Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Speaker 1: Daybreak Europe podcast, available every morning on Apple, Spotify or
Speaker 1: wherever you listen. It's Monday, the twelfth, the May in London.
Speaker 2: I'm Lizzie Burden and I'm Stephen Carroll coming up today.
Speaker 2: Substantial progress may have been an understatement. The US and
Speaker 2: China agree to significantly lower tariffs in a ninety day
Speaker 2: cool augh period.
Speaker 1: The US cuts its levees on Chinese goods from one
Speaker 1: hundred and forty five percent to thirty percent, while China
Speaker 1: reduces its duties from one hundred and twenty.
Speaker 3: Five percent to ten percent.
Speaker 2: Markets rejoice, SMP mini futures jump as much as three percent,
Speaker 2: as equities power ahead and bonds and gold tumble.
Speaker 3: Let's start with a roundup of our top stories.
Speaker 1: The United States and China have agreed to significantly cut
Speaker 1: tariffs on each other's goods in a ninety day pause
Speaker 1: of the trade war between the world's two largest economies.
Speaker 1: The US will reduce its tariffs from one hundred and
Speaker 1: forty five percent to thirty percent on Chinese imports, while
Speaker 1: China will bring its levees down to ten percent from
Speaker 1: one hundred and twenty five percent. US Treasury Secretary Scott
Speaker 1: Bessent says neither country wants to see trade between them stop.
Speaker 4: The consensus from both delegations this weekend is neither side
Speaker 4: wants a pecuplin and what had occurred with these very
Speaker 4: high tariffs, as Investador Reverse said, was the equivalent of
Speaker 4: an embargo, and neither side want set. We do want trade.
Speaker 1: Bessent added that the US still wants supply chain independence
Speaker 1: in six key industries and will continue with what he
Speaker 1: called strategic rebalancing in those sectors.
Speaker 3: The pause was announced in a.
Speaker 1: Joint statement with China, with a Foreign Ministry spokesperson in
Speaker 1: Beijing declining to give further details.
Speaker 2: US Talk features if Sara's bonds are selling off and
Speaker 2: the dollar is strengthening After the announcement from the US
Speaker 2: and China, SMP five hundred SMP mini futures are up
Speaker 2: two point six percent on Wall Street, the NASDAK features
Speaker 2: are up by three point four percent, as the Bloomberg
Speaker 2: Dollar Spot Index is up by nine tenths of one percent.
Speaker 2: Benedict Low Equity and Derivative Strategist for Europe at BNP
Speaker 2: Parri about markets three point sixty, says the move was
Speaker 2: a pleasant surprise for investors.
Speaker 5: We were actually surprised by the number that came out.
Speaker 5: The kind of hearing all word on the street was
Speaker 5: fifty to sixty percent on China. So I think that
Speaker 5: was a net positive, and you're seeing huge reaction, especially
Speaker 5: in the US equity market, which makes sense because that
Speaker 5: was the market that was and the economy as a
Speaker 5: whole that will be more.
Speaker 3: Affected by it.
Speaker 5: So I would say it's a bris coonstint at least
Speaker 5: for the next few days.
Speaker 2: That's BNP Parabos Benedict Low speaking there. As we are
Speaker 2: seeing European stocks rising as well as the dollar has rallied.
Speaker 2: The euros heading for its worst day this year against
Speaker 2: the dollar, down currently one point two percent at one eleven,
Speaker 2: the en also dropping by one point seven percent, goal
Speaker 2: prices sliding two down two point nine percent, as crude
Speaker 2: oil has rallied.
Speaker 1: The Treasury Secretary also used the press conference to make
Speaker 1: the case for the way in which the US likes
Speaker 1: other nations to approach relations. Scott Bessent told the press
Speaker 1: the positive mood music set by the UK and Swiss
Speaker 1: teams was in stock contrast to that of the EU.
Speaker 4: The UK and Switzerland have moved to the front of
Speaker 4: the queue for the trade deals, whereas the EU has
Speaker 4: been much slower, so we value.
Speaker 1: That also, Treasury Secretary Scott Best sent speaking there in
Speaker 1: Geneva after the US and UK last week secured an
Speaker 1: agreement to roll back some of the Trump administration's recent
Speaker 1: tariffs on the British economy.
Speaker 2: Pharmaceutical stocks have dropped after President Trump announced plans to
Speaker 2: sign an executive order later aimed at significantly reducing US
Speaker 2: prescription drug prices in Europe. Obesity drug maker Novo Nordisk
Speaker 2: fell by as much as eight point six percent at
Speaker 2: the open, one of the steepest decliners in the stocks
Speaker 2: six hundred Healthcare Index, which slid by three point three percent.
Speaker 2: With more details here at Boombergs ta are.
Speaker 6: At a bio.
Speaker 7: While the details remain unclear, the President claims the order
Speaker 7: will require that Americans pay no more than the lowest
Speaker 7: price charged for the same medication in any other country.
Speaker 7: In a post on truth Social Trump said the move
Speaker 7: could lower US drug prices buy as much as eighty percent.
Speaker 7: Americans currently pay the highest prices in the world for
Speaker 7: prescription medications. However, drug makers argue that such reforms would
Speaker 7: cut into their revenues and undermine the development of breakthrough
Speaker 7: therapies that could extend and improve lives. In London, Tea
Speaker 7: were at a bio Bloomberg Radio to earnings.
Speaker 1: UniCredit has posted first quarter profit that topped analyst expectations,
Speaker 1: as net income in the first three months of the
Speaker 1: year rose to two point seven to seven billion euros.
Speaker 1: The results strengthen the hand of CEO Andrea Orceell as
Speaker 1: he pursues potential acquisitions, including Germany's comments Bank and an
Speaker 1: unsolicited bid for ital Italy's Banco BPM. UniCredit, Italy's second
Speaker 1: largest bank, is now forecasting annual profit exceeding nine point
Speaker 1: three billion euros.
Speaker 3: The shares are up more than three percent.
Speaker 2: Vladimir Zelenski says he will be waiting for Vladimir Putin
Speaker 2: in Turkey on Thursday. The leaders of Russia and Ukraine
Speaker 2: are being pushed to begin peace talks by the United
Speaker 2: States and Europe. Ukraine's president says, Kiev is ready to
Speaker 2: end this war.
Speaker 3: Your nas Vukrainian maa.
Speaker 6: Ukraine which absolutely no problem engaging in negotiations. We're ready
Speaker 6: for any format. I will be in Turkey this Thursday,
Speaker 6: the fifteenth May. I expect Britain to come to Turkey
Speaker 6: as well.
Speaker 2: Zelenski's planned trip comes after US President Donald Trump insisted
Speaker 2: the two leaders meet despite Moscow's reluctance to agree to
Speaker 2: a thirty day ceasefire. The UK and other European countries
Speaker 2: say they're a ready a dramatic increase in sanctions on
Speaker 2: Russia should Putin not engage with negotiations.
Speaker 3: Those are you top stories this morning? On the markets.
Speaker 1: The stock six hundred is higher half of eight percent
Speaker 1: on Wall Street, smp E many futures up two point
Speaker 1: five percent. Now is that future is up three point
Speaker 1: three percent, and the tenure US treasure reeled is up
Speaker 1: seven basis points at four point four to four percent.
Speaker 2: In a moment, we'll bring you analysis of the US
Speaker 2: China trade war pause and take you through the big
Speaker 2: reaction on markets. But Lizzie listening to the US Treasury
Speaker 2: Secretary Scott Besant and Jemson Greer, the US Trade Representative,
Speaker 2: speaking in Geneva announcing those measures that did strike me
Speaker 2: that both yesterday and today they've mentioned the setting, they've
Speaker 2: talked about. How you know, the fact that they were
Speaker 2: in such a beautiful place with lots of tranquility really
Speaker 2: helped to steer those discussions along. And even Jemeson Grier
Speaker 2: going as far as sort of making a dig at
Speaker 2: hotel diplomacy, saying that because they were in the Swiss
Speaker 2: ambassador's residence, the Swiss delegation to the United Nations engineer,
Speaker 2: that's where some of those talks took place, and he
Speaker 2: was saying that really helped them get the deal across
Speaker 2: the line. This is a new era for Mountain diplomacy.
Speaker 2: Maybe late diplomacy a.
Speaker 1: Bit harsh on the hotel, but look, we've got the
Speaker 1: Peak District, the Lake District.
Speaker 3: If anyone wants to come.
Speaker 1: Here and negotiate build on that UK US trade packed,
Speaker 1: I'm sure that they could do it.
Speaker 6: Well.
Speaker 2: That's bringing more details of what we heard from those
Speaker 2: US representatives on this tariff poles between the US and China,
Speaker 2: our trades are. Brandon Murray is with us for more
Speaker 2: in studio. Brandon, good morning. How significant is the relief
Speaker 2: for both economies from what we heard.
Speaker 8: Well, it's very significant for the Chinese economy. What we
Speaker 8: saw today was a major pullback in the trade war
Speaker 8: that the US waged against China. Remember yesterday there were
Speaker 8: one hundred and forty five percent tariffs on almost every
Speaker 8: Chinese import into the US. That gets reduced down to
Speaker 8: thirty percent, which, if you recalled, President Trump said just
Speaker 8: a few days ago that eighty percent sounded reasonable. So
Speaker 8: what the US walked out of there today with is
Speaker 8: less than half of what Donald Trump said was reasonable.
Speaker 8: If you're on the Chinese side, you got a great
Speaker 8: deal in given what you gave up. Remember China's China
Speaker 8: had duties on American imports into China, but much less
Speaker 8: than the U that than China ships to the U S. So, uh,
Speaker 8: if you're if you're in Beijing today, you might be
Speaker 8: calling this uh uh just six weeks from Donald Trump's
Speaker 8: liberation Day. Uh, the US retreat day in in a
Speaker 8: large way because uh, the definitely the heat of the
Speaker 8: trade war is much lower now, and it gives time
Speaker 8: three months is what the this period of negotiation will
Speaker 8: we'll move into next. And it gives, uh, it gives
Speaker 8: to give them, gives the two sides a chance to
Speaker 8: work through the pretty major agreement disagreements that they still have.
Speaker 8: But I think the analysis at the end of the
Speaker 8: day is going to be that the US gave up
Speaker 8: a lot of its leverage.
Speaker 1: Do you read anything, Brendan into the fact that the
Speaker 1: China Foreign Ministry offered no further comment on the trade deal.
Speaker 8: I'm no analyst of Chinese politics, but they you know,
Speaker 8: they wouldn't want to be seen as grand standing. But
Speaker 8: we'll have We'll have to wait and see what the
Speaker 8: trade hawks and walk Shington say when they get up,
Speaker 8: when they wake up this morning. But my guess is
Speaker 8: that there it will be seen as a major, almost
Speaker 8: too much of a retreat from Washington's perspective.
Speaker 2: I mean, what does that mean for trade flows? We've
Speaker 2: been reporting about how so many of Chinese goods had
Speaker 2: been moving away from the US to other countries in
Speaker 2: anticipation of these or as these tires have taken effect
Speaker 2: as well. What about the prospect that a ninety day
Speaker 2: pause could be enough for some of that damage to
Speaker 2: be undone?
Speaker 8: It could? You know, a thirty percent tariff on Chinese
Speaker 8: imports into the US can be managed, one hundred and
Speaker 8: forty five percent can't be. So you can divert, you
Speaker 8: can divert products to other countries where you can ship
Speaker 8: from to avoid tariffs. But this is going to be
Speaker 8: Remember this thirty percent is divided into two segments, the
Speaker 8: ten percent baseline that every other country gets and the
Speaker 8: twenty percent fentanyl tariff that the US put on China.
Speaker 8: China can get out of that fentanyl tariff if it
Speaker 8: does what the US wants it to crack down on
Speaker 8: the export of the materials used to make vents and all.
Speaker 8: So at the end of the day, China is in
Speaker 8: the same place as everybody else is it could be,
Speaker 8: and most China Hawks in Washington would say they're the
Speaker 8: biggest violator of trade rules. So it'll be interesting to
Speaker 8: see how the Trump administration defends what it got here.
Speaker 8: Certainly markets like it, that will be seen as a positive.
Speaker 8: But if you're in a long term trade disagreement with
Speaker 8: China to rebalance one point two trillion dollar trade and balance,
Speaker 8: this is going to make it more difficult to apply
Speaker 8: leverage to China.
Speaker 1: So how much hope is this going to give to
Speaker 1: other countries that they can negotiate good terms too.
Speaker 8: Yeah, you would think that that that this would this
Speaker 8: would give them, uh, you know, some sense of relief
Speaker 8: between this deal and the and the deal that the
Speaker 8: UK signed last week. Uh, you know, a lot of
Speaker 8: these details are still kind of vague, and and you
Speaker 8: know that there's no there's nothing, uh, there's not a
Speaker 8: whole lot of fine print on on either of these two.
Speaker 8: But you've got to think that the that the US
Speaker 8: administration has felt, the has heard the concerns from US
Speaker 8: businesses about how they came out of the gates fast
Speaker 8: and high with their tariffs and that is applying economic
Speaker 8: pain to the US and that they are now uh,
Speaker 8: you know, in a in a situation where they you know,
Speaker 8: they have to bring those down in a big way.
Speaker 8: This is this is not uncharacteristic of Donald Trump's style.
Speaker 8: He comes in big, with his hardest punch, and then
Speaker 8: he says, you know, let's you know, then you know,
Speaker 8: then then will then we'll uh you know, will negotiate things,
Speaker 8: you know, in a calmer fashion. But and this seems
Speaker 8: to be what we're hearing. We heard Scott Besson say
Speaker 8: today that he and the US Trade Representative Jameson Greer say,
Speaker 8: we don't want to decouple from China, we don't want
Speaker 8: to trade embargo and what's what that's doing to the
Speaker 8: US economy? Right now is causing a lot of disruption
Speaker 8: and a lot of small companies can't do can't do
Speaker 8: business if with tariffs of one hundred and forty five
Speaker 8: percent on their Chinese parts and products. So I think
Speaker 8: what we're seeing is a pretty sharp pullback from the
Speaker 8: US administration. Now that could all that could all change
Speaker 8: too this. You know, they can tariffs can come back
Speaker 8: as soon as they go away. But it looks today
Speaker 8: like the US gave more concessions than China did.
Speaker 2: Okay, Brendon Murray, our trades are thank you very much.
Speaker 1: Well, let's get to the market reaction now. Cridy Gupster,
Speaker 1: who anchors the opening trade on Bloomberg Television, has been
Speaker 1: watching the markets move in real time, and she joins
Speaker 1: us now in the studio. Christy, what stood out for
Speaker 1: you in the market reaction, particularly the equity maybe seem
Speaker 1: pretty stoning.
Speaker 9: So the bar was high going into this presser. There
Speaker 9: was a lot of optimism baked in really starting on
Speaker 9: Friday actually, and you saw it on both sides of
Speaker 9: the Atlantic, and then over the weekend the substantial progress
Speaker 9: line even Donald Trump's buy stocks on Friday was or
Speaker 9: on Thursday night, I should say was quite telling. We
Speaker 9: didn't expect this kind of optimism though, because, as Brendan
Speaker 9: was saying, the expectation the line in the sand was
Speaker 9: eighty percent. To come down to thirty is massive. A
Speaker 9: one hundred and fifteen percent reprieve on that tariff freight
Speaker 9: is enormous. The problem here, and the hiccup here that
Speaker 9: you're going to see perhaps maybe filter through the markets
Speaker 9: in the next couple of days, is that this is
Speaker 9: only for ninety days, and those tariffs initially were meant
Speaker 9: to be put on four ninety days. That one hundred
Speaker 9: and forty five percent was meant to be for ninety days,
Speaker 9: and we're not even I don't even think we're thirty
Speaker 9: days through, maybe a little over thirty days, and already
Speaker 9: we're seeing a reversal. So when you start to see
Speaker 9: some of the commentary come from Donald Trump or Scott Bessend,
Speaker 9: that's where the red herrings kind of.
Speaker 3: Lie in some of the data.
Speaker 9: But right now, again the bar was high, and Scott
Speaker 9: Bessant already beat. So the optimism is showing up in
Speaker 9: the equities picture, in the bonds picture, in the currency's picture,
Speaker 9: and even in oil, which was really weighed down by
Speaker 9: those growth concerns.
Speaker 2: But how sustainable can this sentiment be? To your point
Speaker 2: that this is only ninety days, so there are a
Speaker 2: couple of things.
Speaker 9: So now this has kind of shown, so you're right,
Speaker 9: can't it's not sustainable because this can always you turn
Speaker 9: and that is the kind of word on the street here.
Speaker 9: But what it is showing is a mechanism with which
Speaker 9: to de escalate. And that is a crucial piece because
Speaker 9: thirty days ago we didn't have this mechanism.
Speaker 3: We didn't have high level talks.
Speaker 9: We didn't even have lower level talks for then ultimately
Speaker 9: Scott bessen to go over to Geneva and sign the deal.
Speaker 9: Both sides were not talking and I think that has
Speaker 9: been the real game changer here, that if there was
Speaker 9: some sort of hiccup in policy. For example, and you
Speaker 9: heard that in the press conference from Scott Bessant that
Speaker 9: he brought up the cartels in terms of the fentanyl
Speaker 9: trade in Mexico, he brought up currency manipulation, He brought
Speaker 9: up the fact that both sides, the US and China,
Speaker 9: were acting in their national interests. So it wasn't exactly
Speaker 9: the all friendly, all sunshine and rainbows. There were clear
Speaker 9: pieces of concerns that were still meant to be the
Speaker 9: Currncy manipulation is the piece of it. Notably absent was
Speaker 9: the fact that the Treasury Secretary didn't talk about the
Speaker 9: massive holdings of treasuries that China has. So you can
Speaker 9: see that there are still sticking points. But now we
Speaker 9: know that if things were to ratchet up, there is
Speaker 9: a way back to de ratcheting.
Speaker 1: Okay, Kritty group to opening trade anchor from Bloomberg Television,
Speaker 1: we thank you. Let's bring in our Hong Kong News
Speaker 1: Desk editor Jill de Sis Jill, good morning.
Speaker 3: Does this count as a win for Beijing?
Speaker 10: Here is just trying to parse through all of the
Speaker 10: numbers along with everybody else, and I do think this
Speaker 10: is a pretty significant improvement for China. I mean, obviously
Speaker 10: there's just the headline number, right if you're reducing those
Speaker 10: tariffs that significant for the next ninety days. I mean,
Speaker 10: it does indicate that maybe relations are improving. Obviously it's
Speaker 10: only temporary, but I think that you know, that does
Speaker 10: indicate that there's you know, that's a step in the
Speaker 10: right direction. It certainly isn't you know, I mean, removing
Speaker 10: the you know, one hundred and twenty five and forty five
Speaker 10: percent terriffs that we saw in China. That's that's that's
Speaker 10: a that's a pretty good victory for China. So yeah,
Speaker 10: I think we have to see where things go from here.
Speaker 10: But the fact that the progresses even gotten to this point,
Speaker 10: I think that's pretty promising.
Speaker 2: How much could this bring relief for the Chinese economy, Joe,
Speaker 2: because we've been seeing early signs of the effects the
Speaker 2: tariffs had already been having, or at least the uncertainty
Speaker 2: over the tariffs had been having on things like trade flows.
Speaker 10: Yeah, I mean I think that you know, when you're
Speaker 10: looking at you know exactly what this means for the
Speaker 10: Chinese economy, and you know, taking a look at some
Speaker 10: of the Bloomberg Economics data that we've been really putting out,
Speaker 10: I mean, just that the fact that the shock on
Speaker 10: you know, how much this meaning for US imports is
Speaker 10: going down significantly. I think the that's you know, a
Speaker 10: really really big improvement. I'm talking actually right now with
Speaker 10: the some of our reporters who have been reaching out
Speaker 10: to Chinese exporters who are absolutely elated at this news
Speaker 10: so far. I mean we were, you know, just talking
Speaker 10: to somebody who has a t moostore selling you know,
Speaker 10: sort of face and body painting tools, saying that, you know,
Speaker 10: their entire office was shouting horay. That particular Chinese exporter.
Speaker 10: I mean, that's somebody that had a stockpile of about
Speaker 10: five months supply and a US warehouse, just kind of
Speaker 10: waiting to see what was ultimately going to happen in
Speaker 10: this trade war. You know what that person was telling us,
Speaker 10: you know, just a few minutes ago, is essentially that
Speaker 10: they're elated because they were actually expecting this to drag
Speaker 10: on for quite a bit longer. And the fact that
Speaker 10: you already have this reprieve not too long, you know,
Speaker 10: about a month and some change after these tarrots really
Speaker 10: went into effect, that's actually been really promising for them.
Speaker 10: So at least from the Chinese exporter side, I mean,
Speaker 10: people that are doing direct business with American consumers that
Speaker 10: are really really dependent on these types of trade flows,
Speaker 10: We're already seeing a lot of encouragement there. Again, I
Speaker 10: do have to stress obviously these tariffs, you know, this reprieve,
Speaker 10: these cuts are.
Speaker 3: Only in place for ninety days.
Speaker 10: But again, the trajectory is certainly very positive, or at
Speaker 10: least the sentiment here is that this has been very positive.
Speaker 1: Well, Jill, some of those exporters out of China had
Speaker 1: already moved trade to other countries in Asia worried about
Speaker 1: the tariff war. We saw that in the data on Friday.
Speaker 1: Do you think we now just hit undo on that.
Speaker 10: Pleissie, I think, you know, obviously too early to say there,
Speaker 10: because ultimately, you know, I mean, if you're some of
Speaker 10: these exupporters, sure you do have those ones that are
Speaker 10: you know, very elated by this, and we're really banking
Speaker 10: on that business. But you also, you know, have a
Speaker 10: lot of people that you know, at the end of
Speaker 10: the day, there's still a lot of uncertainty here here, right,
Speaker 10: I mean, you know, let's just park it and rewind,
Speaker 10: you know to where we were about a month or
Speaker 10: you know, two months ago. I mean, you know, you
Speaker 10: had you know, these not just these tariffs on China,
Speaker 10: but also these reciprocal tariffs that countries all over the
Speaker 10: world were facing, and there was you know a lot
Speaker 10: of confusion over what exactly that would ultimately mean for
Speaker 10: how the United States is doing trade in business with
Speaker 10: you know, countries worldwide. I mean, we saw during the
Speaker 10: first Trump administration, you know, a lot of you know,
Speaker 10: different companies that were already starting to diversify away from China,
Speaker 10: trying to put the rigs in different baskets in Southeast Asia.
Speaker 10: Some of those guys got burned, you know, just a
Speaker 10: month or so ago when we saw really high tariffs
Speaker 10: on Vietnam and others. Obviously, some of those have currently
Speaker 10: been paused. But I think, you know, that's a long
Speaker 10: way of saying that there's still a lot of uncertainty
Speaker 10: in this environment. Obviously, the cuts that we've seen so far,
Speaker 10: while dramatic, I'm still only in place for ninety days,
Speaker 10: so I can imagine that if you're you know, an exporter,
Speaker 10: if you're considering where exactly you're sort of setting up
Speaker 10: shop and how you want to do business with the
Speaker 10: United States, it's still a bit of an uncertain environment
Speaker 10: until you have something that actually does feel like a
Speaker 10: definitive deal.
Speaker 3: Jill.
Speaker 2: Another note of caution, perhaps too, from these comments from
Speaker 2: Scott best and about the five or six strategic industries
Speaker 2: where the US is going to seek supply chain independence
Speaker 2: and this quote strategic rebalancing that he's promising, is that
Speaker 2: suggests that there'll still be significant bones of contenent and
Speaker 2: the trading relationship between the US and China.
Speaker 10: Yes, Stephen, I think you know, we were talking about
Speaker 10: this earlier. It's interesting, I think, particularly when you had
Speaker 10: Scott Besn't call out industry such as pharmaceuticals and steel
Speaker 10: saying that the US is going to seek supply chain
Speaker 10: independence in these types of field. I mean, you know,
Speaker 10: to go back, you know, just a few months ago
Speaker 10: to the Biden administration obviously, so you saw a tremendous
Speaker 10: focus from the United States on ensuring independence, and you know,
Speaker 10: the strategy toward focusing on semiconductors and immense technology and chips.
Speaker 10: The fact that the United States now appears to be
Speaker 10: sort of broadening out the areas in which it's really
Speaker 10: sort of pursuing supply chain independence, I think is a
Speaker 10: pretty significant development. Obviously, we don't know exactly what went
Speaker 10: on behind closed doors in Geneva this weekend, but that
Speaker 10: does indicate that, you know, obviously the United States position
Speaker 10: on trade protectionism, this idea of that supply chain independence
Speaker 10: certainly seems to be strengthening. So I think, you know,
Speaker 10: it's definitely something where to look out for again. I
Speaker 10: think at the end of the day, while you know,
Speaker 10: markets are obviously taking things, as you know, incredibly positive
Speaker 10: from this weekend, you still have a reprieve that's really
Speaker 10: only in place for the next ninety days. You still
Speaker 10: have various areas that the United States says, let me
Speaker 10: to negotiate on. I still think, you know, we're quite
Speaker 10: a ways from being able to sit here and call
Speaker 10: the saga over. It's certainly going to continue over the
Speaker 10: next few months at least.
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the
Speaker 2: stories making news from London to Wall Street and beyond.
Speaker 11: Look for us on your podcast feed every morning, on Apple,
Speaker 11: Spotify and anywhere else you get your podcasts.
Speaker 2: You can also listen live each morning on London DAB Radio,
Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.
Speaker 11: Our flagship New York station is also available on your
Speaker 11: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 3: I'm Caroline Heitka and.
Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all
Speaker 2: the news you need to start your day right here
Speaker 2: on Bloomberg day Break Europe.