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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Daybreak Europe podcast, available every morning

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Speaker 2: on Apple, Spotify or wherever you listen. It's Friday, the

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Speaker 2: eleventh of April in London. I'm Stephen Carroll coming up today,

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Speaker 2: questioning safe haven status. Treasuries trade like a risk asset

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Speaker 2: as the dollar plunges in a worrying sign for US

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Speaker 2: market credibility. Donald Trump concedes his decision to impose one

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Speaker 2: hundred and forty five percent levies on China could cause

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Speaker 2: transition problems, but says it will be worth it. Plus,

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Speaker 2: we'll have the latest on a helicopter crash in New

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Speaker 2: York that's left six people dead, including three children. Let's

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Speaker 2: start with a round up of our top stories. The

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Speaker 2: dollar has weakened to a six month low as an

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Speaker 2: escalating trade war raises further fears over the US economy.

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Speaker 2: The green backsod's biggest plunge in three years yesterday and

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Speaker 2: is falling further today. The euro to its highest since

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Speaker 2: twenty twenty two. The sell off in treasuries is continuing too,

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Speaker 2: with day yields on long dated US debt rising as

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Speaker 2: investors question it's safe haven status. Speaking to Bloomberg Bridgewater

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Speaker 2: Associates founder Ray Dalio, once the tariff turmoil is damaging

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Speaker 2: America's credibility.

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Speaker 3: I'm not the politician, I'm not the negotiator. I'm not

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Speaker 3: the person to say whether that style of handling it

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Speaker 3: was better or worse. I would say that it dramatically

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Speaker 3: affected psychology and attitude about the United States's reliability.

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Speaker 2: Dahlia went on to say that this was a moment

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Speaker 2: to question if bonds are an effective store of wealth.

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Speaker 2: Thirty year treasury yields served by thirteen basis points on

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Speaker 2: Thursday and a rising further today close to four point

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Speaker 2: nine percent. The sell off in the dollar in treasuries

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Speaker 2: was echoed in the stock market. The S and P

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Speaker 2: five hundred ended the day down three and a half

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Speaker 2: half percent. The Masciish specific index is on track for

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Speaker 2: its third consecutive week of losses as market relief turns

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Speaker 2: to angst after the White House clarified the totally US

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Speaker 2: tariffs on China are in fact rising to one hundred

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Speaker 2: and forty five percent. Founder and CIO of Hayman Capital

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Speaker 2: Kyle Bass, we must.

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Speaker 4: Reset our trade relationships for the rest of the world.

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Speaker 4: We also must narrow our fiscal deficit in the United States,

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Speaker 4: and both of those things might be slightly recessionary, and

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Speaker 4: if that's true, we might have to go through a

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Speaker 4: brief recession in order to rebuild our foundation.

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Speaker 2: Kyle Bass says, in the end, America will be stronger. However,

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Speaker 2: many investors are continuing to seek haven's and non US alternatives,

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Speaker 2: the euroclimbing to a three year high, while the yen

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Speaker 2: and gold have also gained as the market sell off

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Speaker 2: once again gather steam. President Trump has conceded that his

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Speaker 2: approach to tariffs will cause some issues. Even after the

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Speaker 2: pause on higher levies for many trees, Boomberg Economics says

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Speaker 2: average import taxes for the US will be twenty four percent.

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Speaker 2: Speaking at a televised cabinet meeting, Trump conceded this will

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Speaker 2: have an impact on American There'll.

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Speaker 5: Be a transition cost and transition problems, but in the end,

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Speaker 5: it's going to be It's going to be a beautiful thing.

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Speaker 2: Trump says he believes the first tariff deals are very close,

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Speaker 2: while also voicing optimism that China will eventually come to

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Speaker 2: the table. He also indicated willingness to be flexible on

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Speaker 2: exemptions for companies or countries from the tariff regime, including

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Speaker 2: the ten percent floor he's established for all trading partners.

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Speaker 2: Top European officials are planning to visit China to discuss

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Speaker 2: trade with President Cheating Ping in late July. According to

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Speaker 2: a report in the South China Morning Post, European Commission

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Speaker 2: President Ursula Vanderlyn and European Council President Antonio Costa have

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Speaker 2: reportedly agreed to the summit in Beijing. Despite President Trump's

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Speaker 2: ninety day levy reprieve, global leaders are still unsure. Germany's

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Speaker 2: Chancellor in waiting, Friedrich Martz, referred to the maximum uncertainty

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Speaker 2: in America while voicing hope that the US and the

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Speaker 2: EU can negotiate the abolishment.

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Speaker 6: Of tariffs on both sides.

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Speaker 2: Chicago Fed President Austin Goolsby says the tariffs are a

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Speaker 2: stagflationary shock for the Central Bank. Speaking at the Economic

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Speaker 2: Club of New York, he went on to argue that

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Speaker 2: the levees hit the goals of price stability and full

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Speaker 2: employment against each other.

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Speaker 7: A tariff is like a negative supply shock, which is

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Speaker 7: to say, it makes both sides of the Fed's dual

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Speaker 7: mandate worse. At the same time, prices are going up

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Speaker 7: while jobs are being lost and growth is coming down,

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Speaker 7: and there is not a generic playbook for how the

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Speaker 7: central bank should respond to a stagflationary shock.

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Speaker 2: The Fed's Austin Goolsby. There he went onto note growing

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Speaker 2: business anxiety, which he says can lead to lower investment.

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Speaker 2: According to goules Be, the sooner the uncertainty dissipates, the

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Speaker 2: sooner the FED can lower borrowing costs. He believes that

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Speaker 2: interest rates will be lower in the next twelve to

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Speaker 2: eighteen months, but added that the FED is currently in

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Speaker 2: eight weight and c mode. Tariffs will not only hit

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Speaker 2: UK growth, they might also weaken the pounds. That's the

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Speaker 2: warning from the Bank of England's Deputy Governor Sarah Breeden.

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Speaker 2: She says the currency may lose out if the trade

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Speaker 2: war escalates. And A helicopter has crashed into New York's

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Speaker 2: Hudson River, killing the three adults and three children on board.

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Speaker 2: The aircraft broke apart in mid air while taking a

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Speaker 2: Zeman's executive and his family on a sightseeing trip. New

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Speaker 2: York City Mayor Eric Adams updated the press on the incident.

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Speaker 8: All six victims have been removed from the water and sally.

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Speaker 8: All six victims have been pronounced to see.

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Speaker 2: The helicopter was operated by New York Helicopters, and US

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Speaker 2: aviation authorities are investigating the crash. Those are your top

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Speaker 2: stories on the markets. The Mscirish Pacific Index eight tenths

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Speaker 2: lower this morning, the Nicke and Tokyo down by four

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Speaker 2: point four percent after the slide that we saw on

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Speaker 2: Wall Street yesterday when the Nasdaq finished down four point

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Speaker 2: two percent. European stock features are pointing higher, though, up

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Speaker 2: a quarter of one percent for eurostocks, fifty two tents

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Speaker 2: higher for forty one hundred features at the moment. The

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Speaker 2: Bloomberg Dollar Spot index further weakening today. The euro's nine

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Speaker 2: tenth stronger at one thirteen against the dollar. The Japanese

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Speaker 2: yen is nine ten stronger as well, at one hundred

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Speaker 2: and forty three eighteen. The thirty year treasure yield and

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Speaker 2: the ten year treasure yield both rising this morning, the

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Speaker 2: ten years up two basis points to four point four

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Speaker 2: five percent. Well today we will be digging into Donald

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Speaker 2: Trump's attempt to reorder global trade, causing more trouble on markets.

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Speaker 2: Considering what's next for US China relations, plus what all

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Speaker 2: this means for Wall Street Banks, which you do to

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Speaker 2: start reporting earnings later today. But just a word first

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Speaker 2: on another story that caught my eye this morning about

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Speaker 2: how talking about Trump's policies is getting more difficult even

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Speaker 2: for some of Wall Street's top names. Michael Simbolest, who's

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Speaker 2: chairman of the Market Investment and Strategy for JP Morgan

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Speaker 2: Asset Management, added a caveat to a client presentation that

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Speaker 2: he made earlier this week, saying he'd withheld certain comments

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Speaker 2: with his firm and colleagues in mind. Now he called

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Speaker 2: the president's tariff plan a sledgehammer brute force approach, but

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Speaker 2: he produced a report last week that actually had several

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Speaker 2: blacked out passages from it, and in the colleague said

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Speaker 2: it was the first time ever he'd had to think

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Speaker 2: about what he was saying beyond how they reflected the

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Speaker 2: bank's views on markets and economics and smblists went on

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Speaker 2: to say that people are being held accountable for their

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Speaker 2: views and the things they say in ways they probably

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Speaker 2: shouldn't be, and went on to say, so I've said

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Speaker 2: most of what I wanted to.

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Speaker 6: Say on this call, but not all of it.

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Speaker 2: His comments are an illustration of the dilemma that's been

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Speaker 2: described by the former president of the American Civil Liberties

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Speaker 2: Union as a climate of anticipatory obedience. So people are

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Speaker 2: self censoring for fear of being targeted by the Trump administration,

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Speaker 2: and Adan Strawson says that's not unique to this White House,

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Speaker 2: but it is something that's worrying and it's yet another

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Speaker 2: minefield apart from the market turmoil that Corporate America is

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Speaker 2: having to navigate. You can read more in our reporting

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Speaker 2: on the subject on Bloomberg dot Com and on the Terminal. Well,

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Speaker 2: let's get into the latest developments on the tariff story

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Speaker 2: that's rocked markets. Donald Trump acknowledging transition problems as he

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Speaker 2: presses ahead with tariff's on China, which the White House

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Speaker 2: now says reach one hundred and forty five percent. Bimber

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Speaker 2: Compinion columnist to Karrishma Vasani is with me now for more, Korishima,

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Speaker 2: great to talk to you. The US upping the ante

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Speaker 2: in the trade war with China again. This one hundred

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Speaker 2: and forty five percent is the one hundred and twenty

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Speaker 2: five percent the President's announced on top of a twenty

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Speaker 2: percent Levey already in place from earlier this year. How

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Speaker 2: much further should we expect China to go and its response.

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Speaker 9: We've already seen the tariffaction from China, and we've heard

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Speaker 9: very strong rhetoric from Beijing in terms of how they're

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Speaker 9: not going to give up without a fight. They will

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Speaker 9: see this fight to the end, and that kind of

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Speaker 9: nationalist rhetoric is something I think that you will consistently

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Speaker 9: see from the Chinese in terms of policy measures. There's

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Speaker 9: already evidence that some of that is taking place. There

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Speaker 9: was a meeting convened reportedly yesterday to discuss further stimulus

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Speaker 9: for the Chinese economy, and I think what will happen

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Speaker 9: in the days and weeks ahead is that you will

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Speaker 9: see more support domestically from the Chinese state to help

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Speaker 9: boost the economy, which no doubt will be taking a

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Speaker 9: huge hit from these tariffs. But I don't think that

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Speaker 9: means you will see capitulation from the Chinese, and I

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Speaker 9: think the main reason for that, as I've argued in

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Speaker 9: the column today, is that Si Jinping is in a

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Speaker 9: much better position both politically to and economically because of

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Speaker 9: the political system in China to withstand the pain that

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Speaker 9: these tariffs will bring. I think he will use this

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Speaker 9: opportunity to remind people in China that this is another

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Speaker 9: example of the US under the Trump administration trying to

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Speaker 9: keep China down.

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Speaker 2: Are there any signs though, that Beijing could be willing

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Speaker 2: to negotiate with Donald Trump on this well.

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Speaker 9: I thought it was interesting that Donald Trump, as he

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Speaker 9: went about increasing tariffs on China, he also appeared to

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Speaker 9: extend what I imagine they think is an olive branch,

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Speaker 9: but this idea that the Chinese will call him, that

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Speaker 9: there's going to be a phone call very soon words

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Speaker 9: to that effect. And you know, I do wonder what

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Speaker 9: the advice is that he's getting, because Sigin Ping isn't

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Speaker 9: going to show up at a meeting that isn't going

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Speaker 9: to benefit Siegin Ping. I mean, one Chinese academic was

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Speaker 9: saying to me yesterday that what China wants in all

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Speaker 9: of this is a little bit of respect. It's the

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Speaker 9: world's second largest economy, and it has huge relationships in

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Speaker 9: Asia and in Europe and is an integral part of

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Speaker 9: the US system. And for you know, the likes of

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Speaker 9: the Vice President have made comments about Chinese peasants. All

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Speaker 9: of that you know, doesn't win hearts and minds, does it?

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Speaker 9: Steven back in Beijing, and I think it will be

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Speaker 9: very difficult for the Chinese to agree to any sort

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Speaker 9: of meeting with Donald Trump without Beijing also setting the

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Speaker 9: terms and conditions of that meeting.

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Speaker 2: What about the damage to the economy though in the meantime, Christma,

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Speaker 2: how much could be done beyond what we already know about?

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Speaker 9: Well, it's hard to say at this point because it's

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Speaker 9: such a fast moving beast. But what we do know

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Speaker 9: from some of the analysis that our own teams have

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Speaker 9: done at Bloomberg Economics, that is as much as three

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Speaker 9: percent of GDP could be affected, and that you know

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Speaker 9: doesn't take into account on the Chinese side, I should say,

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Speaker 9: the increase in tariffs that we've seen just in the

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Speaker 9: last twenty four hours or so. On the American side,

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Speaker 9: you know, they're not spared either. You have a situation

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Speaker 9: where prices are no doubt going to rise, that's going

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Speaker 9: to feed into inflation expectations. That's going to be a

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Speaker 9: problem for the US FED at a time when you know,

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Speaker 9: there's already some data to suggest that Trump's approval ratings

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Speaker 9: may be affected by these higher prices. It is the

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Speaker 9: thing that he talked about during his campaign that you know,

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Speaker 9: he was going to be the person that was going

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Speaker 9: to make America great again and bring back manufacturing to

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Speaker 9: the United States. But the Chinese aren't losing the opportunity.

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Speaker 9: As again, I've discussed this in the column today to

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Speaker 9: poke fun at this idea. In fact, on Chinese social

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Speaker 9: media there have been memes circulating of Trump and JD.

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Speaker 9: Vance hunched over sewing machines in what appear to be

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Speaker 9: factories presumably making the shoes and garments that you know

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Speaker 9: have been so integral to the American consumption story, And

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Speaker 9: of course it evokes a laugh and a giggle. But

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Speaker 9: certainly the bigger message in all of this is it's

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Speaker 9: not going to be an easy ride for you, America

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Speaker 9: because you have depended on Chinese, cheap Chinese goods for decades.

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Speaker 2: What about the international diplomatic strategy that cheating Ping is

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Speaker 2: adopting looking at other countries as well, He's visiting Southeast

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Speaker 2: Asia next week, said Schina Morning Post, talking about him

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Speaker 2: hosting EU leaders in July as well.

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Speaker 9: Yeah, I think this is really interesting and really key,

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Speaker 9: and you know, if you think back to the First

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Speaker 9: Trade War in twenty eighteen, which I covered as well.

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Speaker 9: What really struck me at that point was the Chinese

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Speaker 9: were going out onto the global stage, Cajon Ping at

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Speaker 9: Davos talking about how China was the responsible global player.

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Speaker 9: China wants to keep the world rules based order intact,

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Speaker 9: and it's that again. I think that is the messaging

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Speaker 9: from the Chinese and these attempts at building these relationships

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Speaker 9: or strengthening them, I should say, you know, don't forget

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Speaker 9: that Southeastage is major trading partner is China. I think

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Speaker 9: this is an opportunity for Shijinping to say that, look,

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Speaker 9: we still want to do business. We're not going to

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Speaker 9: be unpredictable. We're not going to you know, tear up

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Speaker 9: the international rules based order the way Donald Trump has,

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Speaker 9: and I think that can be quite appealing, notwithstanding the caveat,

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Speaker 9: of course, that China uses international trade rules or any

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Speaker 9: rules to be fair, to sort of remake the world

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Speaker 9: to its advantage. But when you're faced with two superpowers steven,

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Speaker 9: both of them who are behaving badly, perhaps the one

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Speaker 9: that's not, you know, setting fire to the Glover economy

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Speaker 9: might be a better bet.

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Speaker 2: Okay, Krishmavasani, Bloomberg opinion columnist, Thank you very much for

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Speaker 2: joining us. You can read Christma's latest piece at China

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Speaker 2: Won't Blink First and Fight with the US at Bloomberg

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Speaker 2: dot Com Forward Slash Opinion. Well, the dollars emerged as

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Speaker 2: the latest victim of this week's market turmoil, Bloomberg Dollar

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Speaker 2: Spot Index tumbling to a six month low as part

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Speaker 2: of a broader exodus from US assets. Let's bring in

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Speaker 2: our market support of Valerie Titel for more on this. Valerie,

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Speaker 2: can you just talk us through, first of all, the

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Speaker 2: scale of the moves that we've seen in the dollar,

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Speaker 2: because it's big.

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Speaker 5: Well, I think yesterday really was some unprecedented damage to

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Speaker 5: US assets reputation, and to me, what's happening is that

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Speaker 5: every dollar asset, whether it's the dollar or treasuries, is

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Speaker 5: having some sort of risk premium now priced into that,

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Speaker 5: and that is going to cause a big reordering of

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Speaker 5: the global financial system. Quite frankly, Stephen, what happened yesterday

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Speaker 5: is that alongside an equity market tumble, we had a

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Speaker 5: crash in the US dollar. Dollar Swiss moved four percent

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Speaker 5: as people were fleeing the dollar going to other safe havens,

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Speaker 5: whether that was swissy, whether that was the euro or

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Speaker 5: the Japanese yen. The dollar did not catch a bid

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Speaker 5: with this risk off move, And if we look even

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Speaker 5: further under the hood, there is not a scramble into

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Speaker 5: dollar assets, which is what we historically have always seen

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Speaker 5: at times of high volatility, times of high uncertainty, we

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Speaker 5: see a move into the safe haven dollar dollar assets

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Speaker 5: or treasuries. That's really do linked this week, and I

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Speaker 5: think this week is going to go down in history

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Speaker 5: as the first week we really saw evidence in the

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Speaker 5: market of people questioning dollar assets and their safe haven status.

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Speaker 2: Does this go beyond taking fright or or short term

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Speaker 2: moves based on these announcements, or could they signify what

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Speaker 2: should we be looking forward to think about if this

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Speaker 2: is a fundamental shift.

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Speaker 5: Look, Frankly, I would also have my eye on the

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Speaker 5: treasury market. This is a fundamental shift in the demand

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Speaker 5: for dollar assets. So not only are we having foreign

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Speaker 5: buyers who are historically in the last few years have

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Speaker 5: been very over allocated dollar assets, we're seeing that normalize.

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Speaker 5: That's one thing, But the other thing that we're seeing

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Speaker 5: is the fact that Trump is ripping up global trade

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Speaker 5: is really posing questions over is there going to be

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Speaker 5: a long term structural demand for dollars like there has

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Speaker 5: been before the dollar's been the world's reserve currency. Alongside

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Speaker 5: that has also come the fact that all global trade

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Speaker 5: is denominated in dollars. So you attach those two things together,

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Speaker 5: less global trade, less for dollar assets, and the US

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Speaker 5: is going to lose its ability to fund its deficits easily.

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Speaker 1: And essentially that.

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Speaker 5: Means every month that goes by, every year that goes by,

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Speaker 5: it needs another incremental buyer of its assets in order

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Speaker 5: to fund the amount of treasuries that it's issuing to

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Speaker 5: the market. And right now, if you think that trade

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Speaker 5: between the US and China is coming to a standstill,

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Speaker 5: so is China's recycling of those dollars into treasury assets.

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Speaker 5: And with that could mean that structurally yields in the

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Speaker 5: US have to be a lot higher, and the US

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Speaker 5: in some way is going to act like the UK.

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Speaker 5: They have to rely on the foreign investment flows which

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Speaker 5: are no longer guaranteed, you know, relying on the kindness

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Speaker 5: of strangers. As I know they've put it in the

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Speaker 5: guilt market. But there is now going to be a

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Speaker 5: baked in premium for dollar assets because the bedrock of

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Speaker 5: the US dollar is now starting to be questioned.

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Speaker 2: You mentioned the strengthening and the euro that's continuing in

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Speaker 2: trading today as well. What's the other read across that

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Speaker 2: we should be looking for in terms of the US

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Speaker 2: European markets today? If dollars, if investors are fleeing dollar assets,

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Speaker 2: does that mean that they're coming to Europe?

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Speaker 5: I mean, that could be the effect. But this is

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Speaker 5: going to be you know, this is not just today.

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Speaker 5: This is something that's going to be impacted for the

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Speaker 5: next five years.

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Speaker 1: Let's say it.

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Speaker 5: We did necessarily see yesterday a big move into the

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Speaker 5: Swiss franc and let's be frank pun those Let's be frank.

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Speaker 5: Not every country wants to be the safe haven because

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Speaker 5: what comes to that is a stronger currency.

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Speaker 6: We've seen the problems that's posed with the Swiss National

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Speaker 6: Bank in the past.

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Speaker 5: Exactly right. But the thing is is, if this reputation

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Speaker 5: of dollar assets has been seriously damaged, it has to

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Speaker 5: go somewhere, whether that's the euro, whether that's the end,

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Speaker 5: but that could also pose big problems for these economies

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Speaker 5: who maybe not necessarily want that enormous flow of funds

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Speaker 5: coming into their economy.

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Speaker 2: Balery Titel, our market supporter, thank you very much for

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Speaker 2: joining us with another dramatic day on markets. We're looking

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Speaker 2: at European stock futures pointing higher ahead of today's session. Now,

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Speaker 2: investors will be scaring company reports during this earning season

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Speaker 2: for clues as to how they're thinking about the trade war.

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Speaker 2: JP Morgan and Morgan Stanley kickoff Wall Street's earning season today,

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Speaker 2: as banks another major companies struggle to navigate Donald Trump's

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Speaker 2: policy shift. Bloomberg's Charlie Wells is here to help us

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Speaker 2: look ahead to that. Charlie, let's start with the banks, then,

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Speaker 2: I mean, is there anything in this report apart from

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Speaker 2: forward guidance that analysts are going to be looking at?

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Speaker 1: Steven. It's all going to be about the future.

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Speaker 10: And I think it's really telling that banks kickoff earning

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Speaker 10: season because you know, they're not in the direct.

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Speaker 1: Line of fire of tariffs, but they're sort of in.

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Speaker 10: The back of every other line of fire for every

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Speaker 10: industry and the economy just because they lend to so

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Speaker 10: many sectors, they lend to the consumer, and so the

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Speaker 10: read throughs are going to be enormous.

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Speaker 1: As it starts.

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Speaker 10: So you know, JP Morgan's CEO, Jamie Diamond, has kind

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Speaker 10: of been telegraphing this week, I think a lot of

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Speaker 10: the sentiment that we're likely to hear from other CEOs

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Speaker 10: in the industry, so, you know, in his annual letter

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Speaker 10: and in an interview on television midweek, he talked about

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Speaker 10: how you know, if this tariff chaos continues and these

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Speaker 10: statements were made before the tariff pause, you know, there

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Speaker 10: could be a recession. He talked about how you know,

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Speaker 10: on the consumer front, he doesn't see loan defaults, but

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Speaker 10: those could be likely.

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Speaker 1: And so the picture that we're.

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Speaker 10: Likely to see that in just a few hours is

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Speaker 10: one that's probably darker. But they have to really kind of,

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Speaker 10: you know, dance delicately here for a lot of reasons

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Speaker 10: market wise and increasingly politically.

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Speaker 2: Yeah, indeed, we were talking a little bit earlier about

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Speaker 2: Michael Sambas's comments and that a client call earlier this

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Speaker 2: week as well aside from the trade war, though, what

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Speaker 2: else could surprise us.

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Speaker 6: In these earnings?

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Speaker 10: So traders are expected to have had and that's a

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Speaker 10: past construction, a really good quarter, you know, record revenue

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Speaker 10: from trading and a lot of the biggest banks. I

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Speaker 10: think they're slated to bring in the most that they

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Speaker 10: brought in and I think like seven years because there

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Speaker 10: was a lot of volatility, and we know that when

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Speaker 10: there's a lot of volatility that there's a.

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Speaker 1: Lot of trading.

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Speaker 10: But some common terry to look out on that front today,

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Speaker 10: I think is this issue that one Goldman analyst brought out,

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Speaker 10: which was have we reached peak trading?

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Speaker 3: Right?

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Speaker 10: Because if you get to a point where there's too

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Speaker 10: much volatility, participants start sitting on the sideline. So volatility

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Speaker 10: is good up to a point. We know also that

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Speaker 10: you know, we may see looking back to the prior

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Speaker 10: quarter some optics at some of the banks and capital

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Speaker 10: markets activity, and I think if there are significant beats

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Speaker 10: there that could provide a little bit of optimism. But

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Speaker 10: volatility is not good for dealmaking.

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Speaker 6: Okay, So that's something else to watch out for as well.

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Speaker 2: Bigger picture, Charlie, you've been reporting on this all week

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Speaker 2: as well about how corporate America is trying to navigate

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Speaker 2: all of these policy changes, as you say, both politically

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Speaker 2: and financially as well. I mean, how are these companies behaving,

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Speaker 2: acting making decisions at such an uncertain time. We know

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Speaker 2: that business confidence has been hit consumer confidence two in

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Speaker 2: the US. How are companies approaching this Stephen there's.

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Speaker 10: A great big take out today in Bloe Lumberg about

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Speaker 10: this very dilemma that companies face because on the one hand,

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Speaker 10: they don't want to provide too much information in forward

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Speaker 10: guidance and then have to retract it. And we've seen

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Speaker 10: some moves similar to that in the past few days,

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Speaker 10: just because trade policy has been changing so rapidly. But

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Speaker 10: on the other hand, they don't want to provide too

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Speaker 10: little information to be too vague because in a lot

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Speaker 10: of ways that could leave a company vulnerable to the

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Speaker 10: whins of the market. They need to provide enough information

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Speaker 10: that analysts can act appropriately. So this is a real challenge.

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Speaker 10: And you know, I think a more skeptical take here

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Speaker 10: as well is that some of this ignorance on you know,

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Speaker 10: how trade could potentially be playing out for these firms,

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Speaker 10: some of that may be a little bit of a

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Speaker 10: cop out. Some analysts have been saying that because you know,

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Speaker 10: CEOs know what could happen to their companies, you know,

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Speaker 10: at least in the biggest of picture, and so they

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Speaker 10: may be kind of dodging some questions here, and so

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Speaker 10: I think I just said the word questions. I think

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Speaker 10: in these calls that we're going to hear not just

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Speaker 10: to day, but over the next few weeks, we should

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Speaker 10: be honing in on that point in the presentations when

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Speaker 10: analysts and journalists get to start asking questions. And I

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Speaker 10: think that part of these presentations is going to be

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Speaker 10: even more important because they can be really trenchant and

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Speaker 10: probably get to some topics that others that that CEOs

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Speaker 10: just couldn't.

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Speaker 6: Well on that point.

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Speaker 2: I mean, what Michael Samblist was saying in his note,

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Speaker 2: this idea that you know, he wasn't saying everything that

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Speaker 2: he wanted to, is that the sort of reticence we

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Speaker 2: should be expecting from corporate.

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Speaker 1: Leaders, Stephen.

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Speaker 10: I think we should, and I think that there is

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Speaker 10: a real fear that executives get called out. You know,

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Speaker 10: CEOs of banks, certain firms as well have been called

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Speaker 10: out by the administration, and there is this fear that

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Speaker 10: kind of saying the wrong thing, presenting the wrong information

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Speaker 10: could you know, could could upset the administration. And that

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Speaker 10: is something that analysts Somemblists in particular, focused on this.

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Speaker 1: Past week is something that they're not used to.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 6: I'm Caroline Hepka and I'm Stephen Carroll.

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