Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Really really interesting day of single best idea and what
Speaker 2: we do on Bloomberg Surveillance. Sometimes we have breaking news
Speaker 2: headlines we have to get into where they're market moving.
Speaker 2: In this moment, the Dow one up two hundred points
Speaker 2: on futures. It was a Trump announcement on tariffs. So
Speaker 2: we have to short a guest. We really try to
Speaker 2: bring back guests that we've had to short soon. One
Speaker 2: of those today was McK molroy with Lobo Institute on
Speaker 2: the Pentagon, on defense. He came to us from Montana,
Speaker 2: the land of the Strategic Air Command. It seems ancient history,
Speaker 2: but it was when minute men missiles were important to America.
Speaker 2: We'll get mc molroy on again, and many other worthies
Speaker 2: as well. Someone that was a joyous to at length
Speaker 2: today was Gina Martin Adams, really explaining the uncertainty that's
Speaker 2: out there within securities analysis and within the stock market.
Speaker 2: Here are Gina Martin Adams on this moment of a
Speaker 2: trade war.
Speaker 3: This president is very committed to amending the order. How
Speaker 3: much he amends it as up to up for grabs,
Speaker 3: it's a big question. But we will have an amendment
Speaker 3: to the Global World Trade Order. And that's important to
Speaker 3: understand is there's no going back to where we were
Speaker 3: on January first. The question is how far do we
Speaker 3: go in the adjustment process at this point in time.
Speaker 3: There are still, though a substantial amount of people that
Speaker 3: think this is just a lot of volatility and a
Speaker 3: lot of noise and underlying this, he'll eventually go away
Speaker 3: and stop. And I'm not sure that's going to be
Speaker 3: the case. I think you have to sort of respect
Speaker 3: the commitment level to changing things. While it'll be in
Speaker 3: fits and starts and certainly a volatile path, we will
Speaker 3: be a changed universe going forward. The question mark is
Speaker 3: how much has that change and does the where is
Speaker 3: it damaging? Where is it potentially positively impactful.
Speaker 2: Jenna Martin Adams excellent fundamental and technical analysis running all
Speaker 2: of Bloomberg Intelligence Equities. Thrilled that she could be in
Speaker 2: studio with us today. One of the great secrets of
Speaker 2: how we make the sauce, how we make the spaghetti
Speaker 2: hair each and every day is that so many of
Speaker 2: our guests really choose to be with us. I can't
Speaker 2: emphasize enough how important that is. Someone who for decades
Speaker 2: has really provided benefit from his time at Morgan Stanley
Speaker 2: definitive on European banks. To his public service, I should
Speaker 2: say to his United Kingdom has been huvon steinis now
Speaker 2: in Oliver Wyman. He transfixed us today with the discussion
Speaker 2: of the cash flow excuse me, the interior cash flow
Speaker 2: dynamics of small business and retail America given as trade
Speaker 2: or here Hugh van Steiners.
Speaker 4: These are unbelievably entrepreneurial folk, and so they're trying to
Speaker 4: sort of weave their way through this. Look. I think
Speaker 4: the first and second line is really about the order books.
Speaker 4: Has the sales come down where I've got highly leveraged
Speaker 4: companies trying to forensically work through that. So I think
Speaker 4: it's about cash conservation and it's about getting a cost down.
Speaker 4: So I'm already picking up people saying to all their
Speaker 4: management teams, have you thought about a cost round? What
Speaker 4: are you doing about that? So that's one, But on
Speaker 4: the other side in credit land, they're actually people trying
Speaker 4: to look this as an opportunity and actually trying to
Speaker 4: buy in some of the credits at wider spreads. About
Speaker 4: sixty percent of the new inflows for the private market
Speaker 4: firms for the last two years as being credit and overwhelming.
Speaker 4: As we've discussed before, that's coming from the insurers. These
Speaker 4: are steady hands they want to deploy in size, but
Speaker 4: obviously on the equity side there is more stress in
Speaker 4: the system.
Speaker 2: Van Steiners, and he was just brilliant on some of
Speaker 2: the challenges we may face in private equity as well.
Speaker 2: What an eventful day it's been in through a week
Speaker 2: that seems to be as exhausting as every other week
Speaker 2: we've had over the last number of weeks. We're watching
Speaker 2: the markets and the correlated changes almost Bloomberg headline to
Speaker 2: Bloomberg headline. We'll continue to do that through the week,
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Speaker 2: in Washington, where Lisa Bramwitz is holding good conversations with
Speaker 2: the IMF types. We say good morning out on YouTube podcasts.
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