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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on the war with Iran, now into its twenty fifth day. Attacks continue on both sides, even as President Trump says he's holding off on going after Iran's energy infrastructure for five days, citing what he calls really good discussions with Tehran.
They started last night, a little bit the night before that, and I think they're you know, I think they're very good. They want to they want peace, They've agreed they will not have a nuclear weapon, you know, et cetera, et cetera.
The President says US envoys Steve Whitcoff and Jared Kushner spoke with a top person in Iran on Sunday, but that it's not the new supreme leader. Most to Bahamini. Iranian official for their parts, say they are ruling out discussions with the US. Stuart Livingston Wallace leads Bloomberg's Middle East coverage.
It's a confused picture and was wig getting scraps of it, So there does appear to have been some sort of back channeling going on, and our reporting has shown that probably includes Egypt, Turkey, Pakistan, sada Abroman and I'm sure that's not a complete list when you think of the number of countries that have been impacted by this war, not just directly in terms of attacks from Iran, but also you know, in terms of the economic impact much
further afield, and I'm thinking particularly of East Asia.
Bloomberg Stewart Livingston Wallace reports President Trump decided to back office threats after allies privately warned him that the war was becoming a disaster. Sources tell Bloomberg News that regional partners told the US permanent damage to Iran's infrastructure would lead to a failed state.
But Nathan, there are signs of conflict may already be escalating. The Wall Street Journal is reporting that Saudi Arabia and the United Arab Emirates are taking steps toward joining the war versus. Saudi Arabia has agreed to give the US access to King Fod Airbase, and the UAE has closed a hospital and a club owned by Iran. All this is a tax to continue this morning, as we hear from Bloomberg, middle A Score responded Jumana Bursecchi.
There'll still being joint US Israeli military strikes throughout Iran. Overnight. Some reported strikes near nuclear facilities have taken place, so we understand that limited damage was caused there and in retaliation, Iran continues to strike back and once again sending projectiles towards Saudi Arabia that were intercepted over Kuwait over Baherin.
We understand an AW West center was also targeted in Baharan, more interceptions over the UAE as well, and missile strikes being targeted towards Tel Aviv.
And as Bloomberg Jumana Bursecchi reporting from Dubai.
Well Karen, there were huge bets in the markets before President Trump's public announcement on war negotiations that helped send crudal prices tumbling fourteen percent. Contracts are representing millions of barrels changed hands about fifteen minutes before the president's social media post. That's according to exchange data compiled by Bloomberg. There was a similar increase in activity in US stock futures on the SMP five hundred prior to the president's post.
Well CHECKI Marcus this morning. Right now, Nathan crude oil is rising. Nim X crude oil is up almost three percent at ninety dollars sixty nine cents a barrel, Brent is up one point seven percent at one hundred and one dollars sixty six cents, and SMP futures are lower, down a tenth of uve percent. Yesterday, all three major indexes gained at least one point two percent after President Trump ordered the Pentagon to hold off on military strikes
against Iranian energy infrastructure. Brent Shooty is chief investment officer at Northwestern Mutual.
From the near term, it's still a wait and see. I don't think we've resolved all the different possible outcomes, and so I think this week is going to be interesting as we progress, and certainly headlines will drive the market over the next few weeks. Longer term, though, you want to look through this and you want to stay invested, obviously, and you want to stay diversified, and.
That's Northwestern Mutuals Brent Shooty. The S and P five hundred had its biggest one day gain since February sixth.
Karen, let's get to the latest now. In the deadly plane crash at New York Slaguardia Airport. The cockpit voice recorder and flight data recorder have been recovered. Investigators are decoding the black boxes from that Air Canada Express jet that collided with a fire truck just after landing. The captain and the co pilot died. Forty three people were hurt. Jennifer Homan Dy is chair of the National Transportation Safety Board.
The port authority and the emergency responders cut a hole on the roof of the aircraft, dropped down and was able to get the CVR and FDR for US, which then one of our investigators drove back to our labs in Washington, DC today where they've been able to at least verify that the cockpit voice recorder was not damn.
And tsp's Jennifer Homandy says this was the first deadly accident at LaGuardia in more than thirty years.
Meanwhile, Nathan Senators and both parties are expressing rising optimism about reaching an agreement to eny five week partial shutdown to the Department of Homeland Security. The shutdown has led to lengthy delays and major US airports and unpaid employees of the Transportation Security Administration calling in sick after Republicans met at the White House with President Trump on Monday. Senator Mike Rounds of South Dakota tells Bloomberg Balance of Power that the Senate is working on a deal.
We'll continue to work on it. Hopefully we will find a breakthrough somewhere along the line, and we'll be able to not only open up all of the operations of government, including those that protect us against terrorst threats, and get our airports open and operational and get those guys paid. That's really important to the vast majority of us. And I recognize that the President is lobbying hard to get
everything done. Respect him for it. Bottom line is, we're going to get as much done as we possibly can get done.
And Senator Mike Grounds of South Dakota on Bloomberg's Balance of Power, Senate Minority Leader Chunk Schumer told reporters that quote, both sides are working in a serious way. The Senate has been at odds over two Democratic demands that DHS agents obtain warrants from judges before entering homes and that federal agents stop wearing masks.
Man with the DHS still shut down, Karen Mark, Wayne Mullen has been confirmed to be its next secretary.
On this vote, the eyes are fifty four, the Naser forty five.
The nomination of Mark Wayne Mullen of Oklahoma to be Secretary of Homeland Security is confirmed.
It was the Senate vote mostly long party lines, confirming the first term Republican senator and former mixed martial arts fighter who's been a staunch defender of President Trump's deportation program. Federal funding, as we said, has been shut down for the DHS since mid February due to disagreements over immigration enforcement tactics and demands for restrictions. Mark Wayne Mullen places Christinam as DHS Secretary, well.
Over sees Nathan. The European Union and Australia have agreed to a free trade deal after almost a decade of negotiations. Both parties are working to shield their economies from US tariffs and China's restrictions on critical minerals. Here's European Commission President Ursula Vonderlion.
Today, we are telling an important story to a world that is deeply changing, a world where great powers are using tariffs as a leverage and supply chains as vulnerabilities to be exploited in our story Open WOS based trade delivers positive sum outcomes. Trust matters more than transactions.
European Commission President Ursula Vonderlion says the agreement will now need to be signed off by EU countries and approved by both parliaments.
Hey, Karen, Well, the markets may close on Fridays, the world does not. That is why we are bringing you a new live radio and tiar t show, Bloomberg This Weekend, looks beyond the daily headlines to the bigger themes striving politics, business and culture. So joined David Gera, Christina Raffini, and Lisa Matteo for smart conversations and in depth interviews that help make sense of the week that's been and what
comes next. You get Bloomberg This Weekend live every weekend, Saturdays and Sundays from seven am Eastern on Bloomberg Radio, Bloomberg Television, and the Bloomberg Business App.
Time now for 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 John Tucker. John Good Morning, Good Morning, Careen.
The Supreme Court signaled a divide over Republican calls to require mail in ballots to arrhyme by election day. Let's get the story this morning from Bloomberg's Matt pinker Key.
Justice's voice concern about the impact of the case might have on the practice of early voting. Chief Justice John Roberts suggests that he was not convinced by Trump administration contentions that later arriving ballads could be outlawed without also undermining early voting. Hearing that lasted more than two hours Monday, the court grappled with a Mississippi law that allows mail in ballots to be counted as long as they arrive
within five business days of election day. Dozens of states allow at least some ballots to be counted after election day.
I'm Matt Piper Bloomberg Radio.
The Trump administration has initiated two new investigations into Harvard University. It comes over alleged anti semitism on campus and racially discriminatory admissions practices. Two people on board a small helicopter were killed when it crashed into a warehouse in Boyden Beach, Florida, Monday, by a rescue battalion. Chief Max Accidine says it happened just after noon upon arrival.
We did find one small helicopter inside one of the buildings that crashed through the roof. There are no survivors.
The FAA and NTSP or investigating. The Federal Communications Commission has ordered a ban on the import of new models of foreign produced consumer wireless routers. The move comes after an inter agency panel determined the threatened national security. The move could dramatically shake up the market for routers, which are primarily made overseas. Global news twenty four hours a day and whenever you want it with Bloomberg News. Now. I'm John Tucker, and this is Bloomberg.
Karen nys Sean time now for our Bloomberg Sports Update, and for that we bring in John stash Hour.
Thanks Karen. Making twelves great wins for the Oklahoma City Thunder, the defending NBA champions who have the best record this year. It easy win in Philadelphia. S and Antonio got thirty six from Victor Webban Yama in a twenty five point rout of Miami. The Lakers nine game win streak came to an end, lost by three in Detroit. Three top seeds advancing of the Sweet sixteen and the NCAA women's tournament, including Yukon, who's undefeated. South Carolina won its game by
forty also advancing UCLA. That's your Bloomberg Sports update.
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Good morning.
I'm Nathan Hager on day twenty five of the US Israeli war where they ron. Fighting continues across the Middle East, even as President Trump says talks are underway to try to end the conflict.
We were planning tomorrow on shooting down some of their power plants, and we're not going to be going to hold that up. Hopefully we won't.
Have to do it.
I was the President at a roundtable discussion yesterday in Memphis. This morning, we're joined from Dubai by Bloomberg Middle East correspondent Jumana Bursecci, the anchor of Bloomberg Horizons. Jumana, good morning, Thanks again for being with us. What is the latest in terms of the fighting, Well, if I had.
To summarize the last twenty four hours, I would say there has been an attempt to de escalate or at least to reopen the diplomatic channels, but the war is still very much ongoing, and what we've seen overnight is continual joint U US Israeli military strikes different parts of Iran, Iran retaliating against Gulf States, against Tel Aviv, incoming missiles intercepted and also one of them actually managing to sustain a significant amount of damage on one of the streets
of Tel Aviv. Sirens going off in Behinan, Kuwait city also and more interceptions being reported in Saudi Arabia. So yes, there's been an attempt to revive the sort of indirect negotiations between US and Iran, but the war still goes on.
Well, what do't we know, Jumana about these indirect discussions. A president seems to be indicating that they've been direct, but we've been hearing from Iranian officials that there haven't been any discussions either way going on.
Correct. So we've heard from some official more official voices in Iran, including the Speaker of the House and the Deputy Speaker of the House, and both of them has said that there have been no direct negotiations taking place.
But later in the evening we understood that several indirect mediation attempts have been going on, and this really being put forward by the nations in the region that have not been targeted by Iran, And here I'm talking about Egypt, about Turkey to a certain extent, Oman which is traditionally played a mediator role, and even Pakistan looking also to
get involved in potential mediation talks. We understand that the Iranian foreign minister has had talks with several of his foreign minister counterparts, but again unclear at this stage what the substance of those negotiations entail, and whether or not there's going to be some in person meeting later in the week, as has been suggested by other outlets.
Now, what more are we hearing about why the president had backed off this threat that we know about from last weekend, this forty eight hour ultimatum to go after Iran's power plans.
So our colleagues on Bloomberg News side wrote a very interesting article overnight talking about the influence and the pressure that Gulf ally is put on President Trump to backtrack away from those threats to strike airring and infrastructure particularly the power plants because of fears of reprisal. Number one about what that could mean for power plants, infrastructure, water desalination plants in the region, but also number two, the real risk that this could spiral into something short of
a disaster. This is the quotes from the article, because their thinking is, if you continue to wipe out civilian infrastructure in Iran, what are the people of Iran going to be left with. If you are talking about ultimately regime change or uprising on the people, you have to give them a chance to be able to live and to survive. And if you continue to target civilian infrastructure, then you're removing that possibility. The last thing that anyone
in the region wants is chaos on their doorsteps. So it looks as though many of these golf states actually did manage to restrain President Trump from going down that path. Hence the five day window bit. Again, a lot can change in the next couple of days.
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