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Speaker 1: This is Bloomberg Daybreak here for this Friday, the twentieth

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Speaker 1: of January in London. Coming up this hour heading for

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Speaker 1: higher ground. FED speakers double down on the need for

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Speaker 1: more rate hikes. Sonny uplands, Here we come Davos Bankers

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Speaker 1: of a cautious optimism about the year ahead. More staff needed.

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Speaker 1: UK employers go on a hiring spree in January. Don't

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Speaker 1: expect tax cuts, are super rich, fall out of love

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Speaker 1: with Britain and Labor's Davosh charm offensive. Those other stories

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Speaker 1: we're looking at in today's papers. And I'm Leanne Gern's

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Speaker 1: plus read Hastings season finale. The Netflix CEO announces that

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Speaker 1: he's stepping down from the top job. That's all straight

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Speaker 1: ahead on Bloomberg Daybreak Europe on DAB Digital Radio London,

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Speaker 1: Bloomberg eleven three oh New York, Bloomberg Washington, d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine six, San Francisco,

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Speaker 1: cyrus XM Channel one nine Team and around the world

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Speaker 1: on Bloomberg Radio dot Com and var the Bloomberg Business

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Speaker 1: At good Morning. I'm Stephen Carroll and I'm Caroline Hick.

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Speaker 1: Here all the stories that we're following today. The FAD

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Speaker 1: needs to continue raising rates if it wants to get

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Speaker 1: inflation onto a sustainable path. That's the view of two

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Speaker 1: of the bank's top decision makers, who say price rise

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Speaker 1: data is still coming in too hot. Federal Reserve Vice

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Speaker 1: Chair Laole Brainard says more work is needed as we

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Speaker 1: move the policy rate closer to what we call a

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Speaker 1: sufficiently restrictive level, taking into account the risks around both

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Speaker 1: our employment and inflation balls in parallel the balanty of

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Speaker 1: continuing to run off. That said, inflation remains by and

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Speaker 1: policy is going to need to remain sufficiently restrictive for

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Speaker 1: some times and make sure it gets down to superson

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Speaker 1: on a sustained basis. He little. Bernard's view was supported

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Speaker 1: by the New York Fed President John Williams, who said

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Speaker 1: officials have yet to complete their aggressive tightening campaign. While

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Speaker 1: both policymakers notably chose not to take a view on

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Speaker 1: where rates will peak, bond traders are increasingly betting the

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Speaker 1: Fed will stop short of five Inflation in Japan has

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Speaker 1: hit the highest level in more than four decades, adding

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Speaker 1: to the pressure on the Bank of Japan. Consumer prices

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Speaker 1: excluding fresh food rose four percent in December year on

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Speaker 1: year as energy costs rose sharply. The data was in

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Speaker 1: line with expectations and comes just days after the boj

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Speaker 1: said that it would keep its yield curve control in place.

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Speaker 1: The central Bank now owns over half of all Japanese

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Speaker 1: government bombs. On the final day of the World Economic

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Speaker 1: Forum DAVAS, attendees say they are hopeful of a mild

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Speaker 1: recession this year. The positive tone reflects the surprising strength

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Speaker 1: of bank earnings and consumer resilience. Morgan Stanley CEO James

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Speaker 1: Gorman summed up the optimism. There's clear evidence inflation has

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Speaker 1: in fact Peekedner is coming down. Right How quickly when

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Speaker 1: the Fed will get us to two percent and win

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Speaker 1: remains the debate, but it's clear the slope of the

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Speaker 1: line as positive is to everybody's favorite. And the second

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Speaker 1: is not just the opening up of China, but China

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Speaker 1: has embraced the rest of the world more aggressively in

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Speaker 1: the last few weeks, witnessed by the Vice Premier meeting

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Speaker 1: with Treasure Secretary yelling but economists and we're damn beast

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Speaker 1: than finance executives like Gorman. The i m F managing

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Speaker 1: director Chrystlina Georgieva warned Davos elites are sleepwalking into crisis

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Speaker 1: as the Fund prepares to revise its global growth forecast

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Speaker 1: and will have more from javas from Bloomberg's Francy Laquais

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Speaker 1: in just a moment here In the UK, employers have

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Speaker 1: gone on a hiring spree. According to the Recruitment and

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Speaker 1: Employment Confederation, one hundred and eighty thousand new job vacancies

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Speaker 1: were added just in early twenty three. The data comes

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Speaker 1: as the Business Secretary, Grant Shaps, visited Davos to make

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Speaker 1: the case for UK investment. Here's what he told Bloomberg's

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Speaker 1: editor at large, Fancy Laquax. In the UK, we have

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Speaker 1: four of the ten best universities in the world, so

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Speaker 1: we have a lot of the science and technology in

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Speaker 1: glat Green Tech. We are open for business and we

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Speaker 1: want to scale up Britain. The Business Secretary may be

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Speaker 1: optimistic about the outlook for the UK, but consumers are

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Speaker 1: less so. Research firm JFK said that it's measure of

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Speaker 1: consumer sentiment fell three points to minus forty five this month,

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Speaker 1: the first decline in four months. Incorporate News, Netflix CEO

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Speaker 1: read Hastings is stepping aside after two decades at the

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Speaker 1: top of the firm he founded. Hastings is handing the

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Speaker 1: reins to deputies Ted Surrounders and Greg Peter's, but will

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Speaker 1: remain as executive chairman, TV Executive and Hang CEO. John

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Speaker 1: Klein says the road ahead looks bumpy. It's very, very

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Speaker 1: difficult for established incumbents to change a culture. But it

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Speaker 1: can be done, but it's a big mission. It's a

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Speaker 1: little harder to do with three people at the top,

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Speaker 1: which is what Netflix now has. John Klein was speaking

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Speaker 1: to Bloomberg after the streaming giant reported almost seven point

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Speaker 1: seven milli and the subscribers in its latest quarter, well

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Speaker 1: ahead of analyst expectations. Netflix says the decision to offer

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Speaker 1: a cheaper AD supported package has helped to boost growth,

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Speaker 1: and JP Morgan's Jamie Diamond says that working from home

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Speaker 1: is no good for younger staff or bosses. More on

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Speaker 1: that story now from Bloomberg's Charlie Pellet. It is the

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Speaker 1: Wall Street Titans latest salvo against remote work. In an

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Speaker 1: interview from the World Economic Forum in Dubos on CNBC,

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Speaker 1: the JP Morgan CEO said, quote it doesn't work for

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Speaker 1: young kids, or spontaneity or management. His comments come amid

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Speaker 1: an industry wide slowdown in finance and increasing signs of

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Speaker 1: a recession, which has pushed big banks to slash bonuses,

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Speaker 1: cut jobs, and pause hiring in New York. Charlie Pellet

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Speaker 1: Bloomberg Daybreak Europe. So those are top stories this morning.

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Speaker 1: I can't help but think if Jamie Diamond is talking

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Speaker 1: about people not working from home, what he'd make of

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Speaker 1: the latest days that we've had from Bear Room they're

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Speaker 1: renting website, website in London, saying that more people are

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Speaker 1: actually trying to rent out their spare rooms to try

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Speaker 1: and make ends meet, which might mean an end to

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Speaker 1: their home offer space as well. If they're trying to

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Speaker 1: kind of look at their soaring bills in January and

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Speaker 1: trying to see how they can make and look at it.

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Speaker 1: It's a really it's a real issue. You know, I

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Speaker 1: kind of been the only person on Zoom watching people,

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Speaker 1: you know, having to work from very very tight accommodation,

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Speaker 1: and yet do you have to balance with whether you

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Speaker 1: can easily get to work. Interesting the r m T

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Speaker 1: when it comes to all the strike action on trains,

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Speaker 1: they have now seen a best and final offer apparently,

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Speaker 1: so for train drivers is going to be five percent

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Speaker 1: backdated pay rise for two and then another four percent

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Speaker 1: this year. The r m T Union says that they're

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Speaker 1: going to have a think about it. Okay, well, well

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Speaker 1: they're thinking about that coming up next. Don't expect tax cuts,

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Speaker 1: the super rich fallout of love with Britain and labor

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Speaker 1: Labor is Davos charm offensive. Now for review on Blue

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Speaker 1: Birthday Break Europe. The news you need to know from

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Speaker 1: today's papers. So joining us this morning, Bluem Beggs and

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Speaker 1: Anne Garran's. Let's begin with the Financial Times. It has

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Speaker 1: the headline Jeremy Hunt wants not to expect tax cuts

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Speaker 1: in the March budget. Yes, indeed, Caroline, good morning to you.

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Speaker 1: So some Conservatives want to start reducing taxes right now,

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Speaker 1: but the chancellors told those MPs that it would actually

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Speaker 1: be irresponsible to do so in as March budget. And

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Speaker 1: this is at a time when inflation is so high.

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Speaker 1: The newspaper says. Jeremy Hunt hopes that by the next

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Speaker 1: year inflation will be coming under control, which will allow

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Speaker 1: a pre election giveaway, which is actually expected in autumn However,

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Speaker 1: Tory strategists have also told the newspaper that a path

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Speaker 1: to victory in the next general election is steep and narrow.

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Speaker 1: Hang on a second, Bloomberg's Joe mays As report did

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Speaker 1: that Richie soon I told people up in Morecombe that

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Speaker 1: he wants to cut their tax Yeah, that's absolutely true.

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Speaker 1: So he was up in Walcomb yesterday and this was

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Speaker 1: for the leveling up agenda that the Prime Minister was

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Speaker 1: dashing out cash for and the ft also, says Tory

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Speaker 1: strategist say the party will aim to show voters the

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Speaker 1: economy has turned a corner and that brighter times do

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Speaker 1: lie ahead. And Richie soonac did make it clear he

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Speaker 1: wants to cut taxes, but just not right now, okay.

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Speaker 1: The Times meanwhile says the super rich falling out of

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Speaker 1: love with Britain. Oh this is sad, isn't it. This

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Speaker 1: is not what we like to hear. Yes, a little

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Speaker 1: bit less people, you know, living here. But the latest

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Speaker 1: exodus continues. And this is really a trend that did

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Speaker 1: begin after the Brexit vote in twenty sixteen, when thousands

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Speaker 1: of millionaires left to the UK. Dozens of really well

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Speaker 1: paid bankers were forced by the employees to relocate around Europe.

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Speaker 1: And according to data from Henley in Part, there's a

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Speaker 1: further one thousand, four hundred high net worth individuals defined

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Speaker 1: as those with wealth in the excess of one million

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Speaker 1: dollars and left to Britain. But really the hangover from

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Speaker 1: the Brexit vote, okay, and perhaps no surprise and the

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Speaker 1: EBA data that we had out yesterday showed almost two

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Speaker 1: thousand million euro bankers over in Europe just this year.

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Speaker 1: So yeah, it's close to two thousand of those super

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Speaker 1: well paid and now in Europe. But if these very

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Speaker 1: wealthy individuals don't like Britain, where are they going? Well,

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Speaker 1: they're going to greener pastures maybe, And these globe trotting

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Speaker 1: millionaires have been tempted to go to places like the

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Speaker 1: Middle Eastern Asia instead of coming back here to the UK.

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Speaker 1: Maybe sunnier climates. It's the weather, definitely, alrightly. And in

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Speaker 1: the Guardian the headline is Kiir Starma and Rachel Reeves

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Speaker 1: full of vacuum in Davos charm offensive, yes exactly. And

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Speaker 1: Kia Starma and Rachel Reeves have taken advantage of the

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Speaker 1: absence of a Rishi suonak in his Chancellor Jeremy Hand

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Speaker 1: at the World Economic Forum in Davos, and according to

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Speaker 1: the newspaper, Labor's top team were there to show the

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Speaker 1: world the party is back to the political middle ground

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Speaker 1: and is a pro business party. The Prime Minister may

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Speaker 1: have been missing, but Grant Chaps was there talking about

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Speaker 1: his plans to scale up Britain over a lunch. You

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Speaker 1: know what. The lunch was very healthy, grilled vegetables and

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Speaker 1: roast chicken breast chefs. So the UK government had growth strategy.

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Speaker 1: I think that almost meets your standards for foods. Yes,

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Speaker 1: he'll just take out the chicken. But there we are.

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Speaker 1: Apparently he had a lunch, very healthy lunch. But listen,

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Speaker 1: this is really red versus blue, and it seems like

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Speaker 1: the charm offensive for Keir Starman Rachel Reeves went the

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Speaker 1: way they wanted it to. Okay, really good, Thank you

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Speaker 1: so much, Leon, Go and there for our review of

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Speaker 1: the newspaper as well. Of course, speaking of Davos, where

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Speaker 1: else should we go But to Bloomberg's anchor and editor

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Speaker 1: at large, Francie Lackwad, the world's elite have flocked back

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Speaker 1: to Davils this week. This is the final day there'll

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Speaker 1: be a panel with the RMF Managing director Chrislina Georgiava,

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Speaker 1: the ECB President Christine Lagarde, and the French Finance Minister

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Speaker 1: Bruno Lamaire. But there has been some grumbling about who

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Speaker 1: did not attend the World Economic Forum. So Francine Lackwise

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Speaker 1: joins us. Now, really good to have you on the

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Speaker 1: show this morning. Fran We knew, good morning. We knew

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Speaker 1: there weren't going to be any Russian or Chinese billionaires,

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Speaker 1: but the surprise perhaps was the absent Americans. In fact,

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Speaker 1: if you look at the chief seven leaders in general, Caroline,

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Speaker 1: there was less room for a feel good public appearances

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Speaker 1: and so there was only one seven leader and that

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Speaker 1: was all of shots. I think the reason you come

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Speaker 1: from Davos or two Davas a big speech. Either you're

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Speaker 1: optimistic about the world or you have a very strong message,

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Speaker 1: and we're kind of in this limbo. So if you

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Speaker 1: look at who we've had in the past, we had

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Speaker 1: that huge, huge speech from the President she of China

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Speaker 1: about five years ago saying that they wanted to open

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Speaker 1: up in the world. We didn't have, of course, Donald

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Speaker 1: Trump in many years asking for business. Um for you

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Speaker 1: know to come to the US. This time, we didn't

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Speaker 1: really have anyone huge from the U. S elegation, So

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Speaker 1: we didn't have the President Joe Biden, we didn't have

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Speaker 1: the Vice president, who didn't even have the Secretary of

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Speaker 1: State Anthony Blinkett. And what was it a little bit

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Speaker 1: strange is actually there was Janet Yellett, but she was

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Speaker 1: in Switzerland to meet with the Vice Premier of China,

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Speaker 1: not in Davos. And then but they decided to meet

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Speaker 1: in euro so the vice president of China was here

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Speaker 1: and then he drove two hours to Urik to meet

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Speaker 1: away to charge herself before she flew to Africa. So

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Speaker 1: it's a little bit of a strange Devils. I think

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Speaker 1: a lot of people are back that wanted to deal,

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Speaker 1: but you were missing the kind of headline. You know,

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Speaker 1: the Prime minister that you try and usually doorstep for

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Speaker 1: the president that you want to try and speak to him.

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Speaker 1: I remember again chasing the Iranian president years ago. They

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Speaker 1: haven't come for a long time, So maybe devils just

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Speaker 1: changing a little bit. Front sine. Now we know that

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Speaker 1: anyone who's anyone a Davos speaks to you. So among

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Speaker 1: the interviews you've had this week, Who's who has done

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Speaker 1: out for you? So we've spoken, Um, it's even two

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Speaker 1: three soevern wealth funds. I think the total they have

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Speaker 1: like two trillion assets under management. It was interesting to

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Speaker 1: hear them talk about optimated, which I think it's probably true.

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Speaker 1: Rife and Davos. Everyone is talking about the procession possibly

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Speaker 1: being avoided reaching peak inflation because of China reopening, but

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Speaker 1: also because markets have been up in the last two weeks.

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Speaker 1: And if you look at it from a legal perspective,

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Speaker 1: these were the same people that were really read down

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Speaker 1: beat about three you know, if it was three four

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Speaker 1: weeks ago. Even so, there has been a turning points

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Speaker 1: at the start of the year, and I was really

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Speaker 1: interested speaking to the Southern wealth funds. They had a

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Speaker 1: bit more of a those reality because they have to

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Speaker 1: allocate capitals. So I really really enjoyed a lot of

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Speaker 1: her interviews with that. We spoke to the Norwegians over

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Speaker 1: wealth fund we spoke to the q I A and

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Speaker 1: then look, a lot of the focus were was Wall Street.

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Speaker 1: We had all of the Titans dropped by the studio

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Speaker 1: and we spoke to them about bonuses and compensation, and

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Speaker 1: then of course let's not forget Ukraine. We had the

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Speaker 1: Polish prime minister, we had the Ukraine and Cortany minister.

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Speaker 1: And it always stops in your track. I know we

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Speaker 1: cover it day out, but when you have someone physically

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Speaker 1: pregnant with you talking about some of the hearts up

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Speaker 1: on the ground, it's um. You know, it's not something

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Speaker 1: that that you forget very easy. Now. Absolutely it does

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Speaker 1: around that point home that there is a war on

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Speaker 1: the European continent ongoing. Um. Look, just briefly, you mentioned

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Speaker 1: the Guitar Investment Authority. You spoke to the CEO. I mean,

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Speaker 1: is there much has been made of the pivot to

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Speaker 1: the Middle East, emerging markets, a booming region, a booming region,

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Speaker 1: and the ready to deals. So we had tried to,

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Speaker 1: you know, speak to the q i AM almost all

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Speaker 1: year and they really do only like speaking that partly

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Speaker 1: because maybe he's morel arxed. It's on a world stage

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Speaker 1: and he wants to also speak to the companies that failed,

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Speaker 1: and I have to say a lot of the company's

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Speaker 1: owned by the q I A show up also meet

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Speaker 1: with him here and Davos. The other story that really

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Speaker 1: surpresates football. You know, let's Let's remember there was all this,

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Speaker 1: there's like the shop parade and I have a couple

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Speaker 1: of people from the news room. Let's say, oh, can

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Speaker 1: you get me a T shirt of Monte Trash for

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Speaker 1: this was Mancester United. But it's not that kind of shop.

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Speaker 1: You don't go in as by merchandise. This is the shop.

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Speaker 1: But basically they're speaking to investors and this is a

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Speaker 1: week where not only the you know, were the rumors

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Speaker 1: that they would you know, that they could sell at stake,

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Speaker 1: but also that it was the first bit of the

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Speaker 1: jim wrap. But that came on. So I asked QUI,

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Speaker 1: do you want to buy football? And he lost nervously

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Speaker 1: and he said, of what, we're first looking at everything,

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Speaker 1: but you know, the Premier League, there's nothing really quite

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Speaker 1: like it. We also spoke to the track to the

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Speaker 1: business secture of being a k and I said, look,

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Speaker 1: is the Primari League really all for sale? And he

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Speaker 1: also laughed and said, look were open for business. This

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Speaker 1: is Bloomberg Daybreak Europe, your morning if on the stories

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