WEBVTT - A $50 Trillion Problem, Poland Troops U-Turn, Ebola Aid Cuts Impact

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Bloomberg Daybreakerate podcast. Good Morning, It's Finday

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<v Speaker 2>the twenty second of May. I'm Caline Hepgitt in London.

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<v Speaker 2>Coming up today, The Iran war upends inflation beds, as

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<v Speaker 2>one analyst warns, the whole Moves closure threatens a recession

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<v Speaker 2>rivaling two thousand and eight. European growth buckles under the

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<v Speaker 2>weight of the war as energy costs surge. Plus why

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<v Speaker 2>global aid cuts could be making the growing Ebola crisis

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<v Speaker 2>in Africa worse. Let's start with a roundup of our

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<v Speaker 2>top stories. The US war in Iran is triggering another

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<v Speaker 2>wave of price hikes across a global economy that has

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<v Speaker 2>barely recovered from the last inflation shock. Investors are also

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<v Speaker 2>starting to worry about the implications for the more than

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<v Speaker 2>fifty trillion dollar market for G seven sovereign bombs. Bloomberg

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<v Speaker 2>Economics says that the oil shot caused by the closure

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<v Speaker 2>of the Strait of Homers is ending the global trend

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<v Speaker 2>of disinflation. Higher crude gas and shipping costs are lifting

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<v Speaker 2>prices across major economies. The impact is clearest in North

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<v Speaker 2>America and in Europe. USCPI is moving back towards four percent,

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<v Speaker 2>while inflation in the Euro Area has risen by around

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<v Speaker 2>one percentage point. Ali Dorweller is cocio at Rock Creek.

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<v Speaker 3>The risks just keep multiplying in terms of what investors

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<v Speaker 3>have to think about and interest rates, consumer sentiment, what

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<v Speaker 3>is driving inflation. If we don't have some resolution in

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<v Speaker 3>terms of energy prices, we think all of that will

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<v Speaker 3>continue to be an increased risk to portfolios and it

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<v Speaker 3>will mean more bond volatility, which I think investors have

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<v Speaker 3>now gotten used to.

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<v Speaker 2>Ali Dorweller, speaking there as rapid Down Energy, has warned

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<v Speaker 2>that a closure of the Strait of Houmers until the

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<v Speaker 2>end of August would raise the risk of an economic

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<v Speaker 2>downturn approaching the scale of the two thousand and eight

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<v Speaker 2>Great Recession. In its latest note, Rapidan said that if

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<v Speaker 2>the waterway remains shut until August, it would deepen the

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<v Speaker 2>third quarter supply deficit to roughly six million bars of

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<v Speaker 2>oil a day. Now, the EU is slashing its growth

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<v Speaker 2>forecasts as the scale of the fallout from Iran becomes clearer.

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<v Speaker 2>The Block now expects Euro Area GDP to increase zero

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<v Speaker 2>point nine percent this year. That's compared to one point

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<v Speaker 2>four percent last year. Economy Commission at Valdis Dombrovskis says

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<v Speaker 2>both growth and inflation are going in the wrong direction.

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<v Speaker 4>In basically conforms to esawcoming, which is stokeflationary shocked to

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<v Speaker 4>European economy, meaning simultaneous slow down of economic growth and

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<v Speaker 4>increase in inflation.

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<v Speaker 2>Don Brovskis adds if energy prices stay higher for longer,

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<v Speaker 2>growth prospects for the EU will be roughly halved both

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<v Speaker 2>this year and next year. The Commission has called for

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<v Speaker 2>restraint from European countries despite the downturn, fearing a breach

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<v Speaker 2>of their fiscal rules. Confidence among the lowest earning Britains

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<v Speaker 2>plunged in May as the Iran energy shot reaches household budgets.

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<v Speaker 2>GfK's consumer spending INDEGS shows those at the bottom are

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<v Speaker 2>pulling back from purchases even before the worst of the

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<v Speaker 2>shock actually arrives. Chancellor of chel Reeves set out a

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<v Speaker 2>number of measures to try to ease the cost of

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<v Speaker 2>living crisis.

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<v Speaker 5>First of all, we have extended the freeze on fuel

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<v Speaker 5>duty until at least the end of this year. I

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<v Speaker 5>understand how concern families and businesses are at the moment

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<v Speaker 5>about the implications of the conflict in the Middle East.

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<v Speaker 5>This is not a war that we started.

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<v Speaker 6>I've been very.

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<v Speaker 5>Open in my views that this war was a mistake.

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<v Speaker 5>But regardless of that, it is having an impact on

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<v Speaker 5>people here in the UK.

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<v Speaker 2>But the Chancellor has ruled out universal energy bills support

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<v Speaker 2>in the announcement that she made yesterday. Both Reeves and

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<v Speaker 2>her Prime Minister Kirs Armer have been trying to convey

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<v Speaker 2>a sense of business as usual despite the leadership battle

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<v Speaker 2>with Andy Burnham. Iran says that there has been progress

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<v Speaker 2>in talks with the US, but the country is also

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<v Speaker 2>trying to set up a permanent toll in the Strait

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<v Speaker 2>of Hormuz. The semi official Iranian Students news agency reported

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<v Speaker 2>the latest peace proposal from the US has narrowed the

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<v Speaker 2>gap between the two sides, but a Bloomberg interview with

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<v Speaker 2>the Iranian ambassador to France revealed that the country was

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<v Speaker 2>in talks with Oman about setting up a toll system

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<v Speaker 2>in the strait. US Section of State Marco Rubio says

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<v Speaker 2>that would not be feasible.

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<v Speaker 7>We were in China last week. We mentioned this about

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<v Speaker 7>the tolling there against it. No one in the world

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<v Speaker 7>is in favor of a tolling system.

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<v Speaker 2>It can't happen.

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<v Speaker 7>It would be unacceptable, would make a diplomatic deal unfeasible

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<v Speaker 7>if they were to continue to pursue that. It's a

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<v Speaker 7>threat to the world that they were trying to do that.

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<v Speaker 2>The conflicting statements on the two sides make it unclear

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<v Speaker 2>if they are actually any closer to a deal. Oil

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<v Speaker 2>prices are consistently trading above one hundred dollars a bow

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<v Speaker 2>as the world's buffers of reserves shrink rapidly. President Trump

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<v Speaker 2>says that the US will deploy an additional five thousand

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<v Speaker 2>troops to Poland, reversing plans to suspend deployment to the country.

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<v Speaker 2>He announced the news via social media yesterday, citing the

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<v Speaker 2>election of nationalists Carol Navrocki as Poland's president. The decision

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<v Speaker 2>marks an abrupt u turn a week after the Pentagon

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<v Speaker 2>paused plans to send about four thousand soldiers to Poland,

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<v Speaker 2>even though some were already en route. Vita ni Leo Shiny,

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<v Speaker 2>who is the ambassador of the European Union to the

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<v Speaker 2>United States, urged the White House to uphold its commitments

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<v Speaker 2>to NATO.

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<v Speaker 6>The President request that in European countries and European Alliance

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<v Speaker 6>allies in the NATO do their part. We are following

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<v Speaker 6>it through. So I do believe that you know the

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<v Speaker 6>strategic part which US presence in the in Europe is

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<v Speaker 6>as well, probably the expectation that the members tips fairly have.

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<v Speaker 2>That was the EU ambassador to the US, Jovita and

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<v Speaker 2>Nelio Shiny, speaking there. The US president also earlier threatened

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<v Speaker 2>to pull troops from Germany and suggested that a broader

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<v Speaker 2>draw down of US forces in Europe after a feud

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<v Speaker 2>with other NATO nations over their refusal to help in

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<v Speaker 2>the Iran War. Ukraine and its allies are increasingly confident

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<v Speaker 2>that Russia's invasion is losing steam. The country's growing effectiveness

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<v Speaker 2>at deploying drones capable of inflicting heavy Russian troop losses

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<v Speaker 2>is being matched by strikes deep inside Russia. This, alongside

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<v Speaker 2>an economic slowdown and internet restrictions, is stoking domestic criticism

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<v Speaker 2>of Russian President Vlasimir Putin. BlueBag understands that some Kremlin

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<v Speaker 2>officials believe that the conflict has reached a dead end

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<v Speaker 2>with no clear resolution. The news comes as the US

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<v Speaker 2>Defense Agency found a Ukrainian offensive earlier this year retook

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<v Speaker 2>about four hundred square kilometers from Russia after thousands of

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<v Speaker 2>Starlink Internet terminals operated by Putin's forces were deactivated. So

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<v Speaker 2>those are our top stories for you this morning. Let's

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<v Speaker 2>get to the markets. So in terms of stocks, we

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<v Speaker 2>see a big rally in Asia. The MCI Asia Pacific

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<v Speaker 2>indexes up at one percent, so continuing games that we

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<v Speaker 2>saw yesterday, the Nike jumps by two point seven percent.

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<v Speaker 2>Worth noting a couple of individual stock moves, soft bank

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<v Speaker 2>surging in Japan, Lenovo climbing to a twenty six year

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<v Speaker 2>high in Hong Kong. Stop futures for Europe and the

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<v Speaker 2>US also very positive one percent. Half of the US

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<v Speaker 2>SOX fifty futures this after bent crewed futures have rebounded

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<v Speaker 2>one point seven percent, trading at one hundred and four

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<v Speaker 2>dollars thirty. Gold is edging lowre this morning, three tenths

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<v Speaker 2>of one percent. TENNY US Treasury yeels down at basis

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<v Speaker 2>point at four point fifty six this hour. Those are

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<v Speaker 2>the markets now. In a moment, we're going to bring

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<v Speaker 2>you more on whether investors no longer see inflation as

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<v Speaker 2>temporary after these crisis well in the Middle East, but

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<v Speaker 2>also COVID and the efforts to contain the deadly Ebola outbreak.

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<v Speaker 2>We'll be bringing you more on that. But another story

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<v Speaker 2>has caught my eye this morning. Bike lanes with miniature

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<v Speaker 2>green areas. They're popping up all over cities everywhere, it seems.

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<v Speaker 2>I wonder whether you've noticed them. These green verges that

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<v Speaker 2>incorporate cycle paths help cities with flood protection, also wildlife

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<v Speaker 2>protection in this era of climate change. It's also because

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<v Speaker 2>of tight budgets, cities can use these multi purpose sort

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<v Speaker 2>of designs in cities and pull funding from different pots

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<v Speaker 2>to pay for them. Blomberg's Laura Laker has been writing

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<v Speaker 2>about their use in one city in Wales and Cardiff,

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<v Speaker 2>about how some otters apparently have moved into a section

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<v Speaker 2>of this sort of greenery along the canal in Cardiff,

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<v Speaker 2>and that that footage really sent this kind of ripple

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<v Speaker 2>of excitement across the city about it. I love this story.

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<v Speaker 2>I get why people see these patches of greenery as

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<v Speaker 2>something good. You know, it's about sustainable drainage for cities

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<v Speaker 2>to try to lower temperatures, especially as you know London's

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<v Speaker 2>going to head into this heat wave over the weekend. Esthetically,

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<v Speaker 2>though I have some doubts they can kind of end

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<v Speaker 2>up just running wild. They're expensive to maintain, and I

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<v Speaker 2>do think that there's a danger of councils adding up

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<v Speaker 2>these tiny areas of square footage into one big number,

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<v Speaker 2>making it sound like, you know, the greenery, maybe the

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<v Speaker 2>size of a park, when of course it isn't a

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<v Speaker 2>new park. But I thought that discussion, which has been

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<v Speaker 2>massively contentious in so many places, is very interesting. We're

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<v Speaker 2>going to put a link to it in our podcast

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<v Speaker 2>show notes for you to learn more about it. Now

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<v Speaker 2>to the bond market's next by way of Oscar Wild's

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<v Speaker 2>famous quote, to lose one parent, mister worthing may be

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<v Speaker 2>regarded as misfortune. To lose both looks like carelessness. While

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<v Speaker 2>investors seem to feel that way about inflation. One episode

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<v Speaker 2>in the twenty twenties may be misfortune, but two could

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<v Speaker 2>be a bad trend, and it is upending and threatening

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<v Speaker 2>to upend the fifty trillion dollar plus market for sovereign

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<v Speaker 2>bonds across g seven countries. Our Bloomberg economic reporter Mark

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<v Speaker 2>Schrewers is in Frankfurt and joins us to discuss. Good morning, Mark,

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<v Speaker 2>I hope you don't mind my little diversion into the

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<v Speaker 2>literary world to talk about bond yields. How much have

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<v Speaker 2>bond yields moved due to the war in Iran and

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<v Speaker 2>also concerns about another energy price shock.

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<v Speaker 8>Yeah, good morning from Frankfurt. We indeed saw quite some

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<v Speaker 8>movement in bondmarks in recent days and weeks, and boring

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<v Speaker 8>casts are searching globally. Are also among the Group of

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<v Speaker 8>Seven countries or the major economies, they have reached the

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<v Speaker 8>many cases levels we haven't seen since the financial crisis,

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<v Speaker 8>in some case not even since the nineteen nineties. I

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<v Speaker 8>think we need to separate issues here. One is the

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<v Speaker 8>more short term, the other is the more medium to

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<v Speaker 8>longer term. In the short term, we have the US

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<v Speaker 8>war on Iran that has triggered a search and an

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<v Speaker 8>energy costs and is pushing inflation up globally, and given

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<v Speaker 8>the back and forth between the US and in Iran,

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<v Speaker 8>it's likely that the conflict will last longer and keep

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<v Speaker 8>inflation higher for longer. On the other hand, we have

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<v Speaker 8>more medium to longer term factors. Investors are starting to

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<v Speaker 8>worry that inflation, higher inflation is here to stay, and indeed,

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<v Speaker 8>there are some good reasons to believe that the future

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<v Speaker 8>will bring more volatile and probably also higher inflation, more

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<v Speaker 8>frequent supply shocks. You need to remember that the one

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<v Speaker 8>we see at the moment is only happening four years

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<v Speaker 8>after the last one, and commodity price shots have been

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<v Speaker 8>the biggest drive of global inflation historically. And on the

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<v Speaker 8>other hand, there are some big structural changes in the

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<v Speaker 8>global economy that could lead to more inflation, volatile and

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<v Speaker 8>higher price pressures in the future, and investors one compensation

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<v Speaker 8>for that. Yeah.

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<v Speaker 2>Okay, So then in terms of the sort of main reasons,

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<v Speaker 2>I mean you started to outline them a bit there.

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<v Speaker 2>What are the main reasons that markets may expect higher

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<v Speaker 2>inflation in the future, maybe even structurally higher inflation actually

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<v Speaker 2>going forwards?

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<v Speaker 8>Yeah, I would say there are quite a number of

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<v Speaker 8>factors that play here, and many present a kind of

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<v Speaker 8>reversal of turns we saw in the past when it

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<v Speaker 8>kept inflation lower pre pandemic. For example, we have the

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<v Speaker 8>le globalization, so that means geopolitical tangions and fragmentation, disrupting

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<v Speaker 8>global supply chains, rising cars and it will take It

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<v Speaker 8>will take time for companies to adjust. We have demographics,

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<v Speaker 8>so the supply of labor is declining with the ongoing aging,

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<v Speaker 8>with the aging of societies, and that will likely increase

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<v Speaker 8>wage pressures we have there So rising dead levels, not

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<v Speaker 8>least public debt levels could also generate a kind of

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<v Speaker 8>inflation bias, also because it could prevent central banks from

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<v Speaker 8>hiking rates as needed, and also other factors that play decombanization.

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<v Speaker 8>For example, I would say, to be fair, there are

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<v Speaker 8>also other factors like AI, whether the jury is still out,

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<v Speaker 8>and whether it will be inflationary or disinflationary. But bottom line,

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<v Speaker 8>I would say there are quite a number of reasons

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<v Speaker 8>to believe in or expect higher inflation in the future.

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<v Speaker 2>Yes, that maybe we'll be going in you know that,

0:13:30.240 --> 0:13:33.360
<v Speaker 2>maybe we're entering a whole new area. Well, how will

0:13:33.440 --> 0:13:34.880
<v Speaker 2>central banks react?

0:13:36.960 --> 0:13:40.520
<v Speaker 8>That's the one billion dollar question. What will center banks do?

0:13:40.640 --> 0:13:45.480
<v Speaker 8>What will happen to two rates? For sure, policymakers are

0:13:45.880 --> 0:13:49.040
<v Speaker 8>in an increasingly tricky spot short term looking at the war.

0:13:49.400 --> 0:13:52.440
<v Speaker 8>You know, we have rising inflation, we have rising price pressures,

0:13:52.440 --> 0:13:55.319
<v Speaker 8>and that would call for rate hikes. But there's also

0:13:55.360 --> 0:13:59.120
<v Speaker 8>a severe risk of a significant slowdown of the global

0:13:59.160 --> 0:14:02.400
<v Speaker 8>economy of growth, and central banks don't want to worsen

0:14:02.440 --> 0:14:06.160
<v Speaker 8>that by tightening. Looking at the medium to longer term,

0:14:06.280 --> 0:14:09.040
<v Speaker 8>I would say central banks will have to defend their

0:14:09.040 --> 0:14:13.600
<v Speaker 8>heart won credibility. But it also seems reasonable to expect

0:14:13.640 --> 0:14:16.600
<v Speaker 8>that there will be enormous pressure from governments to keep

0:14:16.679 --> 0:14:19.480
<v Speaker 8>rates lower given the high dead levels we talked about earlier.

0:14:20.480 --> 0:14:23.000
<v Speaker 8>For the big take we did, I talked to to

0:14:22.560 --> 0:14:26.480
<v Speaker 8>to a guy Claudy Borio, former head of monetary in

0:14:26.480 --> 0:14:29.160
<v Speaker 8>the Economic Department at the bis SO, the Center banks

0:14:29.160 --> 0:14:32.040
<v Speaker 8>of central banks, and he said he would expect that

0:14:32.120 --> 0:14:34.480
<v Speaker 8>the next decade will present the biggest challenge for central

0:14:34.480 --> 0:14:37.000
<v Speaker 8>banks indicates, and it will be particularly interesting in the

0:14:37.040 --> 0:14:40.440
<v Speaker 8>US because you know, incoming fetcher Kevin Walsh is under

0:14:40.480 --> 0:14:44.320
<v Speaker 8>pressure to cut rates, while the circumstances don't speak in

0:14:44.320 --> 0:14:46.920
<v Speaker 8>favor of that. So coming back to your question, I

0:14:46.960 --> 0:14:49.920
<v Speaker 8>would say it's fair to expect that rates will be

0:14:50.040 --> 0:14:53.000
<v Speaker 8>structurally higher in the future, and for sure, at least

0:14:53.040 --> 0:14:56.120
<v Speaker 8>for the moment, a return to zero rates or even

0:14:56.160 --> 0:14:58.880
<v Speaker 8>negative rates we saw on parts of the world economy

0:14:59.120 --> 0:15:02.480
<v Speaker 8>in recent years they seemed very unlikely.

0:15:03.160 --> 0:15:06.680
<v Speaker 2>Yes, okay, so maybe it's a new decade long trend

0:15:06.680 --> 0:15:08.480
<v Speaker 2>that we're going into. Mark, thank you so much for

0:15:08.520 --> 0:15:10.520
<v Speaker 2>being with me. Very interesting to get your views. That

0:15:10.600 --> 0:15:13.720
<v Speaker 2>is Bloomberg Economic reporter Marksraers in Frankfort, and you can

0:15:13.800 --> 0:15:16.360
<v Speaker 2>read Mark's piece that he has written alongside a number

0:15:16.360 --> 0:15:19.680
<v Speaker 2>of other Bloomberg colleagues. Is the big take story today.

0:15:19.760 --> 0:15:27.000
<v Speaker 2>Iran war upends inflation, bets in global debt markets. Stay

0:15:27.040 --> 0:15:29.960
<v Speaker 2>with us. More from Bloomberg Day baqub coming up after

0:15:30.040 --> 0:15:34.600
<v Speaker 2>this now the Ebola outbreak in Central Africa, which the

0:15:34.640 --> 0:15:38.280
<v Speaker 2>World Health Organization has declared a public health emergency of

0:15:38.400 --> 0:15:42.160
<v Speaker 2>International concern with no approved vaccine or treatment. The disease

0:15:42.200 --> 0:15:45.560
<v Speaker 2>is spreading in a conflict ravage region. Joining us now

0:15:45.640 --> 0:15:50.040
<v Speaker 2>is Bloomberg TV correspondent and anchor Jennifer Zabasaja. Good to

0:15:50.080 --> 0:15:54.840
<v Speaker 2>speak to. Jennifer. Congo suffered its first nony boler outbreak

0:15:55.080 --> 0:15:57.520
<v Speaker 2>half a century ago, I learned, and it has dealt

0:15:57.560 --> 0:16:01.840
<v Speaker 2>with sixteen outbreaks since. What is the latest in terms

0:16:01.840 --> 0:16:04.120
<v Speaker 2>of the extent of this outbreak.

0:16:04.520 --> 0:16:09.040
<v Speaker 9>That's right, Caroline, this country is no stranger to outbreaks,

0:16:09.040 --> 0:16:11.480
<v Speaker 9>and as you were mentioning, we've seen sixteen outbreaks before

0:16:11.520 --> 0:16:15.120
<v Speaker 9>this is the seventeenth, and so as of today we

0:16:15.160 --> 0:16:18.040
<v Speaker 9>are learning hundreds of people in the Congo are suspected

0:16:18.400 --> 0:16:21.280
<v Speaker 9>to be infected and at least more than one hundred

0:16:21.280 --> 0:16:25.240
<v Speaker 9>people have died according to the World Health Organization. Much

0:16:25.320 --> 0:16:29.640
<v Speaker 9>of the suspected cases are centered in the Democratic Republic

0:16:29.720 --> 0:16:34.120
<v Speaker 9>of Congo. Although because this is a rare evil a strain,

0:16:34.160 --> 0:16:36.600
<v Speaker 9>as you were mentioning there in the intro, the concern

0:16:36.680 --> 0:16:40.240
<v Speaker 9>really from health officials is that we had been seeing

0:16:40.440 --> 0:16:44.120
<v Speaker 9>this spread going undetected for weeks and so we do

0:16:44.280 --> 0:16:48.880
<v Speaker 9>know of one additional death that happened in neighboring Uganda,

0:16:49.160 --> 0:16:52.080
<v Speaker 9>and the concern is that this could become a potentially

0:16:52.480 --> 0:16:57.000
<v Speaker 9>regional outbreak if we aren't able to get to the

0:16:57.000 --> 0:17:02.960
<v Speaker 9>heart of some of the symptoms around this ballustrain and

0:17:03.000 --> 0:17:08.959
<v Speaker 9>also some vaccines and resolutions around contract tracing and surveillance.

0:17:09.000 --> 0:17:11.280
<v Speaker 9>And so that is why we are hearing from the WHO,

0:17:11.440 --> 0:17:16.479
<v Speaker 9>also the Africa CDC increasing the importance of what we

0:17:16.520 --> 0:17:19.440
<v Speaker 9>are seeing right now in Central and Eastern Africa.

0:17:19.880 --> 0:17:22.040
<v Speaker 2>Yeah, and you've been doing a lot of reporting around this.

0:17:22.200 --> 0:17:25.040
<v Speaker 2>Earlier this week you spoke to the Congo country director

0:17:25.080 --> 0:17:28.760
<v Speaker 2>for the Danish Refugee Council, Caitlin Brady, I wanted to

0:17:28.760 --> 0:17:33.280
<v Speaker 2>bring our listeners some of this, giving some details about

0:17:33.320 --> 0:17:35.760
<v Speaker 2>the developing situation on the ground. Have a listen.

0:17:36.640 --> 0:17:39.359
<v Speaker 10>So for at least two weeks, it would seem there

0:17:39.359 --> 0:17:43.280
<v Speaker 10>were some cases, some deaths before the alert was raised,

0:17:43.640 --> 0:17:47.000
<v Speaker 10>and as jonas when health worker started dying. What we've

0:17:47.000 --> 0:17:50.680
<v Speaker 10>seen now is a very rapid response by the government

0:17:50.840 --> 0:17:54.320
<v Speaker 10>and also by the health agencies like MSF and medic

0:17:54.400 --> 0:17:57.239
<v Speaker 10>for example, who are doing the very best to do

0:17:57.280 --> 0:18:01.320
<v Speaker 10>the contact tracing and to identify among those contacts who

0:18:01.440 --> 0:18:05.040
<v Speaker 10>shows preliminary symptoms make sure those people are isolating.

0:18:05.920 --> 0:18:08.760
<v Speaker 2>So that was the Congo country director for the Danish

0:18:08.840 --> 0:18:12.399
<v Speaker 2>Refugee Council, Caitlin Brady, that you were speaking to. So

0:18:12.520 --> 0:18:17.080
<v Speaker 2>then how are authorities and charities and aide groups, Jennifer

0:18:17.400 --> 0:18:20.320
<v Speaker 2>helping people to deal with the spread? I mean, the

0:18:20.359 --> 0:18:24.600
<v Speaker 2>early detection we learn failed because this is a very

0:18:24.760 --> 0:18:27.840
<v Speaker 2>rare strain and it's a very volatile region of the world.

0:18:28.880 --> 0:18:33.399
<v Speaker 9>Right, volatile region, a rare strain, and of course we

0:18:33.400 --> 0:18:36.399
<v Speaker 9>should mention Caroline important context is that we have seen

0:18:36.960 --> 0:18:40.359
<v Speaker 9>aid decreasing over the past year, of course, beginning with

0:18:40.400 --> 0:18:43.280
<v Speaker 9>the US and ending USAID, but also a number of

0:18:43.320 --> 0:18:47.119
<v Speaker 9>other Western governments that just contributing to a weakening of

0:18:47.200 --> 0:18:50.879
<v Speaker 9>surveillance systems and health systems. And so this week on

0:18:51.000 --> 0:18:54.080
<v Speaker 9>our Next Africa podcast, we spoke to Caitlin who is

0:18:54.119 --> 0:18:57.240
<v Speaker 9>in Goma about the situation on the ground and really

0:18:57.240 --> 0:19:00.119
<v Speaker 9>what her and her peers are trying to do and

0:19:00.160 --> 0:19:03.639
<v Speaker 9>trying to step in in the absence of some of

0:19:03.680 --> 0:19:08.679
<v Speaker 9>these other health agencies and officials that had decreased. I

0:19:08.720 --> 0:19:10.720
<v Speaker 9>guess I should say because of some of the cuts

0:19:10.720 --> 0:19:12.880
<v Speaker 9>that we had seen, and a lot of the focus

0:19:13.200 --> 0:19:15.960
<v Speaker 9>that she gets into is the importance of education in

0:19:16.000 --> 0:19:21.960
<v Speaker 9>the population. But then also you know every day stemming

0:19:22.000 --> 0:19:27.080
<v Speaker 9>of virus, so cleaning of hands, having clean sanitation and water.

0:19:27.920 --> 0:19:31.240
<v Speaker 9>And again this is a conflict ravage area, but also

0:19:31.680 --> 0:19:36.080
<v Speaker 9>population dense and very difficult terrain, and so getting any

0:19:36.119 --> 0:19:40.600
<v Speaker 9>sort of vaccinations or any supplies that they need isn't

0:19:41.320 --> 0:19:44.520
<v Speaker 9>as easy as potentially in the neighboring Uganda, where the

0:19:44.600 --> 0:19:48.920
<v Speaker 9>terrain is a little bit less less severe and less mountainous,

0:19:48.960 --> 0:19:50.920
<v Speaker 9>I guess I should say. And so we are seeing

0:19:50.960 --> 0:19:53.800
<v Speaker 9>officials really just trying to step up their surveillance, stepping

0:19:53.880 --> 0:19:58.359
<v Speaker 9>up education and doing just about anything they can in

0:19:58.520 --> 0:20:01.880
<v Speaker 9>order to keep the population safe and isolate those who

0:20:01.920 --> 0:20:05.720
<v Speaker 9>potentially are showing some signs of symptoms. And we should

0:20:05.720 --> 0:20:09.359
<v Speaker 9>note that this ebola strain, there's still not a lot

0:20:09.400 --> 0:20:12.720
<v Speaker 9>that is known about it, and the concern with ibola

0:20:13.160 --> 0:20:17.240
<v Speaker 9>is that it is very fatal, and so they want

0:20:17.280 --> 0:20:20.560
<v Speaker 9>to make sure that they are treating for the right strain,

0:20:20.880 --> 0:20:23.280
<v Speaker 9>especially considering and I heard you mention this, Caroline, there

0:20:23.320 --> 0:20:25.560
<v Speaker 9>is no vaccine and treatment at this case, so it's

0:20:25.560 --> 0:20:27.920
<v Speaker 9>still quite an evolving situation, not just for the region,

0:20:27.920 --> 0:20:31.000
<v Speaker 9>I should mention, but also internationally for a number of

0:20:31.000 --> 0:20:32.360
<v Speaker 9>health agencies and countries.

0:20:32.680 --> 0:20:35.439
<v Speaker 2>Yeah, just very briefly, the World Health Organization saying that

0:20:35.440 --> 0:20:38.680
<v Speaker 2>there's a low probability of international spread, but that doesn't

0:20:38.720 --> 0:20:40.640
<v Speaker 2>mean that aren't international week percussions.

0:20:41.720 --> 0:20:44.760
<v Speaker 9>Yeah, and we're hearing from the CDC saying that the

0:20:44.840 --> 0:20:47.000
<v Speaker 9>risk to the public remains low. But still we're seeing

0:20:47.000 --> 0:20:51.520
<v Speaker 9>international health agencies stepping up their own surveillance, where we've

0:20:51.560 --> 0:20:57.720
<v Speaker 9>heard the US CDC stepping in as well. And yeah,

0:20:57.760 --> 0:20:59.919
<v Speaker 9>we are seeing a number of countries in the region

0:21:00.400 --> 0:21:05.359
<v Speaker 9>continue to step up testing and also surveillance testing of

0:21:06.440 --> 0:21:10.200
<v Speaker 9>getting your temperature checked and even from the US, residents

0:21:10.240 --> 0:21:12.919
<v Speaker 9>are being cautioned not to travel or if they have

0:21:13.080 --> 0:21:17.239
<v Speaker 9>traveled to the region, ensuring that they are isolated and

0:21:17.320 --> 0:21:20.640
<v Speaker 9>just tested before going out into the public. So definitely

0:21:20.640 --> 0:21:24.800
<v Speaker 9>becoming an international concern as we heard from the WHO,

0:21:24.840 --> 0:21:26.800
<v Speaker 9>and really that we should point out that is to

0:21:26.840 --> 0:21:30.200
<v Speaker 9>mobilize resources, which is effectively what we have been seeing

0:21:30.240 --> 0:21:31.240
<v Speaker 9>over the past few days.

0:21:32.520 --> 0:21:35.280
<v Speaker 1>This is Bloomberg Daybreak Europe, your morning brief on the

0:21:35.320 --> 0:21:38.400
<v Speaker 1>stories making news from London to Wall Street and beyond.

0:21:38.720 --> 0:21:41.919
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<v Speaker 1>Bloomberg day Break Europe.