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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, the war with Iran is now into a seventh day and there is little sign of let up on either side. This morning, Iran's Mayor News service reports Tehran has fired a massive barrage of missiles at Israel. That says Israel hits Tehran and be root with air strikes. President Trump says the US continues to totally demolish Iran's forces, so they have.
No air force, they have no air defense.
All of their airplanes are goun, their communications are gun missiles. A gun launches a gun about sixty percent and sixty four percent, respectively.
Other than that, they're doing quite well.
President Trump spoke at the White House. We get more from Bloomberg's Patrick Sykes in Istanbul.
Yeah, reports are particularly as particularly heavy strikes in Tehran overnight in early this morning. We've also had more attacks touching Israel, Saudi katan Qa as well as northern Iraq. That's one to watch in particular because of the Kurdish dynamic there. Iran. The regime in Tehran very concerned that they could see Kurdish militants trying to take control and attack positions in that part of the region.
Bloomberg's Patrick Sykes reports Iran is warning it plans to use newer long range missiles in the coming days. That's according to a report from the country's semi official Fars news agency. The war has left more than thirteen hundred people dead in Iran and dozens more in other parts of the Middle East. The Pentagon says six US troops have been killed, all in the first two days of fighting.
Nathan.
President Trump says he wants to have a hand in who the next leader of Iran will be. Bloomberg Middle East correspondent Jumana Burssetti has more on the search to replace Supreme Leader Ayatola Ali Hamini.
The main one that people are talking about is Hamene's son, Mushtabakhmene, who is quite little cut from the same cloth, hardliner, very close to his father's ideology, very close to the clerics and to the Revolutionary Guard. The President Trump saying Kamani's son is unacceptable to me. We want someone that will bring in harmony and peace to Iran. Other names
that are being put up. Ali Arafi, you may have heard his name because he's one of the three people on the Transitional Leadership Council or another name that's being put up, as well as the grandson of the original Supreme Leader Romani. All of these names are considered to be very close to the Revolutionary Guard, still adopting the very hardline theology and ideological positions of the former Supreme Leader.
Bloombergs Demna Bresacchi notes that Around's Assembly of Experts is responsible for appointing, supervising, and discharging the Supreme Leader. This is the second Supreme Leader the Assembly will pick in the Islamic Republic's forty seven year history.
Well, with no end insights to the fighting, Karen, we are seeing oil on the rise once again in Bloomberg's John Tucker's watching the markets for us.
John, good morning and Nathan, good morning.
The Joint Maritime Information Center announced early this morning the Strait of Hormones shipping traffic near total halt. And now this headline cutter is now warning it will not resume production until fighting stops. Oil headed for the biggest weekly
surge since twenty twenty two. A brand the international benchmark currently training above eighty seven dollars a barrel, and for some contexts, last year, about twenty million barrels of oil and petroleum products flow through the Strait of Hormones every day. Richmond Fed President Thomas Barkett is telling Bloomberg, it's the price at the pump matters a lot in terms of sentiment in the US and crowding out other spending.
And so I'm just watching prices at the pump. They've jumped up over the last week. You can see that when you drive around. But of course no one knows whether this is going to be short term or long term, and so we'll just see where it goes well.
US gasoline pump prices have now advanced to the highest level since September twenty twenty four, to triple a the average retail price of regular three point thirty two a gallon in New York On John Tucker Bloomberg.
Radio, Right, John, thank you. The financial and logistical troubles the Iran war is causing for the global aviation industry are compounding by the day. The number of canceled flights to Middle East tubs has surpassed twenty seven thousand Since fighting began, thousands of passengers have been stranded in the Gulf region.
On Capitol hillcare in the House has joined the Senate in rejecting a bill that would have forced President Trump to halt strikes on Iran. A handful of Democrats joined most Republicans in voting against the War Powers Resolution two nineteen to two twelve. House Speaker Mike Johnson says it was the right move.
Would have been a very dangerous gambit to take the Commander in chief's ability away to complete this mission. It would have been a very serious misstep by Congress, and I'm grateful that that resolution failed.
Speaker Johnson spoke on Capitol Hill after the vote. Lawmakers will have another chance to weigh in on the war soon. The White House is preparing ask Congress for billions of dollars to continue the fight against Iran.
Well Nathan. President Trump removed Christy Nome as Homeland Security Secretary after months of controversy and announced he would replace her with Oklahoma Senator Mark Wayne Mullen. Bloomberg's Amy Morris s Hays more from Washington.
Sources tell Bloomberg President Trump was upset with Nome for telling lawmakers. The president signed off on a roughly two hundred million dollar advertising campaign. Mullen talked to reporters on Capitol Hill about the chain.
I'm here to enforce the policies that Congress passed, and right now I'm part of it. But once I make that transition, my focus is to keep the homeland secure.
Trump says he'll name NOME as a special Envoy for the Shield of the Americas. It's a new security initiative, he plans to announce on Saturday at a summit with Latin American leaders. Noam posted her thanks to the President on social media, saying that she's looking forward to her new role in Washington. Amy Moore as Bloomberg Radio.
Amy thank you, and President Trump posted on social media that the move would take effect March thirty.
First, Karen Anthropic could be headed for a legal showdown on AI with the US government. The company's vowing to legally contest a Pentagon decision to declare it a threat to the US supply chain. The move puts the firm's contracted risk it provides the Pentagon with classified AI tools.
This clash came to a head last week when the White House said Anthropic would be blacklisted for refusing to allow its technology to be used for mass surveillance in the US or the development of autonomous weapons.
Well Nathan, the Trump administration is considering taking a formal role in the artificial intelligence industry. US officials have written draft regulations that would restrict AI chip shipments to anywhere in the world without American approval. Bloomberg Technology host ed Ludlow says this would make the US government the gatekeeper for who can buy large amounts of chips.
If it's a small project or small shipment, that would face lighter review. If it's a bigger data center project at say Giggle what scale that would require the tens of thousands or hundreds of thousands of GPUs the day centers of that magnitude rely on, then it would not just be a thorough review by BIS in the US government. But you're talking now about government government talks.
And bloombergs ed lolosas chip giants. Nvidia at AMD did not respond to requests for comment to the story.
Turning back to the markets, now, Karen, futures are lower after yesterday's losses on Wall Street. The S and P five hundred was down one and a half percent at one point, but it closed lower by a half percent. This morning, Wall Street awaits the latest monthly jobs report, and we get a preview from Bloomberg's Charlie Pellett.
The government's employment report is expected to show that hiring moderated last month after an unexpectedly strong reading in January. Economists surveyed by Bloomberg see the US economy adding fifty five thousand new jobs, with the unemployment rate holding at four point three percent. Kathy bus Jensik is chief economist at Nationwide Mutual.
When you look at the trend, I think the labor market has been pretty resilient here.
It's not buoyant, but resilient.
Some economists have warned that severe winter weather could dent the headline payrolls number in New York. Charlie palettes Bloomberg Radio.
And another program Note, Karen, as we've just seen this past weekend, markets may close this afternoon, but the world will not. And that is why we are bringing you a new live radio and TV show, Bloomberg this weekend. It looks beyond the headlines of the day to the
bigger themes driving politics, business, and culture. We invite you to join David Gera, Christina Raffini, and Lisa Matteo to get smart conversations and in depth interviews that help make sense of the week that's been and what comes next. Get Bloomberg This Weekend Live Saturdays and Sundays from seven am Eastern on Bloomberg Radio, Bloomberg Television, and the Bloomberg Business App.
Time now for.
Look at some of the other stories making news in New York and around the world, and for that we're joined by Bloombergy's Michael Barr Michael Good Morning.
Good Morning Karen. New York Governor Kathy Oakel says although the state was not facing any credible threats because of the unrest in the Middle East, the state cybersecurity and counter terrorism experts are monitoring the situation. Hokeel said the state remains on high alert as the conflict between the US, Israel, and Ron War stretches into a seventh day.
And it's a city that is home to over a million Muslims, a state of million Muslims, but also a million Jews as well. We are exposed. We are exposed to this as we have been in the past. So we take it very sissy. We're working hand in hand with NYPD.
Governor Hockel says she has been getting hourly updates on the situation. Groups representing US airlines and the travel industry are calling on Congress to reopen the Department of Homeland Security so that airport screeners can get paid. At a pay Federal Aviation Workers news conference in Washington, DC, President and CEO of the US Travel Association, Jeff Freeman says it's reckless not to pay these critical workers.
You can't run an industry with three trillion dollars in economic impact on IOUs.
The funding lap stems from disagreements over immigration enforcement after federal ice agents killed two Americans in Minneapolis, with the Democrats demanding reforms. Three former presidents will be among those attending the funeral service in Chicago today for the Reverend Jesse Jackson. Former Presidents Bill Clinton, Barack Obama, and Joe Biden will say a final goodbye to Jackson at what's being called the People's Celebration at the House of Hope
Baptist Church. Private service will be held Saturday at Rainbow Push Coalition headquarters for Jackson, who died at age eighty four Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr. This Isloomberg. Karen.
Thanks Michael. Time now for our Bloomberg Sports update, and for that we bring in Dan Schwartzman.
Thanks Karen.
The NHL trade deadline is this afternoon at three pm Eastern Time. Moves being made already this morning, as the Capitalist have shipped longtime defenseman John Carlson to the Ducks for a conditional first round pick and a third rounder. Houston Texans and five time Pro Bowl defensive end Daniel Hunter agreeing to a one year, forty million dollar contract extension.
Hunter was named a second team All Pro last season after registering fifteen sacks, Lebron James making more history and the Lakers loss to the Nuggets, passing cream Abdul Jabbar for most field goals made an NBA history with fifteen, eight hundred and thirty eight. Meanwhile, Celtics star Jason Tatum expected to play tonight as Boston host to Mavericks. Tatum has been out less than ten months after tearing his right achilles tendon in the playoffs last season against the Knicks.
That's your Bloomberg Sports update.
Stay with us. More from Bloomberg day Break coming up after this.
Coast to coast on bloom Burg Radio nationwide on Serious Exam and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager, coming to the end of the first week of the war where they're ran, but there is little and insight to the war itself. Joining us this morning from Mistan. Bold is Bloomberg News Middle East Breaking News Editor Patrick Sikes. Patrick, what is the latest?
Good morning?
Hi.
They have no sign of let up, as you say, the Ranians over night saying they've got no intention to negotiate and they haven't asked for a ceasefire, denying some of the reports we've had over the past few days to that effect. And strikes are still happening today in Israel, in Saudi kata Q eight, Northern Iraq as well. The latter I think an important one to watch because of the reports over the past few days about potential US Kurdish coordination to weaken the regime in Iran.
And the headline I saw from Qatar as well, that is might be shutting down oil production completely until the fighting stops. What's the latest on that.
Yeah, oil and particularly gas and leg will be important for Qatar, one of the biggest producers in the world, and currently all of that is stuck on the wrong side of the Straight of Hormos. I think that that's book the market. We saw oil react to that because it just underlines the potential for this to continue for weeks. I think he said something too effective. If it's four or five weeks kind of timeline, then we could see oil going to one hundred and fifty dollars a barrel.
That's almost double where we are now. So again the market is super hounded on the duration of the conflict. Well, I gauge the risk.
There is some question about the duration. Given that President Trump has said that Iran's air defenses and navy are gone and the missile launchers as well have been depleted. What could that say about the extent of the damage and how much longer this could go on.
I think our colleagues on the Economiccited have done some good analysis about this, and they give the nuance that that air dominance air superiority is true. But it's in very specific areas, right. It's not the case that the US Israel can fly unimpeded without risk over the whole of the territory of Iran. If you look at the map, they've really been focused on the western part near the border,
that that enemy facing side of Iran. But there's still I think in there are a lot of targets to go for further inland, and that's why I think there's still plenty of scope for it to continue.
Just thirty seconds left, Patrick, But what's the air travel situation like right now?
Fundamentally it's still extremely disruptive. We've seen some companies and individual corporate companies as well arranging emergency flights out, but fundamentally that disruption is still ongoing. Interestingly, with a story about people crossing the border from Dubai to get to Omar and hiring private with jet turns the flyouts. That has been a big spike in private jet travel as well.
This is Bloomberg day Break, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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