WEBVTT - UPDATE: BOE Set to Tip UK Into Recession & Odey Suspends Two Funds

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<v Speaker 1>This is Bloomberg Daybreak Europe for this Tuesday, the twenty

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<v Speaker 1>seventh of June in London. Coming up today a winter

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<v Speaker 1>in retreat.

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<v Speaker 2>Bloomberg Economics says that Bank of England rate rises will

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<v Speaker 2>push the UK into recession by the end of the year.

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<v Speaker 1>Talking taft, pudin labels, Wagner, mercenary, commanders, traitors, as progosion, denies,

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<v Speaker 1>coop attempt.

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<v Speaker 2>Investors take flight, Odasset Management suspended its flagship hedge fund

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<v Speaker 2>on surging redemption requests.

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<v Speaker 3>And these new toys and putting the I in IMF.

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<v Speaker 3>Those are the stories we're looking at today's papers.

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<v Speaker 1>I'm James Orcock Plus retail therapy are decline in UK

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<v Speaker 1>sharp price inflation offers a glimmer of hope for the

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<v Speaker 1>Bank of England.

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<v Speaker 4>That's all straight ahead on Bloomberg Daybreak Europe. The business

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<v Speaker 4>news you need to start your day in just one

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<v Speaker 4>fifteen minute podcast on Apple, Spotify, the Bloomberg Business app

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<v Speaker 4>and everywhere you get your podcasts.

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<v Speaker 1>Good morning, I'm Stephen Carroll.

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<v Speaker 2>And I'm Caroline Hepger. Here are the stories that we're

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<v Speaker 2>following today. Bank of England rate hikes will push the

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<v Speaker 2>UK into recession by the end of the year. According

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<v Speaker 2>to Bloomberg Economics, our economists expect a peak Bank of

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<v Speaker 2>England rate of five point seventy five percent, leading to

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<v Speaker 2>a year long recession and a one percent drop in

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<v Speaker 2>GDP in twenty twenty four, but money markets are almost

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<v Speaker 2>fully pricing in a six point two five percent by

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<v Speaker 2>December for the Bank of England, raising the possibility of

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<v Speaker 2>a far worse slump. Alan Higgins, chief investment officer of

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<v Speaker 2>Coots and Company, though, sounded a note of caution on

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<v Speaker 2>a UK recession.

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<v Speaker 5>Definition's going to be an impact. That looks like quite

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<v Speaker 5>a pessimistic forecast though, and what we've seen before from

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<v Speaker 5>pessimistic forecast is that they just haven't come through that.

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<v Speaker 5>On an underlying basis, the UK economy has performed a

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<v Speaker 5>little bit better, so i'd push back a little bit

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<v Speaker 5>against that and also turn it into more of a

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<v Speaker 5>global concern rather than a UK concern.

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<v Speaker 2>Alan Higgins. A slightly more UPBEATA assessment is backed by

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<v Speaker 2>new data showing that UK food price inflation is beginning

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<v Speaker 2>to ease somewhat. The British Retail Consortium says that price

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<v Speaker 2>rises may have peaked with food inflation and wider shot

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<v Speaker 2>price inflation cooling for a second month in a row.

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<v Speaker 1>As central bankers gather in the That will bring you

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<v Speaker 1>more details on that central bank meeting also from CenTra,

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<v Speaker 1>where we have central bankers from across Europe and indeed

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<v Speaker 1>from also the Federal Reserve in the Bank of Japan

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<v Speaker 1>gathering in Portugal today for that forum. Bloomberg's editor at

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<v Speaker 1>large Francy Lackware reports a lot.

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<v Speaker 6>Of debate on officials about what to do with three rises,

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<v Speaker 6>and they'll get vital FaceTime here in Central Portugal to

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<v Speaker 6>iron out their differences. The question is whether a pause

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<v Speaker 6>is warranted to appraise is still unfolding effects of policy

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<v Speaker 6>tightening to date, or whether more action is required after

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<v Speaker 6>the summer break to attack called stubborn underlying price gains

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<v Speaker 6>from Central Portugal. Franc In Lakwel Bloomberg Radio Now.

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<v Speaker 2>Russia's President Vladimir Putin has condemned the leaders of the

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<v Speaker 2>Wagner Mercenary Group as traitors. In his first public comments

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<v Speaker 2>since the weekend's revolt, the Russian leader said the attempted

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<v Speaker 2>mutiny had failed to divide the country.

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<v Speaker 7>Dear friends, today I address once again all Russian citizens,

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<v Speaker 7>I thank you for your endurance, solidarity and patriotism. Civil

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<v Speaker 7>solidarity showed that any ransom, any attempts to organize internal

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<v Speaker 7>unrest are doomed to fail.

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<v Speaker 2>Putin's pre recorded address to the nation, spoken there through

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<v Speaker 2>a translator, came hours after Wagner leader yevguiny Plagosan insisted

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<v Speaker 2>that he hadn't been attempting a coup. The Mercenary chief

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<v Speaker 2>said that the march on Moscow by Wagner troops had

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<v Speaker 2>been a protest about injustices and mistakes made during Russia's

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<v Speaker 2>invasion of Ukraine.

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<v Speaker 1>Oh The asset management has suspended two more funds, including

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<v Speaker 1>its flagship, after being hit by redemption requests from investors.

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<v Speaker 1>Investors have been fleeing the firm after fresh sexual assault

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<v Speaker 1>to allegations against founder crisp and Odi, which he denies.

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<v Speaker 1>The firm received with droll requests amounting to about nineteen

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<v Speaker 1>percent of the flagship ODI European Hedge Fund and thirty

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<v Speaker 1>five percent of the OEI MAC Fund for the next

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<v Speaker 1>dealing day on July third.

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<v Speaker 2>Us Chajuy Secretary Jianna Yellen plans to visit China in

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<v Speaker 2>early July. In a further sign of cooling tensions between

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<v Speaker 2>Washington and Beijing. Bloomberg's Washington correspondent Marie Haudn broke that news.

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<v Speaker 2>She points out that Yellen would be the second US

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<v Speaker 2>Cabinet official to travel to the country in recent months.

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<v Speaker 8>She has continuously said, even an interview with me at

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<v Speaker 8>the G seven Finance ministers meeting in Japan, that when

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<v Speaker 8>their time was appropriate, she had all plans to go,

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<v Speaker 8>and then of course we're on the heels a surgery

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<v Speaker 8>state Anthony Blincoln's trip, he just wrapped that up, so

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<v Speaker 8>that really opened the door to have more of these

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<v Speaker 8>principle to principal meetings between Beijing and Washington.

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<v Speaker 2>And Marie Houdan, she says that the trip will include

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<v Speaker 2>high level economic talks with Yellen's new Chinese counterpart. The

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<v Speaker 2>visit comes as but the Biden administration continues to work

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<v Speaker 2>on an executive order that would regulate and potentially cut

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<v Speaker 2>off certain US investments in China.

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<v Speaker 9>Well.

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<v Speaker 1>That news comes as Chinese premier spoke out about what

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<v Speaker 1>he called de globalization trends in the West. Speaking at

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<v Speaker 1>the World Economic Forum in Tianjin, Li Kiang said the

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<v Speaker 1>economic issues should not be brought into the political sphere.

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<v Speaker 4>Some in the.

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<v Speaker 9>West are hyping up the so called phraseologies of reducing

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<v Speaker 9>dependencies and de risking. These two concepts, I would say,

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<v Speaker 9>are forced propositions. Governments and relevant organizations should not overreach themselves.

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<v Speaker 9>Still less, overstretch the concept of risk or turn it

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<v Speaker 9>into an ideological tool.

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<v Speaker 1>Speaking through a translator of Chinese, Premier Are also told

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<v Speaker 1>the audience in the northern Chinese city that the world's

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<v Speaker 1>second largest economy is still on track to hit its

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<v Speaker 1>annual growth target of around five percent.

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<v Speaker 2>Credit Sweee has agreed to pay nine hundred thousand dollars

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<v Speaker 2>in fines over allegations that it reported trades late and

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<v Speaker 2>misapplied key indicators to hundreds of thousands of transactions. The

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<v Speaker 2>US Financial Industry Regulatory Authority said that the bank's brokerage

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<v Speaker 2>reported about nine thousand trades late between November twenty fifteen

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<v Speaker 2>and March this year. The transactions involved securitized products, corporate debt,

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<v Speaker 2>and agency debt securities. According to FINRA, The news comes

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<v Speaker 2>after UBS closed its deal to purchase Credit Suite earlier

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<v Speaker 2>this month.

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<v Speaker 1>So as our top stories on the program this morning,

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<v Speaker 1>big focus for markets today is the ECB's Policymaking Forum

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<v Speaker 1>in CenTra in Portugal. We're bringing you Christine Laguard's opening

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<v Speaker 1>address from that event in just under an hour's time

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<v Speaker 1>here on Bloomberg Radio. But we're also today focusing on

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<v Speaker 1>a new forecast from Bloomberg Economics that continued rises by

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<v Speaker 1>the Bank of England will push the UK into recession

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<v Speaker 1>by the end of this year. That's the research from

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<v Speaker 1>Bloomberg Economics, Dan Hansen and Anna Andrada looking at a

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<v Speaker 1>year long recession knocking one percent off GDP for rights

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<v Speaker 1>get to five point seven five percent. We've got David Powell,

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<v Speaker 1>his senior Euro Area economists for Bloomberg Economics, with us

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<v Speaker 1>this morning. Good morning to you, David. Can you take

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<v Speaker 1>us through some of the headlines of this new forecast

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<v Speaker 1>from your colleagues.

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<v Speaker 10>Basically, inflation is proving much stickier in the UK than

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<v Speaker 10>they originally thought it would be, and of course that's

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<v Speaker 10>not unique to the UK. There's a similar story in

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<v Speaker 10>the Euro Area and also in the US. But the

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<v Speaker 10>UK really has the worst inflation problem. If we actually

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<v Speaker 10>just look at current inflation rates in the G seven,

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<v Speaker 10>it's the highest, so higher than the or the US

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<v Speaker 10>but it has the energy shock that Europe had to

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<v Speaker 10>deal with and also a very tight labor market that

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<v Speaker 10>the US had to deal with. But Europe didn't have

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<v Speaker 10>the really tight labor market and the US didn't have

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<v Speaker 10>the energy shock. So the UK is these kind of

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<v Speaker 10>two big shocks pushing up inflation, and of course the

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<v Speaker 10>the the Bank of England is having to tackle that problem.

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<v Speaker 10>That's worse than anywhere else, and it's probably going to

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<v Speaker 10>require more tightening than we originally thought, than the markets

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<v Speaker 10>originally thought, and then indeed the Bank of England originally thought,

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<v Speaker 10>and of course that's going to have a negative impact

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<v Speaker 10>on the economy. I think don't think we should kind

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<v Speaker 10>of exaggerate it though. It's not going to be a long, long,

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<v Speaker 10>deep recession or anything like that if you compare it

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<v Speaker 10>to past recessions in the eighties and nineties, and the

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<v Speaker 10>global financial crisis is a very shallow downturn compared to that.

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<v Speaker 2>Okay, what would you respond to people like Alan Higgins,

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<v Speaker 2>a cio ats, who says, look that even that is

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<v Speaker 2>too pessimistic. Last ye we were very pessimistic about the

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<v Speaker 2>potential for a session in a downtown It didn't really

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<v Speaker 2>happen in the UK at the start of this year.

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<v Speaker 2>What would you say to people who might say that's

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<v Speaker 2>too negative.

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<v Speaker 10>Well, actually, this forecast shows a downturn that is less

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<v Speaker 10>shallow than the economic models would suggest to me if

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<v Speaker 10>we've pushed up the numbers a bit to adjust for that,

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<v Speaker 10>the fact that the economy has turned out to perform

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<v Speaker 10>better than expected all along and has not had a

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<v Speaker 10>reaction as strong as originative expected to the tightening of

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<v Speaker 10>monetary policy.

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<v Speaker 1>Okay, so I mean it's an interesting dilemma that Andrew

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<v Speaker 1>Bailey is facing. Of course, he's joining his colleagues at

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<v Speaker 1>the ECB's Central Banking Forum in CenTra. Where where are

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<v Speaker 1>we expecting then peak rates for the Bank of England

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<v Speaker 1>to land given the kind of gloomy outlook, Yeah.

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<v Speaker 10>We look for a peak at five point seventy five,

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<v Speaker 10>so another seventy five basis points of tightening from where

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<v Speaker 10>we are right now. We probably won't get an update

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<v Speaker 10>on that from Andrew Belly at Centre. It's probably not

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<v Speaker 10>the forum he would try to try to he would

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<v Speaker 10>use to signal any policy changes, but of course the

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<v Speaker 10>ECB may signals signal something about its future. There we've

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<v Speaker 10>already had confirmation from the President of the VCB, Christine Legard,

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<v Speaker 10>at the last meeting that essentially the great hike at

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<v Speaker 10>the next meeting in July is deal. So we know

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<v Speaker 10>that and that will bring interest rates so the deposit

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<v Speaker 10>rate to three point seventy five. But the big debate

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<v Speaker 10>now is September. Christine Laguard said basically nothing about September.

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<v Speaker 10>We've had various members of the Governing Council come out

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<v Speaker 10>in favor of this or that. Primarily it's been the

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<v Speaker 10>hawks speaking, and unsurprisingly they want another twenty five basis

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<v Speaker 10>point increase in September, and we think that we think

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<v Speaker 10>it's going to go that way. In our forecast, we

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<v Speaker 10>have rates peaking at four percent in the Euro Area

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<v Speaker 10>in September, largely because core inflation like the UK, even

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<v Speaker 10>though it's lower than the UK, it is proving to

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<v Speaker 10>be sticky and is likely to remain elevated throughout the

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<v Speaker 10>course of the summer before it shows a more obvious

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<v Speaker 10>decline in the autumn.

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<v Speaker 2>The ECP, though, is still a long way from where

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<v Speaker 2>the FED and where the UK Bank of England is.

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<v Speaker 2>How much pressure do you think there will be versus

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<v Speaker 2>of course, the beaten data that we've had out, for

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<v Speaker 2>example from Germany, which has showed a mark slowdown in

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<v Speaker 2>Germany already.

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<v Speaker 10>Yeah, I think the the well. Obviously, the CB's interest

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<v Speaker 10>rate is lower we just said in the UK it's

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<v Speaker 10>at five percent and we're talking a peak of four

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<v Speaker 10>percent in the euro Zone. But of course different economies

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<v Speaker 10>have different natural rates of interest which there are a

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<v Speaker 10>lot of things that go into calculating that, and probably

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<v Speaker 10>growth is a bit lower on a structural basis in

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<v Speaker 10>the your area than the UK, and therefore the peak

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<v Speaker 10>is likely to be lower in the area than in

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<v Speaker 10>the UK as well as in the US.

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<v Speaker 1>Okay, Devid Hell, thank you so much for joining us

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<v Speaker 1>the details of both that latest forecast for the UK economy,

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<v Speaker 1>but the picture also facing those Eurozone policymakers as they

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<v Speaker 1>gather in Portugal. That's our senior Euro Area Economistrom Bloomberg

0:11:42.760 --> 0:11:44.160
<v Speaker 1>Economics David Powell there.

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<v Speaker 2>Coming up next, putting the I in IMF and Andy's new.

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<v Speaker 4>Toys Now the paper review on blue Bird Daybreak Europe,

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<v Speaker 4>the news you need to know from today's papers, and.

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<v Speaker 1>Bloomberg stays walk up joins usn't udio with a look

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<v Speaker 1>at what's in the papers. James let starts with the Telegraph.

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<v Speaker 1>They've got research from the IMF pointing the finger at

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<v Speaker 1>corporate greed.

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<v Speaker 3>Yes, and this all comes out from CenTra. The ECB

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<v Speaker 3>conference in Portugal, the im presented the sort of lasist

0:12:14.840 --> 0:12:17.040
<v Speaker 3>research looking at inflation there and the big thing is

0:12:17.080 --> 0:12:21.760
<v Speaker 3>in the Eurozone. They say that companies pursuing profits is

0:12:21.800 --> 0:12:26.040
<v Speaker 3>a bigger factor than energy prices were in spiking up

0:12:26.280 --> 0:12:29.760
<v Speaker 3>costs and the rising inflation. And that is fascinating because

0:12:29.920 --> 0:12:32.120
<v Speaker 3>the narrative has long been that the Ukraine War has

0:12:32.160 --> 0:12:35.560
<v Speaker 3>caused large rises and prices, and the IMF don't dispute that,

0:12:35.640 --> 0:12:38.199
<v Speaker 3>but they say it is now a larger factor that

0:12:38.640 --> 0:12:42.080
<v Speaker 3>companies pursuing profit margins. This is the greedflation phenomenon have

0:12:42.200 --> 0:12:43.360
<v Speaker 3>pushed prices higher.

0:12:43.760 --> 0:12:44.040
<v Speaker 4>Now.

0:12:44.480 --> 0:12:46.440
<v Speaker 3>The danger here is not that companies seek profit, this

0:12:46.480 --> 0:12:48.640
<v Speaker 3>isn't what the imfor they are a very capless organization,

0:12:49.000 --> 0:12:53.400
<v Speaker 3>but that now workers will push back for wages in turn.

0:12:54.000 --> 0:12:56.439
<v Speaker 3>And it's fascinating that this in some ways echoes what

0:12:56.559 --> 0:12:59.360
<v Speaker 3>Andrew Bailey has got in such trouble for saying, except

0:12:59.360 --> 0:13:01.920
<v Speaker 3>because the IMF saying, well, companies shouldn't be pursuing profits

0:13:01.920 --> 0:13:03.880
<v Speaker 3>in this way because now the dangers that workers will

0:13:03.920 --> 0:13:07.120
<v Speaker 3>pursue wages and they fear that if in the Eurozone

0:13:07.720 --> 0:13:09.600
<v Speaker 3>pay were to be increase by the five point five

0:13:09.600 --> 0:13:13.719
<v Speaker 3>percent rated needed to get wages back to their pre

0:13:13.800 --> 0:13:16.960
<v Speaker 3>pandemic level by the end of next year, companies share

0:13:16.960 --> 0:13:19.240
<v Speaker 3>of the profits would need to drop to their lowest

0:13:19.320 --> 0:13:21.760
<v Speaker 3>level since the mid nineteen nineties for inflation to return

0:13:21.800 --> 0:13:24.800
<v Speaker 3>to target. So it comes back to someone needs to

0:13:24.800 --> 0:13:28.319
<v Speaker 3>feel the pain. Companies have pushed profits up to the

0:13:28.360 --> 0:13:30.040
<v Speaker 3>telegraph the joins the dots and says there are some

0:13:30.200 --> 0:13:32.640
<v Speaker 3>sales that are up by sixteen percent in some companies

0:13:32.640 --> 0:13:36.160
<v Speaker 3>in the UK. And if they're willing to have these

0:13:36.160 --> 0:13:38.679
<v Speaker 3>exorbitant profits with no sort of risk or no sort

0:13:38.679 --> 0:13:41.280
<v Speaker 3>of losses, say, then it's going to be consumers filling

0:13:41.320 --> 0:13:44.000
<v Speaker 3>the pinch or prolonging inflationory cycles.

0:13:44.080 --> 0:13:44.280
<v Speaker 4>Yeah.

0:13:44.320 --> 0:13:46.000
<v Speaker 2>On the other hand, it's the thing that has driven

0:13:46.520 --> 0:13:49.720
<v Speaker 2>stock markets in Europe, of course, the strength of earnings.

0:13:50.200 --> 0:13:52.280
<v Speaker 2>So yeah, that's tricky if you end up with an

0:13:52.320 --> 0:13:55.079
<v Speaker 2>earnings recession. Andy Heldon has written in an editorial in

0:13:55.120 --> 0:13:59.600
<v Speaker 2>The Financial Times about the industrial revolution the current one.

0:14:00.080 --> 0:14:02.559
<v Speaker 3>So, Karen, what we've got to remember here is everything

0:14:02.600 --> 0:14:05.439
<v Speaker 3>isn't so bad. There's a big, bright future ahead of us.

0:14:05.800 --> 0:14:08.160
<v Speaker 3>And Andy Haldane sees it. He's been writing for years

0:14:08.200 --> 0:14:11.520
<v Speaker 3>about seclis stagnation, this idea that Western economies are in

0:14:11.600 --> 0:14:15.000
<v Speaker 3>this sort of permanent funk where they cannot find investment,

0:14:15.160 --> 0:14:17.640
<v Speaker 3>R and D productive, you cannot get better, and he

0:14:17.760 --> 0:14:22.080
<v Speaker 3>sees real promise in this current new industrial revolution, as

0:14:22.120 --> 0:14:24.880
<v Speaker 3>he terms it, of you are seeing near suring, you

0:14:24.960 --> 0:14:28.880
<v Speaker 3>are seeing military re militarization, you are seeing green technologies.

0:14:28.880 --> 0:14:32.600
<v Speaker 3>And these three races, as he terms them, our driving investment,

0:14:32.680 --> 0:14:35.880
<v Speaker 3>are driving manufacturing, and are driving a reverse of some

0:14:35.920 --> 0:14:38.080
<v Speaker 3>of the trends that he's been worried about for years.

0:14:38.520 --> 0:14:40.680
<v Speaker 3>And he says, you know, he calls it a global

0:14:40.760 --> 0:14:42.800
<v Speaker 3>arms race, but unlike some arms race, is one that

0:14:42.920 --> 0:14:47.240
<v Speaker 3>is actually bringing serious, beneficient benefits to the Western world.

0:14:48.080 --> 0:14:53.080
<v Speaker 2>Yeah, although I mean rearmament, perhaps the one that might

0:14:53.120 --> 0:14:55.800
<v Speaker 2>be seen is quite questionable. I mean green technology is great.

0:14:55.840 --> 0:14:59.400
<v Speaker 2>I mean rearmament a little bit more fraught and perilous.

0:14:59.400 --> 0:15:04.320
<v Speaker 2>But no, what does Haldane doesn't talk about the UK specifically, does.

0:15:04.120 --> 0:15:06.200
<v Speaker 3>He Well, no, so he looks framesus in terms of

0:15:06.240 --> 0:15:08.840
<v Speaker 3>the Western world and the Eastern world and sort of

0:15:08.960 --> 0:15:11.640
<v Speaker 3>the industrial changes that are happening there. And I think

0:15:11.640 --> 0:15:13.400
<v Speaker 3>you point out quite a good thing and that interesting

0:15:13.400 --> 0:15:16.520
<v Speaker 3>thing in that column, and that he frames these races

0:15:16.560 --> 0:15:19.680
<v Speaker 3>reshaping the world economy. He had no point mentions if

0:15:19.720 --> 0:15:22.480
<v Speaker 3>how well the UK is doing in any of those races,

0:15:22.480 --> 0:15:24.360
<v Speaker 3>we could be first place or we could be last place.

0:15:24.440 --> 0:15:26.960
<v Speaker 3>How Dane, as a former central banker's very good at

0:15:27.000 --> 0:15:29.360
<v Speaker 3>keeping his mouth tightly appursed on that one.

0:15:29.480 --> 0:15:30.720
<v Speaker 10>Like interesting.

0:15:30.720 --> 0:15:32.520
<v Speaker 1>Indeed, let's go to the Wall Street Journal next change

0:15:32.520 --> 0:15:33.720
<v Speaker 1>writing about salaries.

0:15:34.040 --> 0:15:36.800
<v Speaker 3>Well, I mean normally people say, if you want to

0:15:36.840 --> 0:15:39.200
<v Speaker 3>be happier, paid more. But the fascetting story in the

0:15:39.240 --> 0:15:40.920
<v Speaker 3>survey that Wall Street Journals written up is that the

0:15:41.000 --> 0:15:43.800
<v Speaker 3>majority of workers feel they're fairly paid, but the top

0:15:43.840 --> 0:15:48.520
<v Speaker 3>of the satisfaction list across all industries are independent workers,

0:15:48.840 --> 0:15:51.680
<v Speaker 3>according to a survey of twenty five hundred American workers.

0:15:52.000 --> 0:15:54.400
<v Speaker 3>So the find suggests that a while getting paid more

0:15:54.400 --> 0:15:56.240
<v Speaker 3>and knowing what your work is important, that sort of

0:15:56.240 --> 0:15:59.440
<v Speaker 3>authority and responsibility and knowing that you're your own boss

0:15:59.600 --> 0:16:02.200
<v Speaker 3>brings up LEVELSS satisfaction that money might not be able

0:16:02.240 --> 0:16:02.600
<v Speaker 3>to buy.

0:16:02.960 --> 0:16:06.560
<v Speaker 2>That's it. So it's not somebody on zero l's contracts.

0:16:06.040 --> 0:16:08.760
<v Speaker 3>Then on aggregate, Yes, although it is important to separate.

0:16:08.800 --> 0:16:11.360
<v Speaker 3>Like you raised the point quite fairly that those on

0:16:11.720 --> 0:16:15.680
<v Speaker 3>PEP companies like Uber, Instacart, door offer poor work editions,

0:16:15.720 --> 0:16:18.200
<v Speaker 3>low pay for their gig workers, and one in five

0:16:18.240 --> 0:16:21.080
<v Speaker 3>gig workers often couldn't afford enough food to eat, the

0:16:21.120 --> 0:16:23.760
<v Speaker 3>same survey found. But that makes it all the more

0:16:23.800 --> 0:16:28.720
<v Speaker 3>fascinating that on aggregate, those independent workers still top the survey.

0:16:28.960 --> 0:16:31.560
<v Speaker 1>This is Bloomberg Daybreak Europe. You're a morning brief on

0:16:31.640 --> 0:16:34.800
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0:17:00.080 --> 0:17:04.600
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0:17:04.520 --> 0:17:05.920
<v Speaker 9>M m

0:17:10.200 --> 0:17:10.680
<v Speaker 8>Mm hmm