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Speaker 1: I'm Caroline Hipki and I'm Stephen Caroll. Here are your

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Speaker 1: top stories this Friday, the thirtieth of June in London,

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Speaker 1: China's economy lost more steam.

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Speaker 2: In June.

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Speaker 1: Is manufacturing activity contracted once again. The official manufacturing PMI

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Speaker 1: came in at forty nine, barely an improvement from the

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Speaker 1: May figure and still in contraction. China's non manufacturing PMI

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Speaker 1: slipped to fifty three point two from fifty four point

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Speaker 1: five the previous month. Speculation is now growing that Beijing

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Speaker 1: will ramp up stimulus measured to boost the slowing economy,

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Speaker 1: But Shazad Khazil, the International MD of China bait book,

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Speaker 1: isn't so sure.

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Speaker 2: The idea that when you don't get high levels of growth,

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Speaker 2: you get a big stimulus bizuka. I think folks on

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Speaker 2: the ground are starting to realize that those years are

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Speaker 2: now gone.

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Speaker 1: Shazad Khazil's comments reflects the growing challenge facing President Chijingping's government.

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Speaker 1: Beijing's typical playbook of using large scale stimulus to boost

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Speaker 1: demand has led to massive oversupply and property in industry

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Speaker 1: and surging death levels among local governments.

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Speaker 3: The US is reported to be planning to force ASML

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Speaker 3: to ship fewer of its advanced ship making machines to China.

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Speaker 3: According to Reuters, six Chinese facilities will be identified in

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Speaker 3: a new US rule that will allow Washington to block

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Speaker 3: supply from foreign chip gear makers. The news comes as

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Speaker 3: the Biden administration plans tighter export controls to restrict sales

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Speaker 3: of some artificial intelligence chips to China. Both moves highlight

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Speaker 3: a US determination to contain China's technological rise and could

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Speaker 3: escalate tensions between the two countries.

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Speaker 1: UK business confidence has ad a thirteen month high as

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Speaker 1: firms shrugged off another Bank of England interest rate rise.

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Speaker 1: Bloomberg's EU and Partsnow has more on the survey by

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Speaker 1: the Lloyd's Banking Group.

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Speaker 2: The Lloyd's Business Barometer poll of twelve hundred firms showed

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Speaker 2: optimism increasing nine percentage points to thirty seven percent in June,

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Speaker 2: rebounding from a dip in May. This month's pole was

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Speaker 2: conducted at the start of this month, weeks after the

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Speaker 2: b WE delivered a twelfth consecutive RTICH, but before the

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Speaker 2: surprise fifty bases points increased. Last week, business executives said

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Speaker 2: that they were more confident about their own training prospects

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Speaker 2: and the wider economy, and in a sign that the

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Speaker 2: red hot labor market may be calling wage expectations stabilized,

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Speaker 2: but they remain higher than the start of the year.

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Speaker 2: In London, I'm Your Parts, Blomberg day.

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Speaker 3: Break, Europe, Goldbin Sachs has lost its ranking as the

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Speaker 3: world's top mergers and acquisitions advisor for the first time

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Speaker 3: in five years. JP Morgan has taken its spot as

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Speaker 3: the number one M and A advisor globally so far

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Speaker 3: this year, with a credit on two hundred and eighty

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Speaker 3: four billion dollars of deals, translating into a near twenty

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Speaker 3: three percent market ship now according to data compiled by Bloomberg,

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Speaker 3: Goldman fell to the second spot with a market share

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Speaker 3: of around nineteen percent. Global deal volumes have fallen though

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Speaker 3: forty two percent this year to one point three trillion

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Speaker 3: US dollars, in one of the worst periods for M

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Speaker 3: and A in the last decade.

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Speaker 1: The US Supreme Courts has effectively biered U universities from

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Speaker 1: using race as a factor and admissions. The ruling marks

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Speaker 1: the start of a new era in American higher education

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Speaker 1: and rolls back decades of precedence. The six to three

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Speaker 1: vote along ideological lines led to US President Joe Biden

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Speaker 1: to offer some of his strongest criticism yet of the

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Speaker 1: Supreme Court. The Court has effectively ended affirmative action in

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Speaker 1: college admissions, and I strongly, strongly disagree with the course

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Speaker 1: decision because affirmative action is so misunderstood. That reaction from

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Speaker 1: President Biden came after judges rule that programs at Harvard

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Speaker 1: and the University of North Carolina violated the Constitution's Equal

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Speaker 1: Protection clause.

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Speaker 3: In France, more than four hundred and twenty one people

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Speaker 3: have been arrested on a third night of unrest following

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Speaker 3: the shooting dead of a teenage boy by police in

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Speaker 3: Paris on Tuesday. An officer is being has been placed

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Speaker 3: under former investigation over the death of the seventeen year

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Speaker 3: old known only as Nahel. His maternal g and mother

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Speaker 3: spoke of her heartbreak.

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Speaker 4: I was at home when my daughter called me. She said, Mom,

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Speaker 4: Neil is dead. I didn't believe it at first. We

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Speaker 4: were shot. It's after when I saw my son, he

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Speaker 4: was in front of me, lying Bettel, I can't speak.

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Speaker 3: Cars and buildings have been set alight and fireworks thrown

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Speaker 3: with France's interior Minister praising the brave job of authorities.

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Speaker 3: Those were a few of our top stories this morning.

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Speaker 1: Yeah, turning to some other news that we've been following, Caroline,

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Speaker 1: you were back from the City UK conference that you

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Speaker 1: were at yesterday, brought it, bringing us a fascinating conversation

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Speaker 1: with some big figures in London CEO of the London

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Speaker 1: Stock Exchange among them the Executive Exchequer Secretary Secretary of

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Speaker 1: the Treasury Gareth Davies as well looking at some of

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Speaker 1: the challenges facing the City of London. I wonder now

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Speaker 1: that you've had a chance to sleep on it, how

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Speaker 1: you how you kind of took it, what you took

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Speaker 1: away from.

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Speaker 3: The Yeah, it was an immensely busy morning and we

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Speaker 3: brought that panel to you live and live guests throughout

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Speaker 3: the morning.

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Speaker 5: The key takeaways.

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Speaker 3: I think this optimism always despite the inflation and recession

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Speaker 3: fears for the UK coming risk. I do think that

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Speaker 3: there is a conversation moving on from dwelling on the

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Speaker 3: issues of Brexit and how they've hit Britain actually to

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Speaker 3: thinking about risk, how we take the right kinds of

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Speaker 3: risk to increase returns for investors, and how we do

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Speaker 3: that in the right way. Tina Lee and Julia hog At.

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Speaker 3: Tina Lee of Deutsche Bangs, the CEO for the ukn

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Speaker 3: Ireland and Julia Hoger this year over the LC. We're

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Speaker 3: both very strong on this point, which a number of

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Speaker 3: the newspapers have picked up on Both the Ft and

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Speaker 3: The Telegraph have written up the comments and also on

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Speaker 3: Crispin Odi the allegations of sexual harassment. That was something

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Speaker 3: I also put to the panel and to other guests.

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Speaker 3: Sheldon Mills of the FCA was saying it couldn't comment

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Speaker 3: specifically on that case, but that in general, non financial

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Speaker 3: issues are something that the FCA is very interested in

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Speaker 3: and if people sort of don't maintain high standards as

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Speaker 3: that were, the FCA is interested. So, I mean there

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Speaker 3: has been reporting. We know that there's been an FCA

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Speaker 3: investigation quite long running into this, but on the comments

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Speaker 3: around reform.

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Speaker 5: For the City of London.

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Speaker 3: So it came about because there was a letter to

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Speaker 3: the FCA from about ten different pension funds in the

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Speaker 3: UK who were critical of Listing's reform that is being

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Speaker 3: discussed and they were sort of saying that that shouldn't happen.

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Speaker 3: Julia Hoggart, though was talking about the need for a

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Speaker 3: level playing field.

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Speaker 5: She was very firm that actually the UK.

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Speaker 3: Is not kind of getting a fair shake here, and

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Speaker 3: that she was saying that the vast majority of institutions

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Speaker 3: who say we don't want change direct more of their

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Speaker 3: pensions money into companies listed overseas that have exactly the

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Speaker 3: rules that the FCA is trying to move to than

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Speaker 3: they do into UK companies.

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Speaker 5: So that was her sort of criticism.

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Speaker 1: Yeah, yeah, which, I mean, just look, it's really interesting

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Speaker 1: to be having those conversations at a time that we're

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Speaker 1: we're having increasing you know, conversation around regulation but also

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Speaker 1: London's ability to compete internationally as well as try and

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Speaker 1: get some of those those listings too. So really interesting

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Speaker 1: to get your reflections on the City UK conference from yesterday.

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Speaker 1: Let's dig into some of the key economic data that

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Speaker 1: we're expecting today. Now we get the Gune inflation print

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Speaker 1: for the Euro Area this morning, and the Fed's preferred

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Speaker 1: measure of price rises, the core PC deflator, that's later

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Speaker 1: on today as well. Bloomberg's Mark Cranfield joins us Now

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Speaker 1: for more on this, Mark, Let's start in Europe. We've

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Speaker 1: had some strong, some mixed signals, I should say, for

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Speaker 1: individual countries in the Eurozone. Yesterday Spain's inflation cooling, Germany's

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Speaker 1: heating up. What's the expectation for the broader Eurozone?

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Speaker 6: Still too high? The core numbers are probably going to

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Speaker 6: come out in the mid five percent range, five point five,

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Speaker 6: five point six somewhere around there. We're are still way

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Speaker 6: too high for the European Central Bank to be enjoying it.

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Speaker 6: So it's no wonder that we've heard a pretty consistent

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Speaker 6: message this week from CenTra that the European Central Bank's

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Speaker 6: got more hiking to do. These numbers will certainly justify

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Speaker 6: their outlook in that respect. So there's not going to

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Speaker 6: be much respite for European government bonds in today's data.

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Speaker 6: They've had a pretty rough week and this data will

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Speaker 6: probably confirm that there's still tough days ahead.

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Speaker 3: Okay, in terms of other things that we're thinking about,

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Speaker 3: the US expecting a softening PCE deflator number for May.

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Speaker 6: Yeah, again, it's expected to come down below four percent,

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Speaker 6: probably something like three point eight on a year on

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Speaker 6: year basis, but still way above what the Fed needs

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Speaker 6: it to be in order to even think about changing policy.

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Speaker 6: But of course it's only one part of the story.

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Speaker 6: We've seen just in the past twenty four hours again

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Speaker 6: a strong picture in the employment seen in the United States.

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Speaker 6: It's really no signs are cracking at all. So the

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Speaker 6: Federal Reserve is really in a position where all them

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Speaker 6: speak about two more rate hikes or possibly even more

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Speaker 6: than that is all justified because the US is showing

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Speaker 6: those signs of losing jobs on a serious basis, Inflation

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Speaker 6: is way above their target. Everything points to the fact

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Speaker 6: the FEDERALI continue to do what it's doing and increase

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Speaker 6: again in July.

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Speaker 1: Yeah, and look it's playing out on markets as well.

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Speaker 1: We saw a big reaction on treasury markets too. To

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Speaker 1: us that data coming out yesterday, what should we be

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Speaker 1: watching out for and next Then when it comes to

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Speaker 1: the picture for the Federal Reserve.

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Speaker 6: There certainly will be looking at some of the data

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Speaker 6: which tells them about immediate movements. So even things like

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Speaker 6: the equivalence of the PMI, So the US got the ISM,

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Speaker 6: Europe's got the PMI is coming up next week. Some

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Speaker 6: of that is a bit more forward looking, it's a

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Speaker 6: bit more immediate. If there's going to be any cracks appearing,

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Speaker 6: we may see it happen in that kind of data general.

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Speaker 6: From the fades point of view, it's really the employment

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Speaker 6: data at the end of next week which is the

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Speaker 6: bigger one for them, and if we see a significant

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Speaker 6: change there. But the track record of that has been

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Speaker 6: so consistent they would probably want to see more than

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Speaker 6: more than one month data changing for them to really

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Speaker 6: get worried about it. For the time being, they look

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Speaker 6: fairly confident with their forecasts and the for that. In

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Speaker 6: that point of view, there's nothing much of the rail

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Speaker 6: than from going ahead with more hiking.

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Speaker 3: Okay, Bloomberg's Mark Cranfield, thank you so much for joining

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Speaker 3: us talking through the latest key economic data that we

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Speaker 3: have coming up later today. Coming up next, the LC's

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Speaker 3: CEO defends London listing reforms and Bill Gates's private office

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Speaker 3: faces scrutiny over staff vetting.

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Speaker 1: Now the paper review on Bluebird Daybreak Europe, the news

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Speaker 1: you need to know from today's papers, and Bloombergsleyan Garon's

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Speaker 1: is with us in studio to take us to the

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Speaker 1: details of those stories. Morning to you, Leanne. Let's start then.

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Speaker 1: In the Financial Times, the City Minister Andrew Griffith claims

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Speaker 1: listing reforms with hurt London's standing. This is following up

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Speaker 1: on the conversation that Caroline had with Julia Hagart and

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Speaker 1: others at the City UK conference yesterday.

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Speaker 7: Yes exactly, Stephen and yourself and Caroline were just chatting

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Speaker 7: about that a bit earlier, so.

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Speaker 5: We expand on this.

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Speaker 7: So Andrew Griffith has been speaking to the Financial Times.

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Speaker 7: He's of course the City of London Minister, and Julia Hoggett,

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Speaker 7: the LSE Chief Executive, was speaking to Caroline yesterday and

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Speaker 7: both of them are hitting back at pension funds now.

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Speaker 7: This follows complaints that proposed changes designed to yet make

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Speaker 7: the UK more attractive to public companies would water down

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Speaker 7: investor protections. So the FCA is hoping the proposed reforms

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Speaker 7: they've come up with will actually encourage more companies to

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Speaker 7: list here in the UK. That's following concerns about red tape,

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Speaker 7: which is pushing businesses into private hands or to other exchanges.

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Speaker 7: New York particularly, is something that people are very concerned about.

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Speaker 7: So ten of the biggest pension funds warned in a

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Speaker 7: letter to the FCA that the overhaul risked having the

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Speaker 7: opposite effect, claiming it would damage a fundamental investor protections.

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Speaker 7: So that is what the FCA is arguing. But speaking

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Speaker 7: to the Ft Andrew Griffith rejected the complaints and Julia Hoggett,

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Speaker 7: speaking to Caroline yesterday, also defended the proposed reforms.

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Speaker 5: Yeah.

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Speaker 3: I think the interesting thing to take away was that

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Speaker 3: Julia Hoggart was talking about how, you know, the UK

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Speaker 3: has the Europe is a huge market for the UK

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Speaker 3: in terms of financial services, but when it came to listings,

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Speaker 3: she very much had her eye on New York that

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Speaker 3: actually the competition was with New York, and the issue

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Speaker 3: is around things like dual class share structures that give

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Speaker 3: company founders more voting rights. You know that those are

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Speaker 3: the sorts of proposal you know, in this in this reform.

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Speaker 3: But yeah, I thought it was absolutely fascinated that Julia

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Speaker 3: Hoggart was saying we need more of a level playing field.

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Speaker 3: No point having a perfect market, as she put it,

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Speaker 3: if actually you don't have people listing here. So she

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Speaker 3: really was trying to sort of change the conversation.

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Speaker 1: Yeah, let's go next. Leanne to the Times, Salesforce place

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Speaker 1: is a four billion dollar bet on Britain with an

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Speaker 1: investment drive.

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Speaker 7: Yes, so we're speaking about investment, and here's a little

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Speaker 7: bit of investment in the UK. So the tech company

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Speaker 7: is investing these billions, a huge sum of money into

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Speaker 7: its UK business over the next five years. According to

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Speaker 7: The Times, that's to drive innovation and one of the

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Speaker 7: biggest markets outside of the US. Salesforce is not actually

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Speaker 7: giving us any details on where the money will be spent,

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Speaker 7: but they are pointing to some data from the market

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Speaker 7: intelligence firm, the IDC. This suggests customers and partners were

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Speaker 7: expected to create over two hundred and seventy one thousand

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Speaker 7: new jobs and fifty two billion pounds in new business revenue.

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Speaker 7: Now that will be by twenty twenty six. The announcement

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Speaker 7: has been warmly welcomed by the Prime Minister Rishisnak. We

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Speaker 7: do know he's trying to position the UK as a

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Speaker 7: technology hub. We've heard this time again from him. Now.

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Speaker 7: Salesforce currently employees seventy eight thousand employees. That's around the

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Speaker 7: whole world, three thousand.

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Speaker 5: In the UK.

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Speaker 7: So it seems like they're going to be employing pumping

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Speaker 7: money into the economy and into the business. So let's

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Speaker 7: see how this all goes and if it all comes

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Speaker 7: to fruition by twenty twenty six.

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Speaker 3: Yeah, and lastly, Wall Street Journal has this exclusive. Women

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Speaker 3: interviewing for Bill Gates's private office were our sexually explicit question.

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Speaker 7: Yeah, so his office is facing scrutiny over this, and

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Speaker 7: this is an exclusive from the Wall Street Journal. Now

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Speaker 7: some are women interviewing for Bill Gates's private office were

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Speaker 7: actually asked questions during screening about sexual history, past drug use.

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Speaker 7: And basically the argument is that this could have made

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Speaker 7: them vulnerable to blackmail and if they are working for

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Speaker 7: one of the world's richest man. But these questions have

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Speaker 7: been asked. The security firm running background checks for the

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Speaker 7: office also questioned candidates on extramarital affairs and also pornography,

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Speaker 7: but I must say Agates adventures. A spokesperson said the

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Speaker 7: behavior was unacceptable.

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Speaker 5: This was carried out by a third.

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Speaker 7: Party security consulting firm, but ultimately they were trying to

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Speaker 7: get information in regards to blackmail. But some women did

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Speaker 7: say they felt vulnerable. The Wall Street Journals speaking to

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Speaker 7: a whole host of people and couldn't determine whether men

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Speaker 7: were asked the same questions.

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Speaker 1: This is Bloomberg Daybreak Europe, Your morning brief on the

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