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Good morning, I'm Nathan Hager and I'm John Tucker. Here are these stories we're following today.
We'll begin with the latest on the effort to force the sale of the Chinese owned social app TikTok. The issues now before the Senate. After the House overwhelmingly passed the bill that would ban TikTok in the US unless byte Dance sells it within six months, Senate Intelligence Chair Mark Warner tells Bloomberg's balance of power, senators should expedite this bill.
I think we need to get this done. And again, what again?
We need to make clear as somebody's talking about a band, we're talking about transferring the ownership and the algorithm to some other control of It's not Chinese.
But lawmakers on both sides of the isle are urging more caution, including Senate Foreign Relations Chair Ben Carden.
Don't want to inhibit free speech.
We don't want to inhibit particularly a large segment of Americans who get a lot of information from TikTok.
But it is a matter of concern that is right for us to take up.
And other senators are calling for a full amendment process. That could tie up the bill for months. TikTok has been lobbying the Senate hard against this legislation even before the House passed it.
And sticking with politics, it's a legal setback for former President Donald Trump. A federal judge in Florida has denied he has been to dismiss charges that he mishandled classified documents at mar A Lango. Trump's lawyers had argued the charges from Special counsel Jack Smith were too vague. US District Judge Alan Cannon, who's a Trump appointee, denied the former president's motion without prejudice, meaning the issue could be raised again later.
And back on Capitol Hill, John sentim Majority leader Chuck Schumer has reached his breaking point over the war in Gaza. In a speech on the Senate flor Schumer called on Israel to hold new elections. He says Prime Minister Benjamin Netanyahu has lost his way with a mounting civilian death toll in Gaza and for opposing a two state solution with the Palestinians.
As the highest ranking Jewish elected official in our government and as a staunch defender of israel I rise today to say unequivocally this is a grave mistake, but.
Senate Minority Leader Mitch McConnell says it's Schumer who's making the mistake.
It is grotesque and hypocritical for Americans, who hyperventilate about foreign interference in our own democracy to call for the removal of a democratically elected leader of.
Israel, and the White House is stopping short of endorsing Senate Leader Schumer's remarks. National Security Council spokesman John Kirby says the White House is laser focused on getting a temporary ceasefire in place between Israel and Hamas.
And we now head overseas, where France's President Emanuel Matcron says the European Union faces an existential threat unless Russian forces are defeated in Ukraine. Macron's been speaking to French television ahead of a meeting with the leaders of Poland and Germany.
We have suffered the consequences in Europe, the price of gas, the economic situation, the price of grain, the economic disruptions that followed are the consequences of this war that Russia has started. If Russia wins this war, the credibility of Europe will be reduced to zero. What would be the credibility in our countries of an EU whose members allowed that to happen?
He was speaking through an interpreter. Emmanuel Macron's comments as voters hinder the polls for a Russian presidential election that Vladimir Putin is all but guaranteed to win.
And John another European leader's warning of the threat posed by Russia's invasion the head of Latvia, one of the Baltic states that borders Russia. Latvian Prime Minister of Viga Selina says a Russian victory would have a global impact.
If Russia wins, those consequences will affect all the world. Also Washington, also United States, not just Europe, will be affected by this result of the conflict.
Lad Via Prime Minister of Vica Selina ads she supports the idea of sending NATO troops to Ukraine to train the country soldiers. Get the full conversation on the Bloomberg Balance of Power podcasts. You can find it on Apple, Spotify and wherever you get your podcasts.
And turning to the Marcus, futures are mixed to lower. As we close out the trading week, stocks fell yesterday, Treasury yields they climbed after another hot inflation report, reinforced bets the Fed is going to be a no rush to cut interest rates. Let's get more from Bloomberg Economy editor Jill Decease.
When the Fed, which has been spending the last couple of months, really really pushing back from this idea of early interest rate cuts, this years need for patients, this need to sit back and examine the data before making those decisions on when to begin this trajectory toward rate cut. So I think that that's really kind of taking hold here. I mean, were getting this data that's showing us that there's still quite a bit of resilience in the economy.
It's not time to cut rate check you know, as we're going, it's just pushing back further and further those expectations for those cuts until you know, at this point the middle of the back half of the year.
And Bloomberg's Jill Lisa says traders have paired their vents on Fed rate cuts this year. The swaps markets are now fully pricing in the first move not in June but July.
But john Bitcoin is extending its retreat as well from its latest record high. Checking the crypto currency right now, it's down more than five percent, trading at sixty six eight hundred dollars. There's an intensifying debate about whether crypto's bull run has reached a bubble. Bitcoin did reach an all time high of almost seventy four thousand earlier this week. A gauge of the top one hundred tokens, which also includes ether, BnB and Solana, is up about sixty percent so far this year.
And meanwhile, copper handswers to an eleven month high. In fact, it rallied to nine thousand dollars a ton today on Best Today. You pick up in global manufacturing will push up demand for industrial commodities seen as a global economic bell weather the global economy. The metal has surged this week as investors warmed to the idea that the worst of a global downturn has passed.
And checking individual stocks on the move, shares of Adobe are down more than eleven percent in early trading. The software company delivered a week sales outlook for the current quarter. We get the story from Bloomberg's Charlie Pellett.
The quarter fueled concerns that new AI focus startups pose a competitive threat. Adobe said revenue will be five point two five to five point three billion in the period. Analysts, on average projected five point three to one billion. The longtime leader in software for creative arts professionals, has faced recurring anxieties that new generative AI based startups will cut into its market. In New York.
Charlie Pellett Bloomberg Radio, All right, Charlie, thank you, and now it's time to take a look at some of the other stories making news in New York and around the world with Bloomberg's Michael Good Friday Morning, Michael Good.
Friday, to you, Nathan. The Manhattan District Attorney is requesting a one month delay in former President Donald Trump's criminal case for allegedly concealing payments to adult film star Stormy Daniels. It comes less than two weeks before that trial was set to begin. Prosecutors said they just received tens of thousands of pages and documents from the Justice Department, and they want to give Trump's legal team up to thirty
days to review them. The documents are related to Trump's former fixer Michael Cohen, who wrote the check to Daniels. Trump has pleaded not guilty. Police in New York City say a thirty six year old man has been hospitalized and a thirty two year old man is in custody after an argument at a Brooklyn subway station escalated into gunfire. Subway riders were ducking for cover moments after a man was shot in the head inside the station in downtown
Brooklyn shortly before five pm. Witnesses say the man who was shot was acting quote aggressive and provocative and started an argument with a thirty two year old. NYPD Chief of Transit Michael Kempers said the man who was shot had brandished a knife or razor at first, but the argument continued and escalated.
During this physical confrontation, that gun we believe was removed from the thirty six year old by the thirty two year old, and a thirty two year old fired multiple shots, striking the thirty six year old.
The thirty six year old is in critical condition. This comes just days after Governor Hawkele sent the National Guard into stations across the city amid a thirteen percent spike and subway crime so far this year. James Crumbley, the father of a Michigan school shooter, has been found guilty of involuntary manslaughter. It is the second jury conviction against Ethan Crumbley's parents, who were accused of failing to secure a gun at home and doing nothing to solve the
mental health problems. Ethan killed four students at Oxford High School in twenty twenty one. Gland County Prosecutor Karen McDonald.
They could have prevented this shooting and saved these kids' lives and protected the hundreds of kids in the school that day and all of the members of the Oxford community that it devastated.
Jennifer Cromwley was convicted of involuntary manslaughter in February. Ethan, now seventeen years old, is serving a life sentence. The Indiana State Police say there are many significant injuries after a tornado tour through the community of Winchester last night. Superintendent Doug Carter of the Indiana State Police, we.
Don't know the extent of the damage on the south end of town.
We do know that there have been some buildings and homes that are completely destroyed.
The tornado is part of a storm system that also unleashed suspected twisters in parts of Ohio and Kentucky. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. Hi, Michael Barr, this is Bloomberg.
Nathan. All right, Michael, thank you. Half of the Bloomberg Sports Update. A brought price stayed out of years, John Stashauer, Thanks Nathan.
Underway at the TPC at Sawgrass, opening round of the Players Championship, Rory McElroy hit two shots into the water, but at ten Birdie signed for a seven hundred and sixty five shares the lead for the American Xander Shotley and Wyndham Clark and Portland started the four game trip for the Nicks. They got forty five points from Jalen Bruns in his sixth game this season with forty or more,
Nicks beat the Blazers one oh five ninety three. Celtics got thirty seven from Jalen Brown a home win over Phoenix Rangers of Tampa Bay led to nothing second period to that point, Igor's Jays Stirkin and not allowed a goal in seven straight periods, but the lightning got to him pulled away six to three. Brandon point in on all six three goals, three assists. Islanders are four to nothing lost in Buffalo, Devils won six to two. In Dallas,
Bruins won in overtime at Montreal. Tons of upsets in college basketball, none more so than in the Atlantic Ten Tourney in Brooklyn. The top three seeds for Richmond, Loyola, and Dayton all lost in the quarterfinals at the ACC and DC n C State upset second seed to Duke. At the Big East at the Garden, Providence upset second seed to Creighton. Earlier, Saint John's beat Seaton Hall ninety one seventy two. The Red Storm will face heavily favored You Gone tonight at Saint John's. First time in the
Big East. Simmis since two thousand and Philadelphia Sekuon Barkley introduced newest member of the Eagles.
You know, fav a great footage, Giants fans and so thank for them. But unfortunately, you know, the NFL is a business, and I was able to get to a place that I know I can come here, I can compete atka Win, I can stay close to home, and I'm just happy that I was able to, you know, be part of team.
In while surprising NFL trade, the Chargers sent their six time Pro Bowl whiteout Keenan Allen to the bearers for a fourth mount pick John Stashedward Bloomberg Sport.
Let's get more. Now, what's happening in the nation's capital, where the momentum for the TikTok bill may be fading, Former President Trump's legal pressure isn't easing, and Senate Leader Schumer's support for Israel's government appears to have hit its breaking point. We're joined down by Derek Wallbank, managing at for Bloomberg News. Derek, good to talk with you this morning.
Of course, the Senate has a reputation for being the place where hot legislation goes to cool, and that certainly seems to be the case for this TikTok divestment bill.
Yeah, Nathan, I think that the Senate is under no, it's not in a hurry to move on the TikTok bill. Let's let's say it that way. Even if there is a fair amount of skepticism in the US upper Chamber for uh, you know, for TikTok, there's there's certainly you know, it's it's a place where there has been a lot of skepticism about China's role in the economy. I don't
see right now. You know, we're certainly seeing signs from UH from top lawmakers in the Senate suggesting that this isn't going to UH to move wholesale and get some quick up or down vote. Now, I should also say this, you know you're in Washington. I spent a heck of a lot of time in Washington. We all know that right now. You know, a lot of the game in the Senate is what you use your floor time on.
And there's other priorities that Senate Democratic Leader Chuck Schumer has, And so is this going to be the thing that he wants to spend a ton of time on. I don't know, because it's not just going to be should this get past or not? But do you want to take the time on the Senate floor to do this versus do other priorities. Last thing I'll note on this is that I know that House Speaker Mike Johnson wants
the Senate to move quickly on this. But keep in mind that Mike Johnson has not been willing to move fast on the Senate's own priorities. So it's not as if he's built up a lot of capital with his friends on the other side of the Capitol that he can cash in right now to get that moving.
Yeah, thinking about Ukraine aate in particular. But we just heard from a Senate Intelligence Chair, Mark Warner, not exactly a non powerful member of the Senate, arguing on Bloomberg's balance of power that this bill does need to be expedited. I mean, is he shouting in the wind here?
I don't think he's shouting in the wind. But I do think that there's a question of how right, a question of what do you do? And a question of okay, if you say that something needs to be soldered or or shut, is it actually going to be divestible? Is it going to be something that or are you or are you actually passing something that really means that it's
going to be shuttered? And what does that mean? I think all of those are live ball questions, and I think that the Senate is going to wrestle with what the real world impacts of this legislation really are before moving on something that could have major profound consequences, not least of which here Nathan is remember the fact that Donald Trump, who is now the presumptive Republican nominee as well as the single most powerful person in Republican politics
by no small margin, has suggested that if you actually went through with this, that there might be some consolidation in the social media marketplace towards others, including Mark Zuckerberg and Facebook. And Donald Trump does not think that that's necessarily a good idea. His opinions are going to wait incredibly big. Not on Schumer, because you know what, does Chuck Schumer care about what Donald Trump thinks, but certainly
on Republicans in the conference. And if this is going to move, you're going to need pretty well unified Republican support. So Donald Trump has a lot to say here.
And speaking of Senator Schumer's priorities in our last minute here, I wonder what you made of this major floor speech yesterday, really coming out hard against the right wing government of Israeli Prime Minister Natanyahu.
Well, I think it's been something that Democrats have struggled with for a long time as how to deal with Benjamin Nettnia, who has very clearly allied himself with the right flank of American politics for quite a long time. And Schumer is a big fan of Israel generally. But I think this represents and shows makes plain frustration that Democrats have had with the way that Netnya, who has
prosecuted affairs in Gaza. I think that there has been a well documented frey on the left in in terms of the support from Israel, from some of the from some of the top people, including from President Joe Biden. You saw a big push towards getting people to vote uncommitted in Michigan and other states like that, right, and I think Chuck Schumer is reflecting some frustration.
This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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