forces are attacking along the donbass region. moscow launched a new campaign focused on conquering the area, according to the ukrainian president. president biden is holding a call with key allies to discuss the crisis in ukraine. the meeting comes amid efforts to coordinate supplies of heavy weapons to kyiv to counter the russian push while european governments tentatively begin reopening diplomatic missions in the country. u.s. border officials are seeing a major spike in ukrainians attempting to enter the u.s. via mexico or canada. pressure is building for the biden administration to open new pounds to those fleeing the country. last month, u.s. border and customs encountered ukrainians along the southwest border, the figure is five times as many as tallied in previous months. uber and lyft are no longer

requiring masks for riders. u.s. airlines are also abandoning masks on domestic flights making them optional while white house press secretary jen psaki had this to say following the decision. >> the cdc recommended continuing the order for two weeks to be able to assess the latest science in keeping with its responsibility to protect the american people. this is a disappointing decision. we are continuing to recommend people wear masks. mark: the mask mandate on new york city public transit will, stay in place according to the metropolitan transportation authority. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

john: i am jon erlichman. kriti: and i am kriti gupta. u.s. stocks are rallying, investors waiting the resilience of the economy and aggressive monetary policy. the s&p 500 bouncing back from the lowest close in over a month. the same cannot be said for oil as it snaps a four day gain. the global growth forecast intensifying an economic slowdown. elon musk might be getting financial assistance from apollo with his twitter bid. the firm is interested in helping the world's richest man take over the social network. all that and more coming up. john: thanks. let's start this hour with a quick check of what has been happening in the markets. kriti alluded to the bounds we

have seen for the stocks. the s&p with a gain of more than 1%. the nasdaq really helps explain the story with an advance of 1.5%. the technology sector getting a lift today. whether that is resilience of investors watching the economic uncertainty, whether it is the pullback in oil prices. let's get more perspective on all of this from evan brown, head of multi-asset strategy at ubs. nice to have you with us. one day we see a huge rally in commodities and the headline story is, well, you see the economic uncertainty front and center and then you get a day like today with the bounce in tech stocks. does it change your view when it comes to the road for the economy? evan: no, it doesn't. we are going to get volatility especially considering you still have russia-ukraine in the background. with every headline we are seeing changes in views on the

supply side. i think structurally the story for commodities is still very strong. it is just going to be really hard to supply the necessary commodities to meet all the spending we will need for the green transition, buildup and infrastructure, military spending. day to day volatility we are not concerned about. we think that story is intact. kriti: the conversation you were having about commodities. the readthrough of that essentially is three different ideas. recession in the united states, demand destruction or growth slowing down. do you think the market is taking all three outcomes as one result? evan: i think the markets are a voting mechanism. everyone has their views. the market is embedding the probabilities of all of those views. from our point of view growth slowdown, we think, is coming. i don't think that is controversial. we do not think it will fall off

a cliff but we are seeing cooling off of the housing market, we are seeing ism new orders coming off. we are going into earnings season and we are not getting the same kind of earnings we are used to. private sector balance sheets are still very solid. we are not thinking a recession is coming anytime soon, but that cooling off is clearly happening. john: and it plays a role in why we have seen outperformance in certain markets. we have talked endlessly in canada about the skew toward energy and materials. both of those groups are at multiyear highs right now. i wonder how the money flows tied to commodities plays into areas like currency. you have been watching the yacht the dollar -- the yahtzee dollar. evan: you see russia, ukraine

being taken off-line. emerging market countries are going to be looking for dependable suppliers. they are going to see countries like australia, canada, norway, potentially brazil and they are going to see these countries as, we don't think there is going to be a major geopolitical event. these are allies. you are going to see increased demand for the commodities and an increased need for capital investment in those countries to build up at supply. that is going to support growth. the australian dollar is a really good example of this. they have a fairly diverse commodity basket which is well-placed to step in for a lot of the demand we are going to be seeing. kriti: i love that you mentioned the aussie dollar. that against the japanese yen, which has seen unprecedented weakness, it is a perfect risk

gauge. going into the idea you would think stocks and other risk assets would fall. the other currency pair was the brazilian real which is what you pointed to. there is ideal if you don't want exposure and russia, is brazil the place to invest? my question to you is, is brazil the new russia? evan: i think there are a lot of differences between the countries but i think brazil, in addition to australia, has a unique place in the sense that yes, diverse commodity basket, but it is geared toward food than some of these other countries. we are all unfortunately seeing this food price inflation which is disproportionately affecting the emerging world. brazil is a huge food producer, agricultural producer. you have these short-term moves which are clearly a result of the positive terms of trade

story, clearly a result of brazil hiking rates. but also the structural story where the shift is going to be more need for that supply and food security coming from places like brazil. jon: evan, helpful as always. evan brown, head of multi-asset strategy at ubs joining us. if people are paying more for things they did not expect to pay more for, can they still afford, let's say, netflix? we are watching netflix earnings very closely after the bell. some interesting data from cantor about the u.k. market on how many people were signing up for on-demand services in the first quarter. they were still signing up but at a lesser degree, and when it came to cancel subscriptions, something that netflix always has to expect -- and we are talking the broader market -- but of the 1.5 million subscriptions canceled more than half a million were tied to money-saving moves.

whether we see that reflected in the netflix numbers we will see, but it seems consumers are having to make decisions these days. kriti: it is a really big part of the conversation, not just the inflation, but what does that do to wages and how much people are making? i think we have a terminal chart very handily made by our producer which shows the real wages year-over-year have been mirroring the forward pe ratio in the consumer discretionary sector. if real wages decreased, that means discretionary spending decreases. that is the trend the market is trying to price in. we will keep an eye on that and what it means for the netflix earnings you just mentioned. coming up, following elon musk's $43 billion offer to take over twitter one firm is interested in helping finance the bid. it is the stock of the hour next. this is bloomberg. ♪

jon: this is "bloomberg markets ." i am jon erlichman with kriti gupta. mark rowan has been a pioneer in private equity for decades in the next big thing in his eyes is blockchain. he spoke exclusively to david rubenstein to discuss whether cryptocurrency is a good area to invest. >> for me personally no, but the ecosystem being built around crypto is nothing short of amazing. david: do you offer those crypto related investments to your

client? >> not to client but we make use of them internally. given what we do as a large financial institution fintech has been very deep. buying into motive partners were repurchased one third of motive. but we are moving on to blockchain. we are taking stakes and backing challenges to the financial system. fintech is here to stay. blockchain is here to stay. crypto? jury out. david: what is the next big thing beyond that? >> i think we are watching it take place and we are laughing at it in front of us. i look at the nft market and we can look at art or all manner of crazy things trading hands as an nft. i bring it back to real-world examples. have you ever sold the car? i imagine you have. david: mine usually fall apart. >> we sign a piece of paper called the title if we can find

it. why do we do that? shouldn't that be identified with us? we buy a house, we get title insurance. why do we need to do that? many of the rails or technology or platforms or the systems that support what is happening in at fti think are the precursor to changes -- in nft i think are the precursor to changes. we look at traditional asset managers and i think we ignore changes in financial technology at our peril. kriti: that was mark rowan of apollo global management speaking with david rubenstein. you can catch the full interview tonight at 9:00 p.m. new york time. speaking of, let's stick with apollo. people familiar saying it is interested in financing elon musk's twitter bid. that is our stock of the hour. to break it down is sonali basak and ed ludlow. sonali, one of the big

conversations is going to be can you take this seriously echo what do you make of the report. sonali: they could back musk bid but also a different private equity firm. apollo has put together these financing packages -- this is not quite equity -- they will be the financing not an equity partner. but it does add the potential for billions of dollars coming quickly from a source that is not a banking source. jon: that is the wall street perspective. ed, let's bring you into the conversation and what they are talking about at twitter in san francisco and what they feel their options are. ed: we got the filing monday about the poison pill and it was instituted principally to give the board time to assess what

their options are and come up with the action or decision that was in the best interest of shareholders. he saw elon musk tweet that over the last 48 hours that the board did not institute a poison pill because of elon musk, they instituted it because they were conscious of other bidders coming into the equation. that is how it is played out the last 48 hours. that was one of the buckets. either elon musk gets the cash to buy the company himself or he borrows against his tesla holdings, takes a massive loan, but the third bucket was a consortium of multiple bidders and that is what is playing out. you see the shares bounce around. we are lower but moving in a direction where the outcome looks better for shareholders than it did last week. sonali: there is one option we are elon musk might have to borrow against his own shares. that is the dynamic of stealing from peter to pay paul.

ed: the vast majority of elon musk's wealth is in his equity holdings tied to tesla. look at the beautiful pi chart. it is weird to say this out loud but he is wealthy on paper and cash poor. he has around $3 billion of cash equivalent. he has to do some kind of financing but he has options. "the new york post" reported the last hour musk would be willing to invest $10 billion or $15 million of his own money, but he is currently struggling to find others to come in on the bid which is interesting. jon: sonali, this sounds like a bankers paradise whether it is musk getting his assistant or the twitter team. hard to think of any deal related story getting more buzz on wall street right now. sonali: we know there are deals coming back. the banks are more engaged with

potential buyers but the three biggest banks on wall street, some of which have worked with elon musk before -- one of my favorite examples is morgan stanley. morgan stanley has given millions of dollars of loans to musk in the past when it comes to his mortgages. they are converting to a bigger corporate client as they help him with this. jp morgan has actually sued elon musk before. part of twitter's defense team. are they going to bring in any other banks? allen and company worked with the company's in the past. can there be more players and any potential bidders will start to bank up. jon: lots to continue watching. sonali basak and ed ludlow joining us. we stand the twitter story. coming up, oil prices under

pressure for the first day after four straight winning sessions. imf cutting its global growth. this is bloomberg. ♪

kriti: this is "bloomberg markets." i am kriti gupta with jon erlichman. the imf fleshing out looks due to russia's invasion of ukraine and china's covid lockdown. joining us with her expertise is oil futures reporter julius and sarah's. -- julia. >> they/growth outlook ticket is the first time they did since the pandemic started. if growth is not --

there was china lockdowns and china is the second-biggest oil consumer. if china is now out and about -- and there is data coming from china that consumer spending is down. -- there is not enough people buying oil. jon: no doubt. at the same time we had a guest at the start of this half hour, evan brown, who is not giving up on the energy trade. the china consideration is one, tapping into strategic deserves is another -- strategic reserves is another. julia: this slight fall has come after days of rallying. there is bullish indicators for energy. you have outages another way supplies are not entering the market.

and you have the fact that opec is not meeting its output. today there has been decline and because of the china lockdown. let's not forget this is a tight market. kriti: we are looking at brent crude at $108. anything above $100 is worrying. speaking of bullish drivers, you have calls from j.p. morgan making the call on $185 per barrel if the eu goes on to import oil, excuse me, create a ban on importing oil from russia. how realistic is that? julia: a lot of people have become more worried because at first all energy sources -- and my sources were scoffing that the eu would ban russian oil. but as there is more traction that is becoming more possible. jp morgan says $185 is the worst

case scenario. if there was an embargo, it would be slowly priced in. if they off the get go say, we are not at all going to import russian crude, there is the possibility of oil at $185. jon: helpful context. julia fanzeres joining us on the oil story. kriti, those working in the oil industry are busy. interesting data from a research group backed by slack. for those who have gone back to the office full-time the study is suggesting they are not as happy as their colleagues who were still working remotely right now. 35% of nonexecutive employees are back in the office five days a week. 19% of the executives -- so i don't know if they feel there is a double standard but something we will have to watch closely. kriti: this is important when it

comes to major cities who are looking at remote work. something mayor eric adams of new york city campaigned on is bringing people back to the office, bringing consumer traffic back. it will be interesting to see whether they can sustain that given this new remote infrastructure. especially for industries that largely affect the finance space. jon: maybe you and i should make a case, a lobbying case, for bringing our cute pups to the office as a work perk. kriti: another on airplay date. i am all for it. for jon erlichman, i am kriti gupta. this is bloomberg. ♪

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mark: keeping you up-to-date with news from around the world. here is the first word, i am mark crumpton. boris johnson offered an apology

to the house of commons over breaking the u.k. lockdown rules he devised. the prime minister insisted it had not occurred to him he had done anything wrong. pm johnson: let me say, not by way of mitigation or excuse but purely because it explains my previous words in this house, it did not occur to me then or subsequently that a gathering in the cabinet room before a vital meeting on covid strategy could amount to a breach of the rules. i repeat, that was my mistake and i apologize for it unreservedly. mark: prime minister johnson may face further finds as london's metropolitan police complete their probe into further government gatherings during the