Bloomberg Daybreak: March 7, 2022 - Hour 2 (Radio)

Bloody Sunday Anniversary in Selma. I'm Michael barn More ahead, I'm John Stas Sharon Sports rare wind for the next 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 Element Trio, New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x M one nineteen and around the world. Old on Bloomberg Radio dot Com

and via The Bloomberg Business or Good Morning. I'm Nathan Hagar and I'm Karen. Moscow and global stocks tumbling again to start the week. We're coming up to six o one on All Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg SMP future is down seventy four points now Future is down to five fifty four and Nashtag futures down two hundred forty three. Tenure Treasury up one thirty second. He had one point seven two per cent and they yield on the two

year one point four seven percent. Nathan, all right, Karen, we'll have more on the sell off in a minute, but first the latest developments in the war in Ukraine. Russia says it has agreed to a cease fire to open up humanitarian quarters 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 Zlinsky is pleading with the US and Europe for a noah fly zone. If you don't impose a no fly zone, if 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 Zelinski spoke with US President Joe Biden over the weekend. The third

round of talks between Ukraine and Russia is set for today. Meantime, Nathan, the US is planning to send more aircraft to Ukraine, Bloomberg said. Baxter has the story. Secretary of State Anthony Lincoln says, the US is actively talking with NATO countries

about getting help in 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 demands. In San Francisco, I'm at baxter a Berg daybreak, all right, and thank you. Russia finds itself increasingly isolated, but China this morning is declaring ties with Moscow to be quote rock solid despite President Vladimir Putin's invasion of Ukraine. China's foreign minister is also accused in the US of trying to build a new version of NATO in the Pacificithan energy markets are

in focus this morning. Sources say the White House is considering whether to prohibit Russian oil imports to the US is considering a unilateral move without the participation of allies in Europe, at least initially. Secretary of State Anthony Blinken 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 is Day and Anthony Blanken meets with that Israeli counterpart today to discuss the situation in Ukraine, among other matters. Well, following those comments from Secretary blink and Karen, we saw oil sword to just shyve a hundred forty dollars of barrel. Right now, Brent crude is at a hundred twenty four dollars eighty five cents, while West Texas Intermediates at a hundred twenty two dollars

fifty nine of barrel. Other commodities are also rallying. Gold futures jumped above two thousand dollars an 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 per cent, while we slammed the daily upward limit for the sixth day in a row. Well commodities are surging, Nathan stocks are selling off around the world.

We're seeing some of the biggest drops in Europe. And let's head to London and get the very latest from Bloomberg's un parts. Good morning U in Good morning Counter Nathan mayor stop 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 inflations 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 stocks the only sectors in the green today around Europe. In London, I'm you in parts been bug day break, all right you and thanks. We also saw heavy selling in Asia overnight. Let's get the recap from Bloomberg's Juliette Sally in Singapore, Good morning, Juliette, Good morning,

Nathan and Karen. The msci ASA Pacific Index was on course for a bear market, a drop of more than twenty cent from its February one peak. Japan's nick A two to five index had its worst session in a year, falling to November twenty twenty levels, Hong Kong stocks falling to July twenty sixteen lows. Johina c s I three hundred entered further into bear market territory, falling for 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, juliet thank you as stock shall off more analyst, you're downgrading their outlaws for US equities. We get the latest four cash live from Bloomberg's or we need a

young good morning, day to Good morning, Karen. Your Danny Research predicts the SNP five will drop another eight percent to about four thousand by the end of the year. Chief investment strategist ed Yar Danny says a recession cannot be ruled out given that jump in oil prices. Every Korey s I says the SMP could fall as low

as thirty seven hundred. Chief equity strategist twullion E Manual says that 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 media SMP target for strategists was around five thousand. Now it's at about forty three hundred. Live in New York. I'm Renita Young Bloomberg Daybreak. All right, Nita. Thanks. As the war in Ukraine intensifies, the list of companies cutting ties with Russia is growing.

Let's get that from Bloomberg's Lisa Mateo, Netflix, TikTok, Samsung, and credit card operators are the latest to 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 MasterCard 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 suspending its operations in USA and Belarus. Lisa Mateo Bloomberg Daybreak A Lisa, thank you, SMP futures down down seventy six points down, futures down five D seventy nine and NASTAC futures are lower by two hundred fifty five points. The tenure treasury yield one point seven two. Straight ahead, your latest local headlines and the check of sports. This is Bloomberg. Sounds six o seven on Wall Street where sixty one degrees in Central Park. We had an accident

in Bedford. It's southbounds at four. 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 and Drew Cuomo appeared to be hinting at a political comeback in remarks at the Brooklyn Church on Sunday. The Democrats said he acknowledged his behavior wasn't appropriate, but to cry the political sharks and Albany who use sexual harassment accusations two, in his words,

effectively overturn and election. Probably no, I've gone through a difficult period the past few months. I resigned his even or 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 sexually harassed eleven women. 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 would no longer ask for proof of vaccination before entering. Meanwhile, COVID nineteen deaths are about to hit the six million mark in the world. It is 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 Solma, Alabama, to mark the anniversary of a defining moment in the fight for equal voting rights. On March seven, nineteen sixty, white state troopers beat in tear gas black voting rights marchers attempting to cross the Edmund Pettis Bridge. Harris vowed 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 fifties seven years ago is 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 one hundred sixty five. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than seven hundred journalists and analysts more than a

hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Thank you, Michael, six on nine on Wall Street time for the Bloomberg Sports Update with John Stashwen Nathan Nix In l A. They jumped in front of the second quarter. I'm scoring the Clippers thirty four to eight. Team. Forgive Nick fans if they were not celebrating yet. During this stretch of seven straight losses sixteen losses in the last nineteen games, Nicks that sizeable leads Seemingly every game, they

kept blowing the leads. This time they did not. They beat the Clippers one three. R. J. Barrett twenty four points, Emmanuel Quickley had twenty one. The coach Tom Thibodau from the All Star break on 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. Actually,

unfortunate part, we didn't close it out right. And tonight we played well from start to finish, and so hopefully we can build on it and play tonight in Sacramento to answered their first two game winning streaking, almost two months after the Nets couldn't stop Jason Tatum in Boston. He poured in fifty four points. He had thirty four in the second half. Red Hot Celtics won one six

one twenty. They've won fourteen of their last sixteen, while the Nets have lost seventheen of their last twenty have dropped under five hundred. Kevin Rant led Brooklyn with thirty seven, went over twenty five thousand career points, three in NBA history to do that. Solid went to the Rangers, two goals in the first period, two more in the third. They won four one at Winnipeg, pair of goals for Chris cry At a numbers thirty seven and thirty eight.

Baseball players made a concession in an effort to end the lockout, giving their blessing to rule changes like a pitch clock and a reduction of shifting, but the economic issues remained. In fact, MLB says the two sides are now further apart another week's worth of regular season games. Racis we get cancer, John Statuetward blue Burn sports nap okay, John, thanks right now, it's in p Futures are down seventy one points down. Futures down five forty one nastack futures

lower by two hundred forty seven points ten. Your treasury little changed at one point seven three percent yield West Texas Intermediate crewed up six point one percent a hundred twenty two dollars seventies. Sense of barrel. You're listening to Bloomberg Day right Blomberg eleven three oh weather increasing cloud showers and thunderstorms today with a high near seventy degrees, mostly sunny, breezy, cooler tomorrow upper forties for highs mid

forties by Wednesday. Right now 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 Take. This is a Bloomberg Business slash and I'm Karen Moscow. This update, brought to you by Interactive Brokers Global Analysts, helps you find new global investment opportunities. To diversify your portfolio and discover undervalued companies that may have greater growth potential.

Try ib k our Global Analysts today at ibk R dot com slash g A. Major stock markets from Europe to Asia are heading for bear markets, following more than two any percent from highs and maid fears of an inflation shock is crude oil source on the prospect of a ban on Russian supplies. We check the markets every fifteen minutes throughout the trading day on Bloomberg S and P Future is down about eighty points down Future is down five nine five NASDAG Future is down at two

hundred sixty two. That's down one point nine percent. The docks in Germany is down three and a third percent. The ten year treasury little change at one point seven three percent, yield on the two year one point four seven percent. Nine X Scrude oil is at five point eight percent, up six dollars seventy cents at a hundred twenty two dollars thirty eight cents of barrel co MIxS.

Gold is at one point nine percent or thirty six dollars eighty cents at two thousand three dollars forty cents announced. The euro one point eight three one against the dollar, British found one point three one four five, The yen is at one fifteen point oh six, and Bitcoin this morning is moving lower at thirty eight thousand, one hundred fifty 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. President Vladimir Putin. Said again, war will continue until Ukraine accepts his demands and halts resistance, dimming hopes for a negotiated settlement. Meanwhile, a representative for Kiev has urged the United Nations Top Court to order Russia to halt. It's a 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 resumed yesterday. 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 Quicktake, powered by more than twenty seven journalists and analysts more than a hundred twenty countries. I'm Michael bar this is Bloomberg, Nathan.

Thanks Michael. We're coming up to six twenty on Wall Street line from the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak and Will Kennedy is with us now. Bloomberg News Executive of Editor for Energy and Commodities, as we look at this huge rally in oil, natural gas and other commodities this morning, will Good morning. When the trading started overnight, we saw that big spike just on the prospect of the US making a move on Russian oil

and gas. What's the feeling in the market about where these oil prices could go from here? Good morning, make thank you for having me. Yes, what happened is that sanct you State Anthony Lincoln said yesterday that the US was considering an embargo on US oil imports. Now, the US itself imports relatively little Russian oil, but I think it's making trade is very fearful that this is going in one direction, and that a venger countries are likely

to impose sanctions on Russian energy supplies. And don't forget that Russia exports five million bills a day of prude, another three million bills a day of oil products. That would have a huge impact on the global market. And that's what's happened, creating the prospect of considerable under apply and that's why we've got this extreme uh spike this morning. Now it's come back down a bit, since it still remains at very elevated levels of well above a hundred

and twenty dollars a barrel here in London um. But the future to actually really depends on what those sanctions and oils look like if they materialize. Even if they don't materialize, though, if we have this concern in the market that there could be destabilization, does the run up in prices sort of become a self fulfilling prophecy. I

think that's an extremely important point you make, Nathan. What we've seen since the Russian invasion of Ukraine is that a lot of people in the oil market have been very wary of buying Russian at all. And there are several reasons for that. Most importantly the prospect of getting involved in or embroiled in tougher sanctions. Secondly, there's been a reluctance by banks to finance trade in Russian oil. And Thirdly, a lot of people think it's inappropriate to

buy Russian considering what's going on in Ukraine. And you put that all together, and we've got somewhat as of bias strikes, so we're getting this supply shortfall in any case, But as politicians and put the emetric as they say, more sanctions are coming, that becomes more acute. At the same time, we have seen major oil companies like Shell buying Russian oil and pretty steep discounts in the run up here that even before sanctions potentially could be put

in place. When we have Russian oil being being sold at a major discount compared to Brent and West excess intermedia, what kind of impact does that have. Well, this is a very interesting case. Shells that, as you say, they bought a cargo and a very steep discount on Friday, and that discount exists because there were so few people willing to buy Russian oil. The Eules grade, as it's called, the main export grade that goes to Europe. There were very few bias for Eules and Shell stepped in. But

what was interesting was the reaction afterwards. The Ukrainian Foreign Minister said some very provocative things on Twitter about how the oil must smell of blood, and Shell was forced to put out two statements afterwards justifying its decision and saying that it had been taken in conjunction with after consultations with governments. Um I think it may have made

people wary about buying Russian oil. Um, so there are buyers out there, but just how many we'll see later today when we look at the latest trades in Russian If we are sanctions were to be put in place, either by the US or you know, coordinated fashion, what kind of reconfiguration of the global supply chain in oil

could we see? Well, China would probably be buying a lot more Russian oil at the moment, I buy some food pipeline from Far Eastern terminals, but it would probably be shipping more oil all the way from the Black Sea, even the Baltic Sea. Likewise, India big oil consumer, so you're gonna see You're going to see an Eastwood drift in Russian oil and that oil would be have to be replaced probably by Europe and the US taking more

oil in the Middle East. So you would see changes in the flows of oil around the world that all our sources supply in the Atlantic basin Africa for example, but you know globally, supplies all the already very tight even before the war in Ukraine, uh, you know outpit with having to raise production, auto prices were rising, so it's a very difficult situation and that's why you're seeing

this an enormous volatility and include all prices. Yeah, we're certainly watching it play out in real time right now with Brent up five point seven percent, a hundred twenty four dollars eighty nine cents of barrel in West Texas Intermediate right now up six nine. Will Kennedy, our executive editor for Energy and Commodities of Bloomberg News, thanks for the time this morning. Appreciate the insights. Looking at the

equity markets, they're falling. Sp futures down sixty three point, Staff futures down four one and nastack futures lower by two hundred twenty eight points. Little change to the tenure. It's at one point seven to yield. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather showers and thunderstorms developing today, breezy with a high near seventy. By tomorrow, will be in the upper forties under mostly sunny sky, clouds in mid forties by Wednesday. Currently sixty one in

Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg Living Free On to Washington, d C. Bloomberg on to Boston, Bloomberg one all six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM to A one nineteen, and around the globe, the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg

Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hager and I'm Karen Moscow, and we are just about three hours away from the open of US trading time for the five things you need to notice start your day. Brought to you by Interactive Brokers. Trade crypto for less coin with commissions just twelve to eighteen basis points and no hidden spreads or markups. Learn more at ibk r dot com, slash crypto at first. The latest on the

war in Ukraine. Russia says is 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 Mariopol, where about two hundred thousand civilians are trapped. The Mayor of Kiev of Itali Klitchko says Ukraine needs more support. We need unity, we need Prussia, 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. Well Maytime, Karen Global stocks are selling off an oil is soaring on the prospect of a ban on Russian supplies. Bloomberg Goose 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 is very strong by Parsons 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 the Administration wants to make sure that we work with our allies. Congressman Adam Schiff made the comments on Face the Nation from

CBS heard Sundays on Bloomberg Radio. As for the reaction in the oil market, Nathan had originally jumped as much as eighteen percent on the prospect of a ban on Russian crewed right now nine x screwed oil is up more than a six percent and Brent is up about

six percent itself. Gold Future has jumped above two thousand dollars announced for the first time in more than eighteen months, while copper and palladium hit all time highs a stock sell off around the world, more analystsed downgrading their outlooks for US equities. Let's get the details live from Bloomberg's Runia Young, Ronita Nathan Yar. Danny Research predicts the S and P five would drop to four thousand by the

end of this year. Chief investment strategist ed Yard Danny says a recession cannot be ruled out given that jump in oil prices. Ever, cor I s I says the SNP could fall as low as thirty seven hundred. Before the war, the SMP median target for strategists was around five thousand. Now it's a about forty three hundred. Live in New York. I'm Nita Young, Bloomberg Day break. All right, Nita,

thank you, and the corporate excident. The corporate exodus from Russia continues today, Netflix, TikTok, Samsung, Visa MasterCard in American Express of the latest companies to either cut ties or review their operations in the country. And this is Bloomberg, all right, Karen, Thanks sixty three on Wall Street, sixty one degrees in Central Park. Got an accident in Queen's on the l I E West bounded wood Haven Boulevard.

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 is making a campaign style speech at a Brooklyn church. He hinted at a possible political comeback. Cromo resigned in August after an independent investigation found he sexually

harassed nearly a dozen women. Now 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 did' act in the interest of justice. The district attorneys proved that they acted in their own self interest. They wanted me out because they wanted my job. Auomo Sunday called it the toughest time of his life.

It's the next chapter for New York City about the COVID pandemics. 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 the world is about to hit a grim milestone. We're approaching six million deaths because of COVID. The U

S has about one million deaths alone. Vice President Kamala Harris visited self, Alabama, yesterday to commemorate at a fining moment in the fight for equal voting rights. Harris linked arms with activists from the civil rights movement and let thousands across the Edmund Pettis Bridge, where on March seven, white state troopers attack 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. 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 Rhonda Santis we are working with really all hands on deck to be able to mitigate this, and it's a really really significant certain certainly multiple fires, a major fire, you know, out there that we were able to see, According to Governor to Santis. The Florida Forest Service says two fires in Bay County are the big guest 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 under journalist and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Thank you, Michael. Almost six thirty six on Wall Street time for the Bloomberg Sports Update. Here again is John stash Hour. Nathan, nothing unusual about the Knicks grabbing a big lead. What was different last nut in l A. They held onto it.

Knicks last month lost three games when they were ahead by more than twenty points. They blew a fourteen point lead Friday in Phoenix. The Sun's won that game on a banked in three point at the buzzer. That was the nixt seventh loss in a row. But in l A, Nicks faith Clipference one sixteen ninety three r J. Barrett twenty four points. Great because we know we've been playing

extremely well overall. Definitely a couple of games that we should have won, especially the last game, you know that one, right, so coming here today and played like that from start to finishing them. The bench played well. Manual quickly scored twenty one. Cam Reddish at his best game as a Nick was seventeen X play again tonight in Sacramento. Julius Randall got thrown out of that game in Phoenix he shoved a player he made contact with the RAF. Randall

has been fined fifteen thousand dollars. In Boston it was Kevin Duran versus Jason tad Um Katie score thirty seven points. Tatum went for fifty four thirty four in the second half Celtics pet Nets on six to one. Twenty. Boston's won fourteen to the last sixteen. Brooklyn has dropped seventeen in the last twenty. The Nets are now under five hundred. Rangers won four one at Winnipeg, two more goals for Chris cryed Are now has thirty eighties, tied for second

in the NHL. Devil's the three two overtime went over St. Louis W. Hamilton's at the game winner College Hoops a scare for Rutgers, but the Scarlet Knights held on to top Penn State fifty nine fifty eight. Much needed win for Rutgers if they're able to gain entry to the upcoming n c A tournament. Doll Scottie Scheffler, who won in Phoenix last month, one again at bay Hill by two shots. John stash ewin Bloomberg's court sleeping Okay, John,

thank you? At sixty seven on Wall Street. We want to get more now on the commodity rally we are seeing this morning on the latest developments of the war in Ukraine. Bloomberg Intelligence commodity strategist Mike mcgloan is with us this morning. Obviously a lot of attention on the oil market this morning. Mike, how high could oil prices

go in this environment? And most people say unlimited levels, But if you just you look at the extremes from the Gulf, the all time high in two thousand and eight, we're right about there right now, right now, we're two point one time is the sixty month average. I use that because it's a five year average in crudel. So we're at the most extreme we've been in the last forty years in crudel for rallies, And what the market is doing is pricing in the risk of just a

complete shutdown of supply from Russia. Number One, that's probably unlikely because that's all going to go to China. And if you just consider Russia's exports maybe six percent of total exports in the world, if we completely cut it off, we've more than price set in. So right now we're at the stage of maximum extreme hitting the stops, flushing

out all the weak positions. But just looking at extremes the last forty years, we are very close right now about a d two dollars a barrel as the peak and the teak in two tho on a relative rally basis. And you say the same about the rally we're seeing in other commodities like heavy metals, like agricultural goods. Agriculture is a little bit more different. In fact, agriculture is

pretty extreme. So let's look at wheat. This is the second limit update in a row, which means there is going to be many of positions who are getting stopped out and they can't cover. There'll be many people getting hurt. But this is an absolute boom for North American producers. They'll do fine. The significance is in the longer term. Russia is one of the largest suppliers of fertilizers for

most countries in the world, not the US. US is very independent there, but they're going to have long and enduring issues with low yields, which might keep prices high for well. So I see what you see in the screens now to me my main takeaways, this is going to be an absolute boom for North American commodity producers, most notably the corn bell will do very well. Man, we'll probably peak soon, but they'll see well above the prices they were the last ten years, five ten years,

and North American energy producers will do very well. Remember the biggest issue in Europe right now is liquid fied natural gas, and the largest liquefied natural gas explorter on the planet is now US. So what you're seeing now is going to be a boom for the producers, and if we can get a little help from our government, I think this will be like an arsenal democracy during World War Two, where the US will really do well

in this environment. It's from a commodity production standpoint. Thanks for this, Mike, Good to have you on with us. Mike mcgloan is a commodity strategist at Bloomberg Intelligence. Just taking a look at the crude market right now, Nimex screws up six point one percent of seven dollars one cent d dollars sixty nine cents for a barrel of West Texas Intermediate Brent. The international benchmark is of five point eight percent of six dollars and add five dollars

four cents. Natural gas features are up two point seven percent at five fifteen. As for stocks, they are moving lower, with S and P futures down sixty seven points down, futures down five, Nasdaq futures down two points. In the tenure treasury up one thirty second, the yield one point seven to latest on the Biden administrations thinking about a Russian oil embargo, will check in with Bloomberg Government Semily Wilkins. Next to this is Bloomberg Bloomberg eleven three oh weather.

Showers and storms today with a high near seventy degrees, mostly sunny, breezy, cooler Tomorrow, upper forties will be in the mid forties, mostly cloudy by Wednesday, currently six 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 Quick Tape is a Bloomberg Business Flash and I'm Karen Moscow and US dot Index futures

are falling this morning, NIMEX, screwed oil is jumping. We go to the first sword breaking news dask for today's morning call, and here's Bill Maloney. Bill, good morning, Good morning, Karen. That's right. US features are under pressure again today, with doubt Future currently out four hundred and sixty eight points, s A B S drop sixty two, MASTIC futures lower by two hundred and nine, the US tenure yield at one point seven three percent, Gold is up twenty oil

is climbing, and Bigcoin is down by two percent. Hong Kong fell three point nine percent overnight, while up markets are also under pressure, led by three percent losses in Germany. Back in the US, on the economic front, three o'clock consumer credit and a deal news Oasis Petroleum and Whitening are close to a deal to merge. In other news, Carl I kind of said to sell his remaining occidental steak and Moody's cut rushes credit rating further into junk territory.

Rapid things up, Mosaic cut to hold that, HSBC City Group cuts ahold of Jeffreys, Philip Morris cut to neutral at JP Morgan and U S Steel was raised to eco weight over at Morgan Stanley. Live from the First Breaking News Descomb, Bill Maloney care Verry, Bill, thank you to hear live breaking news over your Bloomberg tive squawk on your terminal SCU A w K and that's a Bloomberg business flash. Now here's Michael Barrow with more on

what's going on around the world. Michael, thank you very much, Karen. Even as Russia announced the ceasefire starting this morning and the opening of humanitarian corridors in several areas, it's armed forces continued to pummel Ukrainian cities, rockets at residential buildings. A large group of truck drivers who object the COVID nineteen man dates drove two loops around the beltways surround

in 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 twenty the Wizards one in the NHL, the Devil's beat the Blues, and over time three two the Rangers one. Global News twenty four hours a day on air and on bloom on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analyists more than a hundred twenty countries. Michael

bar this is Bloomberg. Karen, alright, Michael, thank you. At sixty nine on Wall Street. We turned news and science and technology. Now at the Bloomberg and j I T STEM Report. It has brought to you by New Jersey Institute of Technology n j I Team makes Infrastructure a Ready graduates from civil engineers to transportations specialists. If it's infrastructure, and j I T grads are building it. More at n j I T dot e DU. Now here's this

making news and science, technology, engineering, and math. Account of worldwide deaths from COVID nineteen is nearing six million. According to data compiled by Johns Hopkins University and Bloomberg, the US alone accounted for sixt of the last million deaths. That's the highest share of any country COVID continues to kill thousands of people every day. Billions more remain unvaccinated, either because they lack access to the shots or unwilling

to receive them. Two years after the pandemic began New Zealanders or finally facing its reality. After keeping the virus at bay for so long, COVID is now tearing through the nation's population courtesy of the highly infectious omicron variant. In the space of two weeks, new case of numbers exploded from less than a thousand a day to more

than twenty two thousand. And Apple will hold this first event of the year tomorrow and you can expect updates of the iPhone, iPad and maclaws and once again the event will be virtual. It's also only the first of many events this year, so Apple's product news will be released gradually. And that's the Bloomberg n j I T

STEM Report. Nathan, Thank you, Karen. We are live from the Bloomberg Interactive Broker Studios where it is six fifty on Wall Street time now to check what's going on in d C. Some of the tough stories in our nation's capital include the Biden administration looking for more ways to help Ukraine. As the war drags into its second week, Secretary of State Antony B. Lincoln tells CBSS Face the Nation, the US is working with Poland to send fighter jets

to the Ukrainians. That gets the 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. But the US and NATO have rejected calls for a no fly zone. Republicans editor Marco Ruby hotels ABC's This Week that's the right call. People need to understand what a no fly zone means. It's not just it's not some rule you pass that everybody has

to oblige by. It's the willingness to shoot down the aircraft of the Russian Federation, which is basically the beginning of World War Three. Still, the White House is facing more pressure to sanction Russian oil and gas, even if it means higher prices at the pump. Democratic Senator Joe Mansion was on NBC's Meet the Press, Look at the

gas not four dollars. It wasn't because of this inflation is already reach havoc on it now, And basically we're gonna say we're gonna set back now because we're fraid it might go up a little bit more. It might go up anyway, and we haven't done nothing. Meet the Press this week and Face the Nation can all be

heard every Sunday right here on Bloomberg Radio. And for more, we're joined by Bloomberg Government reporter Emily Wilkins from our Bloomberg studios in Washington, d C. So this morning, after Emily, now we are hearing that the White House is getting closer to a potential ban on Russian oil and gas imports. Yes, we saw how Speaker Nancy Pelosi, who announced the past week that she was supportive of such a ban, uh tell lawmakers that the House is working on legislation that

could ban Russian oil imports. But we also know that the Biden administration is considering such a ban, their debating

moving forward without their European allies, at least initially. Secretary of State Anthony B. Lincoln he was in Eastern Europe over the weekend, and he told NBC's Meet the Press that the US is an active discussion with European allies about banning Russian oil um B. Lincoln added that oil surprise as would need to be ensured if that happened, and their discussions actually going on with Venezuela right now

to see if they could potentially increase their production. I mean, the big concern here for the Biden administration, for Democrats in general, is that this is going to leave to higher gas prices at a time where so many Americans

are already feeling squeezed by inflation. But as you heard Senator Joe Manchin say in that clip, there's also a growing sense that the US needs to do whatever it can at this point to put pressure on Russia to end their invasion of Ukraine, UH, to come to the table, and and to to sort of take the diplomacy route again. And so this is something that lawmakers seemed very willing to do, even if it does mean that there is going to be some additional pain at the gas pump.

Is this the kind of thing that Congress could go ahead with on its own? I'm asking what what more Congress is thinking about in terms of the kinds of sanctions pressure it could put on. Yeah, So this is something where if you remember, Congress was actually considering a sanctions package before the Biden administration moved. Part of the reason was that they couldn't come to an agreement on that, but a lot of that was about the timing of sanctions.

So there is a little bit more consensus at this point now that Russia has already invaded um. Pelosi said that potential legislation from the House could, in addition to the oil band, also repeal normal trade relations with both Russia and Belarus, as well as take the first steps to deny Russia access to the World Trade Organization and allow the White House to increase tariffs on Russian imports.

So certainly lawmakers think that there is more that can be done here, although we don't at this point don't really have a sense of when the House might take up that piece of legislation. Pelosi said that they were exploring it, which makes it sound like this won't be something that happens quickly, especially given the fact that Congress this week will be focused on passing funding so the government doesn't shut down on Friday. Oh that's coming up

as well. Okay. Now, in the meantime, Yeah, there's also been some question about what effect if any Russian sanctions could have on the Iran nuclear deal because of course Russia is a party to that, and there was this demand over the weekend from Russia that any sanctions wouldn't have any impact on their trade with Iran. What's the White House response to that. I mean, they are staying at this point. Um. Anthony B. Lincoln told CBS that it's really not in Russia's interest for Iran not to

be able to have a nuclear weapon. Um that Russia, you know that there is a reason that they need to be at the table um and discussing this, and um, you know, over the weekend there was some major progress made. Iran did agree to help the International Atomic Energy Agency finished this contentious investigation into the country's past actions, and so it does seem like progress is being made with

the Iran nuclear deal. One of the big hurdles left is that Anthony Lincoln still needs to meet with his Israeli counterpart in Israel has really opposed this steal, and so there is one of the challenges that that remains at this point. Many challenges coming out of Washington that I know you're going to be keeping on top of for the days and weeks to come. Bloomberg Government reporter

Emily Wilkins with us from the nation's capital. You can read more about all these stories on bloomber dot com or on the Bloomberg terminal, and follow the latest on Bloomberg Radio in Washington Bloomberg and one oh five point seven FM HD two. Karen, all right, Nathan, thank you. It is six fifties six on Wall Street, and this is Bloomberg Day Break. March is Women's History Month, and

every day this month we're celebrating significant moments in women's history. Now, if your installment for March seventh, here is Bloomberg's renny to young well on this day in women's history. In two, Catherine Bigelow becomes the first woman to win an Academy Award for Best Director. It was for the hurt Locker Bigelow Study painting at the San Francisco Art Institute. In the early nineteen seventies, she moved to New York City

to participate in the Whitney Museum's independent study program. She soon became interested in filmmaking and eventually earned a scholarship to the Graduate Film School at Columbia University. After graduation, she began working on her first feature length movie, The Loveless, which she co wrote and co directed. Bigelow had a stint at teaching at the California Institute of the Arts in the nineteen eighties before returning to the big screen.

She continued to be a box office success with several films and solidified her place in the traditionally male dominated world of action films. That's today in women's history. I'm Nita Young Bloomberg Radio, Right Granita, thank you, and right now, futures are lower. SNP Future is down fifty three points and down Future is down four hundred six and NAZZAG futures down one eight ten year treasury down three thirties seconds.

He had one point seven four percent, and they yield on the two years at one point for a nine percent and nine ex Screte oil is up seven point one percent and a hundred twenty three dollars eighty nine cents of barrel for Nathan Hagar. I'm Karen Moscow. This is Broomberg.