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Good morning. I'm Lisa Matteo and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest efforts for a piece deal between Russia and Ukraine. President Trump called the Vladimir Putin and urged the Russian leader to begin making plans for a summit with Vladimir Zlynsky.
The proposal, which.
President Trump pitched as a one on one summit between Ukraine and Russia's leaders, would be followed by a tri later gathering involving all three. Here's Lensky, President Trump, UK Prime Minister kir Stormer, and French President Macrone at the White House. Is heard right here on Bloomberg Radio yesterday.
We need to stove this word to stop Russia, and we need support American and European.
Batist muld Awa best for this.
If everything works out well today, we'll have a try, Lad, and I think there will be a reasonable chance of ending.
The war when we do that.
The Coalition of Willing Countries that's thirty countries already working together on security guarantees, will now work with the US on those guarantees.
My hope is that the United States do the most possible because that's what will allow us to alleviate the burden on Europe, and that the United States also confirm its commitments because that was a big question mark.
Well, that was French President Macron, UK Prime Minister Starmer, Presidents Trump and Zelensky speaking at the White House yesterday.
Only so Secretary of State Marco Rubio is hopeful negotiations will begin between Russia and Ukraine. He spoke to Fox News after the White House gathering.
Now, the President suggested that Zelensky and Putin meet, so we're working on that now to try to set that up for them to meet somewhere, which again would be unprecedented, and then if that goes well, hopefully the next meeting will be a meeting between Presidents Putin, Trump and Zelensky where we hope to finalize a deal. We're not there yet, but that's what we're aiming towards, and that's one of the things that was discussed today is how to get to that point.
Marco Rubio, speaking of Fun News, European officials say they expect another virtual meeting with President Trump as soon as today to discuss what security guarantees they could collectively offered to Kiev.
Okay, and it still remains to be seen if when Zelenski and Putin will meet. Stephanie Baker is a senior writer at Bloomberg News and also author of Punishing Putin Inside the Global Economic War to bring Down Russia.
What Marco Rubio, the Secretary of State, has been saying is that that that talks to set that meeting up are actively in the works. Putin has tried to avoid this by saying certain conditions need to be met before they sit down together, and those conditions are really a buzzword for that Ukraine needs to give up territory or agree to give up territory, which Zelensky's not going to do.
So I think that.
There are hurdles to setting up that meeting, and it does look to me that Putin may be playing for time again. But you know, maybe under the pressure from Trump, you know, Putin will indeed agree to sit down, But I think he's going to demand an awful lot in the talks ahead of time Well Bloomberg.
Stephanie Baker now German Chancellor Fridrick Meertzi said that a possible Putin's and Lensky summit. Well, that could take place within two weeks.
Lisa, the Trump administration is weighing taking a ten percent steak in Intel, which would make the US government the chip maker's largest shareholder. Sources say the plan could involve converting Intel's ten point nine billion dollars in ships at grants into equity. Begin more from Bloomberg's Ryan Gould.
I think this is as much about ensuring Intel's longevity in terms of what the United States government thinks of as national security. I think this is an evolving situation, and we should caution that these plans are still very much in flux. They're very fluid.
Bloomberg's Ryan Gould. At Intel's current market value, a ten percent steak in the shipmaker would be worth about ten and a half billion dollars.
Well, meanwhile, SoftBank has agreed to buy two billion dollars in Intel. Now, it's a move that extends a Japanese company's US investment effort and offers a vote of confidence in the struggling chip maker. Shares of Intel there up about six percent in early trading.
And Lisa, there is more major news this morning involving the chip sector Routers is reporting in videos developing an AI chips specifically for China, which will be more powerful than the H twenty model. Reuters says in video hopes to deliver samples to Chinese clients for testing as early as next month. However, US regulatory approval is not guaranteed.
And presidents from sweeping tariffs have royal markets, unnerved trade partners and provoke criticism from leading economists.
But there is an upside.
The levies will help the US maintain its fiscal health now. That's according to S and P Global Ratings. The credit rating company has affirmed it's a double A plus long term rating for the US, in part because it thinks tariff revenues will reduce the fiscal hit of a recent tax and spending bill on Lisa.
Let's turn to the MA markets now, where futures are a little changed ahead of the day's session, and Morgan Stanley Chief US equity strategist Mike Wilson says he remains bullish on the markets.
A sixty twelve month basis. I actually feel better today than I have in quite a while on the fundamentals. Now, the stock market is already dis kind of a lot of this. This is, you know, stocks trade ahead of the of the data, so you know we are going to have some sort of consolidation. We've been running about that too, probably in the third quarter at some point, but we'd be buyers to that. That's the main message is that we think we're sort of beginning a new
bull market in April. We're not going anywhere near those lows.
Morgan Stanley chief US equity strategist Mike Wilson has a year end price target of sixty five hundred for the yes and P five hundred. The index closed at sixty four forty nine yesterday.
Well earnings remain in focus.
This morning, Karen, we start to get the latest quarterly numbers from the country's biggest retailers. This morning, we'll hear from Home Depot. Bloomberg's Tom Busby has a preview.
Home Depot expected to post a rise in comparable sales despite worries about lower spending on major home improvement projects and fears about tariff driven price hikes. A big discussion on the call would be a potential rate cut in September and what the implications are for the retailer. Bloomberg consensus calls for comp sales rise one point three nine percent, with total revenue a forty five point four to nine billion on adjusted earnings per share of four dollars seventy
four cents. Tom buzzby Bloomberg Radio, All right.
Tom, thank you. The big economic event this week takes place in Wyoming. The Kansas City Fed's Annual Economic Policy Symposium kicks off Thursday in Jackson Hole. Then Fed share J. Powell gives you remarks on Friday. Bloomberg's Michael McKee is in Jackson Hole covering Powell and the Fed.
He can lay out the issues I think, the fact that they don't know whether it's inflation or jobs that are going to be a bigger problem, and he'll probably do that, and he may talk about the framework review. The idea that he would come out and give the markets the heads up that they are going to cut in September as he did last year is probably a bridge too far for them.
Michael McKee is a key part of Bloomberg's Jackson Hole coverage. It all finishes up with a special edition of Bloomberg Surveillance on Friday at nine am Eastern with Mike Tom Keane and Lisa Bromowitz.
Plus watch for special.
Episodes of the Odd Loss Podcast. Joe Wisenthal and Tracy Alloway will be taping several conversations from the event as well. 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 Bloomberg's Michael Barr Michael, good Morning.
Good morning Karen. Hurricane Aeron is expected to impact the outer banks of North Carolina, sending massive waves crashing into the island. Bloomberg Medior religiust Craig Allen has.
The latest Hurricane Aeron, still a major hurricane, wins running around one hundred and twenty to one hundred and thirty miles per hour now, still very dangerous as it sits out over the open waters. It will not make landfall. It will pass to the north of the Turks and Caicos as well as the Bahamas. It definitely has slowed down.
It's only moving at about five to ten miles per hour now, but eventually we'll start on a northerly track as we get on into Wednesday, and by Thursday and Friday it accelerates off to the north and East.
Bloomberg Media religious Craig Allen aerin his forecast, caused life threatening rip currents along the East Coast from Florida up to Maine. Hamas said it has agreed to a deal proposed by Cutter and Egypt to pause the militant group's war with Israel and Gaza. The proposal would see Hamas release half of the hostages it still holds in return for the freeing of Palestinian prisoners and a partial withdrawal of Israeli troops. After two weeks of fleeing in protest,
Sexas House Democrats returned to the state Monday. Their homecoming allows the Republican Landhouse to pass a redrawn congressional map that could we have more seats to the GOP come the mid terms next year. Texas House Speaker Republican Dustin Burroughs.
A QUORUMUS present, and it's time to resume the work of the people of Texas sent us here to do.
Meanwhile, California is Democratic Governor Gavin Newsom has threatened to counter Texas's new maps with redrawn maps that would favor Democrats. Global News twenty four hours a day and whenever you want it with the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg.
Hearen all right, Michael Barr, thank you.
Time.
Now for the Bloombergy scores update. Here's John Stashaur.
John, Good morning, gim morning care. And the Yankees had a night off. I've got some good news elsewhere. Toronto lost in Pittsburgh five to two. The Yanks mood within five games of the first place Blue Jays. The Red Sox lost at Fenway to Baltimore six to three. Yanks now tied for second with Boston Wild Gardlet and Seattle loss to the Phillies twelve to seven. Yanks plates not at Tampa Bay. Aaron Boone's team comes off. We can sweep in Saint Louis.
Felt a long way to go in this and you know, it's always always really good at obviously getting to sweep and heading into an off day, but they're just we got to keep going and we we're not a finished product yet, and you know, we we know we're capable of a lot, but we got a waste to go.
Mets played tonight in Washington. Milwaukee's lead in the NL Central now up to nine games over the Cubs or the Brewers shutout nine nothing at Wrigley. Milwaukee's won fifteen of sixteen since the All Star Break. Colorado has a better record than the Dodgers. The Rockies scored bottom of ninth, won four to three. They had lost their last ten versus La. Tennis fans were looking forward to the fifteenth
career meeting between Janick Cinner and Carlos Alcarez. They just met in the finals of the French Open and Wimbledon. We're doing it again in Cincinnati, but it was clear Cinner was off his game. He trailed five love when he retired due to illness. Ygas Ciontek won the women's title, and now everyone coming to New York for the US Open, which it begins Sunday, But there's also the new mixed doubles tourney today and tomorrow at Flushing Meadow, with Alcarez, Sinner, and Schiantech all expected.
To take part.
The Cleveland Browns named forty year old Joe Flacco their Week one starting quarterback. They also have Kenny Pickett and two rookies. They're expected to keep all four. The Rams QB thirty seven year old Matthew Stafford practiced for the first time he's been out with a back injury. Fairfield, Connecticut capes winning at the Little League World Series now three and zero. It was thirteen to one over Soup Falls South Dakota. John Stanshed with Bloomberg Sports Kenen.
Lisa stay with us more from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
It is five twelve on Wall Street.
We'll after meeting with Russia's President Vladimir Putin Ukraine Vladimir zelenskape Usident Trump is now moving to set up talks between the two leaders. So here with the very latest on the developments is Tina Fordham. She's found a r at Fordham Global Foresight. Tina, thanks for joining me this morning. You are the expert in the field of geopolitical risks, so I have to start right off the bat by asking you. You know Putin has been reluctant to meet
with Zelensky. Is this meeting? Is it going to take place?
Thanks Lisa, So Putin does not want to be caught dead in a trilateral construct between himself, President Trump and Ukrainian President Zelenski, and we'll like the stonewall to prevent this from happening. But he's going to find it challenging because President Trump is very keen to make this happen, and of course it is the logical next step in these negotiations.
So what would be discussed during this is it mainly territorial issues.
Well, we don't really have a lot of insight into how President Trump conducts these meetings. I mean, there is an argument that says, you know, his unconventional approach to diplomacy, which is much less constrained by diplomatic protocol for example, you know, could result in some kind of breakthroughs in
just you know, knocking heads and getting things done. But as President Trump himself said during the televised bit of his conversation with European leaders, he thought that the Russia Ukraine conflict would be the easiest to solve the of
the many that he's turned his attention to. And it's in fact really complex, and that gets to the heart of the disconnect really between his transactional approach and how The fact is that the seeds of any potential next crisis or alternatively to create a durable and lasting piece, are going to result from the terms of this deal.
And if we continue to think in terms of you know, this liver of territory in eastern Ukraine, that the don Bass as being inconsequential, we're going to fail to miss the point, which is, how do you create a peace deal between Russia and Ukraine that isn't simply post postponing a Russian attack to go back and get what they failed in this latest incursion.
Tina, I want to talk about the meeting yesterday. The tone between President Trump and Zelensky yesterday notably improved from the Ukrainian friends last visit to Washington.
Can you talk more about what was different this time around?
Well, Zilensky clearly learned lessons from that disastrous February meeting, which you know resulted in a in a shouting match between Vice President vance President Trump and President Zelenski. You could see, you know, Ukrainian reporters in the in the press conference in Tea years it was a spectacle for the ages Uh and Zelensky couldn't risk that happening again.
Of course, he's had subsequent meetings with President Trump since the February Oval Office showdown, most notably on the sidelines of the Pope's funeral in the Vatican, and what was evident is a much improved, almost shockingly better rapport between
Zielensky and Trump. Some minor details that that underscore the preparation and the thought that it went into this on Zelensky's part, you know, not just wearing the black jacket he wore to the Pope's funeral rather than the military fatigues which Silensky wears as a sign that his country is at war.
You know.
But he he joked with the same reporter who had dressed him down no pun intended for his attire, you know, on the last press conference, and he joked with him and said, yeah, you're wearing the same suit I changed and you didn't.
And then you know.
Which was which was really you know, added some much needed levity to the discussions.
I was also touched.
By, you know, the the gesture where, uh, first the First Lady of Ukraine returned Milania Trump's letter to President Trump. She the First Lady of Ukraine, responded with her own letter to Milania, and those kinds of things really work with President Trump, he appreciates these kinds of gestures.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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I'm Lisa Matteo.
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