Speaker 1: This is Bloomberg Daybreak here for this Thursday, the first
Speaker 1: of June in London. Coming up today to spend your disbelief.
Speaker 2: US House of Representatives avoids theatrics and passes the deathlimit bill, a.
Speaker 1: Tough job bed officials call for a policy skip after
Speaker 1: job opening search.
Speaker 2: This is going to hurt UK executives and a former
Speaker 2: Bank of England rate setter tell us the worst is
Speaker 2: yet to come.
Speaker 3: Cash for ash and taxing times for UK politics. Those
Speaker 3: are the stories we're looking at in today's papers.
Speaker 1: And I'm Leanne Gerrins plus Pride in the office. We
Speaker 1: speak to city workers about navigating their LGBT plus identities.
Speaker 4: That's all straight ahead on Bloomberg Daybreak Europe. The business
Speaker 4: news you need to start your day in just one
Speaker 4: fifteen minute podcast on Apple, Spotify, the Bloomberg Business App
Speaker 4: and everywhere you get your podcasts.
Speaker 2: Good morning.
Speaker 1: I'm Stephen Carroll and I'm Caroline Hecker. Here are the
Speaker 1: stories that we're following today.
Speaker 2: The US House of Representatives has passed by partisan legislation
Speaker 2: to suspend its debthlimit until twenty twenty five. The agreement
Speaker 2: won the backing of two thirds of House Republicans an
Speaker 2: important show of confidence in Speaker Kevin McCarthy. Tonight we
Speaker 2: all made history because this is the biggest cut and
Speaker 2: savings this Congress has ever voted for. The bill now
Speaker 2: goes from McCarthy's House to the Democrat controlled Senate, where
Speaker 2: its passage is near certain. Although it will create some
Speaker 2: tough spending changes for some government services, Morgan Stanley economists
Speaker 2: to estimate the entire package will have a quote negligible
Speaker 2: impact on the overall US economy.
Speaker 1: Now the fashionable new word among Fed policymakers is not pause,
Speaker 1: but skip. Federal Reserve Governor Philip Jefferson says that it
Speaker 1: would allow better analysis of the economy.
Speaker 5: A decision to hold our policy rate constant at a
Speaker 5: coming meeting should not be interpreted to mean that we
Speaker 5: have reached the peak rate for this cycle. Indeed, skipping
Speaker 5: a rate hike at a coming meeting would allow the
Speaker 5: committee to see more data before making decisions about the
Speaker 5: extent of additional policy.
Speaker 1: Firming the data Jeffson once is still spooling in. Though
Speaker 1: US job vacancies unexpectedly surged in April to the highest
Speaker 1: level in three months, the numbers set up June's rate
Speaker 1: meeting to be a debate between inflation hawks and officials
Speaker 1: worried about financial strain.
Speaker 2: The former Bank of England policymaker Michael Saunders says the
Speaker 2: UK economy still hasn't whether the worst of the storm now.
Speaker 2: A senior advisor at Oxford Economics, he told us fixed
Speaker 2: rate mortgages have slowed down some of the pain of
Speaker 2: interest rate hikes.
Speaker 6: This is going to be a period in which inflation
Speaker 6: will still be quite high and so real wages will
Speaker 6: be falling. The job plusrate is likely to be going up.
Speaker 6: We haven't yet felt much of the effect of the
Speaker 6: big rises and rates. That pain will come through, and
Speaker 6: it'll come through in the next few quarters.
Speaker 2: And you can hear that full interview with Michael Sandras
Speaker 2: on the Bloomberg UK Politics podcast.
Speaker 1: Well, Saunderson isn't the only one who fears the worst
Speaker 1: is yet to come. British business confidence stabilized at quote
Speaker 1: just below neutral in May, with the executives fearful that
Speaker 1: the shocks hitting the economy are far from over. Bloomberg's
Speaker 1: U and Parts reports.
Speaker 7: Top company bosses are not convinced that the worst is
Speaker 7: over yet for the economy, After five months of increasing optimism,
Speaker 7: a key gauge of sentiment from the Institute of Directors
Speaker 7: edged down one point to a reading of minus six
Speaker 7: that puts confidence levels last felt before Russia's invasion of
Speaker 7: Ukraine last year. The findings published today well feel concerns
Speaker 7: that inflation is weighing on momentum. Firms say they remain
Speaker 7: concerned about labour sources, and only a third of bosses
Speaker 7: believe that inflation has peaked. In London, i'm une pots
Speaker 7: Bloomberg Day Break.
Speaker 2: Europe, around fifty credit Swiss bankers are suing Switzerland's financial
Speaker 2: regulator for rendering their bonuses worthless. A Swiss federal court
Speaker 2: spokesman says they're suing over the right down of so
Speaker 2: called contingent capital awards. The bonuses were based on eighty
Speaker 2: one bonds which were wiped out in the emergency rescue
Speaker 2: of credit Sweese. Those are some of our top stories
Speaker 2: this morning.
Speaker 1: Okay, so yesterday, remember we brought you the interview with
Speaker 1: JP Morgan's a Jamie Diamond. Well, there's been a follow
Speaker 1: up to that. He tantalizingly sort of talked about maybe
Speaker 1: serving his country and so of course there is this
Speaker 1: idea of would he go into politics. Bill Ackman says
Speaker 1: that actually Jamie Diamond should run for US president, and
Speaker 1: not in the distant future, but in the twenty twenty
Speaker 1: four cycle. Thought that was quite interesting. Apparently it was
Speaker 1: all over.
Speaker 2: Tweet with friends like these. Yes, who needs bankers? Right, Well,
Speaker 2: that's one of the stories that we're watching. It's also,
Speaker 2: of course the first two June, so it's the start
Speaker 2: of Pride Month, months traditionally to celebrate LBTQ plus identities.
Speaker 2: And actually we have a fascinating conversation coming up a
Speaker 2: little bit later with four workers from across the city
Speaker 2: and financial industries talking about how they navigate their identities
Speaker 2: at work, the importance of things like role models, and
Speaker 2: also what they want to hear from companies during Pride Month.
Speaker 2: So that's coming up a little bit later on.
Speaker 1: Yeah, absolutely looking forward to listening to that reporting. Right,
Speaker 1: and let's unpack then the story around the US debt ceiling,
Speaker 1: which did pass the House of Representatives by three hundred
Speaker 1: and fourteen to one hundred and seventeen. Bloomberg's John Harney
Speaker 1: joins us now from Washington for the latest. John, thank
Speaker 1: you so much for staying up late for us, So
Speaker 1: a big relief then for Joe Biden and Kevin McCarthy.
Speaker 1: Does that mean that the crisis is averted now?
Speaker 8: Well, it's maybe not a big relief, it's some relief.
Speaker 8: This still has to go before the upper house, the Senate,
Speaker 8: And while there seems to be a desire to get
Speaker 8: this thing over with, to vote on it relatively quickly,
Speaker 8: remember the deadline or the default deadline. It could come
Speaker 8: as early as Monday. It's not. It's not completely assured.
Speaker 8: So the relief will come when it goes to President
Speaker 8: Biden's desk and he signs this measure.
Speaker 2: Does this help Joe Biden in his re election campaign?
Speaker 2: The fact that he's managed to get a bipartisan deal
Speaker 2: and get it passed at least, as you say, just
Speaker 2: at the House for now, but to get it passed
Speaker 2: through the Republican control House.
Speaker 8: Well, you know, it depends how you know, what happens
Speaker 8: to the economy this will mean, although you know, some
Speaker 8: analysts are saying that it won't have a huge effect overall,
Speaker 8: it could well mean some cutbacks and less money to
Speaker 8: spend if a recession materializes. You know, also, it may
Speaker 8: also weigh in what the Federal Reserve does. Uh? It does?
Speaker 8: It does show uh. He you know, he did demonstrate
Speaker 8: that he once again was willing to forge a deal
Speaker 8: with the other, with the UH opposition party, the Republican Party. However,
Speaker 8: he did it after saying he would not negotiate whatsoever
Speaker 8: on a on a debt ceiling bill. So it remains
Speaker 8: to be seen how all this plays out for both
Speaker 8: President Biden and and the Republicans.
Speaker 1: Well, do you think it does weaken the Republicans at all?
Speaker 8: It Well, Joe Kevin McCarthy Beaker McCarthy spoke tonight and
Speaker 8: and presented it as a great victory. Yeah, he did
Speaker 8: as I as I just said, get President Biden to negotiate,
Speaker 8: and he got the He got the bill passed in
Speaker 8: his in his chamber and got got the billing or
Speaker 8: got a bill passed and forced buying to the table,
Speaker 8: and then got this measure passed after weeks of negotiations. However,
Speaker 8: it got more Democratic votes than Republican votes, paradoxically, and
Speaker 8: and seventy one of his own people, his own members
Speaker 8: of his own party, voted against it. Also on the horizon,
Speaker 8: of course, is the next election and both former President
Speaker 8: Trump and his chief rival Ron DeSantis are in agreement
Speaker 8: that they didn't like this deal. But we'll have to
Speaker 8: see again again. We'll have to see what happens in
Speaker 8: the near future and how how voters respond to it,
Speaker 8: how the donors respond to it, and how the conservative
Speaker 8: commentariat what they think about it.
Speaker 2: This is a bipartisan agreement. It does set the outlines
Speaker 2: for how much the US government can spend until just
Speaker 2: after the next election. Are there con acquienances for where
Speaker 2: policymaking goes from here given the events of recent days.
Speaker 8: Well, certainly, I mean the the federal government will have
Speaker 8: less to spend the this Uh, this deal took away
Speaker 8: from the Internal Revenue Service, the tax uh tax Department
Speaker 8: of the U. S. Treasury.
Speaker 9: Uh.
Speaker 8: There was there was they won't have the money, some
Speaker 8: of the at least some of the money.
Speaker 10: Uh.
Speaker 8: They wanted to have to conduct audits of wealthy people
Speaker 8: who might be of appording taxes that would have brought money.
Speaker 8: So so so Democrats said, uh, created more revenue it Uh,
Speaker 8: you know it. There's there's like and and I guess
Speaker 8: the question is how much you know, just how much
Speaker 8: energy is there left to do a lot more. I mean,
Speaker 8: this was this, this required this, This was the big
Speaker 8: focus of attention in Washington for months now. Really, and
Speaker 8: I guess you have to wonder how much how much
Speaker 8: verb do they have to pursue anything else either either party?
Speaker 1: Yeah, absolutely, John, I feel like we're asking you the questions,
Speaker 1: but you should be telling us really in your view
Speaker 1: and your experience, what should we take away just very
Speaker 1: briefly from this whole episode so far.
Speaker 8: Well, it shows well, it shows two things. It shows
Speaker 8: just how divided the United States is and its government is,
Speaker 8: and how it is how difficult it is to reach consensus,
Speaker 8: to reach agreement, and you know, and and there's there
Speaker 8: are divisions within the parties. I mean I didn't I
Speaker 8: didn't quite get into this, but there were there were
Speaker 8: There was a lot of grumbling in the Republican Party
Speaker 8: that Kevin McCarthy got a bad you know words, a
Speaker 8: bad deal and they were to even talk of replacing
Speaker 8: him a speaker he only got he only got it
Speaker 8: in January. At the same time, an agreement was made
Speaker 8: the parties. Did you know, as I said, Democrats more
Speaker 8: Democrats voted for this field of Republicans. McCarthy got two
Speaker 8: thirds of his caucus two to say yes. To get
Speaker 8: to yes. He and Biden ultimately agreed. So I guess
Speaker 8: what we can take away from it is something can
Speaker 8: be done.
Speaker 2: Okay, John Harney in Washington. As always, we appreciate your
Speaker 2: time and analysis on this story. Now today mark's the
Speaker 2: start of Pride months dedicated to celebrating LGBT plus communities,
Speaker 2: and to mark this, we brought together four people who
Speaker 2: were in the early stages of their careers in finance,
Speaker 2: law and in engineering. It's a fascinating conversation about how
Speaker 2: they navigate their identity at work, but also how important
Speaker 2: policies around diversity and inclusion can be to them. Take
Speaker 2: a lesson.
Speaker 10: My name's Klobe Walley. My pronouns are dai she and
Speaker 10: I'm a data engineer at BP.
Speaker 9: My name is orn Devlin. My pronouns are he him
Speaker 9: and I work within City Global Sourcing Staffing Office.
Speaker 11: I'm Jackie Roaldeger. I'm a litigation lawyer at Hogan Level's International, LLP.
Speaker 11: My pronouns are sheet and her.
Speaker 12: My name is Harry Randall. My pronouns are hear him.
Speaker 12: I'm an associate in the UK Investment Bank at Jeffrey's
Speaker 12: International Limited.
Speaker 9: I have previously worked in organizations where I wouldn't have
Speaker 9: been comfortable in being out in the workplace, and I
Speaker 9: suppose that that was a factor whenever I was looking
Speaker 9: for new roles and new opportunities. I went into the
Speaker 9: recruitment process with insteady knowing where they stood on social issues,
Speaker 9: and that was a key aspect of where I wanted
Speaker 9: to work next.
Speaker 11: When I first entered the legal industry, I was so
Speaker 11: deep in the closet that I could have been mistaken
Speaker 11: for Aslan from the Lion the Witch in the wallsrobe
Speaker 11: complete with the hat. My Monday morning routine typically consisted
Speaker 11: of rehearsing lines on the tube to the much dreaded
Speaker 11: question what did you do at the weekend? Because I
Speaker 11: was terrified that if I revealed too much, I would
Speaker 11: out myself.
Speaker 10: There's this really interesting statistic, actually research on twenty eight
Speaker 10: team that states that over forty percent of young people,
Speaker 10: that's people ages eighteen to twenty five go back in
Speaker 10: the closet and they start their first job. And that
Speaker 10: was definitely my initial experience. As soon as I realized
Speaker 10: that it was a safe space, and as soon as
Speaker 10: I saw other people in the industry, in the office
Speaker 10: at work being out and that being okay, I immediately
Speaker 10: reverted to how I had always been very vocal, very
Speaker 10: active in the community.
Speaker 12: Moving into the workplace was the first time that I
Speaker 12: was fully out as a gay man, and I think,
Speaker 12: particularly at university, the decision to actually come out was
Speaker 12: something that was taken out of my control because words
Speaker 12: travel quick, So I was very keen to make sure
Speaker 12: that when I moved into the workplace, I was in
Speaker 12: control of that, and I chose on what terms I
Speaker 12: told people. I picked the right conversations at the right time,
Speaker 12: because you will never stop coming out and making sure
Speaker 12: that you feel comfortable doing that around so people is
Speaker 12: driven by role models who have done that in the past.
Speaker 12: You can see from their experience that actually everything turns
Speaker 12: out quite a right.
Speaker 11: When I started as a trainee lister at Clifford Chance,
Speaker 11: I had the privilege of meeting more senior lesbian lawyers,
Speaker 11: and you know, they were fine. They'd been at the
Speaker 11: firm throughout their whole career, and that gave me a
Speaker 11: lot of confidence, and I became the firm's LGBTQ app.
Speaker 1: But when I left.
Speaker 11: Clifford chance to go to the US firm. I didn't
Speaker 11: see any role models, and so I went back in
Speaker 11: the closet and it was quite difficult because it's very
Speaker 11: It is a distraction being in a closet. You're wasting
Speaker 11: a lot of energy thinking about am I going to
Speaker 11: be found out? You know, it's quite CAZy and your answers.
Speaker 11: You can't really bond the people as well because you're
Speaker 11: sort of hiding things and so normal as I can't
Speaker 11: emphasize the importance of them, because visibility matters. If you
Speaker 11: don't meet people like you, you can start to think
Speaker 11: there's something wrong with the way that you look.
Speaker 9: I think when we talk about leadership and role models,
Speaker 9: you know, Sadi has had a milestone moment in a
Speaker 9: financial services industry with having Jane Fraser as the first
Speaker 9: female CEO of Wall Street Bank. You know that change
Speaker 9: in that culture, you know, has brought with it representation
Speaker 9: and progress for all marginalized groups and voices within our organization,
Speaker 9: and in terms of role modeling, we I have various
Speaker 9: senior leaders on the training floor here and now I
Speaker 9: am more comfortable in coming out and being out in
Speaker 9: the workplace, which has historically been misogynistic, chauvinistic in sexuality.
Speaker 11: It's something that I do take into consideration for everything. Really,
Speaker 11: I think the best you and I initiatives do you
Speaker 11: have an intersectional focus When we look at discrimination. We
Speaker 11: have to consider the fact that characteristics can be complex
Speaker 11: and interconnected. So you can't separate my blackness from my
Speaker 11: gender and my sexuality. They're all interwined, and so I
Speaker 11: may experience homophobia differently to a white woman on account
Speaker 11: of my race, and I may experience racism differently to
Speaker 11: a black man on account of my gender. Having those
Speaker 11: things in mind is very, very important.
Speaker 10: We simply cannot continue to do things the way that
Speaker 10: has always been done because it isn't working anymore right,
Speaker 10: So for the energy and it's more about shifting mindsets
Speaker 10: and getting people on board with the fact that change
Speaker 10: has to happen. I think there are in each company,
Speaker 10: in each business a group of dedicated allies, employees, resource
Speaker 10: networks that are on board with that.
Speaker 8: I really want to see that happen.
Speaker 10: But it's about how we bring the rest of the
Speaker 10: industry in and meet them where they're at so that
Speaker 10: we can change together.
Speaker 12: What I would love to see from corporates moving forward
Speaker 12: is for us to progress as some form of a
Speaker 12: dual track process, in that companies have an obligation to
Speaker 12: protect all of their employees, be it sexual orientation, gender
Speaker 12: or other. But I think we also, if we can,
Speaker 12: need to try and use our platform to raise awareness
Speaker 12: outside of our immediate environments. There are a lot of
Speaker 12: people in the world who aren't in as fortunate positions
Speaker 12: as we are to have that voice, to be able
Speaker 12: to express how they feel and how they think, and
Speaker 12: actually for some of the decision is being taken out
Speaker 12: of their hands and they don't have a say at all.
Speaker 12: So I would really like to see corporates progressing sort
Speaker 12: of outside of their immediate as well.
Speaker 2: So that was Harry Randall, Chloe Walley, Jackie Rule, Dagger
Speaker 2: and Oran Devlon speaking to us on day Break Europe.
Speaker 2: Up next, Cash for soda Ash and Taxing Times for
Speaker 2: UK Politics.
Speaker 4: Now the paper review on blue Bird Daybreak Europe, the
Speaker 4: news you need to know from today's papers.
Speaker 1: Mostly and go and joins us for more. The Financial
Speaker 1: Times has a headline soda Ash Group aims to be
Speaker 1: big fish in London with a seven and a half
Speaker 1: billion dollar valuation target. Oh, it's an IPO for the
Speaker 1: city lean.
Speaker 3: Indeed it is and we did talk about this yesterday,
Speaker 3: but we're going to discuss more in the Financial Times
Speaker 3: because that's a story on the its front page. And
Speaker 3: the decision to actually up for London over New York
Speaker 3: comes after a bruising start to the year for the
Speaker 3: London Stock Exchange. So We Soda, which is the world's
Speaker 3: largest producer of natural soda ash, has really given the
Speaker 3: capital this absolute boost of confidence, which I think it
Speaker 3: desperately needed. IPOs are down eighty percent year on year,
Speaker 3: with only two listings on the main market in the
Speaker 3: first quarter, and that's according to data from e Y Now.
Speaker 3: Speaking to the FT, the CEO Alistair Warren said, in
Speaker 3: London we can be big fish in a relatively modest
Speaker 3: size pool and fears for the future of the London
Speaker 3: market have really deepened. And I know Caroline has been
Speaker 3: speaking about this, and that's after arm the chip designer,
Speaker 3: announced plans to switch its listing to Wall Street, not
Speaker 3: to London, which was a bit of a blow definitely
Speaker 3: for the city Now and We Soda is a UK
Speaker 3: based group that produces the glass making ingredient. It is
Speaker 3: actually controlled by the Turkish media mogul Turgate Sinner and
Speaker 3: is targeting evaluation of about seven point five billion dollars
Speaker 3: big money.
Speaker 2: Yeah, I mean, given all the negativity there has been
Speaker 2: around listings in London, the comments Alastair Warren definitely worth
Speaker 2: noting that they chose London because they're a europe centric business,
Speaker 2: They're a UK based and their founders are resident here,
Speaker 2: so perhaps some of the reasons that other companies didn't
Speaker 2: find sufficient to be able to choose to list in London.
Speaker 2: And he said that within industrials and extractives, it's a
Speaker 2: good place to be listed, and perhaps that's the point
Speaker 2: to take away, is that for this industry it's a
Speaker 2: good place to be listed, whereas others have chosen to
Speaker 2: go elsewhere.
Speaker 1: Yes, absolute, and I thought it was interesting that you
Speaker 1: mentioned that Turgay is immediately I mean, he's got a
Speaker 1: massive conglomerate in Turkey, so he spans loads of different industries.
Speaker 1: But yeah, such a good story. What about the I
Speaker 1: news paper And actually there's a bit of back and
Speaker 1: forth about this around taxation, so the IE has this
Speaker 1: headline labor policy pledges would cost the same as a
Speaker 1: three P rise in income tax analysis show.
Speaker 3: So, Caroline, I was just thinking about this. Obviously, labor
Speaker 3: are leading the polls. We've got about a year to elections,
Speaker 3: so it's only fair that newspapers do start scrutinizing their
Speaker 3: policies that they're starting to outline. This is exactly what
Speaker 3: the I newspaper has done, and basically the opposition Labor
Speaker 3: parties policy pledges so far would cost the equivalent of
Speaker 3: a three pence rise in income tax.
Speaker 10: Now.
Speaker 3: This is according to this in depth analysis by the newspaper.
Speaker 3: Writing in the paper, the head of the Institute for
Speaker 3: Fiscal Studies, that's Paul Johnson, is warning that the side
Speaker 3: that the party will struggle to meet its spending promises
Speaker 3: without raising taxes. Now, Kirstarmer has promised not to borrow
Speaker 3: for day to day spending and to bring down the
Speaker 3: size of the overall public debt as a percentage of GDP.
Speaker 3: But analysis suggests that labor policies will require an additional
Speaker 3: twenty billion pounds of funding every year that is equivalent
Speaker 3: to this three pence rise. It's important to say that's
Speaker 3: not happening now. It's all according to analysis. But I
Speaker 3: did think that something was really interesting. Something a lot
Speaker 3: of people have been saying about Labor is they haven't
Speaker 3: really you know, talked about their policies and outlined where
Speaker 3: they're going to get the money from. Yes, they've talked
Speaker 3: about ending non dom tax status, but people are saying
Speaker 3: that's only going to re raise three point two billion pounds.
Speaker 1: It's not going to be enough.
Speaker 3: They've not been transparent enough with exactly how they're going
Speaker 3: to raise all this money.
Speaker 1: Well, hang on a second. The manifestos have not come
Speaker 1: out yet and there is still up to eighteen months
Speaker 1: before the next general election, so they haven't.
Speaker 3: Detailed and it's always easier when you're in opposition.
Speaker 2: Well, let's go to the Telegraph next and talk about
Speaker 2: the character that's in government. The Telegraph headline Tories demand
Speaker 2: Richie sonacscrap Morrilly Wrung inheritance tax LA.
Speaker 3: Yeah, so the Telegraph has launched this campaign to abolish
Speaker 3: the death duty is what they call it, and the
Speaker 3: newspaper says this is a move should be put at
Speaker 3: the heart of the Conservative's next election manifesto. And growing
Speaker 3: fears that Labor is plotting to target savings and assets
Speaker 3: to fund even higher levels of state spending, so pretty
Speaker 3: much intertwined with a story just been talking about and
Speaker 3: how the different parties are going to approach it. Now
Speaker 3: more than fifty Conservative MPs are demanding that Rishi Sunak
Speaker 3: scraps inheritance tax and they're basically saying the proportion of
Speaker 3: homes under threat from this levee has more than doubled
Speaker 3: since the Conservatives came to power. That's what the Telegraph
Speaker 3: is saying. I just want to say Former Chancellor Nadim
Speaker 3: Zahawi has been talking and to the newspaper and basically
Speaker 3: says this is morally wrong, the inheritance tax and warns
Speaker 3: that it is adding to inflationary pressure to house prices.
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the
Speaker 2: stories making news from London to Wall Street and beyond.
Speaker 1: Look for us on your podcast feed every morning, on Apple,
Speaker 1: Spotify and anywhere else you get your podcasts.
Speaker 2: You can also listen live each morning on London Dab Radio,
Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1: Our flagship New York station, is also available on your
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 1: I'm Caroline Hepka and.
Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all
Speaker 2: the news you need to start your day right here
Speaker 2: on Bloomberg Daybreak.
Speaker 8: Europe