April 25, 2025 • 16 mins
On today's podcast:
1) European stocks surrendered most of an early advance and Wall Street futures pared gains as China played down progress in its trade dispute with the US.
2) Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.
3) Apple Inc. is seeking to import most of the iPhones it sells in the US from India by the end of next year, accelerating a shift beyond China to mitigate risks related to tariffs and geopolitical tensions.
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Transcript
Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we once again begin with new developments in the
global trade war. This morning, a Chinese Foreign Ministry spokesman
says Beijing is not having trade talks with the US
and the White House should not mislead the public about talks. Yesterday,
President Trump said hit his administration was talking with China
on trade. We get more from Bloomberg's Rosalind mathieson.
Speaker 4 (00:37):
It's interesting to see the denials between them about whether
they're having conversations, because it seems as if at least
some kind of dialogue is going on, even at a
much lower level, and those back channels might be operating.
But getting from where we are now to something tangible
is another question in Tylie. So even if the red
(00:58):
trick is done down, getting to a point where we've
got a proper framework on tariffs from here between China
and the US or other, you know, concessions that either
side makes you know, that's very much yet to be seen.
Speaker 3 (01:12):
It's Bloomberg's Rosalind Vathis and reporting and in another development,
Bloomberg News has learned China is considering suspending it's one
hundred and twenty five percent tariff on some US imports,
including medical equipment and industrial chemicals like ethane.
Speaker 2 (01:25):
Well Nathan, Japan is trying to strike a trade deal
with the US to avoid tariffs, but doesn't want to
be part of a US led economic block against China,
It's largest trading partner. According to current and former Japanese
government officials, Japan is prioritizing its own interests and has
conveyed China that it doesn't fully align with the US
on ship related exports and semiconductor restrictions.
Speaker 5 (01:47):
Well.
Speaker 3 (01:47):
Meantime, Karen Treasury Secretary Scott Besson says the US and
South Korea could reach an agreement of understanding on trade
as soon as next week. Besson talked to reporters at
an Oval Office meeting between President Trump and the Primeter
of Norway.
Speaker 6 (02:01):
We had a very successful bilateral meeting with the public
of South Korea today. We may be moving faster than
I thought, and we will be talking technical terms as
early as next week, as we reach an agreement on
understanding as soon as next week. So South Koreans came early,
They came with their a game, and we will see
(02:23):
if they follow through on that.
Speaker 3 (02:25):
As Treasury Secretary Scott Bessent and South Korea's finance minister says,
the two sides raiming for a deal by early July.
That would be before the ninety day reprieve from higher
tariffs ends.
Speaker 2 (02:36):
Well, Nathan, as the trade war goes on, there's a
new analysis of the impact tariffs could have on Americans
across the board, and we get the detls with the
Bloomberg's Kimberly Adams.
Speaker 7 (02:45):
They'd hit lower income consumers the hardest. That's according to
a report from the left leaning Institute on Taxation and
Economic Policy. It finds if the tariffs now in effect
stay in place next year, it would amount to a
six point two percent tax increase on those making twenty
eight thousand, six hundred dollars or less. That compares to
one point seven percent for the wealthiest earners making close
(03:07):
to nine hundred and fifteen thousand dollars. Economists have warned
tariffs will raise prices for everyone, but low income families
are likely to lose more because they tend to spend
more on food and other necessities. Kim Berdley Adams Bloomberg Radio.
Speaker 3 (03:22):
Hi Kim, thank you, and FED Governor Christopher Waller is
warning that firms could begin laying off more workers if
the Trump administration reinstates aggressive tariffs.
Speaker 8 (03:31):
It will wouldn't surprise me that you might start seeing
more layoffs tick up in the unemployment rate going forward.
If the big tariffs are particular, come back on the
smaller tariff world of ten to twelve percent, most of
our they can deal with it. But if I see
a significant drop in the labor market, then the employment
side of the mandate I think is important and we
(03:52):
step in.
Speaker 3 (03:53):
Federal Reserve Governor Christopher Waller made those comments in an
interview with Bloomberg's Michael McKee. You can hear the full
conversation on the Bloomberg Top Bucks podcast. It is available
wherever you get your podcasts.
Speaker 2 (04:03):
Well, Nathan, we go to the latest on the war
in Ukraine. Now, the Trump administration may be looking for
concessions from Russia to reach a peace deal. Sources tell
Bloomberg the US will demand that Russia except Ukraine's right
to an army and defense ministry. When White House on
voy Steve Witcoff meets with Russian President Vladimir Putin. Russia's
Interfacts News service reports Witcoff has arrived in Moscow today
(04:26):
and we get more with Bloomberg Russia reporter Greg Sullivan.
Speaker 9 (04:30):
Kiev and its European allies are likely to welcome this
development because they've been focused on Ukraine's security after the war,
whether that's security guarantees from other countries or Ukraine having
the ability to defend itself. However, from the Russian side,
this has been a key demand of Vladimir Putin. It's
one that he's actually used to justify his invasions, saying
that he needed to demilitarize Ukraine. Knowing that that has
(04:54):
been a key concession makes it unclear whether Russia will
be willing to accept that going forward.
Speaker 2 (05:00):
Bloomberg's Ray Sullivan orpoorts the US also wants Moscow to
return to Ukraine's Zaporegia nuclear power plant, along with land
occupied by Russia in the Kharkiv region.
Speaker 3 (05:10):
Turning back to markets now, Karen stocks are higher around
the world as we close out the trading week. The
S and P five hundred rows two percent yesterday, closing
at its highest level since the day President Trump announced
his tariff offensive. This morning, shares of Alphabet are up
five and a half percent in early trading. The Google
parent reported first quarter revenue and profit that beat analyst expectations,
(05:31):
fueled by continued strength in its search advertising business. Man
Deep Singh is a senior tech analyst at Bloomberg Intelligence.
Speaker 5 (05:39):
Google Services revenue was a slight beat, but what was
really impressive was the margin beat on the Google Services.
And a lot of it is because everyone thought, because
they're adding AI overviews, that's going to hurt the margins
of search. Oh, it didn't happen.
Speaker 3 (05:56):
Bloomberg Intelligence is man Deep Singh also notes Alphabet's first
qui profit was boosted by eight billion dollars in unrealized
gains from an investment in Elon Musk's SpaceX.
Speaker 2 (06:06):
Well on the flip side, Nathan shares of Intel are
down five and a half percent. The struggling chip maker
gave a revenue forecast for the current quarter that was
well below what analysts projected, and Intel's chief financial officer
is also warning that a tariff fueled recession could torpedo
chip demand.
Speaker 3 (06:23):
And another big tech company is making a strategy change, Karen,
that would be Apple. Bloomberg News has learned the tech
giants saman to shift major parts of its supply chain
out of China. Source to say the company plans to
make most of its US sold iPhones in India by
the end of next year. That means Apple would need
to roughly double its iPhone output in the South Asian country.
(06:44):
Apple sells more than sixty million iPhones a year in
the US.
Speaker 2 (06:52):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that were joined by Bloomberg's Michael Barr Michael,
good Morning, Good.
Speaker 10 (06:58):
Morning, Karen. Heads of state and royalty are traveling to
Rome for Pope Francis's funeral tomorrow at the Vatican. President
Donald Trump and Argentine President Javier Malay are among the
leaders arriving today. Meanwhile, today is the last day Francis
will lying in state at Saint Peter's Basilica before his
coffin is sealed in preparation for his funeral. After the
(07:20):
services and burial, attention will turn to the conclave to
elect a new pope. A date hasn't been set yet.
Retired Los Angeles Archbishop Roger Mahoney, who was in the
last two conclaves, says those votes went fast, but he
doesn't expect the same this time.
Speaker 11 (07:38):
The challenge is this time is there so many new
cardinals from far away places who don't have the opportunity
to travel and are not as involved with the other.
Speaker 10 (07:49):
Cardinals retire and Archbishop Mahoney has been selected to play
a key role in the closing of Pope Francis's casket.
A US judge has temporarily blocked parts President Trump's executive
order that calls from major changes to US election rules
that includes a first of its kind demand for proof
of citizenship to vote. A nineteen year old from New
(08:10):
Jersey is facing arson charges for the wildfire burning in
the southern part of the state. The blaze has grown
to over fifteen thousand acres with fifty percent containment. Ocean
County Prosecutor Bradley Billheimer says investigators believe the wildfire was
started as a bonfire using wooden pallettes that weren't fully extinguished.
Speaker 12 (08:32):
I'm not prepared to discuss the motive at this time,
nor does the state have to prove what the motive is.
We can just confidently say that we think the fire
was said intentionally.
Speaker 10 (08:43):
Joseph Kling has been charged. Disgraced former New York Congressman
George Santos is potentially facing eighty seven months in prison
for an array of fraud charges. He will be sentenced
in federal court today. NASA is canceling the lease of
its New York City climate science unit that has occupied
the same Columbia University owned building since the nineteen sixties.
(09:05):
A NASA spokesman says the move is part of President
Trump's review of federal releases. Global News twenty four hours
a day and whenever you want it with Bloomberg News Now,
Michael Barn, this is Bloomberg.
Speaker 2 (09:16):
Hearen all right, Michael Barn, thank you. Time now for
the Bloomberg Scores update with John Stanshauer.
Speaker 13 (09:26):
John, good morning, Jim Morty Kren A little more like
it for the next They corrected a lot of the
problems from the game two lost to the Pistons at
the Garden in Detroit. They scored twenty four more points
than in Game two. They made ten more free throws.
Karl Anthony, Towns and og On Andobi went from a
combined twenty points to team up for fifty three the
next one one eighteen one, sixteen. They lead the series
(09:46):
two to one, with Game four in Detroit. On Sunday,
the Clippers walloped Denver by thirty four. LA's up two
to one. Oklahoma City has a three nothing lead on Memphis.
The thunder trail by twenty six at halftime, won the
second half sixty three to thirty. Stanley Cup playoff wins
for Florida, Minnesota, Saint Louis and Toronto won and over time,
the NFL drafted Green Bay began as expected quarterback camp
(10:08):
Ward to Tennessee. Travis Hunter was as everyone thought he'd
be the second player taken, but not by Cleveland. He's
going to Jacksonville, who traded up. And then it was
the Giants turn into No one's surprise. They took penn
State pass Rusher Abdul Carter. The Giants gentle manager is
Joe Shane.
Speaker 14 (10:24):
Great kid. We spent a lot of time with him.
He'd been in constant communication with him. I know, you
know you guys asked last time about the foot. We
feel good about the foot.
Speaker 3 (10:32):
Where he is.
Speaker 14 (10:32):
He's he's been running, been working out, you know, so
we're not really concerned with that at this point. But
uh again, we're just excited to add a really good
football player to the organization, and you know, it was
really going to help our defense move forward.
Speaker 13 (10:44):
Tackles went fourth and seventh, LSU's Will Campbell to the Patriots,
Missouri's armand Membo to the Jets. The Commanders also took
a tackle Oregon's Josh Connelly. The big new is the
night game of the twenty fifth pick. The Giants made
a trade with Houston and took Ole miss quarterback Jackson Dart.
So while the Giants have added veteran qbs Russell Wilson
and Jamis Winston, Dart becomes the QB of the future.
(11:06):
They took him and not Colorado's Shador Sanders, who something
might be taking as high as second overall. Sanders was
not drafted last night. Now available for tonight's start of
Round two. John's Dashaway Bloomberg Sports Karen Nathan Coast to
coast on Bloomberg Radio, nationwide on Sirius XM, and around
(11:26):
the world on Bloomberg dot Com and the Bloomberg Business app.
Speaker 1 (11:30):
This is Bloomberg Daybreak.
Speaker 3 (11:31):
Good morning, I'm Nathan Hager, as we continue to follow
the mood swings and the rhetoric swings when it comes
to trade and tariff's, President Trump says, when it comes
to China, both sides are talking.
Speaker 11 (11:44):
They had a.
Speaker 15 (11:45):
Meeting this morning, so I can't tell you it doesn't
matter who they is. We may reveal it later, but
they had meetings this morning, and we've been meeting with China.
Speaker 3 (11:56):
That was the President speaking at the White House yesterday.
But this morning, China's Farm our Ministry is reiterating that
no talks are underway, and a spokesman says the US
should stop misleading the public. For the very latest, we
were joined by Bloomberg Markets reporter Valerie Titel. So, Valerie,
are the US and China talking or not? Good morning?
Speaker 1 (12:15):
Hey, that's a great question. I'll think anybody knows the answer.
Lots of contradictions all around. But I think the thing
that was most interesting this morning, Nathan, was some news
that sources we're telling Bloomberg that China is looking at
tariff exemptions for certain industries, one of those being the
medical industry, maybe some chip components some exemptions there. But
(12:37):
they also came out and contradicted that as well. We
had a China spokesman saying they're not familiar with these
reports on China tariff exemption. So a lot of back
and forth, a lot of uncertainty when it comes to
the picture on the US China trade situation. Though, I
have to say, Nathan, the equity market is looking through
a lot of this. The S and P five hundred
is in the green when it comes to the futures,
(12:58):
and if you look at how the move the week,
what that's been like. It's up nearly four and a
half percent for the S and P futures and look, Nathan,
that's going to be its second best week of the
year if this move hold. So it seems like there
is a lot of positivity when it comes to the
equity market and risk sentiment. Maybe the big takeaway from
this week is, yes, there's still a lot of moving parts,
(13:19):
but it seems like the trend for tariffs is downward
and we're headed towards de escalation on the trade warfront.
Speaker 3 (13:26):
Yeah, there are so many moving parts. Whether or not
the US and China are talking, whether they're definitions of
talking are a little bit different. There's also some word
that China might not be just looking at exemptions for
some US imports, but also looking to stimulate, looking for
some stimulus for its economy as well.
Speaker 7 (13:46):
Yeah, that's right.
Speaker 1 (13:47):
We heard from the Pollitt Borrow this morning. They said
they're preparing emergency plans amid external shots, wanting to boost
internal demand, and looking up at setting up new financing
and policy tools. They also said they want to support
enterprises that are affected by tariffs. So it does seem
like the poll Up Bureau is ready to stand there
with some support to its industries that are hurt by tariffs.
(14:10):
You know, that did kind of boost the dollar. Hearing
this overnight, the Bloomberg Dollar indexes up three tens of
one percent. It seems like the move from overnight is
really just kind of unwinding the sell America trade, Nathan,
that kind of grafts our attention. On Monday, we're seeing
those currencies like the Japanese yen, the euro, and the
(14:31):
Swiss frank those that have acted like safe havens in
the last few weeks losing some ground in the front
of dollar strength this morning.
Speaker 3 (14:38):
And of course we also heard from Treasury Secretary Scott
bess And talking about how talks with South Korea may
be going along a lot more quickly than even he expected.
And also some word this morning on potentially what the
framework of a US trade deal with India could look like.
Speaker 1 (14:52):
Yeah, it seems like the Trump administration is eager to
announce one framework deal, you know, before Trump's one hundred
days next week. We had Bloomberg reporting just a few
hours ago that the US is seeking an India trade
deal on e commerce, crops and data storage. So maybe
these are our first glimpse on what these framework deals
are going to look like when it comes to the
(15:13):
nations that the US is negotiating with. But yeah, you're right,
we've had positive news on the India framework deal. Also
those comments from Treasury Secretary Scott Bessent yesterday talking about
imminent framework deal with South Korea. So things are looking
more positive in terms of the trade war and in
terms of de escalation. But I think the market is
really eager to see one of these deal frameworks on paper,
(15:36):
so maybe we can draw a bit more conclusions about
what the Trump administration is really trying to negotiate for
with these trading partners.
Speaker 2 (15:44):
This is Bloomberg day Break, Your Morning podcast. On the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (15:51):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (15:57):
You can also listen live each morning starting at five
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Bloomberg ninety two nine in Boston, and nationwide on serious
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Speaker 3 (16:11):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (16:17):
And don't forget to subscribe to Bloomberg News Now. It's
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Speaker 3 (16:29):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Day Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we once again begin with new developments in the
global trade war. This morning, a Chinese Foreign Ministry spokesman
says Beijing is not having trade talks with the US
and the White House should not mislead the public about talks. Yesterday,
President Trump said hit his administration was talking with China
on trade. We get more from Bloomberg's Rosalind mathieson.
Speaker 4 (00:37):
It's interesting to see the denials between them about whether
they're having conversations, because it seems as if at least
some kind of dialogue is going on, even at a
much lower level, and those back channels might be operating.
But getting from where we are now to something tangible
is another question in Tylie. So even if the red
(00:58):
trick is done down, getting to a point where we've
got a proper framework on tariffs from here between China
and the US or other, you know, concessions that either
side makes you know, that's very much yet to be seen.
Speaker 3 (01:12):
It's Bloomberg's Rosalind Vathis and reporting and in another development,
Bloomberg News has learned China is considering suspending it's one
hundred and twenty five percent tariff on some US imports,
including medical equipment and industrial chemicals like ethane.
Speaker 2 (01:25):
Well Nathan, Japan is trying to strike a trade deal
with the US to avoid tariffs, but doesn't want to
be part of a US led economic block against China,
It's largest trading partner. According to current and former Japanese
government officials, Japan is prioritizing its own interests and has
conveyed China that it doesn't fully align with the US
on ship related exports and semiconductor restrictions.
Speaker 5 (01:47):
Well.
Speaker 3 (01:47):
Meantime, Karen Treasury Secretary Scott Besson says the US and
South Korea could reach an agreement of understanding on trade
as soon as next week. Besson talked to reporters at
an Oval Office meeting between President Trump and the Primeter
of Norway.
Speaker 6 (02:01):
We had a very successful bilateral meeting with the public
of South Korea today. We may be moving faster than
I thought, and we will be talking technical terms as
early as next week, as we reach an agreement on
understanding as soon as next week. So South Koreans came early,
They came with their a game, and we will see
(02:23):
if they follow through on that.
Speaker 3 (02:25):
As Treasury Secretary Scott Bessent and South Korea's finance minister says,
the two sides raiming for a deal by early July.
That would be before the ninety day reprieve from higher
tariffs ends.
Speaker 2 (02:36):
Well, Nathan, as the trade war goes on, there's a
new analysis of the impact tariffs could have on Americans
across the board, and we get the detls with the
Bloomberg's Kimberly Adams.
Speaker 7 (02:45):
They'd hit lower income consumers the hardest. That's according to
a report from the left leaning Institute on Taxation and
Economic Policy. It finds if the tariffs now in effect
stay in place next year, it would amount to a
six point two percent tax increase on those making twenty
eight thousand, six hundred dollars or less. That compares to
one point seven percent for the wealthiest earners making close
(03:07):
to nine hundred and fifteen thousand dollars. Economists have warned
tariffs will raise prices for everyone, but low income families
are likely to lose more because they tend to spend
more on food and other necessities. Kim Berdley Adams Bloomberg Radio.
Speaker 3 (03:22):
Hi Kim, thank you, and FED Governor Christopher Waller is
warning that firms could begin laying off more workers if
the Trump administration reinstates aggressive tariffs.
Speaker 8 (03:31):
It will wouldn't surprise me that you might start seeing
more layoffs tick up in the unemployment rate going forward.
If the big tariffs are particular, come back on the
smaller tariff world of ten to twelve percent, most of
our they can deal with it. But if I see
a significant drop in the labor market, then the employment
side of the mandate I think is important and we
(03:52):
step in.
Speaker 3 (03:53):
Federal Reserve Governor Christopher Waller made those comments in an
interview with Bloomberg's Michael McKee. You can hear the full
conversation on the Bloomberg Top Bucks podcast. It is available
wherever you get your podcasts.
Speaker 2 (04:03):
Well, Nathan, we go to the latest on the war
in Ukraine. Now, the Trump administration may be looking for
concessions from Russia to reach a peace deal. Sources tell
Bloomberg the US will demand that Russia except Ukraine's right
to an army and defense ministry. When White House on
voy Steve Witcoff meets with Russian President Vladimir Putin. Russia's
Interfacts News service reports Witcoff has arrived in Moscow today
(04:26):
and we get more with Bloomberg Russia reporter Greg Sullivan.
Speaker 9 (04:30):
Kiev and its European allies are likely to welcome this
development because they've been focused on Ukraine's security after the war,
whether that's security guarantees from other countries or Ukraine having
the ability to defend itself. However, from the Russian side,
this has been a key demand of Vladimir Putin. It's
one that he's actually used to justify his invasions, saying
that he needed to demilitarize Ukraine. Knowing that that has
(04:54):
been a key concession makes it unclear whether Russia will
be willing to accept that going forward.
Speaker 2 (05:00):
Bloomberg's Ray Sullivan orpoorts the US also wants Moscow to
return to Ukraine's Zaporegia nuclear power plant, along with land
occupied by Russia in the Kharkiv region.
Speaker 3 (05:10):
Turning back to markets now, Karen stocks are higher around
the world as we close out the trading week. The
S and P five hundred rows two percent yesterday, closing
at its highest level since the day President Trump announced
his tariff offensive. This morning, shares of Alphabet are up
five and a half percent in early trading. The Google
parent reported first quarter revenue and profit that beat analyst expectations,
(05:31):
fueled by continued strength in its search advertising business. Man
Deep Singh is a senior tech analyst at Bloomberg Intelligence.
Speaker 5 (05:39):
Google Services revenue was a slight beat, but what was
really impressive was the margin beat on the Google Services.
And a lot of it is because everyone thought, because
they're adding AI overviews, that's going to hurt the margins
of search. Oh, it didn't happen.
Speaker 3 (05:56):
Bloomberg Intelligence is man Deep Singh also notes Alphabet's first
qui profit was boosted by eight billion dollars in unrealized
gains from an investment in Elon Musk's SpaceX.
Speaker 2 (06:06):
Well on the flip side, Nathan shares of Intel are
down five and a half percent. The struggling chip maker
gave a revenue forecast for the current quarter that was
well below what analysts projected, and Intel's chief financial officer
is also warning that a tariff fueled recession could torpedo
chip demand.
Speaker 3 (06:23):
And another big tech company is making a strategy change, Karen,
that would be Apple. Bloomberg News has learned the tech
giants saman to shift major parts of its supply chain
out of China. Source to say the company plans to
make most of its US sold iPhones in India by
the end of next year. That means Apple would need
to roughly double its iPhone output in the South Asian country.
(06:44):
Apple sells more than sixty million iPhones a year in
the US.
Speaker 2 (06:52):
Time now for a look at some of the other
stories making news in New York and around the world,
and for that were joined by Bloomberg's Michael Barr Michael,
good Morning, Good.
Speaker 10 (06:58):
Morning, Karen. Heads of state and royalty are traveling to
Rome for Pope Francis's funeral tomorrow at the Vatican. President
Donald Trump and Argentine President Javier Malay are among the
leaders arriving today. Meanwhile, today is the last day Francis
will lying in state at Saint Peter's Basilica before his
coffin is sealed in preparation for his funeral. After the
(07:20):
services and burial, attention will turn to the conclave to
elect a new pope. A date hasn't been set yet.
Retired Los Angeles Archbishop Roger Mahoney, who was in the
last two conclaves, says those votes went fast, but he
doesn't expect the same this time.
Speaker 11 (07:38):
The challenge is this time is there so many new
cardinals from far away places who don't have the opportunity
to travel and are not as involved with the other.
Speaker 10 (07:49):
Cardinals retire and Archbishop Mahoney has been selected to play
a key role in the closing of Pope Francis's casket.
A US judge has temporarily blocked parts President Trump's executive
order that calls from major changes to US election rules
that includes a first of its kind demand for proof
of citizenship to vote. A nineteen year old from New
(08:10):
Jersey is facing arson charges for the wildfire burning in
the southern part of the state. The blaze has grown
to over fifteen thousand acres with fifty percent containment. Ocean
County Prosecutor Bradley Billheimer says investigators believe the wildfire was
started as a bonfire using wooden pallettes that weren't fully extinguished.
Speaker 12 (08:32):
I'm not prepared to discuss the motive at this time,
nor does the state have to prove what the motive is.
We can just confidently say that we think the fire
was said intentionally.
Speaker 10 (08:43):
Joseph Kling has been charged. Disgraced former New York Congressman
George Santos is potentially facing eighty seven months in prison
for an array of fraud charges. He will be sentenced
in federal court today. NASA is canceling the lease of
its New York City climate science unit that has occupied
the same Columbia University owned building since the nineteen sixties.
(09:05):
A NASA spokesman says the move is part of President
Trump's review of federal releases. Global News twenty four hours
a day and whenever you want it with Bloomberg News Now,
Michael Barn, this is Bloomberg.
Speaker 2 (09:16):
Hearen all right, Michael Barn, thank you. Time now for
the Bloomberg Scores update with John Stanshauer.
Speaker 13 (09:26):
John, good morning, Jim Morty Kren A little more like
it for the next They corrected a lot of the
problems from the game two lost to the Pistons at
the Garden in Detroit. They scored twenty four more points
than in Game two. They made ten more free throws.
Karl Anthony, Towns and og On Andobi went from a
combined twenty points to team up for fifty three the
next one one eighteen one, sixteen. They lead the series
(09:46):
two to one, with Game four in Detroit. On Sunday,
the Clippers walloped Denver by thirty four. LA's up two
to one. Oklahoma City has a three nothing lead on Memphis.
The thunder trail by twenty six at halftime, won the
second half sixty three to thirty. Stanley Cup playoff wins
for Florida, Minnesota, Saint Louis and Toronto won and over time,
the NFL drafted Green Bay began as expected quarterback camp
(10:08):
Ward to Tennessee. Travis Hunter was as everyone thought he'd
be the second player taken, but not by Cleveland. He's
going to Jacksonville, who traded up. And then it was
the Giants turn into No one's surprise. They took penn
State pass Rusher Abdul Carter. The Giants gentle manager is
Joe Shane.
Speaker 14 (10:24):
Great kid. We spent a lot of time with him.
He'd been in constant communication with him. I know, you
know you guys asked last time about the foot. We
feel good about the foot.
Speaker 3 (10:32):
Where he is.
Speaker 14 (10:32):
He's he's been running, been working out, you know, so
we're not really concerned with that at this point. But
uh again, we're just excited to add a really good
football player to the organization, and you know, it was
really going to help our defense move forward.
Speaker 13 (10:44):
Tackles went fourth and seventh, LSU's Will Campbell to the Patriots,
Missouri's armand Membo to the Jets. The Commanders also took
a tackle Oregon's Josh Connelly. The big new is the
night game of the twenty fifth pick. The Giants made
a trade with Houston and took Ole miss quarterback Jackson Dart.
So while the Giants have added veteran qbs Russell Wilson
and Jamis Winston, Dart becomes the QB of the future.
(11:06):
They took him and not Colorado's Shador Sanders, who something
might be taking as high as second overall. Sanders was
not drafted last night. Now available for tonight's start of
Round two. John's Dashaway Bloomberg Sports Karen Nathan Coast to
coast on Bloomberg Radio, nationwide on Sirius XM, and around
(11:26):
the world on Bloomberg dot Com and the Bloomberg Business app.
Speaker 1 (11:30):
This is Bloomberg Daybreak.
Speaker 3 (11:31):
Good morning, I'm Nathan Hager, as we continue to follow
the mood swings and the rhetoric swings when it comes
to trade and tariff's, President Trump says, when it comes
to China, both sides are talking.
Speaker 11 (11:44):
They had a.
Speaker 15 (11:45):
Meeting this morning, so I can't tell you it doesn't
matter who they is. We may reveal it later, but
they had meetings this morning, and we've been meeting with China.
Speaker 3 (11:56):
That was the President speaking at the White House yesterday.
But this morning, China's Farm our Ministry is reiterating that
no talks are underway, and a spokesman says the US
should stop misleading the public. For the very latest, we
were joined by Bloomberg Markets reporter Valerie Titel. So, Valerie,
are the US and China talking or not? Good morning?
Speaker 1 (12:15):
Hey, that's a great question. I'll think anybody knows the answer.
Lots of contradictions all around. But I think the thing
that was most interesting this morning, Nathan, was some news
that sources we're telling Bloomberg that China is looking at
tariff exemptions for certain industries, one of those being the
medical industry, maybe some chip components some exemptions there. But
(12:37):
they also came out and contradicted that as well. We
had a China spokesman saying they're not familiar with these
reports on China tariff exemption. So a lot of back
and forth, a lot of uncertainty when it comes to
the picture on the US China trade situation. Though, I
have to say, Nathan, the equity market is looking through
a lot of this. The S and P five hundred
is in the green when it comes to the futures,
(12:58):
and if you look at how the move the week,
what that's been like. It's up nearly four and a
half percent for the S and P futures and look, Nathan,
that's going to be its second best week of the
year if this move hold. So it seems like there
is a lot of positivity when it comes to the
equity market and risk sentiment. Maybe the big takeaway from
this week is, yes, there's still a lot of moving parts,
(13:19):
but it seems like the trend for tariffs is downward
and we're headed towards de escalation on the trade warfront.
Speaker 3 (13:26):
Yeah, there are so many moving parts. Whether or not
the US and China are talking, whether they're definitions of
talking are a little bit different. There's also some word
that China might not be just looking at exemptions for
some US imports, but also looking to stimulate, looking for
some stimulus for its economy as well.
Speaker 7 (13:46):
Yeah, that's right.
Speaker 1 (13:47):
We heard from the Pollitt Borrow this morning. They said
they're preparing emergency plans amid external shots, wanting to boost
internal demand, and looking up at setting up new financing
and policy tools. They also said they want to support
enterprises that are affected by tariffs. So it does seem
like the poll Up Bureau is ready to stand there
with some support to its industries that are hurt by tariffs.
(14:10):
You know, that did kind of boost the dollar. Hearing
this overnight, the Bloomberg Dollar indexes up three tens of
one percent. It seems like the move from overnight is
really just kind of unwinding the sell America trade, Nathan,
that kind of grafts our attention. On Monday, we're seeing
those currencies like the Japanese yen, the euro, and the
(14:31):
Swiss frank those that have acted like safe havens in
the last few weeks losing some ground in the front
of dollar strength this morning.
Speaker 3 (14:38):
And of course we also heard from Treasury Secretary Scott
bess And talking about how talks with South Korea may
be going along a lot more quickly than even he expected.
And also some word this morning on potentially what the
framework of a US trade deal with India could look like.
Speaker 1 (14:52):
Yeah, it seems like the Trump administration is eager to
announce one framework deal, you know, before Trump's one hundred
days next week. We had Bloomberg reporting just a few
hours ago that the US is seeking an India trade
deal on e commerce, crops and data storage. So maybe
these are our first glimpse on what these framework deals
are going to look like when it comes to the
(15:13):
nations that the US is negotiating with. But yeah, you're right,
we've had positive news on the India framework deal. Also
those comments from Treasury Secretary Scott Bessent yesterday talking about
imminent framework deal with South Korea. So things are looking
more positive in terms of the trade war and in
terms of de escalation. But I think the market is
really eager to see one of these deal frameworks on paper,
(15:36):
so maybe we can draw a bit more conclusions about
what the Trump administration is really trying to negotiate for
with these trading partners.
Speaker 2 (15:44):
This is Bloomberg day Break, Your Morning podcast. On the
stories making news from Wall Street to Washington and beyond.
Speaker 3 (15:51):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (15:57):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.
Speaker 3 (16:11):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android Atto interfaces.
Speaker 2 (16:17):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long.
Speaker 3 (16:29):
I'm Karen Moscow and I'm Nathan Hager. Join us again
tomorrow morning for all the news you need to start
your day right here on Bloomberg Day Bray
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