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Good morning, I'm Nathan Hagen and now I'm Laksimiteout Lisa. We begin with a milestone in the second presidency of Donald Trump. The President marked his one hundredth day in office with a rally in Michigan, Automotive country.
After decades of politicians who destroyed Detroit to build up Beijing, you finally have a champion for workers in the White House. And instead of putting China first, I'm putting Michigan first, and I'm putting America.
For President Trump told the crowd in Warren, Michigan that his program of sweeping tariffs will unleash economic growth and bring back manufacturing jobs that he says it's already paying off.
And inflation is basically down, and interest rate came.
Down despite the fact that I have a FED person.
Who's not really doing a good job.
But I won't say that.
I want to be very nice.
I want to be very nice and respectful to the FED.
President Trump's rally came hours after he signed a bit of relief from some of his tariffs for the auto industry, including a two year reduction in twenty five percent duties on foreign parts for cars made in the US Banathan.
President Trump is sticking to his overall tariff plan, including one hundred and forty five percent levies on Chinese imports. In an interview with ABC News, the President said he does not think they'll hurt American consumers.
China probably will eat those tariffs, but at one hundred and forty five they basically can't do much business with the United States, and they were making.
From US a trillion dollars a year.
They were ripping us off like nobody's ever ripped us off.
Well.
Still, the President acknowledge the tariffs amount to a near embargo on trade with China. He says Beijing deserves it and Lisa.
Reaction is pouring in this morning to President Trump's speech and his first one hundred days in office. Jeanie Sheienzano is a political contributor at Bloomberg.
His support and approval in terms of his handling on the economy has draped in this last one hundred days, and that's why he's attacking the pollsters. And I think he's really missing an important opportunity. This is his first time on the road since he became president. His first big rally in a swing state to explain to the American public this thing that he cares so deeply about,
which is tariffs. He reiterated again to these interviewers in the last few days, he is deeply committed to this tariff regime.
Bloomberg political contributor Genie Sheianzo notes the polls show voters wary of President Trump's economic agenda in Michigan. Trump dismissed the surveys as biased against him.
Well, Nathan, Amazon says it will not display the cost of US tariff's on products. That's after the White House blasted the reported move and President Donald Trump called Jeff Bezos to complain. Speaking outside the White House, Trump described his call with the Amazon founder.
Great Jeff Bezos was very nice.
He was terrific.
He solved the problem very quickly, and he did the right thing, and it's a good guy.
Well.
That rebuke was sparked by an earlier punch Bowl News report that the e commerce giant would soon begin displaying the cost of US tariffs on individual products next to the total listed price.
Well, Lisa, we may be starting to see the cost of tariffs on China, and now the country's factory activity slipped into its worst contraction since December of twenty twenty three. Economists are calling for a speedy policy boost. Some are forecasting a significant economic slow down this quarter that could trigger more stimulus and.
Turning to the markets future is lower. This is after a six straight day of gains on Wall Street and it'll be another busy day for earnings with fifty companies in the S and P five hundred reporting, and they include two of the mags seven, Microsoft and Meta. Let's get a preview from Bloomberg's tom.
Buzby Microsoft, It's expected to post positive results, but there are concerns that growth and it's as your cloud computing unit could be at the low end of guidance, signaling of further deceleration in the fourth quarter amid a slow down a data center and AI spending. That's after it canceled leases on new server farms and slowed construction on landed already owns. Bloomberg consensus calls for revenue of sixty eight point forty eight billion on adjusted earnings per share
of three dollars and twenty one cents. Tom buzzby Bloomberg Radio.
Okay, Tom thank you While we wait for those Microsoft results. Let's catch updated on some stocks on the move following earnings. Shares of super Micro Computer are down fifteen and a quarter percent. The server maker gave preliminary results that fell well short of analyst estimates. Super Micro had previously been a favorite of AI obsessed investors. Now it attributes its underperformance to customers delaying purchases.
And Nathan shares of Snap They're down fourteen percent. The company's scaling back its full year target for adjusted operating expenses. It also declined to issue a sales forecast for the current period due to macroeconomic headwinds affecting its advertising business.
And Lisa's. Shares of Starbucks are down more than six percent. The coffee chain posted earnings below estimates. The same store sales declined one percent in the quarter.
And it's also a busy morning for earnings in Europe, with some big banks reporting. Let's go to London and get the very latest with Bloomberg's You on Pots, Good Morning You on.
Lisa, and Nathan. More big beats from Europe's big banks, Ubs, Santander, and Barclay's all smashing estimates today. Volatility is the word of the moment, with whip sorry markets driving returns.
In the first quarter.
In Switzerland, UBS Group's markets unit posted a record performance, with equities and FX trading revenue up thirty two percent. Here in London, Barclay's dock traders cashed in with their best quarter in almost three years. But over in Spain, Santander's shares lower today despite a beat on net income, the country's biggest bank reporting a drop in net interest income, perhaps the sign of things to come as the ECB cuts rates. Lisa and Nathan now you.
And Donald Trump's tariff's also causing some European carmakers to scrap their guidance.
Yeah Away from the trading desks, the mood on the factory floors of Europe's biggest automakers is a lot gloomier. Donald Trump's tariffs have prompted several large carmakers to withdraw their financial guidance, jeep Onus Delantis and Germany's Mercedes Benz Group pulling their forecast for this year, citing the duties as they up end supply chains and drive up car prices around the world. Volkswagen left its outlooked largely unchanged, but warned its forecast doesn't factory in the impact of
the tariffs. Live in London, I'm youw and pots of Bloomberg Radio.
Okay you and thank you.
Back here in the US, we're waiting for a key reading on the economy. The government reports first quarter economic growth before the opening bell. Economists to forecasting a sharp slowdown in GDP due to President Trump's policy shifts disrupting activity. The median forecast is for a drop of two tenths of one percent.
All right, time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr.
Hey.
There, Michael Hey.
Lisa, the first accuser in Disgrace movie mogul Harvey Weinstein's sexual assault retrial, took the witness stand yesterday in Manhattan. Miriam Haley told the jury that when she went to meet Weinstein on the sidelines of the two thousand and six Cans Film Festival, all she wanted was work. Haley says Weinstein commented on her legs and asked for a massage. Hailey testify that she said no. Weinstein, who is seventy three is pleaded not guilty and deny sexually assaulting anyone.
Millions of Americans are on alert for spring storms. Severe weather and possible tornadoes have already caused destruction in Missouri. Outside of Springfield. Jerry Bowsow a tree fall on his neighbour's home.
I just kept praying that it wouldn't get as bad as it finally got. You couldn't hardly see anything because it was so foggy. We feel far suitent, and our neighbors have a lot of damage, but they're all alive.
There are also several flood threats from Missouri to Minnesota. Over one hundred and thirty cardinals will gather at the Vatican next week for the conclave to choose the next pope. Vatican analysts Father Tom Reese.
I think we're going to find someone who supported Pope Francis, who is in touch with his legacy and wants.
To continue it.
But we're not going to find anybody like Pope Francis. There's just nobody like him.
Meanwhile, the disgraced Italian cardinal at the heart of the Vatican's trial of the century, announced he was withdrawing from participating in the conclave. Cardinal Angelo Bechi, who was banned from the gathering after his twenty twenty three conviction on finance related charges. Although he maintains his innocence, the president of Harvard says, I'm sorry. After the university released its long awaited reports on anti Semitism and anti Muslim bias.
The reports presented a scathing critique of how its students treated each other in the aftermath of the Hombos attack against Israel on October seventh, twenty twenty three. It comes as the Cambridge, Massachusetts based school has fired back at demands from the Trump administration to exert government control over the school. Global News twenty four hours a day and whenever you want it with the Bloomberg News Now, Michael bar this Bloomberg, Lisa, Thank.
You, Michael. Time now for our Bloomberg Sports update. For that, we bring in John's Dash Hour.
Thanks Lisa. Every game in this Knicks Pistons series has been close, tough, physical, grinded out type games. More the same game five of the Garden, both teams struggled to score for most of the first After Troit went up by ten in the third quarter, Knicks rallied took a couple of narrow, short lived leads in the fourth, but the Pistons, facing eliminations, stayed alive, winning one of six to one oh three. The Knicks Karl Anthony Towns knows nothing in this series has come easy.
We haven't put ourselves in a position to get a commanding win, you know, We've we've been very gritty this whole series and physical, and it's allowed us to find a way a lot of times to win. I think what was the differential in Detroit, like three?
Indeed, they won by two points and then by one, and then last night lost by three, and the series is going back to Detroit where the Pistons still haven't won a playoff game in seventeen years. But if they do win tomorrow, it'll be game seventh the Garden. On Saturday, the Celtics await the series, winning Boston dominated the second half, beat Orlando won twenty to eighty nine, won the series
four to one. Indiana moving on, finished overtime with an eight to nothing run over the last thirty five seconds to aus Milwaukee one nineteen one eighteen Denver beat The Clippers won thirty one, one to fifteen. Jamal Murray scored forty three. The season over for the Devils painful Game five loss at Carolina, New Jersey led three to nothing, but four minutes into the second overtime Sebastian Ajo scored.
Hurricanes won five to four, took the series in five, also winning in the NHL Ottawa, Edmonton, and Vegas in overtime. There was a point last night where the Mets and Yankees were winning their games by a combined score of twenty to nothing. Mets beat Arizona eight to three. They're now thirteen and one at home. The Yankees won in Baltimore fifteen to three. They began the game first three batters, three solo home runs. Red Sox won ten to two
in Toronto. The National lost seven to sixth in Philadelphia. John Stanshoward Bloomberg Sports, Lisa and.
Nathan Coast to Coast on Bloomberg Radio nationwide on Sirius XM, and around the world on Bloomberg dot Com and The Bloomberg Business Apple. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager. President Donald Trump has marked his first one hundred days bank in office with a rousing defense of his economic policies. Sweeping tariffs, cutting taxes, and reshaping the federal government.
We're taking back our country from a.
Sick political class. They got rich selling America out and bleeding America dry.
We don't let that happen anymore.
That was the President at a one hundred to day rally last night in McComb County, Michigan. This morning, we are joined by Bloomberg News Senior editor Bill Ferries.
And Bill.
After the flurry of activity we've seen since January twentieth from the president, he's back in campaign mode. Now, what did you take away from the rally last night?
Good morning, Good morning, Nathan, Thanks for having me. Well, really interesting thing was this is one of President Trump's first real opportunities to get before his supporters in a very public way. Since we've started to see the rollout of these tariffs, we started to see a lot of that market volatility and a lot of questions about whether this is the right track. We know some of his poll numbers are down, we know consumer confidence is down, and things like the S and P have also weakened.
So this was a chance, as you said, for him to have another one of these campaign style rallies and put some of the first one hundred days in perspective, now that we're all sort of starting to digest what these policies are now.
One element that came out last night the President said inflations coming down, interest rates are down. Despite having a person in the Feed he says is not really doing a very good job. What to make of this renewed criticism now for FED share Powell?
Yeah, I don't think he used Jay Powell's name directly, but everyone knows who he was talking about. I don't think despite kind of the market volatility we saw when people thought that maybe Trump would try to fire j Powell, I don't think he's ever going to totally let go of this until we see the FED cutting rates to a level that Trump is comfortable with. There are a lot of questions about the economy in the months ahead. We've seen companies kind of ditching their forecast for the
year as this uncertainty plays out. One thing that usually does give the economy or at least the stock market a boost are FED rate cuts. So I think Donald Trump would like to see that happen to help kind of juice things up a little bit. While the rest of his agenda starts to play out. He says the tariff money is rolling in. He says the tax cuts are coming, but he I think would like to see the Fed do what he would argue is its part in all this.
Can we say that concerns about the economy could be part of the reason why President Trump signed that little bit of a reprieve for tariffs on the auto industry at a time where he was appearing before the auto industry obstensibly yeah, absolutely.
I mean this was a speech, a rally in the heart in Michigan, in the heart of the auto industry, Donald Trump kind of giving another big reprieve to auto makers basically saying he doesn't want tariffs to stack up on them, you know, tariffs on top of tariffs on some of those imported cars or the parts. And also just stepping back really like laying out a three year
roadmap on the on tariffs for auto parts. So, you know, I think the big fear is someone who was, you know, shopping for a car a few months ago, going back to the dealership and seeing something that may cost thousands of dollars more that politically would be really really tough for this president.
All in although Bill where would you say the president is when it comes to his focus on tariffs. So we heard him talking about it at the rally and again in an interview on ABC News, saying that he thinks China is going to feel most of the burn from the tariffs in place, even as we're starting to see some major Chinese companies at least try to pass on some of the added cost to consumers.
Yeah, both sides are neither side really willing to blink here so far in this fight. That Donald Trump's saying that he thinks China is going to quote eat these tariffs, meaning that he thinks they'll start absorbing some of the costs. No sign from Chinese companies like Shian and Temu, big retailers that ship directly to a lot of Americans. No sign that they're really going to absorb any of that. They're trying to pass on basically all the costs they're getting.
I think we're going to have to see how some of these one on one trade deals work out. The administration has said Japan and India are near the top of the list. Until you get a little more certainty on that front, I think the jury's going to be out on whether these tariffs are going to do a lot of damage or actually ben fit of the US economy and manufacturing.
This is Bloomberg Daybreak, your morning podcast on the story's making news from Wall Street to Washington and beyond.
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And I'm Lisa Matteo. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak