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

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Speaker 2: This is the Bloomberg Daybreak europ podcast. Good morning, It's Tuesday,

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Speaker 2: the twentieth of January. I'm Stephen Carroll in London. Coming

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Speaker 2: up today, Germany's Chancellor seeks to reign in the French president.

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Speaker 2: On the eau's response to American tariff threats, sour grapes,

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Speaker 2: President Trump floats at two hundred percent Champagne Levy after

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Speaker 2: Emmanuel Macrol rejects his invitation to join his Gaza Peace Board.

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Speaker 2: Plus how Italy's Bank of Promos is breaking the mold

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Speaker 2: with its all women trading desk. Let's start with a

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Speaker 2: round up of our top stories. The US President is

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Speaker 2: reinforcing his increasingly aggressive push for ownership of Greenland. Speaking

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Speaker 2: in Florida just hours ago, Donald Trump called the island

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Speaker 2: a national security necessity to counter Russia and China, and,

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Speaker 2: in a sign that calls to avoid escalation are going on,

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Speaker 2: he did. Trump added that he does not expect the

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Speaker 2: US European Union to offer significant resistance, but.

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Speaker 3: I don't think you're going to perspect too much. Look,

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Speaker 3: we have to have it.

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Speaker 4: They have to have this done.

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Speaker 3: They can't protect it.

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Speaker 4: Denmark.

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Speaker 5: They're wonderful people, and I know the leaders are very

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Speaker 5: good people, but they don't even go there. And you

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Speaker 5: know because of both what they're five hundred years ago

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Speaker 5: and then left.

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Speaker 3: That doesn't give you titled the property.

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Speaker 2: Trump also says he'll meet with several parties over his

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Speaker 2: ambition to take control of Greenland during this week's World

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Speaker 2: Economic Forum in Davos. His latest comments come as Germany's

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Speaker 2: Chancellor Frederic mirt So to de escalate tensions following the

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Speaker 2: threat of tariffs on eight European countries.

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Speaker 1: The Emerician Jesus, we do not want this escalation.

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Speaker 6: We do not want to trade dispute with the United

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Speaker 6: States of America. But if we are confronted with tariffs

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Speaker 6: that we consider inappropriate, then we are in a position

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Speaker 6: to respond and that is precisely what we will be discussing.

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Speaker 2: In Brussels on Thursday, German chancer Frederic Mert, speaking through

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Speaker 2: a trans after French President Emmanuel Macron, said that EU

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Speaker 2: should consider using its most powerful trade tool, the Anti

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Speaker 2: Coercion Instrument, that would allow for additional tariffs, new taxes

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Speaker 2: on overseas firms and even foreign investment curbs Macron's push

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Speaker 2: for a robust EU response came as the US president

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Speaker 2: directly threatened France with a two hundred percent tariff on

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Speaker 2: its wines and champagne. In the last few minutes, Trump

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Speaker 2: also posted what he said we're screenshots of messages from

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Speaker 2: the French leader to his truth social account discussing a

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Speaker 2: proposed meeting with the leaders of Ukraine, Syria, Denmark and Russia.

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Speaker 2: The move came after Emmanuel Macron declined Trump's invitation to

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Speaker 2: join a proposed Board of Peace for Gaza. Here's what

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Speaker 2: the US president told reporters a short time ago.

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Speaker 3: Well, nobody watched it because he's going to be out

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Speaker 3: of office versuon.

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Speaker 4: So you know, that's all right.

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Speaker 3: What I'll do is, if they feel like Costo, I'll

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Speaker 3: put a two hundred percent tariff for his wines and

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Speaker 3: champagne and he'll join.

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Speaker 2: But he doesn't have to join, President Trump speaking there,

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Speaker 2: he also confirmed that Russia's Vladimir Putin had also been

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Speaker 2: invited to join the board. Privately, senior European officials have

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Speaker 2: told Bloomberg they see the Board of Peace as an

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Speaker 2: attempt by Trump to set up a rival or replacement

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Speaker 2: for the United Nations. France is nearing the end of

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Speaker 2: its budget stalemate as the Prime Minister's opting to bypass

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Speaker 2: a parliamentary vote on the spending plans. Sebastian lakol New

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Speaker 2: says he'll use Article forty nine to three of the

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Speaker 2: French Constitution to adopt a revised version of the bill

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Speaker 2: following failed attempts to build sufficient support for it in

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Speaker 2: the National Assembly. The decision suggests lakou who previously ruled

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Speaker 2: out using this measure, has secured enough parliamentary backing to

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Speaker 2: survive subsequent no confidence votes. France's lower House has remained

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Speaker 2: divided since the twenty twenty four sat snap election, left

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Speaker 2: no group with a sufficient majority to govern. The UK's

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Speaker 2: deadline to approve or deny China's planned mega embassy in

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Speaker 2: London is today, and the government appears to be gearing

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Speaker 2: up to say yes. Foreign Minister Sima Malorte told the

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Speaker 2: uk p Parliament that some of the embassy's concerns have

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Speaker 2: been resolved, but the decision is set to be highly

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Speaker 2: controversial to diplomats and national security officials. Bloomberg ex James

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Speaker 2: Wilcock has more Britain's.

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Speaker 7: Difficult geopolitical game has come to Parliament today. This morning,

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Speaker 7: Mike Johnson, the US Speaker of the House, is in

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Speaker 7: the Commons to showcase the special relationship. Hours later, in

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Speaker 7: the same building, the Housing Secretary Steve Reid will announce

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Speaker 7: the UK's decision on China's mega embassy in London. It's

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Speaker 7: one of Beijing's key asks out of the UK Prime

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Speaker 7: Minister's plan visit to China later this month, but the

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Speaker 7: two back to back events show the challenge Britain faces

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Speaker 7: in trying to keep both superpowers on side. In London,

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Speaker 7: James Wilcock Bloomberg Radio, the.

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Speaker 2: UK government is asking the public whether social media should

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Speaker 2: be banned for children under sixteen. Technology Secretary Liz Kendall

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Speaker 2: says she wants a national conversation on how to deliver

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Speaker 2: a safer online world for kids.

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Speaker 1: Be a short three month consultation.

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Speaker 8: We want to make sure everybody's voices are heard, but

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Speaker 8: we are absolutely resolute we will act to take further

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Speaker 8: measures to keep children safe online.

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Speaker 2: Alongside the consultation, Candle announced all schools should be phone

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Speaker 2: free by default. Politicians across the UK's political spectrum have

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Speaker 2: raised concerns about social media causing anxiety and exposing children

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Speaker 2: to adult content and exploitation, Australia band social media used

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Speaker 2: for under sixteen's last month, and how many countries around

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Speaker 2: the world are wondering if they should follow suit. Those

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Speaker 2: are your top stories on the markets. The Mscish Pacific

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Speaker 2: Index half a percent lower this morning, the Nicka and

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Speaker 2: Tokyo down by one percent. Euro stocks fifties futures done

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Speaker 2: by a tenth of one percent, but we do have

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Speaker 2: US assets catching up after yesterday's holiday, so Tenure treasure

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Speaker 2: Eels joining the global bond sell off. The Tenure Treasure

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Speaker 2: Eels up four basis points this morning to four point

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Speaker 2: to six percent. Wall Street stock futures firmly the Red

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Speaker 2: as well, down one point one percent for smp eman

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Speaker 2: He's one point two five percent lower for Nasdaq features.

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Speaker 2: The Bloomberg Dollar Spot Index seeing further weakness today, although

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Speaker 2: we did have both gold and silver prices hit a

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Speaker 2: record high in trading today. Golds currently up nine tenths

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Speaker 2: of one percent four thousand, seven hundred and fourteen dollars

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Speaker 2: a troy ounce.

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Speaker 4: In a moment.

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Speaker 2: Will bring you the latest on Europe's response to Trump's

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Speaker 2: tariff threats, plus a rarity from the world of finance,

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Speaker 2: the bond desk at a Naples bank that's breaking the

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Speaker 2: mold with its all women team. But another story who've

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Speaker 2: been reading this morning In case you're thinking of a

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Speaker 2: new career this Tuesday morning, have you considered becoming a

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Speaker 2: water somelier. Our Jennifer Creary has been reporting on someone

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Speaker 2: who has this job at dane On, overseeing brands including

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Speaker 2: Edda and Volvic and Badua.

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Speaker 4: Ludovido Ludovico du Joya has.

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Speaker 2: A trained palette to identify the distinctive tastes and textures

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Speaker 2: that water can have. So he listens to the bubbles

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Speaker 2: and sparkling water. He notes the salty, crisp or sweet

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Speaker 2: notes in the taste, and also he measures what he

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Speaker 2: calls mouthfeel, which allows them to determine the minerals the

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Speaker 2: water is acquired in the earth as well. Now he

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Speaker 2: samples water from springs across Europe and beyond. He's one

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Speaker 2: of actually four water sameliers at dan On. There is

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Speaker 2: actually an official course you can sign up for if

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Speaker 2: you want to train to be a water smelier. It's

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Speaker 2: a school in Germany that's been around since twenty eleven.

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Speaker 2: Of course, the goal is finding the perfect water that

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Speaker 2: people are willing to pay for. At danone, it's a

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Speaker 2: five billion euros a year business, although it's increasingly facing

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Speaker 2: the challenge for interestingly, from GLP one drugs, the weight

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Speaker 2: loss drugs. People around them actually tend to drink less

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Speaker 2: water than they did before. This is an area that

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Speaker 2: Denote sees the potential for growth for as do its competitors,

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Speaker 2: hence needing a samelier to get the very best out

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Speaker 2: of them. Well, let's bring you more now on how

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Speaker 2: Europe's formulating it's next moves. On Donald Trump's latest tariff

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Speaker 2: threats over Greenland. Germany's Chancellor Frederick mart says he's trying

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Speaker 2: to persuade France's press and to tone down his response.

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Speaker 2: We've also had more from the US President, Donald Trump

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Speaker 2: speaking in Florida. Two reporters. Our chief correspondent Oliver Crook

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Speaker 2: joins us Now for more. Oliver, let's start with what

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Speaker 2: we've been hearing from the US president on this front.

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Speaker 2: He's been talking about his conversations with Emmanuel Macron.

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Speaker 9: Yeah, this seems to be I don't know exactly what

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Speaker 9: this is, but it seems to be a tradition now

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Speaker 9: for Donald Trump to right before he comes to Europe,

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Speaker 9: he starts to sort of share very publicly what are

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Speaker 9: private messages between him and various leaders.

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Speaker 1: You'll remember, before he came to.

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Speaker 9: The Hague for the NATO meeting, he shared these sort

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Speaker 9: of very kind of over the top, very sort of

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Speaker 9: kind of very bizarre, frankly messages from Mark Rutta and

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Speaker 9: other things as he was sort of on Air Force

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Speaker 9: one heading over. And now he seems to be sharing

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Speaker 9: a message chain or a text message that he received

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Speaker 9: from Emmaanu and Macan a screenshot on truth Social that

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Speaker 9: says the following. It says, my, we are totally aligned

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Speaker 9: in line on Syria. We can do great things on Iran.

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Speaker 9: I do not understand what you are doing on Greenland.

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Speaker 9: Let's try to build great things.

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Speaker 3: One.

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Speaker 1: I can set up a G seven meeting.

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Speaker 9: After Davos in Paris on Thursday afternoon. I can invite

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Speaker 9: the Ukrainians, that Danish, the Syrians and the Russians and

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Speaker 9: the Margins to let us have a dinner together in

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Speaker 9: Paris together on Thursday before you go back to the US.

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Speaker 1: Emmanuel.

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Speaker 9: So that seems to be a text message from the

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Speaker 9: President of France to the President of the United States

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Speaker 9: in an effort to try to get more contact with

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Speaker 9: the president one on one, but also to assemble a

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Speaker 9: G seven meeting in the afternoon a Thursday after Davos,

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Speaker 9: and that would be preceding the message, the meeting that

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Speaker 9: would be happening in Brussels, the emergency meeting on Thursday evening. Again,

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Speaker 9: the French president sort of, you know, very clearly in

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Speaker 9: this message, somewhat bewildered by the President's the American president's

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Speaker 9: behavior on Greenland. And we should say it's sort of interesting.

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Speaker 9: And again this is obviously not meant for the public.

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Speaker 9: But then Mickle is talking, you know, about bringing the

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Speaker 9: Russians in at the market in these conversations potentially in France.

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Speaker 2: Yeah, indeed, And of course at this stage we only

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Speaker 2: have this screenshop posted by Donald Trump as well, and

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Speaker 2: no confirmation from the Elisee.

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Speaker 4: As to the source of us.

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Speaker 2: Let's talk a bit about the debate that's playing out

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Speaker 2: in Europe over how they're planning to respond though to

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Speaker 2: the tariff threats, which has been really the escalation we've

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Speaker 2: seen over the past number of days. We have the

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Speaker 2: German chancellor and the French president apparently pushing in different directions.

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Speaker 4: Yeah.

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Speaker 1: I mean, this is the.

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Speaker 9: Sort of classic debate that you get here in Europe,

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Speaker 9: and you kind of saw it play out in the

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Speaker 9: First Trade War last year, where the Germans and the

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Speaker 9: French don't rarely have the same approach in the same

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Speaker 9: sort of tech, and that's because their interests are not

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Speaker 9: fully aligned.

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Speaker 7: Right.

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Speaker 9: There is Emmanuel Macran who tends to come out really swinging, saying,

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Speaker 9: all right, well, let's bring out this mazooka on trade,

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Speaker 9: this anti coercion instrument, let's really go hard on the

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Speaker 9: United States. And you have Frederick Mertz, who has basically

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Speaker 9: more than twice as much trade with the United States

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Speaker 9: than France does, saying, listen, let's take a little bit

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Speaker 9: more of a measured approach. But I think there is

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Speaker 9: a downing realization for both of these and for everybody

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Speaker 9: really within Europe, is that yesterday it was about the

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Speaker 9: trade deficit, today it's about Greenland, and if appeasement continues

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Speaker 9: tomorrow it'll be about something else. So the line needs

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Speaker 9: to be drawn somewhere. The question is where will that

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Speaker 9: line be drawn? And I think what will be very

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Speaker 9: interesting to see on Thursday, Stephen, when we're watching this

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Speaker 9: emergency meeting here in Brussels, is where do the other

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Speaker 9: countries line up on this. We had some sort of

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Speaker 9: positive messages from Georgia Maloney talking about European solidarity, but

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Speaker 9: of course she wasn't targeted by these terrorifts. I'd like

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Speaker 9: to see when they get in the room what they

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Speaker 9: have to say. And of course the Baltics and the

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Speaker 9: Eastern Europeans. You think of Poland, for example, what is

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Speaker 9: more important to Poland? Is it going to be keeping

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Speaker 9: the United States on board on Ukraine and defense against

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Speaker 9: Russia or is it going to be Greenland. I think

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Speaker 9: those will be fascinating debates to watch play out among

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Speaker 9: the European leaders.

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Speaker 2: Oliver to borrow or Trumpian expression. Does the EU have

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Speaker 2: the cards when it comes to this negotiation?

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Speaker 9: Listen, I think that no matter what's going to happen

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Speaker 9: with a trade sort of argument between the United States

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Speaker 9: in Europe, Europe is always going to suffer more largely

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Speaker 9: on when it comes down to the goods. And that's

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Speaker 9: just the reality of having basically a trade surplus with

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Speaker 9: the United States. It's a much more powerful gambit, and

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Speaker 9: of course as a political entity, the United States can

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Speaker 9: move in unison, it can move much more quickly the

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Speaker 9: europe The Europeans are very dependent on trying to find

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Speaker 9: consensus and getting all those things off the line. And

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Speaker 9: we actually heard from Scott Bessett speaking yesterday saying that basically,

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Speaker 9: you know, the Europeans are just going to set up

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Speaker 9: a working group, this dreaded working group, and basically nothing

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Speaker 9: much will come of it.

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Speaker 1: So I think the.

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Speaker 9: Americans are sort of banking on the fact that they

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Speaker 9: won't be able to get much going that being set again,

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Speaker 9: the Europeans do not want to escalate the situation.

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Speaker 1: They do not want to have a trade war.

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Speaker 9: There's been a lot of writing about, you know, the

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Speaker 9: potential for European asset holders and governments to sort of

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Speaker 9: sell American bonds. I think that that would be basically

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Speaker 9: an act of financial warfare, and I don't think anybody

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Speaker 9: wants to go there. But that is a point of

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Speaker 9: leverage with the you know, Europeans holding more treasuries than

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Speaker 9: almost anybody else in the world.

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Speaker 2: Okay, Olive a crook Ar chief fiorital correspondent, thank you,

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Speaker 2: stay with us. More from Bloomberg Daybreak Europe. Coming up

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Speaker 2: after this. Well, now to a story from Italy and

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Speaker 2: the bond desk in a Naples bank that's a rarity

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Speaker 2: in the world of finance.

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Speaker 4: An all female.

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Speaker 2: Team Banker Promos, eight fixed income traders work with buyers

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Speaker 2: and sellers from across fifty countries, handling more than fifteen

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Speaker 2: billion euros and transactions last year. Steven Arons, who leads

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Speaker 2: our team covering finance across Europe, joins us now for more.

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Speaker 4: Stephen, good morning.

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Speaker 2: How unusual is this for a trading desk to be

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Speaker 2: uniquely staffed by women?

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Speaker 10: Hey, good morning. So it's very unusual. I mean I've

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Speaker 10: been covering the industry for a long time. I've never

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Speaker 10: seen it. I mean, to have actually just one woman

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Speaker 10: on a desk is sometimes unusual, but to be the

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Speaker 10: whole desk is Yeah, I've never seen it before. So

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Speaker 10: it's really quite amazing.

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Speaker 4: So how did it come about that at Banker Promos.

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Speaker 1: It's interesting, It's concidental.

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Speaker 10: The story says it happened just but I mean, if

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Speaker 10: you look at the story, it also says that nineteen

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Speaker 10: out of the thirteen total employees of the bank are female.

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Speaker 10: The CEO is female. So it seems like even though

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Speaker 10: there isn't like a clear diversity policy saying all of

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Speaker 10: these people need to be female, there must have been

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Speaker 10: a you know, a decision at some point. And it's

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Speaker 10: probably also you know, these people know each other, and

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Speaker 10: so it's the word of mouth kind of thing.

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Speaker 2: Probably talk to us a bit about what the traders

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Speaker 2: who were hard to this team say about the experience

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Speaker 2: of working there.

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Speaker 10: They like it, they're proud of what they've achieved. They

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Speaker 10: are you know, they take their work extremely serious. But

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Speaker 10: they also tell about how, you know, having like minded

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Speaker 10: people in a way is helping them COPD situations. So

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Speaker 10: there was an earthquake, for example, it's a town where

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Speaker 10: they work close to the volcano Bazooth and so there's

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Speaker 10: sometimes earthquakes in that region. And when there's earthquakes, you know,

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Speaker 10: I mean, many of these people are parents, mothers, and

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Speaker 10: they you know, and then have to look after their

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Speaker 10: children obviously, and then there's a a sort of community.

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Speaker 10: People help each other, they step in to replace it,

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Speaker 10: to substitute for each other on the trading desk, and

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Speaker 10: so this kind of I think, this kind of sense

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Speaker 10: of being a community helps to.

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Speaker 2: Talk to us a bit about the bank itself. Banker

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Speaker 2: Promos might not perhaps be the biggest name in finance,

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Speaker 2: but it has a reasonably long history in Naples.

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Speaker 4: That's right.

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Speaker 10: It's a small bank, but it's carving itself out of

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Speaker 10: niche in trading, so it's been around for a while,

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Speaker 10: and so even though it's small, it seems to have

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Speaker 10: what it takes to survive and make money. The owner

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Speaker 10: of the bank is now sort of getting ready to retire,

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Speaker 10: I suppose, and he's now looking or thinking about succession.

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Speaker 10: So that's going to be the next step for the bank.

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Speaker 2: Okay, Steven, thank you so much for joining us. Steven

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Speaker 2: Aaron's there who leads our team covering finance across Europe.

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

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

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Speaker 1: I'm Caroline Hepka, and I'm Stephen.

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Speaker 4: Carol.

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Speaker 2: Join us again tomorrow morning for all the news you

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Speaker 2: need to start your day, right here on Bloomberg Daybreak

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Speaker 2: Europe