Bloomberg Daybreak: March 9, 2022 - Hour 1 (Radio)

print on US inflation. Jersey Governor Murphy unveiled his state budget, plus Florida's so called Don't Say Game bill is on its way to the Governor's nest. I'm Michael blarr More Ahead, John stash own Sports, the Nets, One, the Rangers, and Devil's Lost, Big trade in the NFL's of optimism for

the end of the baseball lockout. That's all straight Ahead on Bloomberg day Break on Bloomberg Element Trio, New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties and 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. US future is rebounding this morning.

We're coming up to five o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg. Right now, SNP futures are up sixty nine points down. Futures have four hundred seventy three. NASDAG futures have two hundred sixty three. That's up two percent. The decks in Germany's at four point seven percent ten. Your treasury down fourteen thirty seconds, you had one point nine percent. They yield on the two year one point

six five percent. Nine X screwed oil is down two and a half percent, down three dollars six cents at a hundred twenty dollars sixty three cents of barrel and COMEXS gold is down one percent at two thousand twenty three dollars, announced Nathan. All right, Karen, we'll have more on the markets in a minute. First, the latest on the war in Ukraine. Russian forces have intensified their strikes on Kiev. We get the very latest from Bloomberg's back stair.

The bulk of Russian forces are about thirty miles away from the city. Now. This coincides with what U S Intelligence Director Avril Haines is telling the House Intelligence Committee that Vladimir Putin thought the war would end in two days and that he will now be more brutal. Our analysts assessed that Putin is unlikely to be deterred by such setbacks and instead may escalate, essentially doubling down to

achieve Ukrainian disarmament and neutrality. Haynes says if the resistance continues, it may have to change with some kind of face saving action, but that that resistance will have to remain very strong. In San Francisco, I'm at Baxter Bloomberg daybreak, all right, and thank you. In Ukraine, pleasure, President Vladimir z Lenski is calling for more support from allies. He

addressed the UK House of Commons yesterday. Police increase the pressure of sanctions against this country, and police recognize this contract as a terrorist state, and police make sure that our Ukrainian sky is a safe Zelenski's addressed was the first ever speech to the UK Chamber by a foreign leader. Back here in the US, care and lawmakers on Capitol Hill have crafted legislation to banned US imports of Russian oil.

The move came just hours after President Biden called for a band Amy Morris has details from our Bloomberg newsroom in Washington. The House legislation is a response by lawmakers to public anger over Russia's invasion of Ukraine. It's also forced President Biden's hand despite the administration's concerns about the effect on energy prices. Biden had a warning for companies trying to profit off the crisis. No excuse to exercise excessive press increases or patting profits, or any kind of

effort to exploit the situation. The House bill bars the importation of Russian crude oil, liquefied natural gas, coal, and refined products like gasoline and kerosene. It also reviews Russia's access to the World Trade Organization. It is scheduled for a floor vote later today and will take effect forty five days after it's enacted in Washington. I'm Amy Morris, Bloomberg Daybreak. All right, Amy, thank you, Turning back to the US economy. It's all about inflation this week. We

get the latest reading on consumer prices tomorrow. Meantime, Billionaire bomb manager Jeffrey Gunlock Warrens that inflation could approach ten percent this year. He said the FED needs to aggressively tighten monetary policy. The CEO of Double Line Capital also says that bonds are currently overvalued, while emerging market debt is cheap. Minnesota Democratic Senator Tina Smith Karen says it is important that us the US not rely on for

an oil. The power of being energy independent and doing that through moving aggressively into clean power and renewable power is that you know, the putting has no say on whether how much we pay for wind or solar. In fact, that power is free. It gives us so much more resilience, I think. Minnesota Senator Tina Smith spoke with our Washington corresponded Joe Matthew on Bloomberg Sound On Catch the program weekdays at five pm Eastern on Bloomberg Radio. Well, Nathan,

the list of companies is spending up. Rations are pulling out of RuSHA keeps growing. We get the latest live from Bloomberg's renit A Young, Good morning, Reni Down, Good morning Karen. Iconic brands like Starbucks, Coca Cola, and McDonald's are the latest to pull out of Russia. The coffee chain's partner in the country is pausing operations and will give support to the nearly two thousand partners who depend

on the company for their livelihood. PayPal is also suspending business in Russia, and PepsiCo says it'll suspend soft drink sales in the country, but will continue to sell daily essentials like baby formula and milk. Live in New York, I'm rened a young Bloomberg Daybreak Reneda thanks the Russian roubles trading for the first time this week and weakening sharply. European equities, meantime are staging a comeback. Let's go to London get the very latest life with Bloomberg's U and pots.

Good morning, Good morning, Nathan and Karen. Plenty of green on traders Bloomberg screens today. That's as dip buys ways. The global ecomic impact of escalating sanctions is already reflected in equity prices. Urostoxy gaining this morning, with banks, tech, and travel leisure among the best performing sectors. Something not

gaining today Russia's rouble. It slumps as much as seven point eight percent against the dollar as the onshore market resumed in Moscow, giving local traders their first chance this week to react to recent negative developments. Live in London, i'mum pots back, daybreak, right do and thank you. And in Asia, overnight inflation was also in focus. China's factory prices eased again in February, although the outlook is deterior.

Rating of Bloombergy Daybreak Asia anchor Brian Curtis has the details. The pp I rose eight point eight percent from a year earlier. That's down from nine point one percent in January. It did beat the estimate of eight point six percent, but the spike in commodity since Russia invaded Ukraine may flip these numbers. In March. Meantime, consumer inflation was muted. The CPI was unchanged at zero point nine percent, the

same as economists had projected. Bryan Curtis Bloomberg Daybreak, Okay, Brian, thanks right now. Some p futures are up seventy six points down futures up five twenty six, Nasdaq futures up two two points. Send your treasury down sixteen thirty seconds. The yield one point nim X screwed is down two point one down two dollars fifty six cents a year fourteen cents of barrel. Straight ahead, your latest local headlines.

In the check of sports. This is Bloomberg's South five oh seven on Wall Street, word forty degrees in Central Park. Still seeing issues on New Jersey transit after this week's wins. We'll get the details on that for you shortly. In traffic First, Michael Barr with more on what's going on in New York and around the world. Good what do you you might call? Good morning, Nathan. New Jersey Democratic Governor Phil Murphy has proposed a forty eight point nine billion

dollar budget. It boosts k through twelve funding, makes a full public pension payment for the second straight year, and redistributes nearly a billion dollars in property tax relief. Murphy unveil the proposal during a speech and the Assembly chamber, and I'm proud across our first four years key together we cut taxes for our middle class and working families and seniors. Fourteen times. New Jersey had better than expected sales and income tax collections. Governor Murphy also talked about

the Russian invasion in Ukraine. Our administration is assessing what financial or business exposure we may have to the Russian government or Russian owned business interests or securities, including in our pension funds. Governor Murphy says the administration will make sure state tax payer dollars are not supporting Russian Florida's controversial legislation, which affects discussions about sexual orientation and gender in public classrooms, is on its way to the Florida

Governor's desk. LGBTQ advocates dubbed it the Don't Say Gay Bill. The Biden administration has denounced the bill as anti LGBTQ. However, supporters say the bill would not keep people from talking about the issues in classrooms, but change correct a lament lessons on it. A Texas man was convicted of storming the US capital with a holstered handgun. Jury also convicted Guy Refit of interfering with police officers who were guarding

the capital. On January six, Democrats and Republicans in Congress struck a deal on a long delayed one point five trillion dollars spending bill that would fund the US government through the rest of the fiscal year. It also provides thirteen point six billion dollars to respond to Russia's invasion of Ukraine. A bipartisan build a reform the US Postal Service and give it a much needed financial boost. Easily passed the Senate. The House passed it earlier, and the

bill is now headed to President Biden's desk. Senate Majority Leader Chuck Schumer of New York. We passed strong bipartisan legislation. It's a win win, win for bipartisanship, for our postal workers, and a win for tens of millions of Americans who rely on the post Office every day. Schumer. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalist and analysts, more than a for twenty countries. Michael Barron,

this is Bloomberg, Nathan. Thanks Michael. Come it's a five town Wall Street time for the Bloomberg Sports Uptake in morning. Johnston, Good morning, Nathan. This comes under the heading of We've seen this before, but there is some growing optimism that the baseball lockout might be coming to an end. Although once before there was a long meeting and it did

not lead to a new labor deal. The two sides just had a seventeen hour bargaining session that lasted until just a few hours ago, and they're coming back for

more today. They not only did not cancel another week's worth of regular season games, as they threatened to do, but one bargaining chip now used by the owners is squeezing in a one hundred and sixty two game season playing the games that were canceled the week ago wa today in the NFL offseason, First, the Aaron Rodgers resigning in Green Bay, ending a year long talk of him leaving or retiring. He had about two hundred million reasons to stay with the Packers. That's the size of his

new four year deal with Green Bay. Denver wanted to acquire Rodgers in a trade. When that fell through, the Broncos traded for Russell Wilson. The Seahawks get three players, two first round draft picks, two seconds in return. The Broncos have needed a better quarterback ever since Peyton Manning retired. The Nets since Charlotte Kyrie Irvan gets to play road games, and what a game he did play. In thirty eight minutes,

Irving scored fifty points. He shot fifteen of nineteen, made nine of twelve three pointers, his fifth career fifty point game. Thatt's beat the Hornets one thirty two one one. They played tomorrow in Philadelphia against their old friend James hard Nick's played tonight in Dallas. Rangers lost in Minnesota five to two. Devils beat the NHL leading Colorado Avalanche five three. St. John's plays to Paul tonight at the biggest tournament at

the Garden. John Dashwar Bloomberg Sports Nathan Okay, John thanks Stocks making a comeback. Right now sp features up seventy one point, staff features up five two vansact futures hired by two or seventy three points in the ten yere down sixteen thirty seconds. The yield one point nine zero percent. This is Bloomberg Bloomberg eleven three oh weather. Rain likely

may be mixed with a little what snow. Upper thirties for highs partly Sunday Tomorrow upper forties will be near fifty with a mix of sun and clouds and winds. Right now forty in Central Park Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com,

the Bloomberg Business Outland at Bloomberg Quicktape. She's a Bloomberg Business lash, but I'm Karen Moscow US dot Index futures and European shares are extending gains as dip buyers wager the global economic impact of escalating sanctions on Russia is already reflected in market prices. We check the markets every fifteen minutes throughout the trading day. On bloomberg S and P futures are up more than seventy points down, futures of four eighty five, Nastack futures up two hundred sixty

three or two percent. The docks in Germany is up five point one percent, the cack in Paris at four point nine percent of the foot see one hundred up two point two per set ten. Your treasury down sixteen thirty seconds. He had one point nine zero percent. They yield on the two year one point six five percent. Nine x Scrude oil moving lower down one point one percent, down a dollar forty two and a hundred twenty two

dollars thirty cents of barrel comes. Gold is down one point two percent on twenty four dollars thirty cents at two thousand nineteen dollars announced. The euro one point oh nine eight zero against the dollar, the British pound one point three one six three the end at one fifteen point eight five and Bitcoin this morning moving higher at more than nine percent at forty two thousand, one hundred dollars. Today, we are looking for the Jolts jobs report at at

ten o'clock Wall Street Time. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael, good morning, Good morning, Karen. Ukraine's deputy prime minister says Russia agreed to open humanitarian corridors in parts of the country for twelve hours to allow civilians to escape from several cities. It comes as the US warn that Russian forces were intensifying their bombardment of Kiev.

The Pentagon says Poland's offered to give its mid twenty nine fighter jets to the US so they can be passed to Ukraine raises serious concerns for the NATO alliance and the plan is not a tenable one. Pentagon spokesman John Kirby said that the prospect of jets departing from a U S NATO based in Germany to fly into airspace contested with Russia in the Ukraine War is concerning. U AND officials say two million people have fled Ukraine in the two weeks since Russia's invasion, as the humanitarian

situation in the country's besieged cities has grown worse. In mirror, pole bodies lay uncollected in the streets, and hopes for a mass evacuation of civilians were dashed again. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and antilists more than a hundred twenty countries. Michael Barr and this is Bloomberg. Thanks Michael. It's five twenty on

Wall Street Line from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak and we're joined now from our Paris bureau this morning by Bloomberg's Maria today I as we continue tracking the latest on the war in Ukraine. Maria, good morning, get us up to speed on developments from where you said, well, you know, this is day four teens of this war which continues uh to drag on, and of course it's it's it's it's heartbreaking for the

people of Ukrainian it's a very difficult situation. But the goal now is to de escalate attentions. Today, we had a briefing from the Russian Foreign Minister who said and suggested, which to me is very interesting to say the least, the Russia has no intention of taking over the Ukrainian government. The Russia does not want to occupy Ukraine, and then also says, we would achieve results in a peaceful way, and it would be that if we achieve this result

in a way that is diplomatic. Now, to me, it is telling because it does signal a shift in tone from the Russians. Uh they openly now say they don't want to get rid of President Zelinski. In many ways, what they're stating now is the obvious persident Lansky has become an icon for the people of Ukraine and occupation would not be feasible. We've seen active resistance from the

people of Ukraine. But what is interesting is that they bring up again this element of let's have a dialogue, let's have a negotiation on the table, which is different to Vladimir Putin said a week ago in which she talked about a government of drug addicts and Nazis, and he repeated ten times in the speech, we have to de natify Ukraine. Are we hearing a corresponding shift in tone from Ukrainian leaders. We had that speech yesterday, the

historic speech in the House of Comments from Ukrainian President Zelinski. Look, the way that they frame it is that, uh. There's a number of things here. One is Lensky has made it clear until now that he has no intention of leaving the country. And as I said before, he really has become this uh, this icon in the country for unity, for resisting and so on, and he's had a very successful media campaign. Ultimately, this is a face that everyone

in Europe now recognizes. Uh. And we're talking about five hundred million people. Of course, when you look at the political way out of this, Ukraine has changed its language on on NATO yesterday, it does seem that they said, you know, we wouldn't want to double down on this. A lot of this response to or would respond to some disappointment. The Ukraine has pekin NATO decided not to close their airspace UH NATO again with weapons delivery. They feel like this could have been done faster. So this

is politically a way out that he could up for. Then, when it comes to the membership of the European Union, which he has applied for and tomorrow European leaders will debate. Well, that is more complicated because Ukraine has it in its constitution that it wants to join the European Union and ultimately it's aspiration would be to enter the EU. So you know, there could be ways out for this diplomatically,

but the question is what is he willing to accept? Well, what are we expecting further from the meetings that are going to be happening in Paris this week, you leaders, as you mentioned our meeting, what are the expectations coming out of that. Well, look, it's it's a two day meeting that starts tomorrow. Of course, there's going to be a debate on sanctions on Russia. Yesterday, as you know,

the United States banned oil imports for the Europeans. Well, this is something they are not in opposition to do just yet. They said they want to cut down reliance on Russian gas, but it cannot be done overnight. That is a big difference, uh here compared to the United States. The transactional value of their relationship is much bigger between

Russia and the EU, particularly countries like Germany. And there will also be a debate about the future of Ukraine again going back to this petition from the Ukrainian president to be taken seriously as a candidate for the European Union. All right, Bloomberg's Maria today or whether this warning from Paris where those meetings with the EU leaders will be happening in Versailles, France starting tomorrow, two day meeting that will be very closely watched as we continue monitoring developments

in the war in Ukraine. Now in today fourteen, looking ahead to the market open this morning, seeing a bit of a rally for stocks this morning, and Brent crude is starting to fall as well. We have SMP futures right now of sixty seven points down, futures of four hundred fifty five, NASTAC futures are higher by two hundred sixty four points. The rally is a huge for stocks in Europe right now. The decks in Germany up four point nine percent and the CAC in Paris is higher

by four and two thirds percent. The ten year treasury is down seventeen thirty seconds, the yield one point nine zero percent, yield on the two year one point six five. As I mentioned, crude is falling now. We have Brent crude down one percent at a hundred twenty six dollars sixty eight cents of barrel. Nimex crude is at one two dollars eight cents. That is a drop of one

point three percent. You're listening to Bloomberg Daybreak Blomber eleven three oh weather rain possibly mixed with some wet snow, especially north and west of the city. Upper thirties today, will be in the upper forties tomorrow. The high your fifty on Friday. It's gonna be windy right now, forty in Central Park. Broadcasting live from the Bloomberg Interactive Broker

Studio in New York. Bloomberg E living free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg sixty to the country Sirius XM had A 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 Hager 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

at this shower. Beginning with the war in Ukraine, the U says Russian forces are intensifying their strikes in a capital city of Kiev. Ukrainian President Voladimir z Lensky says his military will continue to defend their land. We will not give up, We will not lose. We will fight till the end, at sea, in the air. We will continue fighting for our land whatever the cost. We will fight in the forests, in the field, on the shores,

in the streets. President Zelenski says he will stay in Kiev as long as is necessary to win the war. By here in the US, karen you. President Joe Biden announced plans to curb rush and oil imports. This is a step that we're taking to inflict further pain on Putin, but there will be cost as well here in the United States. I said I would level with the American people from the beginning, and when I first spoke to this, I said, defending freedom is gonna cost. It's gonna cost

us as well. Democrats in the House unveiled legislation to ban imports of Russian oil and vote on that. Measures expected today. Checking prices now they're actually moving lower, with nine ex crewed down one point nine percent or two dollars twenty four cents and a hundred twenty one dollar forty six cents of barrel. Brent Is down one a hundred twenty six dollars twelve cents. Well, Nathan. The list of companies suspending operations are pulling out of Russia keeps growing.

We get the latest live from Bloomberg's rened a Young good morning, Good morning, Karen. Iconic brands like Starbucks, Coca Cola, and McDonald's are the latest to pull out of Russia. The coffee chain's partner in the country is pausing operations, and we'll give support to the nearly two thousand partners who depend on the company for their livelihood. PayPal is also suspending business in Russia, and PepsiCo said it will stop soft drink sales in the country, but will continue

to sell daily essentials like baby formula and milk. Live in New York. I'm gonna need a Young Bloomberg daybreak. Okay, we need to thanks. The Russian rubles weakening sharply this morning. Before the war, it was trading around eighty per dollar. Right now, it's weakened more than a hundred thirty five per dollar. Well, Nathan, bitcoin is surging. It's jumped above prety two thousand thanks to optimism about a US overhaul of crypto oversight. Treasury Secretary Jenny Yellen calls an upcoming

executive order from the White House quote historic. She says it strikes the right balance between fostering innovation and addressing potential risk tide to cryptocurrencies and checking Bitcoin right now is at forty two thousand nine. Make that forty two thousand, ninety six dollars a programming note for today and join us about three hours from now for a conversation with Bill Gross, the former Bond Titan, sits down for an interview on Bloomberg surveillance. Coming up at eight thirty am

Wall Street time. This is Bloomberg Daybreak, and it's now five thirty three on Wall Street where at forty degrees in Central Park. We'll tell you more about the lingering problems for New Jersey Transit a few minutes first, Michael Bars here with what else is going on in New York and around the world. Michael, thank you very much. Nathan. New Jersey Governor Phil Murphy has proposed a forty eight point nine billion dollar budget at booze K through twelve.

Funding redistributes nearly a billion dollars in property tax relief and raises overall spending by about five percent over last year's plan. Murphy spoke in the Assembly chamber the first time since the COVID pandemic, we've been able to provide more relief and better opportunities for everybody else. We've been able to better support our public schools. We've been able to meet our full annual pension obligation. Governor Murphy also

talked about the war in Ukraine. We will take whatever actions are needed to ensure New Jersey taxpayer dollars are not supporting Putin's unlawful invasion of Ukraine. Murphy says they will take a look to see whether there are any Russian owned entities in their pension fund. Florida's Parental Rights and Education Bill has passed and the state Senate, and

the governor says he will sign it. The bill has been dubbed but Don't Say Gay Bill by lgbt Q activists, which says lessons on quote sexual orientation or gender identity may not occur in kindergarten through grade three. The first person to go on trial over charges stemming from the January sixth riot was found guilty of obstruction of Congress and other counts Texas Militia Group member Guy Raffitt, who was convicted of all five counts brought against him in

Washington following a six day trial. Raffit's wife, Nicole, claims the trial was just a way to scare others who stormed the Capitol Guy, and that to intimidate the other members of the one sixers will all fight together. The

jury deliberated for less than four hours. Democrats and Republicans in Congress struck a deal on a long delayed one point five trillion dollars spending bill that would fund the US government through the rest of the fiscal year and provide thirteen point six billion dollars to respond to Russia's invasion of Ukraine. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts more than a

hundred twenty countries. Michael Barr, this is Bloomberg. Thanks Michael wall Street. Time for the Bloomberg Sports Update with John Thanks Nature. Today is a big day in the baseball lockout. Either it ends and they'll play VAUL, or another week's worth of regular season games will be canceled and the owners will have to take off. That's able a concession they made yesterday that they'll play the games that they canceled a week ago. The two sides began a bargaining

session at ten yesterday morning. It went until three this morning, and they'll be back for more talks today. Aaron Rodgers staying in Green Bay, but Russell Wilson on the move. Quite a day in the NFL offseason. Rogers said he was unhappy in Green Bay, not anymore. New four years, two hundred million dollar deal for the m v P of the last two seasons. He's not only the NFL's highest paid player, he gets to keep his star wide Outavante Adams got the franchise. Tad Wilson, unhappy with the

team's decline in Seattle, traded to Denver. The Seahawks get three players in a boat, go to draft picks. Wilson QB the seahaw for eleven years, took them to two Super Bowls, one Championship. Only two backcourt players in NBA history have scored fifty points while making seventy five percent of their shots, Michael Jordan's and Kyrie Irving last night and Charlotte the team that Jordan Olans Irving went for

fifty shot fifteen of nineteen. The next week, the Hornets one thirty two once one to get back to five. Dred Rangers lost in Minnesota five to two. The Devil's beat Colorado five free. Northeast Conference Final did not go well for Wagner trailed Bryant thirty six to six and lost seventy to forty three, and there was a long delay late in the game. A nasty fight broke out of the stands. Season over for Manhattan lost the Matt Turney I Own a Place to Night. Big East Tournament

starts at the Garden. St. John's will play the Paul John Stash Ellen Boomberg Spurt, Thank you John. It's five thirty seven on Wall Street time for the Tri State Business Report Years Bloomberg's ed Corey. New York City Mayor Eric Adams embarked on the campaign this week to highlight the city's rolled back COVID nineteen restrictions two years after COVID shut down on the city. Adams is trying to restore New York's formerly thriving office culture and its standards

as a beacon for travelers. With companies increasingly setting firm office return dates, sales at Prette de Mon stores on Wall Street approached the pandemic high last week. Bloomberg's Prett Index shows transactions were fifty of pre pandemic levels in the cluster that includes the financial District. That's a fractional lower than the fifty six percent record set in October.

Governor Phil Murphy once New Jersey's public pension fund to meet its minimum contribution requirement for a second straight year. Murphy will include a proposal to make a six point eight billion dollar payment in his annual state spending plan. Tuesday. That you Bloomberg Try State Business Report. I'm Ed Corey. Thanks that it's 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 Steve Potaskan on ten ten Wins in New York. We're talking about a new survey that finds inflation is hitting most Americans right the Walling On, Tonie Donahoe on w h A S and Louisville. Toyota will review its production plans as global disruptions Philop. I'm Genus Ervettian for w BDM

in Chicago. I'm reporting that McDonald's is closing its restaurants in Russia for now, but we'll continue to pay its employees there. I'm Caroline Head bloom a dab Dishobgo in London. Were the first on the Bank of England as trade has priced in more than a hundred basis points of great heights by June and niece of Wounds of a UK Sessions. I'm Ed Gory on w w J in Detroit. I'm reporting Electric Last Mile Solutions plans for layoff about

a quarter of its total headcount. And those are some of the stories our twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. President Biden's announcement that the US will ban imports of Russian fossil fuels significantly escalates the response to Vladimir Putin's unprovoked war on Ukraine. Acting by itself,

though the US can only do so much. That's because, unlike many of its European allies, the US doesn't buy much energy from Russia. The UK has promised to follow America's lead and banning imports of Russia's oil, but it will continue to buy its gas and coal. Meanwhile, Europe's other governments are looking at ways to cut their own

imports wherever possible. These plans should be accelerated. For many US allies, banning Russian fossil fuel imports would be impossibly disruptive, but planning to reduce and then eliminate their dependence on Russian energy is entirely feasible. A credible commitment to do so was set putting back as little else would. This editorial was written by the Bloomberg Opinion Editorial Board. I'm

David Shipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash opinion or opia and go on the Bloomberg terminal. This has been bloom Burg Opinion. Listen for Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at op a end go sp futures up seventy three points down, futures up five hundred three, Nasdaq futures up two d seventy eight. Crude oil falling after days of rising prices. We'll look at the market

next with John Kilduff of Again Capital. This is Bloomberg Bloomberg eleven three oh weather rain likely mixed of a little wet snow north and west of town. Will get up to the upper thirties today, partly sunny, upper forties tomorrow, windy for Friday, with a high near fifty right now forty in central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, for Bloomberg Business at and at Bloomberg Quicktap. This is a Bloomberg

Business lash and I'm Cameron Moscow. You watch dot Index. Futures and European shares are extending gains as dip buyer's waiter. The globally and on a impact of escalating sanctions on Russia is already reflected in market prices. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg SMP future is up seventy four point staff futures have five hundred fifteen nastac features have two hundred eighty seven, up more than two point two percent. The decks in

Germany is up five and a third per cent. The ten year treasury down seventeen thirty seconds yield one point nine zero percent, The yield on the two year one point six five percent. Nine meg Scrude oil is down two point three percent on two dollars ninety cents and

a hundred twenty dollars seventy nine cents of barrel. Comex's gold is down one point two percent on twenty three dollars fifty cents at two thousand, nineteen dollars announced, the Euro one point zero nine eight three against the dollar, British pound one point three one seven three, the yen at one fifteen point eight seven, and Bitcoin this morning higher by more than nine percent at forty two thousand,

one hundred ten dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Buckle Aaron, thank you very much. Vice President Harris is heading to Poland this morning. The trip comes amit a disagreement between Poland and the US. Were Ukraine getting Poland's fighter chants. Meanwhile, there's a new effort to evacuate civilians out of Ukraine. Negotiators for locked out players and Major League Baseball bargain until the early morning hours

to preserve a one hundred sixty two games season. They'll resumed later today. In the NBA, the Nets and Warriors one. In the NHL, the Devils and Capitals won, the Rangers lost. Some NFL news, the Broncos have agreed to a trade for quarterback Russell Wilson from the Seahawks. QB Aaron Rodgers will stay with the Packers and a four year deal

reported to be worth two hundred million dollars. Lording Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries. I'm Michael Barr, this is Bloomberg. Nathan. That's quite the deal. Thank you, Michael. It's fine. Forty nine on Wall Street

Live from the Bloomberg interacted Brokers Studios. This is Bloomberg Daybreaker as we continue to watch the wild swings in the oil market following the US announcement that it will ban Russian crude and gas imports. Let's get more and where the market could be headed from here. John Kilduff joins us founding partner of Again Capital. John, Good morning. We've been seeing a surge, of course in oil prices over the last several days now a pretty significant decline.

Have we found a resistance level for crude? Do you think it appears we have right around the one and thirty dollar a barrel level. We hit that on Sunday night, and we hit it again pretty much yesterday, and we keep backing off it. So I think folks can try

and keep their fingers crossed that that will hold. Although I'll tell you just on a pure technical basis, looking at the charcoing all the way back to two thousand and eight, Uh, there's no real resistance until one that one forty seven all time high print for a w T I. So that's kind of where we have to go and touch before we can be more have more

confidence that that we could back off. But um, look, I mean the market has been pretty proportional in its response to the various developments here, including the foreclosure of crude oil into the United States from Russia uh, and and other factors of course. So at this point, um, you know, it's sort of uh, wait and see. But as you're seeing even just overnight here, it's highly volatile. I think just as I've been waiting for you, I've seen the price swing about two bucks for Brent. We're

over now. It's got handle. So you can't take your eyes off this screen for right now. Yeah, it sounds like you're gonna need some dramamine to be in this market for a little bit here. What I mean, what do you think the catalyst could be if we do see uh two thousand and eight level a hundred forty seven like you're talking about. Well, Russia is continuing to to make all kinds of problems for all the comme

out of the markets. That if President Putin does follow through on his his threat now to ban all commodity exports, including oil, which would cut off Europe and potentially China, Uh, then then then weren't in the next phase of this thing that weren't in the next phase of pricing because

this is supply that cannot be made up. And uh, then China in particular and you're for that matter, would be scrambling for for the available world supplies, which would then have to price in an effective rationing, which would get really ugly price wise for consumers around the world. So that would be the next phase here. But I'll tell you that the chance too, though, is that we this price really craters if there's any kind of progress

about brokering some kind of lasting piece and potentially a deal. Um. And you saw sort of the contours of that over the past number of days here, and to the extent we get anything like that, uh, you know, there's about thirty dollars of air in this price at this point on on the fears on the supply fears from the war starting to hear a little bit more talk now. I think we're comparing this situation to the nineteen seventy

three oil embargo. Is that the kind of precedent you're looking at for where the market could be headed from here? It's just in the pure price and supply shock. Yes. Um. I will say though that in terms of the U. S economy even and I'm the first one to say that oil has been a handmade into every one of the past several recessions here in the United States. There

were certainly other factors. Recruda was part of it. But as far as comparing the nineteen seventy situation to today, the US, of course much less energy uh dependent and also the amount of energy used in our economy appreciably less than it was back then. But yes, this would this would, this would rival in terms of a supply shock that time period if Russia was to go ahead and embargo it's oil to the rest of the world. All right, John killed Uff, great to get your insights

this morning. John killed Off is founding partner of Again Capital, and just looking at prices right now, we have seen pretty significant swings just in the current ash and right now Nimex crude is down two percent, down two dollars forty six cents right now at a hundred one dollar forty two cents of barrel. Brent is down one point four percent or a dollar eighty nine at a hundred twenty six dollars six cents per barrel. Karen Nathan, it's five or day three on wall straight time for the

Bloomberg Laapour. Let's get to the legal stories we're watching this morning. From Bloomberg Jeff Bellinger, OSHA is launching a three month inspection push that will target healthcare employers where COVID nineteen hazards were previously identified. A suit filed in San Francisco accuses Airbnb availing to warn guests about hidden cameras and homes rented on its platform and taking no

steps to prevent guests from being recorded. Voters in Napa Valley, California, will consider a quarters sent sales tax increase as part of an initiative to improve fire services. The levy was unanimously approved by the board of supervisors. Bloomberg Law Everything you need all on on legal research platform, including guidance analysis and Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. All right, Jeff, thank you. Now. Another

legal story we're watching this week. The Supreme Court limited the reach of a three strikes law that enhances the sentences of career criminals in federal gun cases. The Armed Career Criminal Act imposes a mandatory fifteen year prison sentence for anyone possession of a gun who has three prior convictions for violent felonies, and which prior offenses count toward these three strikes can make a huge difference in sentencing.

For more in the issue, Jim Grassos spaced to Bloomberg Law reporter Jordan Reuben Jordan, this was yet another case before the Court on the Armed Career Criminal Act. What was the issue here? So the issue in his case was whether his prior offenses counted towards this three strikes law, the Armed Career Criminal Act, And that's the issue at the Supreme Court, and it's a law that is being

deigated all the time at the Supreme Court. Really drives the justices nuts because of how difficult it is to figure out really whether these prior convictions can count, and there's just so many issues that arise in trying to figure that out. And that was what was happening in Wooden's case. Tell us about the burglary, wouldn't have pleaded to it was sort of an escalating crime, but in one place exactly, And so it's all about how you

describe it, right, It's the issue here. It was this specific component of the Act which includes crimes that are quote committed on occasions different from another end quote. And

so the question is what counts as an occasion? Sounds simple enough, right, Well, the court had a pretty difficult time with it because they were looking back at Wooden's prior convictions, namely back to this one night in Georgia where he pleaded guilty to ten counts of burglary for entering ten units of a Georgia minis storage facility on the same night. The question was whether that counts as ten separate offenses under this career criminal law or just one.

And so that all came down to the question of whether it was one occasion or whether it was ten different occasions. And the Court, in an opinion by Justice Kagan, said that counted as just one occasion based on plain English meaning of the word occasion. I love her opinions, and in this one she gave an example that involved a wedding ceremony and a barroom brawl. There was a lot of colorful aspects to just Cagan's opinion. She's a

great writer. He talked about, for example, how if you know someone had busted out on a condo line or something like that while you were giving your wedding vows, that would all happen during the wedding occasion. But obviously that's not the way that normal people will refer to the term. And so that was kind of the thrust of Kegan's opinion, all about trying to describe it in a way that normal people talk about things. And as Bloomberg Law reporter Jordan Rubens speaking with the June Grosso.

Catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law Podcast, and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com. Again, futures are on the rise, with SNP futures up sixty five points down futures have four hundred fifty Nasdaq futures have two hundred fifty three ten year Treasury down sixteen thirty seconds, the

yield one point nine zero percent. They yield on the two year one point six five percent, and im X screwed oiled down more than a two percent and still ahead. On Bloomberg Day Break and check on the business headlines and all the news you need to start your day. This is Bloomberg