June 12, 2025 • 20 mins
On today's podcast:
1) An Air India Ltd. Boeing Co. 787 aircraft traveling from Ahmedabad in India to London’s Gatwick airport crashed shortly after taking off, in what stands to be the most serious accident involving the US planemaker’s most advanced widebody airliner. The airline said that Flight AI171 was “involved in an incident” and that Air India is “ascertaining the details.” Footage shared on social media showed a giant plume of smoke engulfing the crash site, with no reports of fatalities or survivors. The flight was carrying 242 passengers and crew, according to news agency ANI.
2) Los Angeles spends another night under curfew as protests spread to more cities. Protests over immigration raids in Los Angeles have spread to other US cities, including New York, Chicago, and Milwaukee, with clashes between protesters and law enforcement. The federal government has expanded its show of force, deploying National Guard troops and authorizing the use of the Hobbs Act to take over criminal cases, which California officials have criticized as "unlawful, unconstitutional and undemocratic".
3) President Trump says he will set unilateral tariffs on countries in 2 weeks. The president plans to send letters to trading partners in the next one to two weeks setting unilateral tariff rates ahead of a July 9 deadline. President Trump has threatened to impose higher duties on dozens of economies, but has only reached a trade framework with the UK and a tariff truce with China, which was recently threatened.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Lisa Mateo. Here
are the top stories we're following today.
Speaker 3 (00:15):
The developing story in India and Air India plane reportedly
headed for London's Gatwick Airport that has now been confirmed
in fact has crashed shortly after take off. Bloomberg's John
Tucker joins us with the very latest.
Speaker 4 (00:28):
John, all right, this is an Air India Boeing seven
eighty seven Nathan traveling from Ahmabad Airport to London's Gatwick Airport.
This is flight one seventy one. It crashed shortly after takeoff.
The flight was carrying two hundred and forty two passengers
and crew. The airliner had reached an altitude of six
hundred and twenty five feet This according to data from
(00:50):
flight Radar twenty four no. Social media videos also show
black smoke billowing from the scene. Faz Akhmad Kidwawi, the
Director General of the Directorate of Civil Aviation in India,
is telling the Associated Press that flight one seventy one
crashed into a residential area called Megani five minutes after
(01:11):
taking off at one thirty eight pm local time. This
is a seven eighty seven Dreamliner. It's a wide body,
twin engine plane and supposedly the first crash ever of
a Boeing seven to eighty seven aircrap This, at least
according to Aviation Safety Network Database, way way too early, Nathan,
(01:32):
and even to speculate about a cause, No indication of
any foul play, but it is worth noting we do
have to note this. This comes at a time of
intensified tension between India and neighboring Pakistan. And of course
all morning long, stay with us right here on Bloomberg Radio.
We'll bring you any update as soon as it becomes available.
Speaker 3 (01:52):
We continue to monitor the latest as well on the
immigration protests in Los Angeles that have spread nationwide. Now,
the downtown area of LA has been under curfew for
a second night as local leaders try to stop vandalism
and looting. LA County Sheriff Robert Luna is urging demonstrators
to remain peaceful.
Speaker 5 (02:10):
There's a big distinction between individuals that protest and demonstrate
to violent, destructive basically anarchists, I mean, just creating that chaos.
Speaker 3 (02:24):
And as police try to keep the peace, the federal
government is expanding its show of force. The National Guard
is assisting US Immigration and Customs enforcement with immigration arrests,
and Attorney General Pam Bondi says the administration is invoking
the Hobbs Act to let federal prosecutors take over local
criminal cases.
Speaker 1 (02:42):
We're going to do everything within our legal authority to
protect our law.
Speaker 2 (02:47):
Enforcement officers and all the people in California right now.
Speaker 3 (02:50):
I Meanwhile, the Justice Department is asking a federal judge
not to interfere with the deployment of Marines and National
Guard in La. Hearing is set for this afternoon. All
this as protests to other cities, including New York, Chicago,
and Milwaukee. Texas Governor Greg Abbott has promised to send
the National Guard to respond to protests planned in his
state this week, and a curfew was declared last night
in Spokane, Washington as well, in response to protests there well.
Speaker 2 (03:14):
He downturns of the latest on the trade front, Nathan
President Trump says he's planning to send letters to trading
partners within the next two weeks to set unilateral tariff rates.
That move comes ahead of a July ninth deadline to
reimpose higher duties on dozens of economies once the current
ninety day pause expires. President Trump spoke to reporters yesterday.
Speaker 6 (03:35):
We're rocket in terms of deals. Now at a certain point,
we're just going to send letters out. And I think
you understand that, saying this is the deal. You can
take it or you can leave it. You don't have
to use it, you don't have to shop in the
United States.
Speaker 2 (03:49):
As I say, So far, the White House has only
reached a yet to be implemented trade framework with the
UK and a tariff truce with China and Lisa.
Speaker 3 (03:57):
Commerce Secretary Howard Ltnix says the European Union is likely
to be among the last deals the US completes. He
tells CNBC the expects to see deals with other countries
to start coming next week, and the week after and
the week after.
Speaker 2 (04:10):
In his words, Japan's Prime Minister still sees a large
gap between the US and Japanese stances on trade talks now,
she grew. Ishaba is expected to meet President Trump on
the sidelines of the Group of Seven leaders gathering in
Canada starting Sunday. Ishaba says he doesn't have a particular
timeline in mind for reaching an agreement.
Speaker 3 (04:30):
In Washington, debate continues over President Trump's big tax and
spending cut bill. A top Republican negotiator says senators are
considering a thirty thousand dollars cap on the state and
local tax deduction that would be down from the forty
thousand in the House past bill. Republican Congressman Lisa McClain
of Michigan says she hopes the Senate doesn't change salt
too much.
Speaker 7 (04:50):
The Salt Caucus, which we have here in the House
and they don't have in the Senate for obvious reasons,
they've been pretty dug in. And I'm not here to
say they're right. I'm not here to s they're wrong,
but they've been pretty dug in, and that was one
of our biggest issues in the House that just can't
be touched.
Speaker 3 (05:07):
Michigan Republican Lisa McClain spoke on Bloomberg Television. Senate Republicans
also planned to scale back some cuts to federal food
aid in the House built The Senate's version would sell
millions of acres of federal land to help pay for
the measure. That move is expected to raise up to
ten billion dollars over ten years.
Speaker 2 (05:24):
Well Hell Secretary Robert F. Kennedy Junior has named eight
new vaccine policy advisors to replace the panel that he
abruptly dismissed earlier this week. They include several vocal vaccine
critics and one who identifies as a quote anti vaxer.
The move comes as Kennedy makes major changes to how
immunizations are studied and administered in the US and paves
(05:46):
the way for a more skeptical approach to the use
of shots that prevent deadly infections.
Speaker 3 (05:51):
Lisa Oil is retreating this morning, following yesterday's nearly five
percent gain that came after the US government ordered a
partial evacuation of its embassy. In Your Rock amid rising
security risks, we get more from Bloomberg News Energy reporter
Anthony Depowa.
Speaker 8 (06:06):
If we look at that picture, it's really that risk
of something happening in terms of the Middle East and
in terms of an outbreak of potential violence in the
Middle East between the US and Iran, between Israel and Iran.
That's really the risk that is pushing prices higher.
Speaker 3 (06:24):
But s Bloomberg Energy reporter Anthony Depella, and this morning,
the State Department is limiting travel for US embassy staff
in Israel, citing regional tensions. The Middle East produces about
a third of the world's oil.
Speaker 9 (06:37):
Well.
Speaker 2 (06:37):
Turning to the economy now Nathan, A day after underlying
inflation rose by less than forecast for the fourth month
in a row, we get another key reading this morning
at eight thirty am Wall Street time, we get the
main reading for producer prices. Bloomberg's Michael McKee has a preview.
Speaker 10 (06:52):
Economists fooled by the benign rise in consumer prices, We'll
again look for tariff induced inflation in today's data on
what companies are charging for goods and services. Once again,
the expectation is for a rise in prices in both
the headline and core PPI easier to do in this
report because both declined in April. While price increases haven't
(07:12):
flowed into retail price tags. Many companies have reported passing
some or all of the tariffs onto their customers, particularly manufacturers,
While another downside surprise would chair markets. The real impact
will come when economists break down changes in individual categories
to forecast the Fed's primary inflation indicator, the PCE index,
out at the end of the month. Michael McKee, Bloomberg Radio.
Speaker 2 (07:35):
And the equity fund. Shares of Oracle up more than
seven percent in early trading after the bell. The company
said its cloud infrastructure sales will grow more than seventy
percent this fiscal year. Brent Bill is an equity research
analyst at Jeffries.
Speaker 11 (07:48):
Oracle's got their mojo back. We've said this, this company
was trying to find their way. They were late to cloud,
they were laid to cloud applications. They're a little bit
late to AI. But I think they're back in the
in the race now.
Speaker 2 (08:02):
Jeffrey's analyst Brent Phil speaking to us after the earnings report,
CEO Safferkat says that Oracle is on its way to
becoming quote one of the world's largest cloud infrastructure companies.
Speaker 3 (08:12):
And repeating the breaking news this morning, Lisa Air India
says a Boeing seven eighty seven aircraft traveling from m
Debad to London's Gatwick Airport has crashed. Local media say
the flight one seventy one was carrying two hundred and
forty two passengers and crew. Boeing shares are extending their
declines in the pre market, now down more than five percent.
Speaker 2 (08:36):
Now time for a look at some of the other
stories making news in New York and around the world
for that were joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 12 (08:42):
Good Morning Lisa. Protests are growing across the country over
the Trump administration's immigration raids and the federal troop response
to protests in Los Angeles. The NYPD arrested several people
last night in Lower Manhattan. These two protesters were in
New York's Foley Square.
Speaker 13 (08:59):
I think success is stopping as many people from being
unlawfully taken from their families. Successes seeing people treated like
human beings, people putting due process back in place right
and actually respondowing our law institution.
Speaker 12 (09:19):
However, Wednesday was much calmer than Tuesday night, when dozens
were arrested. A new Jersey federal judge rule the Trump
administration cannot detain or deport Mackmud Khalil for the reasons
it's cited. The judge granted a preliminary injunction, concluding the
Columbia University graduate student would continue to suffer irreparable harm
(09:39):
if he remains detained. Last week, the court hill that Khalil,
who'd been involved with student protests in support of the
people of Gaza, would likely succeed in his challenge to
the administration's attempts to deport him on foreign policy grounds.
Former movie mogul Harvey Weinstein has been convicted of one
of the top charges in his sex crimes re trial.
(10:01):
A jury found Weinstein guilty of engaging in a criminal
sax act on Mimi Haley, but he has been acquitted
of engaging in the criminal sax act on Kanya Soculluk,
the more recent accuser who had come forward. Jurors were
as yet unable to reach a verdict on a third
charge involving Jessica Man and will resumed deliberations. Today, Global
(10:23):
News twenty four hours a day and whenever you want
it with the Bloomberg News Now Michael barn This is
Bloomberg Leaser.
Speaker 2 (10:29):
Thank you, Michael. Time now for our Bloomberg Sports Up.
They brought to you by Tri State Audi. For that,
we bring in John stash Hour. Good morning, John, Good morning.
Speaker 14 (10:41):
Listen to the Idiana Pacers. Yet to lose two playoff
games in a row, yet to trail in a series
off the Game two loss at Oklahoma City, the Pacers
came home got their first Game three win of the postseason.
They beat the thunder one sixteen one oh seven. They
lead the NBA Finals two games to one. Benedict Methern
off the bench to lead in the with twenty seven points.
OKC had seventeen turnovers. Game four is tomorrow. The Dallas
(11:05):
Mavericks are the third team to tell the Knicks, we
are not letting you interview our coach to be your coach.
The day after Houston and Minnesota did it, the MAVs
denied permission for the Knicks to speak with Jason Kidd.
Another Mets win at City Field, where there are now
twenty six and seven of five nothing shut out of
Washington a rare complete game. It came from David Peters
(11:25):
sitting out only six hits. Did not welcome bat Our
Brandon Nimo home or twice. Another Yankee win over Kansas City.
They are five and zero against the Royals and twelve
and three over the last two seasons, including that playoff
victory of the Yanks. Bkse six to three, six scoreless
sittings by Clark Schmidt and yet another home run by
Aaron Judge. Red Sox top the Raise four to three
(11:46):
early tea times this morning to begin the US Open
at Oakmont defending champion Brison de Shambo starts his round
at seven thirty years. To Shambo's thoughts on the Oakmont course.
Speaker 15 (11:56):
You can't just vomit on every single hole and glass
over bunkers and have a wedge run up to the
front of the green. You can on a lot of
the holes, but not on every one of them. So
I think this golf course you have to be just
a fraction more strategic, especially, I mean the rough is
so long.
Speaker 14 (12:11):
Rory McElroy T's off at seven forty this morning. Scottie
Scheffler's the big favorite. He will play this afternoon. They'll
play Game four, the Stanley Cup Final tonight, Florida hosting
Edmonton and leading the series two to one. The Rangers
are said to be close to a deal the trade
Chris Drider to Anaheim, a Ranger for thirteen years, the
third leading school goldscorer in Ranger history. John stanhalah Were
(12:31):
Bloomberg Sports, Lisa Nathan, all right.
Speaker 2 (12:34):
Thank you, John. Taking a look at the markets right now.
We have SMP futures. They're down about three tens of
a percent down. Future is falling half a percent. Two
hundred and twenty four points. Nasdaq futures down three tenths
of a percent or seventy five points. Going to the
Bloomberg Dollar Spot Index, it's down four tenths of a percent.
Over to the yield space, we have the two year
yield three point nine three percent, that's down two basis points,
(12:55):
and the yield on the tenure four point four zero percent,
and that's down one basis point.
Speaker 1 (13:02):
Coast to coast on Bloomberg Radio nationwide on Sirius XAM
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (13:13):
Good morning, I'm Nathan Hager, following developing news out of
western India where an Air India flight carrying two hundred
and forty two passengers and crew has crashed near Mdabad
in the western state of Gujarat. Joining US now for
the very latest is Bloomberg News Aviation reporter Danny Lee.
And Danny obviously this is a fast developing story. What
(13:34):
is the latest that we know so far?
Speaker 9 (13:36):
Good morning, Yeah, Nathan, Good morning. So this is a
breaking news development. So it's Neir India Boeing Co seven
eighty seven Dreamliner which crashed shortly off takeoff from a
Midabad and it was heading to London's Gatwick Airports, so
it was taking off around roughly half past one local
time in the afternoon. And there's been various video circulated
(14:01):
on social media, including one of the plane flying at
low altitude and heading into the ground and then smoke
and the fire billowing from that. So we have seen
though the markets react quite swiftly and the shares pre
market shares in bowing down five and a half percent
(14:23):
on this news. For investors, when you look at Boeing,
it's clearly too early to tell what has happened, what
will be the cause of this crash, but at least
for the moment, there will be a lot of reaction.
And we have some reaction from Indian officials commenting on
the crash, saying they are shocked and devastated about the accident.
(14:47):
We have India confirming that there was an accident that
had taken place today, but they don't have any further
details at the moment. But of course, for the flight involved,
it was carrying two hundred and forty two passengers and
crew according to some local media reports.
Speaker 3 (15:01):
Yeah, certainly we could go into the struggles that Boeing
has been trying to get out from under ever since
the door plug blowout situation more than a year ago
and the change under new CEO Kelly Ordberg. But before
we get to all that, Danny, do we know anything
in terms of the conditions on the ground, anything that
(15:22):
could tell us what might have caused this crash?
Speaker 9 (15:26):
It's very hard to tell what could be the kind
of contributing factors. I mean, whether it be weather, where
it be any mechanical issues with the plane. You know
what we can say this plane was around eleven years old,
so it's not too new, not too old. It's somewhere
(15:46):
in the middle basically. But you know it's for the
Boeing seventy seven aircraft. It would mark the first whole
loss in the entire time it has entered service, which
is now many many years.
Speaker 3 (16:00):
Is what do we know about the condition of the
fleet of air India's Boeing lineup? Is it an aging fleet?
Is it relatively new?
Speaker 9 (16:13):
Well for India, it has been going through an extensive
overhaul of its fleet. You know, exist it's existing fleet
right now is aging. Let's not to say that they
don't keep their planes in good condition. Already, but they
are investing a lot of money buying a lot of
(16:34):
new Boeing and Airbus aircraft in order to overhaul its
fleet and also to expand. So under new ownership coming
in being privatized from coming from state ownership under the
Tartar Group, it has undergone a huge amount of investment
and it's just time it takes to get those planes.
(16:55):
New planes are particularly delivered, but it has been working
through that process, and a multi year process at that,
and as.
Speaker 3 (17:01):
We continue to monitor the situation, we're getting further confirmations
from more sources about the fact that this has happened.
We just saw a post on X from London's Gatwick Airport,
which is the destination of Air India flight one P
seventy one, confirming on its end that that plane was
due to land at London Gatwick later on this evening
(17:25):
local time, So further confirmation that at least that flight
was at the center of this. Danny, of course, I
know your background is in aviation, but it can't be
ignored that this is coming just a couple of weeks
after pretty heightened tensions between India and Pakistan as well.
(17:47):
Obviously we're really at a very early stage in terms
of trying to figure out the cause of this, whether
it was something mechanical or something more nefarious, But that
could enter into the conversation as well as we start
to gather more details and facts on the ground.
Speaker 9 (18:06):
Yeah, I think the authorities will be looking at a
whole wide range of information at this stage. No one
would be in a position to rule out anything until
particularly they start to locate and recover the so called
black boxes. These are the information flight data recorded copric
voice recorder that would give all the necessary clues to
(18:30):
understand what happened to this aircraft. But yes, as you
alluded to, there has been heightened state of tensions in
recent weeks between India and Pakistan, although of late they
have tensions have calmed down, particularly as US President Donald
Trump has intervened and there has been a cessation of
(18:50):
hostilities in particular.
Speaker 3 (18:53):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and being.
Speaker 2 (19:00):
On look for us on your podcast feedby six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (19:06):
You can also listen live each morning starting at five
am Wall Street time, on Bloomberg eleven three to zero
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ninety two to nine in Boston, and nationwide on Sirius
XM Channel one twenty one.
Speaker 2 (19:20):
Plus listen coast to coast on the Bloomberg Business App
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Speaker 3 (19:26):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Nathan Hager.
Speaker 2 (19:40):
And I'm Lisa Matteo. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Lisa Mateo. Here
are the top stories we're following today.
Speaker 3 (00:15):
The developing story in India and Air India plane reportedly
headed for London's Gatwick Airport that has now been confirmed
in fact has crashed shortly after take off. Bloomberg's John
Tucker joins us with the very latest.
Speaker 4 (00:28):
John, all right, this is an Air India Boeing seven
eighty seven Nathan traveling from Ahmabad Airport to London's Gatwick Airport.
This is flight one seventy one. It crashed shortly after takeoff.
The flight was carrying two hundred and forty two passengers
and crew. The airliner had reached an altitude of six
hundred and twenty five feet This according to data from
(00:50):
flight Radar twenty four no. Social media videos also show
black smoke billowing from the scene. Faz Akhmad Kidwawi, the
Director General of the Directorate of Civil Aviation in India,
is telling the Associated Press that flight one seventy one
crashed into a residential area called Megani five minutes after
(01:11):
taking off at one thirty eight pm local time. This
is a seven eighty seven Dreamliner. It's a wide body,
twin engine plane and supposedly the first crash ever of
a Boeing seven to eighty seven aircrap This, at least
according to Aviation Safety Network Database, way way too early, Nathan,
(01:32):
and even to speculate about a cause, No indication of
any foul play, but it is worth noting we do
have to note this. This comes at a time of
intensified tension between India and neighboring Pakistan. And of course
all morning long, stay with us right here on Bloomberg Radio.
We'll bring you any update as soon as it becomes available.
Speaker 3 (01:52):
We continue to monitor the latest as well on the
immigration protests in Los Angeles that have spread nationwide. Now,
the downtown area of LA has been under curfew for
a second night as local leaders try to stop vandalism
and looting. LA County Sheriff Robert Luna is urging demonstrators
to remain peaceful.
Speaker 5 (02:10):
There's a big distinction between individuals that protest and demonstrate
to violent, destructive basically anarchists, I mean, just creating that chaos.
Speaker 3 (02:24):
And as police try to keep the peace, the federal
government is expanding its show of force. The National Guard
is assisting US Immigration and Customs enforcement with immigration arrests,
and Attorney General Pam Bondi says the administration is invoking
the Hobbs Act to let federal prosecutors take over local
criminal cases.
Speaker 1 (02:42):
We're going to do everything within our legal authority to
protect our law.
Speaker 2 (02:47):
Enforcement officers and all the people in California right now.
Speaker 3 (02:50):
I Meanwhile, the Justice Department is asking a federal judge
not to interfere with the deployment of Marines and National
Guard in La. Hearing is set for this afternoon. All
this as protests to other cities, including New York, Chicago,
and Milwaukee. Texas Governor Greg Abbott has promised to send
the National Guard to respond to protests planned in his
state this week, and a curfew was declared last night
in Spokane, Washington as well, in response to protests there well.
Speaker 2 (03:14):
He downturns of the latest on the trade front, Nathan
President Trump says he's planning to send letters to trading
partners within the next two weeks to set unilateral tariff rates.
That move comes ahead of a July ninth deadline to
reimpose higher duties on dozens of economies once the current
ninety day pause expires. President Trump spoke to reporters yesterday.
Speaker 6 (03:35):
We're rocket in terms of deals. Now at a certain point,
we're just going to send letters out. And I think
you understand that, saying this is the deal. You can
take it or you can leave it. You don't have
to use it, you don't have to shop in the
United States.
Speaker 2 (03:49):
As I say, So far, the White House has only
reached a yet to be implemented trade framework with the
UK and a tariff truce with China and Lisa.
Speaker 3 (03:57):
Commerce Secretary Howard Ltnix says the European Union is likely
to be among the last deals the US completes. He
tells CNBC the expects to see deals with other countries
to start coming next week, and the week after and
the week after.
Speaker 2 (04:10):
In his words, Japan's Prime Minister still sees a large
gap between the US and Japanese stances on trade talks now,
she grew. Ishaba is expected to meet President Trump on
the sidelines of the Group of Seven leaders gathering in
Canada starting Sunday. Ishaba says he doesn't have a particular
timeline in mind for reaching an agreement.
Speaker 3 (04:30):
In Washington, debate continues over President Trump's big tax and
spending cut bill. A top Republican negotiator says senators are
considering a thirty thousand dollars cap on the state and
local tax deduction that would be down from the forty
thousand in the House past bill. Republican Congressman Lisa McClain
of Michigan says she hopes the Senate doesn't change salt
too much.
Speaker 7 (04:50):
The Salt Caucus, which we have here in the House
and they don't have in the Senate for obvious reasons,
they've been pretty dug in. And I'm not here to
say they're right. I'm not here to s they're wrong,
but they've been pretty dug in, and that was one
of our biggest issues in the House that just can't
be touched.
Speaker 3 (05:07):
Michigan Republican Lisa McClain spoke on Bloomberg Television. Senate Republicans
also planned to scale back some cuts to federal food
aid in the House built The Senate's version would sell
millions of acres of federal land to help pay for
the measure. That move is expected to raise up to
ten billion dollars over ten years.
Speaker 2 (05:24):
Well Hell Secretary Robert F. Kennedy Junior has named eight
new vaccine policy advisors to replace the panel that he
abruptly dismissed earlier this week. They include several vocal vaccine
critics and one who identifies as a quote anti vaxer.
The move comes as Kennedy makes major changes to how
immunizations are studied and administered in the US and paves
(05:46):
the way for a more skeptical approach to the use
of shots that prevent deadly infections.
Speaker 3 (05:51):
Lisa Oil is retreating this morning, following yesterday's nearly five
percent gain that came after the US government ordered a
partial evacuation of its embassy. In Your Rock amid rising
security risks, we get more from Bloomberg News Energy reporter
Anthony Depowa.
Speaker 8 (06:06):
If we look at that picture, it's really that risk
of something happening in terms of the Middle East and
in terms of an outbreak of potential violence in the
Middle East between the US and Iran, between Israel and Iran.
That's really the risk that is pushing prices higher.
Speaker 3 (06:24):
But s Bloomberg Energy reporter Anthony Depella, and this morning,
the State Department is limiting travel for US embassy staff
in Israel, citing regional tensions. The Middle East produces about
a third of the world's oil.
Speaker 9 (06:37):
Well.
Speaker 2 (06:37):
Turning to the economy now Nathan, A day after underlying
inflation rose by less than forecast for the fourth month
in a row, we get another key reading this morning
at eight thirty am Wall Street time, we get the
main reading for producer prices. Bloomberg's Michael McKee has a preview.
Speaker 10 (06:52):
Economists fooled by the benign rise in consumer prices, We'll
again look for tariff induced inflation in today's data on
what companies are charging for goods and services. Once again,
the expectation is for a rise in prices in both
the headline and core PPI easier to do in this
report because both declined in April. While price increases haven't
(07:12):
flowed into retail price tags. Many companies have reported passing
some or all of the tariffs onto their customers, particularly manufacturers,
While another downside surprise would chair markets. The real impact
will come when economists break down changes in individual categories
to forecast the Fed's primary inflation indicator, the PCE index,
out at the end of the month. Michael McKee, Bloomberg Radio.
Speaker 2 (07:35):
And the equity fund. Shares of Oracle up more than
seven percent in early trading after the bell. The company
said its cloud infrastructure sales will grow more than seventy
percent this fiscal year. Brent Bill is an equity research
analyst at Jeffries.
Speaker 11 (07:48):
Oracle's got their mojo back. We've said this, this company
was trying to find their way. They were late to cloud,
they were laid to cloud applications. They're a little bit
late to AI. But I think they're back in the
in the race now.
Speaker 2 (08:02):
Jeffrey's analyst Brent Phil speaking to us after the earnings report,
CEO Safferkat says that Oracle is on its way to
becoming quote one of the world's largest cloud infrastructure companies.
Speaker 3 (08:12):
And repeating the breaking news this morning, Lisa Air India
says a Boeing seven eighty seven aircraft traveling from m
Debad to London's Gatwick Airport has crashed. Local media say
the flight one seventy one was carrying two hundred and
forty two passengers and crew. Boeing shares are extending their
declines in the pre market, now down more than five percent.
Speaker 2 (08:36):
Now time for a look at some of the other
stories making news in New York and around the world
for that were joined by Bloomberg's Michael bar Good Morning, Michael.
Speaker 12 (08:42):
Good Morning Lisa. Protests are growing across the country over
the Trump administration's immigration raids and the federal troop response
to protests in Los Angeles. The NYPD arrested several people
last night in Lower Manhattan. These two protesters were in
New York's Foley Square.
Speaker 13 (08:59):
I think success is stopping as many people from being
unlawfully taken from their families. Successes seeing people treated like
human beings, people putting due process back in place right
and actually respondowing our law institution.
Speaker 12 (09:19):
However, Wednesday was much calmer than Tuesday night, when dozens
were arrested. A new Jersey federal judge rule the Trump
administration cannot detain or deport Mackmud Khalil for the reasons
it's cited. The judge granted a preliminary injunction, concluding the
Columbia University graduate student would continue to suffer irreparable harm
(09:39):
if he remains detained. Last week, the court hill that Khalil,
who'd been involved with student protests in support of the
people of Gaza, would likely succeed in his challenge to
the administration's attempts to deport him on foreign policy grounds.
Former movie mogul Harvey Weinstein has been convicted of one
of the top charges in his sex crimes re trial.
(10:01):
A jury found Weinstein guilty of engaging in a criminal
sax act on Mimi Haley, but he has been acquitted
of engaging in the criminal sax act on Kanya Soculluk,
the more recent accuser who had come forward. Jurors were
as yet unable to reach a verdict on a third
charge involving Jessica Man and will resumed deliberations. Today, Global
(10:23):
News twenty four hours a day and whenever you want
it with the Bloomberg News Now Michael barn This is
Bloomberg Leaser.
Speaker 2 (10:29):
Thank you, Michael. Time now for our Bloomberg Sports Up.
They brought to you by Tri State Audi. For that,
we bring in John stash Hour. Good morning, John, Good morning.
Speaker 14 (10:41):
Listen to the Idiana Pacers. Yet to lose two playoff
games in a row, yet to trail in a series
off the Game two loss at Oklahoma City, the Pacers
came home got their first Game three win of the postseason.
They beat the thunder one sixteen one oh seven. They
lead the NBA Finals two games to one. Benedict Methern
off the bench to lead in the with twenty seven points.
OKC had seventeen turnovers. Game four is tomorrow. The Dallas
(11:05):
Mavericks are the third team to tell the Knicks, we
are not letting you interview our coach to be your coach.
The day after Houston and Minnesota did it, the MAVs
denied permission for the Knicks to speak with Jason Kidd.
Another Mets win at City Field, where there are now
twenty six and seven of five nothing shut out of
Washington a rare complete game. It came from David Peters
(11:25):
sitting out only six hits. Did not welcome bat Our
Brandon Nimo home or twice. Another Yankee win over Kansas City.
They are five and zero against the Royals and twelve
and three over the last two seasons, including that playoff
victory of the Yanks. Bkse six to three, six scoreless
sittings by Clark Schmidt and yet another home run by
Aaron Judge. Red Sox top the Raise four to three
(11:46):
early tea times this morning to begin the US Open
at Oakmont defending champion Brison de Shambo starts his round
at seven thirty years. To Shambo's thoughts on the Oakmont course.
Speaker 15 (11:56):
You can't just vomit on every single hole and glass
over bunkers and have a wedge run up to the
front of the green. You can on a lot of
the holes, but not on every one of them. So
I think this golf course you have to be just
a fraction more strategic, especially, I mean the rough is
so long.
Speaker 14 (12:11):
Rory McElroy T's off at seven forty this morning. Scottie
Scheffler's the big favorite. He will play this afternoon. They'll
play Game four, the Stanley Cup Final tonight, Florida hosting
Edmonton and leading the series two to one. The Rangers
are said to be close to a deal the trade
Chris Drider to Anaheim, a Ranger for thirteen years, the
third leading school goldscorer in Ranger history. John stanhalah Were
(12:31):
Bloomberg Sports, Lisa Nathan, all right.
Speaker 2 (12:34):
Thank you, John. Taking a look at the markets right now.
We have SMP futures. They're down about three tens of
a percent down. Future is falling half a percent. Two
hundred and twenty four points. Nasdaq futures down three tenths
of a percent or seventy five points. Going to the
Bloomberg Dollar Spot Index, it's down four tenths of a percent.
Over to the yield space, we have the two year
yield three point nine three percent, that's down two basis points,
(12:55):
and the yield on the tenure four point four zero percent,
and that's down one basis point.
Speaker 1 (13:02):
Coast to coast on Bloomberg Radio nationwide on Sirius XAM
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3 (13:13):
Good morning, I'm Nathan Hager, following developing news out of
western India where an Air India flight carrying two hundred
and forty two passengers and crew has crashed near Mdabad
in the western state of Gujarat. Joining US now for
the very latest is Bloomberg News Aviation reporter Danny Lee.
And Danny obviously this is a fast developing story. What
(13:34):
is the latest that we know so far?
Speaker 9 (13:36):
Good morning, Yeah, Nathan, Good morning. So this is a
breaking news development. So it's Neir India Boeing Co seven
eighty seven Dreamliner which crashed shortly off takeoff from a
Midabad and it was heading to London's Gatwick Airports, so
it was taking off around roughly half past one local
time in the afternoon. And there's been various video circulated
(14:01):
on social media, including one of the plane flying at
low altitude and heading into the ground and then smoke
and the fire billowing from that. So we have seen
though the markets react quite swiftly and the shares pre
market shares in bowing down five and a half percent
(14:23):
on this news. For investors, when you look at Boeing,
it's clearly too early to tell what has happened, what
will be the cause of this crash, but at least
for the moment, there will be a lot of reaction.
And we have some reaction from Indian officials commenting on
the crash, saying they are shocked and devastated about the accident.
(14:47):
We have India confirming that there was an accident that
had taken place today, but they don't have any further
details at the moment. But of course, for the flight involved,
it was carrying two hundred and forty two passengers and
crew according to some local media reports.
Speaker 3 (15:01):
Yeah, certainly we could go into the struggles that Boeing
has been trying to get out from under ever since
the door plug blowout situation more than a year ago
and the change under new CEO Kelly Ordberg. But before
we get to all that, Danny, do we know anything
in terms of the conditions on the ground, anything that
(15:22):
could tell us what might have caused this crash?
Speaker 9 (15:26):
It's very hard to tell what could be the kind
of contributing factors. I mean, whether it be weather, where
it be any mechanical issues with the plane. You know
what we can say this plane was around eleven years old,
so it's not too new, not too old. It's somewhere
(15:46):
in the middle basically. But you know it's for the
Boeing seventy seven aircraft. It would mark the first whole
loss in the entire time it has entered service, which
is now many many years.
Speaker 3 (16:00):
Is what do we know about the condition of the
fleet of air India's Boeing lineup? Is it an aging fleet?
Is it relatively new?
Speaker 9 (16:13):
Well for India, it has been going through an extensive
overhaul of its fleet. You know, exist it's existing fleet
right now is aging. Let's not to say that they
don't keep their planes in good condition. Already, but they
are investing a lot of money buying a lot of
(16:34):
new Boeing and Airbus aircraft in order to overhaul its
fleet and also to expand. So under new ownership coming
in being privatized from coming from state ownership under the
Tartar Group, it has undergone a huge amount of investment
and it's just time it takes to get those planes.
(16:55):
New planes are particularly delivered, but it has been working
through that process, and a multi year process at that,
and as.
Speaker 3 (17:01):
We continue to monitor the situation, we're getting further confirmations
from more sources about the fact that this has happened.
We just saw a post on X from London's Gatwick Airport,
which is the destination of Air India flight one P
seventy one, confirming on its end that that plane was
due to land at London Gatwick later on this evening
(17:25):
local time, So further confirmation that at least that flight
was at the center of this. Danny, of course, I
know your background is in aviation, but it can't be
ignored that this is coming just a couple of weeks
after pretty heightened tensions between India and Pakistan as well.
(17:47):
Obviously we're really at a very early stage in terms
of trying to figure out the cause of this, whether
it was something mechanical or something more nefarious, But that
could enter into the conversation as well as we start
to gather more details and facts on the ground.
Speaker 9 (18:06):
Yeah, I think the authorities will be looking at a
whole wide range of information at this stage. No one
would be in a position to rule out anything until
particularly they start to locate and recover the so called
black boxes. These are the information flight data recorded copric
voice recorder that would give all the necessary clues to
(18:30):
understand what happened to this aircraft. But yes, as you
alluded to, there has been heightened state of tensions in
recent weeks between India and Pakistan, although of late they
have tensions have calmed down, particularly as US President Donald
Trump has intervened and there has been a cessation of
(18:50):
hostilities in particular.
Speaker 3 (18:53):
This is Bloomberg day Break, your morning podcast on the
stories making news from Wall Street to Washington and being.
Speaker 2 (19:00):
On look for us on your podcast feedby six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (19:06):
You can also listen live each morning starting at five
am Wall Street time, on Bloomberg eleven three to zero
in New York, Bloomberg ninety nine one in Washington, Bloomberg
ninety two to nine in Boston, and nationwide on Sirius
XM Channel one twenty one.
Speaker 2 (19:20):
Plus listen coast to coast on the Bloomberg Business App
now with Apple CarPlay and Android Auto Winterfaces.
Speaker 3 (19:26):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Nathan Hager.
Speaker 2 (19:40):
And I'm Lisa Matteo. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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