Iran Says Ceasefire Violated, Trump Lashes Out at NATO

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JD Vance says President Trump's terms are clear. The deal is a ceasefire, a negotiation, that's what we give, and what they give is that straits are going to be reopened. If we don't see that happening, the president is not going to abide by our terms if the Iranian. are not abiding by their terms. Vice President JD Vance spoke to reporters in Hungary. Bloomberg's Patrick Sykes reports the terms of the negotiation are in dispute. Iran has this 10-point plan that it talks about being the basis for negotiations. It says that the U.S. has accepted that as a basis for talks. The U.S. talks about its own 15-point plan. So it does seem we are still some way apart, even on the very broad contours of what is up for.

discussion this weekend. That's Bloomberg's Patrick Sykes, reporting from Istanbul. President Trump says the U.S. military will remain around Iran until the, quote, real agreement is fully complied with. If not, he says in a social media post, the real shooting starts. Iran's ambassador to Pakistan posted on X that a delegation would arrive in Islamabad for this weekend's talks tonight. That post has since been deleted without explanation.

Well, Nathan, Iranian officials say Israel strikes in Lebanon yesterday violated the terms of the ceasefire agreement. Israel launched its largest assault yesterday on Lebanon since the start of its invasion. We began more from Bloomberg-Israeli Bureau Chief Ethan Broder in Tel Aviv. Everyone has understood that when the

U.S. says the war has to come to an end in Iran, Israel will agree. Israel is insisting on more independence in terms of what it does in Lebanon, and generally the U.S. has allowed it to do that. But Danza's statement suggests that they've said to the Israelis, do

a favor here. We're in the middle of this negotiation. Because what the Israelis did yesterday was their biggest single moment operation since the pager thing two years ago. A hundred planes dropped on targets simultaneously over a period of one to five minutes, something like that, and killed what they said was hundreds of key Hezbollah operative. And Bloomberg Israeli Bureau Chief Ethan Bruner, Lebanon's health ministry said at least 182 people were killed and hundreds wounded in the operation. Karen, President Trump is lashing out at NATO's stance on the Iran war, following a meeting at the White House with the Alliance's Secretary General, Mark Rutte.

Here is Mark Rutte after that meeting with the president. Well, let me be absolutely clear. He is clearly disappointed and with many NATO allies. And I can see his point. But at the same time, I was also able to point into the fact that the large majority of European nations has been helpful with basing, with logistics, with overflights, with making sure that they lift up to the commitments. NATO Secretary General Mark Mark Rutte made those comments on CNN.

shy of $98 a barrel. West Texas Intermediates not too far behind, up 3.4%. Yesterday, Brent slumped 13%. Its biggest one-day drop in six years. Ed Morris is Senior Advisor and Commodities Analyst at Hartree Partners. I think we're going to see even more volatility than we've had in the past, and that's been a lot of volatility. We don't know what's going to happen in the next two months, let alone the next two weeks. and no matter what happens in terms of a declaration of a ceasefire in an effort to do it, we're not going to see ships moving through the strait, except all those lined up, trapped north of the strait of Hormuz that want to get out. Hartree Partners Commodities analyst Ed Moore says even once Hormuz transit picks up, it could take weeks or possibly longer to return to normal.

And Nathan's stocks are giving up some of yesterday's big gains. Right now S&P futures are down for tens of a percent. Yesterday, all three major indexes gained at least two and a half percent. The Dow searched more than 1,300 points. Priya Mizra is a portfolio manager at JPMorgan Asset Management. Some of that heated rhetoric over the last few days, it felt like it was coming to a head. So hopefully there is a ceasefire. I think we're watching headlines like everyone is.

I mean, there's a lot of questions. I think there's a sigh of relief, but there's a lot of details around who controls the straight-of-hormose. Is two weeks enough to get some sort of... for permanence to this. And JPMorgan Asset Management Portfolio Manager Priya Mizra notes the S&P 500 broke above its 200-day and 50-day moving averages yesterday. And that rally, Karen, notched the second biggest one-day gain ever for the world's richest people. In fact, the 500 wealthiest added $265 billion to their collective fortunes as stock soared. The surge comes almost exactly one year after the richest gained a record $304 billion in the day following President

Trump's declaration of a 90-day pause on his planned Liberation Day tariffs. Meta CEO Mark Zuckerberg was the biggest gainer on Bloomberg's wealth index yesterday. He added $12.8 billion to his net worth after meta shares rose 6.5%. Well, Nathan, let's turn to the economy now. Minutes, the Fed's March meeting showed a growing number of officials worried the Iran-war. could stoke inflation. Most officials worried a protracted war could hurt the labor market and warrant lower interest rates. At the same time, many policymakers highlighted the risk to inflation that might ultimately warrant rate increases. Well, today, Karen, Fed officials and investors get a slew of economic data. Let's get a preview from Bloomberg's Michael McKee. It's a day of important, but

mostly before the war data. The PCE inflation index is the Fed's key measure, both headline and core forecast to be little changed, but the data are from February, before the war started, and energy prices skyrocketed. The same caveat holds for consumer spending and incomes. Any sign of a gas-price-led spending slowdown would be premature. Although nationwide average pump prices were rising through February, the high was only $2.98 on the last day of the month. More current, initial jobless claims for last week. Claims have been holding at a very low level, suggesting companies aren't shedding workers, a sign of labor market stability. A surprise move up or down would cause a market reaction. Michael McKee, Bloomberg Radio.

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. Long Island serial killer Rex Heuerman entered a guilty plea in the Gilgo Beach murders with the families of the victims in the courtroom. and his ex-wife of 27 years and daughter watching. Heerman pleaded guilty Wednesday to murdering eight women in a nearly two-decade killing spree starting in 1993. Heurman strangled his victims who he hired as escorts.

Suffolk County District Attorney Ray Tierney. We are honored and thankful for being able to have played a small role in obtaining a small measure of justice for these families. D.A. Ray Tierney says he believes there was just a point where Heerman was exhausted and did not want to go on defending himself. At least one person is dead after a seven-story garage under construction collapsed in Philadelphia Wednesday. Emergency crews are searching for survivors in the debris, but fire commissioner Jeffrey Thompson says the structure remains unstable.

We have to very carefully and methodically deconstruct this building for the safety of the people working on it and ultimately for the safety of the first responders who will continue this search. Commissioner Thompson says the collapse started in a stairwell of the structure. The Artemis 2 crew is heading back to Earth after flying behind the moon. The crew of the Orion spacecraft is carrying out some final tests on the way home. In a news conference from space, pilot Victor Glover reflected on the mission. We have to get back.

There's so much data that you've seen already, but all the good stuff is coming back with us. There's so many more pictures, so many more stories. and gosh, I haven't even begun to process what we've been through. Artemis 2 is scheduled to splash down in the Pacific Ocean Friday night. Global news, 24 hours a day, and whenever you wanted with Bloomberg News Now, I'm Michael Barr, and this is Bloomberg, Karen. Thanks, Michael. Time now for our Bloomberg Sports Update, and for that we bring in John Stash Hour.

Thanks, Karen, the Oklahoma City Thunder, defending NBA champions and favorites to win again this year. They beat the Clippers in L.A. to clinch the one-seat and home court advantage throughout the playoffs. The Thunder, after 68 wins last year, are at 64 with still two games to go. That's the third most wins in a two-year span in NBA history. The Masters 90th edition teased off today at Augusta. Rory McElroy's the defending champion. Scotty Sheffler won in 2022 and 24.

John Rahm in 23. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. support for the show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English.

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Coast to coast on Bloomberg Radio, nationwide on SiriusXM, and around the world on Bloomberg.com and the Bloomberg business app. This is Bloomberg Daybreak. Good morning. I'm Nathan Haggard. It is day two of the two-week ceasefire between the U.S. and Iran, but the situation remains fragile with Tehran accusing the U.S. of violating the agreement through Israeli attacks on Lebanon. But Vice President JD Vance says it would be dumb, in his words, to let negotiations fall apart over that.

I think the Iranians thought that the ceasefire included Lebanon, and it just didn't. We never made that promise. We never indicated that was going to be the case. That was Vice President JD Vance speaking with reporters in Hungary ahead of the negotiations he's set to lead in Pakistan this weekend. Joining us from Tel Aviv this morning is Bloomberg News Israel Bureau Chief Ethan Brunner. Ethan, good morning. What is the possibility that these Israeli attacks on Lebanon could derail this truce? Good morning. Morning, Nathan.

Look, I think they're an obstacle, but I would be surprised if they derailed the truth. I think that the core issue here is the Strait of Hormuz, the global movement of oil, and, you know, these larger Gulf issues rather than what to some extent has been a side show in Lebanon and Hezbollah. So, you know, it's something that's going to be on the table, but I don't think it's going to be the thing that will cause the problem. And in the meantime, the attack we saw yesterday by Israel on Hezbollah targets in Lebanon was. pretty significant to say the very least. What does it mean for Hezbollah's potential going forward? Yeah, what happened yesterday, I mean, it was some massive affair of like a hundred planes attacking within 10 minutes, different spots. The defense minister here and the prime minister both compared it to the attack that Israel carried out on Hezbollah a couple of years ago using those rigged pagers, which, wounded thousands of people.

The idea being that this was a major intelligence coup for what Israel did yesterday. We don't have a lot of details, but they're claiming to have gotten a lot of important Hizbala people at that time yesterday. So if they did, that will, of course, play a role. But as we've seen with Hamas, with Hizbala, and indeed with Iran, eliminating a whole row of people at the top of these organizations and countries don't necessarily, doesn't necessarily, and at the place, their ability to keep functioning, you know? Is there a concern in Israel that this could lead to a direct Iranian response against Israel?

There is a concern. I will say that the Home Command has told people that they can go back to acting more or less normally. School is due to begin. The airport has vastly increased. It's traffic. So while there is concern, I would say that the official view is that it will not. There have been a few Hispola rocket and missile attacks in the last 12 hours or so, but relatively minor and in the north, nothing from Iran. In our last 30 seconds, with so much focus on the Strait of Hormuz, what is the situation there right now?

Yeah, the situation seems to be that it's still basically blocked by our. around. They've handed out a map telling people how they could do it. There's some lack of clarity about whether they're going to continue to collect fees in cooperation with the U.S., all of that to be negotiated. A huge, huge mess for oil and global economic issues, unquestionably. 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

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