WEBVTT - Daybreak Europe: January 20, 2023

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<v Speaker 1>This is Bloomberg Daybreak here for this Friday, the twentieth

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<v Speaker 1>of January in London. Coming up this hour heading for

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<v Speaker 1>higher ground. FED speakers double down on the need for

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<v Speaker 1>more rate hikes. Sonny uplands, Here we come Davos Bankers

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<v Speaker 1>of a cautious optimism about the year ahead. More staff needed.

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<v Speaker 1>UK employers go on a hiring spree in January. Don't

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<v Speaker 1>expect tax cuts, are super rich, fall out of love

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<v Speaker 1>with Britain and Labor's Davosh charm offensive. Those other stories

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

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<v Speaker 1>plus read Hastings season finale. The Netflix CEO announces that

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<v Speaker 1>he's stepping down from the top job. That's all straight

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<v Speaker 1>ahead on Bloomberg Daybreak Europe on DAB Digital Radio London,

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<v Speaker 1>Bloomberg eleven three oh New York, Bloomberg Washington, d C,

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<v Speaker 1>Bloomberg one oh six one, Boston, Bloomberg nine six, San Francisco,

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<v Speaker 1>cyrus XM Channel one nine Team and around the world

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<v Speaker 1>on Bloomberg Radio dot Com and var the Bloomberg Business

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<v Speaker 1>At good Morning. I'm Stephen Carroll and I'm Caroline Hick.

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<v Speaker 1>Here all the stories that we're following today. The FAD

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<v Speaker 1>needs to continue raising rates if it wants to get

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<v Speaker 1>inflation onto a sustainable path. That's the view of two

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<v Speaker 1>of the bank's top decision makers, who say price rise

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<v Speaker 1>data is still coming in too hot. Federal Reserve Vice

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<v Speaker 1>Chair Laole Brainard says more work is needed as we

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<v Speaker 1>move the policy rate closer to what we call a

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<v Speaker 1>sufficiently restrictive level, taking into account the risks around both

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<v Speaker 1>our employment and inflation balls in parallel the balanty of

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<v Speaker 1>continuing to run off. That said, inflation remains by and

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<v Speaker 1>policy is going to need to remain sufficiently restrictive for

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<v Speaker 1>some times and make sure it gets down to superson

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<v Speaker 1>on a sustained basis. He little. Bernard's view was supported

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<v Speaker 1>by the New York Fed President John Williams, who said

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<v Speaker 1>officials have yet to complete their aggressive tightening campaign. While

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<v Speaker 1>both policymakers notably chose not to take a view on

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<v Speaker 1>where rates will peak, bond traders are increasingly betting the

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<v Speaker 1>Fed will stop short of five Inflation in Japan has

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<v Speaker 1>hit the highest level in more than four decades, adding

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<v Speaker 1>to the pressure on the Bank of Japan. Consumer prices

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<v Speaker 1>excluding fresh food rose four percent in December year on

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<v Speaker 1>year as energy costs rose sharply. The data was in

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<v Speaker 1>line with expectations and comes just days after the boj

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<v Speaker 1>said that it would keep its yield curve control in place.

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<v Speaker 1>The central Bank now owns over half of all Japanese

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<v Speaker 1>government bombs. On the final day of the World Economic

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<v Speaker 1>Forum DAVAS, attendees say they are hopeful of a mild

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<v Speaker 1>recession this year. The positive tone reflects the surprising strength

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<v Speaker 1>of bank earnings and consumer resilience. Morgan Stanley CEO James

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<v Speaker 1>Gorman summed up the optimism. There's clear evidence inflation has

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<v Speaker 1>in fact Peekedner is coming down. Right How quickly when

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<v Speaker 1>the Fed will get us to two percent and win

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<v Speaker 1>remains the debate, but it's clear the slope of the

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<v Speaker 1>line as positive is to everybody's favorite. And the second

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<v Speaker 1>is not just the opening up of China, but China

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<v Speaker 1>has embraced the rest of the world more aggressively in

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<v Speaker 1>the last few weeks, witnessed by the Vice Premier meeting

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<v Speaker 1>with Treasure Secretary yelling but economists and we're damn beast

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<v Speaker 1>than finance executives like Gorman. The i m F managing

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<v Speaker 1>director Chrystlina Georgieva warned Davos elites are sleepwalking into crisis

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<v Speaker 1>as the Fund prepares to revise its global growth forecast

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<v Speaker 1>and will have more from javas from Bloomberg's Francy Laquais

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<v Speaker 1>in just a moment here In the UK, employers have

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<v Speaker 1>gone on a hiring spree. According to the Recruitment and

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<v Speaker 1>Employment Confederation, one hundred and eighty thousand new job vacancies

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<v Speaker 1>were added just in early twenty three. The data comes

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<v Speaker 1>as the Business Secretary, Grant Shaps, visited Davos to make

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<v Speaker 1>the case for UK investment. Here's what he told Bloomberg's

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<v Speaker 1>editor at large, Fancy Laquax. In the UK, we have

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<v Speaker 1>four of the ten best universities in the world, so

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<v Speaker 1>we have a lot of the science and technology in

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<v Speaker 1>glat Green Tech. We are open for business and we

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<v Speaker 1>want to scale up Britain. The Business Secretary may be

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<v Speaker 1>optimistic about the outlook for the UK, but consumers are

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<v Speaker 1>less so. Research firm JFK said that it's measure of

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<v Speaker 1>consumer sentiment fell three points to minus forty five this month,

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<v Speaker 1>the first decline in four months. Incorporate News, Netflix CEO

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<v Speaker 1>read Hastings is stepping aside after two decades at the

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<v Speaker 1>top of the firm he founded. Hastings is handing the

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<v Speaker 1>reins to deputies Ted Surrounders and Greg Peter's, but will

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<v Speaker 1>remain as executive chairman, TV Executive and Hang CEO. John

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<v Speaker 1>Klein says the road ahead looks bumpy. It's very, very

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<v Speaker 1>difficult for established incumbents to change a culture. But it

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<v Speaker 1>can be done, but it's a big mission. It's a

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<v Speaker 1>little harder to do with three people at the top,

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<v Speaker 1>which is what Netflix now has. John Klein was speaking

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<v Speaker 1>to Bloomberg after the streaming giant reported almost seven point

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<v Speaker 1>seven milli and the subscribers in its latest quarter, well

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<v Speaker 1>ahead of analyst expectations. Netflix says the decision to offer

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<v Speaker 1>a cheaper AD supported package has helped to boost growth,

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<v Speaker 1>and JP Morgan's Jamie Diamond says that working from home

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<v Speaker 1>is no good for younger staff or bosses. More on

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<v Speaker 1>that story now from Bloomberg's Charlie Pellet. It is the

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<v Speaker 1>Wall Street Titans latest salvo against remote work. In an

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<v Speaker 1>interview from the World Economic Forum in Dubos on CNBC,

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<v Speaker 1>the JP Morgan CEO said, quote it doesn't work for

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<v Speaker 1>young kids, or spontaneity or management. His comments come amid

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<v Speaker 1>an industry wide slowdown in finance and increasing signs of

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<v Speaker 1>a recession, which has pushed big banks to slash bonuses,

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<v Speaker 1>cut jobs, and pause hiring in New York. Charlie Pellet

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<v Speaker 1>Bloomberg Daybreak Europe. So those are top stories this morning.

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<v Speaker 1>I can't help but think if Jamie Diamond is talking

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<v Speaker 1>about people not working from home, what he'd make of

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<v Speaker 1>the latest days that we've had from Bear Room they're

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<v Speaker 1>renting website, website in London, saying that more people are

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<v Speaker 1>actually trying to rent out their spare rooms to try

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<v Speaker 1>and make ends meet, which might mean an end to

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<v Speaker 1>their home offer space as well. If they're trying to

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<v Speaker 1>kind of look at their soaring bills in January and

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<v Speaker 1>trying to see how they can make and look at it.

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<v Speaker 1>It's a really it's a real issue. You know, I

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<v Speaker 1>kind of been the only person on Zoom watching people,

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<v Speaker 1>you know, having to work from very very tight accommodation,

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<v Speaker 1>and yet do you have to balance with whether you

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<v Speaker 1>can easily get to work. Interesting the r m T

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<v Speaker 1>when it comes to all the strike action on trains,

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<v Speaker 1>they have now seen a best and final offer apparently,

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<v Speaker 1>so for train drivers is going to be five percent

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<v Speaker 1>backdated pay rise for two and then another four percent

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<v Speaker 1>this year. The r m T Union says that they're

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<v Speaker 1>going to have a think about it. Okay, well, well

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

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<v Speaker 1>the super rich fallout of love with Britain and labor

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<v Speaker 1>Labor is Davos charm offensive. Now for review on Blue

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<v Speaker 1>Birthday Break Europe. The news you need to know from

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

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<v Speaker 1>Anne Garran's. Let's begin with the Financial Times. It has

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<v Speaker 1>the headline Jeremy Hunt wants not to expect tax cuts

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<v Speaker 1>in the March budget. Yes, indeed, Caroline, good morning to you.

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<v Speaker 1>So some Conservatives want to start reducing taxes right now,

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<v Speaker 1>but the chancellors told those MPs that it would actually

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<v Speaker 1>be irresponsible to do so in as March budget. And

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<v Speaker 1>this is at a time when inflation is so high.

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<v Speaker 1>The newspaper says. Jeremy Hunt hopes that by the next

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<v Speaker 1>year inflation will be coming under control, which will allow

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<v Speaker 1>a pre election giveaway, which is actually expected in autumn However,

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<v Speaker 1>Tory strategists have also told the newspaper that a path

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<v Speaker 1>to victory in the next general election is steep and narrow.

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<v Speaker 1>Hang on a second, Bloomberg's Joe mays As report did

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<v Speaker 1>that Richie soon I told people up in Morecombe that

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

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<v Speaker 1>So he was up in Walcomb yesterday and this was

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<v Speaker 1>for the leveling up agenda that the Prime Minister was

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<v Speaker 1>dashing out cash for and the ft also, says Tory

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<v Speaker 1>strategist say the party will aim to show voters the

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<v Speaker 1>economy has turned a corner and that brighter times do

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<v Speaker 1>lie ahead. And Richie soonac did make it clear he

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<v Speaker 1>wants to cut taxes, but just not right now, okay.

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<v Speaker 1>The Times meanwhile says the super rich falling out of

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

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<v Speaker 1>is not what we like to hear. Yes, a little

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<v Speaker 1>bit less people, you know, living here. But the latest

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<v Speaker 1>exodus continues. And this is really a trend that did

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<v Speaker 1>begin after the Brexit vote in twenty sixteen, when thousands

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<v Speaker 1>of millionaires left to the UK. Dozens of really well

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<v Speaker 1>paid bankers were forced by the employees to relocate around Europe.

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<v Speaker 1>And according to data from Henley in Part, there's a

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<v Speaker 1>further one thousand, four hundred high net worth individuals defined

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<v Speaker 1>as those with wealth in the excess of one million

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<v Speaker 1>dollars and left to Britain. But really the hangover from

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<v Speaker 1>the Brexit vote, okay, and perhaps no surprise and the

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<v Speaker 1>EBA data that we had out yesterday showed almost two

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<v Speaker 1>thousand million euro bankers over in Europe just this year.

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<v Speaker 1>So yeah, it's close to two thousand of those super

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<v Speaker 1>well paid and now in Europe. But if these very

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

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<v Speaker 1>they're going to greener pastures maybe, And these globe trotting

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<v Speaker 1>millionaires have been tempted to go to places like the

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<v Speaker 1>Middle Eastern Asia instead of coming back here to the UK.

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

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<v Speaker 1>the Guardian the headline is Kiir Starma and Rachel Reeves

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<v Speaker 1>full of vacuum in Davos charm offensive, yes exactly. And

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<v Speaker 1>Kia Starma and Rachel Reeves have taken advantage of the

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<v Speaker 1>absence of a Rishi suonak in his Chancellor Jeremy Hand

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<v Speaker 1>at the World Economic Forum in Davos, and according to

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<v Speaker 1>the newspaper, Labor's top team were there to show the

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<v Speaker 1>world the party is back to the political middle ground

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<v Speaker 1>and is a pro business party. The Prime Minister may

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<v Speaker 1>have been missing, but Grant Chaps was there talking about

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<v Speaker 1>his plans to scale up Britain over a lunch. You

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<v Speaker 1>know what. The lunch was very healthy, grilled vegetables and

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<v Speaker 1>roast chicken breast chefs. So the UK government had growth strategy.

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<v Speaker 1>I think that almost meets your standards for foods. Yes,

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<v Speaker 1>he'll just take out the chicken. But there we are.

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<v Speaker 1>Apparently he had a lunch, very healthy lunch. But listen,

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<v Speaker 1>this is really red versus blue, and it seems like

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<v Speaker 1>the charm offensive for Keir Starman Rachel Reeves went the

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<v Speaker 1>way they wanted it to. Okay, really good, Thank you

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<v Speaker 1>so much, Leon, Go and there for our review of

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<v Speaker 1>the newspaper as well. Of course, speaking of Davos, where

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<v Speaker 1>else should we go But to Bloomberg's anchor and editor

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<v Speaker 1>at large, Francie Lackwad, the world's elite have flocked back

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<v Speaker 1>to Davils this week. This is the final day there'll

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<v Speaker 1>be a panel with the RMF Managing director Chrislina Georgiava,

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<v Speaker 1>the ECB President Christine Lagarde, and the French Finance Minister

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<v Speaker 1>Bruno Lamaire. But there has been some grumbling about who

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<v Speaker 1>did not attend the World Economic Forum. So Francine Lackwise

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<v Speaker 1>joins us. Now, really good to have you on the

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<v Speaker 1>show this morning. Fran We knew, good morning. We knew

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<v Speaker 1>there weren't going to be any Russian or Chinese billionaires,

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<v Speaker 1>but the surprise perhaps was the absent Americans. In fact,

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<v Speaker 1>if you look at the chief seven leaders in general, Caroline,

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<v Speaker 1>there was less room for a feel good public appearances

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<v Speaker 1>and so there was only one seven leader and that

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<v Speaker 1>was all of shots. I think the reason you come

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<v Speaker 1>from Davos or two Davas a big speech. Either you're

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<v Speaker 1>optimistic about the world or you have a very strong message,

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<v Speaker 1>and we're kind of in this limbo. So if you

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<v Speaker 1>look at who we've had in the past, we had

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<v Speaker 1>that huge, huge speech from the President she of China

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<v Speaker 1>about five years ago saying that they wanted to open

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

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<v Speaker 1>Trump in many years asking for business. Um for you

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<v Speaker 1>know to come to the US. This time, we didn't

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<v Speaker 1>really have anyone huge from the U. S elegation, So

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<v Speaker 1>we didn't have the President Joe Biden, we didn't have

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<v Speaker 1>the Vice president, who didn't even have the Secretary of

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<v Speaker 1>State Anthony Blinkett. And what was it a little bit

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<v Speaker 1>strange is actually there was Janet Yellett, but she was

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<v Speaker 1>in Switzerland to meet with the Vice Premier of China,

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<v Speaker 1>not in Davos. And then but they decided to meet

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<v Speaker 1>in euro so the vice president of China was here

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<v Speaker 1>and then he drove two hours to Urik to meet

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<v Speaker 1>away to charge herself before she flew to Africa. So

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<v Speaker 1>it's a little bit of a strange Devils. I think

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<v Speaker 1>a lot of people are back that wanted to deal,

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<v Speaker 1>but you were missing the kind of headline. You know,

0:12:47.920 --> 0:12:51.240
<v Speaker 1>the Prime minister that you try and usually doorstep for

0:12:51.440 --> 0:12:53.040
<v Speaker 1>the president that you want to try and speak to him.

0:12:53.080 --> 0:12:57.079
<v Speaker 1>I remember again chasing the Iranian president years ago. They

0:12:57.120 --> 0:12:59.880
<v Speaker 1>haven't come for a long time, So maybe devils just

0:13:00.040 --> 0:13:02.720
<v Speaker 1>changing a little bit. Front sine. Now we know that

0:13:02.760 --> 0:13:05.480
<v Speaker 1>anyone who's anyone a Davos speaks to you. So among

0:13:05.520 --> 0:13:07.960
<v Speaker 1>the interviews you've had this week, Who's who has done

0:13:07.960 --> 0:13:12.000
<v Speaker 1>out for you? So we've spoken, Um, it's even two

0:13:12.080 --> 0:13:14.240
<v Speaker 1>three soevern wealth funds. I think the total they have

0:13:14.360 --> 0:13:18.320
<v Speaker 1>like two trillion assets under management. It was interesting to

0:13:18.360 --> 0:13:22.480
<v Speaker 1>hear them talk about optimated, which I think it's probably true.

0:13:22.520 --> 0:13:26.360
<v Speaker 1>Rife and Davos. Everyone is talking about the procession possibly

0:13:26.400 --> 0:13:31.000
<v Speaker 1>being avoided reaching peak inflation because of China reopening, but

0:13:31.120 --> 0:13:34.000
<v Speaker 1>also because markets have been up in the last two weeks.

0:13:34.000 --> 0:13:36.720
<v Speaker 1>And if you look at it from a legal perspective,

0:13:37.120 --> 0:13:39.160
<v Speaker 1>these were the same people that were really read down

0:13:39.240 --> 0:13:42.280
<v Speaker 1>beat about three you know, if it was three four

0:13:42.400 --> 0:13:44.600
<v Speaker 1>weeks ago. Even so, there has been a turning points

0:13:44.600 --> 0:13:46.280
<v Speaker 1>at the start of the year, and I was really

0:13:46.280 --> 0:13:48.520
<v Speaker 1>interested speaking to the Southern wealth funds. They had a

0:13:48.520 --> 0:13:50.280
<v Speaker 1>bit more of a those reality because they have to

0:13:50.320 --> 0:13:53.960
<v Speaker 1>allocate capitals. So I really really enjoyed a lot of

0:13:53.960 --> 0:13:56.000
<v Speaker 1>her interviews with that. We spoke to the Norwegians over

0:13:56.120 --> 0:13:58.240
<v Speaker 1>wealth fund we spoke to the q I A and

0:13:58.280 --> 0:14:01.240
<v Speaker 1>then look, a lot of the focus were was Wall Street.

0:14:01.280 --> 0:14:03.440
<v Speaker 1>We had all of the Titans dropped by the studio

0:14:03.480 --> 0:14:06.240
<v Speaker 1>and we spoke to them about bonuses and compensation, and

0:14:06.280 --> 0:14:08.880
<v Speaker 1>then of course let's not forget Ukraine. We had the

0:14:08.880 --> 0:14:12.360
<v Speaker 1>Polish prime minister, we had the Ukraine and Cortany minister.

0:14:12.800 --> 0:14:15.040
<v Speaker 1>And it always stops in your track. I know we

0:14:15.160 --> 0:14:18.240
<v Speaker 1>cover it day out, but when you have someone physically

0:14:18.280 --> 0:14:20.160
<v Speaker 1>pregnant with you talking about some of the hearts up

0:14:20.160 --> 0:14:23.280
<v Speaker 1>on the ground, it's um. You know, it's not something

0:14:23.320 --> 0:14:26.640
<v Speaker 1>that that you forget very easy. Now. Absolutely it does

0:14:26.680 --> 0:14:29.400
<v Speaker 1>around that point home that there is a war on

0:14:29.440 --> 0:14:34.240
<v Speaker 1>the European continent ongoing. Um. Look, just briefly, you mentioned

0:14:34.360 --> 0:14:37.360
<v Speaker 1>the Guitar Investment Authority. You spoke to the CEO. I mean,

0:14:37.840 --> 0:14:40.120
<v Speaker 1>is there much has been made of the pivot to

0:14:40.160 --> 0:14:45.920
<v Speaker 1>the Middle East, emerging markets, a booming region, a booming region,

0:14:46.160 --> 0:14:49.640
<v Speaker 1>and the ready to deals. So we had tried to,

0:14:50.200 --> 0:14:52.880
<v Speaker 1>you know, speak to the q i AM almost all

0:14:52.960 --> 0:14:55.680
<v Speaker 1>year and they really do only like speaking that partly

0:14:55.680 --> 0:14:58.920
<v Speaker 1>because maybe he's morel arxed. It's on a world stage

0:14:59.240 --> 0:15:02.160
<v Speaker 1>and he wants to also speak to the companies that failed,

0:15:02.160 --> 0:15:03.840
<v Speaker 1>and I have to say a lot of the company's

0:15:03.880 --> 0:15:06.840
<v Speaker 1>owned by the q I A show up also meet

0:15:06.880 --> 0:15:09.800
<v Speaker 1>with him here and Davos. The other story that really

0:15:09.840 --> 0:15:13.120
<v Speaker 1>surpresates football. You know, let's Let's remember there was all this,

0:15:13.400 --> 0:15:15.840
<v Speaker 1>there's like the shop parade and I have a couple

0:15:15.840 --> 0:15:18.040
<v Speaker 1>of people from the news room. Let's say, oh, can

0:15:18.080 --> 0:15:20.080
<v Speaker 1>you get me a T shirt of Monte Trash for

0:15:20.200 --> 0:15:22.240
<v Speaker 1>this was Mancester United. But it's not that kind of shop.

0:15:22.280 --> 0:15:25.440
<v Speaker 1>You don't go in as by merchandise. This is the shop.

0:15:25.560 --> 0:15:28.200
<v Speaker 1>But basically they're speaking to investors and this is a

0:15:28.280 --> 0:15:31.160
<v Speaker 1>week where not only the you know, were the rumors

0:15:31.200 --> 0:15:33.520
<v Speaker 1>that they would you know, that they could sell at stake,

0:15:34.040 --> 0:15:35.520
<v Speaker 1>but also that it was the first bit of the

0:15:35.560 --> 0:15:37.840
<v Speaker 1>jim wrap. But that came on. So I asked QUI,

0:15:38.600 --> 0:15:42.160
<v Speaker 1>do you want to buy football? And he lost nervously

0:15:42.360 --> 0:15:45.040
<v Speaker 1>and he said, of what, we're first looking at everything,

0:15:45.200 --> 0:15:48.080
<v Speaker 1>but you know, the Premier League, there's nothing really quite

0:15:48.120 --> 0:15:49.600
<v Speaker 1>like it. We also spoke to the track to the

0:15:49.640 --> 0:15:51.720
<v Speaker 1>business secture of being a k and I said, look,

0:15:52.160 --> 0:15:54.560
<v Speaker 1>is the Primari League really all for sale? And he

0:15:54.680 --> 0:15:57.720
<v Speaker 1>also laughed and said, look were open for business. This

0:15:57.920 --> 0:16:00.920
<v Speaker 1>is Bloomberg Daybreak Europe, your morning if on the stories

0:16:01.000 --> 0:16:04.000
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0:16:04.080 --> 0:16:07.000
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0:16:10.120 --> 0:16:12.920
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0:16:12.960 --> 0:16:16.400
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0:16:16.440 --> 0:16:19.960
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0:16:20.280 --> 0:16:24.640
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0:16:24.680 --> 0:16:27.320
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0:16:27.360 --> 0:16:29.760
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0:16:29.840 --> 0:16:31.200
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