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Speaker 1: Good morning. It's Monday, the twenty fourth of July in London.

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Speaker 1: This is the Bloomberg Daybreak EUROP podcast. I'm Stephen Carroll.

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Speaker 1: Coming up today. A nail biting election result in Spain,

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Speaker 1: the Prime Minister Pedro Sanchez surprises with a stronger showing

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Speaker 1: for his Socialist party that's denied the Conservative PP in

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Speaker 1: outright majority and left the country in political limbo where

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Speaker 1: she's snak here in the UK, tries to refocus on

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Speaker 1: the core Tory policy of housing after last week's bruising

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Speaker 1: by elections amid rumblings about green policies from members of

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Speaker 1: his cabinet. Plus Elon Musk announce as a Twitter rebrand

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Speaker 1: that they'll see the platform say bye bye to its

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

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Speaker 1: Spain's Prime Minister Pedro Sanchez has denied his political rivals

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Speaker 1: a majority in parliament after his Socialist Party performed better

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Speaker 1: than expected in Sunday's election, incumbent coming a close second

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Speaker 1: to the Conservative PP. Both sides claimed victory. Here is

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Speaker 1: the People's Party leader Alberto Nunez Fejo In the fourth

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Speaker 1: largest European economy, the Prime minister will be the one

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Speaker 1: of the most votes and more seats than the leader

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Speaker 1: of the opposition. Although Feho's PP has the most seats,

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Speaker 1: analyst suspect he will find it harder to build a

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Speaker 1: coalition to claim power here. In the UK, job vacancy's

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Speaker 1: rolls for a fifth month, boosting salaries and signaling tightness

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Speaker 1: in the labour markers that risks fanning inflation. Whom Brings

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Speaker 1: Human Parts has the details.

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Speaker 2: According to data from Adzuna, there are some one point

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Speaker 2: zero six million job vacancies listed across the UK in June,

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Speaker 2: an increase from the month before. The job search site

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Speaker 2: said that advertised salaries were three point six percent higher

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Speaker 2: than a year ago. Adzona also said the number of

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Speaker 2: days to fill open vacancies is currently at a record low. London,

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Speaker 2: though remains the only part of the country without a

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Speaker 2: bump in pay. The Bank of England will be watching

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Speaker 2: the job market carefully to gauge how much further it

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Speaker 2: needs to raise rates to avoid a wage price spiral.

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Speaker 2: The latest figures indicate companies are still struggling to hire

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Speaker 2: the staff they need, adding pressure to increase wages in London,

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Speaker 2: Imum pots Bloomberg day break.

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Speaker 1: Europe investors have more bets against the dollar than any

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Speaker 1: other time on record as they await the fed's interest

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Speaker 1: rate decision later this week. Bloomberg analyzed eight currency pairers

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Speaker 1: to show traders that boosted net short positions by eighteen

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Speaker 1: percent in the last week. It comes as the FED

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Speaker 1: is expected to rate to hike rates by a quarter

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Speaker 1: point to the highest level in twenty two years. Bloomberg

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Speaker 1: Opinion columnist Muhammad Alarians as there are big splits between

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Speaker 1: the FED, the BOE and the ECB.

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Speaker 3: All three are going to hike by twenty five basis points,

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Speaker 3: but that's where the communality will end. I think the

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Speaker 3: FED will come across as dubvish, the Bank of England

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Speaker 3: will still be quite hawkish, and the ECB will be

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Speaker 3: in the middle in terms of the Ford policy guidance.

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Speaker 1: The European Central Bank will set their base rate on Thursday,

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Speaker 1: a day after we have a decision from the Federal Reserve.

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Speaker 1: That was Bloomberg Opinion columnist Muhammad Alarian speaking. There now

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Speaker 1: people on the Greek island of Roads who've been evacuated

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Speaker 1: from Arias due to wildfires are being offered flights back

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Speaker 1: to the UK. Today, easy Jet is putting on two

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Speaker 1: planes to repatriate people to Gatwick Airport after roughly nineteen

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Speaker 1: thousand tourists are currently displaced on the Greek island. Operators

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Speaker 1: are facing criticism for not acting quickly enough as tourists

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Speaker 1: and locals scrambled to safety. Alga Kefalogianni is Greece's Tourism minister.

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Speaker 4: Our primary concern, our first priority is always safety, and

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Speaker 4: we have managed to very safely evacuate all these people

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Speaker 4: and have them accommodated and of course in very safe places.

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Speaker 1: That was Greece's Tourism minister. I. Meanwhile, the fire risk

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Speaker 1: remains high across Greece amid the heat wave that's setting

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Speaker 1: temperature records across southern Europe. Now, box office has hit

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Speaker 1: a four year record. Is Barbie raked in more than

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Speaker 1: three hundred million dollars on its debut weekend. Tel CEO

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Speaker 1: Richard Dixon told Bloomberg that the movie is part of

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Speaker 1: a broader pivot for the toy manufacturer.

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Speaker 5: The opportunity that I saw when I joined the company

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Speaker 5: was to continue to grow the toy business, but turn

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Speaker 5: Mattel from what it used to be more of a

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Speaker 5: toy manufacturing company into an IP company that manages franchises.

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Speaker 1: It's not just the toy franchise in the spotlight though,

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Speaker 1: and estimated two hundred thousand US moviegoers bought tickets to

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Speaker 1: see both Barbie and the Atomic biopic Oppenheimer on the

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Speaker 1: same day at Cinema Chains. So those are some of

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Speaker 1: our top stories this morning or catching mye Also this morning, though,

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Speaker 1: is the latest news from Twitter set to change its

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Speaker 1: logo to X. Elon Musk says he said to be

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Speaker 1: getting rid of the iconic blue bird that's long been

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Speaker 1: part of the company's signature. He tweeted late on Saturday

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Speaker 1: night that if a good enough X logo was posted

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Speaker 1: that night that he would make it go live worldwide tomorrow.

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Speaker 1: So an interim X logo is coming later or has

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Speaker 1: managed to make its appearance on the social media's branding,

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Speaker 1: although the bluebird is still in evidence this morning when

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Speaker 1: I was taking a look at Twitter, but evidence I

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Speaker 1: suppose of more changes still coming from Elon Musk at Twitter.

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Speaker 1: He had said during a Twitter Space's appearance some time

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Speaker 1: back that this should have been done a long time ago.

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Speaker 1: Although the ditching the bird will be an interesting move

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Speaker 1: for the social network as well. Well, let's turn back

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Speaker 1: two events here in the UK after last week's by elections,

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Speaker 1: but set the scale of the challenge facing the Prime

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Speaker 1: minister before the next election. Rishi Sunak today is trying

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Speaker 1: to refocus attention on a core Tory policing housing, with

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Speaker 1: the renewed commitment to build one million new homes over

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Speaker 1: the course of this parliament. We've got Oura and HISS

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Speaker 1: director Roslind Mathison with us for more this morning. Good

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Speaker 1: morning to you, Roz. Housing a key issue for the Tories.

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Speaker 1: Is this a sign of a prime minister going back

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Speaker 1: to basics and challenging times?

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Speaker 6: Well, certainly it's evidence that Prime to Sunac and his

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Speaker 6: government are really grappling with what to do with an election,

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Speaker 6: you know, coming either late this year or possibly sort.

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Speaker 7: Of late next year.

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Speaker 6: They've got time to get the economy in order, but

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Speaker 6: they're looking at how they can differentiate themselves from labor

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Speaker 6: and we voters.

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Speaker 7: So what to do there?

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Speaker 6: Well, the economy is always a key issue in elections,

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Speaker 6: and we've got the endless discussion here around cost of living, inflation,

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Speaker 6: unaffordable housing, unavailability of housing, and so it's clear that

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Speaker 6: they're saying, well, what we can do here is promise

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Speaker 6: to provide more housing. The question is, though, so far

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Speaker 6: in his tenure, Sunac has fallen short of his promises

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Speaker 6: to generate new housing for people, and so there's got

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Speaker 6: to be a lot of skepticism there about his ability

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Speaker 6: to deliver possibly the last eighteen months of this administration.

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Speaker 6: But as a message to voters, it may resonate if

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Speaker 6: they can say they're going to a drop the cost

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Speaker 6: of housing for people and also make more of it available.

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Speaker 1: Yeah, of course, and this is at a time too

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Speaker 1: that we've got homeowners also struggling with the impact of

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Speaker 1: higher interest rates. It was another part of this puzzle

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Speaker 1: as well. We had comments too over the weekend from

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Speaker 1: the Leveling ob Secretary Michael Gove. We'll be taking partons

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Speaker 1: announcement on housing later as well. He's saying the Tory

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Speaker 1: Party should relax their green pledges before the general election.

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Speaker 1: How significant are the signs that we're coming from Michael Gove.

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Speaker 7: Well, he's the first to really say it out loud

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Speaker 7: and so directly.

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Speaker 6: He's sort of warning about not getting sort of inter

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Speaker 6: religious fervor when it comes to the greening of the economy.

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Speaker 7: But they have to be a bit.

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Speaker 6: Careful there because voters do still support moves to reduce

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Speaker 6: greenhouse gas emissions, for example, to make houses more energy efficient.

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Speaker 6: They just oppose the way that the government and also

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Speaker 6: the labor opposition had been looking to go around it

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Speaker 6: and about it and how they going to spend money

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Speaker 6: to do that. And so it's really less about not

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Speaker 6: wanting policies to improve the environment. It's about the way

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Speaker 6: and the mechanism and the costs that are involved.

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Speaker 7: That people are upset about. And of course the.

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Speaker 6: Government has limited space here to spend money to do that,

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Speaker 6: and so what they're looking at is how can we

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Speaker 6: find ways to sort of reduce the energy footprint for

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Speaker 6: people and to green the economies and the cities of

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Speaker 6: England without of course having to put more money on

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Speaker 6: the taxpayer. And so you can sense a bit of

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Speaker 6: fatigue coming in amongst voters about that.

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Speaker 7: They're saying, right now there are more immediate problems.

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Speaker 6: That doesn't mean they don't support again environmental policies, but

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Speaker 6: right now they say there's bigger priorities and you can

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Speaker 6: see perhaps an effort come in, not just on the

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Speaker 6: labour side, but also on the Tories to sort of

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Speaker 6: slow walk some of that going into the election.

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Speaker 1: Yeah, this is interesting to think about in a broder

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Speaker 1: European context as well, because the balancing of green pledges

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Speaker 1: and economic growth is playing out another places too. Interesting

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Speaker 1: to see that latest poll out of Germany showing a

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Speaker 1: surge and support for the fireright AfD at the expanse

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Speaker 1: of the governing coalition. You know, is there something that

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Speaker 1: you can kind of look at as a broader European

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Speaker 1: issue as well?

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Speaker 2: Well?

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Speaker 6: What is interesting seeing the support there because the AfD

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Speaker 6: goes up and down, but it's in a bit of

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Speaker 6: an uptick at the moment, and that seems to be

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Speaker 6: the expense particularly the Green Party in Germany, which is

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Speaker 6: in of course the coalition with Chancellor Olaf Schultz, and

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Speaker 6: that's because there's infighting going on in the coalition there

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Speaker 6: about how to make houses more energy efficient again, reduce

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Speaker 6: the reliance on fossil fuels and not put too much

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Speaker 6: of a financial burden on households. But in a way

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Speaker 6: it's just about the function of that coalition. Also because

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Speaker 6: there's not been particularly good relationship between Shoals and his

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Speaker 6: coalition partners.

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Speaker 7: Arguably they've let these issues drag.

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Speaker 6: On and on for months and sort of show that

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Speaker 6: in fighting publicly, and the public again is quite sick

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Speaker 6: of that. So it's a bit like the UK in

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Speaker 6: a way where people do support environmental policies. In Germany,

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Speaker 6: all the opinion polls show a strong level of support

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Speaker 6: for making houses more energy efficient, for making their country

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Speaker 6: more environmentally friendly in the long run. But what they're

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Speaker 6: irritated about is the way that the government the coalition

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Speaker 6: is trying to do it and the disagreements that they're

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Speaker 6: seeing come out publicly about it, and the questions about

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Speaker 6: how money gets spent and where.

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Speaker 7: So it is a bit like the UK and other

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Speaker 7: parts of Europe.

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Speaker 6: But the baseline is again people do want environmentally friendly

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Speaker 6: policies in their countries, they just object to the way

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Speaker 6: the governments are trying to do it.

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Speaker 1: Yeah, really interesting to watch that debate at play out.

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Speaker 1: Rosen Massen r MAA news director, Thank you very much

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Speaker 1: for joining us with that roundup of those stories this morning.

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Speaker 1: Up next bank CEO's summoned and building a majority.

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Speaker 3: Now the paper review on blue Bird Daybreak Europe. The

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Speaker 3: news you need to know from today's papers.

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Speaker 1: And Bloombergsley Angerrens joins us in the studio with the

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

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Speaker 1: with the Financial Times. It has the headline Treasury to

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Speaker 1: summon bank chiefs to address debanking after Farage Furor of course,

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Speaker 1: the story we've been covering in detail on this program.

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Speaker 8: Yes, indeed, Stephen, a big story that we have had here.

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Speaker 8: Of course we spoke to Nigel Farage last week, but

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Speaker 8: this is a real step that we're hearing now in

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Speaker 8: the direction of this story. So almost the next leap

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Speaker 8: in it, and the UK Treasury will summon the head

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Speaker 8: of the country's biggest banks this week to explain how

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Speaker 8: they unsure customers are basically not d banked for their

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Speaker 8: political views. And this is all according to a report

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Speaker 8: in the ft so Nat West, Lloyd's, HSBC and Barclays

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Speaker 8: are among those nineteen banks and FinTechs that will be

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Speaker 8: called to a meeting. And that's after closing of the

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Speaker 8: former Independence Party Nigel Farag's account with Coots and as

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Speaker 8: we all know, it caused this huge political backlash. It

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Speaker 8: was in all of the papers, it was basically the

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Speaker 8: forefront of the news here now Andrew Griffith, that's Economic

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Speaker 8: Secretary to the Treasury, is going to write to the

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Speaker 8: banks today and according to a draft of the Treasury

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Speaker 8: letters seen by the FT, heads of the biggest banks

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Speaker 8: will also be asked on how they intend to implement

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Speaker 8: these new rules that were basically rushed through last week

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Speaker 8: that the government says are designed to protect customers' rights

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Speaker 8: to free speech. And the measures include extending the notice

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Speaker 8: period for customers being dropped from thirty days to ninety

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Speaker 8: days and also given clients a fuller explanation on a

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Speaker 8: decision to ditch them. So this is what's happening. We're

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Speaker 8: going to see this letter being written today, according to

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Speaker 8: the FT, and this story is not going away.

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Speaker 1: No, it doesn't seem so. And be interesting to see

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Speaker 1: what comes of the result of that letter today lately.

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Speaker 1: And let's go to the Telegraph. Next the headline they're

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Speaker 1: travel firms told they must not fail. Britain's stranded after

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Speaker 1: Rhodes wildfires.

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Speaker 8: Now, Stephen, I just want to say, if you have

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Speaker 8: a look across what's making the front page of the

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Speaker 8: morning newspapers, many of them on leading on these wildfires

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Speaker 8: on the Greek island of Roads So this is a

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Speaker 8: story really dominating today. And as you say, UK government

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Speaker 8: officials they've been holding emergency meetings yesterday as they called

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Speaker 8: for more helpful people who are stranded on Rhodes Island.

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Speaker 8: Travel companies are under this huge amount of pressure to

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Speaker 8: repatriate thousands of tourists and this is as we've seen

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Speaker 8: all those images. The Greek islands are being completely ravaged

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Speaker 8: by blazes and people are really fleeing for their lives.

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Speaker 8: That's many of the descriptions that we are reading across

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Speaker 8: the papers. Easy Jet has an answer, will be running

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Speaker 8: three repatriation flights today back to Gatwick Airport for those

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Speaker 8: who have had to flee their hotels. So two ian

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Speaker 8: Jet two said they would be canceling all flights into

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Speaker 8: the island.

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Speaker 7: Now, Stephen, we've.

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Speaker 8: Heard that Greek authorities are saying this is the biggest

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Speaker 8: evacuation ever. Total of thirty thousand people were moved, including

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Speaker 8: three thousand rescued from beaches. So things are really looking

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Speaker 8: serious and people want to know what answers are available

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Speaker 8: and get home.

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Speaker 1: Yes, so Roads and Corfu the two islands that we've

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Speaker 1: seen those wildfires happen so far, Leanne let's go to

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Speaker 1: the Guardian next. Then Sunak promises new focus on inner

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Speaker 1: city housebuilding projects, something that we were just alluding to

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Speaker 1: there with Brazlan Mathison a moment ago.

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Speaker 7: Yeah, absolutely so.

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Speaker 8: Rishie Sunac has announced that inner city areas will be

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Speaker 8: the focus of these new housebuilding projects. Stephen, and he

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Speaker 8: promises not to concrete over the countryside. And I wonder

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Speaker 8: if this is all to do with the upcoming election.

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Speaker 8: This is a move designed to really show sympathy for

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Speaker 8: those struggling to get on the housing ladder in cities.

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Speaker 8: We know how expensive it is also trying to avoid

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Speaker 8: backlash from within his own party. According to The Guardian

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Speaker 8: later this morning, the Housing Secretary, that's Michael Gove.

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Speaker 7: He's going to announce new freedoms.

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Speaker 8: Actually to extend planning permissions so empty shops can be

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Speaker 8: turned into properties. As Rishie Sunak says, the government is

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Speaker 8: going to meet its Manifesto commitment to build one million

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Speaker 8: new homes.

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Speaker 7: However, we have seen here the head.

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Speaker 8: Of planning at the property firm Night Frank, said the

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Speaker 8: move is not going to be meaningful enough.

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Speaker 1: Basically, this is Bloomberg Daybreak Europe, your morning brief on

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Speaker 1: the stories making news from London to Wall Street and beyond.

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