Transcripts For BLOOMBERG Bloomberg Surveillance 20240712 :

Transcripts For BLOOMBERG Bloomberg Surveillance 20240712

Short two to three week circuit breaker. The northwest of england, the northwest, the northeast. The list is growing longer. Tom it is going to be interesting. To say the least, the lockdown in america is not a lot done but is very regional, as mentioned in the debate last night. The upper middle west really hit hard right now. In new york city with our news, ritika gupta. Ritika President Trump and joe biden covered a wide range of issues in last nights second debate. Amongst them, racism, corruption, and the manner in which the president handled the coronavirus. Trump no choice. We cannot lock ourselves up in a basement like joe does. He says we are learning to live with it. People are learning to die with it. He also said the vaccine would be coming in weeks. In that of a guarantee is that a guarantee . Pres. Trump it is not a guarantee, but by the end of the year. Mr. Biden anyone responsible for that many deaths should not remain as president of the United States of america. Ritika unlike their first debate, the candidates largely complied with rules, allowing each other time to speak. On capitol hill, Senate Republican skepticism about a new stimulus relief package appears to be spreading to the house. Speaker nancy pelosi told members of the House Democratic leadership that some lawmakers dont want to come back to the capitol for a vote. If the senate isnt ready to act. A losey and treasury secretary Steven Mnuchin are trying to finalize a deal after a monthlong impasse. In europe, governments opposing imposing curfews more widely. Daily coronavirus cases are hitting records across the continent. Than 40,000ted more more cases for the first time. The first major trade deal since brexit the agreement with japan, the terms under with the u. K. Trades with tokyo as part of the European Union. There is further progress in trade docs trade talks between the u. K. And the e. U. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, im ritika gupta. This is bloomberg. Thanks so much. Futures up 5, dow futures up 62. 27. 98. At we will see how that goes through the morning. The yield space higher, the 10 year yield,. 81, up 2. 83, and we have blown out to. 80 five. A higher yield regime over the 19. 14 angold midrange, ounce. Anna they move up and stocks. In particular, the manufacturing data out of germany was better than expected heard. A littlee euro stronger this morning, but these earnings are very strong in investment banking, talking about a very strong Balance Sheet at barclays and the possibility of paying evidence. Put accor in there, a big hotel chain. If you write spots from the european scene this morning. Tom 12 days in the debate must do something in the air, in the behavior, and the chemistry. 12 days from now we will be talking about the absolutely thunderous difference between the first debate, the canceled second debate, and what we witnessed last night in nashville. Lets look at a few selected moments. Mr. Biden he says we are learning to live with it. People are learning to die with it. If he is elected, the stock market will crash. Lets move onto the next question. Pres. Trump there has been nobody tougher than me on russia. I cope this president paid 50 time mr. Biden this president does business in china, as a secret bank account with china, and is talking about me taking money . I have not taken a single penny from any country whatsoever. What about fracking . The Vice President respond. Mr. Biden i have never said i opposed fracking. Pres. Trump you said it on tape. Mr. Biden show the tape. These 500 plus kids separated from parents. They were separated at the border. Pres. Trump they did it, we change the policy. Who built the cages, joe . To run that have again. That is a great summary of the many scenes that we saw. A little bit of the controlled emotion that we saw as well. To begin our punditry and drive forward 11 days, amy pope joins house, alsoham working for president Obamas Administration a few years back. Amy, what is so fascinating about this is within the middle, in the margin, there is a debate of your former boss, Vice President biden, being like obama. How distinct or how different would a President Biden be from what we observed in obamabiden . Ways he is going to continue a lot of the obama policies, and in some ways he will continue what we expect of most residents, including relationships with nato, building up alliances, playing a leadership role on the global stage. That is not unique to obama, that is a quintessentially american president s point of view, and the real departure is with this particular president. But in other ways, i think he has new ideas on a range of issues, including on immigration. Gulf, forg in the example. And i think he is really looking for ways to distinguish himself. And most importantly, reassure americans that he has the experience and he is a safe pair of hands. Tom there was a great partition last night over the president looking for success and the Vice President looking for hope over fear. , themotion last night residents of what these two guys one for four more years who had a clear message . I will have to admit i am a bit biased, but bice but Vice President biden put out far more policy proposals in terms of a wide range of issues. We did not hear so much policy from President Trump. Fromard a lot of attacks President Trump, shifting of blame. We did not hear about what he would do, and we did not hear about why he has not yet accomplished what he had hoped to do. So obviously the wall, he said we would have a wall built. There is no new wall. An infrastructure plan, there is no new infrastructure plan. Issues like the current relief bill regarding the impact of covid, that still has not passed. There are a wide range of issues that he did not accomplish, but he did not want to address those. He wanted to shift the blame. Anna interesting to see biden talking about energy transition, and i wonder how ready america is for that conversation . Is america more ready than President Trump might think . Amy i think they are. First of all, there are a number of jobs to be had in energy transition. There is a clear case that the United States, with energy independence, is able to make decisions that are far more of a strategic interest and an economic interest. I found puzzling this conversation about houses with tiny windows. Im not sure where that is coming from. What i think there is an agreement in the United States in general that we need to move forward, that we are in the 21st century and we need to embrace 21st century ways of bringing energy to americans. The Foreign Policy we have seen from President Trump what will americans look back on in terms of success, in terms of Foreign Policy . Im thinking how much continuity we see between trump and biden if we end up with a biden presidency. Amy on china there is less different than what people might imagine. The United States with obama, with trump, and with President Biden, i expect, as expressed policy inout chinese general, its practices with regard to trade. Real differences with regard to the ritter rather than actual policy. But our meaningful differences when it comes to our relationships with our european allies. This president , President Trump, has backed away from traditional relationships, building coalitions, to bring about change. Ovid is a perfect example the United States is not leading a response on that, it is basically going it alone. Places like the middle east, what we are seeing with President Trump is a departure from traditional emphasis on issues like human rights and diplomacy, much more transactional. To talk here and again, you are by its you biden itoward joe want you to talk to the middle. There is a conservative element out there that is clearly identified they are uncomfortable with President Trump but they are equally uncomfortable with modern democratic themes. Is this a joe biden who can run to the middle, all i his first day in the senate in 1973 or is he beholden to a more modern Democratic Party . How will that play out . Amy the interesting thing about joe biden, is that despite the way he is being portrayed by the republicans, he is more middleoftheroad and probably more conservative from many of those on the left. The discussion last night about the crime bill is a great example of that. President trump was attacking him for being too hard on crime, which is really an interesting position when you think at the same time he is saying he has no respect for law and order. I see Vice President biden as being far more centrist, even that one even then what many progressives would like. That is why he appeals to so many at this time. Tom amy pope from chatham house. We will do a lot more on this here into the sunday talk shows, and on forward. How about the friday talk show . Jon ferro will tackle Lawrence Kudlow in the 9 00 a. M. Our here on the economy. You know he has to talk about this better than good claims data yesterday. No doubt Lawrence Kudlow talking up the president wanting to do better for america. Look for that in the 9 00 hour. Stay with us. This is bloomberg. Anna this is bloomberg surveillance. Francine lacqua is off today. Numbers out of germany this morning that were very strong. Pmi numbers coming through on the german economy, derman manufacturing pmi for october, 58. Above 50 means expansion. Lets talk about how meaningful the debate is. Sonia allowed joins us. Sonja laud joins us. The turnaround in the euro how much credence do you give to this kind of data at the moment . Some people suggest it catches timing very well, but it doesnt tell you the extent of rebound or contractions. What are you seeing in the data . Good morning. I would always put the manufacturing data points in context. In 2020, as we know, with is very unusual situation with social distancing, and the impact on services in particular, you have to look at it overall in the economic context. It is definitely great to see the rebound, and it is not only in germany, although germany has the strongest numbers. But we see a similar picture across other european numbers coming out this morning. Services, manufacturing has done well, and there are clear attempts to keep manufacturing open with services, with increase in virus spread very difficult. I would be mindful that with the , it might be difficult Going Forward to see those numbers. But it is a positive sign, at least on the manufacturing side, that europe is recovering. Anna what does that do with the strategy, keeping the company keeping the country open, with spain, italy, the french president talking about a very grave situation ireland, wales, scotland. In eastern europe, poland. The list goes on. Record infection numbers. What does the dutra to strategy over the winter . Beja it means we have to very realistic that the second wave is probably worse than we anticipated. When you look at new virus cases, we look at this in the context of the way that we measure them, so the absolute numbers should be placed into that context. But nevertheless it will mean that we will see a further imposing of restrictive measures. That inevitably means it will be Economic Impact. We have to assume as well that the more activity moving inwards, the higher the chance that you catch the virus. We have to prepare this for europe as it stands right now. The Economic Development will expect stabilize, and as things get worse we have to assume there will be a potential negative impact on the economic trajectory. Tom you have wonderful experience out of the city and management. It is october and we are racing through an street roller. Reuters reporting that wells that Asset Management is on the block. Only because of scale. Are we going to end up with one big industry roll up . Sonja there is plenty in the industry that has not been underweight. It is clearly something that the industry has looked at for quite some time, and last year we had a number of emergencies. It is a realization that with the increasing cross pressure, the transparency, the way demand has changed, he requires that the industry reply dramatically. Scale is not everything, but clearly it will help to deal with the cross pressures. The approach to jaded to data, the reintegrated, the spending requirement for the industry to meet those demands. I think we have to be realistic as well. It is not like the industry has changed over the last 50 years or so. There is a real kind of catch up and really evasion with the changing environment. Expect that this is the end, but we are probably just at the beginning of a changing landscape for the international industry. At legal and work general, how important will equity Product Innovation be . To me that is the only way to get an edge in this competition. Sonja and i think here, the esg considerations if you think about the way and i kind of summarized it in the changing client demands. It is clear that not only clients have shifted toward real yound for manager, how are integrating with that decision, and how are you producing propositions that would allow me as the x owner to catch up not only with demand but making sure that it is not working only in my favor but to society at a much larger rate of stakeholders. Here the active analysis and the willstanding of a company change. It is moving in a way that from an equities point of view, you need a Great Research base. You need active managers to make sure that you understand that you require change. If think about Climate Change and what is required of companies today, we would Like Companies that can help with that journey and can help with that change. Anna great to see you. Very fluid conversation these days with many Asset Managers around esg and Climate Change. Sonja laud stays with us on the program. Coming up on the open, mohamed elerian, Bloomberg Opinion columnist, joins the scene, and this is bloomberg. Ritika this is bloomberg surveillance. Falling asntel are new concern that the company is losing his lead in computer chips. Droppedported its price in data center sales. Plus it says sales to current computing providers will slow down in the current quarter. Another Strong Quarter for traders at barclays. In currency23 jump rates and Credit Income in the third quarter. That helped barclays beat earnings estimates, taking a smaller impairment charge than its than expected. Bloombergs emily chang sat down with Silicon Valley veterans to promote the hit movie the social dilemma they discuss the impact of social media on society. She asked about the creator of one of those sites. There is a lot of negligence. Each company is different. Personalities are different. I think that even if they were as enlightened as they possibly could be, when they speak, they sound like hostages trapped in a hostage video. Where nothing that hostages saying makes any sense until you see the person offstage holding a gun to their head, which is their business model. Ritika you can watch that complete interview tonight on bloomberg studio on bloomberg tv. That is the latest Bloomberg Business flash. Tom thanks so much. On a friday, not a jobs day friday, just a fridayfriday, and sort of quiet. Almost a relief right now. Futures up 10, the vix 27. 86. I would note the yield space is changing space from a week ago, even from monday,. 86 . On the 10year yield. Creekh beschloss of rock in the 7 00 hour. This is bloomberg. Rates will negative be of limited in the u. K. Will be implemented in the u. K. They are going to move path ofdown the unconventional policy. I think they have made up their mind that this is viable. We are ready to manage negative Interest Rates. We would rather not charge our clients those negative Interest Rates, but we also have to manage the financial integrity of the bank. I think it is important that the Central Banks keep in their wallet the ability to use negative Interest Rates, but i personally believe here in the u. K. , it is not likely. Surviving aley brutal interview with anna edwards earlier this morning, talking commercial banking. I different headache at legal and general, their investment manager running all of the shops. Sonja, i get it. Youve got to live with this, and you particularly have to live with this with money market funds. How do you do negative rates in the Anglo American world with a preponderance towards money market funds . General, when you hear all of those kind of statements, will they, wont they, obviously europe is dealing with negative Interest Rates for quite some time now. T does have implications we shouldnt underestimate that the u. K. Can deal with that as well. But you are pointing to the most important area around money market funds and how those would deal with negative rates. It starts with issues from the accounting principles and whether

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