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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bomberg

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Speaker 1: Day baker At podcast, available every morning on Apple, Spotify

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Speaker 1: or wherever you listen. It's Monday, the eleventh of March

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Speaker 1: in London. I'm Caroline Hepka and.

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Speaker 2: I'm Stephen Carroll. Coming up today, Joe Biden tells Israel

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Speaker 2: invading the Gazen city of Rafa would be crossing a

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Speaker 2: red line.

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Speaker 1: The bond market faces its own super Tuesday as a

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Speaker 1: mixed US jobs report puts the focus on inflation.

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Speaker 2: Plus a new Brexit hurdle. Why the Cheltenham horse racing

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Speaker 2: festival is now the latest sign of Britain's post EU troubles.

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Speaker 1: Let's start with a roundup of our top stories. The

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Speaker 1: US President has warned Israel that any invasion of the

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Speaker 1: Southern Girls the city of Raffa would cross a red line.

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Speaker 1: Joe Biden was speaking as talks over a new six

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Speaker 1: week CEA SPA remain deadlocked. In an interview with MSNBC,

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Speaker 1: he criticized the high death toll in Gaza.

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Speaker 3: So there's red lines that if he crosses in, the

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Speaker 3: cannot have thirty thousand.

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Speaker 1: More Palestinians dead.

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Speaker 3: As a consequence of going out. There's other ways to

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Speaker 3: deal to get to to deal with with the trauma

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Speaker 3: caused by Hamas.

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Speaker 1: Biden had hoped for a breakthrough in talks before Ramadan,

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Speaker 1: which began last night. Negotiations have stalled, with a Hamas

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Speaker 1: official telling Bloomberg that nearly half of the one hundred

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Speaker 1: and thirty Israeli hostages still in captivity have died, they

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Speaker 1: claim due to Israeli bombardments.

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Speaker 2: Following job vacancies in the UK are casting doubt over

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Speaker 2: hopes for a swift economic rebound. The slow start of

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Speaker 2: twenty twenty four has seen job hotspots in the South

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Speaker 2: and cities like Cambridge, Reading and Milton Keynes cool significantly.

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Speaker 2: Bloomberg's Teama at a Baio has the details.

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Speaker 4: Job openings in England are at their lowest point in

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Speaker 4: three years. Listings have dropped by almost a quarter in

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Speaker 4: the three months to February, whilst applications continue to rise,

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Speaker 4: pointing to a prolonged chill in the labor market. The

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Speaker 4: news from read recruitment data throws cold water on hopes

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Speaker 4: of a speedy economic recovery after a session hit last year.

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Speaker 4: Despite the slowdown, Shadow Chancellor of Rachel Reeves says her

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Speaker 4: party has a plan to revive growth.

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Speaker 5: We've said that we would get falling as a share

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Speaker 5: of GDP, we would balance day to day spending with

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Speaker 5: tax receipts and then subject to that, we would invest

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Speaker 5: in those things to boost our growth and productivity, because

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Speaker 5: that's absolutely key and has been the missing ingredient in

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Speaker 5: the government's economic approach the last fourteen years.

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Speaker 4: That was Labour's Rachel Reeves. The figures may come as

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Speaker 4: a relief to Bank of England policymakers who previously feared

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Speaker 4: a tight labor market could be fueling inflationary pressures. Less

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Speaker 4: relieved will be the Prime Minister, who now faces a

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Speaker 4: general election campaign in the shadow of slowing economic momentum

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Speaker 4: in London. See What ad buy Bloomberg Radio.

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Speaker 1: The shape of future Federal Reserve policy could hinge on

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Speaker 1: inflation data coming this week. A Bloomberg survey of economist

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Speaker 1: is forecasting that core CPI, which strips out food and

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Speaker 1: fuel costs, will rise by zero point three percent in February,

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Speaker 1: or three point seven percent year on year. That would

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Speaker 1: be the smallest annual advance since April twenty twenty one.

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Speaker 1: Former US Treasury sectually. Larry Summers says there is potential

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Speaker 1: for surprises.

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Speaker 6: Market used to be expecting six cuts in twenty twenty four.

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Speaker 6: Now the market's expecting three cuts, and the FEDS carried

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Speaker 6: that off skillfully. There hadn't been much disruption or dislocation

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Speaker 6: as that change has taken place, But I think that's

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Speaker 6: going to be there with US.

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Speaker 1: Larry Summers were speaking after Friday's US jobs report that

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Speaker 1: saw jobless rates the US clients to a two year

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Speaker 1: high as hiring remained healthy. The data pointed to a

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Speaker 1: cooler but yet resilient labor market.

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Speaker 2: Revised figures show Japan's GDP expanded in the fourth quarter,

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Speaker 2: avoiding a technical recession. It's heightened expectations for the Bank

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Speaker 2: of Japan to raise interest rates for the first time

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Speaker 2: since two thousand and seven. The country's economy grew at an

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Speaker 2: annualized pace of zero point four percent in the last

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Speaker 2: three months of last year. The yen and bonds rose,

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Speaker 2: and expectations the Bank of Japan is edging closer to

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Speaker 2: ending the world's last negative interest rate, as markets are

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Speaker 2: preparing for a move as early as this month.

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Speaker 1: The world's biggest crude oil exporter Aramco has raised its

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Speaker 1: total dividend for the last quarter to thirty one billion dollars,

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Speaker 1: despite earnings taking a hit from lower oil output and prices.

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Speaker 1: Net income at the company fell by twenty five percent

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Speaker 1: year on year. Aramco guided that the total distribution to

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Speaker 1: invest In and the Saudi government will be highed this

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Speaker 1: year than it was in twenty twenty three. The company

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Speaker 1: provides much of Riad's income and the higher dividend will

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Speaker 1: help it confront a widening budget deficits.

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Speaker 2: Portugal Socialist Party has lost power in an election which

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Speaker 2: saw the far right emerge as the third political force.

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Speaker 2: The center right AD coalition had seventy seven seats against

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Speaker 2: seventy five for the Socialists, but the far right Jega

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Speaker 2: party quadrupled it standing, going from twelve seats to forty

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Speaker 2: eight and making it a king maker and any future coalition.

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Speaker 2: Socialist Party leader Pedro Nino Santos says his party needs

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Speaker 2: to regain trust.

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Speaker 7: JAGER had a very significant result that we cannot ignore.

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Speaker 7: There are not eighteen point one percent racist and xenophobic

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Speaker 7: voters in Portugal Los Gams, so there are many angry

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Speaker 7: Portuguese that feel they have not been represented. Their problems

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Speaker 7: have not been addressed. We want to regain the trust

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Speaker 7: of these Portuguese.

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Speaker 2: The early election was called after Socialists Prime Minister Antonio

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Speaker 2: Casta quit in November amid a probe into alleged influence paddling.

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Speaker 1: And finally, Oppenheimer was the big winner this year's Academy Awards.

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Speaker 1: The film picked up a total of seven Oscars, including

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Speaker 1: Best Picture and Best Director for Christopher Nolan, who said

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Speaker 1: the honor had great personal significance.

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Speaker 3: Movies are just a little bit over one hundred years old.

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Speaker 3: I mean imagine being there one hundred years into painting

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Speaker 3: or theater. We don't know where this incredible journey is

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Speaker 3: going from here. But to know that you think that

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Speaker 3: I'm a meaningful part of it means the world to me.

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Speaker 1: Best Director recipient Christopher Nolan speaking there. Other big winners

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Speaker 1: included Emma Stone, who took home the Best Actress title

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Speaker 1: for her work in Poor Things.

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Speaker 6: Now.

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Speaker 1: In a moment, we'll get the latest on the situation

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Speaker 1: in the Middle East. But another story caught our eye

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Speaker 1: this morning, and the subject is these US efforts to

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Speaker 1: limit TikTok our opinion columnist Krishma Vaswani has been writing

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Speaker 1: about this that there are few things that can get

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Speaker 1: both the American left and the right as exercises the

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Speaker 1: idea that a foreign nation is perverting the minds of

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Speaker 1: their young. I think this is also part of a

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Speaker 1: bigger perhaps pushback against social media online, but it seems

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Speaker 1: particularly also targeted at TikTok. She talks about who the

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Speaker 1: winners might be.

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Speaker 2: Yeah, and pointing in particular to the platforms like YouTube

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Speaker 2: and Instagram which may see influx of users if access

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Speaker 2: to byte Dance or to TikTok is limited. But the

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Speaker 2: point Krishna also makes in this piece is that you know,

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Speaker 2: many people are asking how these Silicon Valley companies haven't

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Speaker 2: come up with something to rival TikTok, and essentially where

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Speaker 2: this is also a failure of innovation from those big

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Speaker 2: companies to be able to capture users in the same

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Speaker 2: way that TikTok has, and that many of the users

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Speaker 2: on that platform aren't going to be very happy if

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Speaker 2: there is this move by lawmakers in the US to

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Speaker 2: have internet service providers and app stores to have them

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Speaker 2: stop offering TikTok to consumers, which is the proposal that

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Speaker 2: is going to come up for a vote on the

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Speaker 2: House of Representatives later this week has already passed through

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Speaker 2: the committee stage last week of fifty to none vote.

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Speaker 2: So not that often that you can get everyone to

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Speaker 2: agree on the same thing in American politics. But this

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Speaker 2: is a situation which is clearly, as Krishna points out

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Speaker 2: in this piece, touched a whole load of political touch

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Speaker 2: points in the United States. But perhaps is you know,

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Speaker 2: not thinking about those people who love this platform and

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Speaker 2: who want to keep using it.

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Speaker 1: Yeah, the under eighteens in the US, I suppose don't

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Speaker 1: have a vote, so that might also be influential in

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Speaker 1: this you know, it's about who who the lawmakers maybe

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Speaker 1: are appealing to. But yes, I mean, wouldn't it be

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Speaker 1: be pretty seismic? I think if you made the limits

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Speaker 1: on TikTok so severe. And let's send our attention though

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Speaker 1: to the situation in Gaza. Talks over a ceasefar do

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Speaker 1: appear to have stalled our middle in North Africa, breaking

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Speaker 1: news out as a Donna kras joins us now for more. Dona,

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Speaker 1: good morning, thanks for your time. What is the latest

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Speaker 1: that we've heard then on the state of negotiations between

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Speaker 1: Israel and Hamas.

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Speaker 8: It doesn't look like a ceasefire will be this week

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Speaker 8: or materialized this week, in hopes were that they could

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Speaker 8: reach one at the start of Ramadan, which is today.

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Speaker 8: Israel said that they are trying to close some gaps

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Speaker 8: in these negotiations, but they said that Israel that Hamas

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Speaker 8: seems to doesn't want to stop the fight during Ramadan.

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Speaker 8: Now we know that the negotiations are still ongoing, and

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Speaker 8: President Joe Biden said that he was still pushing for

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Speaker 8: that six week ceasefire to allow in more for more

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Speaker 8: aid and of course to stop the fighting there.

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Speaker 2: Joe Biden also warning Israel against invading the southern Gaza

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Speaker 2: city of Rafa as well, though is Israel likely to

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Speaker 2: heed those warnings well.

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Speaker 8: Israel has not yet set a deadline for Raphaez invasion,

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Speaker 8: but has made it very quick clear that they intend

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Speaker 8: on going after Hamas and what they said this is

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Speaker 8: the last bastion of Hamas in Gaza. We're not very

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Speaker 8: sure and it doesn't seem that Israel will heed any

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Speaker 8: of those warnings. Those warnings have been done before, but

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Speaker 8: in reality that plan had been paused to allow forces

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Speaker 8: fire talks to materialize, and we saw President Biden say

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Speaker 8: that Raffa has invasion was a red line. But then

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Speaker 8: when he was asked again, he said that he could

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Speaker 8: never have a red line where it meant that he

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Speaker 8: would stop providing Israel with arms because Israel's defense is critical.

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Speaker 8: So it remains to be seen how the US can

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Speaker 8: or how it would actually convince Israel not to go

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Speaker 8: after Hamas in Rafah.

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Speaker 1: Yeah, what do we think the Benjamin Lehnaho and his

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Speaker 1: calculation is in terms of the support for the US.

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Speaker 1: Because also part of this was the new understanding about

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Speaker 1: the hostage situation in Gaza. What is Benjamin natania Who's thinking?

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Speaker 1: Do you think here?

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Speaker 8: So we saw President Biden lay his most critique of

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Speaker 8: Benjamin Natanieho since the war started last week or on

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Speaker 8: Saturday during his interview, and he said that Benjamin natanie

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Speaker 8: who is hurting Israel rather than helping it in the

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Speaker 8: way he is handling the war. Now, we saw a

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Speaker 8: response from Natanieho saying that he has the majority of

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Speaker 8: israel support on his side and this is kind of

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Speaker 8: a major thing for him. We had a story a

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Speaker 8: month ago, i believe, out of our Tel Aviv bureau

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Speaker 8: saying how Israel was in this warrior mentality and what

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Speaker 8: happened on October seven is staying in their memory and

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Speaker 8: it's still the mood there. So I think that Nataniaho

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Speaker 8: is playing on that, and he says he does have

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Speaker 8: the majority of the support to go after Hamas and

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Speaker 8: of course finished the groups as as the plan was initially.

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Speaker 8: But this is just how we're seeing the US responding

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Speaker 8: to this is trying to balance their rhetoric here, trying

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Speaker 8: to push Israel not to go after Rougher or take

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Speaker 8: more responsibility and more consideration about the high death door,

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Speaker 8: but also they don't want to tarnish our long standing relationship.

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Speaker 8: This is the US's most important la in the region.

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Speaker 2: Okay, Donna Grace, thank you so much for joining us

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Speaker 2: this morning, our Middle East breaking news editor bringing us

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Speaker 2: up to date with the latest on the situation in Gaza.

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Speaker 1: Now too story here in the UK, the Cheltenham Horse

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Speaker 1: Racing Festival, one of the biggest events in Europe's sporting calendar,

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Speaker 1: kicks off this week, but this year the event faces

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Speaker 1: new hurdles thanks to Brexit. Our Dublin reporter Olivia Fletcher

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Speaker 1: joins us now for more. What are these new hurdles exactly?

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Speaker 1: To Cheltenham. What is the impact that they're going to have.

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Speaker 9: Yeah, so it's as part of the UK government's plan

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Speaker 9: to protect Britain's border's post for exit. They introduced new

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Speaker 9: stagger rules from the end of January. So there's still

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Speaker 9: more to come, but essentially at this stage it's just

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Speaker 9: two extra bits of paperwork and that's still quite annoying

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Speaker 9: for horse trainers and horse transporters who were tusked would

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Speaker 9: bring in probably some of the most expensive horses in

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Speaker 9: the world across the Irish c and also to anyone

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Speaker 9: else in the EU who wants to import goods into Britain.

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Speaker 9: Makes things a little bit more onerous than they already

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Speaker 9: were because they were already post for exit rules in place.

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Speaker 9: You know, for example, Ireland had already put in rules

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Speaker 9: for goods enter in Ireland from Britain. So yeah, things

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Speaker 9: are just a little bit more annoying than they already were.

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Speaker 2: So we're talking about the transport of animals who are

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Speaker 2: have extremely high value, these thoroughbreds across the IRC to

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Speaker 2: go to Cheltenham. How prepared were transporters for this extra

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Speaker 2: red tape and what have they told you about it?

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Speaker 9: Yeah? So you know, a draft of the plan was

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Speaker 9: published in April last year. When I went to visit

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Speaker 9: Willie Mullins last week, one of the most success trainers

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Speaker 9: and the history of the festival, it hits stables in Ireland.

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Speaker 9: You know, I didn't get any tips while I was there,

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Speaker 9: but he did say they've been doing practice runs in

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Speaker 9: the lead up to the big event. And I also

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Speaker 9: spoke to Ashton Flynn, who works for George Mullins Transport

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Speaker 9: if the paperworked gotten worse since.

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Speaker 4: Brexit, ohred percent.

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Speaker 8: Yeah, and it's been difficult to get your heteroy customs

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Speaker 8: and obviously runners going over coivement worse, maybe a million

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Speaker 8: hole more, you know than the average day to day

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Speaker 8: and wars.

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Speaker 2: Does this symbolize anything about the relationship between Ireland and

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Speaker 2: the UK after bragxast.

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Speaker 9: I think this sport and this festival probably bonds the

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Speaker 9: two countries to live in a way that a lot

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Speaker 9: of other things couldn't. The festival was hugely culturally important,

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Speaker 9: you know, to towns and villages across Ireland. But you know,

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Speaker 9: in Britain, the late Queen Elizabeth regularly attended these rules

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Speaker 9: and you know, the Irish border rules had already been

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Speaker 9: put in place post Brexit. You know it does create

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Speaker 9: friction for businesses like horse transporters, when there was practically

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Speaker 9: none when the UK was a member of the EU.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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