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Speaker 1: This is Bloomberg Daybreak for this Tuesday, the eighteenth of

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Speaker 1: April in London.

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Speaker 2: Coming up today, Eat out to help out China's economy.

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Speaker 2: Bouncers back as consumers splash the cash flow rider.

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Speaker 1: Deposit outflows top sixty billion dollars at key US lenders

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Speaker 1: as customers hunt for better returns.

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Speaker 2: Apple puts down banking roads. The tech giant teams up

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Speaker 2: with Goldman to offer market leading savings rates.

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Speaker 3: Bossers pay workers to move closer to the office. A

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Speaker 3: call to discuss the menopause at work. Those other stories

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Speaker 3: we're looking at in today's papers, and I leanne Gerns.

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Speaker 1: Plus has high inflation sounded the death nail of the

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Speaker 1: sixty to forty portfolio. Blackrock says it's time to ditch

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Speaker 1: the strategy.

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Speaker 2: That's all straight ahead.

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Speaker 4: On Bloomberg Daybreak Europe, the business news you need to

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Speaker 4: start your day in just one fifteen minute podcast on Apple, Spotify,

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Speaker 4: the Bloomberg Business App, and everywhere you get your podcasts.

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Speaker 2: Good morning, I'm Stephen Carroll.

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Speaker 1: And I'm Caroline Hecker. Here are the stories that we're

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Speaker 1: following today.

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Speaker 2: China's economy grew by four and a half percent in

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Speaker 2: the first quarter from a year earlier, the fastest pace.

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Speaker 3: In a year.

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Speaker 2: A reband and consumer spending and a ramping up in

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Speaker 2: government infrastructure investment helped to boost growth in the first quarter.

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Speaker 2: Morgan Stanly's chief China economist, Robin Shane, believes there's more

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Speaker 2: to come from the world's second largest economy.

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Speaker 5: We do think if China can maintain that growth, he's

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Speaker 5: still able to cross so called a middle income becoming

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Speaker 5: a high income economy by next year. So you and

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Speaker 5: if they want more quality growth, they still need a

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Speaker 5: certain growth level, and at this moment the year today,

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Speaker 5: it looks like they're on track to reach that growth

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Speaker 5: and we are looking for a lot of about five

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Speaker 5: percent growth for next year.

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Speaker 2: Despite Robin Shing's optimism, the latest indicators from March show

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Speaker 2: a more mixed picture. WITHINUS, your activity remaining subdued.

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Speaker 1: Now Americans are moving money out of bank accounts at

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Speaker 1: a pace not seen since the aftermath of the two

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Speaker 1: thousand and eight financial crisis. Bloomberg's Market Support of Value

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Speaker 1: title explains.

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Speaker 6: US savers are not hanging around for low returns. The

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Speaker 6: average bank rate is more than four percentage points lower

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Speaker 6: than the Fed's current benchmark rate and customers have noticed.

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Speaker 6: Charles Schwab, State Street and M and T saw almost

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Speaker 6: sixty billion dollars in combined bank deposit outflows just in

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Speaker 6: the first quarter. It puts a spotlight on how larger

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Speaker 6: banks like Morgan Stanley, Goldman and Bank of America fared.

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Speaker 6: Their results are out later this week in London. Valerie

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Speaker 6: Titel Bloomberg Daybreak Europe.

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Speaker 2: And it's not just traditional banks trying to hoover up

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Speaker 2: moving customers. Goldman Sacks are starting a new saving offer

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Speaker 2: with an unlikely partner. Apple, the tech giant is offering

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Speaker 2: an industry beating four point one five percent annual yield

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Speaker 2: to luring customers. It adds to Apple's expansion into financial

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Speaker 2: so serviss products, which I'll also now include buying Now,

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Speaker 2: a buy now, pay later program.

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Speaker 7: Now.

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Speaker 1: Christine Legard is warning that a fragmentation of the global

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Speaker 1: economy is posing a challenge for central bankers. Here is

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Speaker 1: the ECB President speaking to the Council on Foreign Relations

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Speaker 1: in New York.

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Speaker 8: As duo politics lead to a fragmentation of the global

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Speaker 8: economy into computing blocks. This cause for greater policy cohesion,

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Speaker 8: not compromising independence, but recognizing the interdependence between policies and

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Speaker 8: our heat can best achieve their objective if aligned with

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Speaker 8: a strategic goal.

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Speaker 1: Legard's comments reflect wider fears that rising political tensions will

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Speaker 1: weigh on the global economy by disrupting trade, weakening growth

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Speaker 1: in pushing up inflation. Leguard also said that the riffs

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Speaker 1: caused by rivalry between the US and China could push

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Speaker 1: up inflation by five percent.

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Speaker 2: Clients pulled four point four billion dollars some credits, says

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Speaker 2: European and US funds after the UBS takeover. The data

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Speaker 2: from morning Star includes funds, only includes funds that report

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Speaker 2: daily numbers, and doesn't cover all of credit spaces. Asset

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Speaker 2: management deaflow Is underscored the challenge the combined firm faces

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Speaker 2: to retain clients after the emergency government backed takeover. Over.

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Speaker 1: In the United States, Blacklock will begin selling failed banks

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Speaker 1: securities today. Bloomberg's Charlie Pellett has the story.

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Speaker 9: Blackrock is launching a month's long process to help the

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Speaker 9: Federal Deposit Insurance Corp offload one hundred and fourteen billion

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Speaker 9: dollars of assets it picked up from Silicon Valley Bank

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Speaker 9: and Signature Bank. According to emails about the sales sent

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Speaker 9: to investors seen by Bloomberg. BlackRock's Financial Markets Advisory unit

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Speaker 9: is going to be launching mortgage backed security pool sales

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Speaker 9: and continue the process later in the week. The government

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Speaker 9: hired Blackrock to sell the Collapse bank securities earlier this month,

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Speaker 9: highlighting the firm's role as an advisor to regulators in

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Speaker 9: time of financial peril in New York. Charlie Pebbott Bloomberg

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Speaker 9: Daybreak Europe.

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Speaker 2: Well, another news from Blackrock, the full Manager strategists are

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Speaker 2: now advising investors to ditch the sixty forty portfolio to

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Speaker 2: navigate higher interest rates. The Blackrock Investment Institution now recommends

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Speaker 2: quote breaking up traditional lacid allocation buckets and moving away

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Speaker 2: from broad allocations to public equities and bonds. At Bloomberg,

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Speaker 2: US sixty forty portfolio index is up six point three

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Speaker 2: percent this year after tumbling by almost seventeen percent last year.

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Speaker 2: That's the biggest Daniel drop in over a decade.

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Speaker 1: Okay, those so a few of our tops toys and

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Speaker 1: for you this morning. Now the CEO of Mercedes benz

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Speaker 1: Olakellenius System speaking to Bloomberg and we're going to bring

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Speaker 1: you that interview a bit later. But I also noticed

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Speaker 1: that Mercedes is unfailing its first electric only may back model.

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Speaker 1: If you're sat in a may back, I haven't, no

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Speaker 1: neither of I.

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Speaker 2: A with drend and regularly one in London.

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Speaker 1: No, I. I actually it's not a model that I've

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Speaker 1: seen that often. But I think that's because they're so

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Speaker 1: hugely popular in China, and that is where Mercedes Benz

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Speaker 1: is launching this kind of ultra luxury model that they have.

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Speaker 1: Apparently sales they're jumped nearly forty percent last year.

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Speaker 2: Yeah. Some of the interesting features of particularly bios and

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Speaker 2: China as though developing this electric version of the suv

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Speaker 2: is that there's much more emptis being placed in the

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Speaker 2: back seats because some people are driven by chauffeurs.

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Speaker 6: Oh delight.

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Speaker 2: It's described as a cocoon lag experience.

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Speaker 1: It's okay. Well. The more serious point, though, I think,

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Speaker 1: is the fact that it's an electric only vehicle. Of course,

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Speaker 1: in London is getting ready supposedly we think to stop

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Speaker 1: the sale of all petrol diesel vehicles in the next

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Speaker 1: few years, so there's going to be much more emphasis

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Speaker 1: on the sorts of offerings in terms of electric cars.

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Speaker 1: But I always thought that greener vehicles, more electric vehicles

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Speaker 1: would mean that they are smaller. They certainly don't seem

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Speaker 1: to be going that way. And SUVs, of course, there

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Speaker 1: are real worries around road deaths and what that means

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Speaker 1: for pedestrians on the roads when cars are so much

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Speaker 1: bigger than.

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Speaker 4: They used to be.

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Speaker 2: Yeah, indeed, and it's what it's part of the dilemma

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Speaker 2: that the electric vehicles have as the bigger they get,

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Speaker 2: the bigger the battery has to be, which is also

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Speaker 2: part of the drag on charge as well. And now

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Speaker 2: this vehicle is apparently have a range of six and

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Speaker 2: tri kilometers, which is the longer end of where avs

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Speaker 2: can do at the moment. In fact they're doing that

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Speaker 2: with a larger vehicle is interesting.

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Speaker 1: Well, no, absolutely well one of the stories that we

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Speaker 1: spotted for you on the terminal today. Now let's discuss

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Speaker 1: more though on the main economic data that we've had

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Speaker 1: out so far this morning, at least, that is Chinese

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Speaker 1: growth figures GDP expanding more than expected in the first

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Speaker 1: quarter of the year four and a half percent. Retail

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Speaker 1: sales surged in particular, for more, let's speak to Bloomberg's

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Speaker 1: China Economy editor Jill Dices. Good morning, Jill. Great to

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Speaker 1: have you with us. What were the standout elements in

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Speaker 1: this data?

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Speaker 7: Yes, well, I think, as you mentioned, those retail sales

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Speaker 7: figures were pretty eye popping, right, I mean, this is

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Speaker 7: really sort of underscoring the point that this is a

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Speaker 7: very consumption driven recovery. Right now, that ten points percent

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Speaker 7: increase from a year ago. I mean, I'll point out

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Speaker 7: that there are some additional base effect factors there. Remember

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Speaker 7: that March twenty twenty two was when Shanghai went into lockdowns,

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Speaker 7: so maybe a bit of a high base of comparison there.

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Speaker 7: But still I think that's pretty encouraging number, just telling

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Speaker 7: us that, you know, people are spending a lot more money,

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Speaker 7: maybe gaining some confidence there. And then of course that

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Speaker 7: headline GDP figure for first quarter grew four point five

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Speaker 7: percent from a year earlier. Now that's not only the

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Speaker 7: much higher than the four percent expected by economists, but

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Speaker 7: also it's the fastest pace in a year. So we've

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Speaker 7: got some good starting figures there.

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Speaker 2: It wasn't all good news, though, there's some concerning figures

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Speaker 2: in the detail of these data.

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Speaker 7: Yes, exactly, I mean I would say, first of all,

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Speaker 7: so the industrial output picked up a bit three point

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Speaker 7: nine percent from a year ago, but that's still below

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Speaker 7: pre pandemic levels, and that's also I think below what

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Speaker 7: economists were expecting. So I think we'd really like to

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Speaker 7: see a little bit more strength there in factory production

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Speaker 7: going forward. One of the big reasons there is where

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Speaker 7: real estate construction is continues to sort of lag. I

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Speaker 7: think that there's still some of those continued concerns about

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Speaker 7: the property market. You saw some of that reflected in

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Speaker 7: the weaker than expected fixed asset investment data as well,

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Speaker 7: so that I think is going to continue to be

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Speaker 7: a bit of a concern going forward. And then I'll

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Speaker 7: just add there was a little bit of a mixed

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Speaker 7: result in some of the jobless data as well. I

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Speaker 7: just wanted to point out that while though the overall

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Speaker 7: jobless rate was a bit better than expected it's five

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Speaker 7: point three percent in March, the youth unemployment rate jumped

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Speaker 7: to almost a near record high in March. So I

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Speaker 7: think that is going to be very closely watched headed

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Speaker 7: into the summer, especially as more students start graduating.

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Speaker 1: Oh, that is interesting. What does it mean then, overall

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Speaker 1: for Beijing's growth target then.

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Speaker 7: Yeah, so, I mean I think that at this point,

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Speaker 7: what we've been kind of looking out for is, you know,

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Speaker 7: whether or not China is going to implement more stimulus

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Speaker 7: kind of keep the recovery going. Now, remember the growth

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Speaker 7: target for the years around five percent, and I think

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Speaker 7: that was that was set last month with the expectation

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Speaker 7: that there wouldn't be a ton more stimulus. I think

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Speaker 7: that this data so far is pretty positive in terms of, uh,

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Speaker 7: maybe matching that target. Official today said that they think

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Speaker 7: that growth is going to accelerate, particularly in the second quarter,

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Speaker 7: so they might still be on pace to reach that goal.

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Speaker 7: So I think we're still going to have to see

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Speaker 7: going forward whether there's a ton of uh, you know,

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Speaker 7: the housing market again, I think is going to continue

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Speaker 7: to be a concern, whether that kind of solidifies a

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Speaker 7: bit so that we maybe have a more sustainable recovery.

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Speaker 9: Yeah.

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Speaker 2: Interesting to see kind of where things were looking in

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Speaker 2: terms of March as well. What about the broader kind

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Speaker 2: of global implications of this as well as we look

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Speaker 2: at the picture in the Chinese economy.

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Speaker 7: Now sure, well, I mean I think that from a

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Speaker 7: you know, broader perspective, we just want to make sure

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Speaker 7: that you know Chinese demand is picking up in particular,

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Speaker 7: and again I think we are we are seeing that

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Speaker 7: a bit, so that is ultimately positive for the global economy.

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Speaker 7: I know that the IMF recently had a report out

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Speaker 7: saying that they think that China and India are going

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Speaker 7: to be the major drivers of growth this year. Although again,

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Speaker 7: even if China hits that around five percent target, I

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Speaker 7: think the IMF is thinking they'll hit five point two

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Speaker 7: percent growth this year is the latest estimate.

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Speaker 4: That I saw.

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Speaker 7: That's still you know, below what we were seeing pre pandemics,

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Speaker 7: So a bit of a concern there, but ultimately still

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Speaker 7: some positivity there in terms of China sort of being

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Speaker 7: a major contributor to global growth for twenty twenty three.

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Speaker 6: Yeah.

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Speaker 1: Absolutely, Tony is a consumer and their strength. Thank you

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Speaker 1: so much Jill for being with us this morning. That

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Speaker 1: is Bloomberg's China Economy editor.

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Speaker 2: Jill disis up next bosa's pay workers to move closer

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Speaker 2: to the office, and a call to discuss the menopause

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Speaker 2: at work.

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Speaker 4: Now the paper review on Bluebird Daybreak Europe. The news

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

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Speaker 1: Mostly and Garan Jones is this small to look at

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Speaker 1: the newspapers, starting with the Wall Street Journal. This headline

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Speaker 1: bosses pay workers to move closer to offices really tell

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Speaker 1: us poly.

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Speaker 3: Yes, indeed, caralag Well, this is what the Wall Street

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Speaker 3: Journal is telling us. So companies are bringing back relocation benefits.

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Speaker 3: So this means that workers are getting paid again to

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Speaker 3: move across the country or actually around the world. The

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Speaker 3: latest push shows that companies, both big and small ones,

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Speaker 3: do believe that employees work better in offices, according to

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Speaker 3: this report in the Wall Street Journal. Now indeed says

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Speaker 3: job listings in the US that mentioned relocation benefits were

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Speaker 3: up nearly a whopping seventy five percent in February when compared.

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Speaker 2: With the year before.

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Speaker 3: So some employees are also paying for the cost for

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Speaker 3: those remote hires that were made during the pandemic to

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Speaker 3: actually come back into the building, to be back on site,

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Speaker 3: possibly to be more effective. According to what the bosses

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Speaker 3: are thinking now, the cost of moving a new hire,

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Speaker 3: this is what I was thinking. It must be expensive,

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Speaker 3: and it ranges due to a few things. So from

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Speaker 3: nineteen one thousand dollars for somebody who's renting to seventy

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Speaker 3: two thousand dollars for a home owner. And this is

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Speaker 3: all according to ARC Relocation data, and this really marks

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Speaker 3: a new moment in the way companies think about remote working.

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Speaker 3: But remember this is all according to US data. We're

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Speaker 3: going to have to see what people are thinking here

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Speaker 3: in the UK. A wonder if things a bit of

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Speaker 3: a divergence when it comes to working from home.

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Speaker 2: Well, I mean yeah, and I mean relocation in the

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Speaker 2: US has slightly different calculations. If you're relocating in Europe,

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Speaker 2: as you know, there's bigger concerns around and bigger administrative burdens.

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Speaker 2: I suppose I'm moving, particularly in and out of the

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Speaker 2: UK as well, postbags are But interesting to see how

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Speaker 2: how companies are reassessing that at a time. Remember that

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Speaker 2: we had JP Morgan talking about to get they're managing

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Speaker 2: all of their managing directors full time back into the

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Speaker 2: office too, so something that's being considered more. Let's go

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Speaker 2: to the Times next. Le Anne be like Richard Branson

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Speaker 2: and discussed the menopause boss has urged.

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Speaker 3: Yes, so the former Virgin Money boss discusses in this

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Speaker 3: piece how Richard Branson helped her realize the impact of

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Speaker 3: menopause and what it was having on her life. Now.

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Speaker 3: She was, as I said, the former CEO of Virgin Money,

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Speaker 3: and she was also the founder of the money app Snoop.

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Speaker 3: Now Jane and Gadia talks about her real personal struggles

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Speaker 3: and this is such a powerful, honest article in The Times.

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Speaker 3: Gadia says at the time, she didn't realize that all

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Speaker 3: her emotions she was experiencing were actually linked to the menopause.

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Speaker 3: And one of the main big reasons for this is

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Speaker 3: no one actually discusses this topic openly, and she was

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Speaker 3: saying that interestingly, it took Richard Branson. He was the

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Speaker 3: only person that noticed and to her, you seem difficult

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Speaker 3: at the moment. Is it the menopause? And this actually

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Speaker 3: helped her recognize as struggles she was going through day

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Speaker 3: to day. If you read this article, it's extremely powerful

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Speaker 3: about how depressed she felt, how she felt she can

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Speaker 3: get out of bed, and she wants more role models

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Speaker 3: like Granson in the workplace who understand this.

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Speaker 1: Yeah, leanne gannes, I'm completely torn about this story. I'm

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Speaker 1: typically British and therefore I'm so reticent about talking about

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Speaker 1: this subject. And yet of course it does seem like

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Speaker 1: this year has been the year of the menopause and

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Speaker 1: it is hugely important for women in the workforce because

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Speaker 1: the causing so many people to drop out of the workforce. Yeah,

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Speaker 1: and she explains really well actually the relationship between her

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Speaker 1: and Richard Branson and why it was a really helpful

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Speaker 1: intervention by him, although I think one would have to

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Speaker 1: tread quite carefully but said that to perhaps some other

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Speaker 1: individuals in the office, but who knows.

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Speaker 3: But I also think that she really interestingly pointed something out.

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Speaker 3: She says ministers are right not to support menopause leave,

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Speaker 3: and she says that it's too structured for something that

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Speaker 3: is the least structured life event ever experienced. And she

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Speaker 3: talks about how she pushed through the motions, pushed through

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Speaker 3: the bad days, and something that really helped her and

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Speaker 3: gave her purpose was work. So this is a really

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Speaker 3: powerful piece, as you say, on the menopause.

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