US, Iran Seek Ceasefire Talks, Record Breaking Earnings, More

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1:24Do that with Acrobat. Want to stop searching for files and finally get everyone on the same page? Do that. Do that. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat. News when you want it with Bloomberg News Now. I'm Karen Moscow. The U.S. and Iran are closer to extending a ceasefire and restarting negotiations about a longer-term peace deal. That's according to the Associated Press, which reports that two sides have an in-principle agreement to pursue further diplomacy after an inconclusive initial round of talks in Pakistan. President Trump, meanwhile, said another round of talks could happen within two days.

2:04Begin more with Bloomberg's Dumana Bersechi in Dubai. It's almost as though the president, President Trump, is willing this to happen. And he's had several interviews the last 24 hours indicating that he does think another round of talks is going to take place. He suggested to a New York Post journalist that it could happen in Islamabad. I will just tell you some detail here. The Pakistani foreign ministry put out a statement this morning saying that their prime minister and their foreign minister are actually embarking on a trip around the region in the next couple of days. So they'll be visiting Turkey, Qatar and Saudi Arabia.

2:37That's going to take place between April 15 and April 18. So you've got to assume that if the talks are going to go ahead in Islamabad, it's unlikely that it's going to happen, that they're going to happen before April the 18th. And Bloomberg's Jumana Bersachie says it's possible another country mediates the talks. Still, tensions remain high over the Strait of Hormuz. A U.S. naval blockade is cutting off Iranian oil flows in the strategic waterway, while Tehran has the strait closed off to other shipments. President Trump tells Fox Business that China's Xi Jinping told him Beijing was not providing weapons to Iran.

3:13The comments from Xi Jinping came in a letter exchange between the two leaders ahead of their high-profile summit. Trump has threatened 50 percent tariffs on goods from countries arming Tehran, which could upend the U.S.-China trade relationship if he follows through. Beijing does not directly ship arms to Iran, but does provide it with dual-use technology. President Trump says he does not plan to drop the probe involving Fed Chair Jay Powell, and he says he'll fire the Fed chief if he doesn't leave the central bank's board after his term expires in May. That's some of what the president had to say in his interview with Fox Business, and we get more with Bloomberg's Tyler Kendall in Washington.

3:51It's clear that President Trump is trying to ramp up the pressure, but we have to keep in mind there's sort of two parallel things happening here. President Trump, of course, no secret that he's unhappy with Chair Powell, but it comes on the heels of yesterday, Chair Tim Scott, saying that there is going to be this hearing in the Senate Banking Committee next week. But he also said that he is expecting that legal matter against Jerome Powell to be wrapped up quickly. And that's really what this all comes down to. Bloomberg's Tyler Kendall reports President Trump's replacement for Powell, Kevin Warsh, could still be blocked by Republican Senator Tom Tillis if the Justice Department does not drop its probe.

4:27Meanwhile, Treasury Secretary Scott Besson says he understands if the Fed waits to cut interest rates until there's more clarity on the war's impact on the economy and inflation. This war will end. I don't know whether it's three days, three weeks, three months, but it will end. We will get on the other side of this and what we've seen in the inflation data, core inflation is coming down. And Treasury Secretary Scott Besson spoke at a CNBC event in Washington. Morgan Stanley is closing out big bank earnings season with six words from CEO Ted Pick. Morgan Stanley reported a record quarter. Bloomberg's Danny Berger has the details.

5:03Another monster quarter for another bank when it comes to equity trading. This is a huge number for Morgan Stanley. The estimate was at$4.78 billion. It comes in at$5.15 billion. Just to put it in context, they are just inches away from Goldman Sachs equity trading business, which came in at$5.33 billion, which set a new high watermark for the entirety of Wall Street. So Morgan Stanley just behind them. And Bloomberg's Danny Berger reports Morgan Stanley's fixed income trading and investment banking also beat. The bank also reported higher compensation expenses and provisions for loan losses than expected.

5:42The stock is up almost 3 percent. And later this morning, Bloomberg's Lisa Abramowitz sits down with Ted Pick for a one-on-one conversation on the earnings. Catch it at 1045 a.m. Wall Street time on Bloomberg Radio and Television and the Bloomberg Business app. Bank of America's traders pulled in the business's highest quarterly revenue in more than a decade, riding a wave of volatility that pushed the firm's stock trading desk to an all-time record. Revenue from equity trading climbed 30 percent to$2.8 billion in the first quarter, beating expectations, while fixed income trading, which fell short of a consensus of analyst estimates, rose less than 1 % to$3.5 billion.

6:21Bank of America is up 1.5 % this morning. We do have some breaking economic news crossing the Bloomberg with New York State factory activity expanding in April at the strongest pace in five months, though views about the outlook and costs soured in the wake of the Iran war. The Federal Reserve Bank of New York's General Business Conditions Index increased by 11.2 points to 11. The survey reflected the strongest growth in orders and shipments since 2023. And U.S. March import prices rose eight-tenths of a percent month over month. Economists were looking for an increase of 2.3 percent. Taking a look at futures, they are holding near an all-time high following a rally powered by optimism around a potential peace deal in the Middle East.

7:07S &P futures, their little change. Dow futures up a tenth of a percent. NASDAQ futures little change. Ten-year Treasury yield 4.26 percent. And NYMEX crude oil at$91.46 a barrel. That's up two-tenths of a percent. Brent at$95.29. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow, and this is Bloomberg.

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