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

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Speaker 2: This is the boom Big Day, BAQ podcast. Good Morning,

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Speaker 2: It's Monday, the twentieth of October. I'm Caroline Hepkeitt in London.

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Speaker 1: And I'm Stephen Caroline Brussels. Coming up today. Israel fires

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Speaker 1: on dozens of targets in Gaza after two of its

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Speaker 1: soldiers are killed, putting Donald Trump's peace plan in doubt.

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Speaker 2: China's economic growth slows to the weakest in a year

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Speaker 2: as policymakers meet to chart the path ahead for the country.

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Speaker 1: Plus one discretion becomes a problem. Why shareholders in Sweden's

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Speaker 1: Handlesbank and want the lender to say more about its strategy.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 1: Israel has launched airstrikes at her Mass targets and is

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Speaker 1: said to have suspended aid to Gaza, saying the militant

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Speaker 1: group has violated the ceasefire. The Israeli military says it

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Speaker 1: was retaliating for her mass killing two of its soldiers.

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Speaker 1: After the strikes, Israel said it would return to observing

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Speaker 1: the ceasefire. Hamas says it remains committed to the truth

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Speaker 1: and that it had lost contact with Palestinian fighters operating

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Speaker 1: in Rafa. US President Donald Trump says Hamas's leadership might

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Speaker 1: not be to blame.

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Speaker 3: Well, we're going to have to see what's happening. We

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Speaker 3: want to make sure that it's going to be very

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Speaker 3: peaceful with Hamas, and as you know, they've been quite rambunctious.

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Speaker 3: They've been doing some shooting, and we think maybe the

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Speaker 3: leadership isn't involved, and then you know, some rebels within.

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Speaker 3: But either way, it's it's going to be handled properly.

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Speaker 1: The violence suggests wavering support for the Trump negotiated ceasefire,

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Speaker 1: which the US president hails last week is bringing peace

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Speaker 1: to the Middle East. The truce is meant to lead

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Speaker 1: to master disarming and seeding power, but the group is

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Speaker 1: unwilling to meet those conditions. Trump steel won the support

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Speaker 1: of Arab, Muslim and Western powers, several of which have

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Speaker 1: voiced interest in contributing to a post war stabilization force

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Speaker 1: in Gaza.

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Speaker 4: Now.

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Speaker 2: China says that it's on track to reach this year's

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Speaker 2: economic growth goal, even after posting its weakest expansion in

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Speaker 2: a year. Chinese GDP grew by four point eight percent

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Speaker 2: in the third quarter, slightly above forecasts thanks for stronger

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Speaker 2: factory production at exports but slowing momentum in domestic spending.

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Speaker 2: The Country Statistics Bureau says the first nine months of

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Speaker 2: the year have laid a solid foundation for achieving growth

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Speaker 2: of around five percent for twenty twenty five. Senior China

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Speaker 2: economists at UBS Group, Ning Xiang says the latest numbers

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Speaker 2: are a mixed picture.

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Speaker 5: The bottom I hear that the growth lowing down but

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Speaker 5: with huge divergence, which means, as we can see from data,

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Speaker 5: the exports and the industrial production big expectation, but domestic

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Speaker 5: economy like a radio sales investment of slowing down. So

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Speaker 5: that's a very interesting picture.

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Speaker 2: From Pil Sree, senior China Economists add UBS Group, Ningxia

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Speaker 2: speaking as China's top policymakers are meeting in Beijing to

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Speaker 2: finalize their next five year plan for the country.

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Speaker 1: With a fragile trade truce between China and the United

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Speaker 1: States set to expire on the first of November, US

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Speaker 1: Treasury Secretary Scott Bessen says the two countries will hold

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Speaker 1: negotiations later this week in Malaysia. Speaking on Air Force one,

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Speaker 1: President Trump laid out his top trade issues for the

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Speaker 1: next round of talks.

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Speaker 3: One of the things I want is China's going to

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Speaker 3: buy siebitch. I want China to sap with the fentanyl,

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Speaker 3: with very you know, normal things. I don't want them

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Speaker 3: to play the rare earth game with us.

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Speaker 1: The president's comments follow his threat of a one hundred

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Speaker 1: percent tariff on Chinese shipments after Beijing Vauta Titan export

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Speaker 1: controls on rare earths and other critical minerals. When asked

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Speaker 1: about the proposed levy in an interview on Fox News

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Speaker 1: on Sunday, Trump said it was not sustainable, though it

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Speaker 1: could stand. He added that he had a good relationship

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Speaker 1: with President g and that quote, I think we're going

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Speaker 1: to be fine with China, but we have to have

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Speaker 1: a fair deal.

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Speaker 2: Japan's ruling Liberal Democratic Party will sign a coalition deal

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Speaker 2: with the Japan Innovation Party later today, According to the

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Speaker 2: smaller parties leader. The move could then set up the

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Speaker 2: LDP's leader, Sanai Takeichi, to become the country's first female

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Speaker 2: prime minister. News of the potential new alliance comes after

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Speaker 2: the LDP's junior partner, the Kometo Party, left the governing

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Speaker 2: coalition after twenty six years, a major setback for Takeichi,

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Speaker 2: as she sought support to form a new government. Together

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Speaker 2: the LDP and Innovation Party would still fall two seats

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Speaker 2: short of a majority, but divisions among opposition groups make

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Speaker 2: it likely that Takeichi will win tomorrow's election in Parliament.

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Speaker 1: The Louver Museum in Paris was closed on Sunday after

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Speaker 1: several priceless artifacts were stolen that Theeves are thought to

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Speaker 1: have used a furniture eleva to enter the apollen gallery

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Speaker 1: before making off with nine pieces of jewelry from the

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Speaker 1: Napoleon collection. The statement by the Ministry of Culture sid

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Speaker 1: items included royal tiaras, sapphire earrings and an emerald necklace

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Speaker 1: where stolen. Francis Culture Minister Rishi de Dahti gave this update.

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Speaker 6: Cobado.

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Speaker 7: We arrived immediately a few minutes after receiving information about

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Speaker 7: this theft, and to tell you everything, this operation lasted

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Speaker 7: almost four minutes. It was very quick. It must be said,

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Speaker 7: these are professionals.

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Speaker 1: According to one former police chief, it was clearly a

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Speaker 1: team that had done their homework, as the windows were

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Speaker 1: cut with a power tool. As they escaped, the robbers

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Speaker 1: left behind one of the stolen objects, Empress E Jenny's

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Speaker 1: crown made of more than one three hundred diamonds. The

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Speaker 1: French Interior Minister Laura Nuniez says that the authorities are

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Speaker 1: working hard to find the perpetrators of the attack, adding

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Speaker 1: that no one was injured in the heist. At least

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Speaker 1: have sealed after the museum, which remains closed.

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Speaker 2: Now. In other news, French government debt is at risk

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Speaker 2: of forced selling by some funds. That says the country

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Speaker 2: faces its second credit downgrade in just over a month.

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Speaker 2: Bloomberg's Tiba Ada Baio has.

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Speaker 8: More two of the three major credit assessors have taken

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Speaker 8: away France's double A rating over the last few weeks. Now,

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Speaker 8: the country's bonds find themselves at the mercy of funds

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Speaker 8: with ultra strict investment criteria who could be compelled to

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Speaker 8: sell them. The latest emotion from S and P Global

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Speaker 8: Ratings saw French bond futures decline in Asian trading, highlighting

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Speaker 8: the nation's fiscal woes. It's the latest blow in a

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Speaker 8: turbulent period for French debt, tied to political instability, featuring

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Speaker 8: elevated boring costs and bond yields amongst the highest in

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Speaker 8: the region. In London, at a Bio Bloomberg Radio, and.

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Speaker 1: Those are your top stories on the markets this morning.

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Speaker 1: The MSCI Specific Index up by one point eight percent,

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Speaker 1: the NICKA in Tokyo two point nine percent higher, the

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Speaker 1: MSCI China Index up by two point one percent. On

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Speaker 1: currency markets of Bloomberg Dollars Spot Index a little weaker,

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Speaker 1: so the eurostrating at one sixteen seventy two up two

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Speaker 1: tenths of one percent. Goal prices up three tenths this morning.

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Speaker 1: Four thy two hundred and sixty three dollars a troy ants.

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Speaker 1: European stock futures also hire by eight tenths of one percent.

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Speaker 2: Well, in a moment, we'll bring you the latest on

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Speaker 2: events in Gaza, plus analysis of China's growth figures and

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Speaker 2: why shareholders at a conservative Swedish bank want more transparency.

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Speaker 2: So all that to come. But there's something else that's

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Speaker 2: called our attention a conference. Steven about conferences.

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Speaker 1: Which sounds like a sort of a nightmare wrapped in

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Speaker 1: you know, poorly upholstered walls. But this is an event

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Speaker 1: that actually I think it's a very interesting idea. I mean,

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Speaker 1: the headline of this article says, at all, can conferences

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Speaker 1: be less terrible? Bloomberg's Joe Constants went to this event

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Speaker 1: in California, which is trying to a end or at

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Speaker 1: least revive the traditional model of business conferences, which, despite

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Speaker 1: being a one point two trillion dollar industry, are generally

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Speaker 1: quite dull. And I think that the challenge being led

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Speaker 1: by Jenny Sarah Klein, who created this event. She was

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Speaker 1: inspired by yoga events actually to try and just shake

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Speaker 1: things up and make it worthwhile for businesses to send

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Speaker 1: people to these events and more enjoyable for the participants

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Speaker 1: as well.

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Speaker 2: Yeah, I thought it was so interesting that she talks

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Speaker 2: about having this more democratic take on an expert panel.

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Speaker 2: So you have participants seated in an inner circle discussing

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Speaker 2: a topic, and then people are in the outer circle listen,

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Speaker 2: and they can also tap in if they have something

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Speaker 2: to share, which I thought sounded really interesting and I'd love.

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Speaker 1: To do chaos.

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Speaker 2: But exactly what happens if Jamie Diamond or Tim Cook

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Speaker 2: or satch An Adela are sitting in that inner circle?

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Speaker 2: Are you really going to be, you know, the junior

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Speaker 2: person that says I'm going to tap in and have

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Speaker 2: my self Look.

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Speaker 1: I mean that all of the ideas seem to be

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Speaker 1: predicated on the basis that everyone's going to be extremely

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Speaker 1: well behaved throughout all of these events, and that's sort

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Speaker 1: of my main reading of this report. But the idea

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Speaker 1: of there being a narrative arc to a day, I

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Speaker 1: do think is very interesting. That you know, you need

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Speaker 1: to try and bring people to some sort of you know,

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Speaker 1: point of denouement in the afternoon, you know, to try

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Speaker 1: and keep them interested and then and then have sort

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Speaker 1: of a wind down session that's not And I think

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Speaker 1: this is actually the one that that really struck me

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Speaker 1: is that how the traditional happy hour part at the

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Speaker 1: end of the day needs to not be so brash

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Speaker 1: and loud and actually allow people more space to be

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Speaker 1: able to talk rather than screaming over a DJA or

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Speaker 1: whatever you use.

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Speaker 2: Yeah, I get it. Look I like the fact that

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Speaker 2: there are new ideas and maybe something will emerge. It

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Speaker 2: looks very different. Why not, you know, difference in terms

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Speaker 2: of what a conference actually looks like and what you

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Speaker 2: get from it. We'll put a link to it in

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Speaker 2: our show notes.

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Speaker 1: Bring up to date now on our top story, what's

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Speaker 1: been happening in the Middle East, where Israel has launched

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Speaker 1: new strikes against Tamas in Gaza as it blames the

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Speaker 1: militant group for an attack that killed two soldiers. Bimberg TVs.

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Speaker 1: Horizons Mid Eastern Africa anchor Jamana Brossetti joins us now

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Speaker 1: for more, Jumana, what is the latest this Monday morning?

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Speaker 1: Is the ceasefire still intact?

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Speaker 6: Well, there has been a big escalation tension once again,

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Speaker 6: both sides alleging that the other side has violated the seasfire.

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Speaker 6: Israel blaming Hamas for a lethal Palestinian ambush of an

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Speaker 6: IDEA vehicle that left two soldiers dead, and the Israeli

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Speaker 6: PM on the back of that vel to retaliate quite strongly.

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Speaker 6: That came through on Sunday, after which Israel launched about

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Speaker 6: one hundred airstrikes on various locations in Gaza and Ondafa

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Speaker 6: and then reportedly suspended all AID shipments going into the

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Speaker 6: enclave on Sunday temporarily. The IDEF then went on to

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Speaker 6: say that they have dismantled about six kilometers of underground tunnels,

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Speaker 6: but the Gaza side Gaza Government Media Office saying that

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Speaker 6: at least ninety seven Palestinians and had been killed and

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Speaker 6: two hundred and thirty had been injured. Since the start

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Speaker 6: of the ses virus. It's still very precarious. That being said,

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Speaker 6: this morning, the Israeli military did say that they will

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Speaker 6: resume the enforcements of the seas Fire and Gaza, and

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Speaker 6: we're hearing similar from Hamas militants as well that they

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Speaker 6: plan to honor the seas fire in the future. But

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Speaker 6: of course, you know, there have been multiple violations of

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Speaker 6: the last couple of days. The situation is very precarious.

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Speaker 6: But President Trump himself has said that the sea is

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Speaker 6: fire is still.

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Speaker 2: Holding indeed, But I suppose the issue is that there

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Speaker 2: there is no external oversight, no external involvement really at

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Speaker 2: the moment in terms of efforts to try to keep

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Speaker 2: the peace deal on track, this deal that was broken

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Speaker 2: by President Donald Trump. What efforts are being made now on.

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Speaker 6: This, Yes, Well, this week we'll see the return of

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Speaker 6: the White House mediator's I've Whitcoff and Jared Kushner to

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Speaker 6: the region. It's also been reported that jd Vance, the

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Speaker 6: Vice President, will be attending as well. So just another

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Speaker 6: reinforcement of the US supports for the maintenance of the seasfire.

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Speaker 6: But ultimately they need to work very quickly to move

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Speaker 6: to the other points in that Gaza peace Plan. We

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Speaker 6: are only at phase one, and still while the living

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Speaker 6: hostages have been returned, there's still about sixteen bodies that

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Speaker 6: have been unaccounted for. The Israeli government has been insistent

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Speaker 6: that they would like to see the return of those

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Speaker 6: bodies asap, but there have been some almost technical and

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Speaker 6: logistical difficulties finding some of the bodies amidst all of

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Speaker 6: the rubble. But the plan for this American delegation this

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Speaker 6: week is to be there to help monitor the ceasefire,

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Speaker 6: to ensure that there are no further violations, and then

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Speaker 6: also make sure that the passage of aid does go unhindered,

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Speaker 6: which is another major point of that twenty point peace plan.

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Speaker 6: After that, they need to move quickly to establish this

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Speaker 6: international security force that would be composed of mainly Arab

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Speaker 6: forces that could come again and monitor the sease far

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Speaker 6: and maintain the peace and within the Gaza strip and

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Speaker 6: ultimately move further towards the demilitarization of Hamas, which they

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Speaker 6: themselves have been resisting. So still a lot of steps

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Speaker 6: that need to be resolved and.

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Speaker 1: Timana jualla that has been going on. There's also been

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Speaker 1: warnings of further attacks, including from the US State Department

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Speaker 1: over the weekend said that Hamas was planning to attack Palestinians.

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Speaker 1: How significant are these warnings in the broader context of

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Speaker 1: what's going on.

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Speaker 6: Yes, so quite grizzly and gruesome. Images emerged on social

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Speaker 6: media towards the middle of the week last week whereby

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Speaker 6: Hamas militants were seen executing and killing Palestinians who were

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Speaker 6: seen to be too closely allied to Israel. And this was,

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Speaker 6: you know, a sharp reminder that even though the war

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Speaker 6: is over technically and that there's a cease fire in place,

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Speaker 6: Hamas militants, these military operatives within the Strip are not

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Speaker 6: going to put down their weapons that quickly, and they're

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Speaker 6: looking to reassert their control over the Strip once again.

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Speaker 6: But President Trump himself took note of that, and he

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Speaker 6: put up a post on true social saying, if Hamas

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Speaker 6: continues to kill people in Gaza, which was not in

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Speaker 6: the deal, we will have no choice but to go

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Speaker 6: in and kill them. That is exactly what he said,

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Speaker 6: a literal quote from the President. So there is a

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Speaker 6: lot of pressure mounting from the International Committee, from the

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Speaker 6: US on restraining some of these operatives. But then another

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Speaker 6: sort of fisher has emerged in that Hamas themselves seemed

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Speaker 6: to be divided between the political members who have signed

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Speaker 6: on and espoused the elements of this peace plan versus

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Speaker 6: some of the more combative militant members of Hamas who

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Speaker 6: are operating unhindered within the territory. And that's going to

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Speaker 6: be the bigger challenge, trying to restrain the military wing

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Speaker 6: of Hamas as opposed to the political negotiations who had

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Speaker 6: side on to this twenty point piece plan.

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Speaker 2: Okay, Jamana, thank you so much for being with us. Timanabasetchi,

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Speaker 2: Bloomberg TV Horizons, Middle East and Africa anchor with the latest.

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Speaker 2: Then what's been happening in Gaza? Thank you, stay with us.

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Speaker 2: More from Bloomberg Day Baqube coming up after.

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Speaker 1: This, Well, we're going to go to China next where

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Speaker 1: a meeting of policymakers is getting underway today which will

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Speaker 1: set out the five year Plan, the next five year

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Speaker 1: plan to cover the period from twenty twenty six until

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Speaker 1: twenty thirty. It's a sort of blueprint for the country's

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Speaker 1: economic and social development as well. But the background to

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Speaker 1: an event this like that happening is the latest economic

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Speaker 1: data that we have out of China showing the country's

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Speaker 1: economy grew by four point eight percent in the third quarter,

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Speaker 1: the weakest pace in a year. Now, the figures we're

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Speaker 1: better than expected, but they do underscore the long term

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Speaker 1: challenges for China's economy. As that meeting of policymakers gets underway,

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Speaker 1: let's go to Beijing for more and speak to our

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Speaker 1: Greater China Executive editor John Liu. John, let's start with

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Speaker 1: what we learned from the data today. What is the

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Speaker 1: state of China's economy now and is it still on

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Speaker 1: track to meet that five percent growth goal.

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Speaker 4: It is on track to meet that five percent growth

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Speaker 4: goal for twenty twenty five, but at the same time,

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Speaker 4: the economy is looking weaker than it has ever looked

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Speaker 4: in the earlier part of this year. As you were saying,

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Speaker 4: GDB came in at four point eight That was better

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Speaker 4: than expected, but it's much weaker than what we had

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Speaker 4: in the first half, but still it's enough to get

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Speaker 4: us across what looks like across the five percent threshold

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Speaker 4: for all of twenty twenty five. The other thing I

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Speaker 4: would note is we're starting to see this divergence. You're

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Speaker 4: seeing strength and things like exports. You're seeing strength and

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Speaker 4: things like industrial output, so companies creating building product for

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Speaker 4: those exports. But at the same time you're seeing weakness

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Speaker 4: in retail sales, and you're seeing weakness and investments. So

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Speaker 4: the domestic consumption market is really suffering.

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Speaker 2: Indeed, the significant vulnerabilities in the Chinese economy are there,

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Speaker 2: I suppose one of the risks going forwards.

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Speaker 4: So another set of data we got today was for

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Speaker 4: home prices, and so we've had for the last four

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Speaker 4: years this precipitous plunge in the housing market, and that

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Speaker 4: looks like it's actually getting worse. And so the decline

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Speaker 4: in home prices in September was by the most in

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Speaker 4: a year for both secondhand and new homes. And so

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Speaker 4: all of these measures that the government has undertaken to

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Speaker 4: try and prop up the property market, it seems that

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Speaker 4: has not worked. It's been a drag on the economy

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Speaker 4: because so much of the household wealth in China is

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Speaker 4: stored in the value of people's properties. As that falls,

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Speaker 4: people feel poor and they spend less. So that's a

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Speaker 4: real problem for the economy.

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Speaker 1: They say is as we mentioned that we that the

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Speaker 1: Communist Party is helding it's four day meeting to finalize

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Speaker 1: the country's next five year plan. What are we expecting

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Speaker 1: to learn from that meeting?

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Speaker 4: So we should out of that meeting here an emphasis

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Speaker 4: on technology guiding more investment towards innovation, towards things like semiconductors,

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Speaker 4: towards things like AI. We should also hear a renewed

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Speaker 4: emphasis on getting consumption up and going, getting Chinese consumers

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Speaker 4: to spend, and lots of measures to try and address

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Speaker 4: that issue, including the housing market. What I think is

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Speaker 4: unlikely at this point because it looks like we're going

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Speaker 4: to hit that five percent marked for twenty twenty five.

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Speaker 4: It looks unlikely we're going to get some big stimulus

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Speaker 4: push coming out of this meeting for the rest of

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Speaker 4: this year.

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Speaker 2: And so a last thought then, with the other risks,

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Speaker 2: the relationship with the US that still so tends, what

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Speaker 2: does it mean for the US China talks than this week.

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Speaker 4: So the Chinese economy being in a relatively strong position

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Speaker 4: as it relates to that five percent target, I think

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Speaker 4: that means Beijing's feeling relatively confident about its negotiating position.

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Speaker 4: So we do know that Secretary Bessett and the Chinese

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Speaker 4: Vice premiere Holy Funk had a phone call last Friday,

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Speaker 4: and we are expecting them to meet this week. Ahead

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Speaker 4: of that meeting at the end of the month between

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Speaker 4: Presidents Trump and She and So, I think we will

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Speaker 4: see more discussion about rare earth, about fentanyl, and about

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Speaker 4: soybean purchases. So China bought about twelve billion dollars worth

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Speaker 4: of soybeans from American farmers last year. They have so

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Speaker 4: far this year bought none. And so these are the

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Speaker 4: main things on the table that America wants from China.

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

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