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Speaker 1: Good morning. It's Wednesday, the eleventh of October in London.

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Speaker 1: This is the Bloomberg Daybreak euro A podcast. I'm Stephen Carroll.

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Speaker 1: Coming up today. A grim milestone. The combined death toll

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Speaker 1: from the conflicts between Israel and Hamas tops two thousand.

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Speaker 1: The federal Reserves Mary Daily says rates won't stay as

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Speaker 1: high as they are now indefinitely, and the labor leader

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Speaker 1: Kierstarmer makes his pitch to voters, saying he'll create a

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Speaker 1: decade of national renewal. Let's start with a roundup of

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Speaker 1: our top stories. The death toll from the weekends attacks

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Speaker 1: in Israel continues to rise one thousand. Two hundred Israelis,

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Speaker 1: the majority of them civilians, are now known to have

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Speaker 1: been killed in Hamas's incursion into the country. Gaza's health

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Speaker 1: ministry says a further nine hundred people have died and

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Speaker 1: retaliatory strikes there. It comes as US President Joe Biden

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Speaker 1: has vowed to provide Israel with the country's full backing,

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Speaker 1: including shipments of munitions and intelligence support. Israel's economy minister

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Speaker 1: Near Barkat is seeing a devastating response.

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Speaker 2: We have to eliminate commas off the face of the earth.

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Speaker 3: We will do that well, do whatever it takes to

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Speaker 3: do that. Nothing will stop us near.

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Speaker 1: Barkat's comments come as Israel continues to bombarde the Gaza

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Speaker 1: Strip from the air land and sea. The Israeli military

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Speaker 1: is building a base next to the Palestinian territory to

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Speaker 1: accommodate tens of thousands of soldiers as columns of tanks

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Speaker 1: move into the area. While a ground invasion is viewed

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Speaker 1: by many as all but inevitable, it would also bring

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Speaker 1: heavy casualties on both sides. Former US Defense Secretary and

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Speaker 1: CIA director Lion Panettaz told Bloomberg this would be complicated

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Speaker 1: by Gaza's dense population and complex underground network of tunnels.

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Speaker 4: Going into Gaza is not going to be easy. They've

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Speaker 4: tried it before. The problem is that it's basically a

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Speaker 4: house to house fighting once you get into Gaza, and

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Speaker 4: so it could be a heavy right. But on the

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Speaker 4: other hand, I think it is very clear that Israel

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Speaker 4: has made the decision that they have got to crush

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Speaker 4: a mass in Goza.

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Speaker 1: Panetta's comments come as fears grow that an invasion could

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Speaker 1: create ripple effects through the Middle East. Israel has already

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Speaker 1: seed rocket attacks from Lebanon, raising the possibility of a

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Speaker 1: multi front war and a descent into broader regional conflict.

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Speaker 1: Heavy civilian casualties could also prompt a public backlash in

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Speaker 1: many Arab nations, putting pressure on their governments to cool

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Speaker 1: ties with Israel after a recent warming of relations. Here

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Speaker 1: in the UK, the Labor Party leader Kir Starmer has

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Speaker 1: made his pitch to become Prime minister. Speaking to a

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Speaker 1: packed conference hall, he said the party will need to

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Speaker 1: exceed the achievements of the last Labor government to get

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Speaker 1: the country back on track. A protest to interrupted the

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Speaker 1: start of Starmar's speech, covering him in glitter, but the

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Speaker 1: Labour leader quickly recovered to tell his conference he'll create

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Speaker 1: a Britain that's strong and stable.

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Speaker 3: What is broken can be repaired, what is ruined can

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Speaker 3: be rebuilt. Wounds do heal and ultimately that project, their

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Speaker 3: project will trash against the spirit of working people in

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Speaker 3: this country and they are the source of my hope.

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Speaker 3: Give them the government they deserve, turn our backs on

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Speaker 3: never ending Tory decline with a decade of national renewal.

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Speaker 1: The address didn't focus on policy, but Keir Starmer reinforced

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Speaker 1: pledges for one and a half million new homes and

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Speaker 1: additional support for green industries. UK starting salaries and pay

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Speaker 1: for temporary workers are rising at their slowest pace in

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Speaker 1: two and a half years. A survey from KPMG and

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Speaker 1: their Recruitment and Employment Confederation found companies are hesitant to

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Speaker 1: hire due to economic uncertainty and efforts to control costs.

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Speaker 1: The data adds to signs of the labor marketers cooling

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Speaker 1: as higher interest rates weigh on demand, and the findings

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Speaker 1: come after the Bank of England's Deputy Governor Ben Broadbent

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Speaker 1: said there are now reasonably clear signs that monetary policy

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Speaker 1: tightening is having some effect. Federal Reserve Bank of San

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Speaker 1: Francisco president Mary Daily has signaled the recent surge in

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Speaker 1: US treasury yields may reduce the need for more rate hikes.

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Speaker 5: If the markets in the case recently bond yields have tightened,

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Speaker 5: meaning financial conditions have tightened. That's an indicator of financial

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Speaker 5: conditions broadly have tightened. It's more expensive to get alone.

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Speaker 5: Then well, if that's tight maybe the Fed doesn't need

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Speaker 5: to do as much. That's why said. Depending on whether

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Speaker 5: it unravels or whether the momentum in the economy changes

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Speaker 5: that could be equivalent to another rate hike.

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Speaker 1: That was Federal Reserve Bank of San Francisco president Mary Daily,

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Speaker 1: who does not vote on rate decisions this year, and

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Speaker 1: we're seeing more signs of the post pandemic boom and

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Speaker 1: luxury spending is starting to fade. LVMH's sales growth softened

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Speaker 1: in the third quarter as shoppers reined in spending on

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Speaker 1: high end cognac and costly handbags. Organic revenue with the

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Speaker 1: French group's crucial fashion and leather goods unit, which includes

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Speaker 1: Louis Vuitton and Christian Duo, rose by nine percent for

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Speaker 1: the quarter, well below expectations. Shares in the luxury giant

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Speaker 1: have dropped by almost twenty percent since reaching a record

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Speaker 1: in April, but are still up on the year. Well,

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Speaker 1: let's get more details now on the situation in the

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Speaker 1: Middle East. Israel amassing troops on the border of Gaza

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Speaker 1: and what's seen as a prelude to a potential ground invasion.

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Speaker 1: This as US President said Joe Biden has said their

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Speaker 1: rushing military assistance to Israel following the weekend's attacks, in

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Speaker 1: which we now know more than two thousand people have died.

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Speaker 4: For more.

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Speaker 1: We're joined by our EMEA News director Roslind Matheson. Good

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Speaker 1: morning to you, Roz. Can you, first of all just

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Speaker 1: bring us up to date on what's been happening overnight

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Speaker 1: in Israel and in Gaza. Thank you.

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Speaker 6: Yeah. What overnight we've seen Israeli jet side is striking

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Speaker 6: again targets in Gas and more than two hundred targets

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Speaker 6: they say, and that's been at least a third counter

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Speaker 6: striking that area alone in the last twenty four hours,

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Speaker 6: so hundreds of targets being struck. You can see some

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Speaker 6: of the footage from Gaza showing the damage to buildings

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Speaker 6: and so on. We've also seen the military in Israel

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Speaker 6: striking in parts of Syria again with artillery and mortar shells,

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Speaker 6: saying that was in response to weapons fire from Syria.

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Speaker 6: So Israel's saying they're getting kind of sporadic, smallish attacks

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Speaker 6: from the north, from Lebanon, also from Syria. There's no

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Speaker 6: great reports of casualties related to that. But we're also saying,

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Speaker 6: of course, as you mentioned, that build up continue near

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Speaker 6: the border with Gaza, not just soldiers but tanks and

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Speaker 6: other heavy equipment arriving in that area overnight so certainly

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Speaker 6: the sense that very much things are building up there

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Speaker 6: potentially for a ground invasion in the coming days.

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Speaker 1: Is that trajectory on course? Now we've seen this spilled

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Speaker 1: up of troops, this building of a base on the

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Speaker 1: Gazan border as well, does the direction seal still seem

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Speaker 1: to be pointing towards that grand invasion?

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Speaker 6: Well, that does seem to be the calculation. Of course,

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Speaker 6: the timing of that would be unclear, but it's happening

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Speaker 6: with speed that build up. That's happening, building a base,

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Speaker 6: getting tens of thousands, if not hundreds of thousands of

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Speaker 6: Israeli soldiers into the area, and also getting US military

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Speaker 6: aid into the area. We know that money is coming

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Speaker 6: for the Iron Dome and defense system, which has been

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Speaker 6: under a lot of pressures. So you've got to secure

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Speaker 6: that and make it more stable if you're expecting to

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Speaker 6: engage in a ground invasion. Some stuff seems to be

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Speaker 6: getting through that, of course, and you also it's clear

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Speaker 6: that Israel needs things like ammunition and basic military aid.

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Speaker 6: We know the first plane carrying some US armaments has

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Speaker 6: landed in Israel, but they need a lot more. So

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Speaker 6: that's the question around timing planning, you have to think

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Speaker 6: the ground will would involve potentially close quarters combat and

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Speaker 6: a high density population area. So there's a lot to

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Speaker 6: think about there before going in. And the question is

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Speaker 6: what is the US and other country saying they're not

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Speaker 6: objecting to it? It seems at least publicly, but are

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Speaker 6: they urging some caution behind the scenes given the risk involved?

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Speaker 1: On that point about the United States, Joe Biden reiterating

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Speaker 1: his support for Israel and Nicole with Natagnier, who Secretary

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Speaker 1: of State Anthony Blincoln is going to be going to

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Speaker 1: the region as well. What sort of resources is the

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Speaker 1: US mobilizing to support Israel at this stage?

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Speaker 6: Is it that military aid which seems to now already

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Speaker 6: be flowing the US is not so specifying exactly what

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Speaker 6: they've been giving, but we do know, as I said,

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Speaker 6: that it supports the Iron Dome, the structure of the

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Speaker 6: Iron Dome, and also sort of basic armaments and so on.

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Speaker 6: So there's that There's lots of conversations going on about

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Speaker 6: what aid needs to go from the US to Israel.

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Speaker 6: Does it need to come from Congress? Can it be

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Speaker 6: bypassed and go simply straight through the White House? That

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Speaker 6: could become more complicated as time goes on. We know

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Speaker 6: the US has got a lot of military assets nearby.

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Speaker 6: It's building those up also, mostly warships, including an aircraft carrier.

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Speaker 6: Are very much watching closely, it seems, for any spillover

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Speaker 6: from a ground invasion, while being reluctant, no doubt, to

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Speaker 6: get very directly militarily involved themselves. But the US is

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Speaker 6: also doing a lot behind the scenes on the diplomacy.

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Speaker 6: The US Secretary of State Anthony Blinken on his way

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Speaker 6: talking to other countries. We know Egypt in the US

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Speaker 6: is speaking with Israel about possible ways to find some

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Speaker 6: sort of safe passage for civilians out of Gaza. They're

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Speaker 6: also talking with Qatar about whether they can help mediate

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Speaker 6: on prisoner swaps. So there's sort of the military aspect

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Speaker 6: of that from the US, but also very much a

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Speaker 6: different diplomatic effort going on as well.

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Speaker 1: Ros you're speaking to us from Brussels this morning. You

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Speaker 1: Fire Minister met yesterday and renewed humanitarian aids the Palestinians.

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Speaker 1: What else emerged from that meeting in terms of the

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Speaker 1: EU position on this conflict.

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Speaker 6: Well, that's right, there was that odd, odd public dispute

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Speaker 6: for the EU, but eventually they've made that decision for

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Speaker 6: now at least on Palestinian humanitarian aids. Certainly a strong

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Speaker 6: sense in Brussels, as foreign ministers met here yesterday of

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Speaker 6: horror at what has happened, of support for Israel in

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Speaker 6: a very difficult moment, but also strong of sense of

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Speaker 6: concern for the fate of the people in Gaza humanitarian support.

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Speaker 6: They need to keep that going, that people there have

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Speaker 6: existed in very difficult conditions for many years, and that

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Speaker 6: feeling remains despite the attacks by Hamas, which of course

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Speaker 6: has been declared a terrorist group by the US but

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Speaker 6: also Europe. It's just more it's just less clear cut

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Speaker 6: potentially than say the Russian invasion of Ukraine. Especially if

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Speaker 6: a full ground invasion happens, you could start to see

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Speaker 6: some fractions fractures in the EU on it pretty quickly,

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Speaker 6: in a concern about where they're in. So do you

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Speaker 6: do hear those statements of support for Israel but also

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Speaker 6: concerned for the fate of the people civilians on the

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Speaker 6: ground inside Gaza.

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Speaker 1: Okay Rosin Mussen, our EA news director, thank you very

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Speaker 1: much for joining us with the latest developments on events

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Speaker 1: in the Middle East Well, Let's turn to politics in

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Speaker 1: the UK now on the final day of the Labor

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Speaker 1: Party conference. In his speech there yesterday, Keir Starmer offered

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Speaker 1: a mix of security, hope and patriotism as he sought

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Speaker 1: to convince voters that his party is ready for power.

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Speaker 1: Our karline Hepker was listening to that speech. She's live

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Speaker 1: on Liverpool forus this morning, Caroline, Good morning to you.

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Speaker 1: This was the biggest speech of Kiir Starmer's political career.

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Speaker 1: How has it been received?

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Speaker 2: Well, Labor will surely be pleased with Starmer's speech and

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Speaker 2: their four day conference overrules Starma set out what he

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Speaker 2: wants to achieve, Stephen.

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Speaker 6: He had a coherent.

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Speaker 2: Narrative and a message of change. He repeatedly came back

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Speaker 2: to the cost of living crisis, higher heating and food

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Speaker 2: bills in the UK, gave only a brief line on Brexit,

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Speaker 2: and grasped the nettle of building more homes and green energy.

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Speaker 2: So yes, it was a mix of optimism of pragmatism.

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Speaker 2: Starmer isn't always the most natural and charismatic speaker, but

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Speaker 2: this was a clear pitch for a two term Labor government.

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Speaker 2: Starmer talked about a ten year project of renewal. It

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Speaker 2: was disrupted by a protester who covered TOMA and glitter

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Speaker 2: before he even began the speech as he was standing

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Speaker 2: on stage, but this allowed Starmer his one liner protest

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Speaker 2: not power, one that he's used before, but one that

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Speaker 2: made it clear to the huge crowd in the room

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Speaker 2: the party. How swiftly and thoroughly Starmer has changed Labor

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Speaker 2: from when Jeremy Corbyn was in power, a radical left era,

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Speaker 2: to a position where Labour is credibly trying to oust

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Speaker 2: the Conservatives from power. He also used Labour's political history,

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Speaker 2: I thought in a very interesting way to his advantage.

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Speaker 2: He compared the Conservatives record in office to the last

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Speaker 2: successful Labor leader, Tony Blair, thirteen years of things can

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Speaker 2: only get better, the Blair tagline and song, versus thirteen

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Speaker 2: years of things that can only get worse. He did, though,

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Speaker 2: try to dampen expectations for immediate results were labored to

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Speaker 2: get Tonu ten get Britain's future back, was his motto,

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Speaker 2: but that the parties still have work to do to

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Speaker 2: convince voters. Nami Smith, the CEO of Best for Britain,

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Speaker 2: a UK lobby group, summed it up a speech that

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Speaker 2: told the ordinary voter why he should be the next

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Speaker 2: prime minister.

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Speaker 1: Leading up to this conference is that we hadn't heard

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Speaker 1: enough detail about what exactly it planned to do in power.

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Speaker 1: You've been speaking to people there all week about this.

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Speaker 1: Are we any clearer now on their plans as we

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Speaker 1: come towards the end of the conference.

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Speaker 2: Yeah, So Starmer got the tone about right. According to

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Speaker 2: many of the Labor and PS and political stratus, at

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Speaker 2: least in this easay on policy, I'd say we've got

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Speaker 2: a sense of direction rather than any big announcement. We

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Speaker 2: still don't know, for example, how quickly Labor will deliver

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Speaker 2: on this pledge to make the UK the fastest growing

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Speaker 2: country in the G seven. But there was a clear

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Speaker 2: dividing line being drawn with the Conservatives on green policy

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Speaker 2: and the energy transition. Stalma talked about renewable energy, grid infrastructure,

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Speaker 2: electric vehicle manufacturing. We also heard about Great British Power,

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Speaker 2: which is Labour's plan for a publicly owned clean energy

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Speaker 2: company and that will be located in Scotland. Starmer revealed, where,

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Speaker 2: of course, winning seats at the next election would be pivotal.

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Speaker 2: Starmer strongly criticized the Conservatives with rolling back on their

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Speaker 2: green agenda. He talked about speeding ahead on renewables, so

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Speaker 2: that was the sort of policy tone. But I also

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Speaker 2: want to say that we shouldn't underestimate the idea of

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Speaker 2: building one and a half million new homes in Britain.

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Speaker 2: Stalma talked about bulldozing through the planning regulations, building like

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Speaker 2: the Labour Prime Minister have an athlete post war, the

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Speaker 2: next generation of new towns so towns near cities, and

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Speaker 2: that these would be actually funded by the private sector.

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Speaker 2: And just lastly, in terms of whether all that building

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Speaker 2: would mean tearing up the greenbelt, Stama said clearly it wouldn't.

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