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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: dab Act podcast, available every morning on Apple, Spotify or

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Speaker 1: wherever you listen. It's Monday, the twenty fourth of June

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Speaker 1: in London. I'm Caroline Hepke.

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Speaker 2: And I'm Stephen Carroll. Coming up today. A gambling scandal

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Speaker 2: at the heart of the Conservative Party overshadows the election campaign.

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Speaker 1: France keeps markets on edge, as Macro says the decision

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Speaker 1: to call an election was all about avoiding disarray.

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Speaker 2: Plus slim picking. Snack giants look to offset the impact

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Speaker 2: of obesity drug use with a pivot to vitamins and meals.

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Speaker 3: Let's start with a roundup of our top stories.

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Speaker 2: Four of Ritchie Sunac's aides are being investigated for betting

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Speaker 2: on the date of the general election before it was announced.

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Speaker 2: Bloomberg has learned that the Conservatives fear the scandal will

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Speaker 2: further derail the party's campaign and may widen to other

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Speaker 2: prominent figures. Home Secretary James Cleverly says he has no

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Speaker 2: reason to believe ministers are involved.

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Speaker 4: My understanding is that it is a small number of individuals.

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Speaker 4: I'm not defending the actions. It is inappropriate but the

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Speaker 4: Gambling Commission has got a role to play. It is

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Speaker 4: playing that role. We have been told that we should

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Speaker 4: not discuss the details of this investigation, and so I'm

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Speaker 4: going to abide by the instructions of the Gambling Commission.

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Speaker 2: Unlike the Home Secretary, Labour wants the gambling regulator to

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Speaker 2: name those that's investigating as a matter of public interest.

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Speaker 2: Polling suggests that the party is on course to win

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Speaker 2: a landslide in next week's general election.

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Speaker 1: Himanueen Macall says that he called the snap parliamentary elections

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Speaker 1: in France to avoid an even greater risk of turmoil

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Speaker 1: in the future. The French president again attempted to explain

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Speaker 1: his decision in an editorial published in regional newspapers over

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Speaker 1: the weekend, saying that it was the only way to

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Speaker 1: respond to his party's poor performance in the European elections.

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Speaker 1: The latest polls put Mackrol's group in third place, behind

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Speaker 1: the far right National Rally and the left wing Alliance.

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Speaker 1: The uncertainty around what the French election results will mean

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Speaker 1: for economic policy has trade is betting on more volatility

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Speaker 1: and a week of euro.

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Speaker 2: Beijing and Brussels have agreed to start talks on the

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Speaker 2: EU's plans to impose tariffs on China made electric vehicles.

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Speaker 2: Earlier this month, the bloc announced it would impose levees

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Speaker 2: as high as forty eight percent on ev shipped from

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Speaker 2: China as of July. The talks come as Germany's Vice

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Speaker 2: Chancellor Robert Habeck made a visit to China. He says

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Speaker 2: these levees are not intended to start a trade war.

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Speaker 5: The differentiation is very very important, and I tried to

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Speaker 5: explain it to my class all day long. The differentiation

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Speaker 5: that these terrorists are not punitive tariffs, so like a

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Speaker 5: black Hunburys have done just protecting their market.

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Speaker 2: Habek's country is both Europe's largest car exporter and a

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Speaker 2: major trade partner of China. But despite his words, Bloomberg

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Speaker 2: reported last week that Beijing is readying a wave of

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Speaker 2: counter sanctions against EU countries.

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Speaker 1: In the US, federal prosecutors have a totedly recommended that

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Speaker 1: Boeing face criminal charges. According to Reuter's, the Planemaker could

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Speaker 1: face charges related to violating a settlement over two fatal

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Speaker 1: seven three seven MAX crashes. Both Boeing and the US

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Speaker 1: Justice Department declined to comment on the story, which comes

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Speaker 1: just days after Boeing's CEO Dave Calhoun was grilled by

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Speaker 1: US lawmakers over the firm safety record. Responding to a

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Speaker 1: question from Senator Vaughn Johnson, Calhoun admitted that he hadn't

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Speaker 1: spoken to those who had raised safety concerns.

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Speaker 5: Have you directly spoken to any of the whistleblowers.

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Speaker 6: I have not directly spoken to any of the whistleblowers.

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Speaker 4: Do you think that'd be a good idea to do that? Yeah,

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Speaker 4: I think it would.

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Speaker 1: Boeing CEO Dave Calhoun announced in March that he will

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Speaker 1: step down at the end of this year amid growing

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Speaker 1: concerns over the planemakers manufacturing quality and safety record.

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Speaker 2: Isra Any Prime Minister Benda Binattanier, who says intense fighting

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Speaker 2: in Gaza will come to an end shortly as the

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Speaker 2: military moves towards more targeted operations, in his first sit

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Speaker 2: down interview with an Israeli media outlist since the October

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Speaker 2: seventh attacks, Nassaie, who also directly rejected the prospect of

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Speaker 2: a cease far deal with Hamas that could eventually lead

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Speaker 2: to the end of war with more heros. Bloomberg's at Baxter.

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Speaker 7: PM Benjamin Netnat, who is now saying that intense operations

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Speaker 7: in Gaza will end very soon. He says the next

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Speaker 7: step will be to get some troops into the north

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Speaker 7: to counter Hezblah aggressions and to bring some local residents

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Speaker 7: back from where they were evacuated. He says he wants

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Speaker 7: to do it by diplomatic means, but if not, he'll

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Speaker 7: go another way. Meanwhile, he's sending Foreign Minister Jov Galant

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Speaker 7: to the US to talk about additional aid, which he

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Speaker 7: says has been slowed down. The US has consistently denied

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Speaker 7: the allegation. At Baxter Bloomberg.

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Speaker 2: Radio at the moment, we'll discuss the elections in the

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Speaker 2: UK and in France ahead of Bloomberg's special debate with

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Speaker 2: the Business Secretary Cammi Baitknock and the set of Business

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Speaker 2: Jonathan Raddles later on Today. But first theme of the

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Speaker 2: story that caught our eye to do with the weight

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Speaker 2: loss drugs like a zepic and the effect they're having

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Speaker 2: on food and drink companies.

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Speaker 1: Yeah, well, we know, and we've reported that they've wiped

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Speaker 1: billions of dollars off the market value of those firms

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Speaker 1: because something like thirty million Americans have now taken these

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Speaker 1: GLP one drugs.

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Speaker 3: I mean there's a number of them, as you know.

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Speaker 1: But now it looks like the food and beverage hunts

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Speaker 1: are really trying to push back.

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Speaker 3: One of their strategies.

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Speaker 1: Yogurt Francis Donnan is seeing a really big jump in

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Speaker 1: demand for its high protein, low calorie yogurts in the US,

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Speaker 1: and then others are going even further so. Nessa's got

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Speaker 1: a whole suite of products that they're bringing out with

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Speaker 1: a new website next week, and apparently this is going

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Speaker 1: to point people who are on those drugs towards the

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Speaker 1: sorts of foods that they could use, especially ones that

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Speaker 1: are high in kind of vitamins and other things, because

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Speaker 1: one of the things about those weight loss drugs is

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Speaker 1: that you're not eating as much, so you need higher

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Speaker 1: quality trition another US firms are doing, and.

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Speaker 2: It's also this idea of them trying to counteract some

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Speaker 2: of the side effects like thenage that these drugs bring

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Speaker 2: as well that people would be able to I suppose

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Speaker 2: even a way that would help to alleviate some of

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Speaker 2: those as well. So very interesting pivot from some of

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Speaker 2: the food giants there.

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Speaker 6: Yeah.

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Speaker 1: Absolutely, it's one of the stories that caught all right

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Speaker 1: on the Bloomberg terminal for you this morning. But of

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Speaker 1: course we're also thinking about the UK general election only

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Speaker 1: ten days to go and Bloomberg is hosting a live

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Speaker 1: debate today between the Business sexually Kemmy Baidenock and the

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Speaker 1: Shadow Business Secty Jonathan Reynolds. This at twelve thirty pm

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Speaker 1: UK time today. It's on Bloomberg TV and radio. It's

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Speaker 1: being moderated by Bloomberg TV anchor Anna Edwards. So we're

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Speaker 1: very excited to have that right here in the building

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Speaker 1: in London. Joining us now to discuss is Bloomberg's news

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Speaker 1: desk and Managing editor Adam Blenford. Adam, good morning. What

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Speaker 1: do you think we can expect from this debate?

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Speaker 8: It's going to be a really interesting one. Interesting to

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Speaker 8: see a new cast of characters.

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Speaker 9: In some way.

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Speaker 8: We've had the lead do a number of debates, one

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Speaker 8: of them head to head with she's soon out of

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Speaker 8: the Prime minister and Keir Starmer, the man who would

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Speaker 8: be Prime minister, and we've seen various other party leaders

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Speaker 8: and some of their surrogates in leaders debates.

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Speaker 9: What we haven't seen is as you said.

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Speaker 8: Kenny Baden, not the Business Secretary Jonathan Reynolds has shadows

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Speaker 8: from Labour getting into the detail, hopefully on some of

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Speaker 8: the core issues affecting the business community today. It'll be

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Speaker 8: really interesting to see how the Conservatives attempt to try

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Speaker 8: and make difference between themselves and labor.

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Speaker 9: There's been lots of discussion.

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Speaker 8: Around whether labor is focusing to try and promote growth

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Speaker 8: and make them a friendly to business projector friendly air

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Speaker 8: to business, while at the same time leaving open the

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Speaker 8: option of perhaps raising taxes on some of the wealthy

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Speaker 8: business and wealth creators. So there's going to be it's

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Speaker 8: going to be a really interesting opportunity to hear both

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Speaker 8: from people in the room, in the business sector, from

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Speaker 8: across the sectors, and to try and see how bad and.

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Speaker 9: Reynolds differentiate themselves in a pitch to voters and business leaders.

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Speaker 2: Of course, that as an event to watch out for

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Speaker 2: later today. Meanwhile, the election campaign has been mired in

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Speaker 2: this betting scandal around the Conservative Party. Not a huge

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Speaker 2: amount of money involved, but something that's drawing an awful

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Speaker 2: lot of attention.

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Speaker 9: It is.

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Speaker 8: It couldn't really be worse time, just after just as

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Speaker 8: the dispute or the shot perhaps over Rishie Sunak's departure

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Speaker 8: from the d Day commemoration to died Down a week

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Speaker 8: or so later, upcomes a new Some.

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Speaker 9: Might call it a scandal, some might call it.

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Speaker 8: Something else, around Conservative members allegedly placing bets on the

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Speaker 8: only election date. And this plays into quite a long

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Speaker 8: running perception of the Conservative Party as being slightly mired

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Speaker 8: in whether it's scandal, whether.

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Speaker 9: It's an air of impropriety.

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Speaker 8: You know, of course allegations need to be investigated, but

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Speaker 8: it's you know, it's been described as a you know,

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Speaker 8: along the lines of party Gate, then this idea that

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Speaker 8: they're in power not entirely playing by the rules, and

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Speaker 8: that's been a bit of a gift for Keir Starmer

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Speaker 8: over the last few days.

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Speaker 9: As the election campaign rolls on.

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Speaker 1: Yeah, some of the UK media have dubbed gamble gate

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Speaker 1: sort of an echo of party Gate. Labour's lead in

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Speaker 1: the polls remains adam and yet Bloomberg has reported that

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Speaker 1: any new government will face a worsening misery index.

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Speaker 8: Yes, I mean, it's a it's a harsh phrase. We've

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Speaker 8: we've been reporting for some time now, of course that

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Speaker 8: the fiscal situation in the UK is extremely tight that

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Speaker 8: any incoming government, whether it's Conservative or labor would have

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Speaker 8: to make extremely hard decisions on public spending and will

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Speaker 8: not have a whole lot of money left over. The

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Speaker 8: misery Index, which we reported yesterday and you can find

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Speaker 8: on the Bloomberg terminal, is of course, is an indication

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Speaker 8: a calculation of how things might hand out going forward,

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Speaker 8: not so much specifically directly about the fiscal issue, but

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Speaker 8: talking about how unemployment could impact the country. We've got

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Speaker 8: them issues with wages outpacing, outpacing, the ability of the

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Speaker 8: economy to absorb that, and you know, an analysis looking

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Speaker 8: at how that might need to be adjusted and therefore

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Speaker 8: put a little bit of a crunch an extra rude

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Speaker 8: if they need one at all on any incoming government.

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Speaker 1: Okay, Adam, thank you so much for being with us.

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Speaker 1: That is Binberg's News Desk Managing Editor Adam Blenford talking

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Speaker 1: about the Misery Index, of course, which combines inflation and

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Speaker 1: unemployment as a measure. But also I think interesting, you

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Speaker 1: know when you put in the context the Institute for

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Speaker 1: Fiscal Studies saying that actually neither Labor nor Conservative are

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Speaker 1: being honest enough with the population about the difficulties that

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Speaker 1: they're going to face after the vote. Now to France,

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Speaker 1: some two hundred and forty billion dollars has been wiped

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Speaker 1: off the value of French equity since President Emmanuel and

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Speaker 1: Maconn called the snap parliamentary elections. Investors are watching the

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Speaker 1: outcome closely, with the far right and the left wing

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Speaker 1: alliance polling first and second, and present Macros group trailing

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Speaker 1: in third. Our French equity market supporter Julian Parfas joins

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Speaker 1: us now for more. Good morning, Julian, thank you so.

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Speaker 3: Much for your time.

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Speaker 1: Which sectors do you think are seeing on most as

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Speaker 1: most vulnerable? Then if the far right all this left

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Speaker 1: wing alliance manages to win power, the.

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Speaker 6: Easiest way to cut risk on French equities is basically

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Speaker 6: to cut your exposure to French banks because they're the

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Speaker 6: most vulnerable to any stress on French debts. So that's

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Speaker 6: an easy move to do if you want to cut risk. Basically,

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Speaker 6: if you're an international investor, the question do you really

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Speaker 6: want to be on the French market, it's probably easy

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Speaker 6: to cut some ETFs or global exposure. Then you have

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Speaker 6: specific stocks, for instance on highway operators that could be nationalized.

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Speaker 6: Some media groups are very vulnerable. If the far Ride

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Speaker 6: decides to, for instance, privatize the French equivalent of the BC,

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Speaker 6: a lot of media companies would need to compete for

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Speaker 6: the same pool of commercial revenues. There are different, really

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Speaker 6: specific picks.

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Speaker 2: You now, how much does it look like markets have

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Speaker 2: priced any of the stress already? Because, I mean the

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Speaker 2: sell off has been pretty extreme since the elections were called,

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Speaker 2: So is much of that already factored into markets?

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Speaker 6: It's fructored in. But when you look at the scenarios,

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Speaker 6: there are no really good scenarios to expect out of it.

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Speaker 6: I mean there's I don't see and from you know,

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Speaker 6: the investors that speak to or strategists at brokers, no

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Speaker 6: one expects the market to rebound the Monday after the elections.

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Speaker 6: It's a question of basically, you're pricing fifty shades of

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Speaker 6: market stress, of uncertainty of you know, there's no real

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Speaker 6: good scenario out there.

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Speaker 1: So then I mean, any potential winners It sounds rather doubtful.

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Speaker 3: Then what are the pull up.

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Speaker 9: There's no winners.

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Speaker 6: There's there's a lot of ways. If you say you're

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Speaker 6: a French fund and you're you're selling you know, French equities,

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Speaker 6: exposure to France to your clients. Then you need to

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Speaker 6: quickly sure you pick your way. Uh, and there are

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Speaker 6: ways to do that. We I spoke to investors basically

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Speaker 6: who are targeting French industrials who have very little footprint

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Speaker 6: in France. Nine or eighty percent of their revenues comes

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Speaker 6: from you know, Asia, the US.

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Speaker 9: The rest of Europe.

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Speaker 6: There's a lot of ways you know, of targeting companies

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Speaker 6: that are not exposed to France. But basically that's minimizing

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Speaker 6: your loss.

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Speaker 9: There's absolutely.

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Speaker 6: No one, there's no winners in this.

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Speaker 9: It's it's just a.

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Speaker 6: Way of of you know, protecting your portfolio, protecting your investments,

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Speaker 6: finding the basically the safest bets around. But there's I

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Speaker 6: haven't I heard anyone telling me, oh, I think this

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Speaker 6: stock will benefit or you know, there's a great opportunity here.

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