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Pope Leo XIV Meets With French President Macron; Shipping Execs: Few Vessels Transiting Strait of Hormuz; K-Pop Stars BTS Being First World Tour In Four Years. Aired 5:30-6a ET

Aired April 10, 2026 - 05:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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[05:30:45]

DANNY FREEMAN, CNN ANCHOR: Just a short time ago French President Emmanuel Macron met with Pope Leo at the Vatican. This is the first official meeting between the French leader and the American pope since Leo was elected last year. Now the meeting comes as the pontiff has been more vocal in his criticism of the U.S. government plunging the Middle East into conflict.

For more on this let's bring in CNN Vatican correspondent Christopher Lamb. He joins us now from Rome. Christopher, tell us about this meeting.

CHRISTOPHER LAMB, CNN VATICAN CORRESPONDENT: Well Danny, it's a significant meeting. It's the first sit-down between Pope Leo and President Emmanuel Macron and it comes at a time when Pope Leo has been increasingly outspoken on the need for countries to come together to dialogue and to use old-fashioned diplomacy to try and end the conflicts taking place around the world.

Leo, a few days ago, said that President Trump's threat to Iran was truly unacceptable. He has been more outspoken. And in President Macron he probably sees -- likes to see someone who he can also emphasize that importance of diplomacy and dialogue of getting people around the table to solve and respond to these wars and conflicts.

Leo did address the ceasefire on Wednesday of this week, and this is what he had to say at the Wednesday general audience in the Vatican.

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POPE LEO XIV (through translator): In light of these past hours, great tension in the Middle East and for the whole world, I welcome with satisfaction and as a sign of genuine hope the announcement of an immediate two-week truce. Only through a return to negotiation can the war be brought to an end. I urge that this period of delicate diplomatic work be accompanied by prayer in the hope that openness to dialogue may become the means to resolve other situations and conflicts around the world.

(END VIDEO CLIP) LAMB: Now Danny, of course, popes have often talked about the importance of peace and of dialogue but what's different is that Leo, of course, is the first American pope and he is someone who people are looking to at this time for leadership, for statesmanship. And, of course, he's an American pope when, of course, the U.S. intervention in Iran has been taking place so his influence on the world stage is I think increasing.

And this meeting with Macron a chance to talk about the war but also other topics -- for example, artificial intelligence.

So an important meeting taking place this morning at the Vatican between Pope Leo and President Macron -- Danny.

FREEMAN: An important meeting indeed.

All right, Christopher Lamb in Rome. Thank you so much for that update -- appreciate it.

All right, coming up ahead in just a moment we'll tell you how the turmoil in the Middle East is affecting the markets. We'll have an early look at what to expect on Wall Street today.

And the Justice Department is investigating the NFL for allegedly charging customers too much for subscription fees. We'll have those details as well coming after a short break.

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[05:38:35]

FREEMAN: Welcome back to EARLY START. This is your business breakout.

And here is where the U.S. futures stand ahead of the opening bell on Wall Street -- mostly flat so far. It seems a little bit down for the Dow, Nasdaq and S&P 500. We'll keep on eye on that as the market opens in a few hours.

Let's check in on some of today's other business headlines.

First up, the U.S. economy grew by just half a percentage point in the last quarter of the year. That's according to the Commerce Department. The official figure was revised down from 1.4 percent. Economists had anticipated big tax refunds would boost growth this year but it's now unclear how taxpayers are faring with the economic fallout from the war with Iran.

And a new report says Elon Musk's SpaceX posted a loss of nearly $5 billion last year on revenue of more than $18 billion. Those figures were reported by tech outlet The Information, which cites sources. And it comes as SpaceX seeks a public listing at a potential valuation of more than $1.75 trillion.

And the U.S. Justice Department is investigating the National Football League's online streaming model. It's looking into whether the NFL is forcing viewers to pay too much in subscription fees. The NFL says it runs the most fan and broadcaster-friendly distribution model in the entire sports and entertainment industry.

[05:40:00]

In just a moment we're going to get back to our main story, our coverage of the U.S.-Iran ceasefire, including a look at how the fighting in Lebanon will impact negotiations this coming weekend.

Plus, we're live in London for a check on the oil industry. We'll see just what is and is not moving through the Strait of Hormuz.

Stay with us.

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BECKY ANDERSON, CNN ANCHOR: Welcome back. I'm Becky Anderson.

Here are some of the stories that we are watching for you today.

And preparations underway for talks this weekend aimed at ending the U.S. and Israel's war with Iran. Security is tight in Islamabad, Pakistan where negotiations are expected to take place. The Trump administration is sending Vice President JD Vance, special envoy Steve Witkoff, and the president's son-in-law Jared Kushner.

[05:45:07]

Iran says talks aimed at ending the war are contingent on the U.S. sticking to its ceasefire commitments, which Tehran insists includes a stop to the attacks on Lebanon. The comment comes days after Israel launched its biggest wave of strikes against Lebanon since the war began. Both Israel and the U.S. deny Lebanon was part of that ceasefire agreement.

And President Trump is warning Iran again against charging tolls for ships to pass through the Strait of Hormuz. Iran had promised to open the vital shipping route as part of this two-week ceasefire deal with the U.S., but industry executives say very few vessels have crossed in recent days during this pause.

Amrita Sen is the founder and director of market intelligence at the global research house Energy Aspects. It's good to have you this morning. Thank you.

We do have the live oil price. It's been another whiplash week. Big rises to start the week and prices plunging midweek on the news of this truce. But as they hover in those high 90s what's your assessment of how the oil markets are working through all of this?

AMRITA SEN, FOUNDER AND DIRECTOR OF MARKET INTELLIGENCE, ENERGY ASPECTS: Yeah, thanks for having me.

I think the fundamental picture actually hasn't changed whatsoever and you mentioned that as well. Very few ships, even those that are already stranded within the strait, have actually managed to leave. We've always been saying, even when the ceasefire happened, that we actually don't even think new ships will be able to go in, but we had expected a bit more of the ships that were stopped within the strait to be able to leave. But Iran is charging for these vessels to leave.

It's also, we understand directly from shippers and from those who are lifting the oil, that you don't even know who you are dealing with in Iran. You don't know who to make the payment to. So it is extremely complicated.

There are rumors of potential mines that have been laid and that Iran is asking for a very particular route to be taken. You know, whether it's true or not those kind of risks are not something commercial vessels are going to take. So effectively, flows remain at a trickle.

Oil prices, if you ask us, remain -- I mean, it is quite concerning to see the apathy that engulfs the futures markets because the prices at about $100 isn't reflecting the reality. Physical crude oil prices, which is what refineries are buying and therefore producing the products you and I consume, are trading at $150 to $160 per barrel today.

ANDERSON: Wow.

I want to bring up a post then by the UAE National Oil Company's chief, ADNOC CEO Dr. Sultan Al Jaber. He says and I quote here, "Conditional passage is not passage." And he expands. "This moment requires clarity. So let's be clear. The Strait of Hormuz is not open. Access is being restricted, conditioned, and controlled."

And the UAE position on this -- and it's important because it's been affected and it sits on the strait as well, of course -- or just off the strait -- has been consistent. Controlling access is economic terrorism as far as this country where I am is concerned.

What is the risk that any new deal in Islamabad fails to suitably address the freedom of navigation?

SEN: Yeah. I think that's the biggest risk and I think you're exactly right in asking the question. Because, you know, a deal which potentially the U.S. says, you know -- we've seen the U.S. saying that they actually don't need the Strait of Hormuz, which is not technically correct because you still need -- or rather you the U.S. still imports 500,000 to 600,000 barrels per day from the Middle East. But, you know, small volume, fine. Let's put it to one side.

If the U.S. kind of comes up with a form of ceasefire or a deal where it's happy with how much it has set Iran back ballistic missile-wise and just generally nuclear-wise, but it actually doesn't leave the strait open internationally and without conditions, even if it considers it to be well, our job is done -- from the GCC point of view and from the rest of world's point of view this is going to be giving Iran leverage more than it has ever had in the last 40 years.

ANDERSON: Yeah.

SEN: It is not going to be acceptable, and I do think that's going to be something, at least for us. We are watching very closely because that immediately means "reopening" the strait could take months. ANDERSON: I just want to, before I let you go -- and this is really

important insight -- talk about what we have seen this week in Saudi Arabia.

[05:50:00]

The kingdom has confirmed attacks against its oil and gas facilities, including what is this crucial east-west pipeline, which was a way to mitigate getting oil, you know, out when the Strait of Hormuz is not navigable.

Just how impactful could that be on the energy supply that is, you know -- ultimately needs getting out of the strait? What do you understand to be the situation?

SEN: I -- look, for me, the statement in itself is more important than what the bits about whether it's the east-west pipeline or the (INAUDIBLE) of the many fields. Of course, when you tally it up it's about 600,000 barrels per day of field attacks and 700,000 of pipeline flow that was impacted.

But this is the kingdom coming out and saying well, if this situation continues don't bank on us to be the holder of spare capacity. They have prided themselves and they have done the work for years about being the true supplier of last resort. They've always been the swing producer whenever the market has needed it. But if these attacks continue, how are they going to be able to cap that upside to oil prices, you know, even as and when the situation does improve? I think that's the message they're trying to say.

And I think it's an extremely important message and why I also said it is quite baffling to see oil prices kind of stuck around $100. They should be a lot, lot higher because you're also getting rid of not just -- not just the fact that production is shut in right now and flows can't materialize, but you are also getting rid of that spare capacity buffer that the oil market has always been privy to thanks to Saudi Arabia investments.

ANDERSON: A really important perspective this morning, Amrita. Thank you very much indeed for joining us out of London.

I'm Becky Anderson in Abu Dhabi. The time here is 10 till two in the afternoon. It is 20 past one in Tehran. We have activity in Islamabad, Pakistan where these scheduled talks are for tomorrow. More on all of this as we move through the hours to come on CNN.

Danny will be back with more of the latest headlines after this short break.

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[05:56:40]

FREEMAN: A multi-day storm is once again escalating the threat of flooding in Hawaii. The powerful storm has the potential of dropping multiple months' worth of rainfall over just a few days. A flood watch is currently in place for all of Hawaii. The National Weather Service says the storm could bring up to 12 inches of rain to parts of the islands by this evening.

This all comes as the Hawaiian Islands are still recovering from major storms just two weeks ago. Those storms triggered the state's worst flooding in 20 years prompting numerous rescues and damaging hundreds of properties.

Meanwhile, Hawaii's Kilauea volcano is erupting once again, sending large fountains of lava into the air. I think we have a live look at the active volcano located on the Big Island -- yeah, here it is right here -- in Hawaii Volcanoes National Park.

Now the U.S. Geological Survey has placed the area under a red warning. That means the volcano could pose significant issues for aviation if the ash clouds start being released. The latest eruption -- look at that video right there -- has prompted park closures and evacuations. Stunning stuff.

All right, and to this now. The BTS army turned out in the thousands to be there for the kickoff of the K-Pop group's new world tour. Their comeback from a four-year hiatus has been a success topping Billboard charts with a new album and a new single.

CNN's Paula Newton reports.

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PAULA NEWTON, CNN CORRESPONDENT (voiceover): It's the world tour that's taking the world by storm. BTS is back and not even the pouring rain could dampen the excitement of thousands of fans eager to see the kickoff of their global concert tour.

CASEY MURRIHY, BTS FAN: I am absolutely elated that they're finally coming back. It's been a long wait, but I was a little bit worried that they weren't going to come back.

NEWTON (voiceover): The opening concert sold out in presales for all three nights in Goyang, South Korea. That's according to the group's management agency.

Outside of the show on Thursday a sea of umbrellas and raincoats. Many fans dressed in purple, the signature color of the band's fan base, the BTS Army.

O YOON-SUN, BTS FAN (through translator): I will go to BTS concerts until they're grandpas and I will be Army my whole life.

NEWTON (voiceover): The tour is just beginning but it's expected to be a global sensation stopping in 34 cities right around the world and spanning five continents. Total tour earnings are expected to reach nearly $2 billion. Fans filling the hole in their hearts with tickets, merchandise, and new music after the band went on a nearly four-year hiatus during which all seven members completed their mandatory South Korean military service. But BTS is back in familiar territory, topping the charts. The band's new album "Arirang" was released in March it debuted at number one on the Billboard 200 Chart. Its lead single "SWIN" also hit the top spot of the Billboard Hot 100.

The tour is scheduled to head to Tokyo next and wrap up in the Philippines in March of next year with stops crisscrossing the globe in between. BTS is even returning to Australia after nearly a decade since its last concert there.

BARBARA DELA PENA, BTS FAN: We're happy that after I guess all the efforts that we're doing that BTS are finally coming back to Australia. They're going to be there next year so we're so happy.

NEWTON (voiceover): Paula Newton, CNN.

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FREEMAN: Yeah, I love it.

[06:00:00]

Finally this morning, defending champion Rory McIlroy has gotten off to a strong start in this year's Masters. The northern Irishman shot an opening five under par round of 67 at the famed Augusta National Golf Club. He is one of just six players to win all four major golf tournaments.

It took McIlroy 17 years to triumph at The Masters. He's now looking to become just the fourth man to claim back-to-back Masters titles, joining Jack Nicklaus, Nick Faldo, and Tiger Woods. McIlroy still has a long way to go though. He's currently sharing the lead with Sam Burns.

All right, thank you so much for joining us here on EARLY START. I'm Danny Freeman in New York. "CNN THIS MORNING" starts right now.