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tv   Bloomberg Markets European Close  Bloomberg  April 12, 2022 11:00am-12:00pm EDT

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big following cpi data. the count on to the closing europe starts now. >> the countdown is on in europe. this is bloomberg markets: european close with guy johnson and alix steel. >> quick update on the price action in europe as we count you down to the close of the equity session. down by around half of 1%. in the u.s., equities big post that cpi data. particularly here in europe which is interesting for the italian five year, a 1.669 as you can see we have you the yield moving lower. really quite significantly. brent crude on the way as well.
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talking about the ethanol standards in the united states, we had jared bernstein earlier indicating though the white house is not trying to control prices but certainly we are seeing a lot of energy volatility. brent crude up by 6.4%. kailey: the white house trying to do something to help rein in inflation which was at 8.5% in march. the market seems to be gripping closely to the 3/10 of a percent gain which was lower than expected. we are off of session highs right now. the nasdaq is up by 8/10 of 1%. in the bond market we are down about seven basis points on the u.s. 10 year yield right around 170 -- 270 is where we set. the dollar is weaker after nate a winning streak and oil. as we watch the markets though we watch sunset park, brooklyn
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after multiple people were injured inside the subway station. investigators are still on the scene. they have secured the area but are asking new yorkers to avoid it for the time being. let's get to the bureau chief for more. what are we learning at this time? shelly: the nypd is asking more people to stay in place. the vast schools to shelter-in-place and not leave and they've also sent out an alert, immobile alert to people widening the scope of the area and asking people to avoid it completely. we don't have any more information on what happened or whether or not these two things are related, the multiple shootings and the un-detonated devices that were found, but we know the police are continuing to investigate, widening their search on that front. they did release details on the suspect. they are not saying this is
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necessarily a shooter suspect rather a person of interest saying it was a man, one hundred 80 pounds wearing an orange vest. that's one person of interest they were looking to identify. still waiting for any kind of briefing from the police department, the fire department, still waiting on any official word. washington has offered to help but we have no word on whether or not this is a wider event or if this is anything like that. guy: to that point do we know whether this is an isolated incident at this point. you are bringing up earlier information that we are things being stepped up across the city. >> that's the question mostly on everyone's mind, is this a one-off incident that's part of an ongoing wave of violent crime right now in the city or is it a
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return to some of the more worrying terrorism or even domestic terrorism that we have not seen in a number of years in new york. >> i keep monitoring eric adams's twitter feed. he is still re-tweeting from the press secretary and the police department. we haven't heard from the man himself. how does this complicate the messaging to new yorkers around the events of today? >> in the first 100 days, eric adams has tracked up and around new york city all the five boroughs any time there's any kind of shooting or crime event to really focus on it and to show new yorkers i am looking and watching out for you. he has covid right now so he is in isolation and can physically do that right now. >> do we know who's leading the city's response to this if we do get a briefing later on, there
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will probably get involved. who else could >> potentially be updating us? >> the governor has been involved and i think adams sisto leading the charge on this. in terms of three think that's likely to come from the police department or the fire department. guy: as soon as that briefing happens we will bring it to you. we understand they might be setting up such a briefing. we don't know when it will be happening but we will bring it to you live. shelley, thank you indeed. we will keep you updated on the developments as they happen. the other big story out of the united states we've been covering so closely here at bloomberg today is the latest inflation numbers out of the u.s.. consumer prices rose the most since late 1981. mark cpi, .1%. morgan stanley chief european equity strategist joins us now. let's talk a little bit about
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the transatlantic divide that currently exist between the united states and what we are witnessing here in europe. we have the ecb coming up later on this week. the fed will monitor. there will have to watch very closely both events. can you talk to us a little bit about how this transatlantic inflation story and how it develops on either side is shaping your thinking about where people should be putting their money? >> of course. in the u.s. we have high inflation, we have high-growth with it which is allowing the fed sort of free rein to raise interest rates. the backdrop in europe is more problematic because we have elevated inflation, inflation and parts of europe post a 40 year highs but we have these question marks about the growth outlook. so that's making the ecb job
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much harder. in the u.s. you have high inflation but very high nominal growth. in europe you have high inflation but your growth outlook is starting to deteriorate so the nominal growth while still good, equities really care about the real growth outlook and that is more problematic. the ecb has got to focus on keeping inflation under control and also getting worried about a potential growth slowdown. we seem consumer sentiment in europe fall materially over the last month or so. the pmi is held up well, but my fear is they will join the consumer confidence data in taking a tumble down. we are quite cautious on european equities right now. this is a very tricky backdrop for investors. kailey: -- guy: let's talk about that. mike wilson described often as a bear.
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you cover european equities. if he is a bear, what does that make you? >> we are also quite cautious at the moment. i would not say we were very positive on european equities most of last year and to be honest up until the invasion. but for us that event has proved to be something of a game changer to the outlook of european equities. previously we had an environment of high inflation and good growth and an ecb that would probably not have to do too much. but now post the events of the last couple of months we have this more problematic backdrops so we've had to react to the situation on the ground, more cautious. if i look out over the next 12 months, we have no upside for european equities and in the short-term we probably go lower than higher. some skew around that flat returns towards the down rather than the upside. maybe i'm not as much of a vocal bear as mike is but we still
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think it will be pretty tricky in the short term for european equities. kailey: one of the warnings he's consistently repeated is on the margin side. higher wage pressures, input costs putting pressure on companies bottom lines. what you're feeling on european companies and their ability to exercise pricing power or the lack of ability to do so. >> going into this year at one point we were looking at a scenario where real gdp growth would be above inflation. that sent us to the conclusion that margins in europe would be ok. the labor market is not as hot in europe as it is in the u.s.. so where u.s. companies are dealing with rampant wage inflation that puts pressure on margins. the outlook in europe was looking like it would be different. the problem now, of the growth outlook is deteriorating, the inflation outlook has come up. we also of margin pressures but not so much from wages, but rather from energy costs and
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that kind of thing. in a recent note we publish we changed our view from margins basically being stable at a pretty high level to actually forecasting margin contractions. if you look at some of the economic data points output price inflation, you are in a record low in europe now so these companies are dealing with record high in put prices. much higher than they could get in terms of output prices. that does signal margin pressures in the system. one of the things we look at on the data is how analysts are changing their earning system and sales systems. for the moment the sales estimates are still quite good, seeing net upgrades. earnings provisions have tipped negative but if you look at the gap between the two as a guide to what analysts are thinking about margins. we do think there's quite a lot of earnings risk out there for europe over the course of the next couple of quarters and
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bizarrely analysts have been raising in the last three months in europe where is ultimately we think they will have to start cutting them back again. guy: i guess the top line makes sense. the bottom line is where the question lies. we traded 1.0 817 right now, it is an expectation of the interest rate differential will widen from europe to the united states and some are expecting that number to go significantly lower. what you plugging into euro-dollar. and if it goes lower how does that change the picture for european equities. >> europe is a very sensitive region to change and affects. so sales exposure, the way we think about this is every 10% move of the currency can boost earnings or hurt earnings. so actually one of the things that supporting the outlook in earnings a bit is this currency weakness. so we have been -- our fx team
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has been a little bit surprised by how low the euro has gone. we have this change in circumstance. at the moment this is definitely what i will call a mild tailwind for the earnings outlook. we have some growth problems emerging but thankfully the fx backdrop is actually providing support and that will continue i would argue for the next quarter. this time last year euro-dollar was over 1.20. kailey: have to leave it there but thank you for joining us today. meanwhile we continue to watch the pictures out of sunset park, brooklyn after an incident at the 30 six st subway station where we understand multiple people were shot and wounded. a suspect is now being sought. the new york city police department is asking new yorkers to avoid the area from 3rd avenue to fifth avenue in brooklyn. d nnr subway lines have been
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suspended due to the incident. the investigation is ongoing. we will bring you updates. this is bloomberg. ♪
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kailey: we are continuing to monitor the scene in sunset park after multiple people were shot and injured inside the 30 six st subway station earlier on this morning. president biden is aware of the situation and the administration is offering help to new york city officials as the investigation is ongoing. the president is going to depart for iowa. we will monitor any remarks he makes on this instance -- incident in new york city. his reason for visiting iowa is
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to make an announcement. he will allow expanded sale of the higher ethanol gasoline in an attempt to lower fuel prices. he will unveil that plan during his visit to isla. joining us is rebecca, a senior energy trader. this is just the latest news in the administration's attempts to rein in the crisis at the pump. the encouraging of shale and opec-plus, and now this move on ethanol. how really difference does any of this make? rebecca: each of those on their own doesn't make a huge difference. the spr is obviously the biggest and most impactful, it's a really large number however there are statistical questions as to how much can make it to the market. but if we look at everything they are doing as a mosaic, they are making some progress and we are seeing that reflected in
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pricing over the past week. we look at the change to ethanol waiver for ether 15, for the summer months, it is really minimal. e 15 is available in about 2500 gas stations in the united states. for context is about 150,000 gas stations in the u.s.. the gas stations where it's most prevalent is in the midwest which is no coincidence that biden will make this announcement in iowa where it will potentially lower prices at the pump by about a dime for people in the midwest. guy: how sustainable is the support? rebecca: not sustainable. i don't think it is sustainable. any barrels you draw out of the spr has to be refilled. it's another form of drawing down inventory. i think it has been very effective in terms of providing a cushion and most importantly removing that tail event people were concerned about we see
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crude spike during the summer driving months. so i think you -- what that reduced with the traders and speculators for those who are playing for that kind of tail event which kind of drew the commodity much lower over the past week, so i think it's been effective in the short term. we still have a long-term problem because if we want to wean off of russian energy domestically and internationally, there will be very significant investment requirement. short-term effective. kailey: talk about the role of opec-plus more broadly. we got there monthly report saying supply and demand will be impacted by the russian invasion of ukraine. therefore we can stick with the plan.
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if opec-plus doesn't move, can the oil market really move? is it all in the cartels hands? rebecca: they play very important role in stabilizing this market in the event the eu does decide to include sanctions against russian crude. they said pretty blatantly there is no plan on moving, so i think that's part of the reason we are seeing this rebound at the end of yesterday and today. those comments are very significant. opec is saying that is going to be a huge factor the with the sanctions crossed the line. guy: what's more important to opec right now? its relationship with moscow or washington? rebecca: absolutely moscow. first of all, russia is the second largest producer in opec-plus. if they lose the cohesion in the group, they lose their
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effectiveness in the market. so they cannot or they really want to avoid fracturing that relationship. secondly, the west, specifically the u.s. has done things to irk saudi arabia in particular and that was the iranian negotiations. obviously iran has up to its escalation on the saudi arabia and saudi arabia has been disappointed in the u.s. response to helping deter those attacks. at this point a relationship with moscow is more important. kailey: by and large our conversation is focused on the supply side. why has not more been made on the demand side about potentially reducing expenditures of energy. why isn't the messaging focusing there? rebecca: it's a good question. i don't think we want to talk about hurting the economy and in that direction. every conversation that comes around reducing demand and
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weaning people off comes with costs to quality of life, economics. we would rather try to patch these holes with supply, it's much more agreeable to voters in particular to try and do that as opposed to forcing out demand but i think you are hitting on a key point which is eventually we will have to find a place where we see demand destruction because there's not to be a lot of places to look for additional supply. guy: we will leave it there. really appreciate it. we will continue to show you the live shots we are getting from the scene in sunset park, brooklyn. multiple people injured inside the subway station there, we will continue to bring you developments, the latest understanding i have and i'm following very carefully, this
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will take you there appeared the top line running on the bloomberg right now, the latest we have is a press conference on the incident will be held at the 35th street avenue in brooklyn. this according to an nypd spokesperson. that's the latest we have. the briefing will take place this afternoon. when we get closer to that time, we will ring those details to you. this is bloomberg. ♪
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guy: you are looking at a live shot of the scene in brooklyn, multiple people have been injured inside the subway station. if you would like to follow along, what is happening here, get the latest details you can do so on your bloomberg terminal. there is a top line running with
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the latest details as they occur and bring you information you need to know about the situation. here in the united kingdom, of the situation is focused on the picture of the prime minister horace johnson and the chancellor. both have been fined by the u.k. police over a party the took place on the prime minister's birthday during the lockdown at downing street. let's get the latest from our u.k. politics reporter. critical questions people will be asking is can boris johnson and the chancellor the exchequer survive this incident and continue in their current political careers. >> that's the question immediately for conservative party mps who would have to make a move against johnson submitting no confidence to trigger that vote. the mps i've been speaking to are predominately thinking he is safe.
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they think the war in ukraine has shifted public focus away from the scandal and as a result, johnson has enough to survive. this seems like in their eyes a more trivial matter and one that shouldn't necessarily bring him down. an amazing series of events means he is safer but that is how it sounds. kailey: we have to leave it there, but thank you for your reporting on this as we monitor the scene here in new york in sunset park, brooklyn where multiple people were shot and injured inside the 36th street subway station. the investigation is ongoing. we are expect to get news conference to begin at some point just a few blocks from the scene and we will bring you those remarks as we get them. this is bloomberg. ♪
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guy: in a moment we will return to the situation in brooklyn. you see the live shot, we are looking at a potential briefing in the next few minutes and of course we will bring that to you live. in the meantime i want to update you on what's happening with european equity markets which are coming in on the close of the session as we speak. we have seen european equities underperforming, a positive response to cpi data. here in europe the ftse 100 trading on relatively light volume today. in paris and the dax also trading lower as well. in terms of the way the sector is broken down, energy unsurprisingly given the banks we have a significant uptick in price for brent crude. the early stocks have been leading today, the commodity stocks coming back strongly broadly after the mining stocks. up by around 1.3%.
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where we see the weakness, areas of strength is where we see the failing today. safety in areas like the health care sector, today that's down by 1.73%. broadly a negative session for european equities today and a lower by health care. energy having a fairly good day but the market reasonably well bid on both sides. kailey: let's get back to the scene in sunset park where we are continuing to see images and expecting at some point in the next couple of minutes time the police commissioner as well as other executives to -- nypd executives to brief the media where multiple people were shot in injured, there were reports of explosions and smoke. we are unsure how these events are related we understand the nypd did not find any active explosive devices when conducting a search. as for how this is impacting the new york area we understand some
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subway line service has indeed been restored. that was halted earlier in brooklyn. as for public school students, all students in district 15 which is mostly east of prospect park in brooklyn are sheltering in schools. they're looking for an effort to limit movement in and out of the building. let's get more with bloomberg's new york city bureau chief who joins us now. do we have an understanding at this point of how many people were injured in this attack? shelly: we have about a dozen people injured and not all of them were shot though specifically. that's another thing that is still developing right now is how many people were injured, what kind of injuries, to what extent are the injuries, it is no confirmed deaths yet. we think about the next 10 or
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15, 20 minutes we will get this press conference with some actual answers from law enforcement and city officials. guy: just being told on the top line that that briefing potentially happening at 11:40 5 a.m. eastern time. we will bring that to you as it happens. this briefing looks like it will come from the nypd. they are leading the investigation here paid we understand other agencies have been involved. shelly: the fire department of new york has been involved. the white house has been briefed and is also helping out. they mentioned that a part of informant security is looking into this, so is atf. right now it is unclear who exactly is leading edge. i am guessing it is a joint effort between the fdny and nypd but we will find out about that and our other questions very shortly. kailey: let's talk about how the
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mayor will likely handle this. he campaigned for mayor of new york city in part on an agenda of reining in crime. yet on a year-to-date basis, 24% increase in seven major index crimes across the city year-to-date. just talk to us about how this incident fits into the broader context of crime in new york city at this moment? shelly: this is highlighting an issue on everyone's mind across new york city even before this incident. people are nervous, they are scared to ride the subway. not everyone but there are a certain amount of people who don't feel comfortable and this has not improved since adams took over. he has been the mayor for about 100 days and in a series of interviews he held in the last week he said he gives an incomplete. that's what he's going to be judged on. usually an -- an event like this he is on the scene moment it
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happens or shortly after it happens, but in this case he does have covid and is isolating at the current moment. guy: how is the rest of new york responding? shelly: i think people are worried. my own son's day care which is quite far away from the brooklyn side but still -- sent a note telling parents they will restrict people entering and exiting the building so even though it's nowhere near, people still feel very unsettled, there's not a lot of information. it's been hours since we had a formal update from law enforcement officials and there's been an alert sent out to people's phone saying to avoid the area until further notice. new yorkers don't like this kind of uncertainty. they wanted update and they wanted one hour ago. kailey: has there been any warning from law enforcement officials of an ongoing threat. do we have an understanding of whether or not they think this is isolated or not?
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shelly: there is no current threat or terrorism situation that they have updated us on. they have not ruled it out either. that is the biggest question now is was this a lone wolf, someone who shot up a subway car or is this part of a bigger domestic terrorism or other incident. we still don't know and that's adding to the anxiety amongst people in the city. >> thank you for keeping us appraised of the situation. we appreciate it. as we can see, was to the microphones being set up. we are expecting a briefing to take place shortly. just indicating the nypd is now suggesting for that briefing may take place at 11:45 a.m.. we will be bringing that to you as soon we get the live shot coming in here at bloomberg. this is bloomberg.
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>> you are looking at a live shot of the principal room. coming up the inflation insights founder joining us at 2:30 p.m. new york time. this is bloomberg. kailey: keeping -- >> here is the first word we are following an active investigation in new york city, several people were shot and numerous devices were discovered inside a sunset park brooklyn subway station. it happened at the 36th street station. there are no active explosive devices. the white house says president biden has been briefed on the latest developments. schools in the area are in shelter notice. police are looking for a suspect in an orange vest and gas masks. a rebuke from beijing which
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called the movie political smear on china's fight -- virus policy. still, some restrictions have been eased and residents have access to supplies paid vladimir putin said peace talks in ukraine are at a dead end. he is vowing to continue russia's invasion in a news conference today. he called allegations of atrocities baseless and said the russian economy has withstood the sanctions blitzkrieg. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta, this is bloomberg. guy: thank you very much indeed. a live shot coming from brooklyn. we have seen the microphones now set up. we are understanding we will be briefed shortly by new york police commissioner, she will be with us shortly within the next few minutes. when that happens we will bring
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you that briefing live here on bloomberg television. joining us to discuss on the situation in ukraine, air marshal phil osborne joins us, former chief of staff intelligence and currently a director of universal defense security solutions. thank you so much for your time today. let's pivot to what's happening in ukraine right now. there is a call from the ukrainian forces for heavy weapons, for ammunition, antitank weapons, for sure to ship weapons, basically an entire arsenal of weapons being requested by the ukrainian forces, and imminent offensive from the russian forces. what is your assessment of the situation on the ground and what forces are and weapons will be needed to repel this offensive that we expect to happen shortly? >> what we can see is russia
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really aligning from its previous failures and refocusing to the east and south, trying to concentrate power. command-and-control and morale, i think what we will see is a much more forceful battle against the really well dug in ukraine troops. the russian have numbers and moving forces from russia elsewhere. these are many forces put together, so you have to question the morale. the ukrainians have quality. the ukrainian forces in the east are the best of the ukrainian armed forces. when you refer to the weapons they need, of the battle we can see coming will be a much more in-depth battle. russia looking to strike ukraine's logistics as well as fighting from behind. and frankly i understand and support the ukrainian
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perspective on needing more of the same but also giving weapons to defend itself in the longer-range, artillery, perhaps air and most critically i think having those weapons that the west really needs to step up to. kailey: there of course continues to be the threat of other weapons, biological, chemical, possibly even nuclear used by russia. can ukraine defend itself against those kinds of attacks? >> they can't really defend themselves against nuclear attacks. it can take preventative measures against chemical and biological, but i think we have to recognize this would be a huge escalation from what we've seen now and therefore that would completely change the conflict. i think western leaders have made clear that would be e-cig escalation. the risk of chemical i think is
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lower than the risk of nuclear. i wouldn't be surprised to see russia starting to used chemical weapons as they have done elsewhere. if particularly it gets bogged down in urban areas. guy: let's talk about what happens next. the situation is said to be evolving fairly quickly the focus of the last few days and weeks has been on sanctions, uneconomic penalties for vladimir putin. it is now clear the tone has changed and we are talking about providing weapons, advanced weapons to the ukrainian forces. is this now a proxy war. and if so what are the implications of that pivot? >> i think it's less of a pivot and more of a recognition on the shifting conflict on the ground. would we are seeing now is probably a critical period as far as both sides are concerned. the next few months and this
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will be a protracted battle, the next few months we will set conditions for success in ukraine or russia. and no surprise, out and said peace talks at a dead end. i think they want to stall until one or the other starts to see progress. this is a really critical time and support for the west in terms of what it is doing and what it should do is now it's most important and therefore there something about speed and something about support and sustained support which has become critical from the western ukrainian point of view. >> how does the new general russia has put in charge of these forces in ukraine change the equation? >> i think what's more important is the individual. it's not a surprise to see him in command from a military perspective. i think it's much more russia has learned from its frankly
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pretty shambolic approach to the campaign in the first few weeks as it's tried to centralize control where it is strongest and that's in the east and the south. i think it's much more the process of centralizing and cleaning up its command-and-control processes from the individuals. >> the weather in ukraine is starting to change. the ground and started to dry out. how does that change the situation for both sides? >> i think from a russian point of view there is some confidence they will be able to do more with this parade i would not read too much into ukrainian forces that really understand the ground that have been there for seven years plus. they are well prepared and they know what's going on, they know the russian aim will be to encircle them and cut them off from the western ukraine and
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therefore the ground, although that will affect both sides, i don't think we should overplay that. the real issue will be the western ability to sustain that ukrainian effort. >> we are focused on what's been going on on ukrainian soil. but where do you put the odds of a risk for other countries in the region? is there risk here? >> i think the risk is a lot higher than it was. what we are seeing now is russia is putin being really clear to the world of what they value and what they don't value. the risk as far as other nations is concerned is gone up, you mentioned earlier, nuclear weapons or chemical weapons, that risk of miscalculation on one side misjudging with the
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other would say has gotten higher and therefore the risk in all of europe if you'd like is a lot higher and should really cause western nations and allied nations to really stop and think about whether they are configured properly from a defense point of view. yes the risk is higher around europe. >> philip osborne, a former u.k. chief of defense, thank you for your insight today on the situation in ukraine. we continue to monitor the situation on the ground in sunset park in brooklyn. close to where new york police are about to brief the media on this morning. what are you seeing on the ground. what you hearing? >> so far we still have very few details on what happened. how any people were actually injured. but reports say the subway has pulled up to the station in brooklyn and what happened was
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the smoke had already filled the train car when it pulled up. as many as 13 people were injured and then sheer panic and that's really where you saw a lot more injuries. we have reports of his many as five people shot, two people in critical condition. you're still waiting for the official numbers from the nypd, but so far we know that's what's happening and we also have reports early on from the fire department as well coming out saying there were some on detonated devices. the nypd has since cleared the area saying there were no active explosions but so far that is all we know. guy: was there an explosion the took place? as you say, the train pulls in, it was filled with smoke. a number of people had been shot. was the explosive device in the carriage at that point? and in terms of the reports of other explosive devices, what we know about their? >> the understanding is so far what we know is there were in
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particular he any explosive devices on the train itself, it was a smoke canister used as a distraction. the thought process was the gunman used it on the platform and it turns out reports are saying he used the smoke canister on the train itself as a distraction method and that with the fire the shots took offered we don't know what happened with those on detonated devices. and whether or not those are actually still at risk or even connected. what we do know is the gunman is still at large. they are looking for a black male about 180 five pounds. he is still at large. you have not only the police involved, we will get more updates when we hear from the nypd. >> how large is the perimeter around you? i know the officials have been warning people not to enter the surrounding blocks. what is activity like? >> right now there's a 20 block radius. let's show you what the scene is like. an extremely large police
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presence and you can see there's not only the police commissioner setting up for the press conference but of course a full audit of media getting ready as well. what you need to know when it comes to the surrounding area is the 20 block perimeter set up around the area. you also have the brooklyn school system. there are local schools in the area still in lockdown dealing with the shelter-in-place order. we are waiting to hear when they can be released. parents of children right now can grab them from school. right now the police serious about keeping the block in lockdown. guy: can you tell us about the geography of where you are. the international audience, what is this area like? >> this is a very residential area. a lot of shops and restaurants here. this is a strategic station when it comes to people commuting going into brooklyn and then ultimately to the financial district. this is not actually in the
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island of manhattan itself we have office buildings and cities. this is a bit more residential which is why the school district is closed. the reason it is causing concern. this is en route to the morning rush traffic. this report came out around 8:30 a.m. this morning at the peak of rush hour. and perhaps there is a suspicion about whether that timing was on purpose for that reason. >> the subway service had been disrupted for the lines in the large part of brooklyn, that is starting to resume. we have any sense of when things may start to normalize or how long the situation will remain? >> there is no clarity on that. one thing that's for certain is the gunman is still on the loose, still an active search for that man. we are still waiting and that's likely to prolong some of the developments on the unlocking of this perimeter and what you are seeing in the last couple of
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minutes we've been here we have seen more and more police, more fire department officials and that's really the concern that it seems like the presence is increasing, not decreasing as we get more updates. >> what's happening in the rest of new york? >> the rest of new york seems fairly calm but one of the concerns his potential others connected attacks. big emphasis on potential peer these are still suspicions of the moment, but once again those are not confirmed reports, those are purely speculation. that's one of the concerns. other concerns about the way this attack was carried out. some distinction's being drawn to 2017 in times square in december. right now once again it's not clear whether these are connected or if this is simply one man acting alone. the nypd -- right now there is no mass chaos and the rest of new york but in brooklyn right now things are essentially put
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on pause. >> who is the leader on the ground considering the mayor of new york city is currently isolating from covid-19 and cannot be at the scene? >> right now it is the nypd commissioner and that's why we are waiting for the press conference but we know president biden has been briefed in the department of homeland security and the attorney general has been briefed as well. as for the mayor he has not been vocal yet about this. as you mentioned he is sick with covert end in isolation. so far any messages we got from him from his press office and twitter have really been in terms of safety and avoiding the area. so right now it really is all in the nypd's hands. >> do we have any idea at this point as the motivation. has there been any suggestion this is terrorism? >> there have been suggestions, but it's not confirmed. it is really injuring as many as 13 people, such a prominent area
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on lockdown that will be the media thought that comes to mind but it is not confirmed. the nypd saying this gunman is expected to have acted in isolation and isn't a broadly connected event at the moment. kailey: on the ground reporting for us, thank you so much. please stay safe in sunset park, brooklyn. we will bring you updates on the situation unfolding. multiple people we understand shot. others injured in the events of this morning at that subway station. we are expected to hear from the new york police commissioner as well as other officials in briefings to the press and just a moment. we will bring you those remarks when they start and you can continue to count on bloomberg bring you updates on this developing story. this is bloomberg. ♪
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>> from the world of politics to the world of business, this is balance of power with david westin.
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♪ >> from bloomberg world headquarters in new york to our tv and radio audiences, i am joe mathieu in for david westin. we begin with breaking news in new york where please are investigating a shooting and several un-detonated explosive devices inside of a brooklyn subway station. the 36th street station and greeting you do is in rocklin and joins us with the latest from the scene. this is a story that has been developing for a couple of hours. we have had a number of different reports. as i mentioned, un-detonated explosives and a suspect at large. what can? you tell us right now? -- what can you tell us right now? >> the problem is we don't have real clarity and that is where we are waiting for the commissioner to come out and give a report. we do know that the

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