Bloomberg Daybreak: May 16, 2022 - Hour 2 (Radio)

other cities as well. Plus Pennsylvania's Lieutenant governor self for a stroke because he runs from the U. S. Senate. I'm Michael bar More Ahead, I'm John Stashower Sports. The Rangers are moving on. They beat the Penguins in overtime in Game seven, it went for the Yankees, a tough

loss for the map. That's all s traindy Head on Bloomberg Daybreak on Bloomberg e Living freon New York, Bloomberg one, Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties and Francisco Syrius XM one nineteen and around the world Old on Bloomberg Radio dot Com and by the Bloomberg Business app and good morning. I'm Karen Moscow Antime

John Sucker. Bloomberg Daybreak being brought to you by b n y Melon's Persian Inside conference back in person June fifteen through the seventeenth and Grapevine, Texas must attend event for financial advisors registered today at Insight dot b n y melon dot com. All right, John, thank you, and we are watching his headline cross the Bloomberg. McDonald's to exit from Russia again. That just crossing the Bloomberg and

we'll have more details coming up. But first, US futures lower this morning at six o one on wallstra On Wall Street, we checked the markets every fifteen minutes throughout the trading day on bloomberg S and P futures down sixteen, Boyds down, futures down fifty eight, and now's day features down seventy six. John and Karen, we begin with disappointing data out of Asia. China's economy contracted in April as COVID lockdown's dragged on the industrial and consumer sectors. Bloomberg

Daybreak Asia anchor Ryan Curtis has details. Retail sales contracted eleven point one percent. That was weaker than a projected drop of six point six percent. Industrial output down two point nine percent from a year ago and worse than an estimate of a modest game. The unemployment rate rose to six point one percent, and that was higher than the forecast of six percent. Now, despite the slowdown, China's

Central Bank held back from cutting interest rates. Brian Curtis Spoomberg Day Break, Brian, thank you back here in the US. Economists at Goldman Sachs are cutting their forecast for US growth and we get the latest lie from Bloomberg's or I need a young in New York. Good morning, Renty Down,

Good morning Karen. Goldman SAX economists see the US growing two point four percent this year, at one point six percent in three that's down from two point six percent and two point two percent previously, and it's an adjustment to reflect the shakeout in financial markets as the Federal Reserve titans monetary policy. Goldman Sax also projects the unemployment rate will rise to three point seven percent by the end of next year, after falling to three point four

percent in coming months. Live in New York. I'm gonna need a young Bloomberg Day Break, All right, thanks for NITA On the same day Goldman cut its forecast. The firm's former boss, Lloyd Blank, find says the US is at a very high risk for recession. It's definitely a risk. If I were running a big company, I would be very prepared for it. If I was a consumer, I'd be prepared for it. But it's not baked in the cake. Former Goldman saxy Lloyd Blank find making the comments on

Face the Nation from CBS. You can catch the program Sunday afternoons on Bloomberg Radio. And another note on Goldman This Morning, John. In an effort to retain talent, the bank will allow senior staff to take an unlimited number of vacation days. That's according to a company memo seen by Bloomberg News. Junior employees at Goldman still have limits on vacation, but at the beginning at least two extra

days off per year. And we have another big company making moves to a track workers Walmart unveiling a fast track path to a job as store manager as the reeds others, seeks to bolster its supply of managers in a tight labor market. More from Bloomberg's Dog Prisoner. The position of store manager typically pays more than two hundred thousand dollars a year, and traditionally the job takes years to get but now Walmart is launching its College two

career program. It will provide classroom training together with hands on experience and mentoring for recent and soon to be grad's. Top performers will be offered a role as an emerging coach. The position starts with pay of at least sixty five thousand dollars a year, with a goal of becoming a store manager within two years. In New York, on Doug Prisner Bloomberg Daybreak, all right, Dock, thank you, we do

have some possible deal news this Monday morning. Jeff Blue Airways has made a hostile three and a quarter billion dollar takeover bid for Spirit Airlines. Jeff Blue is trying to block the discount carriers a great takeover by Frontier Group. Jeff Blue is offering thirty dollars a share for Spirit. Traders appear skeptical, though Spirit shares are trading around twenty dollars in the pre market. And another major story we're following involves the mass shooting in Buffalo over the weekend.

The Justice Department he's investigating this as an act of racially motivated violent extremism. The shooting leapt ten people dead and three wounded. Eleven of the people's shop were black, and eighteen year old white man was arrested. President Biden discussed the incident at the US Capitol yesterday. We must all work together addressed to hate. It remains a stain. I'm the sole American hearts are heavy once again, but

resolve must never ever waiver. President Biden surging police departments to spend federal law enforcement AID, saying it can help reduce gun violence. Well. Turning overseas now, John, it's another dramatic change triggered by Russia's invasion of Ukraine. NATO members are rallying around Finland and Sweden after the country's announced plans to join the alliance. Details now from Amy Morris

in our Bloomberg newsroom in Washington. At the NATO minister's meeting in Berlin, u S Secretary of State Antony And said Washington will support whatever decisions the two countries make. Long supported NATO's up indoor policy and the right of all countries to decide their own futures, their policies, their security arrangements. NATO members rallied around Finland and Sweden, with

one country Turkey, voicing concerns. Sweden is sending diplomats to Ankara for talks, and NATO's Secretary General John Stoltenberg says he does not expect Turkey to delay the membership procedure. In Washington, I'm maybe Morris Bloomberg daybreak all right, thanks to Amy. Another note out of Europe involving the war in Ukraine. Germany says it plans to quit importing Russian oil by the end of the year. That's even if the European Union fails to agree on a band and

its next set of sanctions. Russia's share of German oil consumption has already declined to twelve percent from about thirty five percent before the war began. And the price of wheat has skyrocketed since the start of the war, John, and it's climbing again today. Wheat prices stored by the exchange limit after India moved to restrict export. That shows

how tight global food supplies are at the moment. Whet has written about six this year that's increased the cost of everything from bread to cake and noodles and again McDonald's to exit from Russia. It's pursuing a sale of its entire Russia portfolio. And straight ahead your latest local headlines plus the check of sports, and this is Bloomberg all right, Thanks Karen six o seven on Wall Street and time to bring in Michael Barr to find out what else is going on in New York and around

the world. John, thank you very much, Sir Moore on the mass shooting in Buffalo. Vigils were held across Buffalo after ten people were killed and three others wounded, and what officials are calling a racially motivated attack at a busy supermarket. Police say the suspected gunnerman, who is eighteen and white, had researched the area that is about seventy black Peyton Gendrin appeared in court and pleaded not guilty

to murder. New York Governor Kathy Hokel. I'm calling out the social media platforms where this hate be skewed and people are learning how to create guns and violence and weapons. Governor hoc called for government action to control the spread of guns. One of those killed was a church deacon. The church is Pastor Russell Bell It boggles my mind that this young man traveled two hundred miles four hours

to target our community. Pastor Bell says the victim, Hayward Paerson, was helping to put groceries in another person's car when he was shot and killed. A mass shooting in California left one person dead and five others heard after our gunman opened fire inside the church in Laguna Woods, Orange County. Officials say the suspect as an Asian man in his

sixties who entered a Taiwanese luncheon at the church. Orange County under share of Jack Halleck says the gunman was disarmed by members of the church and held until authorities came. We believe a group of churchgoers detain him and hog tight his legs with an extension court and confiscated at least two weapons from him. Under Sheriff Aleck says they don't believe the gunman lives in the area. Two people were killed three others injured in a shooting near a

flea market in North Harris County, Texas. The Sheriff's department says a fight led to that shooting. Gun violence in Milwaukee forced the city to impose a two night curfew for people under twenty one. More than twenty people were shot in less than two hours in downtown Milwaukee over the weekend. One of the front runners in the race for a US Senate seat in Pennsylvania's sideline because of

a stroke. Pennsylvania's Lieutenant Governor John Fetterman, who is atop the polls ahead of Tuesday's Democratic Senate primary, says he is on his way to a full recovery. The Biden administration today released a housing supply Action plan meant to help create thousands of affordable housing units in the next three years. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than one twenty countries.

Michael barn This is Bloomberg, John, Michael, thank you, and it sounds six ten on Wall Street. Time for the Bluebird Sports Upday. Here's John Stesshower. Thanks John. It was only a first round series, but what a series it was. Rangers and Penguins. It began at the Garden with triple overtime. It ended back at the Old at the Garden overtime

once again. It seen seconds with the Dana Panish top the right circle, close hit shoots off, it's open finery scores and the Rangers of one game seven in overtime the three that's how sound the w e p and the Ranger has lost that series over They never let in the series until last night. They trailed three games to one and then one three in a row. It

had to come from behind in all three. They trailed last night with six minutes left, makings the Bandage tie the game or Temmi pinnaer the game winner on the power play. Fourt of OT forty two days for egor Sis Circuit is the Penguins at fifteen more shots. It's on the round two Game one with the Carolina Hurricanes

Wednesday in Raleigh. The other game seven, also overtime. Calgary beat Dallas, but the Dallas Mavericks, who won their Game seven and Phoenix by thirty threes of the Suns, who had the NBA's best record, are out the West Finals will beat Dallas against Golden State. It will be Miami and Boston in the East. The Celtics won Game seven over Milwaukee by twenty eight. The Mets of the ninth

they ain't score twice had the bases loaded. Peter Alonso at first appeared to have drawn a game time and walk on a three two pitch, but the first phase umpire called at strength three. In Seattle one eighth to seven, the Metsicans a series for the first time. The Yankees won five one at Chicago, not the great outing by Nestor Court, as y were out hit four to two. The Pirates were out hit for nothing but one wander up in the reds through a no hitter and lost

John Statue Allard Bluebird Sports John Alight. John texts a lot hand just ahead of the can't show up a Wall Street futures in the red right now down futures. They're down forty points, the SMP futures right now fourteen points lower, and the ASDA futures are down the seventy three. As we take a look at treasuries this morning, the benchmark ten year yield at two nineties create that is

a one basis point. You're listening to Bloomberg tape break, and just ahead Bloomberg's Tom mackenzie will join us to give us a picture of the world's second largest economy at what it means for the investment landscape. This is Bloomberg Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business outland at Bloomberg Quick Tape. This is a Bloomberg business flash and

I'm Karen Moscow. And McDonald's is saying it's gonna pull out of Russia after more than thirty years of operation in the country. It's going to also take a write off of one point two billion to one point four billion dollars for the move. McDonald says it has initiated a process to sell the Russian business after temporarily closing its restaurants there. Futures this morning are moving lower. SMP futures down four teen points this morning down, futures down

forty three and nasday features down seventy two. The decks in Germany's down six tenths of upper cent ten. Your treasury down three thirty seconds, yield two point nine three percent. The yield in the two year two point six zero percent.

Nin Max screwed oil is down half percent, or fifty nine cents at a hundred nine dollars ninety cents of barrel co makes gold down three tents per cent or five dollars seventy cents at eighteen o two forty announced the euro one point oh four two one against the dollar, British pound one point to two four one, and the yen at one twenty nine point three zero. Bitcoin this morning lower down four percent at twenty nine thousand, seven

hundred fifty dollars. That's a Bloomberg business flash. Now here's Michael bar with more on what's going on around the world. Muggel Karen, thank you very much. NATO members rallied around Finland and Sweden after they announced plans to join the Alliance. It marks another dramatic change triggered by Russia's war in Ukraine.

Authorities say the white eighteen year old gunmen who killed ten people at a Buffalo supermarket during a rampage that's are get at black people, had previously made a threat at his high school, but they say Peyton Gendrin was never charged. In the NHL playoffs and exciting Game seven, the Rangers advanced after beating the Penguins in overtime for three. In the NBA Playoffs, the Celtics won their Game seven

against the Bucks. In baseball, the Yankees one the Mets, red Sox, Orioles, Nationals, Giants and as all lost Global news twenty four hours a day on air, hand on Bloomberg Quick Tech, powered by more than seven hundred journalist and analysts in more than a hundred twenty countries. I'm Michael bar This is Bloomberg John, Thank you, sir. It is now six twenty on Wall Street and we are live for the Bloomberg in tryn To Brokers Studios. This

is Bloomberg Daybreak. China's economy paying the price for the government's COVID zero policy, and let's take a deeper dive this morning into this story. Joining us he is Bloomberg Radio anchor Tom mackenzie, who covered China for more than five years. So Tom, first of all, thanks for being here. One of the figures tell us about China's economy, Well, the survey of economists had expected that it was going to be bad for the month of April, but not

this bad. The retail numbers in particular stand out. So the Chinese consumer really under pressure as a result of these lockdowns that you've seen, of course enforced in cities like Shanghai, but also partial lockdowns in cities of Beijing and further northeast as well. You saw retail sales falling more than eleven percent year on year. The other key component that stood out for me was the unemployment rate.

The jobless rate moving above six percent, and that's only a partial slice of the jobless rate that we see across China because of the limitations around that survey, so the actual real number is probably higher than that. And youth unemployment hitting a record, a key concern for the stability obsessed Communist Party of China. So these are very bad numbers. The second quarter, some economists are saying, could

see a contraction. It certainly makes the goal, the year end goal of getting five point five percent growth, which the government said itself incredibly challenging. So does COVID zero remain government policy. So this is what analysts and economists are watching. Is there going to be any movement? So far, you've had present sej Ping and others coming out and reiterating that COVID zero is a policy they will continue

to pursue. But you have had officials in cities like Shanghai saying we now have a roadmap for easing these restrictions. They're looking at between mid to end June to get back to some level of normalization, and they've started to allow some shops and some services to start reopening again in a very gradual phase way. We know that officials are looking at additional policy stimulus for this economy, but it's very hard to implement when large parts of that

economy face these kind of restrictions. For now, the top line is at COVID zero isn't going away anywhere. Okay, what kind of pushback are again? We've all seen those videos of confrontations in the streets. It's been substantial. I've been in contact with people with friends in Shanghai. There is deep resentment, deep anger about this policy, and certainly there's been a lot of videos and evidence at the

heavy had in this of this approach. Do you have still hundreds of thousands of people in that key financial city, Shanghai, of course, the second most important city in China, the beating financial heart of it, lockdown still and they've been in that situation for more than fifty days. They've had problems around accessing food, around accessing healthcare. Again. The officials say they now have a plan to start to gradually

open up, but there is deep, resenting, deep anger. How long that lasts after this is something certainly to watch and to gauge how firmly is Shooting ping empower at this point. Most China watchers suggest that there's very little chance the present Shooting Ping is facing any real threat

to his power. However, there is some speculation and some appointing to potential divisions between him and Premier Lika Chang, who has come out and urged greater support for the economy and talked of the concerns and the impact of these COVID zero policies. Some are reading into the commentary by Premier League Chang as a suggesting that there's a

rift at the top. No one that I know who is watching China closely thinks President Using Ping is imminently threatened by any of this, But certainly it's likely to called tensions within the party because this is a very difficult balancing act. All right back to the you can have up front, what are the countries targets right now? How realistic are they? So? Five point five is the end of year GDP target that that they've set themselves.

And again some economists that we've spoken to have suggested you're going to get contraction in the second quarter. Most economists think that hitting that five point five GDP is going to be very challenging the polit bureau, so the leading the top leaders within the Communist Party have come out and said they are determined to meet those goals. We've seen some changes around the edges in terms of

policy support. So for example, over the weekend they cut the mortgage rate for first time buyers to try and bolster the real estate sector. But again it's very challenging to implement policy when so much of the economy is lockdown. The other element that we saw the data we saw on Friday was that loan growth that actually shrine quite considerably.

People have alsely homeowners and people wanted to buy cars and service their apartments aren't taking out loans because they are concerned, of course about their job prospects, and many of them are locked into their own homes. So loan growth has shrunk considerably, meaning the credit isn't getting to the system. So there's a transmission problem between the PBOC, the People's Bank of China and people living and operating on the ground. There are real, real quick or the

implication for supply chains. Well, we've seen analysis by Bloomberg hundred eighty companies out of the earnings sector conglomerates, those with exposers to China have talked about supply chains and concerns about the impacts and Chinese seen the lights of Tesla have hit been hit by this. The factory in Shanghai was locked down for three or three weeks. Who had to stop production for three weeks. They're now back up and running. Apple has been impacted this, so the

supply change challenges are certainly significant. Bloomberg Radio anchored to McKenzie tub thanks very much, we appreciate it. And ahead of the market open ad was free futures on the red right now down Future is down sixty three s and futures down sixteen. The nandact future is any point slower. You're listening to Bloomberg day Break and day Break being brount to you by the Jewish Communal Fund j c F. S don't er advised. Fought is the smart choice to

manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit j c F n y dot org broadcasting live from the Bloomberg Interactive Broker studio in New York, Bloomberg E Living Free to Washington, d C. Bloomberg one to Boston, Bloomberg one six one to San Francisco, Bloomberg nine sixty to the country, Sirius XM total one nine te and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Day Break bloom

It's six thirty on Wall Street. Good morning. I'm John Tucker and I'm Karen Moscow. We're just about three hours away from the open of US trading. Time to the five things you need to notice start your day. Ron to you by I b k R. Investment Advisers switched to Interactive Brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no conflicts of your interests at ibkr dot com. Slash r i a up first. Industrial output and retail sales in China fell in April,

while unemployment climbed. COVID lockdowns are being blamed. Shetan a chief Asia Economists, and Morgan Stanley says outlook remains strong once China moves past its COVID zero policy. You do need solution to this near zero COVID policy. It's not about just the economic policy easing itself. Now. We need to see that, you know, economy gets going with freeing up of restrictions on mobility. Morgan Stanley Shetania says China supply chain constraints also appear to be easing and back

here in the US, Goldman sacks cutting growth forecast. Bloomberg's Reany the Young joins us Live in New York with more Good Morning Rena, Good morning, John Goldman sax economists see the US growing two point four percent this year and one point six percent in three. That's down from two point six percent and two point two percent. It reflects the shakeout in financial markets as the Federal Reserve

titans monetary policy. Goldman projects unemployment to rise to three point seven percent by the end of three after falling to three point four percent in coming months. Live in New York. I'm re need a Young Bloomberg day break. All right, we need to thank you. While Goldman's former leader Lloyd blank find warrens the US should prepare for a recession despite the Fed's best efforts to avoid one. I think the FETE has very powerful tools. It's hard to finally tune them, and it's hard to see the

effects of them quickly enough to alter. Former Goldman sax CEO Lloyd blank find spoke on Face the Nation from CBS, which are Sundays on Bloomberg Radio, and we're tracking the latest from this weekend's mass shooting in Buffalo. It left ten people down, three wounded. Eleven of the people shop were black. President Biden spoke about the arrest of the eight teen year old white suspect. The Justice Department is stated publicly that is investigating the matter as a hate crime,

racially motivated, active white supremacy, and violent extrema. President Budden speaking at the National Peace Officers Memorial in Washington and John followed from Russia's invasion of Ukraine, Finland and Sweden announced they plan to join NATO, and McDonald's is exiting Russia with a complete sale of its portfolio. That's the five things you need to know to start your day, brought to you by Interactive Brokers and Straight to Head your latest local headlines, plus the check of sports. This

is Bloomberg. Thanks Karen six three on Wall Street and let's bring in Michael barn Now to tell us what else is going on in New York and around the world. Thank you very much, John Moore. On the mass shooting in Buffalo, New York Governor Kathy Hoko called on social media companies to do more to crackdown on racist, anti immigrant, and anti Semitic rhetoric on their platforms. Governor Hocal says the man accused of shooting and killing ten people in

a Buffalo supermarket was radicalized online. Hocal says the accused eighteen year old shooter broadcast the attack, which took place in a predominantly black neighborhood, and had posted a white supremacist manifesto online. The governor also called on the government to control the spread of guns. This is not Ukraine where they're defending their lives. This is United States of America. We don't need those weapons in our streets and on

our hands. Governor hokel spoke at Macedonia Baptist Church in Buffalo. A mass shooting in California left one person dead and five others heard after a gunman opened fire inside a church in Laguna Woods, Orange County. Authorities say the gunman was disarmed by members of the church and held until authorities came. Shootings also took place in Texas and Milwaukee. The leading Democratic candidate in the US Senate race in Pennsylvania,

State Lieutenant Governor John Fetterman, suffered a stroke. Fetterman released a reef video on Twitter with his wife. It was on Friday. I just wasn't feeling very well, so I decided, you know what, I need to get checked out because I was as always. It's not clear when Fetterman will return to the campaign trail ahead of Tuesday's primary. Two bills aimed at resolving the baby formula crisis appeared to

be coming together on Capitol Hill. One is an emergency funding bill that would allow the US to purchase formula from f d A approved facilities in four countries. Another with wide and formula access under a low income program. This Massachusetts mom says she's been driving all over New England looking for a formula for her ten month old daughter and like in the car today for four hours. The seven stores I checked personally, none of them but

one had my daughter's formula. She also has some internet sites that are involved in price gouging. North Korean leader Kim John Une blasted officials over slow medicine deliveries. The North has ordered his military to respond to the largely undiagnosed COVID nineteen crisis that has left one point two million people ill with fever and fifty dead in a

matter of days. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts in more than a hundred twenty countries. I'm Michael bar This is Bloomberg, John, Michael, thank you. He is now six thirty six Wallsbury And that's Sime for the Bloomberg Sports Update. Here's John Stenn Show. Thanks John. When the Rangers lost Game four in Pittsburgh seven to two, things didn't look good. They were down

three games to one. Only twice in franchise history had they won a series from down three one. But they came from two goals down to win Game five. Did the same thing in Game six in Pittsburgh and trailed again last night with under six minutes to play. Barrino patted around, taken by coppers. Manochat store is a bad Chattis tipe Game seven with five forty five a go, It's three all often so like the Game one at

the Garden that went triple overtime. Overtime in Game seven, Rangers got a power play r Temmy Pinnerin, who had a somewhat quiet series, scored four or forty five of ot and the Rangers won four to three and won the series for three. And I'll face the Carolina Hurricanes Game one Wednesday in Raleigh, also over time in Game seven at Calgary, the Flames being Dallas, so Dallas split Game seven's The Mavericks and a stunner blew out the

Suns in Phoenix one three to ninety. They're up thirty at half time, so Dallas will play Golden State in the NBA's West Finals. The Celtics will take on Miami and the East. Boston won Game seven over Milwaukee one o nine to eighty one to the NBA. Game sevens were both blowouts. In the two NHL Game seven both went overtime. Yankees had only two hits and won five to one at Chicago. Another great aunay by Nestor Cortez is here. A one point three five Gangs have won

eight team to the last twenty one. I met ninth inning comeback, fell short. They lost in Seattle eight to seven. They lose the series for the first time. The Cincinnati Reads through a no hitter and lost in Pittsburgh into nothing. John Stashal want Bloomberg Sports, John Ali, John, thanks very much. It is right now sixty seven hold Wall Street and time to take a look at stocks as some of the names that are moving in the pre market this morning.

And for that we're joined by Bloomberg Radio and TV Markets correspondent Creta. Pretty I'm not saying there's a food shortage, but there's certainly worries on that end, and that's giving a boost to some of the stocks that we're looking at this morning. Yeah, it really is. I mean, over the weekend we heard that India is now looking to

have an export ban on wheat. This is really important as we talk about the impact of Ukraine and Russia, the idea that over of the world's grain supply is essentially not hitting the market because of the war that's happening in that region. So you have to look to other countries like India, like the United States to make up some of that impact. And when you do have a country like India come out and say as they did over the weekend that they're going to ban some

of their exports. They are going to help out some of the countries they already have contrasts with Egypt, for example, but they're not going to be that plan B that a lot of the agricultural industry was really hoping they would be in terms of getting their hands on the grain supply. John. This comes also after last week you had a report from the U s d A I believe, coming on saying that the grain harvest in the United

States is now hitting a six year low. You all, lot of this has to do with climate, has to do with simply the crop conditions as well. But what that means for the stock impact is is companies like Archer Daniels Midland, which of course is exposed to a lot of that farming equipment a d M is your taker. It's up at one point seven percent because it means there's going to be more and more need to invest in things like farming equipment, in agricultural products, fertilizer, which

brings me to my other stock. You want to keep your eye on mosaic m os up one point seven percent, So clearly an agricultural story. Having a read through into the broader market. All right, Well, China had some pretty ambitious economic targets to meet and they ran small in the COVID zero so imagined some of the stocks tied to China are taking it on the chin. Yeah, the

best place to look at that. I mean, we've got a lot of that eco data overnight where they said a lot of that consumer spending, industrial spending has dropped because of the lockdowns zero zero COVID policy. They're not really going to stray from an immediate impact into the Some of your worst performers this morning, Win Resources, for example, w y n N in Las Vegas, Fans LVS both down about three percent in the pre market, and this has everything to do with the idea of their exposure

in Macau and in Hong Kong. So of course those are gonna be stocked. You want to keep an eye on when it comes to the Chinese eco data actually having ripple effects into American businesses. So keep an eye on the stock. John Pretty, you always supplies your thanks appreciate. Bloomberg Radio and TV Markets corresponded pretty grouped with us this Monday morning and looking at the stocks as a whole ahead of the cans show up on odd Wall Street.

But now we have the SMP. Even the futures they're down through team points, the down futures thirty seven points lower and the dance they comm any futures are down sixty nine points. Give it treasuries here as well. The tenure yield, the benchmark up one basis point, the yield two point nine. You are listening to Bloomberg Daybreak and the Bloomberg Weather from meteorologist Rob Carol had mostly cloud a, scattered showers in thunderstorms, especially this afternoon. Some of these

could be severe. The high temperature today to eighty degrees. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg crick Tape. This is a Bloomberg Business Flash and I'm Karen Moscow future is lower this morning. We go to the First Word breaking news desk for today's morning call. Here's Bill Maloney. Bill, good morning, and good morning, Karen. Modest losses in the futures right now at death futures

down thirty two points, as bees dropped twelve one. Nest that futures are lower by sixty two the US a ten year at two point nine three percent, Gold is down eight oil is also in the red, and bitcoin is down by three point six percent. Japan rose half percent overnight, while up markets are trading mixed this morning and back in the US on the Economic Funday thirty Empire Manufacturing Indian news Jet Blue made a hostile takeover

offer for Spirit Airlines at thirty hours a share. In other news, Goldman Sacks cut US growth forecast for two and three, and McDonald's is exiting Russia with a complete sale of its portfolio to a local buyer, wrapping things up.

Marathon Patrol and cuts to neutral ad Goldman Sachs. Alibaba eight yrs were raised to overweight at Jacob Morgan and so Far was raised to overweight over Red Piper Live from the First Breaking News Desk, Gone go Maloney, Karen, all right, Bill, thank you to here live breaking news over your Bloomberg type squawk on your terminal squ a w K. That's a Bloomberg business a show. Where's Michael Barrow with more on what's going on around the world, Michael, Karen,

thank you very much. Finland announced that it would seek NATO membership after Russia's invasion of Ukraine. Sweden's governing party also endorsed the idea of applying to join the Alliance. Ahead of his plan visit the Buffalo tomorrow, President Biden is saying that it is time to address the hate and that remains a stain on the soul of America. The mass shooting that left ten people dead and three wounded at a supermarket and Upstate New York is being

described as a racially motivated massacre. In the NHL Playoffs, an Eggs signing Game seven, the Rangers advanced after beating the Penguins in overtime for three. In the NBA Playoffs, the Celtics won their Game seven against the Bucks. In baseball, the Yankees one, the Mets, Red Sox, Orioles, Nationals, Giants, A's all lost. Global news twenty four hours a day on here and on Bloomberg Quick Take, powered by more than seven hundred journalists analysts more than a hundred twenty countries.

Michael Barr and this is Bloomberg. Karen alright, Michael, thank you. At six forty nine on Wall Street. Return to news and science and Technology Now with a Bloomberg and j I t Stam report now here's just making news and science, technology, engineering, and math authorities say most of Shanghai has stopped the spread of the coronavirus in the community, and fewer than

one million people remain under strict and lockdown. Supermarket, smalls and restaurants were allowed to reopen with limits on the numbers of people and mandated no contact transactions, but most of the city's twenty five million people remain under some form of restriction. Movement around the city is highly limited,

and the subway train system remains closed for now. Six months after the signing of President Joe Biden's one trillion dollar infrastructure package, the government says there are four thousand, three hundred projects under way. Of the one hundred ten billion announced so far, more than fifty two billion is for federal highway funding this fiscal year and twenty and

a half billion dollars for public transit. There's another twenty seven billion over five years for bridges, as well as money for safety, rural highways, airport, sports, drought resilience and other programs. And it's the latest move by a Wall Street bank to retain talent and a hot job market. Goman sacks will allow senior staff to take an unlimited number of vacation days. That's according to a company memo scene by Bloomberg and as a Bloomberg and j I. T.

Stem report, John a limited vacation. Alright, Karen, We're live for the Bloomberg Interact to Broker's Studios, where it is now six fifty on Wall Street. Time now to check what's going on to d C and Some of the top stories in our nation capital include President Biden calling for action after the mass shootings over the weekend, NATO preparing to add Finland and Sweden to northern defenses. Senate Republican leader Mitch McConnell counters isolationist voices in the Republican

Party on Ukraine. And John Fetterman, the leading Democratic candidate for the U. S. Senate in Pennsylvania, says he is now recovering after being hospitalized. One time rising star Madison Cawthorne faces a Republican fight as his gaffs start to I love Now, let's take a deeper dive into some of these stories this morning with Bloomberg Government reporter Emily Wilkins.

The President addressing the mass shootings over the weekend to Emily and what exactly is he calling for so a President Biden has really focused on the fact that these shootings were racially motivated, that the shooter chose an area, chose a supermarket in Buffalo, New York that did have a higher percentage of of black Americans there to carry out his shooting. And Biden has made it clear that you know that this is unacceptable, UM, and he's pleaded

for uh. You've heard him really talk about the need to sort of, you know, work together to address the hate that remains, uh, staying on the soul of America. That's one of the things we heard him say over the weekend. But what you didn't hear, I think is actually what's a little bit more newsy, John, and that's you did not hear a call from Biden for federal

action at this point. It's it's clear, as it has been for some time, that they're just not the votes that are needed for the Senate to wind up passing any sort of legislation UM that either you know, reduces uh, the access to guns or requires additional standards or metrics to get gun control. You did hear a call for federal action from New York Governor Kathy HOCl Um as well as some local, uh local officials. UM now speaking, Nancy Pelosi said this was a huge priority. But again,

I mean she knows the math. She knows that that at this point, because of the makeup of the House and the Senate, there's the House was able to pass some legislation, but that there's no way at this point that gets through the Senate. And not to mention it is the Supreme Court also at some point is going to take up the New York City for instance, the

local restrictions on guns. UM. The next story I want to focus on real quick here Emily NATO preparing to add a couple of members of the Northern Defenses, namely Finland and Sweden. How is this playing out? And uh, what is Ladmer Putent's reaction to it? I guess is one of the things we'll have to watch out for. So yeah, I mean this is being welcomed by a number of countries, including the US. That Finland and Sweden on Sunday they announced their plans to join the alliance.

And this has really come uh due to Russia's invasion of Ukraine. That the leaders of both these countries said that it is important that you know if they come under attack, that they will be helped by these by these other states, and that they'll be able to help other countries if they're attacked. And so this is certainly something that we've kind of seen this direct correlation to I mean, certainly this isn't what Putin wanted to happen, where he wanted to weaken NATO. He wanted to stop

NATO's expansion. He was very concerned about that. Instead, this war has risen fears in these other countries about leading them to say, hey, we actually need NATO now. We were, you know, being neutral and impartial before, but now that we're seeing what Russia is doing to Ukraine, we think that we need to take the precautions needed to join NATO at this time. And related to that, the Senate Republican leader Ritch McConnell, he's been overseas kind of countering

the isolation of his voices in his own party. Tell us more about that. Yes, the McConnell actually met with rob Ukrainian President of Vladimizilinsky. And this has comes as the Senate is working to pass forty billion dollars of financial aid to Ukraine. This will be different things like military, including humanitarian aid, aide for refugees, aide to re start,

you know, rebuilding and recoming back as a country. UM. The difficulty here was that they tried to move this legislation via an expedited process last week and it got held up by one senator, Senator Ran Paul of Kentucky. And I think what McConnell's really trying to do here is to try and counteract any sort of message that

the US is not united on this UM. One thing you've heard from McConnell, from Flosi, from Biden, from really all the top leaders is how important it is that the US brings forward a very unified front in their support of Ukraine and in their opposition to Russia. And I think what you're seeing McConnell do here is a little bit of damage control, saying, hey, don't just because we had one senator who did not vote to pass this quickly because he wanted additional amendment text, don't misunderstand

the US still stands very much behind Ukraine. And some local politics a little more local. John Federman, he's the leading candidate from the Democratic Party for the Senate in Pennsylvania. What's the update on this story. He had a stroke. Yeah, and he says that he is now recovering after being hospitalized for a stroke. Uh. He says that, you know, if he was able to get to a hospital within minutes of his first symptoms, so has appeared on Friday.

He says that he's feeling much better, that they didn't suffer any cognitive damage. Uh. You know this guy, he's only fifty two. Uh, he can't told some of his weekend campaigning. I mean that might wind up being the biggest impact here is that he's not on the trail the weekend before his campaign. But currently he is up for about thirty points over his competition. Um, and he's well poised at this point to win that nomination for the Democratic primary and bat will take place this Tuesday.

And uh, real quick, one time rising store in the Republican Party. Madison Cawthorne. Who is he and what's he up against? Yeah? So Madison Cawthorne, He's a Republican, very pro Trump. He's from the very solidly Republican district in North Carolina, and he is the youngest member of Congress and he's they seen a very very tough primary right now. And this is because of several reasons. Um. Number one, just some scrutiny and criticism over some of his statements.

He called Ukrainian President Vladimir's Lenskia thug that was very much criticized by those within his own party. He also suggested that Republicans were heaving orgies and doing cocaine. Uh. That also upset a number of individuals in his own party, to the extent that you now have one of the Republican centers running against advertising against him. So he faces

a very tough primary as well. All Right, thanks a lot, Bloomberg's Emily Wilkins, and you can read more about these stories on Bloomberg dot com or the Bloomberg terminal, and you can also follow the latest on Bloomberg Radio in Washington. That's Bloomberg at one O five seven FM HD two. Shut the cash open on Wall Street right now. The futures are lower, the DOWN futures down fifty two points, smp E mini futures are fourteen points lower, and the

nasdack futures are down sixty five points. I'm John Tucker for Karen Moscow. You're listening to Bloomberg Daybreak just to hand Bloomberg surveillance