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Good morning, I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today.
We begin in Washington, where another partial government shut down deadline is fast approaching. Lawmakers have till midnight Friday to reach an agreement on four of their twelve annual funding bills. Today, President Biden is meeting with congressional leaders to try to break the impass and unlock billions of dollars in farn aid. Senate Majority Leader Chuck Schumer says he is hopeful they can get to a deal.
While we've made some good progress and a number of fronts, Unfortunately, our House Republican colleagues are still struggling to figure themselves out. There's a lot of uncertainty over how the House will proceed in the coming days.
Till then.
Majority Leader Chuck Schumer's telling senators to keep their schedules flexible.
Meanwhile, a deal may be getting closer in the Middle East, as Bloomberg's head Baxter reports their new hope for a ceasefire between Israel and Hamas.
President Joe Biden says he hopes that cees fire between Israel and Hamas can take effect by early next week, and that security advisor tells me that we're close.
We're close and not done yet, and my hope is by next Monday we'll have.
To cease fire.
And State Department spokes from Matthew Miller says details are being worked out for the hostage release.
It depends on Hamas.
We believe a deal as possible and we hope AMAS will greet you one.
And they hope to have the final plan by the weekend. Ed Baxter, Bloomberg Radio.
All right, ed, thank you now. President Biden's support for Israel is threatening his own political support as he ramps up his reelection campaign. Michigan is holding its primary today. Much of that state's Arab American population blames Biden for failing to stop the war in Gaza. There's a grassroots push in Michigan to vote uncommitted instead of for Biden today to send him a message about his handling of the crisis.
Meanwhile, the President was in New York City last night for campaign events, and he took on the age question during an appearance on NBC's Late Night with Seth Myers.
It's about how old your ideas are look. I mean, this is a guy who wants to take us back. He wants to take us back on Roe v. Wade, he wants to take us back on a whole range of issues that were fifty sixty years they've been solid American positions.
The president also referred to an episode where former President Trump appeared to call his wife by a different name, although he may have been referring to someone else in the crowd at that event. An NBC News poll from January found three and four voters had concerns about Biden age Biden's age, less than half said the same about Donald Trump.
H let's turn back to markets now. Amy, for the first time in more than two years, bitcoin is past the fifty seven thousand level. Let's get the latest now from Bloomberg's John Tucker, John.
And Nathan introduction of those bitcoin ETFs earlier this year, and that's a big part of the reason for this jump. Six point one billion dollars says poured into bitcoin to ETFs. They began trading of the US on January eleventh. We also have this upcoming of reduction in bitcoin, so apply growth the having a micro strategy and enterprise software firm says it's purchased another three thousand or so tokens this month. Bitcoin has outperformed traditional assets like stocks and gold this year.
Shares of cryptorelated companies also gained in yesterday's trading. Trading platform coinbased Global, for instance, increase seventeen percent. Bitcoin has paired some of the earlier gains, now just under fifty seven thousand dollars per token. I'm John Tucker, Bloomberg Radio.
All right, thank you, John, and bitcoin not the only thing on the rise this morning. Shares of Zoom Video are up more than ten percent in early trading. We get that story from Bloomberg's Kimberly Adams.
The video conference provider reported quarterly sales and profit that top analyst estimate. Zoom also announced a one point five billion share buyback. After hypergrowth during the pandemic, Zoom had experienced a dramatic sales slowdown, a mid competition for business customers, and the departure of consumers from the video conferencing platform. In the hopes of capturing more corporate client, Zoom has expanded its product line to include phone systems, call centers,
and AI assistants. Zoom says contact center licenses have tripled over the last year, and about half a million accounts enabled Zoom's AI free companion. Kimberly Adams, Bloomberg Radio.
All right, Kim, thanks, we'll talk about trading places. Bloomberg News has learned the fast fashion company Shan is considering the possibility of switching its initial public offering to London from New York because of hurdles getting it listed in the US. We get more from Bloomberg Markets reporter Sam Onstead.
It would be an enormous IPO. I mean, even at the lower end of their valuation, they would be about the sixteen seventeenth biggest company in London if they did list Their first choice very much New York, as it should be the tech driven retailer, so their evaluation will be a lot higher, their liquidity pools a lot higher. But they think there's going to be issues in getting
past the SEC. So it may well be that what you see here if they do indeed choose London instead of say, Hong Kong or Singapore, is they get the listing done but don't necessarily particularly love being here, may well eventually kind of shift themselves over to EY the new York, Hong Kong, Singapore Lodge of Markets with molliquincy.
Bloomberg Markets reporter Samunce said they're in London. He notes shay And was founded in China but is now headquartered in Singapore.
Turning to the economy, another FED official urging caution when it comes to cutting interest rates, Kansas City FED President Jeffrey Schmid says the central bank should be patient with inflation above the FEDS two percent target and the job market still strong. In his first major speech since taking the job six months ago, Schmid also said he is in no hurry to stop the ongoing reduction of the fed's balance sheet.
In Asia, Japan's two year bond yield climbed to its highest level in more than a decade. Stronger than expected inflation data are boosting bets that the Bank of Japan will end its negative interest rate policy in coming months.
And in China, state back buns have poured more than fifty seven billion dollars into onshore shares this year in a bid to prop up the market. That's according to estimates by UBS, which expects further purchases. The Swiss Bank says more than seventy five percent of the inflows when into products tracking the benchmark CSI three hundred.
Index, and Ali Baba has led the largest single financing round for a Chinese artificial intelligence startup. It's the latest in a string of sizable investments that suggests the e commerce firm is again deploying capital in the hunt for growth. Ali Baba led a billion dollar funding round in Moonshot, Ai that is one of the better known startups developing generative artificial intelligence in China.
And in Europe. Bloomberg News has learned the UK's Chancellor of the Exchequer, Jeremy Haunt mayan alsa new tax on vapes in his budget next week. The levy would apply to both manufacturers and importers. It's being considered part of Prime Minister Regis Suneck's efforts to crack down on vaping and smoking to protect children's health.
Time now to take a look at some of the other stories making news in New York and around the world, and for that we're joined by Bloomberg's Michael Bark.
Good Morning, Michael, Good Morning. Nathan. Reaction comes in as Sweden is now set to follow Finland's footsteps and join NATO. Approval from Hungary's parliament mark the thirty first and final member to admit Sweden. It strengthens the alliance in the face of Russia's war with Ukraine. Former US Ambassador to NATO Ivo Dalder.
It now brings NATO closer to Russia's border. Remember the war when the Ukraine was ostensibly started to prevent NATO from coming closer to Russia's border. Well, one way in which you bring NATO closer is when you start attacking other countries and invading them.
Sweden decided to leave behind two hundred years of neutrality after Russia invaded Ukraine. Donald Trump's lawyers have filed a notice of appeal and his four hundred and fifty four million dollar New York civil fraud judgment challenging a judge is finding that he lied about his wealth as he grew his real estate empire. Meanwhile, ahead of Trump's first criminal trial, Manhattan District Attorney Alvin Bragg is asking a judge to impose a partial gag order on the former president.
Questions over immigration continue in the case of a nursing student murdered on the University of Georgia campus last week. The older brother of the man charged allegedly showed a fake green card to police as they investigated the woman's death. Both men are from Venezuela. Governor Brian Kemp is demanding answers from President Biden and immigration authorities.
She deserves justice, her family deserves justice, and we need justice on a national level to prevent this type of thing from happening again.
The older brother has been arrested by Georgia authorities and the younger brother accused of murder has been under arrest in New York City and at the border, but they were parolled or released before customs enforcement agents could step in. The DEA is cracking down on the use of pill presses in its efforts to fight the fentanyl crisis. It warns e commerce sites to regulate purchases of the presses
under current law. In a duplex turned drug lab in New York City, DEA administrator and Milgrim says agents sees presses along with two hundred thousand suspected fentanyl pills.
In the last six months, We've seized pill presses in New York, in Massachusetts, in Mississippi, in Kentucky.
It's an industrial machine.
The DEA's Dan Milgrim says many of the machines arepurchased online for as little as forty bucks. Students at New York City is Albert Einstein School of Medicine got to welcome surprise. Longtime Board of Trustees chairwoman doctor Ruth Goutnisman is gifting the school one billion dollars to make tuition free for current four year students and every student enrolling in the future. Doctor Goutnisman made the huge donation in the name of her late husband, David Sandy Gottisman, who
was an early investor in Berkshire Hathaway Global. Eing was twenty four hours a day and whenever you want it with Bloomberg News Now, I'm Michael Barr. This is Bloomberg Navan.
All right, Michael, thanks time now for the Bloomberg Sports update, brought to you by Tri State OWD. He here's John stash Ower.
Actually, the troit since came into the garden an NBA worst eight and forty eight. This figured to be an easy win for the next It was not. In fact, they trailed on the waning seconds when there was a wild sequence that included what the officials later admitted was a missed call. Dante Devincenzo should have been whistled for a loose ball foul. Detroit should have been at the line up by one. Instead, it was a turnover that led to Josh Hart's game winning layup with two seconds
left the Knicks one one thirteen to one eleven. Here was Pistons coach Monty Williams after the.
Game, we had a chance to win the game and the guy dove into a sar's legs and there was a no call. That that's an abomination. You cannot miss that in an NBA game, And I'm tired of talking about it. I'm tired of our guys asking me what more can we do?
Coach.
That situation is exhibit A to what we've been dealing with all season.
Loss.
Jalen Brunson led the next thirty five points, Cade Cunningham thirty two for Detroit and Memphis seven nets and double figures. They won easily, won eleven to eighty six seventh wins in late December, the first the new coach Kevin Ollie in Dallas, Poe horvat Sjordan overtime, Islanders won three to two in Seattle. The Bruins got a hat trick from David Posternach but lost in a shootout. Colleges North Carolina
top Miami. And for the Tarios, R J. Davis forty two points, the most ever scored at the Heels home arena, and Tampa Nester Cortez, injured much the last season, took them out, gave up seven hits in less than three innings. The Yanks did beat the Twins. The Mets beat the Nationals Grand Slam for Trace Thompson. That's Clay's younger brother. First NFL team to give a player the franchise tag
Cincinnati and whiteout t Higgins. The Giants, who franchised Saquon Barkley last year, could do it again, but are not expected to, which would make him a free agent. The NFL says it will not change the rule that when a player fumbles into the end zone, the team loses possession. It's only happened eight times in the last six years. It did happen in a recent playoff game. John Stashiawer
Bloomberg Sports Nathan Okay, John, thank you. Let's get right back down to the risk coming out of Washington.
D C.
We are just about three days away from the next Martiall government shut down deadline, and today President Biden is calling Congressional leaders to the White House to try to get through the impass. But he's also got his own re election in mind, the trips of the Southern border later this week and stop at late night comedy last night. So let's get into it all now. We're joined by
Terry Haynes, the founder of Pangea Policy. Terry, as we await this White House meeting, where would you put the risk of partial government shut down this morning?
Oh? I think it's not likely to happen just yet, Nathan. You know, the one of the dynamics always is that, you know, they the self created crises, is that they go away, they come, they go away on a recess, they come back. It takes them a little while to figure out how to shuffle the cards and uh and start playing the game again. And short term funding extensions
have already been bandied around in the House. You know, the situation is very volatile, but I would expect there to be a little bit of a little bit of an extension before they get to it. I would never underestimate the minority of House Republicans that I always call the purists, wanting to have a government shut down while
the president's delivering a State of the Union address. But I think that's probably less likely right now, So I think we'll get a little bit of kicking a can before they get down to brass tacks.
So is the bigger deadline than this April thirtieth deadline when we get across the board spending cuts, doesn't that become more likely a scenario that we just get to that point.
Absolutely what the purists who paradoxically are doing more a little bit more of what markets might want than anybody else, because they're actually interested in cutting spending and at least looking like they're trying to get a fiscal handle on things. Not much of one, but a little bit is better
than a little bit is distinguished from nothing. They have to basically have to do nothing, and they run up against this April thirtieth one percent cut across the board deadline, as you suggest, so it becomes they think their leverage grows the longer this goes on. And that's another reason why I think they probably kicked the can a little bit more.
We heard from the President yesterday that he's hopeful that a ceasefire could be coming in Gaza by Monday. We've talked before about the difficulties that the President faces with his own base when it comes to his support for Israel. How could that play into what we see in the Michigan primary later today, with a state that has a pretty sizable Arab American population.
Well, you've you've hit exactly on what the why the President all of a sudden is interested in providing Gaza ceasefire updates. You know, my view of this is pretty simple. You know, the President faces today in Michigan the possibility of having people vote uncommitted, meaning they're not going to vote for him or for anybody else, They're going to vote uncommitted. If that uncommitted reaches say, ten percent of
the Michigan electorate, and that's certainly possible. You know, not even the governor of the state is saying, who's a Democrat, is saying that, you know, she thinks it's likely to be a tiny protest vote or anything like that. If it reaches double digits, that's going to shake the White House a little bit. I think the President would be very well served both this week and next week in the State of the Union, by you know, laying out exactly who were for, what we're for, and why we're for,
both on Israel and Ukraine and Taiwan. This White House doesn't do that very much, but that time is nigh for him, both as a president and as a candidate.
Just got thirty seconds left, Terry. But we heard the President take on the age question on late night TV last night. What did you make of a framing that it's not about how old you are, but about how old your ideas are.
Well, you know, you got to You got to with what you got, and that's what he's got. So that's what he's leading with. But I'd urge the White House to work on the message a little bit because his next comment is, of course, the idea is the ideas are that he's defending our old two they've been around fifty sixty years. I think was the clip you guys just ran, so the and I'm not criticizing his defense
of them. I'm just saying, you know, it's nice to be on television, but you got to do a little bit more than that.
This is Bloomberg Daybreak today, your morning brief on the story's making news from Wall Street to Washington and beyond.
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I'm Nathan Hager, and I maybe Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak