Putin Rejects Ceasefire, Political Turmoil Roils Turkish Markets
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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 efforts to end the war in Ukraine. Russian President Vladimir Putin has refused President Trump's request for a 30-day ceasefire. The Kremlin says Putin agreed only to decrease attacks on Ukraine's energy infrastructure while imposing several conditions, including suspending U.S. arms and intelligence support for Ukraine.

However, the White House readout says Trump and Putin agreed to an energy and infrastructure ceasefire. Trump spoke last night with Fox News. Well, you have a situation where you have a lot of guns pointing at each other foolishly because it would have never happened if I were president. That was not a war that was supposed to happen. And it did happen. So that's where we are. And right now.

You have a lot of guns pointing at each other, and a ceasefire without going a little bit further would have been tough. Although Ukraine was the focus of the call, the White House also says Presidents Trump and Putin discussed improving bilateral ties, including, quote, enormous economic deals and geopolitical stability when peace has been achieved.

Well, Nathan, there's plenty of reaction around the world to the Trump-Putin phone call. Retired Lieutenant General Ben Hodges, the former commanding general of U.S. Army Europe, tells Bloomberg's balance of power that he was expecting the worst. I was expecting that we were going to hear that the president had agreed to recognize Russian occupation of Crimea.

agree to Russian demands for elections in Ukraine and things like that. So the fact that we didn't hear those is better than if we had.

And retired Lieutenant General Ben Hodges. To hear the full conversation, download the Bloomberg Balance of Power podcast or watch it on the Bloomberg podcast page on YouTube. And Karen, President Trump is also weighing in on his trade war with Canada. And in his interview with Fox News host Laura Ingraham. One of the nastiest countries to deal with is Canada. The people that, now this was Trudeau, the people that, that good old Justin, I call him Governor Trudeau, he was, his people were nasty people.

And they weren't telling the truth. They never told the truth. Still, the president says he'd rather deal with Justin Trudeau's Liberal Party and the new prime minister, Mark Carney, to resolve his dispute with Canada. Trump also took a jab at the conservative who will be running against Carney in the next election. He says Pierre Polyevera is, quote, stupidly no friend of mine.

Well, Nathan, President Trump may be facing a new dispute with Supreme Court Chief Justice John Roberts. In an extraordinary statement, Roberts said it's not appropriate to call for impeaching federal judges over their rulings. That's after President Trump posted on Truth Social that the judge who ruled against him on deporting alleged Venezuelan gang members should be impeached. Bloomberg Law host June Grasso says Judge James Boasberg is not the only one under this kind of pressure.

An impeachment has already been filed against one judge who made a ruling in the Doge case over the Treasury data. And so with more calls for this, I think he's just trying to step out there and say this is not the way to go. And it's not the way to go.

As Bloomberg Law host June Grasso, President Trump is not backing down after Roberts' statement. He told Fox News many people have called for Judge Boasberg to be impeached. And later today, Karen, President Trump will meet the chief executives of more than a dozen oil companies. Industry leaders say they have plenty of reasons to give thanks to the president. He's an unabashed champion of U.S. oil and gas production and has vowed to unleash the industry's potential. However, the president's threatened tariffs are stoking industry concerns about potential economic declines.

Well, Nathan, political turmoil is roiling markets in Turkey. The lira and stocks are sinking. In fact, at one point, the lira plunged more than 10 percent. Investors are dumping the nation's assets after the arrest of a key rival to President Erdogan. Istanbul's mayor, Ekrem İmamoğlu, has been detained a day after Turkish authorities revoked his university diploma in a move that could bar him from challenging Erdogan in the next presidential election.

Well, here in the U.S., Karen, futures are moving just a bit higher following another day of losses on Wall Street. The S&P 500 fell 1.1 percent. The Nasdaq 100 slid 1.7 percent as mega cap tech stocks led the market down. Stuart Kaiser, head of U.S. equity trading strategy at Citi, says there may be more pain ahead.

Is there more to come? I mean, I think if you're if you believe that a lot of this was driven by policy out of Washington and the key administrators down there are telling you basically to hedge and that there is more to come and that they're willing to tolerate some short term pain for these longer term structural reforms, then, yeah, it does feel like there's potentially more more behind this. It's hard to think that the headlines that have driven this are finished.

City's Stuart Kaiser says options traders are pricing in a 1.2% move in the S&P 500 either way following today's Fed decision.

And that decision, Nathan, with the backdrop of all of the geopolitical concerns, comes at 2 p.m. Wall Street time. We get a preview with Bloomberg's Michael McKee. Expect an underwhelming Fed meeting today. No change in the benchmark interest rate, no change in the dot plot, and no major change in policymakers' economic forecasts. It's tariffs, of course. The administration doesn't plan to reveal its import tax program until April 2nd. Once it has details, the Fed can start modeling impacts on the economy.

But with inflation sticky and the labor market steady, there's not much officials can or should do right now. Michael McKee, Bloomberg Radio. All right, Mike, thank you for full Fed coverage. Be sure to catch Bloomberg Surveillance, the Fed Decides special. It starts this afternoon at 1.30 p.m. Wall Street time on Bloomberg Radio, Bloomberg Television, and the Bloomberg podcast page on YouTube. And Karen, we got a policy decision out of Asia overnight. The Bank of Japan kept its rates stable.

steady signaling concern about the impact of trade tensions on the global economy. Well, Nathan, the company involved in the long-running litigation over OxyContin's role in the deadly opioid epidemic has filed a new bankruptcy case. And we get the very latest with Bloomberg's John Tucker. John, good morning. Good morning, Karen. This is a new bankruptcy plan from the already bankrupt Purdue Pharma. It could be a major step toward finalizing a $7.4 billion opioid settlement

It's aimed at once and for all settling thousands of lawsuits that claim Purdue Pharma's pain medication caused the widespread opioid addiction crisis. It comes after the Supreme Court last year next to previous attempt at a settlement that would have given Purdue's owners, the wealthy Sackler family, civil immunity. Under this plan, a new public benefit company will be created after Purdue is dissolved and the Sackler family will no longer have ownership interest.

In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. And finally, two NASA astronauts who had been stuck on the International Space Station for nine months have returned home. And splashdown. Crew 9, back on Earth.

SpaceX mission control caught the moment. Butch Wilmore and Sonny Williams landed off the Florida coast in a Dragon capsule. In remarks heard here on Bloomberg, NASA manager Steve Stitch says the return trip could not have gone better. The crews doing great. You know, they'll spend a little time on the recovery ship getting checked out, make

making sure that they're healthy and ready to go, and then eventually they'll make their way back to Houston. The splashdown ends a long saga for Wilmore and Williams. It began last June when the pair were supposed to stay on the ISS about a week. An issue with their Boeing vehicle kept them in orbit until last Sunday night.

And it's time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. A federal judge ruled that the dismantling of the U.S. Agency for International Development likely violated the Constitution in an order that blocked Elon Musk's Department of Government Efficiency from making further cuts to the agency.

The judge ordered the Trump administration to restore email and computer access to all employees of USAID, including those who were placed on administrative leave. The lawsuit singled out Musk as a defendant, covered by the preliminary injunction. Unredacted documents related to the 1963 assassination of President John F. Kennedy have been released following an order by President Trump shortly after he took office. The

The documents were posted on the website of the U.S. National Archives and Records Administration last night. University of Virginia Center for Politics Director Larry Sabato says it will take a long time to go through the new material. There are going to be surprises in there, but I just don't think there are going to be that many surprises yet.

about JFK's assassination. There are also never-before-seen memos outlining how the CIA tapped phones in the Mexico City embassies visited by Lee Harvey Oswald months before the assassination.

Senate Minority Leader Chuck Schumer is responding to the criticism from fellow Democrats that he caved to Republicans and voted for a GOP bill that would keep the government open through the end of September. Schumer says if the bill didn't pass, a government shutdown would have given President Trump and the rest of the executive branch unchecked power to slash even more federal jobs and programs. Schumer on ABC's The View. If we ended up with a shutdown three weeks from now, people would come to me and

And they'd say, they just cut off my Medicaid. They just got rid of my veterans benefits. Stop it. And I said, we can't. We're in a shutdown. And then they'd say to me, why did you let the shutdown happen? Senator Schumer also says President Trump's acknowledgement of his vote online was trolling.

Finally, former Governor Andrew Cuomo raised over $1.5 million from 2,700 donors for the New York City mayor's primary race. Polls show him leading, heading into the June 24th primary. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Karen. All right, Michael Barr, thank you.

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This episode is brought to you by Intuit Enterprise Suite, helping your business grow smarter. All right, let's chat to all the CFOs and business leaders out there. As your company grows, so do the headaches. You're juggling multiple entities, locations, and subsidiaries all across different systems. And that's just the beginning. It's tough to get a clear view of your business when the data's a mess. And understanding intercompany transactions or eliminations can feel like solving a puzzle.

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Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's John Stashower. John, good morning. Good morning, Karen. Over the next three weeks, there'll be 67 NCAA tournament games. The first was in Dayton, Ohio. It was Alabama State out of the SWAC against St. Francis of Pennsylvania, who won the NEC, had a sub-500 record. The game not decided until the final second.

They have to go 94 feet. Simpson will inbound under his own basket. Pinedo pressures the ball. He throws a baseball right-hand pass. Arcing toward the far free throw line. It's loose under the basket. Bama State the lead. And Westwood won March Madness. Bama State wins 70-68. It's reward.

We'll be right back.

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Gave Steph Curry the night off. They still beat Milwaukee 104-93. Since winning 16 in a row, back-to-back losses for Cleveland beaten by the Clippers, the Knicks are in San Antonio tonight.

Dodgers and Cubs getting ready to play again at the Tokyo Dome. L.A. won yesterday 4-1, holding the Cubs to three hits. With Garrett Cole out, Max Free, the new Yankee ace in Tampa, against the Red Sox, free through four and a third scoreless innings. Brandon Graham retiring after 15 seasons in Philadelphia, played more games than anyone in Eagles history. John Staschauer, Bloomberg Sports, Karen Nathan.

Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. President Donald Trump is casting it as a win to have held a phone call with Russian President Vladimir Putin. He did not get the 30-day ceasefire that he'd agreed to with Ukraine. But the president says the concessions Putin did make are a good first step.

You have a lot of guns pointing at each other and a ceasefire without going a little bit further would have been tough.

Russia has the advantage, as you know. They have encircled about 2,500 soldiers. They are nicely encircled, and that's not good. President Trump speaking with Fox News host Laura Ingraham last night. This morning, we're speaking with Rosalind Matheson, Bloomberg's news director for Europe, the Middle East, and Africa. Good morning, Ros. So no 30-day ceasefire from President Putin. Where do things stand now?

Well, that's right. So Donald Trump did not get Vladimir Putin to commit to a full 30-day ceasefire. What he seems to have agreed to is potentially to stop targeting Ukrainian energy infrastructure for 30 days and to say that he would agree to that if Ukraine did the same. But we don't have a lot of details even about that.

We know that Russian and US officials are due to meet in Saudi Arabia again starting today, and there'll be more conversations around some of those details. But it's a pretty incremental step in the end. I mean, obviously, Russia has had a lot of success targeting energy infrastructure in Ukraine. That's been very damaging for Ukraine, especially through things like

the winter months, but equally it's nowhere near the full ceasefire that Donald Trump is looking for. So it seems to be that Putin gave Trump a little bit but didn't give him a lot. And it's very clear that Vladimir Putin has a lot of other demands in all of this and conditions that he's going to want met

in terms of agreeing to a full ceasefire. And perhaps he would only do that if he had a meeting with Donald Trump face to face. Is there concern among European allies that President Trump could give in to more of President Putin's demands? Well, certainly that's been the concern for quite a while and indications from the U.S., in fact, that Trump would be willing to do that just the way that he talks about territory and he refers to things like assets and

when it comes to Ukraine, including a key nuclear power plant and indicating that he's not averse to listening to Vladimir Putin and his demands there. So around territory, around the nuclear power plant, perhaps even recognising Crimea as part of Russia. Of course, Vladimir Putin annexed Crimea well before he went into the rest of Ukraine. So

a lot of concern that in order to get a deal that Donald Trump will be willing to listen to some of Vladimir Putin's demands. And then how can Europe and Ukraine, most importantly of all, get in the conversation on that? Or is this really the US and Russia agreeing to broad parameters and then essentially presenting them to Ukraine and to Europe as a fait accompli? So the question is, can they get a seat at the table? It just doesn't seem that Donald Trump is interested in Europe having one.

So as the negotiations potentially continue between the U.S., Ukraine and Russia, we have new political turmoil in Turkey. What is happening there this morning?

Well, that's right. So there's been a bit of a crackdown on the opposition that's been going on for some weeks, if not months, in Turkey. And it's escalating quickly today, though, because we see that Turkish authorities have detained President Erdogan's most prominent rival. This is the mayor of Istanbul, Ekrem İmamoğlu, who's really a very popular...

politician in Turkey and seen as the most likely contender against Erdogan in the next election, which is due in 2028. And so he's been detained today. The pretext for that is obviously that he didn't have the qualifications to run for president in the next election in 2028, that his qualifications for a higher degree

and he's also part of a broader soup of inappropriate actions inside Turkey, which is something that he denies. But this would all rule him out from being nominated as the opposition candidate. And you can see the impact on the markets in Turkey today as a result.

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg.

99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. 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 Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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