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Speaker 1: This is Bloomberg Daybreak Europe for this Friday, the ninth

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Speaker 1: of June in London. Coming up today.

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Speaker 2: Under pressure, the world's biggest banks pull back from hedge

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Speaker 2: fund manager Crispin Odi.

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Speaker 1: First for a former US President, Donald Trump is charged

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Speaker 1: over his refusal to return classified documents.

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Speaker 2: Closer ties but no trade deal. Soona leaves the US

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Speaker 2: with something, but is it enough?

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Speaker 3: Metas land grab and gain career advice from a rom com.

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Speaker 3: Those are the stories we're looking at in today's papers.

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Speaker 3: I'm James Wilcock.

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Speaker 1: Plus City in an FX, the banking giant dismantles its

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Speaker 1: foreign exchange strategy team.

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Speaker 4: That's all straight ahead on Bloomberg Daybreak Europe. The business

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Speaker 4: news you need to start your day in just one

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Speaker 4: fifteen minute podcast on Apple, Spotify, the Bloomberg Business App

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Speaker 4: and everywhere you get your podcasts.

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Speaker 1: Good morning.

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Speaker 2: I'm Stephen Carroll and I'm Lizzie Burden. Here are the

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Speaker 2: stories we're following today. Some of the world's largest investment

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Speaker 2: banks are distancing themselves from hedge fund manager Crispin Ody

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Speaker 2: after The Financial Times published fresh allegations of sexual assault

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Speaker 2: against him. Be Mutu and Pop's reports.

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Speaker 5: Morgan Stanley, JB. Morgan and Gold and Sachs are all

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Speaker 5: said to be reviewing their links with ODI Asset Managements.

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Speaker 5: That's after fresh allegations against hedge fund manager Crispin Odi emerged.

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Speaker 5: He's accused of sexually assaulting a number of women over

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Speaker 5: several decades. Bloomberg understands the Financial Conduct Authority is in

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Speaker 5: the midst of a two year investigation into the asset manager,

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Speaker 5: which may be wired in to encompass the latest allegations.

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Speaker 5: ODI Asset Management says it does not recognize the picture

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Speaker 5: painted by the FT's reports, and a law firm representing

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Speaker 5: ODI told the Ft he strenuously disputes the allegations. In London,

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Speaker 5: I'm une pots of Bloomberg day Break Europe.

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Speaker 1: Donald Trump has been charged over his allowed refusal to

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Speaker 1: return classified documents found his Flowerda home. The indictment, filed

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Speaker 1: in Miami, is the first time a former president has

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Speaker 1: been charged with committing federal crimes. In a video posted

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Speaker 1: on his truth social platform, Trump denied any wrongdoing.

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Speaker 6: I'm an innocent man. We will prove that again. Seven

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Speaker 6: years of proving it, and here we go again. Very unfair,

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Speaker 6: but that's the way it is.

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Speaker 1: The indictment against Trump was filed under seal and contains

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Speaker 1: seven charges. Bloomberg understands that they include wilful retention of

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Speaker 1: national defense information, conspiracy to obstruct justice, and making false statements.

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Speaker 1: The former president is expected to appear in a federal

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Speaker 1: court in Miami on Tuesday.

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Speaker 2: Richie Sunac is heading back to the UK after a

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Speaker 2: two day visit to Washington. The UK Prime Minister returns

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Speaker 2: with President Biden's backing for his efforts on artificial intelligence

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Speaker 2: and agreements for closer economic cooperation to shore up green

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Speaker 2: industries and supply chains. Sitting alongside Biden, Zunak had this

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Speaker 2: to say on the ties between the two nations.

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Speaker 7: Our economies are seeing perhaps the biggest transformation since the

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Speaker 7: Industrial Revolution, as new technologies provide incredible opportunities but also

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Speaker 7: give our adversaries more tools for harm. But one thing

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Speaker 7: I know won't check how confident work change is the

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Speaker 7: strength of our partnership, our friendship.

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Speaker 2: However, despite the warm words between Sunak and Biden, a

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Speaker 2: trade deal between the two countries still is elusive. The

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Speaker 2: US administration put previous talks on ice and has shown

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Speaker 2: no sign of wanting to resurrect them.

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Speaker 1: China's producer prices contracted further in May, while consumer prices

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Speaker 1: increased only slightly. Bloomberg's Brian Cursis has more from Hong Kong.

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Speaker 6: The CPI rose just zero point two percent from a

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Speaker 6: year earlier, matching estimates. But it's the PPI that is

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Speaker 6: more worrisome. It declined four point six percent in May,

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Speaker 6: far worse than the three point six percent drop in April,

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Speaker 6: and it was down more than expected as well. We're

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Speaker 6: hearing more and more calls for added stimulus, such as

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Speaker 6: are cut in interest rates. Both the onshore and offshore

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Speaker 6: REMMB weakened on the news in Hong Kong, Brian Curtis,

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Speaker 6: Bloomberg Daybreak.

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Speaker 2: Europe City Group is said to have dismantled its global

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Speaker 2: team that provides commentary and analysis on foreign exchange markets.

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Speaker 2: Sources say all jobs within this CITYFCS Global ex Strategy

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Speaker 2: team are affected. City Groups understood to have made the

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Speaker 2: change because other parts of the bank are offering similar services.

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Speaker 1: And Ukraine's new tanks and fighting vehicles from Western allies

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Speaker 1: are beginning to appear on the battlefield. Photos appear to

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Speaker 1: show German made Leopard tanks and US Bradley fighting vehicles

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Speaker 1: pushing toward a town in Ukraine's occupied south. President Biden

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Speaker 1: says he wants to continue to support the war efforts

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Speaker 1: in the country.

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Speaker 8: I believe we'll have the funding necessary to support Ukraine

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Speaker 8: as long as it takes, and I believe that that

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Speaker 8: support will be real, even though there you hear some

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Speaker 8: voices today on Capitol Hill about what, whther or not

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Speaker 8: we should continue.

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Speaker 1: Biden's administration is so far donated military aid worth more

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Speaker 1: than eight billion dollars to Ukraine. It remains unclear whether

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Speaker 1: this week's operations are Kiev's long awaited counteroffensive or part

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Speaker 1: of an effort to expose weak spots in Russian defenses.

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Speaker 1: Those are our top stories on the program this morning, Lizzie.

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Speaker 1: I don't know if you've had a chance to read

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Speaker 1: today's Bloomberg big take about artificial intelligence. Really interesting look

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Speaker 1: at the text to image generative AI technology Bloomberg analyzing

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Speaker 1: five thousand of these images using the Stable diffusion platform.

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Speaker 1: And this is something that you put text prompts in,

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Speaker 1: it generates an image for you. This confirming what anecdotally

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Speaker 1: we've been talking about for quite a while about the

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Speaker 1: biases that exist in AI really frightening reading.

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Speaker 2: In fact, Yeah, it's an incredible graphics piece this and

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Speaker 2: actually it shows that things are worse than reality, more racist,

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Speaker 2: more sexist. In this in the eyes of AI, you've

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Speaker 2: got the world run by white MAI CEOs, men with

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Speaker 2: dark skin committing crimes, and women with dark skin flipping burgers.

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Speaker 2: I think it's just really scary when some experts in

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Speaker 2: generative AI reckon that as much as ninety percent of

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Speaker 2: content online could be AI generated within the next few years.

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Speaker 1: Yeah, something that is already we're starting to see an

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Speaker 1: application of this kind of technology from the likes of

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Speaker 1: Adobe or nvidiots starting to power the ads we watch.

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Speaker 1: And the fact that this exponential growth is predicted makes

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Speaker 1: this all the more worrying. But a very interesting piece

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Speaker 1: and as Lizie said, very well worth checking out on

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Speaker 1: Bloomberg Online or on the terminal. Well, let's get more

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Speaker 1: now on that news that Donald Trump has been indicted

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Speaker 1: over his refusal to return classified documents found at as Florida,

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Speaker 1: a state OURMA and his director Roslin Matheson's with us

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Speaker 1: in the studio this morning. Good morning to you, Ras.

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Speaker 1: Can you give us an idea of what's in this

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Speaker 1: indictment and how significant this step is.

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Speaker 9: We're actually expecting to get more of the details later

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Speaker 9: today when that indictment may be And so what we

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Speaker 9: do know is there a seven aspects to it, and

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Speaker 9: what it really involves, of course, is the fact that

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Speaker 9: there were multiple multiple classified documents found scattered around Donald

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Speaker 9: Trump's personal houses and resorts well after he ceased being

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Speaker 9: president of the United States, and we know that they're

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Speaker 9: related to documents around defense security, primarily relationships with other countries,

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Speaker 9: and someone expecting to hear more about exactly what that

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Speaker 9: involves today. We're expecting that Donald Trump will have to

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Speaker 9: show up in a court as soon as Tuesday. From there,

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Speaker 9: it's a bit unclear about what happens for exactly how

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Speaker 9: long this might be until there is a proper criminal

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Speaker 9: case against him, whether he has to appear in court

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Speaker 9: while he's on the trail to become president again. Of course,

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Speaker 9: he has thrown his hat into the ring to be

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Speaker 9: the Republican nominee for twenty twenty four, so it becomes

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Speaker 9: at a really really sensitive time in the political calendar

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Speaker 9: also in the US.

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Speaker 2: Yeah, surely the likes of Ronda Sun to rib in

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Speaker 2: the Huns.

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Speaker 9: Well, that's the thing, of course, he has actually used

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Speaker 9: this to energize his base, some of these cases against him,

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Speaker 9: civil cases, potential other criminal cases. It has really rallied

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Speaker 9: his supporters, and he's leading at the moment in opinion

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Speaker 9: polls quite some way ahead of people like Ron DeSantis,

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Speaker 9: who has struggled so far to get his campaign off

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Speaker 9: the ground. The question is, like, it really doesn't do

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Speaker 9: anything beyond energizing his existing base going forward. If these

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Speaker 9: cases really get murky and drag into the campaign, do

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Speaker 9: you see more moderate Republicans drifting away from him and

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Speaker 9: towards what seems to be a really really big Republican

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Speaker 9: field already to get that primary nomination for president in

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Speaker 9: twenty twenty four. So do you see it splintering the

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Speaker 9: Republican base? Of course, his hardcore supporters will always support

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Speaker 9: him no matter what, but doesn't mean that those other

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Speaker 9: supporters move away to other candidates.

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Speaker 1: Yeah, are very interesting to get the context on that

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Speaker 1: news around Donald Trump. But turning to a different story

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Speaker 1: in the US that we've been watching, of course, the

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Speaker 1: meeting between the British Prime Minister Rishi Sinac and President

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Speaker 1: Joe Biden they agreed to open negotiations on a trade

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Speaker 1: packed during this minister this visit by the Prime Minister

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Speaker 1: to Washington, with the scope of these talks falls well

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Speaker 1: short of a free trade agreement. Ros What should we

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Speaker 1: take away from what we heard from those two leaders?

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Speaker 1: Where is this cooperation going to focus on and what

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Speaker 1: sort of a fact could it have.

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Speaker 9: We can see there's actually quite a good relationship between

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Speaker 9: Rishisunac and Joe Biden. They've met quite a bit in

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Speaker 9: recent months. There's a bit of a natural report going on.

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Speaker 9: So quite clearly the US President was trying to give

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Speaker 9: Rishi Sunac something he could come back with to the

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Speaker 9: UK and sell to his party and to the British people,

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Speaker 9: because of course, again there's been a failure to get

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Speaker 9: a proper sort of runway for a UK US trade agreement,

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Speaker 9: and that's something that's really been promised through the Brexit

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Speaker 9: period and beyond. And so you've got a bunch of

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Speaker 9: deals that have been packaged up into one for them

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Speaker 9: to announce. You know, perhaps some greater access for British

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Speaker 9: companies to get subsidies and other goodies under the inflation reduction.

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Speaker 9: Perhaps an access for British defense contractors to US deals

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Speaker 9: and that's not to be minimized of course, but it's

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Speaker 9: not the trade deal. And those things sort of add

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Speaker 9: up to some progress, but really there's a clear indication

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Speaker 9: really from the White House that they're not interested in

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Speaker 9: engaging and full throated FTA talks with the UK. Certainly

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Speaker 9: not again when Joe Biden's coming into election season, so

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Speaker 9: a reflection of the warmth of that relationship, but soon

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Speaker 9: didn't get what he wanted from this.

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Speaker 2: Yeah, not the trade deal in all, but name that

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Speaker 2: UK officials were talking about behind the scenes. I wonder

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Speaker 2: how this package of initiatives compares to what the US

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Speaker 2: is given to other countries and the EU as well.

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Speaker 7: Well.

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Speaker 9: That's right, they have given other countries some similar things,

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Speaker 9: including Australia for example on the defense side. So you're

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Speaker 9: seeing again that orcus grouping come together in different ways.

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Speaker 9: And the EU of course has had some potential benefits

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Speaker 9: from the IRA in terms of also access for their

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Speaker 9: companies to subsidies and someone, although the EU would argue

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Speaker 9: they've got nothing like what the UK has. So certainly

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Speaker 9: there is that one on one relationship, that special relationship

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Speaker 9: that surfaces from time to time between the UK and

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Speaker 9: the US and as you know, really back on track

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Speaker 9: you will imagine after the Boris Johnson administration. But again

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Speaker 9: it's just not the level of the full throated FTA

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Speaker 9: talks that the British government is seeking, and as far

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Speaker 9: as they can sell it, they just can't say that

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Speaker 9: they've gotten what they wanted.

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Speaker 1: Okay, Rosin Masson or Amiai's director, thanks so much for

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Speaker 1: joining us with the details on those stories. As I know,

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Speaker 1: this is a visit that you were watching very closely

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Speaker 1: as well. I wonder what you took away from kind

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Speaker 1: of watching Rischie Sunak and Joe Biden yesterday.

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Speaker 2: Well, it's interesting that Rob should say that the special

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Speaker 2: relationship is back on track post Boris Johnson. I mean,

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Speaker 2: it's hard not to beat the lows of the Johnson

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Speaker 2: and Trust years when it comes to the special relationship,

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Speaker 2: and as Rod says, there is actually a natural rapport.

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Speaker 2: It's better than before. Remember Joe Biden got Rishie Sudak's

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Speaker 2: name wrong. Well this time he called him the president.

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Speaker 2: But it was quite funny the way he picked up

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Speaker 2: after that. In fact, Sunak said that their wives have

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Speaker 2: met so often in recent months. Even though this was

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Speaker 2: the first official trip to Washington. The leaders of five

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Speaker 2: Times now their wives have been doing spin class together.

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Speaker 2: But I'll leave the political spin jokes to you, Stephen.

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Speaker 1: Thanks Lizzie up next to metas land grab and getting

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Speaker 1: career advice from a rum.

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Speaker 4: Come now the paper review on blue Bird Daybreak Europe.

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Speaker 4: The news you need to know from today's papers.

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Speaker 2: Mrs James Wilcock joins us now for a look at

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Speaker 2: what's in the papers. James, Emily and Paris is being

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Speaker 2: talked about in the Times.

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Speaker 4: Please explain.

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Speaker 3: I mean, I would love to, Lizzie, but I mean

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Speaker 3: it's a difficult one because it comes from a French

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Speaker 3: tourism board choose Paris region, and they have the numbers

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Speaker 3: to back this up. They say, of all the bankers

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Speaker 3: who are leaving London to move to mainland Europe, most

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Speaker 3: are going to Paris, five hundred moved there, versus say Frankfurt,

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Speaker 3: which is the next biggest, with one thy eight hundred.

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Speaker 3: The weird part is they're putting a lot of it

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Speaker 3: down to Netflix series Emily in Paris, which they're saying

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Speaker 3: has changed perceptions and made people think that they would

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Speaker 3: rather if they were moving to Europe from London, moved

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Speaker 3: to Paris because it would be more fun, sexier, and

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Speaker 3: it's changing opinions about French people being rude than say,

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Speaker 3: moved to Frankfurt. Stephen, as a ten year resident of Paris,

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Speaker 3: dold you agree with that?

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Speaker 6: I mean, I.

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Speaker 1: Sure, why not? But I think that they're even without

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Speaker 1: Emily in Paris. I think most people probably have a

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Speaker 1: more glamorized image of Paris than they do of Frankfurt,

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Speaker 1: which is also a lovely city, it has to be said.

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Speaker 1: But look, it's interesting that they're leaning into the stereotypes

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Speaker 1: as loads and million Paris about how it presents a

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Speaker 1: disnified version of the city and doesn't expose some of

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Speaker 1: the problems that exist in lots of big cities. But also,

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Speaker 1: you know, things like homelessness that are very very much

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Speaker 1: visible in Powers, not of course featured in a Netflix series.

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Speaker 2: I have to say, the worst character of Emily in

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Speaker 2: Paris was the banker. So why anyone would want to

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Speaker 2: model themselves on the British banker in Paris?

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Speaker 5: I have no idea.

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Speaker 3: The other side of it, right is I went and

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Speaker 3: looked at Bloomberg's housing track and thinking maybe it's the prices. Well,

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Speaker 3: it must be the culture in the Netflix series because

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Speaker 3: Paris per square meter is eleven and thirty four euros,

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Speaker 3: whereas London is still as also in euros eight three

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Speaker 3: hundred and forty six. So it's cheap as a stay

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Speaker 3: in London. But I guess if you're going.

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Speaker 1: To buy, yes, except there are small apartments are generally

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Speaker 1: smaller in Paris, so you're looking for somewhere to live.

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Speaker 1: It can be more affordable to buy somewhere to live

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Speaker 1: in central Paris, and it will be in central London.

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Speaker 4: Anyway.

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Speaker 1: That is quite enough about that particular story. Let's go

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Speaker 1: to the FTX and they're reporting on Norzea oil.

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Speaker 3: Yes, and this is an induestany one is we head

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Speaker 3: up to the election because the Lake Party have said

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Speaker 3: it will end new gas and drilling licenses in the

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Speaker 3: North Sea. But the ft're writing about how Rishi's Sounats

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Speaker 3: government are planning to put in a floor on their

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Speaker 3: levee on oil and gas users. So what this is

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Speaker 3: is there is a windfall tax currently on profits in

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Speaker 3: the oil and gas industry, but as energy prices have

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Speaker 3: dropped down, they are potentially suggesting this is a coin

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Speaker 3: to people familiar who briefed the government's plans for the

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Speaker 3: FT that that would fade away once energy price has

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Speaker 3: reached a certain level. Now, I don't mean to criticize

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Speaker 3: the FT. You know, they are a very well respected organization.

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Speaker 3: I talk about the lot on the papers. But Joe

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Speaker 3: May has had the story back in March, so May

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Speaker 3: exactly so you could have read that his reporting on

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Speaker 3: that months ago. I will say, but what's fascinating here

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Speaker 3: is where this goes next, because even if this floor

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Speaker 3: goes away now, I found it fascinating to read Gary Smith,

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Speaker 3: general sectory of the GMB Union last month, urged Starmer

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Speaker 3: to keep drilling, saying that actually the UK will keep

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Speaker 3: on leaving these resources, so expect this deal and where

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Speaker 3: nor See oil goes to spin on and on and on,

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Speaker 3: even after the announcement that is set to come very shortly.

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Speaker 2: And finally, James, let's just look at the Wall Street Journal.

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Speaker 2: They have the inside story on Meta's internal meeting.

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Speaker 3: Yes, and they are apparently planning to launch a Twitter

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Speaker 3: clone very soon. I went onto the Verge who have

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Speaker 3: the screenshots of it. It looks remarkably similar. And Meta's

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Speaker 3: chief product off to Chris Cox told apparently employees internally

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Speaker 3: their main goal is to quote run it more sanely

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Speaker 3: than Twitter, and so this is that big move of

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Speaker 3: Elon Musk has taken out of Twitter and now big

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Speaker 3: rival see as a chance to muscle in. Also brought

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Speaker 3: up in that meeting Lizzy, apart from just the Twitter

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Speaker 3: nerds like me, another journalists AI and their response to

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Speaker 3: what they're going to do about Apple's big new VR headsets.

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Speaker 3: They meta want to do one that is worth hundred

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Speaker 3: dollars versus Apple's three five hundred dollars, So you can

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Speaker 3: see the different way the markets are going there.

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Speaker 1: This is Bloomberg Daybreak Europe. You're a morning brief on

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Speaker 2: I'm Lizzie Burden and.

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Speaker 1: I'm Stephen Carroll. Join us again tomorrow morning. For all

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Speaker 1: on Bloomberg Daybreak. Europe