Bond Rout Deepens After Jump in Oil; US Jobs Report | Bloomberg Brief 3/6/2026

VONNIE: IT IS A 5:00 A.M. IN NEW YORK CITY.

I AM VONNIE QUINN WITH YOUR "BLOOMBERG BRIEF."

THE WAR WAGES -- RAGES ON. ISRAEL RESUME STRIKES.

OIL MARCHING HIGHER. CRUDE ON TRACK FOR ITS BIGGEST WEEKLY SURGE SINCE 2022 AS THE WHITE HOUSE LAYS ALL OPTIONS ON THE TABLE TO OBTAIN PRICES. AND IT IS JOBS DAY.

GASOLINE PRICES HIT THEIR HIGHEST IN 18 MONTHS.

THE EIGHTH DAY OF THE WAR. LET'S LOOK AT THESE MARKETS, PARTICULARLY OIL. LOOKING AT NEW YORK CRUDE,

PARTICULARLY OIL. LOOKING AT NEW YORK CRUDE, ALMOST AT $85 A BARREL. THAT MEANS BRENT CRUDE IS HIGHER AGAIN, PAST $87 A BARREL. TAKING OUT THOSE LEVELS WE WERE WATCHING CLOSELY ALL WEEK. THE DOLLAR INDEX HAS REVERSED

AND IS NOW GAINING ON THE SESSION.

IT HAD GIVEN UP SOME OF THE GAINS WE SAW DURING THE WEEK EARLIER ON IN THE SESSION. BUT LOOK AT THE 10 YEAR YIELD.

CLOSE TO 4.17. ARE WE TALKING ABOUT NEARLY A 30 BASIS POINT MOVE THIS WEEK?

IN TERMS OF THE VIX, CLOSING IN ONCE AGAIN ON 25.

GOLD OFF ITS HIGHS OF THE MORNING, BUT IT IS STILL HIGHER BY ABOUT 0.1%, AND FUTURES ARE LOWER.

LET'S GET TO INDIVIDUAL MOVERS FOR NOW.

>> GOOD MORNING.

STARTING WITH MARVEL. ADVANCING NICELY IN THE PRE-TRADE SESSION, 12% UPWARD, ON THE BACK OF THE STORY WE HAVE SEEN REVERBERATE ACROSS THE S&P THIS YEAR, AND THAT IS STRONG DEMAND FOR DATA CENTERS. MARVELL SAID DEMAND FOR THEIR DATA CENTERS EXCEEDED THEIR EXPECTATIONS.

FIRST QUARTER REVENUE IS ALSO EXPECTED TO COME OVER ANALYST ESTIMATES.

THIS IS GOOD NEWS FOR THE SEMI CONDUCTOR PRODUCER.

AND CLOTHING, GAP IS RETREATING ABOUT 7% IN PRETRADE THAT IS ON THE BACK OF THE POINTING RESULTS.

OLD NAVY, THE BIGGEST BRAND IN GAP, HAVE MISSED SOME ESTIMATES.

THIS IS PERHAPS ALSO A STORY ABOUT SOME OF THOSE TARIFF SHOCKS WE HAVE SEEN. SOME OF THE SUPPLY SHOCKS HAPPENING NOW ACROSS THE MIDDLE EAST MAY ALSO HAVE AN IMPACT GOING FORWARD ON THAT STOCK. FINALLY, WE MOVE ON TO PHARMA, FLIPPING THE BOARD TO ZEALAND, ALREADY TRADING IN DENMARK THIS

MORNING, AND THAT IS 31% DOWN IN THE INTRADAY TRADING.

THAT IS ON THE BACK OF THIS WEIGHT LOSS DRUG THAT HAD DISAPPOINTED WALL STREET. IT HAD CAUSED WEIGHT LOSS JUST ABOVE 10% IN 42 WEEKS, COMING IN SHORTER THAN ITS RIVALS.

VONNIE: THANK YOU SO MUCH. ABEER ABU OMAR WILL BE WITH US LATER. AND ALSO THE HOUR, WE WILL

LATER. AND ALSO THE HOUR, WE WILL COUNT DOWN THE PAYROLLS REPORT WITH CITI'S VERONICA CLARK.

FIRST, DAY SEVEN OF THE IRAN WAR.

>> THEIR NAVY IS GONE. 24 SHIPS IN THREE DAYS.

THAT IS A LOT OF SHIPS.

THEIR ANTIAIRCRAFT WEAPONS ARE GONE, SO THEY HAVE NO AIR FORCE, NO AIR DEFENSE. ALL OF THEIR AIRPLANES ARE GONE.

THERE COMMUNICATIONS ARE GONE. MISSILES ARE GONE, LAUNCHERS ARE GONE. ABOUT 60% AND 64%, RESPECTIVELY.

ARE GONE. ABOUT 60% AND 64%, RESPECTIVELY.

>> OUR SOLDIERS ARE PREPARED FOR ANY SCENARIO.

WHEN I SAID WE ARE WAITING FOR THEM, I DID NOT MEAN WE ARE WAITING FOR CONFIRMATION OF THE WAR, WE ARE PREPARING OURSELVES FOR ANY A POSSIBILITY, AND WE KNOW WE CAN HANDLE IT. VONNIE:

LET'S GET TO OUR TEAM COVERAGE WITH JOUMANNA BERCETCHE IN DUBAI, BRENDAN MURRAY COVERING TRADE, AND WILL KENNEDY.

BRING US UP TO SPEED. WHAT HAS BEEN HAPPENING IN THE PAST FEW HOURS. JOUMANNA:

DAY SEVEN, AND WE HEARD FROM PETE HEGSETH THAT FIREPOWER OVER IRAN IS ABOUT TO SURGE DRAMATICALLY.

WE ALSO HEARD FROM PRESIDENT TRUMP, IN HIS WORDS SAYING THEY HAVE MANAGED TO NEUTRALIZE ABOUT 60% OF IRAN'S MISSILE LAUNCHERS AND AIR DEFENSE SYSTEM. HE ALSO SAID THE U.S.

HAS COMPLETE CONTROL OVER THESE GUYS.

WHAT WE ARE HEARING ARE REPORTS OF SEVERAL EXPLOSIONS THROUGHOUT THE CAPITAL AND OTHER PARTS OF IRAN AS WELL, CENTRAL COMMAND SAYING THEY HAVE IT OVER 200 TARGETS IN THE LAST 72 HOURS. THE OTHER FROM THE HAS OPENED HIS LEBANON, THE IDF WARNING CITIZENS OF THE SOUTH AND SOUTHERN PARTS OF BEIRUT TO EVACUATE, AND OVER TWO DOZEN

STRIKES HAVE TAKEN PLACE OVER SOUTHERN BEIRUT OVER THE COURSE OF THE EVENING. THAT IS IN RETALIATION FOR ROCKETS AND HEZBOLLAH FIRED INTO NORTHERN ISRAEL EARLIER IN THE WEEK. IRAN REMAINED DEFIANT. THEY STILL HAVE NOT FORMALLY

THE WEEK. IRAN REMAINED DEFIANT. THEY STILL HAVE NOT FORMALLY ANNOUNCED TO WILL BE THE SUCCESSOR TO THE SUPREME LEADER.

PRESIDENT TRUMP SAYING HE WOULD LIKE TO SEE A COMPLETE OVERHAUL OF THE LEADERSHIP STRUCTURE. YET IRAN CONTINUES TO RETALIATE, MOSTLY AGAINST GULF STATES.

IT WAS A QUIET NIGHT IN ISRAEL. IN THE LAST FEW MINUTES, IT SEEMS ONCE AGAIN A BARRAGE OF MISSILES HAVE BEEN DIRECTED TOWARDS ISRAEL, BUT THIS PART OF THE WORLD CONTINUE TO INTERCEPT MANY OF THE INCOMING DRONES THAT HAD BEEN COMING THROUGH. YESTERDAY, ENERGY

THROUGH. YESTERDAY, ENERGY INFRASTRUCTURE AND --ENERGY INFRASTRUCTURE HIT.

ALL OF THIS TO SAY THAT AS WE ARE ENTERING INTO A DAY SEVEN OF THIS WAR, THERE ARE NO SIGNS OF THINGS LETTING UP ON EITHER SIDE. VONNIE:

SIDE. VONNIE: LET ME COME TO YOU, WILL KENNEDY, BECAUSE THE TRUMP ADMINISTRATION AND TRUMP HIMSELF PUT OPTIONS ON THE TABLE TO TRY TO BRING DOWN OIL PRICES.

SINCE THEN, THE TREASURY IS RULING OUT TRADING IN OIL FUTURES, THE EFFECTS OF WHICH ARE MOOT AT BEST ANYWAY, RIGHT, AND SAYS IT IS SET TO TAP THE STRATEGIC RESERVE.

WHERE DOES THAT LEAVE THE ADMINISTRATION? WILL:

IT PROVIDES A WAIVER TO ALLOW INDIAN OIL REFINERS TO BUY RUSSIAN CRUDE WITHOUT BEING SANCTIONED.

THERE WAS A LOT OF RUSSIAN OIL BEING LOADED WITH ANY WERE TO GO, AND THE INDIANS WILL NOW BE ABLE TO REFINE THAT, SO THAT IS ONE SORT OF SAFETY VALVE THEY CAN USE TO TAKE A BIT OF PRESSURE OUT OF THE MARKET. THE SPR WILL REMAIN ON THE TABLE. THE INTERNATIONAL ENERGY WATCHDOG, WHICH CAN COORDINATE

TABLE. THE INTERNATIONAL ENERGY WATCHDOG, WHICH CAN COORDINATE A GLOBAL RELEASE AMONG ITS MEMBERS OF STOCKPILES IS ANOTHER POSSIBILITY. BUT AS THE WAR KEEPS GOING ON,

ANOTHER POSSIBILITY. BUT AS THE WAR KEEPS GOING ON, THE PRESSURE INSIDE THE ENERGY SYSTEM IS BUILDING, AND WE HAVE SEEN PRICES CONTINUE TO RISE TODAY.

GASOLINE PRICES IN THE U.S. ARE NOW AT HIGH AS THEY HAVE BEEN SINCE TRUMP TOOK OFFICE. THAT WILL START TO BECOME UNCOMFORTABLE FOR HIM. THE FINANCIAL TIMES THIS MORNING PUBLISHED AN INTERESTING INTERVIEW WITH THE QATARI ENERGY MINISTER, WHERE HE SAID THERE ARE PROLONGED

DANGERS OF -- RISKS ARE BUILDING AS LONG AS THE STRAIT OF HORMUZ REMAINS ALL BUT CLOSED WORSHIPING. VONNIE:

HE SAID EVEN IF THE WAR ENDED IMMEDIATELY, IT WOULD TAKE QATAR WEEKS OR MONTHS TO COME BACK TO REGULAR DELIVERY.

BRENDAN, THE EXPRESSION BARRELS OFF THE DARK MARKET.

HOW DOES THIS CHANGE THE CALCULUS? BRENDAN:

IT IS SORT OF A RELIEF VALVE FOR THE OIL MARKET.

IT IS INTERESTING, BUT BECAUSE IT PLAYS INTO THE U.S.-INDIA

TRADE DYNAMIC. THEY ARE TRYING TO NEGOTIATE A TRADE DEAL, THAT PRESIDENT TRUMP PUT PRESSURE ON THE INDIANS WITH THIS EXTRA TARIFF BECAUSE OF THEIR RUSSIAN OIL PURCHASES. IT KIND OF CLOUDS THE OUTLOOK

PURCHASES. IT KIND OF CLOUDS THE OUTLOOK FOR THAT PARTICULAR TRADE DEAL, WHICH BOTH SIDES HAD WANTED TO FINISH OVER THE NEXT SEVERAL WEEKS.

IT IS DEFINITELY SOMETHING THAT COMPLICATES THE TRUMP ADMINISTRATION'S OVERALL STRATEGY, WITH ONE OF THE BIGGEST ECONOMIES THAT IT IS TRYING TO DIVERSE AWARE -- DIVERSIFY AWAY FROM CHINA. VONNIE:

IT COMPLICATES THE RELATIONSHIP BETWEEN THE COUNTRIES.

MODI WAS JUST BACK FROM ISRAEL WHEN THEY STARTED STRIKING, AND MODI SEEMS TO BE UNDER PRESSURE TO TAKE SIDES IN THIS WAR.

DOES THAT CHANGE ANY CALCULUS AT ALL? [LAUGHTER] WILL:

THE INTERNATIONAL PICTURE IS JUST SO COMPLICATED RIGHT NOW.

ALL OF THE THINGS YOU SAY ARE PARTS OF IT.

THE OTHER PART OF IT IS THE MOVE ON RUSSIAN OIL INTO INDIA IS A BIG WIN FOR VLADIMIR PUTIN. PUTIN HAD BEEN UNDER A LOT OF PRESSURE. OIL PRICES WERE LOW. RUSSIAN OIL WAS TRADING AT A

PRESSURE. OIL PRICES WERE LOW. RUSSIAN OIL WAS TRADING AT A BIG DISCOUNT TO INTERNATIONAL BENCHMARKS.

ALL OF A SUDDEN, HE CAN SELL OIL TO INDIA.

IT WILL BE A HUGE RELIEF IN MOSCOW TO THEIR ECONOMIC PROBLEMS, THERE ECONOMIC PRESSURES.

AND WHAT IS HAPPENING WILL NOT BE OF ANY COMFORT TO ZELENSKYY, WHO IS SEEING ALL THE ATTENTION PLACED ELSEWHERE AND IS SEEING THIS ECONOMIC BOON TO RUSSIA. VONNIE:

AND THOSE PEACE NEGOTIATIONS HAD TO GET POSTPONED INDEFINITELY. THANKS TO WILL KENNEDY, BRENDAN

INDEFINITELY. THANKS TO WILL KENNEDY, BRENDAN MURRAY, AND JOUMANNA BERCETCHE.

-- SPOKE TO A FORMER BIDEN ENERGY ADVISOR.

>> PEOPLE IN THE MARKET THINK THIS IS LIKE THE 12 DAY WAR, THIS IS LIKE VENEZUELA AND IT WILL BE OVER SOON, OR WE CAN DO COSMETIC CHANGES, LIKE THIS WAIVER.

BUT WHEN YOU TAKE OUT SO MUCH OIL, SUCH A MASSIVE VOLUME OF OIL AND NATURAL GAS AND REFINED PRODUCTS AND FERTILIZER OFF THE MARKET FOR SUCH A LENGTHY PERIOD , IF IT KEEPS GOING FOR A FEW DAYS, IT IS NOT ABOUT IF YOU CAN BUY RUSSIAN BARRELS OFF OF SHIPS, BUT RATHER, WHAT WILL THEY BE SHORTER DURING IN SAUDI

ARABIA KUWAIT, QATAR, THE UAE? ONCE YOU SHATTER THAT IN, IT IS HARD TO BRING IT BACK ON. IF YOU GO INTO THIS WEEKEND WITH THESE PRICES -- ON SUNDAY NIGHT, WHEN OIL STARTS TRADING AGAIN, IF THE STRAIT IS STILL CLOSED, THESE BIKES WILL BE

MUCH MORE SIGNIFICANT. JOUMANNA: SO IF YOU THINK THE PRICES WILL BE MORE SIGNIFICANT, HOW INFLUENTIAL IS THE PRICE OF OIL GOING TO BE IN DETERMINING THE DURATION OF THIS WAR? AMOS:

I THINK THAT IS THE MILLION DOLLAR QUESTION.

RIGHT NOW, YOU HAVE TWO FORCES FIGHTING THIS WAR, ISRAEL AND THE UNITED STATES. IT IS EASY TO FIGURE OUT WHAT THE SECURITY NATIONAL -- RATIONALE IS FOR ISRAEL, AND IT IS POPULAR IN ISRAEL. IN THE UNITED STATES, AMERICANS ARE STILL CONFUSED AS TO WHY WE ARE IN THIS WAR TO BEGIN WITH.

IS THIS IN THE INTEREST OF THE UNITED STATES?

WHEN YOU ADD TO THAT CONFUSION -- AND THIS IS WITH THE FACT THAT MOST PEOPLE BELIEVE THE IRANIANS ARE AN EVIL REGIME THAT HAS AN ENORMOUS AMOUNT OF BLOOD ON THEIR HANDS.

SO NO SYMPATHY FOR IRAN. BUT UNDERSTAND BETWEEN THAT AND WHY WE ARE AT WAR, AND THEN YOU ADD A COST OF ENERGY PRICES, WHICH GOES TO ELECTRICITY AND FOOD AND GASOLINE AND A LOT OF OTHER COMMODITIES THROUGHOUT THE ECONOMY, I THINK PEOPLE SAY, M.R.I. WILLING AND ABLE TO PAY FOR

SAY, M.R.I. WILLING AND ABLE TO PAY FOR THIS? THE ADMINISTRATION WILL HAVE TO

THIS? THE ADMINISTRATION WILL HAVE TO EXPLAIN AND DEMONSTRATE IT IS EITHER VERY TEMPORARY OR THAT THEY WILL BE ABLE TO MITIGATE THE COST TO THE AMERICAN PUBLIC.

THAT IS A DIFFICULT THING TO DO IN THIS KIND OF CIRCUMSTANCE.

JOUMANNA: HOW DO YOU THINK THE U.S.

ADMINISTRATION IS GOING TO DEFINE SUCCESS IN THIS INSTANCE?

AMOS: WE HAVE TWO OPTIONS.

ONE IS SUCCESS BY STAYING -- SAYING THE REGIME IS GONE AND THERE IS A NEW REGIME IN PLACE, WHICH IS DIFFICULT TO DO WITHOUT TROOPS ON THE GROUND. THE OTHER IS TO DECLARE A VICTORY AT SOME POINT AND SAY, UNILATERALLY, WE DEFEATED THEIR NAVY, SANK ALL THEIR SHIPS, DESTROYED THEIR AIR FORCE, THE LEADERSHIP HAS BEEN DECAPITATED, THEIR MISSILES

HAVE BEEN MITIGATED AND DESTROYED, AND MUCH OF THEIR MISSILE AND LAUNCHER CAPACITY, THEIR NUCLEAR MISSILES ARE DESTROYED, AND WE ARE STOPPING THIS WAR NOW, AND THE IRANIANS NEED TO CHANGE THEIR BEHAVIOR IN THE FUTURE, OR ELSE WE WILL COME BACK. THOSE ARE THE TWO OPTIONS.

COME BACK. THOSE ARE THE TWO OPTIONS.

EITHER CHANGE THE REGIME, OR LEAVE IT INTACT BUT WEAKENED.

VONNIE: THAT WAS AMOS HOCHSTEIN, FORMER ADVISOR IN THE BIDEN ADMINISTRATION.

NOW TO OTHER TOP STORIES TRENDING ON THE TERMINAL.

LUFTHANSA IS CONSIDERING ADDING FLIGHTS ASIA.

THE WAR HAS UPENDED PASSENGER FLOWS THAT WOULD HAVE BEEN SERVED BY MIDDLE EASTERN CARRIERS.

LIBERTY MEDIA'S FORMULA ONE HAS BEEN $1.8 BILLION WIPED OFF OF ITS -- THERE ARE TWO RACES NEXT MONTH IN BAHRAIN AND SAUDI ARABIA.

AND ROCHE, ZEALAND SHARES PLUNGE AFTER THEIR WEIGHT LOSS DRUG DISAPPOINTED IN A STUDY.

IT IS WELL SHORT OF RESULTS FOR EXISTING TREATMENTS FROM ELI LILLY AND NOVO NORDISK. COMING UP, THE U.S.

CONSIDERS PERMIT REQUIREMENTS FOR AI CHIP SALES ABROAD.

MORE ON THAT, NEXT. THIS IS BLOOMBERG. ♪

VONNIE: THIS IS "BLOOMBERG BRIEF."

I'M VONNIE QUINN IN LONDON. CHIP STOCKS LOWER IN THE MARKET AS THE U.S. PROPOSES A RULE TO REQUIRE LICENSES TO EXPORT. FOR MORE, MATT BLOXHAM JOINS US.

I THOUGHT WE WERE THROUGH THIS PERIOD.

WASN'T THIS WHOLE NVIDIA CHIP LICENSING -- THE U.S.

IS CONSIDERING IT AGAIN? MATT: I THINK STRATEGICALLY THERE IS SOME CONTEXT -- THE U.S. WANTS TO BE IN CONTROL OF GLOBAL AI STRATEGY.

WE ARE ALSO SEEING THEM USE AI EXTENSIVELY IN THE IRAN CONFLICT. IT IS AN ACKNOWLEDGMENT THAT AI

CONFLICT. IT IS AN ACKNOWLEDGMENT THAT AI TECHNOLOGY IS EXPANDING AND IMPROVING SO QUICKLY THAT THERE IS A LOT MORE AT RISK IN TERMS OF HOW THIS TECHNOLOGY SPREADS AND GETS INTO RIVALS' HANDS THAT THEY WANT TO BE IN CONTROL OF, GIVEN SO MUCH OF THE AI TECHNOLOGY BEING DRIVEN BY U.S.

COMPANIES. I CAN SEE THE SIGNS AND HAVING CLEAR OVERSIGHT ABOUT THAT, HOW IT SPREADS AROUND THE WORLD.

VONNIE: ARE WE MAINLY TALKING ABOUT NVIDIA AND AMD? WHAT OTHERS WOULD BE AFFECTED?

MATT: WE COULD POTENTIALLY SEE THE LIKES OF GOOGLE, BECAUSE THEY ARE BUILDING EQUIVALENT TPU CHIPS. SO FAR, THEY HAVE REALLY ONLY

CHIPS. SO FAR, THEY HAVE REALLY ONLY CONSIDER IT FOR THEIR OWN USE, BUT THEY ARE CONSIDERING SELLING IT TO OTHERS. YOU ALSO SEE META.

THERE ARE OTHER COMPANIES THAT COULD GET DRAWN INTO THIS, BOTH IN TERMS OF THE DIRECT AI ACCELERATOR TECHNOLOGY, BUT ALSO THE COMPONENTS THAT GO INTO THAT. VONNIE:

MOVING ON TO THE ANTHROPIC STORY, THEY ARE SAYING THEY HAVE NO OTHER CHOICE BUT TO SUE THE GOVERNMENT. MATT:

I THINK THERE IS A BIGGER STORY. ANTHROPIC IS REPORTEDLY LOOKING TO DO AN IPO, ALMOST VYING HEAD TO OPENAI.

EVEN THOUGH PERHAPS THIS CONTRACT IS NOT THAT BIG FOR THEM, I THINK THE BROADER STIGMA OF BEING DESIGNATED AS A SUPPLY CHAIN RISK WOULD POTENTIALLY HAVE QUITE NEGATIVE CONSEQUENCES FOR HOW THEIR IPO IS RECEIVED BY SOME INVESTORS.

EVEN IF GETTING THAT REMOVED DOES NOT DIRECTLY IMPACT EITHER THEIR FINANCIALS OR THEIR ABILITY TO DO BUSINESS WITH THE U.S. GOVERNMENT, THAT BROADER STIGMA

U.S. GOVERNMENT, THAT BROADER STIGMA COULD BE A BIGGER CONCERN. VONNIE:

TO CLARIFY, THAT LABEL IS ON UNTIL THERE IS A COURT CASE AND SOMETHING GETS DECIDED BY A JUDGE? MATT: YES. VONNIE:

SOFTBANK IS LOOKING FOR A LOAN TO INVEST IN OPENAI.

WHY DO THEY NEED THE MONEY? MATT:

THEY ARE DOUBLING DOWN ON THEIR INVESTMENT, AND OPENAI IS ONE OF THE BEST WAYS TO PLAY THE AI STORY.

THEY ARE LOOKING TO DOUBLE THEIR INVESTMENT.

THEY NEED TO RAISE MONEY TO FUND THAT THEY ARE ONE OF THE OPTIONS IS TO DO THAT THROUGH DEBT. THEY HAVE A BUNCH OF OTHER INVESTMENTS, FOR EXAMPLE THEIR INVESTMENT STAKE ARM.

THEY HAVE A BIG CHUNK IN T-MOBILE, ABOUT $10 BILLION.

ULTIMATELY, THEY MAY REFINANCE THIS INVESTMENT THROUGH RESHUFFLING THEIR EQUITY INVESTMENT PORTFOLIO.

IN THE SHORT-TERM, THEY NEED THE MONEY TO FUND THAT, SO UP TO $40 BILLION OF DEBT TO COVER THIS $30 BILLION OF INVESTMENT INTO OPENAI. VONNIE: DO WE KNOW WHAT THE RETURN FOR

INTO OPENAI. VONNIE: DO WE KNOW WHAT THE RETURN FOR MASAYOSHI SON IS YET? MATT: I DO NOT HAVE THAT NUMBER OFF THE TOP OF MY HEAD. YOU HAVE TO IMAGINE THE ORIGINAL INVESTMENT IN OPENAI, WHICH GOT THEM ABOUT A 10% STAKE, HAS BEEN GOOD AS LONG AS I GET THE BIG VALUATION THEY

WERE EXPECTING. VONNIE: THANK YOU.

WERE EXPECTING. VONNIE: THANK YOU.

MATT BLOXHAM OF BLOOMBERG INTELLIGENCE.

COMING UP, THE UAE EXPLORES FREEZING IRANIAN ASSETS.

THIS IS BLOOMBERG.

♪ VONNIE: THIS IS "BLOOMBERG BRIEF."

TIME FOR YOUR FRONT PAGE NEW. THE WALL STREET JOURNAL LEADING WITH THE UAE EXPLORING USING IRANIAN ASSETS TO PUNISH TEHRAN FOR ATTACKS.

ANY CRACKDOWN ON IRAN'S SHADOW FINANCE SEEING IN THE GULF STATES WOULD STRANGLE ITS ACCESS TO GLOBAL TRADE.

THE FINANCIAL TIMES LEAVING WITH GULF STATES POTENTIALLY REVIEWING OVERSEAS INVESTMENTS TO EASE STRAINS CAUSED BY THE WAR. IT COULD HAVE AN IMPACT FROM

WAR. IT COULD HAVE AN IMPACT FROM INVESTMENT PLEASURES TO FOREIGN STATES, SPORTS BUSINESSES, CONTRACTS WITH BUSINESSES, AND INVESTORS.

AND THE NEW YORK TIMES ON THE U.S.

RESTARTING DIPLOMATIC RELATIONS WITH VENEZUELA, ANNOUNCED SEEING IT IN A STATEMENT RELEASED THURSDAY EVENING CARE COMING UP, WE WILL BE TALKING JOBS REPORT.

THAT IS ON EVERYONE'S RADAR TODAY AS WELL.

WE PUSH AHEAD WITH THAT WITH VERONICA CLARK OF CITI, NEXT.

THIS IS BLOOMBERG. ♪

VONNIE: IT IS 5:30 A.M. IN NEW YORK CITY, 10:30 A.M.

IN LONDON. I AM VONNIE QUINN WITH YOUR "BLOOMBERG BRIEF." THE WAR RAGES ON.

"BLOOMBERG BRIEF." THE WAR RAGES ON.

IRAN RELEASES A SALVO OF MISSILES AND DRONES ACROSS THE PERSIAN GULF WHILE ISRAEL RESUMES STRIKES.

OIL MARCHING HIGHER. CRUDE ON TRACK FOR ITS BIGGEST WEEKLY SURGE SINCE 2022 AS THE WHITE HOUSE LAYS OUT ALL OPTIONS ON THE TABLE TO TAME CRISIS. AND IT IS JOBS DAY.

GASOLINE PRICES HIT THEIR HIGHEST IN 18 MONTHS.

LET'S HAVE A LOOK AT THE MARKETS.

WTI UP 3.5 PERCENT, CLOSE TO $84 A BARREL.

BRENT CRUDE CLOSE TO $87 A BARREL.

IT HAS TAKEN OUT THAT $85 MARK NO PROBLEM TODAY AND IS GOING EVER HIGHER.

THIS AFTER THE QATARI ENERGY MINISTER GAVE A CHILLING INTERVIEW WITH THE FINANCIAL TIMES, SAYING THE WAR IN THE MIDDLE EAST COULD "BRING DOWN THE ECONOMIES OF THE WORLD."

HE SAID IT COULD DRIVE OIL TO $150 A BARREL CARE THAT IS NOT HAVING A GOOD IMPACT ON SENTIMENT TODAY.

THE DOLLAR INDEX IS HIGHER AGAIN. GOLD HIGHER AGAIN.

THE VIX TRADING ABOVE 24. FOR SOME STOCKS TO WATCH FOR NOW, LET'S GET TO ABEER ABU OMAR. ABEER:

S&P FUTURES ARE DOWN QUITE A BIT, BUT THERE ARE SOME BRIGHT SPOTS, STARTING WITH MARVELL. THIS IS A STORY WE HAVE SEEN REFLECTED IN MULTIPLE EARNINGS STATEMENTS IN THE S&P, THAT IS DEMAND FOR DATA CENTERS. IF YOU REMEMBER NVIDIA'S EARNINGS SHOW THAT SEGMENT IS DOING WELL ACROSS NVIDIA'S

BUSINESS.

MARVELL SAYS DEMAND FOR DATA CENTERS HAS EXCEEDED, SO THE COMPANY IS DOING PRETTY WELL. INVESTORS ADDING 11.3%, ADDING TO THE GAINS FROM EARLIER IN THIS SESSION THIS MORNING.

WE FLIP THE BOARD AND TURNED TO A STUDY DIFFERENT -- A VERY DIFFERENT INDUSTRY. GAP. THIS CLOTHING BRAND NOT DOING

DIFFERENT INDUSTRY. GAP. THIS CLOTHING BRAND NOT DOING AS NICELY THIS MORNING, RETREATING ABOUT 6% IN THE PRE-TRADE IN THE U.S. THIS IS A MIXTURE OF THINGS, MISSING ESTIMATES, THE GROSS MARGINS IMPACTED AS WELL.

THIS IS ALSO A STORY THAT REFLECTS THE TARIFF SHOCK BY PRESIDENT TRUMP'S LIBERATION DAY.

POSSIBLY PRONE TO FURTHER WEAKNESS BECAUSE OF SUPPLY SHOCKS WE COULD LIKELY SEE OUT OF THE MIDDLE EAST GOING FORWARD. FINALLY, WE TURN TO A STOCK

FORWARD. FINALLY, WE TURN TO A STOCK THAT IS ALREADY TRADING IN DENMARK THIS MORNING. PHARMA.

ZEALAND NOT DOING WELL, DOWN ABOUT 33%.

THAT IS ON THE BACK OF THIS WEIGHT LOSS DRUG IT HAS WITH ROCHE IN SWITZERLAND. THAT HAS MISSED ESTIMATES FOR WALL STREET.

IT HAS DELIVERED A 10.7 PERCENT WEIGHT LOSS ACROSS 42 WEEKS.

THAT IS MUCH LOWER THAN RIVALS IN NOVO NORDISK AND ELI LILLY, SO INVESTORS ARE REFLECTING THAT IN THE STOCK, RETREATING ABOUT 33% THIS MORNING IN EUROPE. VONNIE:

ABEER, THANK YOU SO MUCH. THAT IS ABEER ABU OMAR.

A GLOBAL BOND ROUT DEEPENING -- THAT IS MARKETS AWAIT THE LATEST JOBS REPORT, SET FOR JUST UNDER THREE HOURS TIME.

JOINING US NOW IS VERONICA CLARK , U.S.

ECONOMIST OUT OF CITI. HOW MUCH DOES THE WAR MUDDY THE WATERS AROUND THIS JOBS REPORT, IF AT ALL? VERONICA:

THERE IS NOT GOING TO BE MUCH DIRECT IMPACT FROM THE MARKET MOVES WE HAVE SEEN THIS WEEK. THIS IS FEBRUARY DATA WE ARE GETTING THIS MORNING. WHAT IT DOES PROBABLY MEAN IS MARKETS TAKE THIS NUMBER WITH A BIT OF A GRAIN OF SALT, INCLUDING EVEN THE INFLATION DATA WE WILL GET NEXT WEEK FOR FEBRUARY. THIS WILL LOOK A BIT STALE IN

FEBRUARY. THIS WILL LOOK A BIT STALE IN RETROSPECT, GIVEN WHAT WE HAVE SEEN DEVELOPING.

WE WILL HAVE TO WAIT AND SEE HOW THAT IMPACTS INFLATION AND JOBS GOING FORWARD. VONNIE:

GIVEN WE HAVE HAD DEVELOPMENTS SINCE THIS JOBS DATA WAS COLLECTED, WHAT WERE YOU ANTICIPATING, WHEN THIS WAS YOUR SOLE FOCUS? VERONICA: THIS IS THAT FEBRUARY READ ON EMPLOYMENT. WE EXPECT TO SEE 30,000 JOBS.

EMPLOYMENT. WE EXPECT TO SEE 30,000 JOBS.

THAT IS DOWN A BIT FROM WHERE WE WERE INITIALLY EXPECTING TO SEE THIS FEBRUARY NUMBER. THERE WILL BE A LARGER THAN EXPECTED STRIKE IMPACTING THIS FEBRUARY DATA APPEAR THAT WILL WEIGH ON JOBS BY ABOUT 30,000 OR SO.

WORKERS WILL THEN ADD TO JOBS WHEN THE STRIKE ENDS.

BY ADJUSTING FOR THE STRIKE EFFECT, THIS IS PROBABLY A PRETTY BENIGN READING.

THIS IS PROBABLY NOTHING THAT WILL SHAKE ANY CHANGE FOR THE FED RIGHT NOW. VONNIE: IF THAT IS ALL WE HAVE TO WORRY ABOUT, WILL BE FED BE SANGUINE ABOUT WHERE IT STANDS AND WHERE THE MARKET STANDS IN TERMS OF RATE CUTS THIS YEAR?

I SUPPOSE THE FOLLOW ON FROM THAT WOULD BE, THAT IS THE CASE, THAN THE CHANGE WE HAVE SEEN IN THOSE EXPECTATIONS, IS IT ABOUT RIGHT FOR THIS WAR? VERONICA:

YEAH, I THINK WE ALREADY KNEW THE FED WAS GOING TO BE ON HOLD IN THE NEAR TERM, SO DEVELOPMENTS THIS WEEK THAT MOVE HIGHER IN OIL PRICES DOES NOT CHANGE THAT.

I DO NOT THINK THE JOBS DATA WILL CHANGE THAT EITHER.

THEY ARE LIKELY ON HOLD, AND THE MEETING WILL HAPPEN IN A COUPLE WEEKS. THAT DOES MEAN THEY HAVE SOME

COUPLE WEEKS. THAT DOES MEAN THEY HAVE SOME TIME TO WAIT AND SEE HOW THINGS EVOLVE.

THE MACRO IMPACT OF HIGHER OIL PRICES WILL DEPEND A LOT ON HOW HIGH THEY STAY AND FOR HOW LONG. AT THIS POINT, IT WILL CERTAINLY BE A BOOST TO HEADLINE INFLATION AS WE GET INTO MARCH.

GAS PRICES ALONE CAN ADD 30, 40 BASIS POINTS TO MARK TRAN LINED CPI GAVE THE REAL QUESTION IS WHAT KIND OF PASS-THROUGH WILL WE GET FROM HIGHER ENERGY COSTS INTO CORE INFLATION, COMPONENTS THE FED WOULD CARE MORE ABOUT. USUALLY, THAT PASS-THROUGH IS SMALL, BUT WE HAVE SEEN OTHER GOODS PRICES, COST INPUTS GO UP, SO THEY WILL WAIT AND SEE HOW THIS SHAKES OUT FOR

INFLATION DATA. VONNIE: AS YOU SAY, THERE WAS A TIME

INFLATION DATA. VONNIE: AS YOU SAY, THERE WAS A TIME WHEN THE FED CHAIR WAS TIRED OF TELLING PEOPLE NOT TO LOOK AT AND YOU PRICES. THIS WAS BACK WHEN "INFLATION" AND "TRANSITORY" WERE WORDS ARE USED FREQUENTLY.

BUT THIS PERSISTENT RISE IN PRICES IN BRENT CRUDE AND WTI, THE SPREAD HAS REALLY NARROWED. AT WHAT POINT WILL BE WARY THIS WILL PASS THROUGH TO THE ECONOMY?

YOU ALSO POINT OUT IT IS NOT JUST OIL, IT IS ALSO STEEL, ALUMINUM, COPPER. VERONICA: THAT REALLY COMPLICATES THE

ALUMINUM, COPPER. VERONICA: THAT REALLY COMPLICATES THE PICTURE. USUALLY WE THINK OF THE PASS-THROUGH HAVE JUST HIGHER

PICTURE. USUALLY WE THINK OF THE PASS-THROUGH HAVE JUST HIGHER OIL PRICES INTO CORE INFLATION AS USUALLY RELATIVELY LIMITED.

YOU ALSO SEE THINGS LIKE HIGHER TRANSPORTATION COSTS, BUT USUALLY TAKES A WHILE FOR THINGS LIKE THAT TO TRICKLE DOWN INTO CONSUMER PRICES. WE HAVE EXPERIENCED A COUPLE MONTHS NOW WHERE THERE IS THAT STICKINESS TO CORE GOODS INFLATION. WE SEE THAT IN EDI DATA.

INFLATION. WE SEE THAT IN EDI DATA.

STARTING WITH TARIFFS IN 2025, THAT IS ONE CAUSE OF IT.

IF THAT CONTINUES, THEN YOU ARE MAY BE STARTING TO THINK THAT GOODS PRICES ARE STICKIER FOR LONGER.

I WOULD SAY THIS IS A VERY DIFFERENT LABOR MARKET THAN THE LAST TIME WE EXPERIENCED A SUPPLY SHOCK-DRIVEN GOODS INFLATION, AFTER THE PANDEMIC. I WOULDN'T EXPECT YOU ARE SEEING THIS FILTER INTO TOO MANY SERVICES' PRICES.

THIS IS NOT A TIGHT ENOUGH LABOR MARKET FOR THAT.

STILL, INFLATION FOR ANY REASON WILL BE WORRISOME FOR THE FED RIGHT NOW. VONNIE:

RIGHT NOW. VONNIE: WHAT ARE THE CONVERSATIONS AT CITI STRANDING WHAT THE PRESIDENT THINKS HE CAN DO ABOUT OIL PRICES?

WHAT CAN THE PRESIDENT OF THE UNITED STATES DO? VERONICA:

I AM NOT AN OIL EXPERT BY ANY MEANS, SO I AM NOT FOR -- I AM NOT SUPER FAMILIAR WITH THE PLAN TO TRY TO INFLUENCE PRICES VIA FUTURES. IT IS A VERY PHYSICAL MARKET,

VIA FUTURES. IT IS A VERY PHYSICAL MARKET, BASED ON SUPPLY AND DEMAND. I THINK THERE IS PROBABLY LIMITED ABILITY IN TERMS OF WHAT YOU CAN DO.

BUT I AM NOT AN OIL EXPERT, BY ANY MEANS. VONNIE:

I AM SURE A LOT OF PEOPLE ARE SCRATCHING THEIR HEADS ABOUT THAT ONE. ARE YOU STILL LOOKING AT 75

THAT ONE. ARE YOU STILL LOOKING AT 75 BASIS POINTS AS A BASE CASE FOR DECREASES, OR ARE YOU PUTTING THAT ON HOLD UNTIL WE SEE HOW THIS WAR PROGRESSES? VERONICA:

IT CERTAINLY DOES DEPEND ON WHAT WE SEE PROGRESSING OVER THE NEXT COUPLE MONTHS, BUT THAT IS STILL OUR BASE CASE.

WE EXPECT THOSE CUTS MORE INTO THE SUMMER, MAYBE EVEN IT IN THE FALL. THAT IS BASED ON THE PATTERN WE

THE FALL. THAT IS BASED ON THE PATTERN WE HAVE SEEN IN THE LABOR MARKET DATA FOR THE LAST COUPLE YEARS, WHERE WE ALWAYS START THE YEAR PRICING OUT EXPECTATIONS FOR FED CUTS. WE HAVE STRONGER DATA. BY SUMMER, THE LABOR MARKET IS

FED CUTS. WE HAVE STRONGER DATA. BY SUMMER, THE LABOR MARKET IS STARTING -- BY THE FALL, WE ARE GETTING THOSE CUTS DELIVERED.

I THINK WE WILL SEE THAT SIMILAR PATTERN THIS YEAR, WHERE IN A LOW HIRING ENVIRONMENT, YOU TEND TO GET MUCH WEAKER DATE AT THE TIME OF YEAR WHEN YOU'RE USUALLY HIRING A LOT OF PEOPLE. SO WE EXPECT TO SEE THAT WEAKNESS IN THE LABOR MARKET. VONNIE:

VERONICA CLARK, ALWAYS GOOD TO SPEAK WITH YOU.

THAT IS VERONICA CLARK OF CITI. DON'T MISS OUR INTERVIEW WITH KEVIN HASSETT AND CHICAGO FED PRESIDENT AUSTAN GOOLSBEE AT 9:30 A.M. ON "OPEN INTEREST." NOW TO

9:30 A.M. ON "OPEN INTEREST." NOW TO OTHER TOP STORIES. PRESIDENT TRUMP IS BEING SUED BY STATES OVER NEW TARIFFS AFTER THE SUPREME COURT LOSS.

TWO DOZEN STATES SAID THAT TRUMP'S PROCLAMATION IMPOSING A 10% TAX ON IMPORTS WAS FATALLY FLAWED AND MUST BE OVERTURNED.

THE LAWSUIT SET UP A FRESH LEGAL FIGHT OVER EXECUTIVE POWER THAT COULD TAKE MONTHS TO RESOLVE.

LIBERTY MEDIA FORMULA ONE HAS SEEN 1.9 BILLION DOLLARS WIPED OFF ITS MARKET VALUE SINCE THE IRAN WAR BEGAN.

THE NEW F1 SEASON BEGINS IN MELBOURNE, AUSTRALIA THIS WEEKEND, THE FIRST OF 24 RACES IN 2026.

UNCERTAINTY SURROUNDS TWO RACES SET TO TAKE PLACE IN BAHRAIN AND SAUDI ARABIA NEXT MONTH. DEUTSCHE LUFTHANSA IS CONSIDERING ADDING FLIGHTS TO ASIA AND AFRICA DUE TO GROWING DEMAND FOR LONG-HAUL ROUTES IN THE WAKE OF THE IRAN WAR.

THE WAR UPENDED PASSENGER FLOWS THAT WOULD HAVE BEEN SERVED BY MIDDLE EASTERN CARRIERS. LIEUTENANT IS LOOKING TO ADD FLIGHTS TO SINGAPORE, INDIA, CHINA, AND SOUTH AFRICA.

COMING UP, THE TRUMP ADMINISTRATION CONSIDERS OPTIONS TO TAME OIL PRICES. THIS IS BLOOMBERG. ♪

I'M VONNIE QUINN IN LONDON.

THE IRAN WAR NOW IN ITS SEVENTH DAY AS THE HOUSE -- THAT AS OIL PRICES RISE, WITH GASOLINE PRICES RISING TO THEIR HIGHEST SINCE SEPTEMBER OF 2022. JOINING US NOW IS JONATHAN TAMARI OF BLOOMBERG GOVERNMENT.

HOW HIGH WILL THE PRESIDENT LEAVE WITH OIL PRICES GOING?

-- BE WITH OIL PRICES GOING? JONATHAN:

LAST WEEK, HE WAS BRAGGING IN A SPEECH TO THE COUNTRY ABOUT HOW LOW GAS PRICES HAD FALLEN IN THE COUNTRY UNDER HIS WATCH.

I DO NOT THINK THAT ANSWER WILL LAST A VERY LONG FOR HIM.

IT WILL LAST EVEN LESS LONG FOR REPUBLICANS IN CONGRESS, WHO ARE ALREADY WORRIED ABOUT LOSING THEIR MAJORITIES IN THE HOUSE AND SENATE. THIS WILL BE A MAJOR ISSUE THAT BRINGS PRESSURE ON TO THE ADMINISTRATION AS THEY CARRY OUT THIS WAR. VONNIE: I DID SAY 2022.

I MEANT 2020 44 GAS PRICES. FOR CRUDE, WE'RE LOOKING OUT A LONGER PERIOD THAN THAT. BUT IT IS THE HIGHEST FOR ANY OF -- FOR TRUMP'S TENURE, FIRST OR SECOND.

IS THERE MUCH HE CAN DO? JONATHAN:

THERE IS NOT A LOT HE CAN DO DIRECTLY.

HE IS TRYING TO TAKE INDIVIDUAL ACTIONS.

HIS ADMINISTRATION ANNOUNCED THEY WILL ALLOW INDIA TO IMPORT OIL FROM RUSSIA, WHICH COUNTERS THE PRESSURE THEY HAD BEEN TRYING TO PLACE ON RUSSIA FOR A LONG TIME NOW.

THAT IS A SMALL MOVE, WHEN YOU TALK TO ANALYSTS, A RELATIVELY MINOR STEP.

WHO WATCH THIS INDUSTRY SAY, AS LONG AS THE STRAIT OF HORMUZ IS EFFECTIVELY BLOCKED, YOU WILL HAVE A WORLDWIDE PRESSURE ON OIL PRICES, AND THEY WILL KEEP RISING. VONNIE:

THE STATE DEPARTMENT ALSO SAID THURSDAY THE U.S.

AND VENEZUELA ARE RESUMING DIPLOMATIC TIES NOW THAT MADURO IS OUT. DOES THIS CHANGE ANYTHING?

IS OUT. DOES THIS CHANGE ANYTHING?

JONATHAN: IT MOVES IN THE DIRECTION THE ADMINISTRATION HAD SIGNALED FOR SOME TIME NOW, THAT THEY WERE GOING TO WORK WITH THE REMAINS OF THE REGIME OF NICOLAS MADURO, WORK WITH DELCY RODRIGUEZ, AND THAT THEY WILL NOT ELEVATE THE OPPOSITION PARTY.

IT HAD BEEN PRETTY CLEAR THAT WAS THE CASE, BUT THIS MAKES IT FAIRLY OFFICIAL THEY WILL NOT ELEVATE THE OPPOSITION THAT MOST PEOPLE BELIEVE WON THE LAST ELECTION IN VENEZUELA, AND THEY WILL BE OK WITH THE CURRENT REGIME.

IT ALSO ILLUSTRATES A BIG DIFFERENCE BETWEEN VENEZUELA AND IRAN, AS WE WERE JUST TALKING ABOUT THAT.

IN ONE PLACE, THERE IS EXISTING INFRASTRUCTURE LEFT FOR THE PRESIDENT TO WORK WITH, AND THE OTHER, THERE IS NOT ANY LONGER.

VONNIE: VERY DIFFERENT REGIME. THANK YOU SO MUCH.

JONATHAN TAMARI OF BLOOMBERG GOVERNMENT.

BRENT CONTINUING TO RISE. THIS PARTICULAR MOVE AFTER THE FINANCIAL TIMES REPORTED QATAR'S ENERGY MINISTERS WARNING THE WAR WITH IRAN WILL LIKELY FORCE PERSIAN GULF COUNTRIES TO HALT ENERGY EXPORTS.

LET'S GET TO WILL KENNEDY IT NOW.

WE ARE SEEING OIL DYNAMICS CHANGE IN REAL TIME, AREN'T WE?

WILL: WE ARE. THE PROBLEM ENERGY TRADERS HAVE IS, ON THOUGH ONE HAND, THE LONGER THIS WAR GOES ON AND THE STRAIT OF REMAINS -- THE STRAIT OF HORMUZ REMAINS BLOCKED,

PRICES WILL RATCHET HIGHER, BUT ALSO THIS WAR COULD END AT ANY TIME, IN WHICH CASE THE STRAIT IS OPENED AND A LOT OF PRESSURE COMES OFF OF THE MARKET. IT IS HARD TO BE ON TOP OF THE BOTH OF THOSE DYNAMICS. WHAT WE GOT FROM THE QATARI ENERGY MINISTER TODAY WAS A STARK WARNING THAT, IF THIS DOES CARRY ON, THE IMPACTS ON ENERGY MARKETS WILL NOT BE

COUNTED IN DAYS BUT PERHAPS WEEKS AND MONTHS, AND THAT ENERGY PRICES COULD KEEP GOING HIGHER. VONNIE:

AND EVERY NEXT PIECE OF INFRASTRUCTURE DAMAGE ALSO CAUSES THAT DEADLINE TO SHIFT BACK FURTHER AND FURTHER.

THESE 11 MILLION BARRELS AT SEE THAT INDIA IS NOW ALLOWED TO A BUYER, WHEN YOU THINK ABOUT THE 18 MILLION BARRELS THAT GO THROUGH THE STRAIT OF HORMUZ EVERY DAY, IT DOES NOT SOUND THAT MUCH. DOES IT BRING RELIEF TO INDIA?

THAT MUCH. DOES IT BRING RELIEF TO INDIA?

WHAT DOES IT DO TO RUSSIA? WILL: IT DOES BRING RELIEF TO INDIA.

IT WAS FEELING THE PINCH. IT HAD BEEN A BIG BUYER OF RUSSIAN OIL. THAT HAD STOPPED, TO SOME

RUSSIAN OIL. THAT HAD STOPPED, TO SOME EXTENT, BECAUSE OF SANCTIONS FROM THE U.S.

ON RUSSIAN OIL EXPORTS. THOSE HAVE BEEN WAIVED FOR A LIMITED PERIOD, WHICH WILL ALLOW INDIA TO BRING IN RUSSIAN OIL AND WILL BRING RELIEF, FOR THE SHORT TERM.

FOR RUSSIA, THIS WHOLE CRISIS IS A BIG BOON.

IT HAD BEEN SUFFERING FROM LOWER OIL PRICES, ESPECIALLY FOR ITS OWN OIL, WHICH ARE TRADING AT A BIG DISCOUNT, BECAUSE IT WAS STRUGGLING TO FIND BUYERS.

NOW, INDIA CAN YOU BUY HER AGAIN, PRICES ARE MUCH HIGHER.

THIS IS AN ENORMOUS RELIEF TO VLADIMIR PUTIN AND HIS BUDGET.

VONNIE: THAT THIS KIND IS GETTING SHAVED OFF. IT COULD EVEN TURN INTO A

SHAVED OFF. IT COULD EVEN TURN INTO A PREMIUM COME IN THE WORST OF CASES.

CURIOUS ABOUT WHAT YOU THINK THE PRESIDENT HAS IN HIS TOOLBOX TO CHANGE THE PRICE OF OIL? WILL:

THE BIG THING HE HAS, AND HE HAS NOT DONE IT YET COME IS THE STRATEGIC PETROLEUM RESERVE -- NOT DONE YET, IS THE STRATEGIC PETROLEUM RESERVE. IT COULD PUT MILLIONS OF

PETROLEUM RESERVE. IT COULD PUT MILLIONS OF BARRELS INTO THE MARKET, AND THAT COULD BRING DOWN PRICES.

THE ENERGY AGENCY, A GROUP OF DEVELOPED ECONOMIES, HAVE CONTINGENCY PLANS TO RELEASE STRATEGIC RESERVES GLOBALLY INTO THE MARKET. THERE ARE RELIEF VALVES THAT CAN BE PUSHED OR OPENED IN THE COMING DAYS AND WEEKS.

BUT IF THE STRAIT STAYS CLOSED AND LOWS REMAIN CONSTRAINED, THEY PROBABLY WILL NOT BE UP TO THE WHOLE TASK. VONNIE:

THANK YOU SO MUCH. YOU WONDER WHAT LEVEL OIL PRESENT WOULD CAUSE ANY OF THESE RELIEF VALVES TO BE OPENED. THAT IS BLOOMBERG'S WILL KENNEDY JOINING US.

OPENED. THAT IS BLOOMBERG'S WILL KENNEDY JOINING US.

SOFTBANK IS LOOKING FOR A RECORD LOW AND COME TO $40 BILLION, TSAY REFINANCE ITS STAKE INTO OPENAI.

MATT BLOXHAM JOINS US NOW FOR MORE. WHAT IS SOFTBANK SEEING?

MATT: THIS IS AN INTERESTING PLAY ON HOW TO MAKE MONEY OUT OF THE AI FUTURE.

THEY HAVE HISTORICALLY BEEN A BIG INVESTOR IN OPENAI ANYWAY, AND ALSO IN NVIDIA.

THEY ARE REALLY DOUBLING DOWN. INTERESTING FOCUS OF THEIR INVESTMENTS. I THINK A LOT OF PEOPLE MIGHT

INVESTMENTS. I THINK A LOT OF PEOPLE MIGHT THINK THAT OWNING THE PICKS AND SHOVELS, THE AND VIDEOS OF THIS WORLD, IT MIGHT BE A MORE DIVERSE WAY TO PLAY THE TRADE, BUT THEY ARE CLEARLY SHOWING A

LOT OF CONFIDENCE IN THE GROWTH FOR OPENAI. VONNIE:

THIS ANTHROPIC STORY, DARIO AMODEI SAYING THEY HAVE TO SUE THE GOVERNMENT. BY THE WAY, THEY WILL PROBABLY

THE GOVERNMENT. BY THE WAY, THEY WILL PROBABLY NOT GET THAT $200 MILLION PENTAGON CONTRACT BACK. MATT:

IN THE GRAND SCHEME OF THINGS, $200 -- $200 MILLION IS NOT A HUGE AMOUNT.

WHAT IS MORE AT STAKE IS THE POTENTIAL IPO THEY ARE THINKING ABOUT AND THE FACT THAT THEY HAVE A SUPPLY CHAIN RISK DESIGNATION.

IN ITS OWN RIGHT, THAT WILL -- THAT COULD POTENTIALLY HAVE CONTAGION RISK IN TERMS OF OTHER U.S.

COMPANIES THINKING ABOUT WHETHER IT IS APPROPRIATE OR NOT TO WORK WITH ANTHROPIC OR ANOTHER AI PROVIDER.

I THINK IT IS VERY IMPORTANT FOR THEM, REGARDLESS OF IF THERE IS A FUTURE GOVERNMENT CONTRACT OPPORTUNITY, TO CHALLENGE THIS AND GET IT REMOVED SO THEY HAVE A CLEANER STORY IN THE IPO. VONNIE: THANK YOU SO MUCH.

THERE'S ALWAYS SO MUCH TO EXPLORE WITH MATT BLOXHAM OF BLOOMBERG INTELLIGENCE. COMING UP, UP PAYROLLS REPORT

BLOOMBERG INTELLIGENCE. COMING UP, UP PAYROLLS REPORT ON DECK. THIS IS BLOOMBERG. ♪

ON DECK. THIS IS BLOOMBERG. ♪

VONNIE: THIS IS "BLOOMBERG BRIEF."

FED GOVERNOR CHRIS WALLER SPEAKS EXCLUSIVELY TO BLOOMBERG'S MICHAEL MCKEE. THAT INTERVIEW AT 7:30 A.M.

EASTERN. THEN, THE FEBRUARY JOBS REPORT OUT AT 8:30 A.M. EASTERN, ALONG WITH JANUARY RETAIL SALES. THEY WOULD HAVE BEEN

RETAIL SALES. THEY WOULD HAVE BEEN POTENTIALLY BIG MARKET MOVERS, IF IT WERE NOT FOR OTHER THINGS GOING ON.

MARVELL EXTENDING GAINS AFTER THE CHIPMAKERS AS ITS YEAR-OVER-YEAR REVENUE GROWTH RATE WILL INCREASE EACH QUARTER UNTIL FISCAL YEAR 2027. MARVELL TECHNOLOGY UP 11%.

OMADA HEALTH UP ALMOST 14%. GAP, THOUGH, DISAPPOINTED.

OLD NAVY IN PARTICULAR, HAVING BEEN LEADING THE GROWTH FOR GAP RECENTLY. ITS BRAND FELL SHORT OF

RECENTLY. ITS BRAND FELL SHORT OF EXPECTATIONS. LET'S TAKE A LOOK AT THE MACRO

EXPECTATIONS. LET'S TAKE A LOOK AT THE MACRO ENVIRONMENT ON YET ANOTHER DAY OF WAR.

CRUDE OIL RESUMED ITS GAINS. IT WAS LOWER EARLIER, BUT A FEW ITEMS, INCLUDING A QATARI ENERGY MINISTER INTERVIEW IN THE FTE CAUSING THIS MARKET TO REVIVE.

ANOTHER FEW BASIS POINTS ON THE 10 YEAR YIELD AT 4.16.

FUTURES POINTED LOWER. THE VIX INDEX CREEPING EVER HIGHER AS WELL. THAT IS IT FOR "BLOOMBERG BRIEF." "SURVEILLANCE" IS NEXT. THIS IS BLOOMBERG.

BRIEF." "SURVEILLANCE" IS NEXT. THIS IS BLOOMBERG.

♪