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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single.

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Speaker 2: Best Idea, an extraordinarily eclectic day on Bloomberg Surveillance one

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Speaker 2: of the high points. Thank you so much in Dallas

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Speaker 2: for listening. We were talking family networth and investment, family office.

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Speaker 2: I should say an investment out of Dallas, and thank

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Speaker 2: you to the person sending her Toado barbecue for the

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Speaker 2: Texas Rangers, which is a food that you can't get

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Speaker 2: at Yankee Stadium or a city field or most certainly

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Speaker 2: not at Fenway Park. Really deluxe. I guess you go

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Speaker 2: to the Rangers to eat and then maybe watch a

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Speaker 2: baseball game. Because to the collective group of people. We

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Speaker 2: started strong with Isabelle Matteo Ilago, who did a lot

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Speaker 2: of work with Legarde at the ECB and then went

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Speaker 2: out of Black Rock and now holds court as the

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Speaker 2: chief voy. It's for b MP Pariba, a spectacular French bank.

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Speaker 2: You're thrilled she could join us in studio. Here is

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Speaker 2: Isabelle Monteosi Lago of BNP Pariba.

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Speaker 3: Europe has a Europe when by that I mean the

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Speaker 3: European Commission are true believers in the benefits of free

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Speaker 3: trade and so they embarked in this, uh, these trade

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Speaker 3: discussions or this trade war, so to speak, with the

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Speaker 3: with the US with a view to saying, oh, this

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Speaker 3: is going to be great. We're going to offer to

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Speaker 3: lower our tariffs and the US is going to lower

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Speaker 3: their tariffs and we're going to end up with more trade.

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Speaker 3: This is going to be awesome. And it seems they've

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Speaker 3: realized in the course of the last few weeks then actually,

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Speaker 3: this is not really what the US wants, uh, And

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Speaker 3: so now the discussion has got very much more concrete

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Speaker 3: to trying to do damage limitation. Maybe that's one way

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Speaker 3: to to to to put it and accept that tariffs

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Speaker 3: from the US are probably going to be higher, but

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Speaker 3: let's see what we can do to minimize the cost.

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Speaker 3: But I think what's what's interesting is Europe has decided

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Speaker 3: to double down on a global trade with other partners

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Speaker 3: than the US. We've seen the beginning of a mending

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Speaker 3: of the relationships with the UK with the first improvement

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Speaker 3: on the Brexit trade deal. There are very advanced talks

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Speaker 3: with India. There's consideration to even joining the CPTPP. So

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Speaker 3: Europe is doubling down on global trade and is going

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Speaker 3: to try to do damage limitation with the US as

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Speaker 3: best it can, but it's trying to portray itself to

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Speaker 3: the rest of the world as a place that is

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Speaker 3: open for trade, open for business. And I think back

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Speaker 3: to Tom's point that's also going to help boost productivity

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Speaker 3: going forward.

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Speaker 2: Isabelle Montereo Slago a BNP Parry A joy to have

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Speaker 2: Francisco Blanche with us looking at all of commodities in

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Speaker 2: the derivative dynamics at the Bank of America. We started

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Speaker 2: with gold, looked at a lot of China dynamics as well,

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Speaker 2: but here Francisco Blanche and oil.

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Speaker 4: I think you need to see a little more evidence.

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Speaker 4: But remember we are we're actually seen generally commodity prices

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Speaker 4: spalling cyclically driven by oil. The big question is when

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Speaker 4: shale is going to essentially stop growing, and when it does,

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Speaker 4: then we will be in a commodity bull market. Remember

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Speaker 4: China's also seen peak population growth, and now it's other

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Speaker 4: emerging markets, right, I mean, commodity intensity is growing in

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Speaker 4: places like India, other parts of Southeast Asia and then

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Speaker 4: of course Africa. So I mean, I do think there's

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Speaker 4: a China story behind this, but that's been the story

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Speaker 4: of the last twenty five years. It really is down

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Speaker 4: to the rest of the emerging markets going forward, and

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Speaker 4: frankly to our ability to keep pulling commodities out the ground.

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Speaker 2: Francisco Blanche, the Bank of America onto a key inflation

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Speaker 2: report tomorrow, CPI Wednesday, PPI on Thursday as well, and

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Speaker 2: your community across the nation, don't forget serious. XM Channel

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Speaker 2: one twenty one. I guess that's old technology, Apple car Play,

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Speaker 2: Android Auto. In the world of podcasts, subscribe Bloomberg podcasts.

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Speaker 2: Subscribe to Bloomberg Podcasts out on YouTube. And this is

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Speaker 2: single best idea