US & Iran Trade Deal Drafts; Oil Rises From Six-Week Low

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Karen, we begin with the latest on talks between the
US and Iran. Both countries traded messages over the weekend
seeking changes to a draft agreement that would extend their
ceasefire and reopen the Strait of Horn Movez. President Trump
posted on social media that the talks will work out
well despite the latest clashes near the strait. Former Trump
national security advisor John Bolton says the president may be
getting a deal that's best for him, but maybe not
for the country.
This is a deal about gasoline prices at the pump
in the United States. Trump worries, obviously about the price
levels people are paying. He's worried about the effect on inflation.
He's worried about the effect on the elections in November.
But this is not a deal that really ends the
war in a satisfactory way for the United States.
Former national security advisor John Bolton's with David Gera and
Christina Raffini on Bloomberg this weekend. Catch the show live
every weekend starting at seven am. Wall Street time on
Bloomberg Radio, Bloomberg Television, and the Bloomberg Business app Well, Nathan.
Part of the ceasefire initiative would have Iran proxy Hezbla
stop all attacks on Israel while Israel refrains from further
escalation in Lebanon. But Israel expanded its ground assaulted to
the country over the weekend. Bloomber's DNA Crege covers the
Middle East and says it's the broadest incursion in a
quarter century.
They have seized a strategic ridge, which is the Beaufort Ridge,
and that oversees the Galilee, which is a lot of
the northern community in Israel which have come under fire
from Hsballlah.
This could be a problem for.
The US and that Ranians.
Ron has always said that part of any.
Deal with the US should ensure a halt to all
conflicts in the region, primarily the one in Lebanon.
And Bloomber's Dinner Crege adds that the US is sponsoring
talks between Israel and Lebanon to end the crisis.
Right now, Karen oil is rebounding. Brent's headed for its
first daily gain in four sessions. It's up more than
three percent at ninety four dollars a barrel, while West
Texas Intermediate's above ninety dollars a barrel. That's a gain
of three and three quarters percent. Exon Mobile executives are
warning the US crewed reserves are running dangerously low, but
National Economic Council Director Kevin Hassett says prices will come
down as more traffic moves through hor moves.
When you get the straits open, then it's about three
hundred nautical miles per day for one of those big tankers.
And so the people in Pakistan and India that have
refineries that are mostly shut down, you're going to get
their oil. They'll turn the refineries up, and then refined
product prices will go down.
Globally right now. See Economic Advisor.
Kevin Hasset appeared on ABC's This Week Heard Every Sunday
on Bloomberg Radio.
Mean Malend, New Jersey Nathan Governor Mikey Cheryl says federal
officials will allow visitors back inside the Delaney Hall Immigration
Are Immigrant Detention Center in Newark. The detention center overseen
by Immigration and Customs Enforcement, suspended visits last week as
tensions escalated over living conditions for detainees.
The situation reached a.
Boiling point this weekend when protesters through projectiles at police, set.
Fires, and fought over barricades.
Governor Cheryl told reporters that quote violent chaotic clashes hurt everyone.
I am very concerned about what's going on in De
Laney Hall, and this is all taking away from the
protesters who have been very I think effective at bringing
attention to that New Jersey.
Govinor Miikey Cheryl called on the Department of Homeland Security
to provide Karen medicine for detainees, give them a chance
to review their cases, and ultimately close the facility.
Can back to geopolitics, Karen. Defense Secretary Pete Hegseth delivered
a major speech at the Shangri Lad Dialogue in Singapore
over the weekend and got some attention for an issue
he didn't mention, Taiwan. Later, heg Seth sought to assure
allies that staying quiet on the island is the best
way to project American strength.
The policy we have on Taiwan is the same as
it we at the beginning of this administration. The only
change you might see is how how we talk about
the entire Yevin. What I talked about today was strong, quiet,
but clear.
And Defense Secretary heigs Hath's softer language was a sharp
contrast to his address a year ago. It came weeks
after Chinese President shi Jinping warrened President Trump and Beijing
that mishandling Taiwan could lead to clashes.
Well in South America, Nathan, a pro Trump conservative outsider,
is making progress toward becoming Columbia's next leader.
Celebrity lawyer Ablalardo de.
La Espriea unexpectedly top the first round of Columbia's presidential
vote as Latin America heads into another highly polarized election.
The conservative outsider is in a strong position to become
the nation's next president when he faces leftist Senator Evan Sepeda,
an ally of the country's current president, in a June
twenty first runoff.
Turn back to markets in the Economy Now Karen, Former
Federal Reserve Chairman Jerome Powell is warning the Central Bank
will lose its credibility if presidents are free to dismiss
FED officials over policy disagreements. Bloomberg's John Tucker joins us
that story. Good Morning John, and good morning Nathan. Powell
may no longer be FED chair.
But that doesn't mean he's about to back down on
the issue of FED independence.
If any administration finds a way to remove FED officials
over policy differences, then future administrations will do.
So as well.
The public would lose faith that the Central Bank will
make decisions based only on what's best for all Americans.
The Fed's credibility would be lost.
Well.
He was accepting the John F. Kennedy profile and encourage
Ward in Boston. Pal's remarks come as the Supreme Court
is deciding the fate of FED Governor Lisa Cook. President
Trump trying to fire her because like pals, you won't
bend to the president's will. A Pale endured countless verbal
assaults by Trump and an investigation by the Trump Justice Department.
A Pal's remarks his first public comments since he has
succeeded as head of the Central Bank. By Kevin Warrish.
I'm John Tucker Bloomberg Radio.
Right, John, thank you.
We have big news and big tech and videos. Enter
the person on computer market with a new chip called
RTX Spark super Chip. Its goal is to loosen Intel's
stranglehold on the market and modernize machines for the AI era.
The chip will debut this fall in leading brands including
Dell and Lenovo, and we'll run Microsoft's Windows for ARM,
operating system and Video. CEO Jensen Wong says, this is
about rethinking the processor itself.
We built CPUs for humans in the past. We need
CPUs for agents, agentics systems.
The properties are different.
Why would the old CPUs be the same?
E Media CEO Jensen Wong spoke at the Computex trade
show in TYPEI and checking shares of and Video this morning.
They're up more than two percent.
And global stockscarner set for new record highs. With AI
enthusiasm pushing equities higher. The Philadelphia Semiconductor Index of US
chip stocks.
Is on course for its best quarter ever.
Bloomberg Markets reporter Anthony Stephens says the index has risen
almost seventy percent in just the last two months.
The repeatability of the earnings that you're seeing across the
tech space that is up for grabs, But the fact
that the earnings are amazing is not up for debate.
You're seeing that in the macro numbers as well. Korean
exports grew in high fifty percent range that's the fastest
growth since before.
I was born.
Frankly, and that was Bloomberg's Anthony Stevens. As Ai Bulls
argue the rally is being driven by structural changes.
And in deal news, Nathan Berkshire Hathaway will acquire Taylor
Morrison for six point eight billion dollars in an all
cash DAL marketing, the conglomerates first major purchase under.
Chief executive Greg Abel.
The offer is a twenty four percent premium to the
home builder's Friday closing price, and Taylor Morrison CEO Cheryl
Palmer will continue.
To leave the company.
Time now for look at some of the other stories
making news in New York and around the world, and
for that bretined by Bloomberg's Michael Barr Michael good Morning,
Good Morning.
Karen. Kenyan Media said that American medical personnel and equipment
had arrived at a Kenyon air base set to host
a US backed a Bola Isolation and Treatment center. According
to NTV, the move signaled that Kenya was pushing ahead
with the establishment of the facility, ignoring the May twenty
ninth High Court order that suspended it. Meanwhile, the head
of the World Health Organization in the Democratic Republic of
the Congo. Tedros Adenam Gabriesis says that community is key
to controlling this rare form of abola.
Everyone should take care of himself for herself and take
care of each other as well. By doing that, we
can stop this outbreak as soon as possible.
At a ceremony, Gabrieesis presented survivor's certificates to four nurses
who contracted abola while treating patients during the ongoing outbreak
in Congo. A tragedy in Georgia over the weekend after
a bride and groom were in a helicopter crash. Dave
and Jessiny Fiji wave goodbye to their guests attending the
reception near Dawsonville. The couple were headed to PG Tree
to Cab Airport and then spend the night in a
downtown Atlanta hotel. They would not make it. Dave's father,
George remembered his twenty five year old.
Son, chirschild's a gift of God for us. When he
was a God fearing child, he was so handsome, beautiful,
we could say it was a perfect wedding.
The copter crash in the remote wooded area of Dawson County.
According to Fiji's parents, their daughter in law was sent
to the hospital for treatment. The pilot was also killed.
The NTSB is investigating Texas Republican Senate Nominie Ken Baxton
will visit Senate GOP leaders in Washington to ease their
concerns about his viability. Paxton, the state attorney general, settled
a criminal securities fraud charge and was impeached by the
GOP led Texas House. Paxton faces Democrat James Tallerrico, who
his party hopes to be the first Democratic Senator from
Texas in more than thirty years. Global News twenty four
hours a day and whenever you want it with the
Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Karen.
Thanks Michael.
All time now for our Bloomberg Sports update, and for
that we bring in John stash Hour.
Thanks Darren.
The upsets continue at the French Open. Four time champion
Egas Chiantek the latest to lose. Arena Sabalanka is the
top seats. She's the only one of the top sixties
still in. She'll face Naomeo Osaka later today. The only
American left of the women's singles is Madison Key. She
has an early match today. Two Americans left on the
men's side both play their fourth round matches today. Baseball
in Sacramento, the Yankees beat the Ages thirteen to eight.
They scored all thirteen runs in the third inning. That's
the Bloomberg Sports Update.
Stay with us.
More from Bloomberg Daybreak coming up after this.
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 Daybreak. Good morning, I'm Nathan.
It will all work out in the end.
That is President Trump's latest word to critics of ongoing
negotiations with Iran is both sides trade fire again near
the strait of horror moves. One of those critics is
former Trump National security advisor John Bolton. He's concerned about
unfreezing Iran's assets as part of a deal.
It's one thing to provide unfrozen assets to a real
government and Iran that represents the people. If we provide
this government frozen assets, it will entrench itself still further.
It's former National security advisor John Bolton, speaking on Bloomberg
this weekend. Joining us this morning from Dubai is Bloomberg
News United Arab member it's bureau chief Dana Krach. Dana,
thanks for being with us this morning. Where do things
stand in the negotiations and can we say the ceasefire
is still holding this morning?
Good morning, Good morning.
Yes, on the talks front, I would say a stalemate.
But we've seen the Iran and the US trading fire
just like in previous days, with really no breakthrough for
the supposed MoU and it's probably not going to see
the light today. Iron attacked earlier today Kuwait again for
the second time in a few days, and it said
it was in response to US strikes on military targets
in southern Iran now the central commanding and struck radar
command and control sites for drums and around this weekend.
So this of course adds to the mixed signals we've
been seeing, you know, the last week and this weekend
on whether a deal is closed to be announced. And
you know, we remember from Friday President Trump said he'd
make a you know, quote unquote final determination on the deal,
but his meeting at the White House, you know, ended
without an announcement, and today he just said, you know,
sit and relax. He's working on a good deal that'll
be good for the US and it's ally Now what
we know is that the MoU draft is being sent
back and forth between the two of course, likely via
the main mediator, Pakistan. The deal would open or reopen
horm laws, extend the seas fired to sixty days, which
seems to be still holding despite the strikes on Kuwait.
So and during that sixty days, you know, the nuclear
program would be discussed. So but as you've just mentioned to,
the President finds himself under pressure from several angles. You know,
rise and gasoline prices in the US, critics saying we
should not, you know, unlock the billions of dollars that
are in Doha for the Iranian regime now and they
actually want President Trump to maybe rein in the Iranian regime.
Also another angle is inflationary impact from the continued closure
of Homos and of course, you know allies and the
Gulf who probably fear a resumption of the war and
renewed attacks on their basis, just like we saw what
happened with Kuwait.
On top of all this, over the weekend, we saw
one of the biggest incursions by Israel into southern Lebanon
in many years, planning the flag at Beaufort Castle in
our last minute here, how could that complicate things?
It could.
Iron has always said the truth in Lebanon, a ceasefire
in Lebanon should be part of a deal with the US,
and that was part of the ceasefire that the US
and Dahran agreed to earlier in April. And we saw
gully Buff today, the Iranian parliament speaker and lead negotiator
for these talks, saying, you know, Israel's escalation in Lebanon
and the incursions that we saw the weekend as well
as the naval blockade are clear evidence of the US
not complying with the ceasefire. So this is probably putting
the ceasefire in the region at risk.
This is Bloomberg Daybreak, your morning podcast on the stories
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I'm Karen Moscow and I'm Nathan Hager.
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