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

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Speaker 2: This is the Bloomberg Day ba Q podcast. Good morning,

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Speaker 2: It's Wednesday, the eighth of October. I'm Caroline, hepkat in

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Speaker 2: London and.

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Speaker 3: I'm Stephen Caroline Paris. Coming up today. The price of

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Speaker 3: gold smashes through four thousand dollars announce for the first

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Speaker 3: time as US government shutdown fears fueled as safe haven rally.

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Speaker 2: With just hours to go until Immanuel Macron's self imposed deadline,

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Speaker 2: French opposition parties show little appetite for a deal.

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Speaker 3: Plus scoring big Ronaldo becomes the world's first football billionaire

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Speaker 3: following a huge Saudi deal.

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

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Speaker 3: The price of gold has topped four thousand dollars, announced

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Speaker 3: for the first time in history, as concerns over the

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Speaker 3: US economy and the government shutdown added fresh momentum to

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Speaker 3: a scorching rally. Uncertainties over global trade, geopolitical tensions, concerns

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Speaker 3: about Fed independence and to move away from the dollar

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Speaker 3: have also helped to fuel the rise in bullion, which

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Speaker 3: traded it less than half its current value just two

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Speaker 3: years ago. Angelina Li, chief Investment Officer for Asia, in

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Speaker 3: the Middle East at Saint James's place, what we are.

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Speaker 4: Really seeing is a flight to safety. What we tend

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Speaker 4: to talk about gold as a board indicator for the

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Speaker 4: fear and greed index, actually because there is no cash

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Speaker 4: flow attached to gold, and for a organization sash Asas

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Speaker 4: that believes in valuation and fundamentals as the basis, it's

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Speaker 4: extremely difficult to value something like a gold which does

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Speaker 4: not have cash flows attached.

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Speaker 3: To that's Angela Lai speaking there. Jumps in the price

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Speaker 3: of gold typically track broader economic and political stress. The

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Speaker 3: metal climbed above one thousand dollars an ounce in the

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Speaker 3: aftermath of the global financial crisis, two thousand dollars during

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Speaker 3: the COVID pandemic, and three thousand dollars as the Trump

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Speaker 3: administration's taroff plans ripples through global markets. In March, in.

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Speaker 2: France, there are just hours to go until Emmanuel Macon's

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Speaker 2: deadline for parties to agree to work together on a budget.

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Speaker 2: Opposition parties are making demands, including their choice for prime minister,

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Speaker 2: fresh elections, and in some cases, the president's own resignation.

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Speaker 2: The outgoing Prime Minister Sebastia Lecornu will continue meetings with

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Speaker 2: political leaders. Today, Olivier four of the Socialist Party told

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Speaker 2: France Too television that their party wants the prime minister

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Speaker 2: from their ranks and not new elections.

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Speaker 5: I want the left to governor. I don't just want

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Speaker 5: to be obsessed with what now. Also obsesses the right,

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Speaker 5: that is presidential election, as if there were nothing else.

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Speaker 5: And the French people who see this shadow play, this

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Speaker 5: street leader day after day, are saying to themselves, are

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Speaker 5: you finally going to talk about us left?

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Speaker 2: Socialist Party leader Olivier four, speaking there via a trans Later,

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Speaker 2: President macarl gave Sebastian Lacorner until this evening to form

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Speaker 2: an agreement with other parties. The left and the center

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Speaker 2: right have ruled out joining forces in a unity cabinet,

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Speaker 2: but sources have told Bloomberg that the Republican Party might

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Speaker 2: be willing to refrain from toppling a Socialist led government

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Speaker 2: if the far left is kept out of power.

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Speaker 3: Elon Musk's artificial intelligence startup XAI, is increasing its ongoing

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Speaker 3: funding round to twenty billion dollars in the latest leg

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Speaker 3: of the AI spending boom. Bloomberg has learned that XAI

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Speaker 3: is accessing more financing than initially planned, including two billion

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Speaker 3: dollars from Nvidia to finance chips for its Colossus two project.

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Speaker 3: It comes despite billionaire Elon Musk posting on X in

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Speaker 3: September that he was not raising any capital right now.

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Speaker 3: The massive financing is just the latest for the tech

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Speaker 3: sector this year. Something JP Morgan CEO Jamie Diamond compared

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Speaker 3: to the dot com bubble, it's all.

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Speaker 6: Our shows, all ever going to be totally spent. I

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Speaker 6: think when you look at big tech, like tech that

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Speaker 6: happens like this, and you're going to look at cars,

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Speaker 6: you look at television, you click at Internet, big money's

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Speaker 6: got spent. There were a lot of losers, a lot

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Speaker 6: of winners. In total. It was productive. So take the

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Speaker 6: even take the Internet bubble and remember that blew up

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Speaker 6: and matter p I can united by the name one

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Speaker 6: hundred companies that were worth fifty billion dollars and disappeared.

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Speaker 6: But out of it came a Facebook, YouTube, Google.

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Speaker 2: You know.

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Speaker 6: So there will be some real big companies with real

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Speaker 6: big success. It will work despite the fact that not

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Speaker 6: everyone invested is going to have a great investment return.

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Speaker 3: Jamie Diamond was speaking to Bloomberg at JP Morgan's Tech

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Speaker 3: Stars conference. Despite the optimism many you're looking at the

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Speaker 3: trillions of dollars pledged to AI infrastructure and asking relationships

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Speaker 3: are too circular. Today's Bloomberg Big Take looks at the

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Speaker 3: AI race, with one analyst telling them Sam Altman has

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Speaker 3: the power to crash the global economy for a decade

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Speaker 3: or take us all to the Promised Land.

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Speaker 2: Our teams form the US Cutter and Israel are set

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Speaker 2: together in Egypt for final negotiations to end the war

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Speaker 2: in Gaza. Bloomberg understands that officials including close Netanyahu advisor

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Speaker 2: Ron Dermer.

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Speaker 7: And US Special end voice.

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Speaker 2: Steve Whitkoff are expected to take part in negotiations. Israeli

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Speaker 2: opposition leader Yaala Pid says he's hoping for an end

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Speaker 2: to the conflict, a war.

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Speaker 8: That is going nowhere, hostages that are slowly dying, and

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Speaker 8: of course the suffering Gaza that everybody in his right

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Speaker 8: mind cares about. Children should not die ins wars. So

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Speaker 8: for everybody's sake, we pray for.

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Speaker 2: This doing yeah, Lapid. They're speaking to Sky News. Hamas,

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Speaker 2: spokesperson for Ze bar Room, said a permanency spar and

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Speaker 2: withdraw all of Israeli troops must be central to a deal.

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Speaker 2: During a televised address on Qatar based broadcast at Al Jazeera.

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Speaker 2: Qatar's Prime Minister Shake Mohammad been Abdul Rahman Altani and

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Speaker 2: President Trump's son in law Jared Kushner are also expected

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Speaker 2: to attend those talks.

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Speaker 3: The gap between the wealthy and the average British worker

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Speaker 3: is too large even for a lifetime of savings to bridge.

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Speaker 3: The Resolution Foundation think tank found a typical full time

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Speaker 3: employee you would need to set aside around fifty two

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Speaker 3: years worth of pay to reach the top ten percent poombergs.

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Speaker 9: James Wilcock has more. If you work hard, can you

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Speaker 9: get ahead? The Resolution Foundation say the answer is clear,

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Speaker 9: not any more. Their research says in Britain, since two

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Speaker 9: thousand and eight, if you owned wealth, you saw far

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Speaker 9: more gained than from a paycheck. They add, the intergenerational

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Speaker 9: wealth gap between people in their thirties and people in

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Speaker 9: their sixties has.

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Speaker 7: Doubled in that time period.

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Speaker 9: Taxing that wealth has become a political issue, with those

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Speaker 9: on the left pushing chance of Rachel Reeves to do

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Speaker 9: more to bounce the scales.

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Speaker 7: In London. James Walcock Bloomberg Radio.

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Speaker 2: And those are our top stories for you this morning.

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Speaker 2: Looking at the markets, spot gold is now trading up

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Speaker 2: one percent again this morning four thousand and twenty six dollars. Stocks,

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Speaker 2: though seeing more declines, are from record high, as it

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Speaker 2: must be said MSCI Asia Pacific indexes down six tenths

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Speaker 2: of one percent. Stop futures for Europe are also just

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Speaker 2: flat this morning. S and P five hundred EMNI futures

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Speaker 2: edging upwards a tenth of one percent, very dally saying

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Speaker 2: the stock market feels frothy. Mainland, China and South Korean

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Speaker 2: markets closed for holidays today. The kiwis dropped. We had

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Speaker 2: a fifty basis point RBNZ, a raight cut. Ten year

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Speaker 2: treasury yields are also steady this morning, trading at four

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Speaker 2: point one two percent. Those are the markets.

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Speaker 3: In a moment. Will bring you more on goals, Glittering

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Speaker 3: ron plus wear next for Ammanual Macro, and some reporting

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Speaker 3: from our Portugal bureau chief that you won't want to miss.

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Speaker 3: But another story we've been reading this morning. I don't

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Speaker 3: know how much time you've spent to analyzing or parsing

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Speaker 3: Taylor Swift's new album, but you'd be pleased to know

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Speaker 3: that Jason Bailey from Bloomberg Opinion has been on.

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Speaker 7: The case as well.

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Speaker 3: He's been looking a bit at the numbers, which are

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Speaker 3: very positive about the album drop as well, but also

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Speaker 3: the mixed reviews, so positive from some legacy publications, but

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Speaker 3: some mixed reception online as well, which is an interesting

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Speaker 3: phenomenon because of the incredibly I don't know, vociferous as

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Speaker 3: the word support of Taylor Swift that you can find

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Speaker 3: almost everywhere on the internet, and also the risks of

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Speaker 3: saying anything bad about Taylor Swift and the potential for

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Speaker 3: being canceled as a result.

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Speaker 2: She's a billionaire, she's just come off the smash eras tool,

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Speaker 2: she's got her own music catalog back, just got engaged obviously,

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Speaker 2: you know, she's powering ahead.

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Speaker 3: Yeah, I mean, look, and lots going on and plenty

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Speaker 3: of opinions to be shared apparently about it. So Jason's

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Speaker 3: been digging into sort of the release strategy and whether

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Speaker 3: it was right to put the whole album out of

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Speaker 3: the same time with the video for the Fate of

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Speaker 3: Ophelia and the launch watch party as well. Yeah, may

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Speaker 3: perhaps there was a you know, not it wasn't the

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Speaker 3: traditional playbook for how you know big new releases are

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Speaker 3: done now Courtela Swift, as we know, forges our own

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Speaker 3: path and so many things so great. Read this morning

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Speaker 3: bloomberg dot com for his last opinion. Then we'll put

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Speaker 3: a link to it in our podcast show notes.

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Speaker 2: Okay, well, let's think about what's happening in the market.

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Speaker 2: Is the spot price of gold smashing through four thousand

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Speaker 2: dollars an ounce for the very first time ever. That

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Speaker 2: is a jump of more than fifty percent this year.

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Speaker 2: Bloomberg's Market's live stash this Mark Crowndfield joins us.

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Speaker 7: Now for more on this mark. Come on.

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Speaker 2: There are so many superlatives about this. Put it into context.

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Speaker 2: How much has gold rallied?

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Speaker 10: Yeah, I think. Well, one of the exciting things, apart

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Speaker 10: from as you say that that fifty percent jump, is

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Speaker 10: the speed with which it covered the last one thousand

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Speaker 10: dollars in price. So between three thousand to four thousand,

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Speaker 10: you did that in around seven months, which is by

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Speaker 10: far the quickest the various stages of rarely that the

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Speaker 10: gold has had over its life, that is certainly the

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Speaker 10: quickest it's covered the price of one thousand dollars so

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Speaker 10: very impressive, much quicker than it was between two and

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Speaker 10: three thousand, for example. So yeah, just around a seven

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Speaker 10: month rally, and you would have earned around one thousand

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Speaker 10: dollars if you'd have been involved in gold at that time.

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Speaker 10: So that's something to take into although you would have

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Speaker 10: done even better if you'd have been in silver. That's

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Speaker 10: really about sixty percent this year.

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Speaker 3: Interesting, why, I mean, is the source question, why are

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Speaker 3: we under the stage.

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Speaker 10: It's a lot to do with what other currencies are

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Speaker 10: doing or not doing, and also the geopolitics. Several things

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Speaker 10: have fallen into place that support gold at the moment,

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Speaker 10: so I think you must never forget though people will

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Speaker 10: describe gold as a metal, it's really a currency because

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Speaker 10: it is exchangeable. You can actually take a gold coin

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Speaker 10: and you can get cash for it at any time.

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Speaker 10: And so what we have at the moment is a

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Speaker 10: situation where the euro has a French problem. So it's

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Speaker 10: not so popular that the yen, as you know, has

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Speaker 10: been extremely weak. I'm sure you've been talking about that

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Speaker 10: a lot as well, and it's just got weaker with

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Speaker 10: this potential new female prime minister coming in. The Pound

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Speaker 10: is a bit underwhelming as well. It's got its own issues.

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Speaker 10: So there are several major currencies. In New Zealand currency

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Speaker 10: is getting battered today with the rate cut. So within

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Speaker 10: the G ten space, the competitors to gold are not

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Speaker 10: having a great time. Even the dollar is losing it.

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Speaker 10: It's still the largest currency by reserve managers, but that

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Speaker 10: share is falling, so even the dollars being undermined a bit.

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Speaker 10: So all of that supports reasons for being in gold.

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Speaker 10: Then you have the general geopolitical situation, which to a

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Speaker 10: lot of investors looks more unstable this year than it

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Speaker 10: has for many many years. Again that's a positive for gold,

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Speaker 10: and the low interest rate environment is another thing as well.

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Speaker 10: Gold generally does well when interest rates are on a

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Speaker 10: downtrend in major countries. So all of those things put

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Speaker 10: gold in a good position. It may well have got

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Speaker 10: out of control. It may be there's too much speculation

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Speaker 10: in the very short it's gone too far, but certainly

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Speaker 10: there are tangible reasons why you can see gold is

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Speaker 10: being seen as a very good haven in this environment.

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Speaker 2: Yeah, I mean, and at times of stress that is

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Speaker 2: often the case. But as you point out, where does

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Speaker 2: it go from here? And there are lots of views.

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Speaker 2: I mean, from Bridgewater's Ray Dalio to Cis Sales, Ken Griffin,

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Speaker 2: the Goldman Sachs forecast at the end of next year.

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Speaker 2: There are lots of views on the trajectory.

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Speaker 10: The biggest risk to it in the near term is

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Speaker 10: that it's become another momentum place, something like tech stocks

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Speaker 10: in America and around the world. So if you look

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Speaker 10: at what macro traders are doing at the moment, some

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Speaker 10: of their biggest positions are likely to be long of

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Speaker 10: AI themes, long of gold. They probably were short US

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Speaker 10: dollar that's starting to reverse a bit now, and so

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Speaker 10: those kind of positions have probably got very large, and

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Speaker 10: when they turn, they're probably going to turn together. So

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Speaker 10: if we see a sharp correction, let's say this earning

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Speaker 10: season is not as good as expected in the United States,

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Speaker 10: the one that's just started, we got to turn in

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Speaker 10: the stock market there, you will probably see that gold

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Speaker 10: will follow because people who have similar positions will need

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Speaker 10: to make up piano losses because of what's happening in

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Speaker 10: a different esset class. So that's the biggest risk to

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Speaker 10: gold in the short term. The other the fact is

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Speaker 10: like geopolitical risk that's probably not going to go away

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Speaker 10: in the short term. Other currencies would need to prove

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Speaker 10: themselves to be a lot better to get people to

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Speaker 10: give up their gold too. So if there's a sudden

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Speaker 10: dramatic change in Europe where France looks a lot better place,

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Speaker 10: Europe's going to extact together and suddenly the euros arey strong,

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Speaker 10: that would hurt gold as well.

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Speaker 7: Very interesting. Yeah, the risks and rewards.

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Speaker 2: And Mark Cranfield, thanks for being with us Spoompeg's market's

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Speaker 2: life strategist.

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Speaker 3: Well, we'reccounting to the next political deadline. Here in France

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Speaker 3: is outgoing Prime Minister sob As Jenna Carn who tries

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Speaker 3: to build support for his budget plans. President Macron has

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Speaker 3: given him until this evening to make progress. Are Managing

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Speaker 3: editor for European Economics and Government, Band Sales joins us

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Speaker 3: now for more ban good morning to astender money meeting

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Speaker 3: the Socialist party leadership today. Are they the key to

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Speaker 3: his success in this mission?

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Speaker 6: Yeah?

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Speaker 7: They really are.

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Speaker 11: The way the kind of complicated mathematics of the of

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Speaker 11: the French Parliament works out. Macran's weak centrist group has

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Speaker 11: got a relatively and I use that word advisedly, a

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Speaker 11: relatively stable alliance with the center right Republicans. They have

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Speaker 11: got the far right National Rally of Marine depenn in

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Speaker 11: fairly entrenched opposition, and the key to forming a majority

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Speaker 11: is to persuade the Socialists to break away from the

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Speaker 11: far left group and join a kind of centrist alliance.

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Speaker 7: But so far they failed to.

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Speaker 2: Do it well. Some parties are already preparing for National

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Speaker 2: Assembly elections. How likely do you think that that is

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Speaker 2: out of this point, It's pretty likely.

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Speaker 11: The basic situation is that none of the options look

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Speaker 11: good for MACRN. To get the Socialists on board, He's

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Speaker 11: almost certainly going to have to compromise on some key

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Speaker 11: elements of his platform, whether that means raising taxes or

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Speaker 11: rolling back his pension reform something like that, which would

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Speaker 11: be a major retreat for MACRN. But if he doesn't

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Speaker 11: do that, calling an election for the Parliament it risks

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Speaker 11: making things worse for him. The National Rally is most

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Speaker 11: likely to gain in that situation, but he's really kind

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Speaker 11: of running out of options to try and find other

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Speaker 11: people who can put together a functioning government, just because

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Speaker 11: the parliamentary match is so complicated.

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Speaker 3: Some of Macron's close allies also appear to be keen

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Speaker 3: to distance themselves from the president. You mentioned the pension

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Speaker 3: reforms there, it's been hugely controversial, and another former prime minister,

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Speaker 3: Elizabeth Bonn, coming out saying that she's in favor of

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Speaker 3: suspending the pension reforms now, which is a certain change

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Speaker 3: in her position from when she was in the Macron

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Speaker 3: when she was prime minister. She's still a minister in

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Speaker 3: the outgoing cabinet now. Does all of this add to

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Speaker 3: the sense that Macron really is a lame duck president now,

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Speaker 3: even though he has eighteen months left on his term.

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Speaker 11: By any standard measure, Macron is definitely a lame duck

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Speaker 11: and he probably has been for a year or so now,

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Speaker 11: since since the since the parliamentary elections last summer which

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Speaker 11: triggered this this gridlock. That said, Macron is an exceptional politician,

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Speaker 11: and he has been extremely active and quite effective on

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Speaker 11: the international stage over the last year or so, particularly

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Speaker 11: the last seven or eight months since since Trump returned

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Speaker 11: to power. He's got a relationship with Donald Trump. Relationship

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Speaker 11: with Donald Trump are one of the fundamental assets in

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Speaker 11: the world in which we live. So he's you know,

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Speaker 11: he's been effective, but his ability to shape domestic politics

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Speaker 11: is extremely limited and is extremely popular, so we're very

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Speaker 11: much in the countdown, like the final chapter of the

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Speaker 11: Macron presidency, that's for sure.

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Speaker 2: Okay, Ben's a very interesting moment.

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Speaker 7: Then in French politics.

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Speaker 2: Ben Sills are managing editor for European Economy and Government.

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Speaker 2: Thank you, stay with us. More from Bloomberg DAYBA Cup

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Speaker 2: coming up after this. Now, prolific goal scorer Cristiano Ronaldo

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Speaker 2: has done something no other footballer has managed. He has

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Speaker 2: become a billionaire according to the Bloomberg Billionaires Index, thanks

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Speaker 2: to a new playing contract with Saudi Arabia's Al Nassa.

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Speaker 2: A little earlier, I spoke to our Portugal bureau chief,

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Speaker 2: Sofia Auta e Costa, and I began by talking to

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Speaker 2: her about Ronaldo's enormous success on and off the pitch

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Speaker 2: during a glittering career of more than twenty years, and

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Speaker 2: how he came to become football's first billionaire player.

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Speaker 1: Yes, hugely successful on the pitch, I mean he has

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Speaker 1: played for Europe's biggest teams, most famously Manchester United.

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Speaker 7: He was very happy there.

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Speaker 1: He made his name there, work very closely with Sir

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Speaker 1: Alex Ferguson. And then his record transfer to Real Madrid

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Speaker 1: it was one of the biggest transfers in history at

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Speaker 1: the time, and then to Javentus, so a big Italian team.

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Speaker 7: But I'm sitting here in Portugal.

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Speaker 1: I do know.

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Speaker 7: Just for the.

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Speaker 1: National team he's been incredibly important. He's still the captain

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Speaker 1: at forty years old, which is an incredible achievement. He's

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Speaker 1: scoring in every single game that Portugal has played recently

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Speaker 1: in qualifications for the World Cup in the US, so

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Speaker 1: he's still very much at the top of his game.

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Speaker 1: He's not won a World Cup. I think that kind

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Speaker 1: of hurts him a little bit. He did win the

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Speaker 1: Euros in twenty sixteen for Portugal, but if we're talking

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Speaker 1: about competition with Messi, that's one where the Argentinian player

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Speaker 1: has won up on Christiana. Ronaldo but an incredibly successful

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Speaker 1: football player, the biggest goalscorer of all time amongst male

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Speaker 1: football players.

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Speaker 2: Yeah, incredible, And so how has all of that footballing

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Speaker 2: success vaulted him well into billionaire status now?

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Speaker 1: So it's very unusual and quite remarkable the way he's

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Speaker 1: done this because unlike most athletes who get the bulk

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Speaker 1: of their wealth from endorsements or you know, in the

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Speaker 1: case of tennis star Roger Feder it came from a

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Speaker 1: stake in the footwear company on. In Ronaldo's case, it's

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Speaker 1: the bulk of his earnings have come from actually playing football,

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Speaker 1: and actually the majority of that came with his move

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Speaker 1: to Saudi Arabia, which at the time a lot of

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Speaker 1: people were criticizing that decision because you know, he was

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Speaker 1: going from Manchester United and playing at really top level

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Speaker 1: football to.

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Speaker 7: A very unknown league.

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Speaker 1: You know, even in Saudi Arabia wasn't the most successful team.

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Speaker 1: But it's actually, you know, in the past two years

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Speaker 1: since he's moved there, he's really really kind of shown

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Speaker 1: what a player at the twilight of his.

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Speaker 7: Career can do in terms of you know, gaining earning.

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Speaker 1: So it's really catapulted him into the top ranks of

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Speaker 1: the richest sports people. And he's now just renewed his

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Speaker 1: contract in June and we're hearing it's worth about four

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Speaker 1: hundred million dollars, which really kind of just redefines what

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Speaker 1: you can do as a sports player.

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Speaker 6: Yeah.

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Speaker 2: Absolutely, net worth estimated in total for Ronaldo one point

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Speaker 2: four billion dollars. Look, we know there's pay inflation in

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Speaker 2: the world of football. Obviously, my fellow Brits, you know,

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Speaker 2: usually pretty obsessed with football and talk a lot about

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Speaker 2: pay inflation, and so he's not the only super wealthy

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Speaker 2: football star.

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Speaker 1: He's not, and I'm going to I'm going to start

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Speaker 1: with Messi because everyone just likes comparing the two. And

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Speaker 1: obviously we're trying to figure out whether, as he is

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Speaker 1: also a billionaire in terms of football earnings, Ronaldo is

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Speaker 1: still earning more than Messy. But playing in the American

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Speaker 1: League has been very fruitful for Messu as well. He

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Speaker 1: does also have a contract with Apple or revenue sharing deal.

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Speaker 1: We don't know how much that's worth, so that could

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Speaker 1: be quite significant for his wealth.

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Speaker 7: But you know, Saudi, the Saudi.

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Speaker 1: League, the American I mean, I think we can call

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Speaker 1: it soccer for talking about the US.

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Speaker 7: It really has shown what footballers.

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Speaker 1: Who you know, maybe they want everything they could have

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Speaker 1: done in Europe and now it's time to really kind

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Speaker 1: of just play in a different league, but really make

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Speaker 1: money for what they do. Obviously, Beckham, we're talking about

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Speaker 1: one of the most marketable footballers in history. He's done

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Speaker 1: quite a lot for himself, but again most of that

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Speaker 1: was sponsorship and using his image, his marketing prowess for

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Speaker 1: his earnings and as you said, you know, pay inflation

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Speaker 1: has really changed since Beckham was playing. Yeah, but yeah,

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Speaker 1: Ronaldo is quite unique in that in that sense.

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Speaker 2: Yeah, And of course the football slash soccer audience is

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Speaker 2: a global one, isn't it. What do you think Ronaldo

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Speaker 2: might do next? This is the fascinating question as we

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Speaker 2: cover the the growing business of sport. I mean, is

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Speaker 2: it going to be investments or some other line of

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Speaker 2: business like we see other US sporting stars do.

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Speaker 7: Yeah.

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Speaker 1: So when he's asked what will he do when he retires,

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Speaker 1: he gets quite irritated that question because he says, you know,

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Speaker 1: I'm not retiring it. I'm still playing, I'm still playing

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Speaker 1: at the top of my game. I'm still a football player.

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Speaker 1: But obviously a lot of interest in around what he

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Speaker 1: will do. The Brazilian Ronaldo, the other Ronaldo. He owns

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Speaker 1: a Spanish football team. Some people think that Cristiano Ronaldo

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Speaker 1: might follow the same playbook. He has said that he

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Speaker 1: would like to own not one, but many football clubs

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Speaker 1: after he retires. He does have a very strong relationship

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Speaker 1: with a wealth manager based here in Portugal, So the

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Speaker 1: thinking is maybe there'll be a family office structure. He

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Speaker 1: has shown a preference to invest in his home country,

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Speaker 1: but so far there've been just small businesses, you know,

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Speaker 1: like paddle tennis courts and a ceramics maker.

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Speaker 7: He does have a hotel interest here as well.

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Speaker 1: There will be a lot of interest though, you know,

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Speaker 1: will he do He just recently launched a YouTube channel.

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Speaker 1: Is he going to move into that kind of media

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Speaker 1: like Gary Lineker did with his podcasting business Goalhanger Sports

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Speaker 1: that has been incredibly profitable for him. A lot of questions,

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Speaker 1: but Ronaldo's still very much says that.

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Speaker 7: He's a football football.

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Speaker 1: First, and he can speak about what comes next once

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Speaker 1: he does retire.

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Speaker 3: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 3: stories making news from London to Wall Street and beyond.

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Speaker 7: I'm Caroline Hepke and.

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Speaker 3: I'm Stephen Carol. Join us again tomorrow morning for all

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Speaker 3: the news you need to start your day right here

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Speaker 3: on Bloomberg Daybreak. Europe