Bloomberg Audio Studios, Podcasts, radio News.
Good morning, I'm Nathan Hager and I'm Alexis Christophers.
Here are the stories we're following today.
Alexis the first full month of the war, where Iran is coming to a close and President Trump is ramping up threats even as he considers his options. The Wall Street Journal is reporting the President has told aids he is willing to end the US campaign against Tehran even if the Strait of Hormuz remains largely closed. The report says the concern is that a mission to pry open the choke point could extend the conflict beyond the president's
for to six week timeline. White House Press Secretary Caroline Levitt says President Trump still wants a deal with Iran.
President is focused on achieving the objectives of Operation Epic Fury with respect to forces that are on the ground in the Middle East. It's the job of the Pentagon to create maximum optionality for the commander in chief. It does not mean the President has made any additional decision.
Press Secretary Caroline Levitt at the White House, and we get more from Bloomberg's Jumana Barsetchi in Dubai.
To be clear, this has not come from President Trump himself.
This is reporting in the wool Street Journal. And actually the latest from President Trump is a true social post that he put up yesterday suggesting that they are in discussions with a more quote unquote reasonable regime in Iran that ad will be probably reached shortly after which and then he says, if this strait is not immediately open for business, we will conclude our stay in Iran by blowing up and obliterating power plants, oil wells, and carg island.
Bloomberg's Jumana Barsecci reports in the meantime, and Iranian drone struck a fully loaded Kuwaiti oil tanker docked in Dubai early this morning. Kuwait's state run oil producer says they al sell Me was in an area packed with ships waiting to leave the Persian Gulf. Says the strike damage the hull and started a fire, but no oil was leaked and all twenty four crew members are safe.
And Nathan analysts say if Iran ends up taking control of the Strait of Horror moves, it will be a major military miscalculation by the US. Paul Wallace is Managing editor for the Middle East.
For Bloomberg, it would.
Be very difficult to argue that it's not a strategic disaster for the US. This is a waterway choke point that was obviously very much open before this war started. And if the US ends this war having lost control and over that straight to Iran, that's that will go down badly and look like a major strategic era.
Bloomberg News Managing editor Paul Wallace says Iran would take in billions of dollars if it were able to take control of the Straight and Alexis.
Gas prices in this country have officially topped four dollars a gallon. Triple A says the nationwide average retail price for regular unleaded roast almost four oh two, the highest since August of twenty twenty two. One energy consultant warns that oil will skyrocket even further if the war goes on.
The prices are to go through the roof.
It doesn't matter what present.
What is going through the roof.
I'm were looking at two hundred.
Dollars oil if you're looking at one hundred and fifty first on two hundred and maybe even more than two hundred.
Beyond eight weeks, it could go anywhere.
Chairman Emeritis Faradune Fesheraki of fg E nex and Eca made those comments to Bloomberg's Hustlin DA Mean.
A new United Nations study finds the US and Israeli war against Iran could wipe out nearly two hundred billion dollars worth of economic growth across the Middle East. The report says the overall loss could wind up costing some three point six million jobs and push as many as four million people into poverty.
Alex has fed Sarah J. Powell says it's too soon to know what kind of economic impact will come from the war. Speaking at Harvard University in remarks heard live here on Bloomberg, Powell said the Central Bank can afford to wait out the crisis.
You know, it's it's one of those times where you get a series of supply shocks, first the pandemic, then the much smaller one from tariffs, and then we're getting now an energy shock. No one knows how bigot will be. It's way too early to know. As I mentioned, we do think our policy is in a good place for us to wait and see.
Fedcho J.
Pal says the labor market remains challenged, but the economy remains dynamic and productive.
We now turn to the markets, Nathan, where futures are higher on that Wall Street Journal report that President Trump had signaled he was willing to end the military campaign against Iran. Checking futures right now, SMP futures up nearly one percent down futures now up four hundred and forty four points, with Nasdaq futures climbing two hundred five points. But it has not been a good one for the
bulls as we close out the first quarter. Rob Hayworth is Senior investment Strategy director at US Bank Asset Management.
It's been challenging because there hasn't really been any place to hide. The one place we liked to start the month that has actually worked out for us a little bit is global infrastructure, with Master Limited partnerships in that component doing fairly well. But otherwise, unless you owned energy this quarter, there's not been a lot of places to hide.
US Bank Asset Management's Rob Hayworth so farthest ye, the Dow is down almost six percent, the S and P five hundred off by seven point three percent, and the Nasdaq down ten and a half percent.
Welllexis, we may be closing in on a deal. In the food industry, The UK's Unilever says talks to sell most of its food business to McCormick are advanced and could be announced later today. Maker of Hellman's Mayonnaise, would offload most of its food unit, excluding some parts like its operations in India, for fifteen point seven billion dollars in cash upfront and the rest in McCormick stock. Unilevers prioritizing its personal care and beauty divisions, which include brands
like Dove Soap. Last year it spun off its ice cream division, which included the Ben and Jerry's brand.
I Remember That. And a programming note Nathan Markets may close on Fridays, but the world does not. That's why we're bringing you a new live radio and TV show, Bloomberg This Weekend is looking beyond the daily headlines to the bigger themes driving politics, business and culture. Joined David Gura, Christina Raffini and Lisa Matteo for smart conversations and in depth interview and help make sense of the week that's
been and what comes next. Get Bloomberg This Weekend Live Saturdays and Sundays from seven am Eastern Bloomberg Radio TV, 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. For that, we're joined by Bloomberg's John Tucker.
Good Morning John, and Good Morning at likexis the head of the FCC under fire from both Democrats and Republicans. Let's get more from Bloomberg's Matt Piper.
The ranking members of the Senate Commerce Committee questioned the head of the Federal Communications Commission, criticizing his approval of Nexstar's merger with Tegna without a vote of the full commission. Republican Ted Cruz and Democrat Maria Cantwell jointly told FCC chair Brendan Carr that he improperly allowed agency staff to greenlight the merger. According to a copy of the letter reviewed by Bloomberg, the merger involved waving major anti consolidation rules.
Senators say significant questions of policy must be addressed by the full FCC in a vote. Matt Piper, Bloomberg Radio.
DSA workers speaking out after receiving their first paychecks in more than a month. Agent and union leader Cameron Coachim says, they're still struggling to keep up.
It's been nice that we got these paychecks, but at the end of the day, you know we are still going to be behind with our late fees and all these different things.
Well, the continuing dh shutdown has lent to mass resignations and a record number of sick calls at airport lines still persist. Soren Buondani was elected mayor of New York City in part on a promise of free childcare, and now the city has announced its first free childcare pilot program for municipal workers. A ten million dollar renovation project currently other way to build a four thousand square foot childcare facility in the city's municipal building. It's extended to
be completed this fall and serve about forty children. Global News twenty four hours a day, whenever you want it with Bloomberg News Now. I'm John Tucker. This is Bloomberg Alexis.
Thanks John, time now for our Bloomberg Sports update and for that we bring in on Stash Hour.
It happens fairly off for the NCAA women's tournament that best teams prevail. So when they get together Friday and Phoenix to start the women's Final Four. It'll be the four to one seeds undefeated Yukon, joined by UCLA, Texas and South Carolina. The Longhorns obliterated Michigan seventy seven to forty one. The game cotch be TCU seventy eight to fifty two. This will be their sixth straight Final four. NFL owners have awarded the Super Bowl in twenty twenty
nine to Las Vegas. That's their Bloomberg Sports Update.
Stay with us.
More from Bloomberg Daybreak 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 opp This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. Coming to the end of the first full months of the war, where Iran President Trump may be weighing his options for an exit. The Wall Street Journal is reporting this morning that the President is considering winding down the fight even if the strait of Horror moves remains effectively closed. Here's White House Press Secretary Caroline Lovett.
The President Commander in chief the Pentagon has always stated four to six weeks estimated timeline for Operation Epic Fury. We're on day thirty today, so again you do the math.
It was White House spokesman Caroline Levitt in comments heard live on Bloomberg Radio. Joining us this morning from Jerusalem is Bloomberg News reporter Dan Williams. So, Dan, we have this Wall Street Journal report coming after the President renewed his threats to destroy Iran's energy infrastructure if it doesn't reopen the strait.
What do we know this morning, Good morning.
Good morning. Very little.
We do know.
The president is voluble. We know he's unusually unvailable, available to members of the press who managed to reach him on the phone. We know that much of what he
says is contradictory, sometimes within the same day. There is some evidence that this has been in the past, an effort to create successfully tactical smoke screens, perhaps to calm markets, perhaps to muster support, as you noted his comments about potentially making do with US achievements US and IS raally achievements in this war, despite Iran's de facto control of Hormuz, that has very much energized or should we say, worried many in the Middle East. It could be an effort
to bring Arab partners militarily into this fight. However, it is worth remembering, and one can easily find his opening speech his statement on February twenty eighth when this war began. There is no mention of Hormos there among the US objectives in this war. The objectives, as stated is to destroy counteract imminent threats by iron to the United States by demolishing its nuclear program and its missile program and its navy. The Americans are sticking to what they say
is success in this matter. The President has said previously that just three percent of US petroleum products come through Hormuz. That's as opposed to the fact that the Hormoz straight accounts for around twenty percent of energy for the rest of the world. So it would appear that the United States did not set out looking at a change in Hormus. It did not set out looking to improve its energy status.
Given this war, and I imagine by his own account, Trump can walk away saying that he satisfied his own objectives. That is not something that his partners in the Middle East would agree with. Certainly, Iran would hold up a profitable, lucrative de factor control of Hormuz as a result of this war as a major strategic success. So I think
time will tell in the coming days. We already know that the US and mustering ground forces for potential threatened actions on the ground in Iran, including potentially a takeover of Hargate Island, which is of great importance to the
Iranians in terms of energy output. So we will find out very soon whether that was yet more smokescreen our whether the rubber will now hit the road in terms of a ground operation by the Americans to try to take the fight to the enemy and win this at least when it comes to freeing up the whole moves straight.
Well, where would this potentially leave Israel? Those objectives, those early objectives you mentioned, do they line up with Israel's objectives?
I think they do. We have these ready Prime ministers saying in a NEWSMACS interview yesterday that these Raelis have achieved or pass beyond their halfway points of this war. The Israeli military this morning saying it can continue sustaining those operations in Iran for weeks. It has the targets remaining for that. Keep in mind that we are now in week five of a war that the partners, the allies said from the outset could last four to six weeks.
We're still within the framework, the time envelope they gave from the outset, and it could well be that the Israelis, who apparently this week, in fact, in these very hours, shifting targets away from what they describe as vital defense industry targets in Iran toward economic targets, are now looking at second tier targets, basically destroying whatever they can against an enemy of almost five decades standing before Trump calls
an end to this war. If he does call an end to this war, keep in mind there may be parity on the ground or in the air in terms of the military mission sharing, but it's clear that it's the United States which calls the shots in this war, quite literally and also figuratively in terms of when it
will end. Should it end in Iran, the Israelis will still have their hands full with a second front in Lebanon against Iran's allies in Hesbala that is likely to continue, and that's likely to be a preoccupation of Israel no matter what happens in Iran.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
Look for us on your podcast feed by six am Eastern each morning, on Apple, Spotify, or manywhere else you listen.
You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleventh three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg ninety two nine in Boston, and nationwide on Sirius XM Channel one twenty one.
Plus listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android auto interfaces.
And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Alexis Christophors.
And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Day Rank