, but they've only just begun to break through in Germany. In the UK, efforts to reduce greenhouse gas emissions have already led the policies encouraging heat pump adoption in many countries, including modest subsidies in the US. With the West now trying to reduce its energy dependence on Russia, a bigger

push seems to be in order. I'm justin Fox. For more opinion, please go to Bloomberg dot com, slash Opinion or O P I n go on the Bloomberg terminal. These has been Bloomberg Opinion. Listen for Bloomberg opinion commentaries every weekday. At this time, terminal customers can read more at O P I n go. Sp futures down down sixty nine points down, futures lowered by five eight NASTAC

futures down two thirty five points. The tenure Treasury little changed at one point seven to NIMEX screwed up six point three percent, up seven dollars thirty one cents a

hundred twenty two dollars nine cents a barrel. You're listening to Bloomberg day Break Bloomberg eleven three oh Weather increasing cloud showers and thunderstorms, breezy with a high near seventy today, upper forties, mostly sunny and breezy tomorrow, mostly cloudy, mid forties by Wednesday, currently sixty two in Central Park Markets, Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

Quick takes a Bloomberg Business Flash and I'm parent Moscow. Major stock markets from Europe to Asia heading for bear markets falling more than from highs amid fears of an inflation shock is crude oils stores on the prospect of a ban on Russian supplies. We checked the markets every fifteen minutes throughout the trading day on Bloomberg s and P Future is down at sixty four points down Future is down four d eighty two NASDACK futures down two

hundred twenty one. The decks in Germany is down three and a half percent. The ten year treasury up one thirty second at one point seven two percent. They yield on the two year one point four seven percent. Nimex screwed oil is up more than six percent of seven dollars twenty seven cents at a hundred twenty two dollars nine two cents a barrel. Comex s gold is up two percent or thirty eight dollars eighty cents at two

thousand five dollars forty cents and ounce. The euro one point eight to six against the dollar and bitcoin this morning at thirty eight thousand, one hundred seventy five dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Even as Russia announced the cease fire starting this morning and the opening of humanitarian fourri doors in several areas, It's armed forces continued to pummel

Ukrainian cities. Rockets hit residential buildings. A large group of truck drivers who object to COVID nineteen man dates drove two loops around the Beltway surrounding Washington yesterday. They deliberately moved slowly to impact traffic and make their feelings known to lawmakers. In the NBA, the next one, the Celtics beat the Nets one one twenty, the Wizards one in the NHL, the Devil's beat the Blues and overtime three two.

The Rangers won 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 Bard. This is Bloomberg. Nathan all right, Michael, thanks for coming up to five forty nine on Wall Street Line from the Bloomberg Interactive Broker Studios.

This is Bloomberg Daybreak and Bloomberg's executive editor for International Government, Rosalind Matheson, is back with us this morning as we continue following the latest developments on the war in Ukraine. Rosalind, we did get those reports of an agreement on a ceasefire between Russian and Ukrainian forces, but it sounds as

though those commitments aren't being met. Well, that's right, and this is the third day in a row that we've seen efforts to create some sort of humanitarian corridor to allow a safe passage of people out of different parts of Ukraine in the south, mostly in the past few days. Those collapsed on themselves within a matter of hours, with recriminations on both sides, Ukrainian forces accusing Russia of braking

the seasfar and shelling people trying to leave. Today we saw an effort to set up slightly different corridors, including in the capital Kiev of Russia is saying that it was going to allow safe passage of people, but they would have to go through Yellow Us into Russia and out from there. That seems to be aimed more at foreigners, people who were stuck there from China and India and so on, rather than Ukrainian nationals, who of course would

not agree to go through that route. So that seems to have also fallen apart very quickly, and that just means that it just highlights again how hard it is for people to move about and how to get out of Ukraine at the moment. So what's being done in the meantime to further support Ukraine? There have been talk of sending in more European fighter jets. Is that moving forward? Uh, there's the Ukraines have asked for fighter jets to come in from countries in Eastern Europe, but of course Eastern

European countries are very nervous about doing that. But one thing they most of them have fairly small air forces themselves. The planes they've got are quite old, not necessarily in good condition. If they send those in, what have they got left at home to defend themselves. And are they by doing that really inserting themselves into the conflict in the eyes of Russia and risking retaliation. So it's very

complicated and not something that would happen easily. The US has suggested it could potentially resupply these nations with fighter jets, but normally that process and itself takes years to go through the processes in the US, so there's no sign any of that's going to happen immediately. What came out of thematic efforts over the weekend, We've heard reports that Israel's Prime Minister Bennett was meeting with the President of Russia, Vladimir Putin. Did anything come out of that? Not very

much detail came out of it, at least publicly. But what we can glean from these various conversations that happened on the weekend, including also the French President spoke again with Vladimir Putin, mostly around efforts to secure passage of people, to get the humanitarian effort further underway on the ground, to allow people to leave safely as that crisis builds inside Ukraine. So the conversation seemed to be mostly about that.

But as we've seen, every time there's been an effort to build a corridor, it's fallen apart within a matter of hours. Of course, the talk about the US potentially going it alone on a ban on Russian oil has obviously royal the market this morning. What kind of impact could that have on Russia's war machine were the US to unilaterally start buying Russi in oil. Interesting thing, of course, is the US doesn't buy very much oil from Russia.

It's about three I believe of US imports. Altho, I think it might be around of Russia's exports, so that the impact or Russia may not be that significant. More to the point that the soaring price of oil, which is just shy the hundred forty dollars a barrel, brings more money into Russia in a way, into its coppers.

It might that might christian the impact. The real question here is a dilemma for Europe, which is much more reliant on Russian energy and imports a lot of oil and a lot of natural gas, and has been very reticent to cut that off. And do those conversations now escalate in Europe to try and take some sort of action here as well, because of course the impact there would be much more significant, both for Russia potentially but

also for Europe. On that last minute, here are we seeing any sign that the sanctions that have been imposed so far having any effect on the ground in terms of Russia's ability to continue this offensive certainly doesn't seems to be deterring the Russian president at all. He's been saying repeatedly across the weekend that he intends to continue in Ukraine until his goals there met, which seemed to be complete, the militarization of Ukraine and the removal of

the government. The impact on the sanctions, if anything, is probably being built by ordinary Russians to this point, difficulty accessing funds with their banks, using their credit cards, companies pulling out and so on. So, if anything, the impact is just for the consumer in Russia, less than the upper echelons of power um and it's so far not really translating into any sort of sign that the government

there intends to change course on the war itself. I thinks there's always rather will be checking checking in with you periodically throughout this war. Roslyn Matheson is our executive editor for International Government for Bloomberg News. Karen Verry Nathan, it is five fifty four on Wall Street. It's time for our Bloomberg Lab Report, brought to you by American

Arbitration Association, business dispute. Your inevative bowlers alve faster with the American Arbitration Association, the global leader in alternative dispute resolution for over ninety years. More at a d R dot org. Our legal story we're watching brings us to intellectual property law in the entertainment industry. The Apple TV series Servant is being served a lawsuit. Francesca Gregorini claims the TV series riffs offer movie titled The Truth About Emmanuel.

The Ninth Circuit Court is reviving the lawsuit after a district court had dismissed it. For more in the case, Bloomberg's doing grosso speak to intellectual property litigator Terence Ross, a partner at Kevin Mutchen Rosenman, the judge said, the alleged similarities pale in comparison to the differences. So here's the core problem with the district court judges decision. In my opinion, it's this focus on differences between the two works.

That's not the legal standard from the Ninth Circuit and other courts have said, we focus on what are the similarities and not are the differences. This is not a balancing test where you put on one side the similarities and on the other side the differences say, uh, there're more differences than similarities. Therefore, we're going to dismiss the lawsuit. No,

that's not the way it's done. The way it's supposed to be done is you focus just on the similarities and ask yourself, are there sufficient similarities that a reasonable juror might find copyright infringement. That's not well spelled out in the Ninth Circuits decision reversing the discord judge, but it is the one thing that jumped off the page at me in the District Court judges decision and was probably working on the minds of the Appellate Court judges,

even though they didn't expressly articulate it that way. Tell us more about the Ninth Circuits reasons for unanimously telling the judge you can't dismiss this lawsuit at this stage. So the decision on appeal largely focused on procedural elements, and these procedural elements have been a bugaboo in the Ninth Circuit in copyright cases for over a decade. Now, what does that issue with substantial similarity? And for substantial similarity we apply a two part test known as the

extrinsic test and the intrinsic test. But on a motion to dismiss, all we consider is the extrinsic test, and the extrinsic tests asks whether there are similarities, remember similarities, not differences. Where there are similarities between plot themes, dialogue, mood, setting, characters, and sequence of events that are considered protectable elements under copyright law. So the general idea of a grieving mother

is not protectable under copyright law. The idea of all being given humanistic features being treated like is not copyrightable. The fact that you focused on inducing a boyfriend to go steal a bottle of wine that may well be copyrightable.

What did not happen here at the discord level was the judge never attempted to separate the wheat from the chaff, to figure out what were the copyrightable elements and what were the non copyrightable elements, and then say, well, these copyrightable elements do have some similarity such that reasonable juror might believe there was copyright infringement. That's what the district court did not do, in which the Ninth Circuit really

wants to be done. On a motion to the smith, and as Terence Ross, a partner at Kennon Mutchen Rosenman, speaking with Bloomberg John Garasso. Catch more at 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 again, futures are falling this morning, Still ahead on Bloomberg Daybreak, check on the business headlines and all the news you need to start your day. And this is Bloomberg