May 6, 2024 • 16 mins
On today's podcast:
1) Israel Tells People to Leave Rafah as It Weighs Timing of Attack
2) Adams Vows to Protect NYC Graduations as LAPD Shuts USC Camp
3) Buffett Praises Apple After Trimming It, Drops Paramount Stake
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 1 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:14):
Karen, Oil is on the rise as Middle East tensions escalate.
Israel's military has begun moving civilians out of Rafa. It
is a potential prelude to a long expected attack on
the Gaza city. We get more from Bloomberg senior reporter
Henry Mayer.
Speaker 3 (00:30):
What we know is that the Israeli army has been
dropping leaflets to residents. In total, we're talking about one
hundred thousand people, also sending text messages, recorded voice messages
and through media announcements telling these people that they have
to evacuate from this area eastern part of Rafa. And
obviously this is the long, long expected, long anticipated announcement
(00:55):
by Israel which could lead to an actual offensive on
this city.
Speaker 2 (00:59):
Bloomberg's Henry Mayor says the move comes after ceasefire talks
between Hamas and Israel in Cairo over the weekend seem
to stall. As we mentioned, oil is on the rise
and checking crud right now, West Texas Intermediate is up
one point one percent. Trading just shy of seventy nine
dollars a barrel well.
Speaker 1 (01:15):
Nathan will Israel moves closer to an attack on RAFA.
Protests continue on college campuses as commencement ceremonies begin. About
seventy five demonstrators wave Palestinian flags and enchanted a slogans
at the University of Michigan ceremony in New York. Columbia
University has cleared out protesters ahead of its graduation on
(01:37):
May fifteenth. Mayor Eric Adams is promising to keep things
safe for the ceremony.
Speaker 4 (01:42):
If the institutions decide to graduate their students to celebrate
a beautiful experience with their families, we'll make.
Speaker 5 (01:48):
Sure it is done in a peaceful manner.
Speaker 1 (01:50):
Mayor Adams spoke on ABC's This Week Heard Sundays on
Bloomberg Radio and Karen.
Speaker 2 (01:55):
Members of Congress are weighing in as well. Democratic Senator
John Fetterman says the protesters should be demonstrating against Tomas.
Speaker 6 (02:03):
These kind of protests haven't been helpful and ironically they
are actually working against peace.
Speaker 2 (02:08):
But Democratic Congressman Rocana says the demonstrator's message deserves to
be heard.
Speaker 7 (02:13):
They're telling us that over thirty thousand people have died.
It's time for this war to end. It's time for
the hostages to be released that AMAS has, and they
want to see leadership in America and around the world.
This is not the world that they want.
Speaker 2 (02:27):
Congressman Conna and Senator Fetterman where guests on CBS's Face
the Nation, which can also be heard Sundays on Bloomberg Radio.
Speaker 1 (02:34):
Well, turning to markets, now, Nathan Cash is king for
the Oracle of Omaha. We're in Buffett's Berkshire Hathaway's cash
pile increased to our record one hundred and eighty nine
billion dollars at the end of the first quarter. Now
on the equity side, Buffett trimmed his holdings of Apple.
Berkshire reported a one hundred and thirty five billion dollars
stake in the iPhone maker at the end of the
(02:54):
first quarter. That's almost forty billion dollars less than the
end of last year.
Speaker 8 (03:00):
We will have Apple as our largest investment. But I
don't mind at all under current conditions building the cash position.
I think when I look at the alternative what's available
in the equity markets, and I look at the composition
(03:22):
of what's going on in the world. We find it
quite attractive.
Speaker 1 (03:28):
Warren Buffett says, unless something changes dramatically, Apple will remain
it's the largest investment. Berkshire also sold its position in
Paramount Global at a loss.
Speaker 2 (03:37):
And this week Karen wall Street is looking at lots
more earnings and fed speak. We get a preview from
Bloomberg's Charlie Pellett.
Speaker 9 (03:45):
We've heard from eighty percent of S and P five
hundred companies. Stocks of reclaim the fifty one hundred mark
after a batch of bettle than expected earnings. Dan Suzuki
is Deputy Chief investment Officer at Richard Bernstein Advisors. I
think it's really earnings growth and fundamentals, kind of plain
old boring stuff, and that's what's improving.
Speaker 2 (04:04):
That's what Scott long momentum. And importantly, it's not that
it's just improving, but it's broadening out.
Speaker 9 (04:10):
Disney and Uber will be in focus this week, along
with Airbnb, Anheuser Busch, InBev, Armholdings, Occidental Petroleum, and Ubs
in New York. Charlie Pellet, Bloomberg Radio, All right.
Speaker 1 (04:23):
Charlie, thanks well. Next week's US inflation print looms is
key for the trajectory of equities and wagers on FED
interest rate cuts is according to Morgan Stanley strategist Mike
Wilson says the price reaction on the back of the
release may be more important than the data itself.
Speaker 2 (04:39):
Well, this morning, Karen, We've got plenty of c suite
news to get you caught up on. Bloomberg News has
learned Credit Swiss CEO Olrick Kerner is set to leave
Ubs in the coming weeks after the completion of the
merger of the two former Swiss rivals. Kerner had been
brought into CEO in July of twenty twenty two to
try to turn the ailing firm around. Combination of the
two banks holding company these means the Credit Swie chief
(05:02):
executive role will become obsolete.
Speaker 5 (05:05):
Well.
Speaker 1 (05:05):
Former Starbucks chief executive Howard Schultz is urging the coffee
chain to own its shortcomings and fixed operations following its
biggest sales miss in years. In a post on the LinkedIn,
Schultz wrote, quote, at any company that missus badly, there
must be contrition and renewed focus and discipline on the core.
Starbucks shares plummeted after sales dropped this month for the
(05:26):
first time since the early days of Covid in twenty twenty, and.
Speaker 2 (05:30):
Karen, Twitter founder Jack Dorsey has left the board of
Blue Sky. That's the social networking service that he helped
fund and popularize a year ago. In the wake of
regret over the sale of Twitter to Elon Musk. Relations
may be warming between Dorsey and Musk. Dorsey calls the
company now known as x Freedom Technology.
Speaker 1 (05:50):
And Nathan that price of Morning Joe may keep going up.
Robust to coffee prices have climbed to the highest level
in forty five years. A supply crunch has intensified for
the variety used in espresso, blends and instant drinks. When
it's time now for a look at some of the
other stories making news in New York and around the world,
(06:12):
and for that we're joined by Bloomberg's Michael Barr Michael,
Good Morning.
Speaker 10 (06:15):
Good Morning, Karen. After multiple bomb threats at synagogues across
Manhattan over the weekend, Senate majority lever Chuck Schumer announced
the new four hundred million dollar funding package he says
is now available to boost security and safety at synagogues, mosques,
and churches.
Speaker 4 (06:34):
The second I heard about the threats, your heart sinks.
You hope it's a hoax, and in this case, thank
god it was, but that doesn't negativize the fear, the
trauma when synagogues and other houses of worship have to
be evacuated.
Speaker 10 (06:51):
Three New York City synagogues and the Brooklyn Museum received
bomb threats. Former President Donald Trump's criminal hush money trying
resumes today in New York. Prosecutors alleged Trump tried to
suppress negative news coverage to influence the outcome of the
twenty sixteen election. Hope Hicks will probably return to the
witness stand today for further cross examination. House Minority Leader
(07:15):
Hakim Jeffries says Democrats effectively have been governing as if
we were in the majority. After Republican OWL Speaker Mike
Johnson worked with Democrats to pass a foreign aid bill,
GOP Representative Marjorie Taylor Green announced plans to remove Johnson
as speaker. Jeffries says our view would traditionally be let
(07:36):
the other side work out its own mess, but the
New York Democrat went on to say, when that mess
starts to impact the ability to do the job on
behalf of the American people, then the responsible thing at
that moment might be for us to make clear that
we will not allow the extremists to throw the Congress
and the country in the chaos.
Speaker 11 (07:56):
It's a difficult situation on the other side of the
aisle because many of my Republican colleagues are more interested
in creating chaos, dysfunction, and extremism for what purpose. That's
a good question that has to be asked of them.
Speaker 10 (08:11):
Jeffrey spoke on CBS's sixty Minutes, which can be heard
Sunday nights. I'm Bloomberg. Ninety nine to one in Washington.
Interstate ninety five in Norwalk, Connecticut fully reopened the traffic
in both the directions after a gasoline tanker truck burst
into flames during a three vehicle crash last week. The
fire damaged and overpass bridge, causing a complete shutdown. Global
(08:33):
News twenty four hours a day and whenever you want
it with the Bloomberg News Now. I'm Michael Barr, and
this is Bloomberg.
Speaker 1 (08:39):
Karen sor Ry, Michael Barry, thank you time now for
the Bloomberg Sports Update with John stash Hour.
Speaker 5 (08:49):
John, good morning, Good morning, Karen.
Speaker 6 (08:51):
Thirty years ago, the Rangers won the President's Trophy, won
their first seven playoff games.
Speaker 5 (08:56):
And then won the Stanley Cup.
Speaker 6 (08:57):
This Rangers team also best regular season and they have
now started the playoffs five and zero.
Speaker 5 (09:02):
We'll see about the Cup. Long way to go for that.
Speaker 6 (09:04):
But Game one at the Guarden with Carolina two early
goals for me Becazavana Jet and the first period still
wasn't over.
Speaker 12 (09:11):
Right point Paderen were to the head for Kriider in
the middle, chut Check to Savanna Jeck tut Chick scores
fit to tout Check hit top power play goal as
a Rangers lead three to one.
Speaker 6 (09:27):
Sam roses with the call WEPN. Rangers hung on beight
the Hurricanes four to three. The first round ended with
Dallas's two to one Game seven win over Vegas. The
defending Cup champs Blue two to nothing series lead. NBA
first Round is now over Cleveland b Orlando one O
six ninety four.
Speaker 5 (09:42):
Cans were down eleven at the half.
Speaker 6 (09:44):
Donovan Mitchell, who scored fifty points in the game six loss,
scored thirty nine in the Game seven win. Nixon Pacers
start their Round two series tonight. MSG Indiana won the
regular season series two to one. Both the wins were
by fourteen points. Sparse crowd at the stadium rainey Da
game was shortened. Yankees beat Detroit five to two. Juan
Soto once again the Big hit three run, go ahead
(10:06):
double seventh and Ain't Aaron Judge homer in the first
Yanks sweep the series. Met Scott swept at Tampa. Bay
Rays walked it off bottom of the tenth, one, seven, sixth.
They stole seven bases they wanted on Johnny de Luca
two run triple after Randy or Rose Arena tied the
game with a ninth inning two out homer off Edwin
Diaz his first blown save. Red Sox won nine to
two at Minnesota and in the Twins twelve game win streak.
(10:28):
Giants last night lost five fourth Philadelphia. The Nationals beat.
Speaker 5 (10:31):
Toronto eleven nine.
Speaker 6 (10:32):
Dodgers beat the Brave Showy how Tony had four hits,
two home runs. Taylor Pendrith took to Nelson Golf in
Dallas his first PGA win.
Speaker 5 (10:40):
John stash I went Bloomberg Sports Kenny Nathan.
Speaker 13 (10:44):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com. And the
Bloomberg Business app. This is Bloomberg day Break. Good morning,
I'm Nathan Hager. We are getting ready for another busy
week for earning. It's pretty light on the economic data
calendar this week, but there is a raft of FED
(11:05):
speakers that could keep investors busy as well.
Speaker 2 (11:08):
So let's get you set for this trading week ahead.
We are joined now by Dennis Gartman, the chairman of
the University of Akron and Doowment Investment Committee and the
former publisher of the Gartment Letter. Dennis, Good morning, great
to speak with you. I wonder if you think investors
should be pricing geopolitical risk back into the market given
the reports we're hearing about civilians getting cleared out of
(11:29):
the southern Gaza city of Rafa and now Russian President
Vladimir Putin ordering tactical nuclear drills the day before is inauguration.
Speaker 14 (11:38):
Very scary times. I'm afraid, and yes, I think you
have to be pricing in geopolitical risk on a rather
swift basis. There was talk over the weekend or ahead
of the weekend that there would be a ceasefire talks,
but they seem to have broken down in regarding Gaza
and now we have gold breaking out to the upside.
I think you have to be a long of the
gold market, no question about that. And I think you
(11:59):
have price in geopolitical risks. So that's the major topic
of the day. We'll be talking later this week about
the Bank of England, but for right now, geopolitical risk
is the topic to jure, no question about that.
Speaker 2 (12:12):
What are you looking at in terms of a price
level for gold?
Speaker 13 (12:15):
Right now?
Speaker 2 (12:15):
It's trading around twenty three hundred at the moment. There
had been talking the past about three thousand as a
potential gold level. Is that something you're looking at.
Speaker 14 (12:25):
I've been very bullish of gold for quite some period
of time. Now, I'm not a gold bug. There are
times when you are to be long of gold, there
are times when you to be short of gold. There
are times when you are to be neutral of gold.
But this is a time you are to be bullish
of gold, no question about it. And I think that
one should be bullish of gold, predominantly in non US
dollar terms, and particularly in terms of the dollar yen.
(12:46):
I think we've got spot gold now going I think
eventually to three thousand dollars an ounce, and I think
that we've had intervention to stem the weakness of the
dollar yen. But I think that's going to be proved
to be fallacious. I've learned it when I traded for
an exchange back in the nineteen seventies. The one thing
I learned was that intervention to support a currency is
(13:07):
usually usually fails. Intervention two weekend currency usually is. It works.
The fact that the Bank of Japan came in two
weeks ago to intervene against the dollar yen at one sixty,
I think the next time we trade through one sixty,
we're going to two hundred end of the dollar, maybe
two d twenty five end of the dollar, which is
where we traded dollar yen when I first began trading
yen back in the nineteen seventies. So I think the
(13:30):
dollar yen and you should be short of the end,
long of dollars, you should be long of gold, short
of dollars. That leaves you long of gold in yen terms.
And we're now trading about thirty six three hundred and
sixty nine thousand the end of the dollar. I think
it's going to six hundred thousand the end of the
dollar over the course of the next two or three
years now.
Speaker 2 (13:48):
We haven't heard any confirmation from the Japanese government that
there was intervention last week, but we've seen some comparisons
of Bank of Japan accounts that indicated are you thinking
that the Bank of Japan could intervene once again?
Speaker 14 (14:01):
They'll try to stop it at one sixty one more time,
but I think they'll give up at that point, and
once we trade one sixty ten and go through the
one sixty level, that that frees you up to take
to go to dramatically new lower levels for the end,
new higher levels for the dollars. So I think they'll
be intervening one more time to prove that they're there.
But as I said, if I've learned anything in fifty
(14:22):
years or trading, it's that intervention to support a currency
usually fails. Intervention to weakener currency almost always succeeds. They'll
try once more to stem the ends of weakness, but
they will fail very badly at that attempt, No question about.
Speaker 2 (14:36):
It now, last minute or so. Dennis is the chairman
of a university endowment. I wonder what you make of
these growing campus protests and calls for universities to divest
from Israel. Given what's going on in Gaza, your comments
on that.
Speaker 14 (14:51):
As long as I remain the chairman of the University
of Acrons Endowment, we will avoid doing anything that protesters
demand of us. And I think that we should pay
attention to what Ben Sasse, the President of the University
of Florida said, adults are back in the room, and
we need to prove that we are stronger than the protesters.
So free speech is important, but free speech that goes
(15:12):
across the line should be avoided at all costs. And
like I said, as long as I remaina chairman of
the University of Akrons Endowment, I will argue against disinvestment,
no question about that.
Speaker 2 (15:22):
And just quickly, is it possible to divest from Israeli
interests in terms of a university endowment?
Speaker 14 (15:30):
I think it's nigh upon impossible. The far reaches of
international capitalism make it difficult to divest. I think it's
a and ill advised and naive expectation on the part
of the protesters. It just won't happen.
Speaker 2 (15:45):
This is Bloomberg day Break Today, your morning brief on
the stories making news from Wall Street to Washington and beyond.
Speaker 1 (15:52):
Look for us on your podcast feed at six am
Eastern each morning on Apple, Spotify, and anywhere else you
get your podcast.
Speaker 2 (16:00):
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
one oh sixty one in Boston, and Bloomberg ninety sixty
in San Francisco.
Speaker 1 (16:13):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 2 (16:22):
Listen coast to coast on the Bloomberg Business app, SERIUSXM,
the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan
Hager and I'm Karen Moscow.
Speaker 1 (16:31):
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 (00:09):
Good morning.
Speaker 1 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:14):
Karen, Oil is on the rise as Middle East tensions escalate.
Israel's military has begun moving civilians out of Rafa. It
is a potential prelude to a long expected attack on
the Gaza city. We get more from Bloomberg senior reporter
Henry Mayer.
Speaker 3 (00:30):
What we know is that the Israeli army has been
dropping leaflets to residents. In total, we're talking about one
hundred thousand people, also sending text messages, recorded voice messages
and through media announcements telling these people that they have
to evacuate from this area eastern part of Rafa. And
obviously this is the long, long expected, long anticipated announcement
(00:55):
by Israel which could lead to an actual offensive on
this city.
Speaker 2 (00:59):
Bloomberg's Henry Mayor says the move comes after ceasefire talks
between Hamas and Israel in Cairo over the weekend seem
to stall. As we mentioned, oil is on the rise
and checking crud right now, West Texas Intermediate is up
one point one percent. Trading just shy of seventy nine
dollars a barrel well.
Speaker 1 (01:15):
Nathan will Israel moves closer to an attack on RAFA.
Protests continue on college campuses as commencement ceremonies begin. About
seventy five demonstrators wave Palestinian flags and enchanted a slogans
at the University of Michigan ceremony in New York. Columbia
University has cleared out protesters ahead of its graduation on
(01:37):
May fifteenth. Mayor Eric Adams is promising to keep things
safe for the ceremony.
Speaker 4 (01:42):
If the institutions decide to graduate their students to celebrate
a beautiful experience with their families, we'll make.
Speaker 5 (01:48):
Sure it is done in a peaceful manner.
Speaker 1 (01:50):
Mayor Adams spoke on ABC's This Week Heard Sundays on
Bloomberg Radio and Karen.
Speaker 2 (01:55):
Members of Congress are weighing in as well. Democratic Senator
John Fetterman says the protesters should be demonstrating against Tomas.
Speaker 6 (02:03):
These kind of protests haven't been helpful and ironically they
are actually working against peace.
Speaker 2 (02:08):
But Democratic Congressman Rocana says the demonstrator's message deserves to
be heard.
Speaker 7 (02:13):
They're telling us that over thirty thousand people have died.
It's time for this war to end. It's time for
the hostages to be released that AMAS has, and they
want to see leadership in America and around the world.
This is not the world that they want.
Speaker 2 (02:27):
Congressman Conna and Senator Fetterman where guests on CBS's Face
the Nation, which can also be heard Sundays on Bloomberg Radio.
Speaker 1 (02:34):
Well, turning to markets, now, Nathan Cash is king for
the Oracle of Omaha. We're in Buffett's Berkshire Hathaway's cash
pile increased to our record one hundred and eighty nine
billion dollars at the end of the first quarter. Now
on the equity side, Buffett trimmed his holdings of Apple.
Berkshire reported a one hundred and thirty five billion dollars
stake in the iPhone maker at the end of the
(02:54):
first quarter. That's almost forty billion dollars less than the
end of last year.
Speaker 8 (03:00):
We will have Apple as our largest investment. But I
don't mind at all under current conditions building the cash position.
I think when I look at the alternative what's available
in the equity markets, and I look at the composition
(03:22):
of what's going on in the world. We find it
quite attractive.
Speaker 1 (03:28):
Warren Buffett says, unless something changes dramatically, Apple will remain
it's the largest investment. Berkshire also sold its position in
Paramount Global at a loss.
Speaker 2 (03:37):
And this week Karen wall Street is looking at lots
more earnings and fed speak. We get a preview from
Bloomberg's Charlie Pellett.
Speaker 9 (03:45):
We've heard from eighty percent of S and P five
hundred companies. Stocks of reclaim the fifty one hundred mark
after a batch of bettle than expected earnings. Dan Suzuki
is Deputy Chief investment Officer at Richard Bernstein Advisors. I
think it's really earnings growth and fundamentals, kind of plain
old boring stuff, and that's what's improving.
Speaker 2 (04:04):
That's what Scott long momentum. And importantly, it's not that
it's just improving, but it's broadening out.
Speaker 9 (04:10):
Disney and Uber will be in focus this week, along
with Airbnb, Anheuser Busch, InBev, Armholdings, Occidental Petroleum, and Ubs
in New York. Charlie Pellet, Bloomberg Radio, All right.
Speaker 1 (04:23):
Charlie, thanks well. Next week's US inflation print looms is
key for the trajectory of equities and wagers on FED
interest rate cuts is according to Morgan Stanley strategist Mike
Wilson says the price reaction on the back of the
release may be more important than the data itself.
Speaker 2 (04:39):
Well, this morning, Karen, We've got plenty of c suite
news to get you caught up on. Bloomberg News has
learned Credit Swiss CEO Olrick Kerner is set to leave
Ubs in the coming weeks after the completion of the
merger of the two former Swiss rivals. Kerner had been
brought into CEO in July of twenty twenty two to
try to turn the ailing firm around. Combination of the
two banks holding company these means the Credit Swie chief
(05:02):
executive role will become obsolete.
Speaker 5 (05:05):
Well.
Speaker 1 (05:05):
Former Starbucks chief executive Howard Schultz is urging the coffee
chain to own its shortcomings and fixed operations following its
biggest sales miss in years. In a post on the LinkedIn,
Schultz wrote, quote, at any company that missus badly, there
must be contrition and renewed focus and discipline on the core.
Starbucks shares plummeted after sales dropped this month for the
(05:26):
first time since the early days of Covid in twenty twenty, and.
Speaker 2 (05:30):
Karen, Twitter founder Jack Dorsey has left the board of
Blue Sky. That's the social networking service that he helped
fund and popularize a year ago. In the wake of
regret over the sale of Twitter to Elon Musk. Relations
may be warming between Dorsey and Musk. Dorsey calls the
company now known as x Freedom Technology.
Speaker 1 (05:50):
And Nathan that price of Morning Joe may keep going up.
Robust to coffee prices have climbed to the highest level
in forty five years. A supply crunch has intensified for
the variety used in espresso, blends and instant drinks. When
it's time now for a look at some of the
other stories making news in New York and around the world,
(06:12):
and for that we're joined by Bloomberg's Michael Barr Michael,
Good Morning.
Speaker 10 (06:15):
Good Morning, Karen. After multiple bomb threats at synagogues across
Manhattan over the weekend, Senate majority lever Chuck Schumer announced
the new four hundred million dollar funding package he says
is now available to boost security and safety at synagogues, mosques,
and churches.
Speaker 4 (06:34):
The second I heard about the threats, your heart sinks.
You hope it's a hoax, and in this case, thank
god it was, but that doesn't negativize the fear, the
trauma when synagogues and other houses of worship have to
be evacuated.
Speaker 10 (06:51):
Three New York City synagogues and the Brooklyn Museum received
bomb threats. Former President Donald Trump's criminal hush money trying
resumes today in New York. Prosecutors alleged Trump tried to
suppress negative news coverage to influence the outcome of the
twenty sixteen election. Hope Hicks will probably return to the
witness stand today for further cross examination. House Minority Leader
(07:15):
Hakim Jeffries says Democrats effectively have been governing as if
we were in the majority. After Republican OWL Speaker Mike
Johnson worked with Democrats to pass a foreign aid bill,
GOP Representative Marjorie Taylor Green announced plans to remove Johnson
as speaker. Jeffries says our view would traditionally be let
(07:36):
the other side work out its own mess, but the
New York Democrat went on to say, when that mess
starts to impact the ability to do the job on
behalf of the American people, then the responsible thing at
that moment might be for us to make clear that
we will not allow the extremists to throw the Congress
and the country in the chaos.
Speaker 11 (07:56):
It's a difficult situation on the other side of the
aisle because many of my Republican colleagues are more interested
in creating chaos, dysfunction, and extremism for what purpose. That's
a good question that has to be asked of them.
Speaker 10 (08:11):
Jeffrey spoke on CBS's sixty Minutes, which can be heard
Sunday nights. I'm Bloomberg. Ninety nine to one in Washington.
Interstate ninety five in Norwalk, Connecticut fully reopened the traffic
in both the directions after a gasoline tanker truck burst
into flames during a three vehicle crash last week. The
fire damaged and overpass bridge, causing a complete shutdown. Global
(08:33):
News twenty four hours a day and whenever you want
it with the Bloomberg News Now. I'm Michael Barr, and
this is Bloomberg.
Speaker 1 (08:39):
Karen sor Ry, Michael Barry, thank you time now for
the Bloomberg Sports Update with John stash Hour.
Speaker 5 (08:49):
John, good morning, Good morning, Karen.
Speaker 6 (08:51):
Thirty years ago, the Rangers won the President's Trophy, won
their first seven playoff games.
Speaker 5 (08:56):
And then won the Stanley Cup.
Speaker 6 (08:57):
This Rangers team also best regular season and they have
now started the playoffs five and zero.
Speaker 5 (09:02):
We'll see about the Cup. Long way to go for that.
Speaker 6 (09:04):
But Game one at the Guarden with Carolina two early
goals for me Becazavana Jet and the first period still
wasn't over.
Speaker 12 (09:11):
Right point Paderen were to the head for Kriider in
the middle, chut Check to Savanna Jeck tut Chick scores
fit to tout Check hit top power play goal as
a Rangers lead three to one.
Speaker 6 (09:27):
Sam roses with the call WEPN. Rangers hung on beight
the Hurricanes four to three. The first round ended with
Dallas's two to one Game seven win over Vegas. The
defending Cup champs Blue two to nothing series lead. NBA
first Round is now over Cleveland b Orlando one O
six ninety four.
Speaker 5 (09:42):
Cans were down eleven at the half.
Speaker 6 (09:44):
Donovan Mitchell, who scored fifty points in the game six loss,
scored thirty nine in the Game seven win. Nixon Pacers
start their Round two series tonight. MSG Indiana won the
regular season series two to one. Both the wins were
by fourteen points. Sparse crowd at the stadium rainey Da
game was shortened. Yankees beat Detroit five to two. Juan
Soto once again the Big hit three run, go ahead
(10:06):
double seventh and Ain't Aaron Judge homer in the first
Yanks sweep the series. Met Scott swept at Tampa. Bay
Rays walked it off bottom of the tenth, one, seven, sixth.
They stole seven bases they wanted on Johnny de Luca
two run triple after Randy or Rose Arena tied the
game with a ninth inning two out homer off Edwin
Diaz his first blown save. Red Sox won nine to
two at Minnesota and in the Twins twelve game win streak.
(10:28):
Giants last night lost five fourth Philadelphia. The Nationals beat.
Speaker 5 (10:31):
Toronto eleven nine.
Speaker 6 (10:32):
Dodgers beat the Brave Showy how Tony had four hits,
two home runs. Taylor Pendrith took to Nelson Golf in
Dallas his first PGA win.
Speaker 5 (10:40):
John stash I went Bloomberg Sports Kenny Nathan.
Speaker 13 (10:44):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com. And the
Bloomberg Business app. This is Bloomberg day Break. Good morning,
I'm Nathan Hager. We are getting ready for another busy
week for earning. It's pretty light on the economic data
calendar this week, but there is a raft of FED
(11:05):
speakers that could keep investors busy as well.
Speaker 2 (11:08):
So let's get you set for this trading week ahead.
We are joined now by Dennis Gartman, the chairman of
the University of Akron and Doowment Investment Committee and the
former publisher of the Gartment Letter. Dennis, Good morning, great
to speak with you. I wonder if you think investors
should be pricing geopolitical risk back into the market given
the reports we're hearing about civilians getting cleared out of
(11:29):
the southern Gaza city of Rafa and now Russian President
Vladimir Putin ordering tactical nuclear drills the day before is inauguration.
Speaker 14 (11:38):
Very scary times. I'm afraid, and yes, I think you
have to be pricing in geopolitical risk on a rather
swift basis. There was talk over the weekend or ahead
of the weekend that there would be a ceasefire talks,
but they seem to have broken down in regarding Gaza
and now we have gold breaking out to the upside.
I think you have to be a long of the
gold market, no question about that. And I think you
(11:59):
have price in geopolitical risks. So that's the major topic
of the day. We'll be talking later this week about
the Bank of England, but for right now, geopolitical risk
is the topic to jure, no question about that.
Speaker 2 (12:12):
What are you looking at in terms of a price
level for gold?
Speaker 13 (12:15):
Right now?
Speaker 2 (12:15):
It's trading around twenty three hundred at the moment. There
had been talking the past about three thousand as a
potential gold level. Is that something you're looking at.
Speaker 14 (12:25):
I've been very bullish of gold for quite some period
of time. Now, I'm not a gold bug. There are
times when you are to be long of gold, there
are times when you to be short of gold. There
are times when you are to be neutral of gold.
But this is a time you are to be bullish
of gold, no question about it. And I think that
one should be bullish of gold, predominantly in non US
dollar terms, and particularly in terms of the dollar yen.
(12:46):
I think we've got spot gold now going I think
eventually to three thousand dollars an ounce, and I think
that we've had intervention to stem the weakness of the
dollar yen. But I think that's going to be proved
to be fallacious. I've learned it when I traded for
an exchange back in the nineteen seventies. The one thing
I learned was that intervention to support a currency is
(13:07):
usually usually fails. Intervention two weekend currency usually is. It works.
The fact that the Bank of Japan came in two
weeks ago to intervene against the dollar yen at one sixty,
I think the next time we trade through one sixty,
we're going to two hundred end of the dollar, maybe
two d twenty five end of the dollar, which is
where we traded dollar yen when I first began trading
yen back in the nineteen seventies. So I think the
(13:30):
dollar yen and you should be short of the end,
long of dollars, you should be long of gold, short
of dollars. That leaves you long of gold in yen terms.
And we're now trading about thirty six three hundred and
sixty nine thousand the end of the dollar. I think
it's going to six hundred thousand the end of the
dollar over the course of the next two or three
years now.
Speaker 2 (13:48):
We haven't heard any confirmation from the Japanese government that
there was intervention last week, but we've seen some comparisons
of Bank of Japan accounts that indicated are you thinking
that the Bank of Japan could intervene once again?
Speaker 14 (14:01):
They'll try to stop it at one sixty one more time,
but I think they'll give up at that point, and
once we trade one sixty ten and go through the
one sixty level, that that frees you up to take
to go to dramatically new lower levels for the end,
new higher levels for the dollars. So I think they'll
be intervening one more time to prove that they're there.
But as I said, if I've learned anything in fifty
(14:22):
years or trading, it's that intervention to support a currency
usually fails. Intervention to weakener currency almost always succeeds. They'll
try once more to stem the ends of weakness, but
they will fail very badly at that attempt, No question about.
Speaker 2 (14:36):
It now, last minute or so. Dennis is the chairman
of a university endowment. I wonder what you make of
these growing campus protests and calls for universities to divest
from Israel. Given what's going on in Gaza, your comments
on that.
Speaker 14 (14:51):
As long as I remain the chairman of the University
of Acrons Endowment, we will avoid doing anything that protesters
demand of us. And I think that we should pay
attention to what Ben Sasse, the President of the University
of Florida said, adults are back in the room, and
we need to prove that we are stronger than the protesters.
So free speech is important, but free speech that goes
(15:12):
across the line should be avoided at all costs. And
like I said, as long as I remaina chairman of
the University of Akrons Endowment, I will argue against disinvestment,
no question about that.
Speaker 2 (15:22):
And just quickly, is it possible to divest from Israeli
interests in terms of a university endowment?
Speaker 14 (15:30):
I think it's nigh upon impossible. The far reaches of
international capitalism make it difficult to divest. I think it's
a and ill advised and naive expectation on the part
of the protesters. It just won't happen.
Speaker 2 (15:45):
This is Bloomberg day Break Today, your morning brief on
the stories making news from Wall Street to Washington and beyond.
Speaker 1 (15:52):
Look for us on your podcast feed at six am
Eastern each morning on Apple, Spotify, and anywhere else you
get your podcast.
Speaker 2 (16:00):
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
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in San Francisco.
Speaker 1 (16:13):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 2 (16:22):
Listen coast to coast on the Bloomberg Business app, SERIUSXM,
the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan
Hager and I'm Karen Moscow.
Speaker 1 (16:31):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg Daybreak
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