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

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Speaker 1: Daybreak Europe podcast. Good morning, It's Friday, the twenty third

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Speaker 1: of January. I'm Stephen Carolyn London. Coming up today, Europe's

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Speaker 1: American reality check. Shell Shocked. EU leaders rethink the transatlantic

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Speaker 1: relationship after President Trump's week of threats, US negotiators look

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Speaker 1: to remove all limits on America's military presence in Greenland.

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Speaker 1: Plus why furry lamas are Big Farmer's secret weapon to

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Speaker 1: find new drugs. Let's start with a roundup of our

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Speaker 1: top stories. After a bruising week for Transatlantic ties, European

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Speaker 1: leaders are now trying to refocus on their urgent security

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Speaker 1: and economic priorities. At an emergency summit in Brussels, the

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Speaker 1: EU sought to find ways to move on after the

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Speaker 1: US President delivered a sobering reality check on the world's

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Speaker 1: most important economic relationship. Hya Kalas, the Ease High Representative

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Speaker 1: for Foreign Affairs and Security policy.

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Speaker 2: The real issue is Ukraine right now, and that's why,

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Speaker 2: you know, any kind of disagreements that we have between allies,

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Speaker 2: our adversaries, right, Russia and China are really enjoying this show.

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Speaker 1: Kaya Kalas was speaking to Bloomberger's officials and leaders, called

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Speaker 1: for unity, but diverged on how best to now handle

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Speaker 1: relations with the United States. Germany's Chancellor Fredrick Martz has

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Speaker 1: urged his colleagues to react calmly to Trump's provocations. Meanwhile,

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Speaker 1: Francis Emmanuel Macro explicitly attacked the US president's strategy, calling

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Speaker 1: it an attempt to weaken and subordinate Europe. But it

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Speaker 1: was the comments from Canada's Mark Karney that most clearly

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Speaker 1: spelled out the challenge confronting Europe. Speaking in Davos on Tuesday,

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Speaker 1: Carney warned that the rules based international order was effectively

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Speaker 1: dead and argue that middle powers must form new alliances

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Speaker 1: to resist pressure and coersion from aggressive superpowers. After returning

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Speaker 1: to Canada, Mark Carney offered this message, aimed at defining

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Speaker 1: his country's role in a fracturing global order.

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Speaker 3: In a time of democratic decline, we can show how

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Speaker 3: rights can be protected and equal freedoms endure. In a

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Speaker 3: time of rising walls and thickening borders. We can demonstrate

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Speaker 3: how a country can be both open and secure, welcoming

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Speaker 3: and strong, principled and powerful.

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Speaker 1: Mark Connee's latest comments came after President Trump took a

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Speaker 1: swipe at the leader of America's northern neighbor, saying Canada

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Speaker 1: lives because of the United States. Remember that Mark the

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Speaker 1: next time you make your statements. All the highly charged

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Speaker 1: rhetoric from Western allies came as sources told Bloomberg the

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Speaker 1: US wants to rewrite its current defense agreement with Denmark

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Speaker 1: to remove any limits on its military presence in Greenland.

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Speaker 1: While on the way back to the US from Davos,

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Speaker 1: President Trump was asked whether the US framework deal would

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Speaker 1: give the United States sovereign over pockets of land on

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Speaker 1: the Arctic territory that was discussed.

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Speaker 2: We can do anything we want. We can do Villager.

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Speaker 4: We can do anything we want.

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Speaker 2: And it's may negotiated.

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Speaker 1: Unless show what happens. I think it'll be good, President Trump,

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Speaker 1: speaking there. The European Parliament is now expected to vote

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Speaker 1: on ratifying the block's trade deal with the US after

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Speaker 1: he walked back his latest threat to impose extra tariffs

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Speaker 1: on European allies. But despite signs that geopolitical tensions may

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Speaker 1: be easing, markets remain apprehensive. Gold prices now closing in

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Speaker 1: on five thousand dollars. An ounce buddy and climbed to

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Speaker 1: a record above four thousand, nine hundred and sixty seven

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Speaker 1: dollars in trading earlier today, and is on track for

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Speaker 1: a weekly gain of nearly eight percent, supported by a

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Speaker 1: weaker dollar.

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Speaker 4: Now.

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Speaker 1: Before Trump's Greenland ultimatum, much of Europe's focus had been

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Speaker 1: on drafting a peace deal framework between the US and Ukraine.

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Speaker 1: EU leaders have been pushing to return Ukraine to the

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Speaker 1: top of the agenda, as US envoys Steve Whitkoffin Jared

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Speaker 1: Kushner began late night talks with President Putin in Moscow.

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Speaker 1: Speaking in Davos, President Zelenski criticized Europe for relying too

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Speaker 1: much on American support and said it can act in

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Speaker 1: its own right as a global force.

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Speaker 5: Dar French, we should not degrade ourselves to secondary rules,

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Speaker 5: not when we have a chance to be a great

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Speaker 5: power together. We should not accept that Europe is just

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Speaker 5: a salad of small and middle powers seasoned with enemies

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Speaker 5: of Europe. When united, we are truly invincible.

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Speaker 1: President Zelenski, speaking there, who also discussed the importance of

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Speaker 1: US security guarantees for Ukraine now TikTok and its Chinese

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Speaker 1: parent company Byitdowance have closed a long away to deal

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Speaker 1: with American investors to operate its US business and avoid

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Speaker 1: a nationwide ban in the country. The social media company

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Speaker 1: is a staff ablished, a majority US owned entity with

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Speaker 1: three managing investors, Oracle, Silver Lake, and MGX, with each

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Speaker 1: holding a fifteen percent stake in the new venture. The

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Speaker 1: sale concludes a years long regulatory tug of war that

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Speaker 1: threatened to shut the app down in the United States

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Speaker 1: over data and national security concerns. The US President is

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Speaker 1: suing Jamie Diamond and JP Morgan for five billion dollars.

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Speaker 1: The longtime CEO has been accused of illegally debanking Trump's

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Speaker 1: businesses due to his politics and putting his name on

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Speaker 1: an industry blacklist. Speaking last year outside a private meeting

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Speaker 1: with Senate Banking Republicans, Diamonds had regulation on the matter

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Speaker 1: needs refining.

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Speaker 4: We don't debank people because of a political religious affiliations.

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Speaker 6: What's your message.

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Speaker 4: But there are a lot of things that can be

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Speaker 4: fixed and we should fix them. The rules and the

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Speaker 4: requirements are so onerous and it does cause people be

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Speaker 4: debanked through my opinion, should not be debanked.

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Speaker 1: Jamie Diamond, speaking their early last year. JP Morgan said

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Speaker 1: it follows federal rules that push the bank to close accounts,

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Speaker 1: which create legal or regulatory risk. News of the lawsuit

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Speaker 1: comes as the lender boosted diamonds pay by over ten

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Speaker 1: percent to forty three million dollars for twenty twenty five.

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Speaker 1: And in the UK, the Prime Minister Kre Starmer is

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Speaker 1: bracing for a potential leadership showdown and MP stepped down

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Speaker 1: in Westminster, opening up the pathway for long term political

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Speaker 1: rival Andy Burnham to potentially challenge Starmer. Thirty year guilty

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Speaker 1: helds swung ten bases points higher on the News before

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Speaker 1: pairing losses to Bloomberg. James Wilcock has more.

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Speaker 6: UK politics looks fragile, although a recent GfK survey says

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Speaker 6: many Britons are becoming more worried about the economic outlook.

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Speaker 6: The political outlook is starting to drive the market narrative.

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Speaker 6: Hedge funds are taking notice of labor plots to replace

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Speaker 6: Prime Minister Kiirs Starmer, taking long volatility positions and sterling

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Speaker 6: the challenge on the horizon reform UK's night with Farage

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Speaker 6: at Davos, he topped Bloomberg. He had a very different

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Speaker 6: vision for growth.

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Speaker 1: Well Given what a catastrophe UK economic policy has been

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Speaker 1: over the last fifteen years, I think we should challenge

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Speaker 1: every single tenant of it.

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Speaker 6: Foraj's big test of popularity is local elections in May,

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Speaker 6: which is when many of those hedge fund volbets are

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Speaker 6: set to expire. It's become a moment of danger for

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Speaker 6: the Prime Minister in London, James Walcock doing their gradear.

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Speaker 1: And those are your top stories on the markets. The

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Speaker 1: Mscirish Pacific Index is half a percent higher this morning.

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Speaker 1: European stock futures pointing slightly lower for your stocks fifty

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Speaker 1: this morning, down a tenth of one percent. Goal prices

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Speaker 1: up four tenths of one percent today over four thy

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Speaker 1: nine hundred and fifty dollars announced, just below the record

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Speaker 1: high at it earlier. Silver price is though, rallying another

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Speaker 1: two point nine percent ninety nine dollars announce now for silver,

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Speaker 1: as we're watching the Japanese yen weakening slightly against the

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Speaker 1: dollar after the Bank of Japan held interest rates steady.

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Speaker 1: In a moment, we'll bring you the latest on efforts

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Speaker 1: to end the war and un plus why lamas are

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Speaker 1: big farmers new best friend? And before we get to

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Speaker 1: more in our top story, I want you to mention

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Speaker 1: the story they've been reading in case we're feeling a

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Speaker 1: bit out of date on the latest financial lingo. We've

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Speaker 1: been talking a lot this week about the taco trade,

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Speaker 1: where investors bet that Trump always chickens out, but there's

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Speaker 1: a new fast food trade in town, the Big Mac.

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Speaker 1: It sounds for big mid terms are coming and refers

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Speaker 1: to steps being taken by the US President to try

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Speaker 1: to reverse his low approval ratings before voters go to

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Speaker 1: the polls in November. Ed Clisselton ned Davis Research believes

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Speaker 1: that'll be the main theme of this year, and that's

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Speaker 1: one of the terms. It's including a great piece from

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Speaker 1: our markets team that have put together the best and

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Speaker 1: less well known nicknames for trades that are often bandied about.

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Speaker 1: Can you tell your basis trade from debasement? And why

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Speaker 1: is betting against Japanese bonds called the widow maker? Even

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Speaker 1: for finance pros. There are some great nuggets in there

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Speaker 1: about where the names came from and how these trades

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Speaker 1: have evolved over the years as well. You'll find the

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Speaker 1: piece on Bloomberg dot Com. We'll put a link to

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Speaker 1: it in our podcast show notes as well, But that's

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Speaker 1: bringing up to date now. In efforts to and Russia's

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Speaker 1: war in Ukraine, Russian President Vladimir Putin held talks with

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Speaker 1: US envoys in Moscow, further negotiations due to take place

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Speaker 1: later today. Tony Halpin, who leads our team covering Russia's

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Speaker 1: economy and government, joins US now for more. Tony, what

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Speaker 1: came out then of these talks in Moscow between Putin,

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Speaker 1: Steve whitcaff and Jared Koshner.

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Speaker 7: Welling Stephen Well, It was a long night of discussions

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Speaker 7: in the Kremin, about four hours of talks that ended

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Speaker 7: roughly around four o'clock in the morning in Moscow. The

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Speaker 7: main sticking point remains, according to k Criminal officials, which

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Speaker 7: is the territorial question. They were pretty open and saying

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Speaker 7: that there wasn't progress there and until there was there

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Speaker 7: was really no prospect of any peace steal. But they

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Speaker 7: are at least interested in continuing to talk on this

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Speaker 7: issue though, But further talks planned today in the United

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Speaker 7: Arab Emirates. There'll be military officials from Russia and Ukraine

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Speaker 7: joining those talks with the US, and separately, bilateral talks

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Speaker 7: between Russia and the US looking at economic issues and

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Speaker 7: opportunities between those two country.

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Speaker 1: This has been a week where there's been yet another

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Speaker 1: flurry of diplomacy around Ukraine, despite the distractions that the

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Speaker 1: threats over Greenland may have provided. How much closer does

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Speaker 1: a pieced a look after what we've seen happening in

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Speaker 1: Moscow and in Davas as well.

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Speaker 7: Yes, it is interesting, isn't it that there's this real sort

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Speaker 7: of dissonance in the messaging that's coming out Ukraine and

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Speaker 7: the US, and to a certain extent, Europe is sounding optimistic,

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Speaker 7: saying that there's been real progress and they're getting closed.

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Speaker 7: I think Steve wick Coffe even said at one point

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Speaker 7: that they were down to just one basic issue on

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Speaker 7: this twenty point plan. But from the Russian side they

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Speaker 7: view the situation rather differently, that they don't have what

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Speaker 7: they want on the territorial issue and until they do

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Speaker 7: there'll be no deal. So if that is the one issue,

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Speaker 7: it's a pretty big one. It's the central one of

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Speaker 7: the war, and it doesn't look like they've at this

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Speaker 7: present moment anyway found a form of words that are

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Speaker 7: going to reach an agreement on I.

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Speaker 1: Meanwhile, we had a EU leaders having their emergency summit

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Speaker 1: in Brussels yesterday, seeking to refocus the conversation on Ukraine

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Speaker 1: after everything that's happened around Greenland this week.

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Speaker 5: I Vlaje Mao.

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Speaker 1: Zelenski gave some heartsh criticism of his European neighbors in

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Speaker 1: his speech and Davos yesterday. Will what they have said

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Speaker 1: do much to reassure him?

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Speaker 4: Yeah?

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Speaker 7: So President Zelenski was pretty blunt and visibly angry, I

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Speaker 7: think at what has been going on, largely because Greenland

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Speaker 7: demonstrated something that he's been saying for a while, which

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Speaker 7: is that the europe is very much dependent on the

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Speaker 7: US in terms of the support that they can offer

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Speaker 7: to Ukraine, and if the US gets distracted by an

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Speaker 7: issue such as Greenland, that that immediately makes it very

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Speaker 7: difficult for the Europeans to continue the level of support

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Speaker 7: that he knows he needs in the fight against Russia.

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Speaker 7: So he was bluntly telling them, really that they need

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Speaker 7: to shape up and assert themselves and find ways in

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Speaker 7: which they can use their own power independently of the US,

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Speaker 7: so that they can help Ukraine reach a settlement that

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Speaker 7: will be good for Europe and good for Ukraine and

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Speaker 7: the long term security of the consonant.

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Speaker 1: Yeah, indeed, and when we will continue to watch closely

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Speaker 1: as those talks continue, Tony. For now, Thank you very much,

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Speaker 1: Tony Halpin. They're leading our team covering Russia's economy and government.

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Speaker 1: Stay with us. More from Bloomberg Daybreak Europe coming up

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Speaker 1: after this. Well now, something completely different. Antibodies from lamas

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Speaker 1: could be the answer to the new generation of life

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Speaker 1: changing medicines. Drug developers are plowing billions of dollars into

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Speaker 1: this field of research as they search for new treatments.

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Speaker 1: Bloomberger porter Lisa Farm joins US Now with more on

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Speaker 1: this story. Lisa, good morning. Why are lama antibodies proving

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Speaker 1: so useful?

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Speaker 8: So the interesting thing about lamas is that they're able

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Speaker 8: to produce antibodies that are smaller and simpler than human antibodies.

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Speaker 8: So basically, antibodies help protect the body against things like bacteria, viruses,

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Speaker 8: and antibody drugs are engineered to target certain types of cells,

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Speaker 8: for example, cancer cells, and because the line antibodies have

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Speaker 8: a smaller and simpler shape, they can get into places

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Speaker 8: that are hard to reach for human antibodies. So that's

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Speaker 8: the advantage that they have so.

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Speaker 1: What results has this research produced so far using LAMA

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Speaker 1: antibodies and what's the ambition that these pharmaceus got companies

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Speaker 1: have for the future.

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Speaker 8: So Sanafi has a drug called caablivi, which is used

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Speaker 8: to treat a rare autoimmune blood disorder. That was the

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Speaker 8: first drug which had been developed using LAMA antibodies to

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Speaker 8: get regulatory approval and it's been on the market for

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Speaker 8: about seven years now. And there are plenty of other

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Speaker 8: pharmaceutical companies and biotech firms which have experimental drugs in development.

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Speaker 8: We've already seen positive clinical trial results from companies like

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Speaker 8: Astrozenica and Anebrics over the past few months. And Sanafi

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Speaker 8: is actually also testing nan the body drugs in quite

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Speaker 8: a few different disease areas like asthma and diabetes and

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Speaker 8: inflammatory bowel disease. So we'll be getting plenty more updates

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Speaker 8: in the months used to come.

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Speaker 1: And there's massive investment going into this area as well.

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Speaker 1: We're talking about billions being poured in and some of

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Speaker 1: the world's biggest pharmaceutical companies as well.

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Speaker 8: Yeah, so Sanafie is the one that's been doing a

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Speaker 8: lot of things. They had bought a company called Abalinx

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Speaker 8: back in twenty eighteen i think, and Ablinkx is based

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Speaker 8: in Belgium, so a lot of the drug research is

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Speaker 8: happening in that country too now.

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Speaker 1: So this is a fascinating story for many reasons, not

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Speaker 1: least because it's great photos of lamas in it as well.

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Speaker 1: But I'm actually very interested in this is that what

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Speaker 1: happens to the lamas both during these testing phases and

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Speaker 1: that during this research and afterwards as a plan for

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Speaker 1: after as well.

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Speaker 8: Yeah, exactly. I mean, it does seem to be a

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Speaker 8: pretty good life overall for the lamas. You know, they

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Speaker 8: get fed very well and get to spend a lot

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Speaker 8: of time just grazing in the fields. Essentially, it's good

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Speaker 8: for lamers to have strong immune system before they're injected

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Speaker 8: with the antigens, which then produce an antibody response, and

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Speaker 8: the antibody response is like what the scientists are looking for.

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Speaker 8: And then after that the lamers just get to rest

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Speaker 8: quite a lot again, like for months at a time.

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Speaker 8: So some of the companies that use lamers in the

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Speaker 8: drug discovery and development process, they also have pension plans

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Speaker 8: for these lamers where essentially the housing and like the

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Speaker 8: food and veteranic. Veteranic vet costs are all kind of

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Speaker 8: like you know, paid for essentially, and there's also actually

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Speaker 8: adoption processes in place for Lamers as well, for like

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Speaker 8: some of the other companies, so basically the Lamers that

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Speaker 8: still looked after like when they're retire. And actually one

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Speaker 8: of the people I spoke with had said that he

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Speaker 8: would have been very happy to be a Larmer given

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Speaker 8: how they treated.

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Speaker 1: I have to say I didn't start my day thinking

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Speaker 1: that I was going to be that the standout moment

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Speaker 1: would be someone saying LAMBA pension plan to me. But

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Speaker 1: it is an absolutely fascinating story. Thank you for bringing

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Speaker 1: us details of your reporting. That's our reporter Lisa Fan

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Speaker 1: there with news of that research involving lamas that's attracting

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Speaker 1: huge interests in pharmaceutical companies and giving the potential for

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Speaker 1: big changes to down the line in terms of treatments

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Speaker 1: as well. You can read the full piece on Bloomberg

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Speaker 1: dot com. This is Bloomberg Daybreak Europe, your morning brief

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Speaker 1: on the stories making news from London to Wall Street

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Speaker 1: and beyond.

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