i am mark crumpton. this is bloomberg. >> i am in for jon erlichman. welcome to bloomberg markets. >> i am kriti gupta. we are seeing a little wobbly myths in the s&p 500. it is in the green but only about 0.2%. you have seen some major shifts, a lot driven that may be inflation is not going to be the driver of the story. that is where you see a love cross asset movers come into play. take out the 10 year yield. 3.81. the volatility in the market the past couple days have not carried over today. the dollar following the story of about 0.2%. the real mover is brent crude dropping below $90 a barrel. oversupply concern there that we are going to dive into in just a second. amber: we will start with shares of gap which are managing to hold onto their gains but not enthusiastically as before. gap managed to put up better than feared sales results. not the same with williams-sonoma. their sales were pretty good but it is all about the outlook. they are walking away from their financial forecast. saying right

mark: welcome, i'm mark crumpton with bloomberg's "first word news." in venezuela, the government of president maduro and the opposition have agreed to resume talks this weekend. it potentially opens the door for the united states to ease oil sanctions. the talks will include conditions for venezuela's 2024 elections. the eu is discussing capping the price of russian crude oil at $65-$70 per barrel. eu ambassadors are meeting today with the aim of improving the cap mechanism and a proposed price level. jerusalem was rocked by two explosions today. it was a sharp escalation after months of violence between israelis and palestinians. diligent groups both praised the attacks. -- militant groups praised the attacks. amazon is doubling down on hollywood. the company plans to spend more than $1 billion per year to produce movies that it will release in theaters. that is the largest commitment to movie theaters yet by an internet company. amazon plans to make 12-15 movies per year for theatrical release. streaming services have surpassed theaters with their o

i am mark crumpton with the first word news. president biden and nancy pelosi are trying to prevent a strike that would shut down the freight railroads. the white house will take up legislation to impose a labor settlement, despite the objection of unions. the president met with congressional leaders today. pres. biden: there is a lot to do, including resolving the train strike, which is what we are doing now. and congress has to act to prevent it. i think we have to do it. mark: the president is a staunch union backer who previously argued against congressional intervention in railway labor disputes. in the euro zone, germany, spain and belgium all reported slower inflation. that gives ammunition to those that want the european central bank to ease the pace of interest rate increases. consumer prices in germany, europe's biggest economy, rose 11.3%. that is down from october's 11.6% jump. a top qatari official has put the number of worker deaths for the tournament between 400 and 500. the number is drastically higher than any o

i am mark crumpton with first word news. in indonesia, at least 46 people are dead in about 700 others injured after a 5.6 magnitude earthquake shook the western java region today. several homes, stores, and public buildings are damaged. landslides have been reported, following the roughly seven second earthquake. tremors were felt in nearby cities, including the capital, jakarta. oil declines as saudi arabia and other opec countries were reported to be discussing an output increase alongside china, tightening its anti-covid curves. for the first time since september, global benchmark fell below $85 per barrel after the "wall street journal" reported opec-plus was considering an output increase of 500,000 barrels ahead of the eu embargo of russian oil. saudi arabia has since denied discussing and output increase. former u.s. treasury secretary lawrence summers warned policymakers to focus on building the country's own economic strengths and contests with china rather than attacking its adversary. >> we in the united states p

time for bloomberg's first word news with mark crumpton. mark: thank you. the leaders of nato and poland saying there is no indication a missile that struck polish territory was an intentional russian attack. nato says it is likely the explosion was caused by a wreck to ukrainian air defense missile fired against russian cruise missiles. >> this is not ukraine's fault. russia bears ultimate responsibility as it continues its illegal war against ukraine. mark: that explosion killed two people in a village a few miles from the border with ukraine. donald trump says in order to make america great and glorious again he is going to make his third run for the white house. the former president made it official tuesday night at an event at his mar-a-lago resort in florida. meanwhile, stephen schwarzman, the billionaire chairman of blackstone, tells axios it is time for republicans to turn to a new generation of leaders and he will not be supporting the former president this time. after years of delays and billions in costs overruns, the space launch system rocket f

i am mark crumpton. this is bloomberg. >> welcome to bloomberg markets. >> let's get a quick check on the price action because this is the day before you are starting to see midterms in the united states here. stock market a little bit green on the screen. perhaps wait and see when you look at the stock market, something the nasdaq in the russell 2000, momentum plays are clearly lacking. that is where you are seeing a little bit of movement but not a ton. 4.19 on the 10 year yield. a message that the dollar is not following because on a day where you see yields higher, the dollar is weaker, down .4%. even that is not giving much of a bump to brent crude this morning, about .5%. jon: energy as a group has found some buying interest among investors on wall street. case in point, a name like occidental petroleum, a favorite of warren buffett, up about 3% on the day. in the drug sector, it has been a big mover higher on a busy deal day for that company. the shares up 14.5 percent. a mixed story in technology

for now it is time or bloomberg's first word news with mark crumpton. >> donald trump's former senior counselor kellyanne conway says she expects the ex-president to announce a widely anticipated come back did for the -- bid for the white house soon. she advised launching another run until after the midterms the decision was an effort to avoid distracting from republican efforts to take control of congress. big job cuts on the wait at twitter, new owner elon musk plans to a lemonade about half of the social media company's workforce. 3700 jobs. muska tends to inform the affected staffers on friday. remaining employees will be asked to return to the office. the reopening of china is the dominant the them for overseas traders the last few days chinese equities rallying tuesday and wednesday following unverified social media post signaling beijing is set to move away from the strict covid zero strategy. stocks slumped again after china's top health strategy -- body recommitted to the strategy. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 jo

now keeping you updated with your word news from around the world this is the first word i am mark crumpton of the epa says the war in ukraine should not cause a lot of delay when it comes the transition to green energy. michael regan spoke to bloomberg from the climate change summit in egypt. >> we find ourselves in this session, where many countries are over -- overly reliant on fossil fuels provided by countries like russia at a time where it is inconvenient. we are seeing this unprovoked war with ukraine is causing pain globally.

mark: i am mark crumpton with first word news. in buffalo, new york, the white gunman that killed 10 black shoppers and employees at a supermarket in may has pleaded guilty. a plea means that he will spend the rest of his life in prison. he will be formally sentenced in february. >> the surviving victims and deceased victim family members will have an opportunity to address the court. the community, and our client directly. it is our hope that a final resolution of the state charges will help in some small way to keep the focus on the needs of the victims and the community. mark: he still faces several hate crimes charges. in houston, schools are closed today and residence have been warned not to drink tap water without boiling it first. that is because power outages have shut water treatment plants. office to resettle tenants the problem will not affect fire suppression and air conditioning systems. acellena prices in the united states have now fallen to their lowest since february. that was before russia invaded ukraine. accordi

i am mark crumpton was first word news. descending on ukraine with blackouts writing across the country. russia's missile campaign is pummeling power stations, grid networks and other power station facilities. more than 10 million ukrainians, about a quarter of the prewar population, are now without electricity. pfizer released to evidence that its new covid vaccine bolsters protective antibodies against the dominant strain, omicron, more than the original booster.

. ♪ mark: welcome, i'm mark crumpton with bloomberg's "first word news."nezuela, the government of president maduro and the opposition have agreed to resume talks this weekend. it potentially opens the door for the united states to ease oil sanctions. the talks will include conditions for venezuela's 2024 elections. the eu is discussing capping the price of russian crude oil at $65-$70 per barrel.