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

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Speaker 1: DAYBAQ podcast, available every morning on Apple, Spotify or wherever

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Speaker 1: you listen. It's Wednesday, the fifth of June in London.

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Speaker 1: I'm Caroline Hipka.

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Speaker 2: And I'm Stephen Carroll. Coming up today. Sunak and Starmer

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Speaker 2: clash on the economy in a bad tempered Leader's debate

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Speaker 2: ahead of next month's general election.

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Speaker 1: Indian markets failed to recover from their route as the

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Speaker 1: endv Mody is forced into coalition talks for the first time.

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Speaker 2: Plus coming face to face with new cash King. Charles's

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Speaker 2: banknotes enter circulation.

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Speaker 3: Let's start with a roundup of our top stories.

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Speaker 2: Reggie Sunac and Kirstarmer have clashed on tax and spending

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Speaker 2: in a heated first Leader's TV debate that offered little

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Speaker 2: policy detail. The two repeatedly interrupted each other in the

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Speaker 2: forty five second answer format, which became a platform for

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Speaker 2: their party's campaign attack lines. Prime Minister and Conservative leader

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Speaker 2: if she soon actor to make the case that a

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Speaker 2: labor government would raise taxes and only he would protect

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Speaker 2: the elderly.

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Speaker 4: Raise the personal allowance for pensioners and ensure that the

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Speaker 4: state pension is never subject to tax. That's all you'll

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Speaker 4: get under a future Conservative government. Kiss Starmer hasn't matched

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Speaker 4: that pledge, which means, for the first time in our

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Speaker 4: country's history, if labor are elected, pensioners will pay tax.

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Speaker 4: I do not think that is right.

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Speaker 2: A snap You Go of poll after the debate gave

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Speaker 2: Sunak the slightest edge, with fifty one percent, saying that

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Speaker 2: he had won versus forty nine percent for starmar Well.

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Speaker 1: The labor leader hit back at Sunak's claims, pointing to

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Speaker 1: the Conservatives record in government two million.

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Speaker 5: They're now some point five million.

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Speaker 3: It says they're coming down, and the guys say good

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Speaker 3: at maths. I'd like you to explain how they're coming down.

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Speaker 4: Because they were coming down from where they were when

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Speaker 4: they were higher. On their way down. They are down, yes,

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Speaker 4: because the NHS was impacted by industrial action. So it

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Speaker 4: wasn't for that.

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Speaker 3: Would have been so somebody else's fault.

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Speaker 1: So that was Kis Starmer. They're talking about the waiting

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Speaker 1: list numbers for the National Health Service. Now, the Yugov

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Speaker 1: poll that we mentioned after that TV debate found that

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Speaker 1: Kiss Starmer was actually more likable and trustworthy. The pair

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Speaker 1: are due to go head to head again in another

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Speaker 1: TV debate in three weeks time.

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Speaker 2: The debate was followed by extended interviews with other party leaders.

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Speaker 2: Some opinion polls are protecting the Liberal Democrats could win

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Speaker 2: as many as fifty seats in the next parliament. It's

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Speaker 2: a number that would make the main potential powerbroker in Westminster.

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Speaker 2: Libdem leader At Davey told ITV his priority is to

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Speaker 2: remove as many Tory MPs as possible. He added the

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Speaker 2: party's manifesto would be published later today.

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Speaker 1: Now let's send our attention then to India, where Narendra

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Speaker 1: Mody has vowed to continue as Prime ministers despite his

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Speaker 1: BJP losing its majority in parliament.

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Speaker 3: The Prime Minister.

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Speaker 1: Will need to rely on allies to form a government

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Speaker 1: and this for the first time in a decade. Former

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Speaker 1: Governor of the Indian Central Bank, Ragaram Rajan says that

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Speaker 1: the situation is positive for Indians.

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Speaker 6: The forces India to choose a different course from the

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Speaker 6: one it has been on, a course which has led

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Speaker 6: to much wider unemployment and distress than needed in the country.

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Speaker 1: So that was the former Indian Central Bank Governor Ragaram Rajan,

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Speaker 1: who is now Professor at the University of Chicago's Booth

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Speaker 1: School of Business. Indian stocks had their worst day in

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Speaker 1: more than four years following the news. Official election results

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Speaker 1: show that the National Democratic Alliance coalition this is led

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Speaker 1: by Modi's party, one enough seats to form a government

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Speaker 1: if it sticks together. The alliance is expected to hold

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Speaker 1: a meeting in New Delhi later today.

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Speaker 2: And the US job openings fell in April to their

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Speaker 2: lowest level in over three years, consistent with the gradual

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Speaker 2: lowdown in the labor market. Available positions decreased to just

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Speaker 2: over eight million, three hundred thousand, fewer than the revised

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Speaker 2: reading for the previous month. Bloomberg Les McCormick says this

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Speaker 2: is one data point the Federal Reserve will be watching

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Speaker 2: ahead of its next meeting.

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Speaker 7: You know, we've had kind of a string of data

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Speaker 7: that has kind of revived the hopes of how much

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Speaker 7: the federal cut this year. And we know the Jolts

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Speaker 7: data is something Fed officials look at keenly. It's more

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Speaker 7: forward looking than some of.

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Speaker 1: The other data.

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Speaker 7: And yeah, yields were down to come into the day

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Speaker 7: and they're falling more off this So I think you

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Speaker 7: see now fully priced for a cut in November, and

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Speaker 7: you know, over seventy percent chance for one more, and

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Speaker 7: for a while we were kind of swiping away even one.

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Speaker 7: In recent weeks.

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Speaker 2: That was bloombergs Less McCormick discussing the latest Jolts figures

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Speaker 2: that's spurred a slide in treasury yields, with FED swaps

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Speaker 2: pricing higher odds of rate cuts starting in November.

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Speaker 1: Intel has agreed to sell a steak in a plant

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Speaker 1: in Ireland to Apollo Global Management for eleven billion dollars. Transaction,

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Speaker 1: which allows Intel to invest its money elsewhere, will be

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Speaker 1: completed in the second quarter of this year. That story

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Speaker 1: now from Bloomberg's Charlie Pellett.

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Speaker 5: It'll help bring in more external funding for a massive

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Speaker 5: expansion of its factory network, the chip maker says. Under

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Speaker 5: terms of the deal, the investment firm will take a

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Speaker 5: forty nine percent share of a joint venture that owns

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Speaker 5: Intel's Fab thirty four. It is the second such investment

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Speaker 5: program that Intel has announced, part of an effort to

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Speaker 5: lessen the burden on its already stretched finances. CEO Pat

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Speaker 5: Gelsinger is pushing an ambitious and expensive plan to return

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Speaker 5: Intel to the summit of the semiconductor industry in New

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Speaker 5: York Charlie Pellett Bloomberg Radio.

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Speaker 2: The first UK banknotes to feature the portrait of King Charles.

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Speaker 2: The third go into circulation today, but according to the

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Speaker 2: Bank of England, the new notes will be issued very

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Speaker 2: gradually to replace Warren Queen Elizabeth the second notes, or

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Speaker 2: to meet rising demand. The slow introduction is a bid

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Speaker 2: to reduce the Center Bank's environmental impact after guidance from

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Speaker 2: the Royal household in Charles is well known for his

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Speaker 2: dedication to climate causes. In a moment, we'll bring you

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Speaker 2: more on that leader's debate in the UK election, plus

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Speaker 2: the latest on the coalition talks in India after the

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Speaker 2: Nerandromodi's party lost its majority in the elections. There but

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Speaker 2: another story that caught our eye this morning to do

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Speaker 2: with online dating. That the Business Week newsletter has been

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Speaker 2: looking at a new trend where people are shunning dating

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Speaker 2: apps provided for the purpose and using it different kinds

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Speaker 2: of social networks like LinkedIn. So there are viral videos

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Speaker 2: going around people talk about being able to use the

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Speaker 2: filters on LinkedIn to be able to suit, you know,

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Speaker 2: kind of narrow down potential suitors. So you could pick

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Speaker 2: education level for example, do you want somebody that has

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Speaker 2: an MBA or perhaps the industry like somebody to be

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Speaker 2: working in now, I should point out and LinkedIn actually

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Speaker 2: said this in response to a query as well as

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Speaker 2: that romantic advances are harassment or any of any form

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Speaker 2: is a violation of their rules. So members can report

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Speaker 2: people that are trying to chat them up essentially on

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Speaker 2: LinkedIn as well. But this drawing people there is the

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Speaker 2: fact they find the information people are posting on LinkedIn

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Speaker 2: is likely to be more reliable than what they're putting

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Speaker 2: on dating website.

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Speaker 1: Oh that's an interesting twist. Look, many many people find

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Speaker 1: their romantic partners through their work and their job.

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Speaker 3: We're spent so many hours working. That seems pretty normal

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Speaker 3: to me.

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Speaker 1: But sort of abandoning the old dating apps I think

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Speaker 1: is quite interesting. I shall not mention which dating app

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Speaker 1: I use, because that will in and of itself date.

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Speaker 2: Me me me either, but I was interested to People

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Speaker 2: are also using the fitness tracker Strava or even duo

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Speaker 2: Lingo to try and find matches as well, so proving

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Speaker 2: that you really can find love everywhere.

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Speaker 3: Oh right, that's very sweet, isn't it? Okay? BusinessWeek. I

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Speaker 3: like that.

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Speaker 1: That's cheered me up for the morning. Right, let's turn

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Speaker 1: our attention though, Well, this was not a love fest,

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Speaker 1: was it?

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Speaker 3: Yesterday? Very late night?

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Speaker 1: Rishie Sunac and Keir Starmer clashing in this heated debate

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Speaker 1: on television in the UK. Of course, in the election

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Speaker 1: build up, the first Conservative leader accuse Labor of plotting

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Speaker 1: a tax raid, but Rishi Sunac made a number of

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Speaker 1: gaffs himself. The snap you gov poll after the debate

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Speaker 1: gave Sunak a very slim edge fifty one forty nine percent.

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Speaker 1: Someone who did stay up late to watch it, of course,

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Speaker 1: Bloomberg's UK Politics reported James Walcock, James, can't believe you're

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Speaker 1: up and actually raring to go this morning. But who

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Speaker 1: do you think came out on top in that TV debate?

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Speaker 3: Oh?

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Speaker 8: Quite Frankly, I fully regret my decision to stay up

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Speaker 8: because I don't think either of them did particularly well

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Speaker 8: or cover themselves in glory there. I mean, there's the judge,

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Speaker 8: but George Burden, our shore quote comes to mind, will

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Speaker 8: never restle in the mud with a pig because you'll

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Speaker 8: get dirty and a pig will like it. Why do

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Speaker 8: we do these debates. I mean we do them to

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Speaker 8: inform on policy and expose where there are weaknesses and

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Speaker 8: to test the metal of the character of the people

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Speaker 8: ryansby our leader. Did we get anything new on policy?

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Speaker 8: Limited variability? I mean, like for example, Sunak did push

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Speaker 8: Star on pension slightly. That what we didn't really engage

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Speaker 8: with the big fish called black hole awaiting us and sunk.

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Speaker 8: We talked about gaffes. He want to talk about national service.

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Speaker 8: The audience sort of openly laughed at him, which is

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Speaker 8: sort of points to kind of what a difficult policy

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Speaker 8: that is.

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Speaker 1: For eighteen year olds. This is to do national sex exactly.

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Speaker 1: Think there was ditched decades ago.

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Speaker 8: And then in terms of test the mestal of our

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Speaker 8: sort of leaders, it was such a limited view point

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Speaker 8: to forty five second debate answers that in many ways

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Speaker 8: Sunacle was a far more mission drilled. He's done a

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Speaker 8: lot of debates, he spent a whole summer debating this trust.

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Speaker 8: He was far about getting his lines in. But that

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Speaker 8: turns out with Star with then being seems more likable,

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Speaker 8: and so it really is six of one, half a

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Speaker 8: dozen of the other. The point I think Sunac will

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Speaker 8: be happier with how that went because he has so

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Speaker 8: much more polling ground to make up. But beyond that,

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Speaker 8: it really is you pick your favorite.

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Speaker 2: Part of the fun of events like this. James is

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Speaker 2: watching Howard unfolds on social media, which I know you

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Speaker 2: were also doing. But is that you know what were

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Speaker 2: the reactions on social media and will that actually affect

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Speaker 2: the election?

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Speaker 8: Already with twenty minutes in, people were clipping up the

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Speaker 8: videos and this forty five second form one one thing.

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Speaker 8: It does itself to his jousting for clips, which is

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Speaker 8: what a lot of politics is now. It's worth pointing

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Speaker 8: outs even there is no one kind of social media take.

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Speaker 8: And I was fascinating you look at that you poll

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Speaker 8: the Headlin figure is what everyone's gonna be quoting, but

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Speaker 8: go into the detail and I found it fascinating if

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Speaker 8: you look at the sort of number of people who

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Speaker 8: foun they were frustrated with the debate. If you voted

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Speaker 8: conservative in twenty nineteen or thought Rishi had won, you

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Speaker 8: were fifty percent, like you say, you're frustrated with that debate,

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Speaker 8: fifty percent is terrible. However, if you didn't vote or

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Speaker 8: thought Star was one, you're between seventy to eighty percent

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Speaker 8: likely to say you're frustrated with that debate. So more

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Speaker 8: than half of everyone who watched that debate came away frustrations.

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Speaker 3: Yes, which is not a good word really, it's dire.

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Speaker 8: Yes.

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Speaker 1: The other thing to say, though, is that the other

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Speaker 1: political parties also did get something from the evening, didn't

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Speaker 1: they because it was only the two main political parties,

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Speaker 1: But there are others.

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Speaker 8: Yeah, and in some ways, arguably as someone who watched

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Speaker 8: the whole thing, the best lot of the night goes

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Speaker 8: to Liberal Democrat. A day after having this very bitter

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Speaker 8: invite me to major League has got about a ten

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Speaker 8: minute ext and an interview talk about his policies.

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Speaker 3: His views towards care.

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Speaker 8: It sort of stunts around Westminster and sort of the

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Speaker 8: wider UK, and they are potential kingmakers. You look at

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Speaker 8: the U GO of Mrpoole, which gives them centrally fifty seats.

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Speaker 8: Fifty seats is almost the size of Scotland by in

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Speaker 8: the sort of Westminster constituencies. And the SMP followed AFT

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Speaker 8: was talk about how this debate had not reflected any

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Speaker 8: issues to go on with Scotland and so in that

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Speaker 8: we do live in a wider democratic policy and the

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Speaker 8: two leaders styles that had insisted on a head to

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Speaker 8: head debate. I do wonder as we go into sort

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Speaker 8: of wider formats going into future weeks, if they may

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Speaker 8: come to regret not taking this opportunity to set out

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Speaker 8: in a wider way their serious policy stores rather than

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Speaker 8: very limited campaign attack lines.

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Speaker 2: Yeah, because of course we're looking ahead to another leader's

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Speaker 2: debate now on the twenty sixth of June is the

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Speaker 2: next head to head one. But there, as you say, James,

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Speaker 2: there'll be a format involving more parties as well. I mean,

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Speaker 2: what's kind of the challenge that the leaders are coming

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Speaker 2: away from this event with as they're heading into the

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Speaker 2: next couple weeks and campaigning before they get back together

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Speaker 2: on a TV studio for an event like this.

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Speaker 8: Star will be mission drilling on how to con counteract

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Speaker 8: that pension line, and so therefore he will be going

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Speaker 8: straight in on that line. I think for Rishi it

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Speaker 8: will be how to get some of his policies out

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Speaker 8: there in ways that Starma can't. Just turn it back

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Speaker 8: to his record which starred you to great effect multiple times.

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Speaker 8: It went down very well with the audience.

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Speaker 1: Okay, James Worcock, thank you so much for being with

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Speaker 1: us as staying up late watching the TV debates. Bloomberg's

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Speaker 1: UK politics reporter James Walcock.

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Speaker 2: It's turned to India next. Narendra Mody has vowed to

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Speaker 2: continue as Prime minister even after his party last its

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Speaker 2: majority in parliament. Mody's BJP will have to rely on

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Speaker 2: allies to former government for the first time since he

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Speaker 2: stormed to power a decade ago. After hitting a record

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Speaker 2: high on Monday, India's stock market had its worst day

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Speaker 2: in more than four years on Tuesday. Joining us now

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Speaker 2: for more, Bloomberg's EMA and news director Rosalind matheson Ras

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Speaker 2: took us through what happens from here, how does the

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Speaker 2: BJP form a government and what is Mody's future looking like?

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Speaker 9: Well, he has said it is this intent to form

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Speaker 9: government and to govern for a third term. But interestingly

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Speaker 9: for him, he's going to have to negotiate and parties

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Speaker 9: and politicians in India, but can be quite fickle, so

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Speaker 9: nothing is totally guaranteed. In fact, the leaders of two

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Speaker 9: parties in his coalition and they control thirty seats between them.

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Speaker 9: They only rejoined with Mody a few months ago. Into

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Speaker 9: his alliance. So there's not a long running loyalty there.

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Speaker 9: I mean, those parties say that they're willing to negotiate

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Speaker 9: and so on, But you've got the leaders of two

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Speaker 9: very veteran parties there, and they've been around for a

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Speaker 9: very long time, and they certainly know how to drive

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Speaker 9: a hard bargain and they've shifted allegiances before. So again,

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Speaker 9: it's quite an interesting position for Mody because he's not

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Speaker 9: the type who likes to negotiate. It's quite an uncomfortable

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Speaker 9: position for him. He's used to having quite a big

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Speaker 9: majority and at least being able to set his own agenda.

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Speaker 9: So for him, I have to listen a bit to

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Speaker 9: what they've got to say and certainly coax them over

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Speaker 9: the line. But he is of course, his party and

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Speaker 9: his alliance did get the bulk of the seat, so

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Speaker 9: they've probably got the first right of refusal in terms

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Speaker 9: of trying to form a government. And we know that

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Speaker 9: there are meetings going on today, for example in New

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Speaker 9: Delhi of his alliance.

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Speaker 4: Yeah.

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Speaker 1: Indeed, one of the key opposition leaders, well Gandhi, saying

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Speaker 1: that the vote sends a clear message on Mody's leadership

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Speaker 1: and a style of government. I mean, what does it

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Speaker 1: mean in terms of policy shifting and then the market

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Speaker 1: reaction that flows from that. You know, we've talked about

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Speaker 1: the big market swings that we see. Does it all

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Speaker 1: concern investors?

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Speaker 9: Well, it may not mean a massive shift in policy,

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Speaker 9: but what it will mean is it will be harder

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Speaker 9: for Mody to push his agenda through Parliament. For example,

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Speaker 9: so economic policies in particular, so he might find himself

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Speaker 9: having to spend more in poorer states, does not the

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Speaker 9: places where he's trying to attract business in industry, to

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Speaker 9: spend more welfare versus infrastructure or education and job creation.

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Speaker 9: So you can imagine these parties will extract their pound

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Speaker 9: of flesh on that front, and it might be interesting

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Speaker 9: to see where they land in terms of any portfolios

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Speaker 9: or ministries and positions. It also might mean he has

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Speaker 9: to tone down his Hindu nationalist rhetoric and not all

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Speaker 9: his alliance parties subscribe to that, so we could see

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Speaker 9: some shifts there. For the markets has been pretty wild

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Speaker 9: and they got carried away I think with the exit polls,

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Speaker 9: even though those can be notoriously unreliable in India, and

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Speaker 9: of course modiumself was hinting at a supermajority really near

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Speaker 9: four hundred seats. So the market's got very enamored of

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Speaker 9: that idea. They like the idea of his support for

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Speaker 9: business and investment and so on, and so of course

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Speaker 9: now we're seeing some of that sort of exuberance really

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Speaker 9: come off. But India's economic outlook is still not bad.

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Speaker 9: We are looking at potential growth sticking around sixty seven percent.

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Speaker 9: Investment is coming in, So the outlook for the economy

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Speaker 9: and for business it's not entirely terrible. It's just that

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Speaker 9: there might have to be a bit of a recalibration

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Speaker 9: at this point from some of that exuberance that we

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Speaker 9: saw a few days ago.

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

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