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

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Speaker 1: day Break You Up podcast, available every morning on Apple,

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Speaker 1: Spotify or wherever you listen. It's Monday, the fourteenth of October.

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Speaker 1: Here in London. I'm Caroline Hepka, coming up today, The

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Speaker 1: Missing Big Bang. China's weekend finance ministry briefing disappoints investors.

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Speaker 1: Summit Wrong, Britain's investor charm offensive begins under a cloud

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Speaker 1: after DP world nearly pulled out, Plus blasting off again

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Speaker 1: as SpaceX manages to catch its booster rocket after launch,

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Speaker 1: a major step towards fully reusable rockets. Let's start with

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Speaker 1: the roundup of our top stories. China's highly watched investor

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Speaker 1: briefing was smaller than had been expected, Sending markets swinging.

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Speaker 1: Officials promise more aid for the slumping poverty sector and

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Speaker 1: indebted local governments, but they didn't get a headline spending figure.

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Speaker 1: Investors and analyst surveyed by Bloomberg had expected the superpower

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Speaker 1: to announce as much as two hundred and eighty three

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Speaker 1: billion dollars worth of stimulus measures. Unon barquer Privi's senior

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Speaker 1: Asia economist, Carlos Casanova, says that this wasn't the fiscal

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Speaker 1: moment that markets were waiting for.

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Speaker 2: It is clear that they are just tackling some of

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Speaker 2: the structural issues. They are not really looking to massively inject,

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Speaker 2: so it does not constitute that whatever it takes moment

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Speaker 2: in my opinion.

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Speaker 1: Casanova adds that we should prepare for further market fluctuations

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Speaker 1: this week as investors digest the news that press briefing

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Speaker 1: of course, on Saturday. Goldman Sachs, though, has now upgraded

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Speaker 1: its forecast for China's economic growth after Beijing unveiled the

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Speaker 1: series of measures. They see GDP of four point nine

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Speaker 1: percent this year, up from four point seven percent previously,

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Speaker 1: and Goldman Sachs expects four point seven percent Chinese GDP

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Speaker 1: in two twenty twenty five. Keir Starmer will voucher rip

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Speaker 1: up red tape when he pictures his vision to executives

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Speaker 1: At the International Investments Summit in London, the UK Prime

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Speaker 1: Minister is expected to unveil deals in AI and life sciences,

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Speaker 1: which reportedly may total more than fifty billion pounds, but

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Speaker 1: in a sign of the mixed relationship with business, comments

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Speaker 1: from two cabinet ministers almost wrecked a one billion pound

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Speaker 1: investment by the p and O Ferries parent company DP World.

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Speaker 1: The former head of the CBI, Karen Billimuria, says that

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Speaker 1: ministers must be careful.

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Speaker 3: We look at the first one hundred days of this

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Speaker 3: government and it's not exactly been impressive, and it's very

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Speaker 3: worrying with one incident after another. I thought, with a

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Speaker 3: huge majority, we would at last, after the instability of

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Speaker 3: the last eight years, have some stability.

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Speaker 1: That was Karen Billamuria, Lord Billamuria speaking. Many of the

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Speaker 1: business leaders at the summit will be quizzing the government

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Speaker 1: on the plans for the budget, which comes in just

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Speaker 1: two weeks time. Hezbola says that it aimed to cause

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Speaker 1: maximum destruction after a drone attack killed four Israeli soldiers

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Speaker 1: at a military base. More than sixty others were hurt

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Speaker 1: in the strike in central Israel, something the militant group

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Speaker 1: says was in retaliation for escalating attacks on Lebanon. Israeli

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Speaker 1: Prime Minister bennymin Netanyahu is urging UN peacekeepers in Hesbulah

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Speaker 1: held territory to leave.

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Speaker 4: I'd like to appeal directly to the UN sexual General.

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Speaker 4: It is time for you to remove uniform from Hesbeler's strongholds.

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Speaker 4: The IDF has repeatedly asked for this and has been

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Speaker 4: met with repeated refusals, all aimed providing a human shield

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Speaker 4: to Hesbela terrorists.

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Speaker 1: The IURN has so far refused Netanyahu's requests, which some

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Speaker 1: fear are the prelude to further ground invasions into Lebanon.

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Speaker 1: Lebanon says that more than two thousand people have been

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Speaker 1: killed and hundreds of thousands displaced in recent weeks. Kamala

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Speaker 1: Harris has questioned opponent Donald Trump's decision to shield his

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Speaker 1: medical records after releasing her own. The current Vice president

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Speaker 1: suggested that his campaign has something to hide. Whilst addressing

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Speaker 1: crowds at an event in North Carolina.

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Speaker 5: He refuses to release his medical records. I've done it.

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Speaker 5: Every other presidential candidate in modern era has done it.

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Speaker 5: It makes you wonder why does his SEF want him

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Speaker 5: to hide away?

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Speaker 1: Democratic nominee Kamala Harris, speaking that Trump, who is seventy eight,

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Speaker 1: told CBS News in August he was would very gladly

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Speaker 1: release his medical records, but has declined media requests to

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Speaker 1: do so. Following the publication of Harris's records, the former

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Speaker 1: president's campaign spokesman said he has released her updates from

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Speaker 1: his personal doctor and the former White House physician, now

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Speaker 1: a Republican congressman, all showing he is in quote excellent health.

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Speaker 1: TESMC is planning more plants in Europe, with a focus

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Speaker 1: on the market for AI chips. Taiwan's National Science and

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Speaker 1: Technology Council Minister Ru cheng Wen told Blomberg News today

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Speaker 1: that the firm has started construction in Dresden, but did

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Speaker 1: not specify a timeline for further European expansion. TESMC produces

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Speaker 1: most of its semiconductors in Taiwan, but is spending tens

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Speaker 1: of billions of dollars to set up new sites in

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Speaker 1: the US, Japan, and Germany, partly to hedge against rising

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Speaker 1: geopolitical tensions in China. Dresden will be the firm's first

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Speaker 1: factory in Europe. About half of the funding for the

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Speaker 1: project will be covered by state subsidies, and cracks are

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Speaker 1: appearing in the Eurozone's labor market. The news comes as

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Speaker 1: ECB pol makers are expected to reduce borrowing costs this week.

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Speaker 1: Bloombogs tiwa Adebayo has the story.

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Speaker 6: After years of unexpected resilience. Europe's job market could be

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Speaker 6: in for a sudden jolt. Major companies, including chemicals firm

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Speaker 6: BASF and others, are already offloading staff, and some officials

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Speaker 6: fear further deterioration could rattle a region on the brink

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Speaker 6: of recession. It was just over two months ago the

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Speaker 6: ECB President Christine Lagarde tauted the strength of the blocks

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Speaker 6: job market, crediting it with buying the Central Bank time

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Speaker 6: to gather new information when setting monetary policy. But now

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Speaker 6: that time appears to have run out. Data points only

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Speaker 6: to gentle calling for now, but even a small contraction

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Speaker 6: could lead to a noticeable drop in job vacancies in London.

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Speaker 6: To you at a bio Bloomberg Radio.

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Speaker 1: And those are our top stories this morning. In a moment,

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Speaker 1: I'm going to bring you a bit more on the

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Speaker 1: UK investment summit. This head of Bloomberg's interview with the

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Speaker 1: Prime Minister Kirs Starmer later today. First, did you watch

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Speaker 1: the SpaceX launch? The incredible pictures of SpaceX, this fifth

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Speaker 1: test of the unmanned starship rocket. Are you got to

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Speaker 1: have a look at them. They caught the booster part

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Speaker 1: of the rocket with two giant mechanical arms, something that

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Speaker 1: Elon musk Is called chopsticks. As this huge booster came

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Speaker 1: back to Earth, came back to the launch pad in Texas. Now,

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Speaker 1: this successful test underscores, first I guess, the immense progress

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Speaker 1: that SpaceX is making when it comes to kind of

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Speaker 1: their launch capabilities. That booster rocket seventy one meters high,

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Speaker 1: nine meters wide, are you ei the size of a building.

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Speaker 1: They only got approval for this from the Federal Aviation

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Speaker 1: Administration on Saturday, and then it was launched on Sunday.

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Speaker 1: There's been actually kind of quite a lot of months

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Speaker 1: of wrangling between SpaceX and the FF and the FAA

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Speaker 1: in the US. They've been at loggerheads for quite some time.

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Speaker 1: But having said that, it is just a huge stride

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Speaker 1: on this path to create reusable rockets that can fly

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Speaker 1: to the Moon then beyond to Mars. Obviously that's the

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Speaker 1: big you know, Musk ambition, isn't it to ferry humans

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Speaker 1: and scientific equipment and supplies there? Have a look at

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Speaker 1: it online. I think it's really pretty incredible achievement over

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Speaker 1: the weekend that took place in Texas. Now, also over

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Speaker 1: the weekend on Saturday, China's highly anticipated Finance Ministry briefing,

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Speaker 1: but it lacked the firepower that Actuti investors had hoped for,

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Speaker 1: although Gold and Sachs has upgraded its forecast with Chinese

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Speaker 1: economic growth of twenty twenty four and twenty twenty five.

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Speaker 1: Let's discuss this with Bloomberg's Asia economic correspondent Katya Dmitrieva Katyak,

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Speaker 1: Good morning. So the Finance minister Lanfouan, What did he

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Speaker 1: say and how big is the gap between what markets

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Speaker 1: had expected and what he actually delivered.

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Speaker 7: Yeah, and it's a good segue from space. You know,

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Speaker 7: we're coming back to earth with this one, for sure.

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Speaker 7: The Finance minister announced that there is more room to

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Speaker 7: borrow and increase the deficit, promised more support for the

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Speaker 7: housing sector, but all without providing a dollar figure. The

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Speaker 7: government also has about three hundred and twenty five billion

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Speaker 7: US dollars equivalent in local government special bond funds, which

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Speaker 7: they said they would be used in the coming months

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Speaker 7: in the fourth quarter, and there was also, as is

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Speaker 7: typical with these kinds of announcements in China, hints at

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Speaker 7: other potential policies, such as support for Chinese startups or unicorns,

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Speaker 7: which is evalued at about one billion. And then the

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Speaker 7: National Development Reform Commission, which is essentially the country's economic planners,

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Speaker 7: they pushed forward a slew of approvals for investment projects.

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Speaker 7: So Goldman basically did the math. They found that it

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Speaker 7: added about zero point four percentage points to GDP this year.

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Speaker 7: Also some carry through into this year into a rather

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Speaker 7: next year. But it's important to note that they also

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Speaker 7: noted structural challenges still remain. So this sort of provides

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Speaker 7: a short term boost, maybe a bit of sugar to

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Speaker 7: the economy this year and next. It gets China towards

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Speaker 7: the five percent goal this year, as officials promised, and

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Speaker 7: they really want to hit that goal, But longer term,

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Speaker 7: it doesn't fix some of those structural issues consumption deflation

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Speaker 7: and all stemming from this property sector downturn.

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Speaker 1: Yeah, and that is also the issue, isn't it that

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Speaker 1: China has been into deflation for more than a year

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Speaker 1: and that's a big fundamental problem.

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Speaker 7: Absolutely, and they received officials received a reminder that hazard

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Speaker 7: on Monday, we had data that showed producer prices went

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Speaker 7: further into the red, further declined, and deflation really impacts

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Speaker 7: a wide array of the economy, like just across the economy,

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Speaker 7: you have companies that end up making less money and

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Speaker 7: less profit. You have consumption that remains really weak and

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Speaker 7: so and wages don't go up, and in fact, we've

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Speaker 7: had a lot of layoffs and postponing of bonuses, and

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Speaker 7: so it hits everyone in their pocketbook very directly. And

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Speaker 7: it's something that why investors and why economists were really

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Speaker 7: looking for a lot more from this package, frankly, and

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Speaker 7: a lot more for consumption. You know, ahead of this

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Speaker 7: weekend announcement, Bloomberg News did a survey of analysts and

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Speaker 7: they expected more than two to eighty billion targeted to consumers,

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Speaker 7: so vouchers or support for low income Chinese households, and

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Speaker 7: we just didn't see that.

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Speaker 1: Okay, Katya, thank you so much for being with us

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Speaker 1: this morning. Bloomberg's Asia Economic correspondent Katya Dmitrie over then

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Speaker 1: on the Finance Ministry of briefing, which did look to

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Speaker 1: be again a bit disappointing on Saturday. Will continue to

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Speaker 1: track that story for you now here in the UK,

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Speaker 1: PEM Minister Kistarmer and Chance of Rachel Reeves hope to

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Speaker 1: be able to announce billions of pounds of major investment

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Speaker 1: deals in AI, life sciences and infrastructure at their first

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Speaker 1: international investment summit. This is the first big test for

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Speaker 1: Starmer's plans to galvanize growth in Britain and it comes

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Speaker 1: what two and a half weeks ahead of the first

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Speaker 1: budget by Labor government in fifteen years. Joining me now

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Speaker 1: it is Blomberg's UK correspondent Lizzie BYRN. Good morning. So

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Speaker 1: what are they hoping to announce today? And this idea

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Speaker 1: of getting rid of needless of regulation that needlessly holds

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Speaker 1: back investment.

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Speaker 8: Lizzie exactly. So, of course, growing the economy by two

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Speaker 8: point five percent is Keir Starmer's top priority. His government

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Speaker 8: says investment is key to that, hence the spotlight on

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Speaker 8: this summit today. We're expecting him to host all these

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Speaker 8: global bosses, the elites of finance and tech, and he's

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Speaker 8: going to say he'll rip out the bureaucracy that blocks investment,

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Speaker 8: which is a reference to him asking the Competition Authority

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Speaker 8: to soften its approach. We're also expecting him to say

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Speaker 8: he'll do everything in his power to galvanize growth. So

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Speaker 8: what does that look like. Well, we're expecting him to

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Speaker 8: unveil commitments from the private sector to invest more than

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Speaker 8: fifty billion pounds into the UK economy. But Caroline, I

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Speaker 8: have to say that is expected to include twenty four

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Speaker 8: billion pounds of green investment that was already announced last week.

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Speaker 8: On top of that, we're expecting him to set a

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Speaker 8: direction for the CMA in the Industrial Strategy green paper

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Speaker 8: that comes out as well today. But the big picture

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Speaker 8: is undermining this sales pitch is the ongoing uncertainty about

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Speaker 8: his administration's industrial strategy. You've got government plans to spell

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Speaker 8: out the favored sectors at today's gathering, but it's not

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Speaker 8: going to unveil the full plan until the spring, and

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Speaker 8: what companies really want is long clarity. You've also had this,

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Speaker 8: it has to be said, and I know you reported

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Speaker 8: about this last week. A rocky start to the government

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Speaker 8: of rocky hundred days. He's had to let go of

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Speaker 8: his chief of staff, Sue Gray already because of the

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Speaker 8: infighting at Number ten, and he's had to give back

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Speaker 8: six pounds in donations because of this slew of stories

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Speaker 8: about government officials taking donations for access. On top of

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Speaker 8: which he's only just managed to secure an investment minister

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Speaker 8: in the form of the ex Dark Trace CEO Poppy Gustaffson.

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Speaker 8: But this is really at the eleventh hour because the

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Speaker 8: first choice candidate pulled out, So today he's going to

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Speaker 8: try and hit that reset button and show that global

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Speaker 8: finance really is behind this labor government.

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Speaker 9: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 9: stories making news from London to Wall Street and beyond.

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