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

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Speaker 2: This is the Bloomberg Day Bake your podcast, available every

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Speaker 2: morning on Apple, Spotify or wherever you listen. It's Monday,

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Speaker 2: the seventeenth of March in London. I'm Caroline Hepkare.

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Speaker 1: And I'm Stephen Carroll. Coming up today. Donald Trump says

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Speaker 1: he'll talk to Russian President Vlasimir Putin tomorrow to discuss

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Speaker 1: ending the war in Ukraine.

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Speaker 2: US Treasury Secretary Scott Bestin says he's not worried about

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Speaker 2: market losses.

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Speaker 1: Plus Dei by Stealth are exclusive reporting on how diversity

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Speaker 1: programs around the world remain despite President Trump's reversal in

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Speaker 1: the United States.

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

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Speaker 1: US President Donald Trump says he will speak to Russia's

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Speaker 1: president Vlasimir Putin tomorrow as he seeks a deal to

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Speaker 1: end the war in Ukraine. Keeve's allies have stepped up

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Speaker 1: economic sanctions in recent days as the US continues to

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Speaker 1: push for an end to fighting in Russia's three year war.

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Speaker 1: European leaders are concerned Trump may concede too much on

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Speaker 1: Ukraine's behalf. In a direct exchange with the Russian leader,

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Speaker 1: Trump spoke to reporters on Air Force One.

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Speaker 3: I'bly speaking to President Putner Tuesday, and a lot of

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Speaker 3: a lot of worksmen done over the weekend.

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Speaker 1: I want to see if we can bring that word

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Speaker 1: to an end.

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Speaker 4: Maybe we can, maybe we can't, but I think we

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Speaker 4: have a murger change.

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Speaker 1: The US president added, much of the discussion with Putin

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Speaker 1: will be over land. The Russian leader has deflected efforts

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Speaker 1: to halt the fighting as Russian troops make incremental battlefield gains.

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Speaker 1: In that conversation with reporters, Donald Trump also doubled down

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Speaker 1: on his tariff policy, saying both broad reciprocal tariffs and

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Speaker 1: additional sector specific tariffs would be coming. On the second

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Speaker 1: of April.

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Speaker 2: The US Treasury Secretary Scott Bessen says he's not worried

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Speaker 2: about the fall in the US stock market. At one

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Speaker 2: point last week, the S and P five hundred felt

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Speaker 2: more than ten percent from its peak into correction Territory.

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Speaker 2: The former hedge fund manager told NBC's Meet the Press

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Speaker 2: that the Trump administration's economic plans would yield results over time.

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Speaker 5: I'm not worried about the markets over the long term.

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Speaker 5: If we put good text policy in place. Deregulation and

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Speaker 5: energy security. The markets will do break.

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Speaker 2: Bessen's comments come as investors have pointed to the US

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Speaker 2: administration's tariff policies as major drivers of uncertainty and risk

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Speaker 2: of moves.

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Speaker 1: The US Defense Secretary Pete Hegseth says strikes on Houthy,

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Speaker 1: medicines and Yemen will be unrelenting until the group stops

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Speaker 1: attacking ships in the Red Sea. Donald Trump boards a

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Speaker 1: new wave of air strikes over the weekend, which officials

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Speaker 1: say could last weeks. Hegseth says the action sends a

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Speaker 1: clear message.

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Speaker 6: This campaign is about freedom of navigation and restoring deterrent.

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Speaker 5: The minute the Huthies.

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Speaker 6: Say we'll stop shooting at your ships, We'll stop shooting

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Speaker 6: at your drones, this campaign will end. But until then

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Speaker 6: it will be unrelenting.

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Speaker 1: Yes to find Secretary Peter Hagsath speaking to Fox News,

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Speaker 1: Hegsas says the latest strikes were also warning to Iran,

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Speaker 1: which backs to who these Who These have responded by

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Speaker 1: targeting a US aircraft carrier, and they say that operations

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Speaker 1: will continue until Israel lefts its renewed blockade of aid

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Speaker 1: going into Gaza.

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Speaker 2: Now, the latest economic data from China is showing some

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Speaker 2: signs of strength among consumers and manufacturers. Retail sales accelerated

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Speaker 2: to four percent in January and February from three point

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Speaker 2: seven percent in December, when industrial output also beat estimates.

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Speaker 2: His reaction from Helen Chao.

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Speaker 4: It's not necessarily too scarily high, nor is it too

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Speaker 4: scarily low. And therefore, I think that is a very

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Speaker 4: nice and comfortable range that it's lying in, so that

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Speaker 4: it probably implies that further policy stimulus is still warranted.

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Speaker 4: And at the same time, it is not necessarily, you know,

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Speaker 4: two weak, so that people would worry immediate impact.

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Speaker 2: Bank of America's Helen Chow was speaking ahead of a

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Speaker 2: briefing by Chinese officials today on a new action plan

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Speaker 2: to boost consumption. The measures include incentives to raise the

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Speaker 2: birth rate, as well as stabilize equity and real estate markets.

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Speaker 1: The Vice President of the European Central Bank says US

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Speaker 1: government policy is causing more economic uncertainty than COVID. Speaking

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Speaker 1: to the Sunday Times, is to gind Us says the

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Speaker 1: Trump administration isn't very open to continuing multilateralism. To gind

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Speaker 1: Us joins other senior ECB figures who've raised concerns about volatility.

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Speaker 1: Who's the Bank of Spain Governor Jose Luisa Skriva.

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Speaker 3: The uncertainty and the risk to the central scenario is

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Speaker 3: very significant. I will say this is precisely the current situation,

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Speaker 3: with the risks to the central scenario on both directions

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Speaker 3: are larger than normally.

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Speaker 1: Ascriever's warning comes as bloom briggs later survey of economists

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Speaker 1: sees the EASYB cutting interest rates twice more this year.

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Speaker 1: Economists see the benchmark rate now staying at two percent

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Speaker 1: until the end of the year, but markets are wavering.

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Speaker 1: They now see one or two cuts, including a possible

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Speaker 1: pause in April. The shift follows plans by European governments

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Speaker 1: to significantly boost investment in defense.

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Speaker 2: The UK government will abolish more business regulators and scale

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Speaker 2: back welfare spending in an effort to drive economic growth.

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Speaker 2: Bloemberger's leark that the Chances of Rachel Reeves will discuss

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Speaker 2: her plans to slash regulatory costs for businesses by a

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Speaker 2: quarter at a meeting with eight of the UK's main

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Speaker 2: regulators today. Meanwhile, on Tuesday, the Work and Pension Secretary

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Speaker 2: Liz Kendall is expected to unveil plans to cut the

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Speaker 2: welfare bill by up to six billion pounds to encourage

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Speaker 2: more people to work. That's despite Reeves dropping plans to

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Speaker 2: freeze a key disability benefit after pushback from cabinet ministers.

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Speaker 2: Is our top stories now on the markets, the S

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Speaker 2: and P five hundred EVENI futures this morning are down

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Speaker 2: by half of one percent, along with Now's that futures

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Speaker 2: dropping six cents to one percent. Friday though did see

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Speaker 2: the S and P five hundred up two percent, the

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Speaker 2: best session for equities since President Trump won election. Asian

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Speaker 2: ecties also rallying. The NKA two two five are by

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Speaker 2: one point two percent. Chinese indices for mainland shares, the

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Speaker 2: cs I three hundred currently down two tens and one

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Speaker 2: percent ahead of this press conference that we're expecting from

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Speaker 2: Chinese leadership to talk more about plans to revive consumption

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Speaker 2: in China. The prim big dollar spot indexes largely unchanged.

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Speaker 2: US treasuries are also steady. You do have aill prices

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Speaker 2: rising though amid growing red sea risks. WI cred features

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Speaker 2: up six cents and sixty seven dollars sixty and a

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Speaker 2: big week for central bank decisions, including of course, the FED,

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Speaker 2: the Bank of England, the Bank of Japan, the Rix Bank.

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Speaker 1: In a moment, we'll bring you more on tomorrow's planned

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Speaker 1: conversation between the Russian and US presidents. Plus I look

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Speaker 1: at how many international companies are holding firm on their

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Speaker 1: varsity commitments despite backlash from the White House. But another

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Speaker 1: story that caught her eye this morning. It is Sam

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Speaker 1: Patrick's day. Sym Patrick, stay to you as I'm miredly

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Speaker 1: obliged as an Irish person to wish everyone that I

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Speaker 1: meet today. But we have a great piece from our

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Speaker 1: Dublin buwer chief on Bloomberg dot Com and on the

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Speaker 1: Ternal this morning, looking at how the diplomatic offensive that

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Speaker 1: Ireland goes on at this time of the year, sending

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Speaker 1: their ministers all over the world's part into Batocks Day

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Speaker 1: celebrations takes on extra significance this year. There's a number

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Speaker 1: of ministers to travel to the United States. We know

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Speaker 1: either Tichak meeting Donald Trump at the White House last week.

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Speaker 1: But this is as they're looking very nervously at the

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Speaker 1: huge amount of American companies who have big investments in Ireland. Actually,

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Speaker 1: per capita, Ireland has the massive trade relationship with the

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Speaker 1: United States as well, the biggest per capita goods export

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Speaker 1: to the US in Europe, so that is something that

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Speaker 1: they're very concerned about. There be risks to if Donald

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Speaker 1: Trump drives some of these companies, particularly in the pharmaceutical space,

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Speaker 1: to move some of those investments back to the US.

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Speaker 1: Their community, who's all over Ireland because they aren't just

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Speaker 1: based in the capital there in small towns as well,

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Speaker 1: worried about what that might mean for them.

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Speaker 2: Yeah. I mean, look, many people think that Mihi Martin

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Speaker 2: did reasonably well, of course in that White House meeting

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Speaker 2: with President Trump. But as you say, it's the tax

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Speaker 2: hall that Ireland has managed to take from or received

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Speaker 2: from US companies that is perhaps a source of difficulty.

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Speaker 2: But then you also to think about the alcohol industry.

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Speaker 2: You know, President Trump threatening those two hundred percent tariffs

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Speaker 2: on EU alcohol products that would also hurt Irish whisky.

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Speaker 2: But yeah, I must say, on a light and bright

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Speaker 2: a note, happy Saint Patrick's stay to you too.

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Speaker 1: Thank you, Carolyn. Then half of my nation I accept that. Yes,

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Speaker 1: let's go back though to our top story this morning

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Speaker 1: and this planned conversation that we've been told about. Donald

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Speaker 1: Trump will speak to Latimir Putin tomorrow, he says, our

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Speaker 1: head of Middle East, North Africa and Russia coverage. Stuart

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Speaker 1: Livingston Wallace joins US Now for more on this. Stuart,

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Speaker 1: good morning. What will Donald Trump want to achieve from

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Speaker 1: this conversation with Vladimir Putin?

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Speaker 7: Morning? I mean, I think what you would like in

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Speaker 7: an ideal world is a clear and an ambiguous statement

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Speaker 7: from Putin that he backs this proposed thirty day cease fire,

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Speaker 7: and then sort of largely seems to be falling into

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Speaker 7: line with what the US and Ukraine and others have

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Speaker 7: already agreed to. Now quite whether he actually expects that

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Speaker 7: to take place is kind of interesting. And if you

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Speaker 7: look at the words or what he said on Air

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Speaker 7: Force one, you know this morning. For me anyway, they

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Speaker 7: are quite carefully worded. There's some maybes in there, and

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Speaker 7: there's some my things, and again, you know, we're probably

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Speaker 7: reading far too much into it, but it does, at

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Speaker 7: least on the face of it, a peer that Trump,

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Speaker 7: I think, is is being quite cautious about over promising

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Speaker 7: from this particular conversation. But you know, clearly his bullish

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Speaker 7: is hoping for the best. But there does seem to

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Speaker 7: be some hesitation there about expecting a final outcome tomorrow.

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Speaker 2: Other observers, you know, European leaders deeply skeptical. Will Vladimir

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Speaker 2: Putin be willing to engage on the issues on the

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Speaker 2: Sea spar itself?

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Speaker 1: Do?

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Speaker 7: We think It's very hard to tell. I mean, I

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Speaker 7: will say the following, which is, the Putin is obviously

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Speaker 7: a very seasoned negotiator and very careful about what he's

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Speaker 7: offered up. And what's been interesting about this particular round

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Speaker 7: is that, at least on the face of it, had

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Speaker 7: appeared like the US had sort of conceded on some

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Speaker 7: key points to the Russian side pretty much before the

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Speaker 7: negotiations had started, and slightly oddly, it felt like that

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Speaker 7: had rather taken the Russians back they could quite believe

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Speaker 7: what they were sort of hearing, and I suppose to

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Speaker 7: some extent we're a little bit suspicious that they were

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Speaker 7: sort of, you know, perhaps being fooled in some respects.

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Speaker 7: So I think you should anticipate more of that same

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Speaker 7: sort of level of caution. I mean, they have set

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Speaker 7: out what they say are red lines, which is, you know,

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Speaker 7: specifically the Ukraine. There must be a perpetual pleasure that

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Speaker 7: Ukraine will never join NATO, There will never be NATO

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Speaker 7: peace keepers on the ground that the Fura blasts that

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Speaker 7: they unilaterally annexed in twenty twenty two would be recognized,

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Speaker 7: and so on and so forth. Now, quite how many

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Speaker 7: of those they would be prepared to concede on or

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Speaker 7: find some sort of halfway house on will remains to

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Speaker 7: be seen. So they are keeping their cards very very

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Speaker 7: close to their chest.

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Speaker 1: Really, Sture's another story that you've been watching this morning

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Speaker 1: as well, has been the developments in Yemen, the US

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Speaker 1: ordering a new way of air strikes on Hooti positions

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Speaker 1: over the weekend. How significant a move is this by

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Speaker 1: the US.

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Speaker 7: Yeah, I mean, I think it's really really interesting. I'm

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Speaker 7: ready for two reasons. Number one, I think the US

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Speaker 7: has absolutely no intention of putting boots on the ground

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Speaker 7: in Yemen, and I think without that it's going to

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Speaker 7: be virtually impossible to dislodge the Hooties. So to me,

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Speaker 7: at least, it looks more like a signal to Iran,

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Speaker 7: because again, the Hooties, you know, while while you know,

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Speaker 7: quite a well organized miliciant slash terrorist force, nonetheless a

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Speaker 7: dependent on Iran for their advanced military equipment for intel

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Speaker 7: that comes from these ships floating off off Yemen, and

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Speaker 7: so that to me looks like the US signing to

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Speaker 7: on as we've seen over the last several weeks, that

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Speaker 7: they need to dare things back. And it is an

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Speaker 7: interesting change there of stance because Iran, it appeared, had

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Speaker 7: told most of its proxies just to keep their heads

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Speaker 7: down when Trump came into office, that appeared to take place.

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Speaker 7: Now what's interesting is can they keep who's on a

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Speaker 7: leash or the who he's now going to be operating

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Speaker 7: independently in which at which point you know, Iran has

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Speaker 7: a real problem on its hands.

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Speaker 2: Stump, thank you so much for being with us this morning.

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Speaker 2: Our head of Middle East, North Africa and Russia coverage,

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Speaker 2: Suet Livingston Wallis, thank you.

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Speaker 1: Donald Trump's dismantling of diversity, equity and inclusion in the

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Speaker 1: United States is making waves at companies in Europe, Asia

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Speaker 1: and beyond. The companies outside the US of their own

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Speaker 1: domestic diversity goals and regulations which are non negotiable. Joining

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Speaker 1: us now with our latest reporting on this subject is

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Speaker 1: our EMEA Equality editor siahs Daddy Sarah's good morning, how

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Speaker 1: is the DEI rollback in the US affecting companies. Then

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Speaker 1: outside of the US here in Europe, good morning how.

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Speaker 8: Being spoken to companies EI professionals and lawyers who work

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Speaker 8: in the field, The general consensus is that the biggest

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Speaker 8: impact is being felt on large multinationals that have got

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Speaker 8: a presence in the US. So companies that have a

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Speaker 8: federal contract, for example, are particularly impacted because they're targeted

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Speaker 8: by Donald Trump's executive orders, specifically on what he called

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Speaker 8: legal deo. So what we're hearing is that companies are

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Speaker 8: making big changes there, whether that's broadly removing workforce representation

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Speaker 8: targets or minor tweaks on their websites. But for more

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Speaker 8: our conversation, companies for the most part are really just

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Speaker 8: making these bigger changes in the US, and then elsewhere

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Speaker 8: they're trying to stick to the goals that they had,

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Speaker 8: or the very least, they are not making any changes

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Speaker 8: to their initiatives.

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Speaker 2: Because in a lot of Western countries, regulations also tend

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Speaker 2: to focus on women rather than on ethnic diversity in itself.

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Speaker 2: But a lot of countries have embedded equality and diversity

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Speaker 2: in terms of regulation, so there are those sort of

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Speaker 2: conflicting Lake three signals here.

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Speaker 8: Surely exactly right. So France is a good example. They

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Speaker 8: introduce gender quotas for the boards as early as twenty

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Speaker 8: eleven and now companies have a mandate mandatory quota for

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Speaker 8: women to make up forty percent of boards by twenty

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Speaker 8: twenty nine. Then you have places like the UK and

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Speaker 8: Australia where companies have to go through employee and compensation

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Speaker 8: data to publish gender pay gaps. The UK government and

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Speaker 8: indicated to that they're going to extend this reporting to

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Speaker 8: including an ethnicity and disability pay gap element too. So

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Speaker 8: what we're finding is that companies have now been saddled

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Speaker 8: with compliance and regulation and lots of places, and much

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Speaker 8: of that is being placed with de iteams. So one

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Speaker 8: and another big concern for companies is that in the

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Speaker 8: EU is that there's a pay transparency directive that can

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Speaker 8: affect many companies from next summer and if there are

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Speaker 8: large pay gaps in the same roles, firms from next

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Speaker 8: summer will have to publish an action plan on how

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Speaker 8: they plan to tackle it. So you know, there are

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Speaker 8: lots of things going on and there are definitely divergences

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Speaker 8: in how companies are going to have to operate.

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

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