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Good morning, I'm Nathan Hager and I'm Alexis Christophers. Here are the stories we're following today, Alexa's.
Tensions are building once again between the US and Iran as the world waits for Iran's response to a US peace offer. Overnight, the US attacked missile and drone launch sites inside Iran that it says we're used to attack three US warships in the Strait of Hormuz. It's after Iran accused the US of targeting two of its oil tankers and striking civilian areas along its southern coast and Kesham Island. But President Trump says the ceasefire is still intagged.
They trifled with us. Today we blew them away.
They trifled.
I call that a trifle.
I'll let you know when there's no season, you won't have to know.
President Trump's threatening to hit Iran even harder if it doesn't reach a deal. We get more from Bloomberg's Jumana Borsecci in Dubai.
There is a strong push for the US side to get a deal across the line, but we are still in this period we were waiting to hear back from the Iranians officially about the fourteen point one page proposal that the US has put forward. As you were reporting earlier in the week, some of the demands that the US have put on that paper are deemed to be
quite maximalist from Iran standpoints. So it is unclear at this point whether there can be some form of a compromise, and indeed whether you can get to a compromise over a thirty day period.
Bloombergs Jamani Bersettio reports Iran is still expected to respond to the US software through Pakistani mediators in the next two days.
President Trump is moving ahead with plans to hold a summit with his Chinese counterpart Jijinping next week in Beijing, and he's bringing some big name guests along with him. Bloomberg's Tom Busby reports from New York.
The President bringing a who's who of American business leaders for next week's summit in China, despite there being no resolution to the US war against Iran now. Among those planning to attend Blackstone CEO Steve Schwartzman, City of CEO Jane Frasier, with Semophore reporting that the administration also plans to invite Kelly Ordberg of Boeing, Jensen Wong of Nvidia and others. Trump and She slated for a sit down meeting May fourteenth and fifteenth. That summit has already been
postponed once due to the war. Tom busby Bloomberg Radio.
Tom thanks to Turn to Politics in the UK now, the Labor government is taking heavy losses as the first wave of local election results comes in. For more, Let's go to London and get the latest with Bloomberg's James Wilcock.
Good Morning, James.
Nathan Alexis. Prime Minister Kiss Darmer says the results are very tough, there's no sugarcoating it, and that he takes responsibility for the losses. We're still waiting on the majority of results, but the early signs are it is a disastrous election for the governing Labor Party. The right wing populist Reform UK Party are set to pick up hundreds
of seats. Already they've taken control of two councils and elections in England and as we wait for the rest of the day, we are still waiting on Wales and Scotland election two, where Labor are author set to perform very poorly. The question now for markets and people in the UK is does the Labor Party decide that Keith Starmer needs to be a change in leader as well as someone who is an election loser In London. James Wilcock Bloomberg Radio.
Thanks, James, and President Trump says he's giving the European Union until July fourth to ratify its trade agreement with the US. Bloomberg's Won Parts reports from London.
Having previously threatened to hike tarrifs on Orto imports as soon as this week, Donald Trump has extended his deadline for the EU to ratify its trade deal. The move comes after Trump spoke to European Commissioned President Ursula vonderlyin Negotiators from the European Parliament and Member States discuss potential amendments to the deal earlier this week, but we're told didn't reach any conclusive decisions in London. I'm you in Pots Bloomberg Radio.
You and thanks. A major piece of President Trump's effort to rebuild his tariff wall has just been declared unlawful of federal trade courts in val lidated the President's ten percent global tariffs under Section one twenty two of the nineteen seventy four Trade Act. That law had never been invoked before to impose tariffs, but President used it back in February after the Supreme Court struck down his sweeping
emergency tariffs. The court says the ruling against Section one twenty two only applies to the group of small businesses that challenged it, along with Washington State. It's unclear what the ruling will mean for other importers that have been paying those duties and.
Turning to the markets now. Futures are higher ahead of today's key jobs report. Economists are expecting a slow down and hiring in April. The median forecast is for a gain of sixty five thousand jobs and the unemployment rate to hold steady at four point three percent. Bloomberg's Michael McKee reports.
It's a one number increase as far as economists and investors are concerned. With immigration near zero, the labor force isn't growing much, which means headline job growth is going to be a lot smaller. That's why the Fed will pay attention to the unemployment rate. If it's not rising, it's not signaling problem for the employment side of their mandate and near record low jabas claim suggests unemployment is stable. There will be some focus on average hourly earnings, which
are forecast to rise. Policymakers are looking for any signs labor shortages or rising costs of things like gasoline are pushing up on inflation. Michael McKee Bloomberg Radio.
San Francisco Fed President Mary Daily says there is no indication the surge and energy prices is driving inflation expectations higher. Daily spoke with Bloomberg's Mike McCain.
If the conflict ends and oil prices come back down and that doesn't get passed into the broader economy, then I expect the underlying dynamics that we were facing prior to the conflict to return, which is policy is slightly restrictive, continues to put downward pressure on inflation. The labor market is stable right now, but it's not creating any inflationary pressures.
San Francisco Fed President Mary Daily and stay with Bloomberg to hear more FED voices. At two pm Wall Street Time today, Mike McKee sits down with Chicago Fed President Austin Goldsby. You can catch that conversation live on Bloomberg Radio, Bloomberg Television and the Bloomberg Business app.
And Nathan now to two Bloomberg exclusives. First, soft Bank it's downsizing plans for a ten billion dollar margin loan backed by its take in open Ai. Some creditors are expressing concerns about the difficulty of reaching evaluation for an unlisted company like open Ai. SoftBank is now said to be targeting a margin loan of about six billion dollars. The developer of chat GPT has faced challenges this year
and meeting sales targets and some internal goals. That's his rival Anthropic gains ground and the coding and enterprise markets.
And sources to say, a key company behind Thaielands national artificial intelligence effort is suspected of helping to smuggle servers containing advanced Nvidia chips to China. Bloomberg News has learned. US prosecutors have outlined a scheme in which super micros co founder allegedly worked with Obon and third party brokers to divert AI semiconductors in violation of US trade rules.
The alleged involvement of Obon in this smuggling arrangement could raise questions about Nvidia's due diligence on high volume sales of its hardware.
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.
Good morning, Michael, good morning, and looks his. Spanish authorities are preparing to receive passengers and crew members on a hantavirus stricken cruise ship headed for the Canary Islands. At least three passengers have died and several others are sick, but the World Health Organization says the risk to the wider public from the outbreak is low. Doctor Stephanie Widmer is the director of the medical Toxicology Program at Saint John's Riverside Hospital in New York.
At this point, health officials are assuming person to person transmission is possible because this appears to involve the Andy strain of hantavirus, which is one strain known to occasionally spread between humans.
Doctor Stephanie Widmer. Authorities across four continents are tracing contacts of passengers who left the ship, and the CDC has ranked the hantavirus a Level three response that is the lowest level of emergency activation and typical for this stage. Secretary of State Marco Rubio spent several hours at the Vatican Thursday. His visit included a meeting with Pope Leo. During an exchange of gifts, Rubio gave the Pope a
small crystal football. The State Department seal Leo gifting Rubio a pen apparently made of olive wood.
Olive being, of course, plant of peace.
This is the coat of arms here.
Today, Secretary Rubio is set to meet with Italy's Prime Minister. After widespread backlash, soccer fans are getting a bit of a break. New Jersey Transit will reduce its World Cup ticket price from one hundred and fifty dollars to one hundred and five. Governor Minkey Sheryl has directed the agency to find private sponsorships and other sources to reduce the cost, noting that Fifash contribute to transport of its fans to
World Cup games. The original round trip price from New York's Penn Station to met Live Stadium was raised to cover the additional costs of carrying fans to each game. By the way, a typical ride on a regular day costs about thirteen dollars. Global news twenty four hours a day and whatever you want it with the Bloomberg News Now Michael barn and this is Bloomberg Alexis.
Thanks Michael. Time now for our Bloomberg Sports update, and for that we bring in John stash Hour.
Home games one of the NBA playoffs that includes the Detroit Pistons. Now five straight playoff victories be Cleveland one oh seven ninety seven. The Cans in the playoffs are zero and five on the road. Oklahoma City six and zero in the playoffs, with every win by at least nine points. A second straight eighteen point win over the Lakers. Carolina Hurricanes seven and zero in the Stanley Cup Playoffs. They've only allowed eight goals in seven games. A four
to one win at Philadelphia. Aaron Rodgers to meet today with the Pittsburgh Steelers moving closer to making a return. That's to a Bloomberg Sports update.
Stay with us more from Bloomberg Daybreak coming up after this Coast to coast on Bloomberg Radio nationwide on Serious XM, and around the world on Bloomberg dot Com and the Bloomberg Business app.
This is Bloomberg Daybreak.
Good morning on Nathan Hager, coming up on ten full weeks of war in the Middle East. The US and Iran or trading fire once again around the Strait of Horn moves, but President Trump says the ceasefire is still on as he waits for Iran's response to his latest peace offer.
If there's no ceasfire, you're not gonna have to know, You're gonna have to look at one big glow coming out of Iran.
That was President Trump speaking near the Lincoln Memorial Reflecting Pool in Washington. Joining us from Dubai this morning is Bloomberg Middle East correspondent Jumana Bursecci, the anchor of Bloomberg Horizons. J youman to catch us up on what's been happening over the last twenty four hours. Is the ceasefire holding?
Good morning?
Yeah, Well, that's what Trump is saying, and so far from the Iranian side as well, they seem to be respecting the seasfire. Apart from that scuffle overnight around the strait, certainly there was an escalation. Sentcom saying that three US warships came out of attack by Iran while they were crossing the strait. The attack involved missiles, drones, and small boats.
So the US responded to that they struck back around the Iranian coast and also hit some key launch sites and come out and control locations.
But that was that.
It was almost a tip for tat, and later President Trump was asked about it whether that was the did constitute a violation of the Seasfire from his perspective, and he said no. However, he did threaten once again and said, just like we knocked them out today, we'll knock them out a lot harder, a lot more violently in the
future if they don't get their deals signed fast. So once again really putting the pressure on the Iranian side to come forward and offer their response to the memorandum of understanding that the US put forward to them earlier this week.
Well, do we have any sense that that pressure is being felt on the Iranian side? Are we still expecting some kind of response in the next day or so?
We are we are. We know that they are reviewing it, and this is according to sources that we've spoken to at Bloomberg and indeed what the Iranian Foreign Ministry spokesperson has said in the last twenty four hours. They are reviewing the document, but they've also characterized the document as being very maximalist in terms of what the US is
looking for. And so the question here is how Iran is going to come back, whether they're going to completely cut off the process, so, whether they will extend the process of negotiations once again, and whether we can actually move towards this phased plan that both the US and Iran actually have been positing the last couple of weeks, which would entail a gradual lifting of the mutual bocades around the Strait as at the same time they talk
about some of those bigger issues around the nuclear file and ballistic missiles and the lifting of sanctions, the other issues obviously at the core of the issue and why the war was started in the first place, But the Strait is the one that President Trump seems to care about the most right now because it's having the most notable economic impact.
Oh, we'd heard some reports that the effort to reopen the straight on the US side was delayed in part because Saudi Arabia wasn't allowing access to its Bass. Now there were reports that that's kind of been reversed. What could that mean for the potential of the US trying to reopen the strait of horror moves again, and how could Iran respond to that. We've got about a minute left.
Yeah, I just want to say that the official Ministry of a Foreign Affairs, a diplomatic senior advisor from Saudi Arabia put up a tweet this morning saying the Kingdom of Saudi Arabia maintained its position supporting the escalation and negotiation efforts. Beware of media reports attributed to unnamed sources, some of whom claim to be Saudi, suggesting otherwise. It is strange to see such a post put up, but I think Saudi Arabia just wants to reiterate that they
are keen on a diplomatic solution here. That's probably not the case for the likes of the UAE, and we can speak about that, and their posture towards Iran has been a lot more aggressive. Saudi Arabia is still pushing the diplomatic angle despite all of the media reports that have emerged.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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