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

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Speaker 2: This is the Bloomberg Day BAQ podcast, available every morning

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

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Speaker 2: nineteenth of May. Here in London. I'm Caroline Hepka.

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Speaker 1: And I'm Stephen Carroll. Coming up today, the UK and

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Speaker 1: European Union work through the weekend to finalize a post

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Speaker 1: Brexit reset agreement ahead of today's summit.

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Speaker 2: A US downgrade and progress on a massive budget bill

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Speaker 2: leave investors with more questions than answers.

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Speaker 1: Plus, more Americans are exploring a move overseas, but those

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Speaker 1: looking to Europe are seeing their options narrow by the day.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 1: UK and EU negotiators were still working last night to

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Speaker 1: hammer out a deal to reset relations ahead of today's summit.

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Speaker 1: Both sides expect announcements on a defense and security pact.

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Speaker 1: Reports also suggest there may be a deal on British

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Speaker 1: use of past board eGates in the EU. However, youth mobility,

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Speaker 1: fishing quotas, and food standards have all proved to be

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Speaker 1: major points of contention. Here's Britain's lead negotiator, Nick Thomas Simmons,

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Speaker 1: speaking to the BBC.

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Speaker 3: Brexit was about an independent trade policy, which is exactly

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Speaker 3: what this government is taking advantage of. It's about choices

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Speaker 3: that we are making on our own standards with regard

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Speaker 3: to the EU. But it is also about delivering, frankly,

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Speaker 3: deals that the previous government and previous prime minister's post

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Speaker 3: Brexit kept promising and couldn't deliver.

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Speaker 1: Nick Thomas Simmons also said the UK had been applying

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Speaker 1: ruthless pragmatism during negotiations. His comments come ahead of Prime

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Speaker 1: Minister Kurstarmer's meeting today with the European Commission President or

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Speaker 1: Slavanderlyn and European Council President Antonio Costa.

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Speaker 2: Treasuries have dropped and the yield on thirty year notes

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Speaker 2: has risen to five percent for the first time since April,

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Speaker 2: after Moody's Ratings stripped the US government of its top

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Speaker 2: credit rating, citing a ballooning budget. US Treasury sectary Scott

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Speaker 2: Bessend downplayed concerns over the government's debt on NBC's Meet

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Speaker 2: the Press. Best End pointed out that other rating agencies

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Speaker 2: had made similar moves years ago.

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Speaker 4: I think that Moody's is a lagging indicator. I think

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Speaker 4: that's what everyone thinks of credit agencies. Larry Summers and

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Speaker 4: I don't agree on everything, but he said that when

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Speaker 4: they downgraded the US in two thousand and eleven, so

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Speaker 4: it's a lagging indicator.

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Speaker 2: Best End's comments on NBC came as a key US

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Speaker 2: House of Representatives committee advanced President Trump's giant tax and

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Speaker 2: spending package. Republican hardline has dropped their opposition to the

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Speaker 2: bill after winning agreement from party leaders to speed up

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Speaker 2: cuts to Medicaid health coverage. There is strong supporter one

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Speaker 2: Republicans for the tax cuts at the core of the package,

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Speaker 2: but worries about the deficit highlighted by Moody's downgrade has

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Speaker 2: meant that sum on the right of the party are

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Speaker 2: pushing for faster spending cuts.

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Speaker 1: Russias Vladimir Putin is due to speak to US President

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Speaker 1: Donald Trump today on the future of Ukraine. Bloomberg understands

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Speaker 1: that Putin is confident his forces can break through Ukraine's

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Speaker 1: defenses by the end of the year to take full

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Speaker 1: control of four regions he has claimed for Russia. The

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Speaker 1: Russian president's belief means he is unlikely to offer any

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Speaker 1: meaningful concessions to Trump during their call. Later on Friday,

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Speaker 1: the leaders of Germany, France and the UK spoke to

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Speaker 1: the US president to make the case that Putin is

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Speaker 1: trying to draw out negotiations.

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Speaker 2: The pro eu centrist mayor of book Arrest has won

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Speaker 2: Romania's presidential runoff, defeating far right opponent Georgia Simeon. Independent

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Speaker 2: candidate nikoshur Dan secured more than fifty four percent of

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Speaker 2: the vote after results from ninety eight percent of polling stations.

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Speaker 2: That's according to the election authority. The contest featured Romania's

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Speaker 2: highest vote to turn out in twenty five years. The

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Speaker 2: ballot comes after last Docto's vote in Romania was annulled

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Speaker 2: due to claims of Russian interference.

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Speaker 1: China's factory resilience beat expectations last month, whilst consumption weakened.

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Speaker 1: April's industrial output climbed by six point one percent, slower

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Speaker 1: than the previous month, but well above the median analyst estimate,

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Speaker 1: according to a Bloomberg survey. Meanwhile, retail sales growth dropped

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Speaker 1: to five point one percent, missing economists projections and highlighting

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Speaker 1: the government's difficulty in boosting domestic consumption. The data highlights

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Speaker 1: the challenges facing the world's second largest economy despite an

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Speaker 1: easing of trade tensions with the US.

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Speaker 2: Former President Joe Biden has been diagnosed with an aggressive

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Speaker 2: form of prostate cancer, which has spread to the bone.

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Speaker 2: The eighty two year old Democrat is reviewing treatment options

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Speaker 2: with his doctors. Speaking into ABC news emergency medicine, physician

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Speaker 2: doctor Stephanie Widmer says that more needs to be known

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Speaker 2: about Biden's condition to understand what treatments are available.

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Speaker 5: Prossy cancer in general is a treatable form of cancer,

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Speaker 5: even if it cannot be cured, and a lot of people,

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Speaker 5: even elderly people, can live with it for a long

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Speaker 5: period of time.

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Speaker 2: Doctor Stephanie Widmer, speaking to ABC News there President Trump

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Speaker 2: reacted to the news on truth Social writing that he

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Speaker 2: and the First Lady wished the former president a fast,

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Speaker 2: unsuccessful recovery.

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Speaker 1: American golfer Scotti Scheffler has won his first USPGA championship

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Speaker 1: with a convincing five stroke victory. The world number one

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Speaker 1: saw off a challenge from Spaniard Jon Rahm to come

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Speaker 1: out on top of Quail Hollow Country Club in North Carolina.

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Speaker 1: Let's take a lesson to the winning call.

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Speaker 3: One last look at the hole for Shuffler.

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Speaker 1: The potter is back and threw on its way. He's

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Speaker 1: missed it, but that's okay. He'll go around the hole

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Speaker 1: collect himself. The king the Cale conquers the queen city

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Speaker 1: at Quail Hollow. Scotty Shuffler is a ptri excipia. I've

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Speaker 1: actually heard there live on Bloomberg Radio. As Scheffler claimed

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Speaker 1: his third career major, he adds the Wanamaker Trophy to

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Speaker 1: his two masters titles.

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Speaker 2: Those are our top stories for you this morning. Right,

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Speaker 2: let's get to the markets then. US secuity futures this

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Speaker 2: morning are down. The NAZE features are dropping one point

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Speaker 2: three percent, S and P five hundred down one percent.

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Speaker 2: The other moves thirty year treasury yield rising five basis

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Speaker 2: points to just above five percent, although they're trading just

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Speaker 2: below that level at this point because in part of

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Speaker 2: the Moody's downgrade, the broader worries around tax and spending,

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Speaker 2: the deathsit particularly in the US. Perhaps the five percent mark.

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Speaker 2: The question is about whether it opens up the door

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Speaker 2: to the highs that we saw back in two thousand

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Speaker 2: and twenty three and two thousand and seven of five

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Speaker 2: point one eight percent. Gold also this morning up by

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Speaker 2: four tenths of one percent, and you've had quite a

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Speaker 2: significant decline in stocks in Asia MISCI China Index our

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Speaker 2: four tenths and the hang saying dropping three tenths this morning.

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Speaker 1: That is a look at the markets in a moment.

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Speaker 1: More and what announcement could be made at today's UK

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Speaker 1: EU so much, plus a look at how Americans who

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Speaker 1: are thinking about moving to Europe are seeing their visa

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Speaker 1: options narrow. But first, a word on some of the

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Speaker 1: stories we've been reading over the weekend about eating out

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Speaker 1: and drinking in London, two of my favorite topics of discussion.

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Speaker 2: This is just the hangover from the weekend, isn't it okay?

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Speaker 2: Tell me rong?

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Speaker 1: Our opinion columnist Matthew Brooker and Howard try One have

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Speaker 1: been writing separately about this issue. Howard has a great

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Speaker 1: out to one of his favorite restaurants in London, Lyles

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Speaker 1: in the Tea Building in Shortage, which closed this weekend.

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Speaker 1: He says that this is an illustration putting a name

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Speaker 1: and a face on the warning that's come from accountants

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Speaker 1: Price Bailey and others that them saying nearly twelve percent

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Speaker 1: of the UK's restaurants could close in a year because

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Speaker 1: of the financial pressures that they're facing. Howard's lovely piece

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Speaker 1: on Lyles. I was at the lunch on Saturday in

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Speaker 1: Lyles Tanks to Howard's thanks to Howard's recommendation, it was

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Speaker 1: a great spot and it is a place that I'm

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Speaker 1: sorry I won't be able to go back to as well.

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Speaker 1: But as he points out, even places that he really supported,

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Speaker 1: Saul the advantages of wasn't able to find you the

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Speaker 1: means to carry on.

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Speaker 2: Well, look if it's restaurants now, it's because the conversation

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Speaker 2: has been about nightclubs and music venues also shuttering in

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Speaker 2: London in the last sort of five years, and yet

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Speaker 2: the push to boost night live and outdoor dining and

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Speaker 2: basically have longer opening hours has also faced a pushback

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Speaker 2: from some locals who perhaps I like the noise.

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Speaker 1: Yeah, it's right. And Matthew Brooker has been writing about that,

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Speaker 1: particularly the challenge around the Travalgar Tavern and Greenwich to

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Speaker 1: many of you may know on the riverfront there as well,

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Speaker 1: and how they've been order to remove some of their

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Speaker 1: outdoor seating because the councils said that have breached planning regulation.

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Speaker 1: So this, you know, dual tensions between the rules and

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Speaker 1: the drive to boost growth through more hospitality spending. Plenty

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Speaker 1: to read on that, you've got both of those articles Bloomberg,

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Speaker 1: Dot Calm, slash Opinion.

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Speaker 2: Now let's bring you more on what to expect from

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Speaker 2: today's UK EU summit in London. Negotiators on both sides

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Speaker 2: were working late into Sunday night in an effort to

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Speaker 2: secure an agreement. To Bloomberg's Alberta now Deli joins us

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Speaker 2: now for more on this Alberta, good morning. Significant will

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Speaker 2: today's summit be in terms of changing the relationship between

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Speaker 2: the UK and the EU?

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Speaker 6: I think if we take a step back and we

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Speaker 6: look at where the relationship was a couple of years ago,

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Speaker 6: or even last year, it will be significant. Even the

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Speaker 6: fact that the two sides are meeting, having a summit

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Speaker 6: and working to reset relationships is extremely significant. For example,

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Speaker 6: if you look at the defense and security pack that

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Speaker 6: they're aiming to announce today, this is something that after

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Speaker 6: breaksit happened the UK didn't want to talk with Europe

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Speaker 6: about defense and security and working together on that the

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Speaker 6: world has since changed considerably, so now they are working

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Speaker 6: on this pack. So in terms of bigger picture, it

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Speaker 6: is significant.

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Speaker 1: Tell us about the announcements we are expecting today. Perhaps

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Speaker 1: starting with that Defense and Security Pact.

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Speaker 6: Well, first of all, I would say that negotiators were

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Speaker 6: still talking deep into the night of trying to finalize

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Speaker 6: the details and also trying to figure out the key

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Speaker 6: thing how to package everything together in a way that

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Speaker 6: was balanced. So everything I say will be conditional on

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Speaker 6: how those talks go. But broadly speaking, the idea of

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Speaker 6: this Defense and Security pack is that it creates a

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Speaker 6: framework for the two sides to be able to cooperate

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Speaker 6: on different areas pertaining to defense, so working together on space,

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Speaker 6: on maritime security, ways to exchange information, creating structures so

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Speaker 6: that they can meet and discuss how to collaborate on

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Speaker 6: various areas on defense, and more specifically, how they can

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Speaker 6: work together on joint defense projects and joint defense industrial initiatives.

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Speaker 6: And so if you think about it this way, after Brexit,

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Speaker 6: all the structures that existed to allow the European Union

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Speaker 6: member states to work together on defense were script away.

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Speaker 6: So what this pack does it tries to recreate some

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Speaker 6: of these structures outside of the European Union.

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Speaker 2: Okay, where do you think negotiators have perhaps failed to

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Speaker 2: reach agreement though as far as we know.

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Speaker 6: What you will see is a lot of we are

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Speaker 6: working towards an agreement on fishing, we are working towards

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Speaker 6: an agreement on food and agricultural standards, so lots of

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Speaker 6: working towards something rather than we have agreed X, Y

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Speaker 6: and Z. So I guess in that sense you could

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Speaker 6: say they have failed to agree very specific details and

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Speaker 6: instead will show the intent of keep negotiating those final details.

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Speaker 6: And lots of that is linked to the fact obviously

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Speaker 6: at the summit is today it's a summit worse, say

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Speaker 6: in one month or two months, maybe those details would

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Speaker 6: have been iron mount in time.

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Speaker 1: Alberta, You've been covering extensively these negotiations, and I wonder

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Speaker 1: how you see it comparing to the heat of the

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Speaker 1: Brexit talks, which were extremely acrimonious, and whether the domestic

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Speaker 1: politics that plut wads so heavily on both sides of

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Speaker 1: the Channel and those issues are still at play in

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Speaker 1: these talks.

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Speaker 6: I think there is less heat than there was before

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Speaker 6: on the European side. Public opinion really has moved on

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Speaker 6: in the sense that if you open any newspaper on

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Speaker 6: the content that you will very rarely see news of

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Speaker 6: out Brexit on the front pages is probably closer to

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Speaker 6: the sports pages than it is to the front of

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Speaker 6: a newspaper. However, there is still the principle that a

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Speaker 6: country outside the European Union cannot receive the same benefits

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Speaker 6: of a country in the European Union. In the UK,

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Speaker 6: it is still very much a political issue and I

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Speaker 6: think that is one of the challenges Kia Sarma has

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Speaker 6: that whatever it is he agrees, there will be part

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Speaker 6: of the political debate that will frame it as a betrayal.

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Speaker 6: He is trying to bring the UK back into the

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Speaker 6: European Union through the back door, when in reality that's

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Speaker 6: not really the case. If you look at this specific

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Speaker 6: So for example, you take this visa scheme that they

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Speaker 6: are trying to negotiate to allow young people to come

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Speaker 6: to the UK to work for a few years. Some

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Speaker 6: parts of the political spectrum say, oh, this is free

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Speaker 6: movement through the back door, when in reality it's not

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Speaker 6: given that if you need a visa to enter a country,

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Speaker 6: by definition, it is not free movement.

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Speaker 2: Yeah, indeed, and there's already been that pushback, hasn't it

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Speaker 2: from conservatives and reform UK Alberta, thank you so much

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Speaker 2: for being with us this morning. Bloomberg's Alberta, not Delhi.

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Speaker 1: A rising number of Americans are said to be exploring

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Speaker 1: their options to move to European countries to escape the

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Speaker 1: tunnels of Donald Trump's administration. But those looking to move

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Speaker 1: or seeing their options narrow as some countries are tightening

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Speaker 1: visa and citizenship rules. Our personal finance supporter Alice Cantor

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Speaker 1: joins us Now for more on this. Alice, good morning.

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Speaker 1: So are Americans leaving the US for Europe? What data

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Speaker 1: is available on this?

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Speaker 5: Yes, so there are a number of Americans that are

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Speaker 5: looking to leave for Europe. So already, between January and

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Speaker 5: April this year, there was sixteen percent increase in the

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Speaker 5: number of US citizens hired by European companies. That's according

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Speaker 5: to a global human resource company called Deal. But there's

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Speaker 5: also been a search in Americans looking for jobs in

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Speaker 5: Ireland and Portugal, for example, and then immigration lawyers they

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Speaker 5: report a spike in applications. There's one Irish citizenship consultant,

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Speaker 5: for example, she's saying she's found twenty to twenty five

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Speaker 5: applications per week for Irish citizenship from her US clients,

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Speaker 5: and that's compared to about ten per week last year.

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Speaker 2: At the same time, European countries are also tightening their borders.

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Speaker 2: So is it that easy to get to Europe.

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Speaker 5: No, it's getting harder at least. So there's been a

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Speaker 5: wave of policies that are being passed across the continent

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Speaker 5: and in the UK to restrict immigration. So the UK

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Speaker 5: just last week published a white paper and Immigration that

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Speaker 5: would significantly raise the threshold for students, professionals and long

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Speaker 5: term residents to access and stay in the country.

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Speaker 1: Then the Italian.

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Speaker 5: Government they announced an emergency decree in March that would

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Speaker 5: restrict its Citizenship by Ancestry program, So that's a program

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Speaker 5: that you still let people with generational ties to Italy

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Speaker 5: going all the way back to eighteen sixty one to apply.

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Speaker 1: For EU citizenship.

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Speaker 5: And then in April, the EU Court of Justice they

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Speaker 5: ruled that Malta's Citizenship by Investment program, which is a

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Speaker 5: sort of golden visas that granted EU citizenship after an

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Speaker 5: initial investment in Malta, that that program was illegal as well.

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Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 1: stories making news from London to Wall Street and beyond.

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Speaker 2: I'm Caroline Hepka and.

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