40 Burst results for "WTI"
The Breakdown
A highlight from Could Oil and a Gov't Shutdown Screw Up Powell's Plans?
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Friday, September 22nd, and today we are talking oil, macro, everything that could throw the economy off. But before we get to that, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link at the show notes or go to bit .ly slash breakdown pod. All right, friends, well, we are sort of continuing the macro story today that we picked up around Powell and the FOMC this week. And one of the questions that Powell was asked was about risks that threatened to knock the economy off course. Two that he mentioned that we're going to spend a little time on today include oil prices and a potential government shutdown. Let's start with oil first. The price of crude oil has steadily increased over the past four months. From a low of around $70 in June, oil reached almost $90 a barrel for the US -based WTI benchmark contract and $95 per barrel and $95 per barrel for international Brent crude earlier this week. The price increase for crude has driven US gas prices back above $3 .80 per gallon, the highest level since last October. Overall, gas prices have ramped up by 20 % since the beginning of the year, according to AAA. Now, there are a number of factors all contributing to steadily increasing oil prices since the June lows. The first is OPEC+. The economic group of oil producing nations led by Saudi Arabia and Russia have recently curbed output. Production cuts, which were agreed to late last year, have been gradually implemented over the past six months. In July, Saudi Arabia voluntarily cut an additional 1 million barrels per day from its production quota, about 10 % of its previous output. Existing production cuts across OPEC have already been extended into next year and analysts expect Saudi Arabia to extend their voluntary cuts until March. On Thursday, Russia further constrained supply by banning the export of diesel and petrol. Russia is one of the world's largest suppliers of diesel alongside their status as producing around 12 % of the global supply of crude oil. The International Energy Agency said last year that Russian refineries produce, quote, roughly double the diesel needed to satisfy domestic demand and typically export half their annual production. Analyst opinions focused on the simplest explanation for the ban, retaliation for sanctions. Henning Gloestien of the Eurasia Group said, Russia wants to inflict pain on Europe and the U .S. and it looks like they're now repeating the playbook from gas and the oil market ahead of the winter months. They're showing that they're not finished using their power over energy markets. The Kremlin said the ban was temporary and aimed at addressing rising energy prices in domestic markets. However, they gave no timeline on when the ban might be lifted. U .S. and European policymakers have largely banned the importation of Russian refined fuel since February, which has required Russian supply to be routed through third party regions including Turkey, North Africa and Latin America. Now, OPEC cuts over the past year were predicated on a weakening demand profile heading into this year. At the time they were announced, recessions were expected across Europe and the U .S. China was an open question with the potential of reopening pushed back in the midst of additional pandemic waves. But since then, the European economy is sputtering along, albeit with dismal manufacturing data out of Germany. The sanctioning of Russian supply has caused European demand to be displaced to other regions with refining capacity, largely India and the Middle East. In the U .S., recession has been continuously pushed off into the future and oil demand is now back at all time highs with no signs of slowing. Although the Chinese economy has hit some turbulence recently, oil demand remains robust. Analysts expect China's oil demand to remain high as Beijing secures strategically important resources. What's more, analysts expect China's oil demand to remain high as Beijing secures strategically important resources in part to mitigate geopolitical risks as well as to shore up its manufacturing and transportation industries. So with oil prices spiking, many are wondering whether the White House will once again intervene in markets using the Strategic Petroleum Reserve. Between November 2021 and September of last year, the White House authorized a number of SPR releases. The final policy saw one million barrels per day provided into the market over six months. A small amount of oil was restocked earlier this year, but the SPR still sits at a little over half its pre -pandemic level. Earlier this week, a headline circulated proclaiming that quote, Biden says depleting SPR is on the table. This was later found to be a hoax with no legitimate source, but it demonstrates how difficult high oil prices could be for the U .S. economy heading into election season. To wit, many saw the SPR release as a political decision rather than an economic decision heading into the 2022 midterms. In the private sector, U .S. oil inventories have recently hit 40 -year lows of 46 -day supply, well below the longer -term average of 65 days. And while August's inflation reports already showed a small uptick due to oil -related prices, the effect is expected to be more profound across this month. Dario Perkins, an economist at T .S. Lombard said, That said, it is important to keep these recent inflationary developments in context. We are not yet in danger of undoing 12 months of solid disinflationary progress, not even close. Others suggested that high oil prices would have a greater impact on growth rather than inflation. Maya Bhandari, head of multi -asset at BNP Paribas Asset Management said, It really impacts the growth side of the Goldilocks equation rather than the inflation side of things over the long term. Theory is that sustained high oil prices begin to eat into disposable income for households alongside higher costs of production for manufacturing and logistics. These combine to reduce growth and potentially tip the economy into recession. Overall, this situation in the oil markets has, to some, many parallels to the liquid natural gas spike in the winter of 2022. Prices in some markets rose more than tenfold, European energy companies scrambled to secure supply at any cost, and multiple firms went bankrupt due to the volatility in markets. This week, Bloomberg reported that the trading arm of French supplier Total Energies has played a major role in bidding up the price of U .S.-based oil. Their source claimed that the firm is paying a premium for physical U .S. barrels, pushing the spread against futures to levels not seen since last November. With all of that said, there are some signs that the oil market is beginning to cool off. On Thursday, Brent crude futures fell to $92 per barrel, which represented the third straight day of price declines, which is the longest streak in almost a month. Warren Patterson, head of Commodity Strategy at ING, said the Fed's hawkish messaging has quote, put some pressure on risk assets, including oil. The dollar index has risen by 0 .8 % since Chair Powell left the podium, a large enough move to weigh on asset markets. Patterson said he still expects Brent crude to move above the $100 mark in the near term, but that he doesn't anticipate the move will be sustainable. So that is the view on oil overall. The thing that I am definitely going to be watching more than anything else is the political dimension of this. We are now entering the period where everything, even more than usual, is going to be completely wrapped up in what it means for the election season. If prices at the pump keep trending up, it seems very likely that the Biden administration will be willing to do what it takes, including SPR releases, to get those prices down. But that's just something we're going to have to keep an eye on. Now what about that other factor that Powell mentioned? Well yes, indeed, my friends, the US government is once again hurtling towards a shutdown after efforts to pass a short term spending bill were scuttled on the House floor on Thursday. House Speaker Kevin McCarthy attempted to marshal Republicans to vote through a package to keep the government funded past the end of September. Closed door negotiations continued late into Wednesday night, but were apparently unconvincing. The bill currently being considered is the $886 billion Defense Appropriations Act. The bill was stifled in the House after five GOP representatives refused to allow debate to begin by voting against a preliminary procedural rule. Democrats also voted against the measure and appeared to taunt Republicans apparently reveling in seeing the GOP's slim majority descend into chaos. Among the Republican dissenters was Marjorie Taylor Greene, who opposed the inclusion of $300 million in funding to the Ukrainian war effort. On Thursday, Politico reported that Pentagon sources have said Ukrainian operations have been exempted from any shutdown, making that part of the dispute rather moot. McCarthy sent House members home on Thursday night to return to Washington on Tuesday. He told reporters after the failed vote, quote, two people flipped, so I got to figure out how to fix that. That wasn't the impression they had given us. Now, this was McCarthy's third attempt at bringing the bill to the House floor. The current proposal on the table is a 31 -day stopgap funding mechanism to forestall a shutdown to begin next weekend. McCarthy remarked on the change in tone in Congress among that extreme element of the Republican Party, stating that, quote, this is a whole new concept of individuals that just want to burn the whole place down. Now, even if a 31 -day stopgap is passed in the House, it seems unlikely to make its way through the Democrat -controlled Senate. The bill includes a 30 percent temporary cut to domestic agencies and immigration law changes, neither of which are likely to get the seal of approval from Dems. Senate Majority Leader Chuck Schumer said instead of decreasing the chance of a shutdown, Speaker McCarthy is actually increasing it by wasting time on extremist proposals that cannot become law in the Senate. House Democrat leader Hakeem Jeffries remarked that the situation was playing out as a, quote, Republican civil war. Now, if it comes to pass, this would be the 11th government shutdown since 1980. The logic is that hard -line positions that don't enjoy support in the Congress can be put directly to the American people by shutting down the government and drawing attention to the impasse. Republican Ralph Norman said last week that, quote, we're going to have a shutdown. We believe in what we're doing. The jury will be the country. Still, the record on government shutdowns doesn't really support that strategy. Not one of the 10 previous shutdowns resulted in the dissenting group extracting concessions. Typically, the American people quickly turn on the party they view as blocking access to government services over a petty squabble. Alex Conant, a Republican strategist, said, This is such a dumb fight because there's no principle that we're standing on here. It's just bad tactics. While the dispute is nominally over excessive government spending, with Republican dissenters pushing for funding to be reduced back to 2022 levels, the underlying problem is, of course, the level of discord within the Republican Party. McCarthy was voted in as House Speaker after a record 15 attempts. The process took four days and frequently descended into a farce. This was only the second time in the post -Civil War era that a House Speaker had failed to be elected on the first attempt. Conant noted the terrible optics of a government shutdown of the Republicans' own making heading into election season, stating that, quote, Biden didn't win because of his political skills and soaring oratory. He won because Republicans blew themselves up with Trump. I'm afraid we're seeing history repeat itself, with the GOP once again helping Biden by shooting themselves in the foot. Of course, never one to shy away from controversy, Trump fanned the flames on Wednesday, posting that, quote, Republicans in Congress can and must defund all aspects of Crooked Joe Biden's weaponized government that refuses to close the border and treats half the country as enemies of the state. He added that, quote, This is also the last chance to defund these political prosecutions against me and other patriots. They failed on the debt limit they must not fail now. Use the power of the person to defend the country. Now, zooming out and trying to get away from the politics of the situation, which obviously is not the focus of this show. The reason that this was brought up at last week's FOMC press conference is that a government shutdown would halt the publication of government data. This would include employment, inflation and growth statistics, which are currently playing a key role in guiding Fed policy. Now, given how much the Fed has said over and over again, their policy is going to be driven by data, presumably not having access to that data would be a fairly big deal. Yet in spite of that, Powell tried to put on a brave face, saying, If there is a government shutdown and it lasts through the next meeting, then it's possible we wouldn't be getting some of the data that we would ordinarily get and we would just have to deal with that. Now, by way of some history, the longest ever government shutdown lasted 35 days. The dispute was around funding for the border wall and quickly turned public sentiment against the Trump administration. Republicans controlled both the House and the Senate, but the administration failed to convince their own party to fund the wall. At the time, Democrat Senator Jon Tester called it the most stupid shutdown I have ever seen in my life. However, if this week's display is anything to go by, that 2019 shutdown could soon have some competition for that title. Now, what does this all have to do with the crypto sphere? Well, I think in many ways these are just exemplary of the state of politics in general. And given that, perhaps it's not surprising that former Senator Pat Toomey is not optimistic about the chances of crypto legislation being passed during this Congress. Just prior to retiring from Congress at the beginning of the year, Toomey introduced his own crypto bill, which focused on stablecoin regulations. Now, the House currently has two major crypto bills eligible to be brought for a vote. One would establish a stablecoin framework while the other introduces more broad crypto regulations. While speaking at a Georgetown Law Seminar on Thursday, however, Toomey said, I don't see a path forward in the Senate regardless of how the vote goes in the House. He added that of the two, he sees the stablecoin legislation as having the best shot. The sticking point will likely be Senate Banking Committee Chairman Sherrod Brown. While Brown has been outspoken about the risks of crypto and the need to bring the industry to heel, he has so far remained extremely quiet on exactly what form of legislation would meet his approval. And of course, any crypto legislation would need the support of Democratic senators to pass a vote to become law. Still, during an interview on Thursday, Coinbase Chief Policy Officer Faryar Shirzad said that she thinks that Brown's lack of commitment to a legislative position might actually be a good thing. Shirzad said, Now, last week, Brown wrote a letter to head regulators at multiple agencies urging them to use their existing powers to crack down on non -compliant crypto firms. This of course seems to be the clear intention, at least at the SEC. On Tuesday, the head of that agency's crypto assets and cyber unit, David Hirsch, warned that more enforcement actions would be coming against crypto intermediaries, including DeFi protocols. Still, Toomey, who serves now as an advisor to Coinbase, views stablecoin legislation as the solvable problem. At the moment, Democrats are pushing for the Fed to serve a central role in regulating issuers rather than granting oversight power to state regulators. This preference is believed to be driven by the White House. Toomey said, He thinks that senior Democrats will get on board once the White House is satisfied with the stablecoin proposal. Although that proposal might have to wait until after the election, as Toomey said in the next Congress, I think it's quite possible to get something done.
Bloomberg Daybreak Europe
Fresh update on "wti" discussed on Bloomberg Daybreak Europe
"Bank of Monte dei Paschi di Siena with another similar sized bank in Italy. That's a story to watch. Gauge of the U .S. dollar, Bloomberg dollar spot index is flat this morning. After the greenback hit its highest level in nine months, the real yield advantage, the billionaire chairman under police control, that did seem to hit trading in Asia earlier this morning. And also the U .S. government shut down plenty of big global stories to think about and their impact on the markets. Just lastly, oil prices want to note as we see gains once more. Brent crude futures this morning, up seven tenths of one percent, $94 .64. WTI futures at $91 .29, up by one percent. That is your Bloomberg Radio Business Flash, down seven basis points at 5 .05 percent on the two -year Treasury yield this morning now, still but near decade highs, the Bloomberg dollar spot index holding around that 2023 peak. And for analysis now we're joined in the studio by Maria Minucci, Fund Manager at M &G Investments. Happy with us, Maria. Morning. Let's just talk about these yields then. How much higher could they go? What we've seen in the last few weeks has been extremely interesting and we've seen moves across the different curves. In particular, if you look at the US has been very much steepening. If you look at Europe has been more of parallel a shift, slightly different in the UK, still with some pressure on the long end, but potentially less so than what we've seen in US and Europe. And I think these are very interesting moves because we got to a level that was already elevated and then we've seen acceleration there, specifically on long the end of the curve. When you look at, for example, US 30s, and we very, very quickly reached the levels that we haven't seen in decades, as you were saying. So I think it's important to try and understand what could have pushed investors to those levels. And I think, yes, there is an element of, you know, the higher for longer concept. And, you know, there's been kind of already something in the radar from Jackson Hall and that has been reiterated last week with many central banks coming to the fore with their decisions. But there is also an element of it that might be slightly more behavioral, especially when we look at the longer end of the curve at the 30 years, because here we see that, you even know, a higher for longer narrative doesn't really fully justify, you know, such a and rapid move. Of course, these yields could be various levels in the next decades. I mean, it very much depends on the macro environment that we're going to be in. But the truth is that we don't know what the macro environment we're going to be in is going to be yet. Unfortunately, when we deal with macro variables like inflation, like growth, you know, a data in isolation doesn't tell us the whole story, we have to be patient, then we have to see how the data evolves to really start to have a grasp of what kind of environment we're going to be in in coming the years. The issue though is that with US yields rising and that sort of giving such a power to the US dollar, it puts a great deal of pressure on other markets and particularly on Europe. What's your take in terms of how that affects your thinking around investments it when comes to Europe? I mean, the Italian BTP bunt spread, but also the Euro, the Swiss, you know, in the headlights of this very strong dollar. Yeah, absolutely. I mean, I think, you know, we have seen the central banks moving in concert, but with important differences there, right? So we've seen the US moving faster and earlier, and we're seeing other banks kind of lagging behind. And obviously with the with the question around Japan, and this has driven quite a lot of the moves in currencies. And I think, we you know, have a level of support in dollar that is quite important right now. And as you're saying that the consequences and other markets are very important to be seen that would the central banks be keen on, you know, affecting this in some way. I think of for the time being the bigger pressure that we have in from higher interest rates in the US is actually across all of asset example, if we really believe in a higher for longer rate environment, how is this going to affect equity markets all over the world? How is it going to affect various assets because that interest rate is a key driver of how we value other assets. And so I think this is what some of the nervousness we've seen in the last few weeks has been about really, you know, starting to price in these rates for longer what the consequences might be. We have seen a very important lag in you know, how monetary policies is affecting the macroeconomic environment. But we know that eventually there will be some steps, even if they're, you know, forward in time in which refinancing of corporates, issue new debt will have an impact and we have to be very mindful of that. It's interesting, Maria, where you say that central banks have to be patient with the data. Just thinking back to the Bank of England decision last week, I wonder what you make of it because it seems like they're kind of ignoring the hot wage growth despite making it the emphasis of their justifications for hiking previously. And I wonder whether you think it was wise to hold rates when the GDP data is volatile and likewise the downside inflation surprise hasn't been proved durable yet. I think central banks have to base themselves on the data that they have available and also they do that taking into account what the key mandates are. And I think you are seeing in the UK some weakening from the growth active. Some subtle signals but they are there and so it's very important for the central banks to take into account. I think also the BoE has been very cognizant about what are the limits of interest rates as a tool in reducing inflation and what could be the unintended consequences of it. So I think there is a willingness of seeing some more of that impact trickling through the real economy and then coming back through the data for them to be able to make a more informed decision. It was very difficult last year to make the case for diversifying the portfolio, portfolio, your given that stocks and bonds just had such a terrible time. Is there a better, stronger case for that now? Because the beginning of the year, there was a very positive sign that that might happen. Halfway through the year, not so much. Indeed, I think we started the year with many investors looking bonds at as the opportunity for 2023 and actually what we've seen is the opposite of it. Equity being the area that deliver returns while bonds continue to suffer, specifically recovering bonds. It is always difficult to make the case for diversification. I mean, obviously we are now in a three -year pretty much stretch where we've seen positive correlations between equities and fixed income, with the exceptions of, for example, March this year, where we had the crisis around the US regional banks where we've seen some de -correlation and diversification coming from sovereigns, which was very welcome and interesting to see that maybe there is still potential for that. But I think the more those yields move higher, although we don't know what would be the peak of that yield, the more they might become interesting from a portfolio construction perspective to not only provide a level of ongoing yield, but also crucially to perform that diversification function that needed is and welcome in multi -house portfolios. However, as long as we continue to have volatility and uncertainty around inflation, there is a case for positive correlation to remain elevated. Maria Minucci, Fund Manager at M &G Investments. It's really great, as always, to have you with us in the studio. Thank you. Now coming up in the next part of an in -bag daybreak, Europe will be heading over to the US to speak to Nathan Hager. You've got the government shutdown issue in America. Also keeping an eye on the Amazon, the FTC suing Amazon, that case that potentially could bring changes big in terms of online marketplaces. We'll discuss all of that next with Nathan Hager. This, as European equities are up by two tenths of one percent, 3 ,100 also just about still in positive territory, and looking to the US markets, S &P 500 even features up a tenth of one percent. Today, do you need a voice video and messaging app with capabilities that grow with your business? Vonage does that. Get a single app for all your meetings and communications and the flexibility to add new users with their existing phone numbers. You can even add local phone numbers from different markets, integrate with leading CRMs, set up a virtual assistant and access up to 50 premium calling features globally.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"121 on Wall Street. We do check markets all day long at Bloomberg. The Dow, the S &P and NASDAQ are all lower right now. Oil is resuming its rally as Russia bans exports of gasoline and diesel. West Texas Antimedia crude up four tenths of one percent. Eighty nine ninety five right now for a barrel of West Texas Antimedia crude. Stocks lower across the board again off session lows but the S &P remains down 39 points down nine tenths of one percent. The Dow Jones Industrial Average down 138 points down four tenths of one percent. The NASDAQ Composite Index lower by 134 points down now by one percent. Ten -year yield at four point four six percent with a two -year that's yielding five point three percent and again West Texas Antimedia crude up two tenths of one percent. Eighty nine eighty seven for a barrel of WTI. Cisco Systems is buying software company Splunk in deal a valued at about 28 billion dollars marking the computer networking equipment maker's biggest acquisition. Cisco shares they're down now by four point two percent Splunk is up twenty one percent recapping stocks lower S &P down thirty nine down nine tenths of one percent. I'm Charlie Pellett and that is a Bloomberg Business Flash. This is Bloomberg with Joe Matthew on Bloomberg Radio. If Marjorie Taylor Greene says a continuing resolution is dead in the water and Donald Trump urges everyone to vote against it we're
Bloomberg Daybreak Europe
Fresh update on "wti" discussed on Bloomberg Daybreak Europe
"Flash you you it's 821 in the city of London I'm Valerie Tytel and let's get a quick check on the markets for you. Stocks are in the green as the dollar holds its gains. We have the S &P 500 futures up three tenths of one percent NASDAQ futures up three tenths of one percent as well after a bruising session yesterday. The stock 600 index is trading flat at the moment but we have some single stocks in the green. H &M is up four percent after a third quarter profit beat. On the bottom of the basket we market. We have land securities after an operational update falling nearly two point seven percent. In fixed income there is a bit of relief. We are seeing a decent rally in treasuries. Treasury yields down three basis points across the curve. That ten year yield at four spot five zero percent this morning. In FX the dollar is holding to a month nine high but unchanged so far in the session. We have euro dollar at 105 .70 sterling at 121 .50 and dollar yen at 149 the figure. In commodities oil rally is resuming. We have WTI at $91 .20 a barrel up nine tenths of one percent on the session and that is your Bloomberg Business Flash. Now the US competition regulator is suing Amazon for monopolizing online marketplace services. Federal Trade Commission chair Lina Khan has been speaking to Bloomberg about the case and the sort of action they want to see from Amazon. This is a case about a set of unlawful tactics that Amazon has used to maintain its monopolies. We note in the complaint both a set of anti -discounting tactics that Amazon uses to punish any seller or retailer that dares to discount and ultimately these sets of tactics deter sellers and retailers from lowering prices and closes off an entire mention of price competition. The other set of tactics we note is a coercive scheme that Amazon uses to effectively sellers require use its fulfillment service and this in turn ends up stunting the development of independent fulfillment providers and ultimately also deprives actual and potential rivals of scale and that's really the core theme here. These are a set of tactics that ultimately Amazon has pursued them to deprive actual and potential competitors of the ability to gain the scale and momentum needed to effectively compete online and having achieved and protected monopoly its power. Our complaint details how Amazon is now exploiting that monopoly power in these tactics. Thank you. Thank you very much. Thank It's done that through actively raising prices. Amazon takes close to one out of every two dollars from sellers that use its platform. It's also degraded its service by adding a whole set of pay to play ads that make it more difficult for consumers to find what they're looking for and steers them to hire price products. So I really encourage everybody to read the complaint. It details all of this conduct in great detail and we're really looking forward to moving forward with it. So one of the things in the complaint is this case. That you're seeking structural relief in this case, which implies a breakup. What would that look like? So at this stage, the complaint is really focused the on issue of liability. We lay out a scheme that we believe violates the US antitrust laws. What we note in the complaint is that these different aspects of Amazon's scheme have an aggregated effect. So the harm is accumulating, there are feedback loops between the harms, and so the net exclusionary effect of Amazon's conduct is quite significant. Ultimately we'll want to make sure that any remedy is halting the illegal conduct, preventing a recurrence, and ensuring that Amazon is not able to profit and benefit from its illegal behavior. So right now we're squarely focused on the question of liability, but when we get to the issue of remedy, those are going to be the principles we'll be focused on. That was Lina Khan, the chair of the Federal Trade Commission, speaking to Bloomberg after that announcement of that fresh case being taken against Amazon. The company has said that it will challenge those claims in course. Now it's time for the London rush where we carve out some time to highlight businesses making announcements here in London. Joining us now is Bloomberg's breaking news editor Leo Kinscherper. And Leo, let's start off with the Flutter, owner of Paddy Power and Betfair, making some interesting bets on the Balkans today? Exactly. They said this morning they're buying MaxBet, which is a Serbia -focused sports betting and gambling operator, and they're paying £123 million in cash for a 51 % stake. Flutter said they're hoping to replicate the success they had in markets like Georgia, India and Italy. And I think there it's even more important to have a physical footprint and for customers to be able to pay in cash. And, yeah, I think this move just underlines Flutter's ambition and shows how hungry they are to grow. Oh, as you know, they're already a top player in the US and they plan a secondary share listing in New York year this or next. So they're really on the roll. Yeah, certainly very interesting to see where that deal goes next. Let's go next to talk about used cars and Pendragon. Exactly. So since yesterday evening we have the Battle of Pendragon here in London. They've got a takeover approach from AutoNation, which is a US peer, and AutoNation is now competing against Hayden Mobility and Penske, also transport firms, who have approached Pendragon for the same price. 32 pence per share. And on top of that, Pendragon two weeks ago signed a deal to sell its UK leasing unit to Lithia Motors, another company, and shareholders in Pendragon, expecting a dividend here. So it's really interesting to see how this will pan out. They also reported earnings today, which were rather uneventful. First -half profit is up 22 % compared to last year, and shares in Pendragon are up almost 10%. They're hovering above the offer price. Markets are definitely expecting another bid here. And I guess from cars to bars, the owner of all bar one. The owner. Father's got against the spares for all puns are welcome. The owner of all bar one Mitchell's and others were expecting to hear results tomorrow. Yeah. And this will be particularly interesting because they will also give us a hint as to how other listed pub operators have fared over the summer. You know, your Wetherspoons, Marston's, Fuller's because we haven't heard from them in a while. And even more important, any forward looking comments from Mitchell's and Butler's tomorrow on how the industry expects those pressures to develop. In July, they said cost inflation is starting to ease and shares jumped after that. So, any update on this is likely to impact across stocks the industry tomorrow. I can't remember the last time I was on an all bar one. You know, the one on my high street closed and was I rather sad, but I never had gone in. Well, I mean, it's your character, Valerie. Fair enough. Leo Cairfer, thank you so much for bringing us the London rush. You'll find more on these stories, reading the London rush on Bloomberg .com and of course, on the terminal as well. We'll have a check on the markets for you next. This big real world event is this technology revolution and particularly with generative AI. We've got to hang on top because it is the biggest driver of change. It is the biggest driver of innovation. Both in the UK and the US, what you can see is you that if take corrective action and if you stay the course, you can get inflation down. I am determined to change our country and build a better future for our children. Bloomberg Bloomberg Radio It is eight thirty in London. Good morning. I'm Stephen Carroll and I'm Valerie Tytel. This is Daybreak Bloomberg Europe. Let's check in on where markets are trading for you. The stock six hundred now turning higher up two tenths of one percent. FTSE The 100 is a tenth of one percent higher. The CAC Arant is up by three tenths in Paris and the DAX in Frankfurt up by a tenth of one percent as well. Looking at the sectors that are moving we have that even split at the start of the trading session between sectors that we're gaining and those that we're seeing losses. We are seeing sentiment
Bloomberg Radio New York - Recording Feed
Monitor Show 07:00 09-19-2023 07:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. The Business Act, this is Bloomberg Radio. Looking forward, the jury's still out on inflation, but that recession risk remains significant. It might take longer for inflation to get back to target. It's true there is a resilience of inflation which is more tangible in Europe than it is in the U .S. Consumers in particular, they aren't behaving like there is a recession in any form coming around the corner. There's a risk here about a wage price spiral that isn't going away anytime soon. This is Bloomberg Surveillance with Tom Kean, Jonathan Farrow and Lisa Abramowitz. A two -day meeting at the FOMC begins right now or whenever Chairman Powell gets out of bed in Washington. From London, from our audience worldwide, good morning, good morning. This is Bloomberg Surveillance on TV and radio alongside Tom Kean and Lisa Abramowitz, I'm Jonathan Farrow. A sneak peek at the price action, equities right now positive by 0 .1 % on the S &P 500. Main event of the week, Tom, there's three of them to be fair. The Federal Reserve, the Bank of England, the BOJ, the big one for most is the Federal Reserve, Tom. Tomorrow afternoon. It's going to be interesting to see. The way I look at it is with Greenspan, was he having a ham salad sandwich or a peanut butter and jelly sandwich? It was a king. I mean, did they watch what the governor of the Bank of England does when he stops by Greer's? Do they follow the suitcase and see what's going on? Communication has changed. I don't know what to make about it other than there's no other story. $95 barrel oil and to talk to our guests this morning, including the encyclopedia known as Will Kennedy. We're here. We're here. We're going higher. Ninety five on Brent. Lisa, $92 .51 on WTI. We've got questions.
Bloomberg Daybreak Europe
Fresh update on "wti" discussed on Bloomberg Daybreak Europe
"It's 7 .40 in London. I'm Stephen Carr. Let's check on the latest market moves for you, starting with oil prices moving higher this morning. Again, Brent crude up nine tenths of one percent, ninety four dollars and seventy six cents. WTI up by one percent today. Again, ninety one dollars and twenty six cents as well. This is the market is out when gains in the dollar and the broader risk of tone driven by the outlook for higher interest rates. The premium for near term U .S. barrels now the highest in more than a year, indicating a deficit there in the market, too. So that is part of the moves in the oil price that we're watching for you closely this morning. The dollar is continuing to hold on to the gains it saw yesterday at its highest point of the Bloomberg dollar spot index since last December. It's a touch stronger today to the euro trading a 10th of 1 % weaker 105 .63 is where that's trading the pound 120 149 against the dollar as well the yen past 149 again this morning, too, and that's part of the FX story that we are watching for you looking at the first trades and European bonds we are seeing Italy's tenure BTP is holding on to the level That they jumped to yesterday on fears around the country's budget deficits the 10 -year BTP at four point seven four Percent and the two -year over four percent both of those are up by seven and eight basis points yesterday the ten -year German bunch yield at two point seven nine percent this morning down a basis point ten -year treasuries also just Down ever so slightly in terms of the yields this morning the ten -year Treasury yield down a basis point of four point five two percent Looking Towards ahead the start of the cash equities trading session here in Europe Euro stocks 50 futures are a quarter of one percent higher FTSE 100 futures are two tenths lower Kakaron futures two tenths higher today in the Asian session we've seen some gains on equity markets the Irish Pacific index is a tenth higher the Hang Seng is up by eight tenths of one percent despite continued slump in Chinese property shares the CSI 300 up by a third of one percent Looking at Wall Street features S &P e -minis up by four tenths Nasdaq features are Three times higher that's your Bloomberg Radio business flash Stephen. Thank you so much for taking us through the markets now to one key of our interviews so the US Federal Trade Commission is suing Amazon in a long -anticipated Accusing the e -commerce giant of monopolizing online marketplace services by
Bloomberg Radio New York - Recording Feed
Monitor Show 13:00 09-18-2023 13:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. A little bit higher, WTI crude oil up half a percent, $91 .23 per share. Sound on with Joe Matthew from Washington, D .C. That starts right now. Bloomberg Sound On. Politics, policy, and perspective from D .C.'s top names. Federal spending combined with too -lax monetary policy has produced this 40 -year high on inflation. China policy is driven basically by domestic politics. American families are finding themselves further behind the eight ball. To get anything done in this Congress, it's going to have to be done in a bipartisan way. Bloomberg Sound On with Joe Matthew on Bloomberg Radio. The UAW says it's not moved. Welcome to the fastest show in politics as the auto workers union rejects the latest pay raises offered from the likes of the big three as the strike now enters day four. Following weekend talks, Democrats and Republicans are starting to take sides on this. A very sticky issue that we'll discuss with President Biden's former labor whisperer, Seth Harris, who is also labor secretary in the Obama administration. Later this hour, there's talk of a budget deal among Republicans in the U .S. House.
Bloomberg Daybreak Europe
Fresh update on "wti" discussed on Bloomberg Daybreak Europe
"The Bloomberg Business app. Good morning from London. I'm Caroline hip care, and I'm Stephen carry listening today break Europe live on London DAB radio. And as usual, we'll start by looking at the markets on Bloomberg Radio, the MSCI Asia Pacific index index is down a 10th of 1 % We're near the lowest level since March more China property sector turmoil, which we'll discuss in a moment. US stock futures this morning are currently up by a two tenths of 1 % for the Nasdaq S &P 500 even features up by three tenths of 1 % after both of those indices the slumped 1 .5 % on Tuesday. US stocks 50 features also just about still positive. US yields are easing on the 10 and 30 a yield we're down one and a half basis points at 452 on the 10 year the Japanese yen this morning at 1 4903 the Bloomberg dollar spot index up a tenth of 1 % and and oil prices back to gains of more than 1 % for WTI crude futures Stephen. Our top stories this morning British and European Union officials are meeting today to discuss looming post -Brexit tariffs on electric vehicles being traded between the EU and the UK as a deadline on whether to delay the move EVs have become a major focal point of global trade tensions in recent weeks after the EU launched an anti -subsidy probe into those being made in China and as Bloomberg's global autos editor Craig Trudell reports that investigation isn't only focused on Chinese automakers. One company really sort of looms largest there as a result of the fact that they are shipping more EVs from China into the European Union than anybody else and that is Tesla. So this is a company that opened a plant in Germany in March of last year but it continues to supplement the output from that plant with production from a lower cost facility in Shanghai that has an awful lot of capacity to make quite a few electric vehicles. Craig Trudell says the investigation aims to determine whether and the degree to which China has subsidised Tesla and domestic manufacturers. China will just about meet its 5 % growth target this year according to the latest Bloomberg survey of economists But those polls say that fresh concerns about China's property market are raising the at the moment. This, the analysis comes as Beijing placed the billionaire chairman of the beleaguered developer Evergrande under effective house arrest. Brian Curtis has more on this Bloomberg scoop. sources say Huikai Yan was taken away by police and is being held at a designated location. It's not clear why he's under so -called residential surveillance. That's a police action that falls short of arrest. And it also doesn't mean that Hui will eventually be charged with a crime. Still it means that he's unable to leave the location, meet or communicate with others without approval. It's another sign that Evergrande has entered the criminal criminal justice system. Other former executives have reportedly also been detained. In Hong Curtis Bloomberg Radio. The head of the US regulator taking Amazon to court tells Bloomberg she's asking the judge to halt the company's alleged illegal conduct. FTC chair Lina Khan is accusing the the e -commerce giant of using a range of tactics to monopolise the online marketplace. Ultimately Amazon has pursued them. To deprive actual and potential competitors of the ability to gain the scale and momentum needed to effectively compete online and having achieved and protected its its monopoly power. Our complaint details how Amazon is now exploiting that monopoly power in ways is that harm customers. Khan stopped short of calling for Amazon to be broken up but added Added if the regulator wins the suit would seek to restore competition. Amazon it says will defend itself against the lawsuit and what the FTC seeks will lead to higher prices and hurt businesses. OpenAI, the creator of PT is reportedly talking to investors about a potential share sale that would value the startup at between 80 and 90 billion dollars. The Wall Street Journal says that the valuation would be almost three times what the company was worth earlier this year. Evaluation of at least 80 billion dollars would make OpenAI co -founded by Sam Altman one of the most valuable startups in the world. ECB governing council member Robert Holtzman says it's unclear whether the bank has reached peak rates. Speaking at a Bloomberg event in Vienna Holtzman said he's not ruling out more rate rises. Inflation is full of surprises and as a result that we cannot say for sure now we have reached the peak and no more increase. The reason is that the inflationary pressure is still on and that just these recent days we have seen how much nature prices have surprised us. Robert Holtzman's remarks come as investors become increasingly convinced by the ECB's pledge to keep borrowing costs higher for longer. 30 year German bundt yields hit a billion dollars. on Tuesday. Donald Trump has been found liable for exaggerating his net worth by billions of dollars a year on financial records submitted to banks and insurers. The fraud ruling by a court in Manhattan resolves New York state's biggest claim against the former president ahead of a civil case set to start next month. The trial will now focus on claims including falsifying business records and issuing false financial statements. Those are your top stories on the markets. The MSCIA specific index is two tenths of one percent lower, Eurostock's 50 futures are flat to the downside and the 10 -year Treasury yield a basis point lower at 4 .52%. Now I have my eye very much on the Conservative and Labour Party conferences that are going to happen. Thanks for watching. Yeah, and getting up to Manchester and Liverpool. But of course, party conference season has already started, the Liberal Democrats had theirs over the weekend. We spoke to the deputy leader Daisy Cooper yesterday. She was very interesting and we spoke about lots of things, their housing target for one, they won't reveal how many MP seats targeting they're in any next general election. They've got 15 MPs, so they're very much the third party in UK politics. But on the Bloomberg .co .uk website and on the Bloomberg Terminal, we've got, I think, the definitive guide or the kind of definitive summary from Kitty Donaldson, our Bloomberg UK politics reporter on Keir Starmer, the Labour Party leader, of course, the former prosecutor, the first to attend university knighted in 2014, who's moved his party to the centre, hoping basically for a Blair style win. It's a very good read. Yeah, look, it takes a look at not only the challenges but also more about Starmer himself. And I suppose the strategy behind Labour at the moment when they're in almost, this if you're looking at the polls, government in waiting phase, or at least that's what they're trying to portray. But the economics, very complicated. We dig into what Keir Starmer, if he becomes Prime Minister, would inherit in terms of British economy when compared to Tony Blair back in 1997. Look just at the levels of government debt, 98 .8 % at the moment. In 1997, that was 37 .2%. The financial situation very different as well. Some nice bits of insider knowledge as well. Apparently when Starmer met Emmanuel Macron last week, he gave him a Arsenal Well we do know that Keir Starmer is genuinely football mad, it would it seem. So yes, perhaps that's the kind of moment of bonding. I mean, those are very important in geopolitics. Anyway, it's it's a nice political story. I think one worth keeping an eye on, certainly for English politics. having said that, let's also talk about business, electric vehicles. Yeah, meeting happening today between British in British and European officials looking at the looming post Brexit tariffs are part of the UK's post Brexit trade deal, which would see a 10 % tariff imposed imposed on electric vehicles traded between the UK and the EU from next year, depending on where the parts of the car are made.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"Food prices hopefully it will continue to slow down at least this is what all sale markets would tell you for most of that and gas and we went through last winter much more positively than what was expected we need to do it again this and to some extent be in our control. Which feeds into the whole discussion of wage spirals especially in light of some of the labor movement that we've seen in the US but also around the world maybe taking a page from Europe if anything how much do you think that that's more noise than signal or vice versa in terms of wages staying icky and labor power continuing to be stronger than it has been I think I think there's something happening profound there which is there has been a change in of the balance power between employees and employers and it's very trivial to say that but in Europe where we have in most countries a collective wage bargaining system what we tend to have is more inertia in the way wages react in the US you could make the case that wage accelerate when people actually can leverage the job opportunities and go back to their employer and ask for a pay raise it's not really the way it works in Europe and some of it obviously happens but most of the pay increases here happen as a result of collective bargaining and it always takes a while for instance, the unions to realize that maybe the economy has become softer, job opportunities are falling, maybe it would be time to move back towards wage moderation but you need actually a proper proof that the labor market is softening and even in Europe and that's actually one of the big positives of our current situation is even in countries which have been used to mass unemployment for decades the current situation The labor market in the labor is more than okay, I mean you take France, my country, unemployment rate at 7 % if you had told me that that France would be able to deliver that 10 years ago I wouldn't have believed you. I got eight ways to go Europe is vaulted beyond eurosclerosis I think in many cases what we have is sort a magnified version of what happens in the US in terms of demographic changes for instance we are a sort of more acute version of what is going to happen in the US anyway but one point on which I think Europe at the moment is doing better the in US it's on participation the big positive right now in Europe is that our participation rate is rising and has been rising through the pandemic it's today much higher than it was before covid it's exactly the opposite of what's been happening in the US even if there has been a catch -up recently we've put more more young young people, more older people back to work and basically I think we are benefiting funding from structural reforms which have been pushed through in Europe for the last twenty thirty years not spectacular ones but but gradually I think we have a much better functioning labour market than what we had 20 -30 years ago and it's definitely positive. Jill, that is a bright spot. Thanks for being with us. Jill Mowek of AXA Investment Managers Europe finding itself in a very difficult spot after the ECB decision that we saw last week from President Lagarde and the governing council it did feel like a bit of a trade -off Tom between Doves and Hawks a deal that was struck just to get that extra 25 basis points but as Jill mentioned, I think we've been talking about this over the last couple of weeks, even the Hawks on the governing council at the ECB weren't screaming for a rate hike going into this decision which I think speaks to the moment we're at right now. I say would the same thing over at the Federal Reserve as well if you hear from a Hawk on the FOMC they'll talk about the prospect of going maybe one and maybe staying there for a long time but they're not screaming for 50, 75, pushing this much further than where we already are. To go back to our early conversations and particularly with Jeff Hugh earlier this morning, it comes down to a mass adjustment over a new rate regime and that the negative rate regime, I believe we have Focus Lando with us here through the end of the week and the answer is a negative rate regime is gone and we're adjusting to that right now. And likely not going back to it, very short, just short of 92, very close to 92 on WTI, I should say 91, 99 on WTI just moments ago, 91, 83 at the moment and a two -year yield that's high by three basis points on a session, Lisa 5 .06 % on the two -year year currently. Markets are buying into the idea that the Fed might not cut rates in the future, at least not next year or not at least until later next year and that is the change. Slowly internalizing that message in a much more profound way. If you are just joining the program, welcome to the program, the S &P 500 on equity futures right now, negative by 0 the 9%. Now latest news from New York City and around the world, here's Michael Barr. Lisa John 5 Americans will be set free from Iranian custody as early as today in an exchange that has drawn criticism from both parties on Capitol Hill. Men are being released in exchange for the US unfreezing $6 billion dollars in Iranian oil revenue along with releasing five Iranians in U .S. custody. Critics compare it to paying ransom. The search continues for the suspect who ambushed a Los Angeles County sheriff's deputy shot in his patrol car over the weekend. The community mourned the loss of 30 -year -old Ryan Broomer, LA County Sheriff Robert Luna. Ryan was a 30 -year -old young man full of life and represented with many members all the members of the Angeles Los County Sheriff's Department represent over and over and arguments are underway at the head today where Russia's legal representatives are addressing the genocide allegations by Ukraine in front of the International Court of Justice. Russia is trying to get the case tossed out of the UN's top court. Moscow's top legal representative Ambassador Gennady Kuzmin. His legal position is hopelessly flawed and at odds with the long -standing jurisprudence of this court. Ukraine's team will address the judges tomorrow. Live from the Bloomberg in Iraq to Broker Studios this is Global News 24 hours a day powered by more than 2 700 journalists and analysts in over 120 countries. I'm Michael Barr and this is Bloomberg. Together we have the opportunity to build a more sustainable and inclusive future. At the Bloomberg New Economy Forum we help make this possibility a reality by cultivating new connections among global leaders that transcend geographies, industries and ideologies. Because when global leaders work together outcomes benefit all of us. Learn more at bloombergneweconomy .com www When you get your news from Bloomberg you don't just get the story, the story behind the story. How your EV's battery may not be as green as it seems. Why a decrease in global birth rates could send countries scrambling to increase immigration. You get context. Context changes how you see things, how you change things, because context changes everything. Go to bloomberg .com to get context.
Bloomberg Daybreak Asia
Fresh update on "wti" discussed on Bloomberg Daybreak Asia
"Seemed like today was kind of a curious day with the read on consumer confidence that may have been a little weak treasury yields didn't budge all that much but certainly the equity market snapped how do you read today's tape yeah I think we're in a kind of a catalyst free period right there's not a lot of big data whether it's labor market or CPI or something that might move markets and I think the trend is lower I think whether you know rates move today or not the obvious trend is higher and that puts pressure on the economy it puts pressure on profits it puts pressure on valuations and I think until there's you know a let up in this move in rates I think the the drift in equities is going to be the downside even on days where maybe there's not you know the big data that might move move markets and I think we saw that today. I had a conversation at the early part of the week with a guest who we have had on this program since we've been on the year and that's eight years now but this guy has been in the game a long long time. He's 30 % cash right now and I was stunned. That's a pretty pessimistic outlook right now. Do you share something that is that dramatic in terms of pessimism? No I don't think so. I mean look I'm not going to begrudge anyone for being in cash or short -term bonds right now. You can get 5 % a lot of our wealth management clients who are long -term investors are gobbling that stuff up right now because haven't they seen yields like this in such a long time and real time. There's obviously a wall of worry being built. There's a lot of potential headwinds but I'm still pretty bullish on the equity market if you give it enough time. We're not in earnings season so we're not talking about it but earnings trend has been pretty strong, revisions have been strong, expectations for 2024 are maybe a little lofty but there's expectations for growth. You're hearing companies talk about recession less and while there's obvious headwinds that they're focused on, I think once we get back into an earnings season there's potential for that to be a catalyst to the upside because I think things are gonna come in better than expected. So we have higher oil prices right now WTI just north of 90 a barrel. We have the resumption of student loan payments. There's the issue of the UAW strike, whether that becomes a protracted dispute. We also have this idea of government and then as we talked about earlier this notion of higher for longer interest rates. What is one the thing that you're most focused on right now? Is it the American consumer and how well confidence and spending will hold up or is it something else? I think you cannot not focus on the consumer and the labor market given how our economy is built, right? 70 % consumer. We know that a lot of the pandemic stimulus tailwinds are fading, if not already gone. And we know about these headwinds facing the consumer and yet they've been a workhorse all year despite higher rates, despite higher inflation and that's driven by a really tight labor market. All these other headwinds aside, if people are confident in their job and confident that they can a get wage bump year after year, they're going to probably keep spending and we've seen that. The other thing though, I do think you have to look at rates. I mean, the Fed wants higher for longer and that's, you know, that's their objective. They're worried about inflation re -accelerating, but I don't think that their forecast for a soft landing is really probable if they insist on higher for longer rates and keeping rates restrictive until 2025 at a minimum. So we're watching rates and we're watching the labor market and I think you can get a pretty good sense of where things will go if you're watching those two things. So are you also looking at opportunities offshore whether it's in Asia or Europe South America? Yeah, well we're big believers in being globally diversified. I think certainly, you know, you can talk about sentiment being a little negative here with those headwinds. It's certainly more negative abroad whether it's Europe or China. Really only in places like Japan or India has there been some kind of positive sentiment and resilience and outperformance from the stock market. So we believe in global diversification and I think if you're the kind of investor who's looking for contrarian opportunities, think I China is certainly one of those but I think Europe as well. Those economies have really struggled, you know, for proximity to Ukraine and Russia, stickier inflation than we have here and a slower recovery from the pandemic. China, obvious big -time idiosyncratic issues. You know, I wouldn't be diving in headfirst but I do think that now is not the time to give up on a global allocation portfolio. I mentioned that oil, WTI, was above 90 barrel a moment ago. After the close, the American Petroleum Institute reportedly said that commercial inventories picked up a little bit, so a bit of an inventory build in the last week. Tomorrow morning, we're going to hear from the US government and get inventory data from the feds. How are you viewing the oil oil story, either as an investment opportunity, and let's extend it out to the energy companies, and the potential of higher oil to really be a big drag on the American economy? Yeah, absolutely. You mentioned a handful of headwinds, right? Student loan repayments, government shutdown, strikes, those are known unknowns. The equity market can do its best to price the economic impact of those. What is difficult to price is where oil might go from here. There's plenty of sell -side estimates for oil, pushing 100 going north of that target on really, really tight supply thanks to production cuts abroad. I think, look, the energy stocks are rallying.
Bloomberg Radio New York - Recording Feed
Monitor Show 07:00 09-13-2023 07:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. Use Bloomberg Radio. Us along with many in the street, we're looking for a slowdown and looking for a recession this year. It just hasn't manifested. It's still a very strong labor market. The U .S. economy is far from robust. It's still in positive territory, absolutely, but the momentum seems to be shifting to the downside. I think the consumer is incredibly stretched right now. I think the reaction function of investors is to get out quick if the data starts to deteriorate. This is Bloomberg Surveillance with Tom Kean, Jonathan Farrow, and Lisa Abramowitz. The most important data point of the month coming right up. Live from New York City this morning. Good morning, good morning from our audience worldwide. This is Bloomberg Surveillance on TV and radio alongside Tom Kean and Lisa Abramowitz. I'm Jonathan Farrow. Your equity market on the S &P slightly negative by 0 .1 % on the S &P 500. That data is 90 minutes away. TK, that data, U .S. CPI. It's going to be nominal data there, the core number, and then on top of it the inflation number. We studied it all. We'll give you Michael McKee's treatment here at 8 .30. Just printing moments ago, the 10 -year real yield, John, pops up to a 1 .96%. That's a two basis point move here, and that's underlying churn here between nominal analysis and real analysis. We'll do that at 8 .30. And the difference, Tom, between core and headline within the data itself. Core, we're making progress. Headline, do we have a problem? Lisa, Brent Crude, 92 .65, WTI, 89 .50. There's a big debate. Does headline matter? If you do see a pop up.
Bloomberg Radio New York - Recording Feed
Monitor Show 16:00 09-12-2023 16:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. They still have time to maybe get in on this a little bit here. Yeah, I mean, interesting though on this day where we're seeing the NASDAQ really taking on the chin, the S &P only down a fractionally on the day, but believe it or not, the Dow holding up relatively unchanged on the day, the Russell similar as well. And the S &P 400 mid -caps actually in the green, though only fractionally. You put it all together, once again, a mixed market, you could call it a holding pattern if you will, as we wait, of course, for tomorrow, 8 .30 a .m. Washington time, that big CPI report. Here are the numbers here as we wait for them to settle, the Dow Jones Industrial Average down roughly 16 points, we're going to call that basically unchanged as we wait for the numbers to settle. The S &P down 25 points or about six -tenths of a percent, while the NASDAQ Composite is And the Russell 2000, as we speak, again, waiting for these numbers to settle, poking into the green. Looks like it's going to finish with a fractional gain, a tenth of a percent. There's a little, hey, we'll take it, there's a little bit of green on the screen. Taking a deeper look at the S &P 500. It's called picking up pennies in front of a steamroller. Yeah, that's true. 212 stocks moving higher, 287, Scarlett, in the S &P declining today. All right, let's take a look at how the S &P 500 stacks up when you break it down by 24 industry groups. Energy in the lead there, up by 2 .3%. With all 23 big cap energy names higher on the day as oil prices climb, WTI approaching $89 a barrel. Banks also doing pretty well, led by the likes of Zions and PNC, as they make comments at an industry conference. On the flip side, software and services, that's Oracle. Oracle dragging that group lower. Household and personal products also lower by about 2 % on the day. Yeah, Scarlett hitting the nail on the head when it comes to the gainers that I picked for today.
Bloomberg Radio New York - Recording Feed
Monitor Show 13:00 09-12-2023 13:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. That's six -tenths, one percent, and again, WTI crude oil up over two percent, $89 a barrel. Right now, sound on with Joe Matthew from the nation's capital, Washington, D .C. That starts right now. Bloomberg, sound on, politics, policy, and perspective from D .C.'s top names. Most people, including most Republicans in Congress, understand that we need to get aid to Ukraine. Who's going to take us in a rational way into the future and lead our country? This has really become kind of the new frontier in American politics, is this battle between red states and blue cities. Bloomberg, sound on with Joe Matthew on Bloomberg Radio. The impeachment inquiry is on. Welcome to the fastest show in politics, as Speaker Kevin McCarthy returns from his summer recess with a bombshell announcement, directing his committees to launch an impeachment inquiry into President Joe Biden because of what he calls a culture of corruption involving his son Hunter and the rest of the family, apparently. We're going to talk about this, the political implications of what it might mean for a possible government shutdown with Bloomberg government's Congress reporter Zach Cohen and Insights.
Bloomberg Radio New York - Recording Feed
Monitor Show 16:00 09-01-2023 16:00
"And the unemployment number went up, 3 .5 to 3 .8, which means people are coming back into the labor force. Why is that good? It's going to keep wage growth down if more people get off the sidelines. Also, of course, there was 110 ,000 jobs revised down. And you can hear more of that conversation on the Bloomberg Businessweek podcast. You can download it wherever you get your podcasts. So, on Wall Street, it is looking now like a mixed close, with the S &P 500 index up 7 points, a gain of 0 .02%. There you have it, sound of the closing bell at the New York Stock Exchange, and it is on to the weekend, on to a long holiday weekend for a lot of people. We've got the Dow up 119, higher by 0 .03%, Nasdaq, as we recap here, down 3 points, lower close for Nasdaq, Nasdaq 100 index down 10 points, drop there of 0 .01%. Spot gold, little changed, up 0 .45 cents a ounce to 1940, and West Texas Intermediate crude up 2 .7%, 85 .90 for a barrel of WTI. So, on this first trading day of September, the S &P 500 index ends the day at 45 .15. I'm Charlie Pellett, and that is a Bloomberg Business Flash. We are under some incredible blue skies right now. I love Tom Petty. I know. I know. Such a loss. I know. But great music that we get to share with. I share it with my younger daughter. You're going to share it with your kids, I bet. We already are sharing Tom Petty and a lot of play music from back in the day with our kids. We've got a record player. Don't play Barney, guys. I mean, there's much better music to raise your kids on.
Bloomberg Radio New York - Recording Feed
Monitor Show 12:00 08-16-2023 12:00
"England right you got a what liquefy it and put it in a truck and drive it yeah Because you can you can't put it on the high seas because there's some law that says you can't do that So the people in New England buy their a lot of their neck gas from Europe business We've done a lot of reporting on this and I yeah recommend you go back and check that out a little M &A trade In the energy space I always like to see that WTI crude oil I'm pretty much unchanged on a date that just just under $81 per barrel. We'll have more coming up. This is Bloomberg Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg radio This is Bloomberg markets with Paul Sweeney at Matt Miller We got a lot of green on the screen here, but the volume is light We constantly underestimate the strength of the US consumer This is a market that's much more optimistic or bullish than maybe its central bankers are breaking market news and insight from Bloomberg experts There's still some concern out there in the market that there is room for things to deteriorate a little bit more than what they're indicating As small and medium -sized businesses struggle, they don't present as much competition The supply chain has still got dislocations globally and here in the US This is Bloomberg markets with Paul Sweeney at Matt Miller on Bloomberg radio All right coming up a lot to cover in the next hour starting off with Caroline Frederickson Distinguished visiting professor at Georgetown Law She's gonna join us to talk about the Trump indictment where we go from here with the indictments plural I guess Lisa Stervant chief economist at bright MLS. Let's talk about the real estate market mortgage rate 7 .16 the highest in a very very long time and then we're gonna get the kind of a roundup on what we're seeing in the Retail space Marie Driscoll senior analyst with core site research breaks down some of the numbers We've seen from some of the the targets at CJ Maxxis.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"7 8194 % barrel on wti wall street is looking ahead to friday earnings jobs report and what it might tell us about the fed's efforts to quell inflation kathleen bostrzanczyk is chief chief economist at nationwide mutual insurance the question at the same time becomes if the labor it remains very strong and and gdp growth still is outpacing underlying potential growth rate of the economy doesn't make it much more difficult to get inflation to move lower from where we are now and that's the key can they actually get it down to two percent over the medium term and you can hear more of that conversation on the bloomberg markets podcast you can download it wherever you get your caps so again recapping here we've got the two year four point eight seven percent with the ten year three point nine six percent s &p lower a little change right now down three points a drop there of less than one tenth of one percent i'm charlie peloton that is a bloomberg business flash thank you charlie and welcome back we miss you might hear the echo there of charlie because his mic was was off but he was welcoming you back exactly thank you charlie well the trucking firm yellow corp told it was shutting down that's according to its union jeopardizing thirty thousand jobs as the historic freight brand faces loads and operational woes this company is the third largest less than truckload carrier in the u s so that means that he uses a warehouse network to combine several smaller shipments on one truck for short haul deliveries it's different from long -haul trucking in the parcel industry those ups of the world which carries individual usually smaller packages very pleased this afternoon to be joined by thomas black bloomberg industrial logistics
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"To talk about investing in energy companies with oil at about $78 per barrel on WTI. But first, let's go to Nathan Hager, get a Bloomberg business flash makeup. Yeah, we'll start with the breaking news in case you just joined a Scott miner, the Guggenheim partners chief investment officers regarded as one of the bond kings of the past decades has died. The firm says he passed yesterday after a heart attack during his regular workout. He was 63 years old. Guggenheim says it has implemented its succession plan. As for this market, stocks continue to decline as investors contend with data that appears to validate the Federal Reserve's assertion that this economy is robust enough to withstand even more policy tightening Mark Cabana Bank of America global head of U.S. short rate strategy is advising his clients that as the feds fight against inflation continues, they should add more long bonds. You're going to be seeing yields that are probably going to be moving lower. You're going to be seeing yields that have value in portfolio portfolios again as they serve as a hedge to risk off moves where yields when we see risk off will go down as opposed to up some prices will increase, not decrease as we saw over the course of 2022. And that is going to mean that investors should be thinking more constructively about fixed income broadly. And we check the markets all day long at Bloomberg. A S&P 500 right now is down, 70 points or 1.8%, 38 O 7 is the S&P level, the Dow Jones Industrial Average down 457 or 1.4%, 32 9 16, the NASDAQ is lower by 276 points down 2.6%
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"Break Middle East on top stories this morning. Here's slump and commodity currencies collapse amid growing unrest in China over COVID restrictions, a rare show of defiance that's raising the threat of a government crackdown. All also takes a hit from the unrest with WTI dropping to the lowest level since last December, pressure mines as OPEC and its allies prefer to meet later this week. Saudi Aramco is refining even if names banks, including Citigroup and HSBC for its IPO, which could raise about a $1 billion. And as aftershocks of the FTX debacle reverberated around the world, we look at why Dubai has been hit particularly hard by the crypto crisis. It's just gone 9 a.m. across the Emirates. I'm managed granny in Dubai. And I'm using a Medellín in ria, Madison. I know travel is a subject close to your heart and that's why we're here in Riyadh among many other reasons to cover the world travel and tourism council summit to 22nd iteration of that. Travel for a better tomorrow is their slogan and they put out a survey just alongside of that and 26,000 people were asked, are you gonna take a trip in the next 12 months? A leisure trip and the majority said yes, 63% that you have an ambitious agenda here in Saudi Arabia in terms of tourism targets and inbound tourists. They can deliver on that. They've got the deeper pockets to make it happen and at the same time as well. You've got a lot of the movers and shakers from global travel, including CEOs from the big brands from the likes of IHG Marriott and Hilton. From there I take you to the demand story in China managed that's front and center for all of us on the stock side of things. It's having an impact as we come out of the long holiday weekend on staff futures. We're called Laura on the S&P 500 mini by about 6 tenths of 1%, but it's rippling through into the energy trade as well as there are concerns about demand. So Brent and WTI both getting hit in excess of 2% intraday we're counting down, of course, to some major moves for WTI. It's the lowest since 2021. ING says this is all about demand at the moment as we look ahead to the OPEC plus meeting. What are they going to do? What's going to happen with the Russian energy cap as well? A lot to factor in there, but ultimately this chart tells the storage to be go for our clients and technicals are breaking down. We are in contango and that signals we conditions that is the gap between the two and nearest contracts. Well, that China's story and the risk of lockdown's protests and the reaction function from authorities is pervasive in foreign exchange. Yes, you go to triple on cut on Friday, which released 500 billion you want into the system, but the concern this morning on the cross is on Aussie yen. On the haven of yen, money going into the yen coming out of the dollar. You're looking at Aussie yen, collapsing there by 1% at 1.3%. So really those direct, the most direct high beta correlations, relationships with China are under pressure. Jen is the classic haven trade and the dollar is roro. It is that reaction function when we go risk off, but when it comes to the onshore you won, you're looking at the basket of yuan, is the lowest in 18 months. And what will your action function from the PBOC? Will they come out and try and shore up the currency? It's not about the movement. It's about the speed of movement we often hear from central banks. Where does money go when we are in these moments of existential angst, which is not the protest, but it's the scale of the protests and how they may escalate across the country. Does a tail risk of these protests turn into something much more malevolent. Money goes into yields ten year and 30 year bond years are now below the target range from the fed, even though Goldman Sachs say rates will end the year at 4%. It's a big week this week for jobs report. We're looking at 200,000 and we're looking for wages to come in at 4.6%, the smallest since August 2021, which could help the fed and the narrative that they're chasing in terms of any reason to perhaps scale back the scale of rate hikes. Let's get to Jews. She's got the real contagion risk from the imagery from China over the weekend in Asia Juliet. Yeah, indeed, Minnesota investors getting nervous after watching that footage of protests and we are seeing a second session of declines, but worth noting that some of the heftier losses we saw in Chinese stocks both listed in Hong Kong and on the mainland have come off those earlier losses. We saw the HSC AI index, for example, down by as much as four and a half percent in the morning session, you can see it's off by about two and a half percent at the moment. You mentioned the movement we're seeing in the currency market to also worth noting we had elections in Taiwan over the weekend. You did have the ruling party's resounding defeat in those elections a bit of weakness coming through in Taiwan too. And also, of course, to TSMC and these other Apple suppliers as well, Reuters saying that the production of iPhones due to these protests could drop by at least 30%. We are seeing some upside though coming through in those Macau casino players and that is after 6 Macau casino operators were awarded new licenses to continue running their business in the gambling hub. Let's have a look at the more broad picture too because we know today is one of jitters and nervousness about the overall reopening story in China, but it has been a very strong month and having a look at the MSCI China index. It is actually poised for its best month in 23 years. The broader picture still looking positive if we do see some kind of momentum in terms of the fact that these protests do not lead to stricter restrictions. Chris western at pepperstone saying the outlook for China over the longer term remains relatively robust and of course we've been following that Goldman call as well where they're saying it will be a disorderly reopened there and of course it may not happen until April and we'll still see quite a lot of panic amongst investors and volatility until then, but we've got to look at the broader picture of a pretty good November Manus. Yep, was certainly was full of full of risk on, but that's been fractured. We'll see through the morning. Let's get a little bit more on the unrest in China with Bloomberg's Allen one. He's in Shanghai. And what have you seen? Out on the streets, what is the mood like that? We're dealing with video imagery on Twitter and a number of other platforms. But what have you experienced? What can you see? Well, last night, I saw thousands of people young and old converging in downtown Shanghai. The episode was and they were calling for everything from the NFL with zero to the release of protesters from the previous day who were actually held up peaceful vigil
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"76 handle on that $76, 50 cents for WTI crude oil. To me, that goes to the demand question. That people are forecasting kind of weaker demand in a recessionary environment. A lot more coming up this is Bloomberg. This is a. Sport is secondary. Swiss port of recent amino pagado, salado competitive. International dollars. But I'm asking for my own biomedical albeit ocean. Obviously that's diagonal careers. We support albeit ocean obviously sport pun dot com. Bloomberg money minute, Elon Musk says Twitter will relaunch its new verified service next Friday after a series of delays and mishaps over fake accounts, Twitter had suspended the $8 subscription program to combat a growing problem of users impersonating major brands, all verified accounts will have to be manually authenticated after Twitter lost more than half its workforce. Nintendo has set a sales record for new switch video games, Pokémon scarlet and violet scored 10 million units in sales globally in the first three days of release, Nintendo's biggest debut on any platform. Now 5 years old, the switch console relies on big game launches to maintain momentum for its software and hardware sales. Food giant Nestlé has begun selling vegan foie GRAS in two European countries. Animal welfare activists have criticized the tradition of force feeding ducks or geese. An early close for Wall Street, the Dow Jones Industrial Average gained 153 points, the NASDAQ closed down 59. The S&P 500 down by a point. And Kate's Bloomberg radio.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"The minutes from the last fed meeting to understand peak rates and the rate path from the U.S. Alice now see the S&P 500 Index profits shrinking until the second half of next year the other big theme in the markets. It's a big shift in terms of expectations from just a month ago, looking at stock futures at this morning actually U.S. stock features are in the red European stock futures gain. We did see quite a strong rally both on Wall Street and in Europe yesterday, the S&P 500 closed at its highest level since September, mid September European equities also rose 7 tenths of 1% the highest in three months and you do see gains in Asia, the copy up half of one cent hang seng up 7 tenths of 1%. In terms of other markets we're keeping an eye on so after the gyrations and the drop in oil, the concerns around demand from China, WTI crude features are steady this morning up a tenth of 1% at $81 zero three, also we've just had the big crypto conversation. The aftermath of FTX and the investigations the court case, a Bitcoin in dollar terms, trades at about 16 and a half $1000 up by 2% this morning Bloomberg dollar spot index is slightly softer and that is a wrap of your Bloomberg business and finance that's going over to Steven who's got the rest of our top stories. It was the market Steven. It's always the markets card. Thanks very much. Starting with the latest in the crypto space, a lawyer for the collapsed collapsed exchange FTX as a substantial amount of the firm's assets were either stolen or are missing at the company's first court hearings and falling into insolvency a judge ruled creditor assets were either stolen or are missing at the company's first court hearings and following into insolvency a judge ruled creditors owed $3 billion can stay secret for now. FTX founder Sam bankman fried apologized yesterday for the crypto exchanges sudden collapse in a letter to staff. He said he didn't realize the full extent of the FTX margin position, outlining a $51 billion collateral crash. Shanghai is tightening COVID drills on new arrivals
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"Solo do we are looking at a really the currency markets in full effect here with just one story there, which is a dollar strength looking also the weak start on the equity front as well, Brian. Yep, it's going to be some day for sure. We are seeing a little bit of strength come back into the pound, although it's just marginal, but right now the pounds at a dollar 8, 44 against the, well, against the greenback obviously, we had touched one O 7 and change a bit earlier. In terms of other currencies, the Bloomberg dollar spot index is steady now at the moment, dollar yen one 43 44 the Euro 96.98 U.S. cents the Aussie 65.33 U.S. equity futures are all down this morning Hanks and Dick's futures down 1.1%. The Australian futures in Sydney down about one and a quarter percent, Sean and futures down about three tenths of a percent. And American futures working their way down as well. S&P E minis at the moment down about two tenths of a percent. In terms of the bond markets, we had the yield on the ten year finish up last week at 360 eight and the two year at four 20. So that's an amazing amount of pressure there in the bond market. WTI is picking up some strength this morning up about 8 tenths of a percent. I don't know whether that means investors will take on a little more risk today. The mood is not good. WTI at the moment, 79 40, a barrel. And we will have some data coming this week, a number of economic reports, U.S. initial jobless claims will be coming GDP data, PMI figures from China, and we've seen a lot of choppiness in these markets. Particularly with the Chinese market, now we're starting to hear some calls from people that traders are going to be betting on more stimulus coming for the property market that coming out of the party Congress. Rashad to you. All right, well, let's just check in with what's been happening with the traders looking ahead for this deep dive that we've been seeing in stokes and it's written down to this more aggressive pace of fed interest rate hikes, which has been elevating fears of a recession. Still, Atlanta fed president Raphael bostic saying that the American economy is not so positive momentum telling CBS face the nation that it's because of a strong labor market. We're still creating lots of jobs on a monthly basis. And so I actually think that there is some ability for the economy to absorb our actions and slow in a relatively orderly way. Look, we need to have slowdown. There's no question about that. Atlanta fed president Raphael Boston heard here on Bloomberg, bostic singer to soft landing meals to be hard to achieve as the fed tackles inflation saying that they will likely be some job losses, but the pain will be limited. The pound has fallen further against the dollar in early trading in Asia, although as I mentioned, we've seen it stabilize just for the moment. It comes after the UK's all out gamble on tax cuts and extra borrowing to try to stimulate the economy. The telegraph reported that UK prime minister Liz truss will face a rebellion from Tory backbenchers. That's if the pound falls to parody with the dollar. Former treasury secretary Lawrence summers tells us that's a possibility with this new UK policy. I think the UK is behaving a bit like an emerging market turning itself into a submerging market
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"This is Bloomberg businessweek. Okay, I promised a few minutes ago that we'd continue talking about currencies. What I didn't specify was what type of currency, okay? We're not talking dollar strength here. We are talking crypto to do that. We're going to be joined in just a few minutes by the managing editor for crypto here at Bloomberg. Stacy Marie Ishmael. Don't go anywhere because we got a couple of great stories to chat about, including the decline that we're seeing in Bitcoin. We could be heading to those 2022 lows. Let's get over to Doug prisoner though because Doug, we got less than a half hour to go. That's right, Tim and talk about declines. Look at the price of crude oil today, WTI was down 5.7% in the regular session, sub 82 the barrel, the lowest level that we have seen since about January 11th, and that has helped to reduce a lot of the concern over hot inflation, at least in the near term, this obviously is a story of demand destruction, especially where China is concerned some of the eco data that we had overnight for China was very, very dismal, export growth slowing more than forecast, and imports barely grew as domestic demand struggled. We also had the fed's beige book U.S. economic growth prospects were weak in the latest period, and they are set to slump further over the next year. Look at the ten year treasury down 8 basis points to three 26, two year treasury off 7 basis points to three 43 and then in terms of the equity market action, we are at session highs right now. The S&P 500 up about 2%, the dows had more than one and a half percent and the NASDAQ composite climbing about 2.3% the question, though, is whether this rally is more by the dip rather than a sustainable uptrend. Some dollar weakness right now with the Bloomberg dollar spot index down about three tenths of 1%. I'm Doug prisoner. That's your Bloomberg business flash. Thank you so
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"And I'm Caroline Hepburn. You're listening to Bluebird day bake Europe. Coming up, we'll be talking about the Russia about Russia's debt, default. It's first default on foreign death in over a hundred years, but for us to quick Jack in the markets for you as we do every 15 minutes on Bloomberg radio and Euro European stock futures are pointing higher this Monday morning in the stocks 50 features up by four tenths of 1% similar position for the FTSE 100 futures as well, looking at Wall Street futures as can be I mean, he's just a little bit stronger up almost a tenth of 1%, similar picture on the NASDAQ as well. Checking in with oil prices, WTI and brands are both a little bit softer this morning, WTI trading a $107 and 34 cents a Bloomberg dollar spot index is a tenth of 1% weaker. The Euro is trading at one O 5 68 on bond markets, the U.S. ten year yields are at three spot one 6 and Bitcoin is down by 1%, 1.1% this morning at 21,000 to a $152. Okay. Those are the markets this morning. Let's go to our top stories. Russia has defaulted on its foreign debt commitments for the first time in more than a century as western sanctions squeeze payment routes to overseas creditors. The one month grace period on about a $100 million of snared for an interest payment passed at midnight on Sunday. Moscow though has pushed back against the notion of a default saying that the money is available and the situation has been artificially manufactured by the west. The last time Russia failed to pay foreign creditors was in 1918 under the leadership of Vladimir Lenin. Now to the Bavarian Alps were leaders in the G 7 countries are meeting for a three day summit. They've plenty to discuss from the war in Ukraine to soaring inflation. Bloomberg's max Ramsay reports. Leaders including Joe Biden and Boris Johnson started their gathering yesterday in the blazing sunshine of the Bavarian mountains, but darker issues up for discussion on the table as they continue those today, how to keep up the pressure on Vladimir Putin for his war in Ukraine, while also protecting their own economies. We've seen some fairly significant announcements already a plan to ban gold exports from Russia, discussions of price caps for Russian energy and a commitment of indefinite support for Ukraine. That's according at least to the text of a draft statement seen by Bloomberg in garnish Parton Kirk and max Ramsey Bloomberg daybreak Europe. While staying with the summit, the G 7 nations say that they're committed to providing indefinite support to Ukraine for its ongoing fight against Russia, leaders are weighing whether to use revenues from tariffs on imports from Russia to support Ukraine, Russia stepped up its offensive in the build up to the summit firing long-range missiles at Ukraine's capital Kyiv. Here in the UK, the government is trying to persuade businesses that overriding the Brexit deal is good for them. It's set to make more than a dozen major UK businesses and representative groups from Northern Ireland later. It comes as parliament debates a new law which would break the Brexit deal with the EU, Northern Ireland, secretary Brandon Lewis says the bill is needed to support businesses in the country. Okay. Is fixing the problems within the protocol about how it's being implemented so that businesses can prosper again so that people of Northern Ireland at the moment, for example, can't even benefit from the Chancellor's decisions on vat and fuel tanks that have helped people across the rest of the UK. We can't implement in North Island because of the way the protocol works. We've got to fix that, that was Northern Ireland secretary Brandon Lewis, this bill comes at a delicate time for the prime minister who lost two key by elections last Friday in a test of his popularity, despite the last as Boris Johnson says he will not now undergo a psychological transformation and that he is in fact quote actively thinking about a third term in office. Okay, those are our top stories and now let's go on to a conversation about the pressure of sanctions against Russia because it has meant that the country's defaulted on foreign debt for the first time since 1918. So the grace periods for two European coupons expired on Sunday, Moscow says it has the funds to pay and has just been forced into non payment joining us in the lanter radio studio. It's been about European credit reported Juno mod puga great to have you with a studio this morning. How did this happen exactly? Because actually not the ratings agencies. Yeah, so at midnight we had the aspiration of a 30 day grace period, which was triggered by the fact that investors are yet to receive interest payments that were due last month. So this means that according to the bound documents we are in an event of a default. Now normally, ratings agencies would come in with a declaration of default, but most of them have been banned from covering Russia because of the sanctions put in place by the European Union. So it's a bit of an unusual situation that we have going on there. So Russia denies that this is a default. Yeah, so Russia is arguing against this definition because it says that it's willing and able to pay and the only reason why creditors haven't received their money, it's because of sanctions that were put in place by the U.S. and its allies. They call this an artificial default. They're blaming the west for it. They're calling the situation of ours. Okay, a
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"A $118 a barrel for the week WTI picked up more than 3% You'll remember yesterday we were talking about the modest increase in supply delivered by OPEC plus that really failed to reduce a lot of concern over a widening supply deficit I'm doctor Krishna and that is your Bloomberg business flash Doug thank you It's not often we get an evening address from the president of the United States but that was the venue for Joe Biden's latest attempt to get gun legislation moving in Congress here he is We need to ban assault weapons and high capacity magazines And if we can't ban us all weapons then we should raise the age to purchase them from 18 to 21 We're joined not by a lawmaker to talk about the president's speech but a former school principal Frank D'angelo was principal at Columbine high school for almost 20 years Including yesterday the shootings happened now with the group safe and sound schools Frank welcome to Bloomberg Well thank you for having me How'd the president do last night Is he hitting the right notes for you These past days Well we need to make changes in I think back to where we were right after park when we were having these discussions and we're right back in the kids were back then saying enough to not you adults have led us down and unfortunately I hope I've seen this happen time and time again after the school shootings occur and everybody is passionate and then it kind of goes away and I just hope it continues what is happening now We need to come together and say it's about our kids and what can we do to see Well there have been 5 presidents as I'm sure you know during and since Columbine all of whom Democrats and Republicans spoke to the nation About addressing the issue of gun violence following a terrible event like you're describing what could make this time different Well hopefully both sides will come together and at least have discussions and that's what worries me I grew up during the 60s and I was right towards the end of Vietnam War and our country was divided but nothing in my brick election is like it is right now and people are disagreeing take time to listen to each other So hopefully both sides of the aisle can get together and come up with the solution because our kids are paying for it And some of the things that we address I think in addition to gun control and things of that nature that's one piece and then we also have to make sure that we're providing support and help for our kids and the schools I want to get specific with you because we're actually hearing about policy proposals now and with your experience I want to know what your thoughts are on some of them It does seem like a lot of the ideas being considered would not have prevented some or any of these recent shootings that have started the conversation or restarted this conversation So starting with what seems to be the most realistic right now based on the talks that are happening in the Senate would be a red flag law We understand where Bill to I guess the bare minimum would be a bill to incentivize states to pass their own red flags and I know a lot of them have already Would that make a difference Well in Colorado we have the law red state Red flag law And I guess I'm not avoiding it I think everybody's looking I think it's a combination of all these things that I guess where I struggle is with an 18 year old being able to walk in and buy an automatic mayor weapon and that type of thing But I think you have to look at the states as it worked in Colorado And I think it has School safety protocols another part of this possibly including adding we're hearing adding armed guards and also having only a single door of entry That's one thing I wanted to ask you about You know more about school facilities than most people Having spent over a quarter century working in them is it smart to have a single door It is but one of the issues that we confront it is we had two entrances in for the students one down towards where they parked Another one where parents would let their kids off And we did We had school resource officers who own a strong proponent of having school resource officers police officers in the building not as referred to as cops but people there to support our kids But one of the issues I think where you've got to really look at things is it called mind we probably in addition to having those two main entrances we also had 25 doors in a large high school such as Columbine And so it's important that if you do have those doors that I constantly tucked our staff members and students about keeping those doors shut things of that nature to check if someone did go out the door unless if you do have someone you have alarms on every door But if you do have alarms and a kid goes out and then that becomes disruptive but I think single entrances are important But unfortunately what happens is if these kids selling someone's going to open a door form I'll give you a prime example I was at a school within the past couple of weeks here in Colorado and all of a sudden I'm walking by I'm going to go to the main entrance some kid comes hey you want to come in this door And it says on there do not let anyone in You don't have to discuss and I used to be a principal You want to make sure you just don't let anyone in here And so I think in addition to having cameras in addition to having some of these other things that they're looking for you also need to train your students and your staff on some of these daily things that are not going to cost anything But the general premise of hardening schools is something that you support Well I am But with that being said I'll share something that affected me directly after Columbine I think parents were concerned is the school safe as I'm sure many people now and you've all the texts are wondering schools are safe And we were I told our parents that we were probably the safest school in the world We had people at every door We had armed guards We had security cameras in And it was about two weeks three weeks into the school year kids came to me and they said mister D we know you care about as we know you love us We know you want to keep us safe But you're making us more anxious by all of the stuff that's in this building right now It doesn't feel like a school And so when I do have these conversations with school you want to make them safe but you also want to make sure that you're not creating an atmosphere of anxiety I think that's that fine line that we have to find That's a tough balance to find I'm sure I want to ask you about what's also.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"CEO Jamie Dimon is warning of a hurricane as the economy struggles against fiscally induced growth quantitative tightening and Russia's invasion of Ukraine It's a hurricane It's right now it's kind of sunny things are doing fine Everyone thinks the fed can handle this That hurricane is right out there down the road coming our way We just don't know if it's a minor one or super storm sandy or sandy or Andrew or something like that And it seems you better brace yourself I am back in May you'll recall diamond said there were storm clouds looming over the U.S. economy He said he wanted to change that assessment given the challenges faced by the fed as the braces for an unprecedented environment but the key takeaway here we've got JPMorgan Chase CEO Jamie Dimon warning of a hurricane Stocks are trading lower we've got the Dow down 203 points now in this first trading day of June down 6 tenths of 1% the S&P down 26 had dropped now of 6 tenths of 1% as stack is down 29 a decline there of two tenths of 1% Ten years down 2030 seconds ten year yield 2.91% spot gold up three ten to 1% 1842 the ounce West Texas intermediate crude up 1.3% one 1613 a barrel on WTI Delta airline says revenue will be higher this quarter than it originally expected as consumers determined to take summer vacations pay higher fares and packed planes making it the latest U.S. carrier to issue such a forecast Today we're seeing delta shares.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"Equities today The S&P at a 13 month low after falling 3.2% the primary fear driving market action today is that the fed is going to throw the American economy into recession as it fights inflation Roughly 63% of the company's in the S&P were down today the decline led by energy those shares tracked the price of crude oil lower WTI in New York weaker by more than 6% Also slump among real estate and consumer discretionary shares High-tech stocks collapsed as well and that helped to send the NASDAQ composite down by more than 4% for the Dow industrial average or loss of just 2% today and then if you look at the bond market yields across the US Treasury curve moved lower some flight to safety perhaps particularly at the shorter end where the two year treasury was down 13 basis points in yield to 2.59% At the longer end of ten year down 9 basis points at 3.03% so that's where the action is going to begin in the Tokyo session in about an hour from now A lot of dollar strength and quite a bit of weakness in the offshore Chinese yuan which was down in New York trading by 1% against the dollar right now the yuan trading 6 76 ten against the greenback We'll take another look at market action for you in 15 minutes Meantime here in the states consumers are expecting high inflation higher inflation I should say in three years more so than what they were expecting just a month ago That is the conclusion of a survey from the New York fed bank It's a worrying sign indeed as the fed is attempting to fight higher prices last week you'll know that the fed raised rates that key rate by a half point and the fed signal that would continue to do so at that pace Today the head of the Atlanta fed Rafael bostic told us he agrees with that move 50 basis points from no over the last 20 years you know is already a pretty aggressive move I don't think we need to be moving even more aggressively I think we can stay at this at this pace and this cadence and really see how the markets evolve Now bostick went on to say inflation needs to get to or I should say the feds of fed funds rate needs to get to neutral before assessing whether a larger rate hike is necessary Bostick does see that neutral rate in a range of between two and two and a half percent That may seem low by some standards later in the day bostick went on to tell Reuters he sees low odds very low odds for a 75 basis point hike over the next several months even so bostick did say he's not taking anything off the table Well Bitcoin today broke below 31,000 in New York trading and Mike novogratz the CEO of galaxy digital told us there is more damage to be done The best response we're going to get here is hey we're only going to cut only going to hike 250 And they will make that claim until they see inflation expectations come down And more ways away from that And so we're in for volatility and pain until there's an all clear on inflation That is Mike novogratz and making the connection between tighter monetary policy and a slump in risk assets And that would include Bitcoin a mild recovery now as we get set for trading in Asia 31,188 It is now coming up on 5 minutes past the hour Let's update global news.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"The prospect for the trading day across Asia It is hump day Bloomberg's Christmas having a look at perhaps a day where those who went long were wrong Well that's right and there's a lot of anxiety in the markets over the earnings situation You know here in the U.S. rich the day began with GE giving a disappointing profit forecast given some supply chain challenges The stock was down 10% today and on top of that we heard from JetBlue the carrier reigned in growth ambitions for the full year and those shares were off more than 11% today but it was not just the worry over earnings Look at Tesla shares down 12% today The chief concern here is that Elon Musk may be forced to sell some shares to complete his takeover of Twitter That's a $44 billion deal In terms of the overall benchmarks we had the S&P down to date 2.8% Look at the NASDAQ comp It shed nearly 4% today down industrial average weaker by about 2.4% Crude oil jumped China overnight pledged to ensure ample liquidity and assist certain industries battered by the pandemic at WTI in the New York session up by more than 3% We settled around one O one 70 yields across the entire treasury curve though moved lower particularly at the short end with a two year losing 15 basis points where two 47 so that's where the action will begin in the Tokyo session Despite that drop in rates the dollar strengthened quite a bit we were actually up for a fourth consecutive session today with the Bloomberg dollar spot index up by more than a half of 1% but risk off mood in stocks Brian really benefited the end up 7 tenths of 1% I'm looking at Chicago Nike futures We could be down 600 points in the Japanese equity market It has the potential to get quite ugly today in Asia I think if you look at the equity futures that's for sure All right Doug thanks very much Well let's get to one of the top stories while earnings generally the top story After the bill alphabet reporting disappointing first quarter revenue of 56 billion it missed forecasts by about 100 million Ad sales at YouTube were short of forecasts In the end revenue came in at about $6.9 billion It missed estimates by 500 million Now CFO Ruth porat said that the company's results were hurt by market volatility and some pullback in spending in Europe and also that came after the Russian invasion of Ukraine which had an effect Alphabet also announced a $70 billion share buyback program And alphabet shares have been trading down this morning All right well let's have a look at Microsoft also reporting quality revenues They saw them rise 18% sales were just shy of 49 and a half $1 billion fueled by robust growth in cloud services demand Bloomberg's anurag Rana is saying that the cloud is not the only service sharing strength for Microsoft Microsoft has a diversified revenue base because of Windows office and cloud So it's not just a one trick pony It has three layers that are very strong And two of those Windows and office I mean they have had positions over there It doesn't matter if you're in a recession or not Companies will still spend on those two products in material and cloud transition is very very strong right now And these guys will get the benefit of that as well Growth in cloud services was 46% of trails only Amazon in the market for cloud infrastructure services in the regular session Microsoft was down three and three quarters of 1% It is bouncing more than 3% to the upside in after hours So there's definitely some news in that that was good whereas with alphabet I mentioned it traded down while it's down 4.3% in after hours trading The time now 5 minutes past the hour it's time for global news.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"WTI crude oil is higher just under $104 per barrel gold is off slightly It's called $1930 an ounce Bitcoin It does find a bid this morning at just under $47,000 per token Let's get some more color on the equity pre market trading with Bloomberg markets correspondent pretty Gupta What are you looking at Let's start with the sanctions news here because there is a very direct stock read through when it comes to Europe looking at coal companies or excuse me they're coal supply from Russia and potentially looking at targeting it It would be the first step in terms of the energy sphere when it comes to sanctions The question is do they start targeting oil and natural gas next But for now those headlines actually boost some of the coal companies stateside Peabody Energy for example BTUs your ticker It's up 7% That is cute Boy I haven't pulled up that ticker in forever Tom Console energy is another one CEI X is your ticker there up 9% off these headlines Again so keep an eye on these coal companies keep an eye on energy companies broadly It was important The first thing I did when I came in I looked at the Amsterdam marauder dim and twerp coal index I didn't know there was such a thing either Thank you mister succumbed for the search For the search engine up 400% in price off the headlines Wow Calm of another time and place Wow That's two years Well it's interesting We should also talk about Twitter though right You can't get away with it Gotta talk about it TW TR is your ticker they're up 6 and a half percent You know I did this to hit a 6 37 this morning and the shares were up some 1% since then we have learned the Twitter is naming Elon Musk to the board to CEO saying he's exactly what they need But look it comes with a little bit of copy I just passive Well it comes with a caveat right Musk is not allowed to own more than 15% or 14.9% to be specific of Twitter shares during his time on the board and up to 90 days thereafter Nevertheless you are seeing people bind to Twitter this morning 6 and a half percent TW TR is your ticker We should talk about one of yesterday's stories as well which is Starbucks SB UX is your ticker down one and a half percent With an extra shot as my order just in case you're ever going through a Starbucks Caramel latte is mine Okay good enough All right I'm afraid to ask what is a caramel latte Set me back Oh boy Magic in a cup Tom I don't know how it's made I have no insight I just know $5 really good You know what $6 and 26 cents Coffee time Pretty A rolling rock costume Jenny cream 6 pack costs that actually that's true I don't even know what a Jenny cream 6 pack is Don't worry Well anyways Wedbush is cutting the recommendation on Starbucks Doc to neutral from outperform They're saying they a lessing a lack of catalyst for the foreseeable future I'm going to end here with those cruise lines because we have talked about this carnival coming out CCO is your ticker up 5% this morning all over this They said the one week period of March 28th April 3rd was its busiest booking week in the company The cruisers are passionate They are passionate about it And it's not just carnival royal Caribbean up three and a half percent Norwegian cruise lines up one and a half percent So cruising It's back Sure Thanks so much.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"It's ten 30 Monday morning in Hong Kong one 30 Monday afternoon in Sydney I'm Paul Emma And I'm Doug Krishna at the Bloomberg interactive broker studio in New York well for the most part it's a story about weaker equities and higher energy prices will take a closer look at the price action I'm afraid in many cases it's not that great if you are along these markets across the apac region The story in a moment or two right now a few of the sours top business stories Senator Joe Manchin said the fed needs to stop busy footing around and tackle inflation head on He was speaking on the podcast talk line mentioned cities warned for months about the impact of U.S. government spending on inflation I've been ringing the alarm bell for forever I mean for the last year about inflation nobody's been listening Now we're seeing a basic threat It's a 7 and a half percent tax on everybody On every product you buy It's just unbelievable U.S. CPI climbed 7 and a half percent from a year earlier last month then that is the fastest pace of price increases since the early 80s Well the U.S. private equity firm Blackstone has won its pursuit of crown resorts after a near yearlong effort Today the Australian casino operator accepted that bid worth about 6.4 billion U.S. Now this deal ends as sorry chapter in the history of crown It was found unsuitable to run its casino in Sydney and was given in two years to address wrongdoings at a casino on Melbourne That said the prize would be gleaming if Blackstone manages to turn the ship around It would be casino monopolies in two Aussie cities and a resort in Sydney and right now I'm looking at the stock higher by 2.1% in trading down under Paul Japanese bonds go to boost on Monday there's two drivers behind the jump first to traders return for a long weekend and then the bank of Japan offered on Thursday to buy an unlimited amount of 5 to ten year bonds at fixed rates That was in a bid to camp the recent rise and yields The plan is the first of its kind in more than three years Bloomberg's and occurrence is going forward we might see more divergence between the BOJ and the fed We are talking a lot about global Central Bank tightening but interest rates going up around the world about inflation soaring around the world But that isn't quite the picture in the world's number two number three economies which is China and Japan in Japan there hasn't been a broad based outbreak of inflation yet And neither is there any indication that there will be the bank of Japan remains quite dovish if not actively easy The BOJ said it would purchase the current benchmark notes at a quarter of 1% So 33 passed the hour let's get you caught up on market action It looks like in the energy complex a little fretting over the potential consequences of any invasion on the part of Russia into Ukraine We know clearly that Russia is a top energy producer Global supplies are already extremely tight We have WTI right now 94 60 higher by 1.6% in the Asian session This after a rally of something greater than three and a half percent in the New York session on Friday Brand crude meantime 95 75 so we're up about 1.4% on that front If you look at the market in Tokyo we've got the nikkei down but energy shares are rallying the entire group is up about 3.8% but in spite of those gains we've got a lot of weakness among healthcare and information tech stocks in the Japanese session The nikkei weaker by about 2.6% and we are just now going on the lunch break in Japan In Hong Kong the hang seng weaker by about 1.3% on the Chinese mainland we have the Shanghai composite down about 6 tenths of 1% The market in Australia is positive as Paul was pointing out a short while ago energy really the story because the energy group is out in front with a gain of about 3.4% the ASX 200 is higher now by about four tenths of 1% In Seoul however the cost be sagging by about 2% the currency markets well not a lot of movement we had a big move in the dollar in the New York session on Friday as a yields began to come down even so the dollar actually strengthened and we saw a lot of strengthening in the Japanese yen Right now in the end we're trading a one 1545 so there was a lot of appetite or interest in buying those haven assets like U.S. treasuries like the Japanese currency The ten year treasury by the way in the Tokyo session kind of curiously is up and yield by a little more than two basis points one 96 1.96% and a two year at one 53 We'll take another look at markets in about 15 minutes Paul All right 34 minutes past the R now Let's get a check of.
Bloomberg Radio New York
"wti" Discussed on Bloomberg Radio New York
"WTI down today by 2.4% Right now trading about 82 15 this on news from the EIA of a much higher build in U.S. crude inventories than had been expected And then when it comes to the financials they suffered as the result of a flatter yield curve We had a ten year treasury giving back about 6 basis points today at one 54 a two year at around 50 basis points so now that spread between the two and the ten around a 104 basis points and I say that because the concern here is weaker growth at a time when the fed is poised to remove a lot of the accommodation Tomorrow in the U.S. by the way we're going to get that number on a third quarter GDP So possibly a little bit of anxiety there and when it comes to Central Bank policy later today in Asia decision by the bank of Japan although no action is expected The dollar right now steady against the majors we do have a much stronger yen one 14 Check that one 1374 and Chicago Nike futures down below I want to say the loss is greater than two and a half 200 points relative to where we were in the cash market yesterday in Japan We'll be talking more about market action in about 15 minutes Paul All right thanks very much Doug ten 35 now here in Sydney 7 35 in Hong Kong and Singapore time for check of global news In Singapore is facing a very frustrating COVID fight cases going up very quickly It begs to go details It yeah Paul and I mean they've done a pretty good job of vaccination So it is frustrating You're right Singapore's health ministry reporting out over 5000 new COVID-19 cases Wednesday That is the highest since the beginning of the pandemic Singapore at one point ranked number one on Bloomberg COVID resilience ranking as it is now tumbled 20 spots in the past month to number 39 Elderly and other high risk people in Hong Kong should get a booster shot this coming from the government health advisers shots offer to people over 60 and over some protocol We are awaiting New Jersey health commissioner says the state.
The Passing Shot Tennis Podcast
Novak Djokovic Loses at Olympics, Ending Golden Slam Bid
"Another dramatic week on the atp a wti tools. The olympics have been and gone in tennis. We know all of our medalists. And i think the biggest. The biggest talking point is probably a a sutton novak djokovic. Not being the the medal podium in the men's singles or even the the mixed doubles it was really dramatic it was already tobac- of exude seemed to be going swimmingly for heavy was beat. Great did the olympic village but he had one day. He had two matches and he goes to. She's in a row he did it was. It was not novak's time when it came to the end of this olympic tournament. We say not and it will change all of a sudden really and especially in that semifinal joe he was a set up six one and we go. She's just well on his way to olympic gold and then it all turned around and he's he's left take with zero medals and possibly a shoulder injury as well so not to be golden slam full finales share
Under the Radar
Making the Most of a Virtual WWDC
"We are in the special time of year where things exciting will. You can feel the anticipation rising. We are recording Less than two weeks from. Wdc and An exciting will say slightly awkward time of year for me. Sometimes we're never know what to work on. Because i don't wanna start anything new or big because in less than less than two weeks. I'm i can marching orders essentially for the rest of the summer But i'm excited. Nevertheless and i think this year especially i can have a slightly more concentrated straightforward bit of excitement because i sort of know what to expect last year where to receive was virtual for the first time ever. It was a strange feeling and not knowing what to expect how it would go how i feel about it. A lot of those feelings bit more complicated risk. This year i had a tremendous experience last year. I thought it was the best. See probably You know certainly. In recent in recent years i really enjoyed it. I think it works really well for so many aspects of a conference and So i thought this year What we can do as the episode before wti is to try and outline really. What are the things that kind of allow you to make the most of wdc And i think there's some things that i learned from last year and there's just some general tips that i think are helpful to help us sort of make the most fit because one of the weird aspects of totally virtual. Wdc is you. It's sort of. It's on you for how much you get out of the conference and that is very much up to you your efforts your intentions the time you dedicate to it etc in a way that if you were physically on site there was a lot of sort of almost like scaffolding around your time it would be places to be at particular times and then you'd go into a thing or you know the lab is open from ten to two and so you need to go from ten to whereas when it's on your own and it's much more virtual if that's on you and i will say i think the biggest sort of number one tip is understand that you will get out of this week Sort of the effort you put into it and so if you go in and just kind of like casually watching videos and do some things like great. That's what you want. That's that's awesome but you can get a lot more out of this. You can learn a lot more. you can Sort of get a lot more progress towards your projects that you're going to work over the summer and you can be in a better place At the end of the week if you are thoughtful intentional and to give it attention in a thoughtful way.
Full Coverage
Undone Beauty Review: Clean, Minimalist Makeup
"Want to start with a brand. That's new to me golden dom beauty. Now they sent us a bunch of products obviously full disclosure we will always full disclosure disclose things they send somebody products to try and i tried them and i wanted to give you a review of my trying them because when i first tried them i was like well. This is okay but then this is the thing isn't it. We always have to review things. And i think this goes across everything that we use is. Does it do what it says. It does. And on wti the thing that i actually really like about ron john. Beauty is it's not to be something isn't if that makes sense it is all about minimalists beauty. It's about getting the job. Don a us retouched photos in their campaigns. It's all about just making life easy and getting it done and even though it's called undone i do actually really respect that now. What i'm going to say is this is not a brand for beauty. Obsessed people like me. This is realistically i'm like. I know it's a brand. That's four main. This is not a brand for someone who's gonna spend three hours of sephora trying to get the exact right shade and coverage of foundation Because they've got the time and the inclination to do so. It is for someone who wants to get their makeup on. Get out the door and go about their day and with that in mind i actually really liked it. I did a full face I used the Unfound matt tent. Which i really liked very. It's very light coverage which it says again it says it so can't be matter at But it's really pretty re pretty vanishes vegan and cruelty free which we love the lip to cheek pallets. A really really like they're really nice. Gives me a real steeler convertible color vibe in such a win. The flush brow They sent me two shades and neither of them were perfect for me but the dark brown which i use a very light hand. That was pretty great for my bras. Which i need a very ashi tone very doc not darker than blonde but i need an ashi. Ashi ashi tone in my products. I use very light hand with the pen. That was great and the little brow of pa- made gel on on the other end clues double ended product which makes it a real value. Money win That was great. That was fantastic. That was too dark for me but as a product that does what it supposed to do. I thought it was fantastic. I liked the lip gloss over watermelon lip gloss which i've actually been wearing a lot. I enjoyed that and my favorite product. I have to say my absolute favorite would even believe it was the water highlighter. And it's one of those highlights sticks that feels cooling on application so called water for a reason very high water content and it feels cooling on the skin on. I absolutely loved
Bloomberg Daybreak: Asia
Oil price rally continues as WTI crude hits one-year high
"Wt I crude oil continuing to gain although we're off session highs We've got evidence that OPEC plus is continuing to whittle down on global inventories. Chinese stockpiles now at the lowest level in nearly a year, and earlier today, the government in the states reported that Crude stockpiles in the most recent week. We're down by a million
Bloomberg Businessweek
Stocks close lower Tuesday, backing off record highs
"Ves and P Nez Stack off session lows but red on the screen. It is the down Tuesday. Let's head right over to the first word breaking news desk. Poor Today's afternoon call, and here she is crazy Gupta. Good afternoon. Charlie. Stocks Trading Lower Head of the clothes. The Dow's down 43 of the recipe down five. The NASDAQ Down 44 US 10 Year yield at 93 Basis Points and Gold trading higher by five small caps down 2% with eight out of the main 11 S and P sectors trading lower that price action led by gains and consumer, discretionary and health care stocks. Real estate in industrials leading On the downside, the NASDAQ biotechs falling 61 points. Transports losing 94. Sami's down eight. The vics out of 23 handle with WTI crude futures up 9/10 of 1% on the day. Looking under the hood, though Charlie in the S and P. 500, Amazon and Intel leading those games with Apple and papal on the downside wrapping things up. It's a low volume, light liquidity kind of day, all eyes on Washington. And what's next for that $2000 stimulus track proposal as well? Is that Senate race In Georgia
Diet Starts Tomorrow
How To Love Your Body
"Hello. Welcome to Diet Starts Tomorrow on Alien I'm Sammy and this week we are so so so it deserves three so's to share the all are amazing guests we have Sarah Nicole Landry also known by all of you as the birds Papaya on instagram maybe you're one of her one point seven, million instagram followers or you know her from her famous post about self love and body positivity will come Sarah. No well. Thank you so much for joining us coming on this podcast I mean we have been talking extensively about the process of loving our bodies like the few of us have been. We recently leaving diet culture at recently like of the last year I would say, yeah, and so the whole except we talk all the time same and. Yet text twenty, four seven were always talking about like how loving and accepting your body is is almost the case the key. Wild. It's. So it's one of the only things that we actively like I don't I don't mean to compare it actively too many other forms of addiction. But when we're in this form of recovery from Dia Culture dieting or even if you were as both ledges like eating recovery from disordered eating, you have to exist with food every day you have to exist with this advertising every single day these bystanders every single. Day It is like eight doesn't just like all of a sudden you wake up and you're okay with it I think you just constantly learning the tools as you go I still feel so new and honestly when you say you're a year into kind of like unpacking this stuff I'm like still within the last three years now pregnant. So it's like as soon as I was like, Hey, I've got it. It's like Now you will be all the way walk in your body will change and you can't exercise anymore everything's going to be. You're going to have to eat mashed potatoes look for three meals a day. Everything Kinda the second. You feel you've got it stopped Kinda comes back at you. So it is such an interesting conversation. Why don't think should ever truly go away because we are unpacking and and kind of. Like retroactively saturating market that has been so prevalent in all of our lives and in the history of women and men and everybody for years and years and years. Yeah and even on top of the food that we're constantly faced with you know the three meals a day that were just generally used to having when you I think the other piece of it that that is so unspoken because it's just like a a given are the images of images that essentially suggest been equals better and there are many ways that were sent that message through images but I Since this has been a major piece of work for me I've noticed I've just become a lot more in tune with like how different images of food or bodies are are affecting me and my you know I noticed that when I see you know like One of those images that is sort of like projecting the idea of thin being goal. I immediately, like I go back to, Oh, I have to look like that and it's and it's crazy because like I never even like occurred to me that that was driving so much of my by decision making goals. Yeah, and how can it not I mean it so deeply embedded. So for a lot of us we we think we're just existing in surface level life and thoughts, and then all of a sudden it'll be one thing and it brings you back like so far like to to to this point how To this point. Extinct about the first time. Somebody ever made a comment about your body that hurt your feelings in a way that like stayed with you I can remember and I thought about this a lot I was in grade and I just come home from a family vacation and on this occasion I buy New Velvet Corduroy Light Purple Pants, and I had a velvet. crushed. Crushed velvet crop top daisy shirt a similar color was this matching sack. They were flares I loved. It was so exciting for me and I showed up to school this day and this one came up to me and he goes oh Sarah good to see her back from vacation looks like you enjoyed enough burgers on it though a like kind of like pointed out my stomach. This is the thing that was like over twenty years ago it was twenty three years now and I still remember what I was wearing where I was standing what was happening. So we have these instances were almost embeds our in our brain like a trauma. So even when we see these images when we talk about triggering a lot in the mental health leg languages, WTI can trigger a diet culture so much. To you and your brought back to those comments, rob back to that time to that one person to that one instance to that one change room were canceled and get up the same way that they used to. It just brings you back into that seem you know fears and fat phobia over and over and over again? So it's it's a constant learning of what we have been subtly been our entire
The Body Serve
When Zina Speaks, You Listen
"Hi everyone welcome back to the body. Serve I'm James. I'm Jonathan. We, have something very exciting today. This is kind of a surprise episode for you all and it is something that we have never done. We have had players on the show before little cute, little ten fifteen minute segments, but we've never had a former player. Sit Down with us today. The Legend Zina garrison sat down with us for an extended chat about her career about being an African American woman and tennis about today's. Today's game and just took us through some of the highlights and some of the insight. She's gained in her illustrious career, on-court and off court. We've been hoping to get this interview for a while, but the timing really couldn't have been any better in doing it. No, because today when you're it well, it's yesterday for us today. When this episode is released will be the thirtieth anniversary to the day of ladies e making. Making the Wimbledon final in one thousand nine hundred beating Monica Selous snapping a S- Thirty six match win streak in the quarter-finals beating number one Steffi Graf in the semi-finals Steffi who had reached the previous thirteen Grand Slam finals, and then playing Martinez to love in the final. We talk about healthy Gibson. XENA had a personal relationship with her. One of the stories that you've probably heard a lot of recently. Is that out? Out the Gibson was in the locker room at Wimbledon right before that that final in one thousand, nine hundred, talking about champagne, maybe adding little pressure, but it's a amazing to see these two generations of pioneering players end up in the same police at that one moment. Zena is unfiltered. She tells you what she's thinking. She says on the show that I don't always talk often, but when I do you know it's important. Aside from her Wimbledon final which you've heard a lot about recently Zina. Garrison is an Olympic gold medalist in doubles with Pam. Shriver and one thousand, nine hundred eighty eight Seoul Games. She is the bronze medalist in singles at those same games. She made the quarterfinals or better at a major fifteen times. She won three grand. Slam mixed doubles titles to at Wimbledon One Australia fourteen time WTI tight list. She is one half of the first ever all. All black WTI final in one, thousand, nine, hundred, six ECKERD, open and the court. She was the USA team captain at the two thousand eight Olympics, she was fed cup. Coach for a number of years and the founder of the Zina Garrison. Academy, which has talked literally tens of thousands of children in Houston to play tennis. The work that Xena has done over the decades with her academy is so phenomenal, and as you can imagine, these are very. Times for all kinds of businesses let alone not for profits, and if you are able to please consider donating to Zina's academy. Zina garrison dot org and make a donation. To to help the kids in Houston continued to get such fabulous instruction free of charge, yet is important to mention perhaps as a preamble to this episode a prologue you can listen to our previous episode on Zina Garrison, which was entitled Wiggle at Legs Zeno, we do ask Xena how we got started in this interview. That's a little bit of supplemental listening. But for now here's our chat with Zina and we hope you enjoy it. Thank you so much. For chatting with us now, no, no problems China stat of this Houston Corona. We don't have it's been really bad here so I was just GonNa ask. How's everything going there? Now we're have had major spikes, so it's GonNa be interesting. So, you mostly staying inside Kinda minding your business. Yeah, not really bad allergies, too so they had the African dust here last week, so when trying to be a net again. Thanks for doing this just a little bit of a preamble as to how we were kinda hoping to do it. We're just GONNA. Run through a few things of your career and get your reaction to it possibly. A Tang into some of the stuff that we may have talked about on the previous that we did as well are you guys seem like you know me so well I. Do. Now Want WanNa. Hear it from you. You've been getting so much press this last month because of the thirtieth anniversary of your Wimbledon final. Did this catch you off guard? Yeah, did really kick me off guard for for two reasons first of all that it was. It's been thirty years like I. You know. It just blew my mind that it's been that long and then the other thing is that so many people had been talking about. Remember. When it was all happening and you know one of my friends. Even call and she's like you're. tweeting on twitter and I'm like what? And so funny because my phone have been going up but I didn't. Never really happens. I didn't really know what was going on. Sounds pretty cool, so this is the first time then that you're just minding your own business, and you're just brought back into tennis because of your career because of social media. Yeah, it's not what ends one guy from England that Chris Ghosn. He always puts stats on there, and so you know sometimes he'll you know bring? He makes me I tell him all the time. He keeps me relevant, but he comes up with these stats out of nowhere in plug. This one just kind of took off so I think because they don't have one with him right now. It's you know it's. It's an people's line because this is the time so.
Beyond The Baseline
Former Player and Agent Donald Dell
"Everyone John Wartime here is this week's sports illustrated? Tennis podcast is also the first week of Wimbledon. He says wistfully our guest this week. Is Donald Dell? Donald is a former player a promoter broadcaster at agent. He's worn many hats, not unlike Bartholomew Cubans. He is also worn many at once. Donald is still force in tennis. He wrote an op Ed recently in the Washington Post, about the prospect of combining the men's and women's tours, so we talk about that. We talked about where tennis is right now, and as a bonus, Donald signed Michael Jordan out of North Carolina and especially after last dance. We talk about Michael Jordan so some non tennis bonus coverage on Michael Jordan and a lot of good tennis. Talk here's Donald Dell. Appreciate you doing. How are you doing? I'm doing fine We've been lucky I've been home since about March fifteenth, but my two daughters, their husbands, and our two grandchildren, five and seven are about thirty yards from where we are, and it's like one hundred twenty day thanksgiving. It doesn't sound bad. Yeah, let's I I. Don't know but I got a couple of things to bring up. I. Did want to talk about the the op-ed you wrote. Wrote thought you'd be a good person to talk about with the the tour merger, which has been eclipsed lately by a Co bit in the US Open, but this was sort of a hot topic, and everyone says the same thing which is great idea. The devils in the details, so let's let's advance that. How do we exercise those those devils details? How do we push through? So this becomes more than. In abstract idea that we need to negotiate what what are we doing to make this happen? Well I I think I think more than that. The Devil Devil's in the the leadership in other words I think it's GonNa take strong leaders it both part, both groups to get done, and I think Steve. Simon, and Mickey Lawler. Are Really, veterans, and and well respected, and well like Gatanzi the new chairman of the ATP I'm told his very smart very capable. And I. Think if the if they wanted to really do it, they get together. And then it takes a lot of support. You Know Billie, Jean and Roger, and some of the leaders in the game. All got behind it, then you. It's sort of like all the protests out there today you gotTa. You gotta move the ships and it's a big alphabet soup that everybody sort of fights for their turf. The ATP tour. Has Really established itself, but it's not part of the grand. Slams not far the idea. And not that that they want to be I don't Miss Other Sami, but I just think. Recently in the last six or eight years, the ATP tour has not worked very effectively in some senses because they've been voting in blocks the three tournament directors vote together. The three player reps vote together, and then the chairman's left. There was hanging vote and literally one vote because he always makes one side unhappy in the last two chairman. If you review John have been fired. Because one group didn't like how voted, and they need a super majority of forty two to extend. His contract so his contract ran out. In the last two cases now I'm told by people that very close to respect the Gal Gal Danzi is quite a different. Person needs a very strong leader, very smart and media and he really gets it. I just think for the sport It would be really helpful to have the two groups. Merged on a on a simple basis, and the when you talk about the details, you're right but I think the simplicity is what matters keep it simple stupid when you want to merge the to start with you don't have to have exactly the same boards, the same voting members, but come in and merge it, and have you know five or six basic principles and truthfully. We, found out in Washington with the city open that Iran for fifty years literally for the WTI ESPN Tennis Foundation. That We. We had a men's only event for forty two years, and then city came along our title sponsor, and rightfully said look fifty one percent of our clients. Bankers are women, so we're not gonNA. Unless you'll bring a women's tournament into it and we did, but it was a problem because there's a bigger women's event at Sanford for seven hundred thousand, we were only allowed by the rules for two fifty, but guess what. The ATP the minority of the ATP ten percent fought it tooth and nail. They didn't want it integrated tournament. And I to go before the board three different times, and swear up and down that we give him favorability on the scheduling of the Center Court. Scheduling, transportation scheduling practice courts. And it just didn't. It's working okay. And the women, the best women like to play Washington but now under the new WTA rules. We can only sign one of the top twenty in the world in order to protect the other event. That's raising more prize money by seven hundred or more, so those kind of problems out to be worked out and the ATP tour really needs to get a stronger with this membership the the the vocal minority, which is really only about ten or twelve percent, and it's always the complainers on the tour. The to aboard knows who they are, and they're always ranked between one hundred, fifty and three hundred,
Bloomberg Daybreak: Asia
Oil tops $40 on OPEC cuts and demand recovery
"Energy street shares in the state's track the price of crude oil higher WTI in New York was up four percent we settled thirty six eighty one there continues to be a fair amount of optimism that we're going to see an extension of those record production cuts on the part of OPEC plus right now W. T. I. thirty seven fifteen so we're up about that one percent in the electronic
BTV Simulcast
OPEC Chief Optimistic That the Worst of Oil Crisis is Over
"Up OPEC and its allies are rapidly cutting production and seeing signs that demand for crude is starting to recover OPEC secretary general Mohammad Barkindo told Bloomberg that he's hopeful the west of the old crisis is over but is he right we asked Coliseum standard chartered economist for me not tacky I'm Pakistan eleven of excess supply best oil markets hi speed in an eighth grade was indeed unprecedented we actually estimate that the average around twenty one point three million barrels per day and looking ahead we think that the oil supply drops will likely close by July so we're seeing positive signs that the Marlins would likely grow old and die reply from OPEC's stock would continue to fall especially with the addition and **** announced by Saudi the UAE the UAE and Kuwait are you certainly has accelerated this process but even when the snow on balance restored in July there are still several headwinds that are likely to be fractured week markets would still be faced by the head when the high inventor used hi OPEC's spare capacity and also the need to re incorporate non OPEC output output which has so far been temporary be sufficient so there is a risk that if prices value too far and too fast especially if we see WTI breaks thirteen dollars and a sustained minor this could cause the return of some U. S. wedding after a very short period of second and yet when we look at that car good morning to you when we look at the U. S. side of the scenario JP Morgan thought one and a half million barrels will come off the U. S. side by G. that's not actually taking effect the shop in effect is that and you've got conical continental in several taking seven hundred and fifty thousand files also is not the biggest tail risk is that shale reasserts itself more virulently perhaps in the market positions it's certainly part of the equation and it's certainly a risk especially if we need prices rise quite fast and you already have some reports that current prices are causing the return of some U. S. flags after only a very short period of second generation network considering but also the fact that we are dealing with an overhang and and the battery is under OPEC's spare capacity all of these three factors together might keep prices depressed for the rest of the