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Speaker 1: Good morning. It's Thursday, the thirtieth of November here in London.

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Speaker 1: This is the Bloomberg Day vaq At podcast. I'm Caroline

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Speaker 1: Hepcare and.

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Speaker 2: I'm Tom McKenzie. Coming up today. Israel and Hamas agreed

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Speaker 2: to keep their temporary truce in place for one more day.

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Speaker 1: Henry Kissinger, the former US Secretary of State who defined

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Speaker 1: American foreign policy, has died aged one hundred and.

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Speaker 2: Musk Sling's expletives, the owner of X has some choice

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Speaker 2: words for advertisers boycotting the platform.

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

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Speaker 2: And Israel and Hamas have agreed to extend their truce

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Speaker 2: for at least another day. The move will allow for

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Speaker 2: the release of more hostages from Gaza. Hamas released ten

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Speaker 2: hostages in exchange for thirty Palestinians held by Israel on Wednesday.

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Speaker 2: Ahead of the announcement, US Secretary of State Anthony blink

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Speaker 2: And explained what he hopes to achieve during his visit

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Speaker 2: to the region.

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Speaker 3: We'll discuss with Israel Howard can achieve its objective of

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Speaker 3: ensuring that the terrorist attacks of October seventh never happen again,

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Speaker 3: while sustaining and increasing amount of train assistance and minimizing

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Speaker 3: further suffering and casualties among Palestine civilians.

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Speaker 2: US Sector of State Anthony Blincoln is currently in Tel

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Speaker 2: Aviv and the West Bank on his third visit since

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Speaker 2: the October the seventh attack. While the SEASFA there continues

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Speaker 2: to hold. There was a shooting attack in Jerusalem. Israeli

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Speaker 2: police say residents of the eastern, mostly Arab part of

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Speaker 2: the city killed three people before themselves being killed.

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Speaker 1: So that on the Middle East. Henry Kissingen has died

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Speaker 1: at the age of one hundred. A child refugee who

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Speaker 1: fled Nazi persecution in his native Germany, he rose to

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Speaker 1: become US Secret of State and defined American foreign policy

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Speaker 1: during the Cold War. China has paid tribute to the

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Speaker 1: man who helped build ties between the two superpowers. Beijing's

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Speaker 1: ambassador to Washington called him a most valued old friend

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Speaker 1: and his death at a tremendous loss. Bloomberg's Ian Marlowe

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Speaker 1: explains how his views helped to shape US.

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Speaker 4: Positions around the world. Asia in the Middle East. Could

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Speaker 4: be a polarizing figure, but I think that was in

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Speaker 4: part because he embodied that sort of American power. He

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Speaker 4: was one of the people at the center of American

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Speaker 4: power in over a long period of time when the

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Speaker 4: US role in the world was also changing. And it

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Speaker 4: is to some extent and the end of an era.

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Speaker 4: And I think very few people get close to one

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Speaker 4: hundred and are still sort of active in civil society.

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Speaker 1: Ian Marlow there on Kissinger's influence on US foreign policy.

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Speaker 1: Kissinger earned the wrath of many though for supporting massive

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Speaker 1: bombing campaigns in Vietnam and Cambodia. He was awarded the

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Speaker 1: Nobel Peace Prize in nineteen seventy three.

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Speaker 2: Now, traders are fully pricing in an ECB rate cut

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Speaker 2: in April for the first time. The shift in investor

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Speaker 2: sentiment comes after new data showed growth shrinking and inflation

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Speaker 2: cooling in France. GDP in the country dropped by zero

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Speaker 2: point one percent in the third quarter, while price rise

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Speaker 2: is eased to three point eight percent in November. Inflation

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Speaker 2: in France is eased more slowly than elsewhere in Europe,

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Speaker 2: as the government partially lifted caps on electricity costs.

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Speaker 1: Now, the Fed's latest Beige Book showed economic activity slowed

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Speaker 1: in recent weeks as US consumers pulled back on discretionary spending.

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Speaker 1: Today's US data may also add to the soft landing narrative,

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Speaker 1: with core PC inflation expected to have slowed in October

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Speaker 1: to three and a half percent. A Land of FED

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Speaker 1: president Raphael Bossik said that he's growing increasingly confident that

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Speaker 1: inflation is firmly on a downward path. On the other hand,

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Speaker 1: Richmond FED chief Thomas Barkin told CNBC he isn't yet convinced.

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Speaker 5: I think you want to have the option of doing

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Speaker 5: more on rates, and I guess the bigger point is

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Speaker 5: there's no precision that anyone can point to at exactly

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Speaker 5: what is the level of rates that exactly handles inflation

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Speaker 5: and exactly the way you want to handle it. And

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Speaker 5: so you're constantly trying to adjust on the fly as

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Speaker 5: you learn more about the economy, as you learn more

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Speaker 5: about the impact of demand on inflation. And that's what

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Speaker 5: we're learning.

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Speaker 1: As that was Thomas Barkin there speaking to CNBC. Traders

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Speaker 1: already pricing in policy easy for twenty twenty four with

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Speaker 1: the first cut and now expected to come in May.

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Speaker 2: Now to China, where the manufacturing and services sectors slipped

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Speaker 2: in November, adding pressure for more government stimulus. Spoombergs Brian Curtis,

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Speaker 2: How's the latest from Hong Kong.

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Speaker 6: The official manufacturing PMI fell to forty nine point four,

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Speaker 6: the second consecutive month of contraction. It was weaker than

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Speaker 6: the estimate of forty nine point eight. Non manufacturing activity

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Speaker 6: unexpectedly eased to fifty point two, barely into expansion. China's

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Speaker 6: economy is still on track to go around five percent

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Speaker 6: for twenty twenty three. The questions remain about momentum for

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Speaker 6: next year. Manufacturing, services and the property sector all seemed troubled.

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Speaker 6: Falling home sales have curbed demand for just about everything

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Speaker 6: in Hong Kong. Brian Curtis, Bloomberg Radio.

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Speaker 1: Meanwhile, one of China's largest investment banks has warned its

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Speaker 1: analysts to avoid criticizing the economy and showing off their

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Speaker 1: lavish lifestyles. According to an internal memo seen by Bloomberg,

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Speaker 1: Alys at China International Capital can no longer share negative

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Speaker 1: macro or market commentary in public or private. The notes

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Speaker 1: also advised employees to avoid wearing luxury brands or revealing

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Speaker 1: their salaries. The guidance highlights that growing self scrutiny at

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Speaker 1: Chinese financial institutions after authorities called out bankers quote hedonistic

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Speaker 1: lifestyles earlier this year.

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Speaker 2: Now, Elon Musk says an advertising boycott against his social

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Speaker 2: media platform X may kill the company. Speaking at New

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Speaker 2: York Times as deal Book conference, the billionaire said if

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Speaker 2: advertisers leave the company, the failure of the business would

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Speaker 2: be their fault, and he swore at them. Musk's outburst

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Speaker 2: comes after the endorsed and anti semitic posts, something he

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Speaker 2: called the quote worst and dumbest I've ever done. Bloomberg's

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Speaker 2: Anibal Drulo says Musk is under fire for his actions, so.

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Speaker 7: It's really hitting X. It's hitting Elon Musk and that

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Speaker 7: at anger in his issues with advertisers, copping a lot

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Speaker 7: of heat there because, as I said, he's been speaking

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Speaker 7: at this conference, a lot of expletives which I won't

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Speaker 7: take the time to issue or tell you here, but

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Speaker 7: something a lot of colorful language coming.

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Speaker 6: Out of that.

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Speaker 2: Our reporter Annabel Drula's there outlining Elon Musk's frustration at

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Speaker 2: the conference. He also addressed his market power during the address,

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Speaker 2: saying his influence is not due to anti competitive actions,

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Speaker 2: but because his companies have quote executed well, let's get

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Speaker 2: back to the Middle East and what is an unfolding

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Speaker 2: still between Israel and hamas the truce between the two

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Speaker 2: sides in place since Friday has been extended for at

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Speaker 2: least another day. It comes as the US Secretary of

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Speaker 2: State Anthony Blincoln is in Israel today on his latest

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Speaker 2: visit to the region since the October the seventh attack.

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Speaker 2: Let's speak then crossover to Gallett Einstein in Tel Aviv

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Speaker 2: Galitt that the extension the truths coming at the last minute.

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Speaker 2: How did it come about?

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Speaker 8: Yes, we are seeing an extension of the truth, some

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Speaker 8: quite a short one this time. It will be in

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Speaker 8: effect until seven am tomorrow morning, Israel time, so that

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Speaker 8: means less than twenty four hours. It has been quite

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Speaker 8: a dramatic night in that sense from US and Israel

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Speaker 8: did quite a bit of back and forward on the

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Speaker 8: list of hostages Israeli hostages that will be released today,

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Speaker 8: and they finally reached an agreement just before seven am

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Speaker 8: Israel time today, just twenty minutes before the ceasefire was

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Speaker 8: supposed to actually stop in Israel said it would resume

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Speaker 8: fighting if the list is not acceptable.

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Speaker 1: Okay, are there hopes and for any further extension?

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Speaker 8: So I have to say that this stage hopes are

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Speaker 8: getting slimmer, just to get a little bit into the

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Speaker 8: numbers so we can understand why I'm saying that. So

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Speaker 8: on paper, there are twenty five more Israeli hostages that

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Speaker 8: could be released as part of the category of Israeli

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Speaker 8: women and children that was agreed upon, So that gives

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Speaker 8: us a potential of two maybe three more days of truth,

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Speaker 8: including today, under the mechanism that says every ten Israeli

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Speaker 8: hostage is being released equals to one more day of truth.

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Speaker 8: So these are crucial hours. We don't know how many

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Speaker 8: of these potential hostages are still alive and how many

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Speaker 8: hamas would be willing to release, so it remains to

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Speaker 8: be seen. And this is a time that we are

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Speaker 8: seeing developments happen by the hour, and we do not

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Speaker 8: know yet where this is going. In this context, it

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Speaker 8: is worthwhile mentioning that the US Secretary of State Anthony B.

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Speaker 8: Lincoln is in Israel today for a third visit since

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Speaker 8: October seven attacks, and he is addressing this truth saying

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Speaker 8: it is producing results in terms of both the return

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Speaker 8: of hostages and the delivery of humanitarian aid two Gaza,

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Speaker 8: and he says that the US hopes that it can continue.

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Speaker 8: But like I said, at this point, it seems like

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Speaker 8: no more than maybe one or two more days at

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Speaker 8: the most after today.

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Speaker 2: So maybe just a further one or two days is

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Speaker 2: your analysis you'll take. At this point, you mentioned Anthony

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Speaker 2: Blincoln in the region. What I mean part of his goal,

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Speaker 2: as you say, is to extend this truth. How receptive

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Speaker 2: is the Israeli government to overtures from the US at

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Speaker 2: this point? The signals from President Biden and others within

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Speaker 2: the administration is clearly that you would like to see

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Speaker 2: this extended beyond those ones two days.

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Speaker 8: Right, So it is quite quite complex. But to try

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Speaker 8: and put things in order, I will make a few points.

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Speaker 8: First of all, Israel and all Israel officials and including

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Speaker 8: Prime Minister Benjamin Ataniow have made clear that once this

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Speaker 8: truth that is now in effect is finished, Israel really

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Speaker 8: resumed fighting. Now there are talks about a bigger deal

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Speaker 8: that would involve of an extended truth and the release

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Speaker 8: of more hostages, Israeli hostages from more categories like men

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Speaker 8: and soldiers that have not been released so far. Israel

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Speaker 8: is now addressing these reports as rumors, as something that

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Speaker 8: will not even be negotiated until all women and children

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Speaker 8: are home. So and also I have to say that

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Speaker 8: it's hard to believe that Israel's government and especially Prime

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Speaker 8: Minister Nataniao, will have the public or political support to

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Speaker 8: back down from the goal he has set to destroy Hamas.

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Speaker 8: So when you put all of these things together, it

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Speaker 8: looks like Israel is looking to resume fighting. And it

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Speaker 8: also looks like the US is not telling Israel don't

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Speaker 8: go back to fighting. It is telling Israel, maybe you

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Speaker 8: should keep concentrating on the north of Gaza because the

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Speaker 8: south is very crowded with population now, and if you

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Speaker 8: do go to the south, you have to be very

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Speaker 8: careful and very accurate with what you do in order

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Speaker 8: to avoid civil in casualties like we've seen until now.

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Speaker 1: Just last Agallet, there is as you say, Anthony Breckan

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Speaker 1: is visiting. He'll also be visiting the West Bank there.

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Speaker 1: We mentioned that this this start of the program, that

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Speaker 1: there was one incident of a shooting attack in Jerusalem.

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Speaker 1: There is obviously a lot of concern about whether you

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Speaker 1: know about the tensions that are building in the West Bank.

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Speaker 1: What can you tell us about that?

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Speaker 8: Yeah, So, so we have seen an attack come this morning,

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Speaker 8: shooting attack come by two Palestinians on a bus bus

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Speaker 8: station and the entrance to Jerusalem. So three Israelis were

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Speaker 8: killed in this attack and six more were wounded. And this,

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Speaker 8: as you say, underlying the tensions that you know, Well,

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Speaker 8: everyone is focused on Gaza and on Israel's northern border,

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Speaker 8: which has also been quiet over the last time several

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Speaker 8: days because of the ceasefire. So well, everyone is focused

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Speaker 8: on that. There are tensions building in the West Bank

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Speaker 8: is Jerusalem that we saw the consequences of this morning,

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Speaker 8: so all around. You know, tensions can exist and can

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Speaker 8: erupt at any given moment, and everyone is also focusing

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Speaker 8: on that at this time.

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Speaker 2: Okay, gallet Elstein on the latest from Tel Aviv. Thank

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Speaker 2: you very much.

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Speaker 1: Indeed, now let's move on this morning and to talk

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Speaker 1: about the former USC of State Henry Kissinger, who has

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Speaker 1: died at his home in Connecticut. He was one hundred

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Speaker 1: in his long career, a hugely influential figure. Ploomberg's Nathan

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Speaker 1: Hager has been looking back on his life.

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Speaker 9: Henry Albert Kissinger was born in nineteen twenty three in

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Speaker 9: the German state of Bavaria. The oldest son of a

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Speaker 9: Jewish school teacher. Kissinger was known as Heinz until he

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Speaker 9: moved with his family to the United States in nineteen

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Speaker 9: thirty eight to escape Nazi persecution. At the age of nineteen,

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Speaker 9: while excelling at City College of New York, Kissinger was

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Speaker 9: drafted in the Army. He served as an interpreter in

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Speaker 9: the country of his birth during World War II, and

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Speaker 9: after the war he helped to round up Gestapo officers

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Speaker 9: as a member of the nine hundred and seventieth Counterintelligence Corps.

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Speaker 9: In an interview with Bloomberg's editor in chief John Mickelthwaite,

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Speaker 9: Kissinger said he saw the first hand impact of authoritarianism

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Speaker 9: and totalitarianism in his youth.

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Speaker 10: It was an experience which it's so elemental that it

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Speaker 10: becomes part of you.

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Speaker 9: Kissinger brought that experience back with him to the United States.

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Speaker 9: He resumed his studies at Harvard University. His doctoral dissertation

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Speaker 9: there focused on balances of power in nineteenth century Europe.

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Speaker 9: As a tenured professor at Harvard, Kissinger honed the conservative

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Speaker 9: real politic worldview that would dominate his thinking on foreign

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Speaker 9: policy for more than a half century. Kissinger also cultivated

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Speaker 9: relationships with policymakers in Washington that led him to the

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Speaker 9: White House in nineteen sixty nine as National Security Advisor

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Speaker 9: to President Richard Nixon. Kissinger's secret trips to China in

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Speaker 9: nineteen seventy one paved the way for arguably the greatest

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Speaker 9: foreign policy achievement of the Nixon presidency, his own visit

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Speaker 9: the following year.

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Speaker 11: Knowing of President Nixon's express desire to visit the People's

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Speaker 11: Republic of China, Premier Cho and lie On behalf of

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Speaker 11: the government of the People's Republic of China, has extended

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Speaker 11: an invitation to President Nixon to visit China.

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Speaker 9: The opening of China and an anti ballistic missile treaty

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Speaker 9: hammered out with the Soviet Union achieved what would become

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Speaker 9: known as Kissinger's triangular diplomacy, but his penchate for secrecy

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Speaker 9: would lead to controversy. Kissinger was the first person to

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Speaker 9: serve as both National Security Advisor and Secretary of State

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Speaker 9: at the same time. That allowed Nixon to run foreign

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Speaker 9: policy more or less directly from the White House. The

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Speaker 9: President summed up his attitude in a taped conversation with

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Speaker 9: Kissinger about the Christmas Day bombing in Vietnam in nineteen

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Speaker 9: seventy two. Kissinger fed into that paranoia about enemies in

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Speaker 9: the press by ordering wiretaps of reporters and White House

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Speaker 9: aids looking for leaks. That expanded use of surveillance led

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Speaker 9: to Nixon's resignation under the weight of Watergate, but the

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Speaker 9: weight of one major foreign policy decision would cloud Kissinger's

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Speaker 9: legacy for the rest of his long life, the Secret

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Speaker 9: War in Cambodia. Kissinger orchestrated the operation that dropped more

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Speaker 9: than one hundred thousand tons of bombs on North Vietnamese

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Speaker 9: positions in the country. It helped lead to the rise

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Speaker 9: of a genocidal Khmer Rouge regime after the war, but

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Speaker 9: Kissinger would never stop defending his conduct in Vietnam, even

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Speaker 9: against critics who labeled him a war criminal.

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Speaker 10: Would say, a better way. At any one point, we

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Speaker 10: didn't think so. I still don't think so. But I'm

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Speaker 10: open to that argument. But what is meant by better?

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Speaker 9: That pragmatic approach to the world as it is, rather

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Speaker 9: than how policymakers might like it to be would inform

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Speaker 9: Kissinger's view long after he left public office and sought

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Speaker 9: to wield inflow as a private citizen. At the age

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Speaker 9: of eighty eight, Kissinger wrote the book On China, about

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Speaker 9: the country he helped to bring back to the world stage.

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Speaker 9: In a twenty twenty interview at the Bloomberg New Economy Forum,

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Speaker 9: Kissinger warned of the risks of confrontation between the world's

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Speaker 9: two biggest economies.

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Speaker 12: Let's say it some basis for some cooperative action. It

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Speaker 12: was Bill fld Hindu a catastrophe comfortable du will do one.

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Speaker 9: Henry Kissinger worked to head off that catastrophe. After he

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Speaker 9: reached his one hundredth birthday as President, Biden sent cabinet

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Speaker 9: secretaries to Beijing in twenty twenty three to stabilize relations.

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Speaker 9: The one US diplomat that Chinese President Shi Jinping would

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Speaker 9: meet face to face was the man he called an

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Speaker 9: old friend to China, former Secretary of State, Henry Kissinger.

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Speaker 9: I'm Nathan Hager Bloomberg Radio.

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Speaker 1: So looking back at the life of Henry Kissinger and

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Speaker 1: perhaps one of the biggest figures in geopolitics of the

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Speaker 1: twentieth century, wielding influence over many decades. Even though he

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Speaker 1: had left the sort of formal arena, still visiting China

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Speaker 1: and giving interviews right up until his death close to

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Speaker 1: one hundred Yeah.

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Speaker 2: And as Nathan was pointing out, controversial in some of

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Speaker 2: his policy actions, of course, and the impacts of that

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Speaker 2: still being felt for many in Cambodia. But when it

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Speaker 2: comes to the question of China, this revered place in

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Speaker 2: terms of the linkages between the US and China and

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Speaker 2: seen as a trusted vehicle in which to communicate China's

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Speaker 2: concerns and equally for the US to communicate with China,

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Speaker 2: and his book on China is still seen as essential

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Speaker 2: reading for thinking about modern day China and the politics

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Speaker 2: of that country.