1 00:00:02,080 --> 00:00:05,480 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:05,519 --> 00:00:08,600 Speaker 1: dot com, the Radio plus mobile app, and on your radio. 3 00:00:08,880 --> 00:00:12,720 Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscow. 4 00:00:12,800 --> 00:00:15,920 Speaker 1: This update brought to you by National Realty Returns on 5 00:00:16,000 --> 00:00:18,239 Speaker 1: cash and rented real estate find them at n r 6 00:00:18,320 --> 00:00:22,720 Speaker 1: i a dot net. US stocks are moving lower amid 7 00:00:22,760 --> 00:00:24,880 Speaker 1: a mix of corporate earnings that fail to provide a 8 00:00:24,880 --> 00:00:28,040 Speaker 1: clearer picture on the economic outlook. We checked the markets 9 00:00:28,040 --> 00:00:32,479 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. The 10 00:00:32,640 --> 00:00:34,559 Speaker 1: S and P five hundred down two tens per cent 11 00:00:34,640 --> 00:00:37,920 Speaker 1: or four points to down. Jones Industrial Average down to 12 00:00:38,040 --> 00:00:40,599 Speaker 1: tens per cent or thirty six points to eighteen thousand, 13 00:00:40,680 --> 00:00:43,199 Speaker 1: sixty then as Dacks down two ten percent or eight 14 00:00:43,240 --> 00:00:46,120 Speaker 1: points to forty nine thirty nine ten. Your treasury down 15 00:00:46,200 --> 00:00:48,960 Speaker 1: seven thirty seconds, the yield one point eight seven percent, 16 00:00:49,400 --> 00:00:51,920 Speaker 1: yield on the two year point eight to zero percent. 17 00:00:52,360 --> 00:00:54,760 Speaker 1: Non max scrude oil down one point seven percent or 18 00:00:54,800 --> 00:00:57,880 Speaker 1: seventy four cents to forty three forty three of barrel 19 00:00:58,120 --> 00:01:00,640 Speaker 1: comex gold is down to ten percent or two dollars 20 00:01:00,640 --> 00:01:03,600 Speaker 1: fifty cents at twelve fifty two ten announced the euro 21 00:01:03,720 --> 00:01:06,280 Speaker 1: a dollar thirteen fifteen. The end one oh nine point 22 00:01:06,319 --> 00:01:10,039 Speaker 1: four five, Mario Draggy called for critics of European Central 23 00:01:10,040 --> 00:01:13,520 Speaker 1: Bank policy to give its unprecedented stimulus measures time to work, 24 00:01:13,560 --> 00:01:16,480 Speaker 1: and urged governments to help. The ECB president made the 25 00:01:16,520 --> 00:01:20,320 Speaker 1: comments after policymakers kept interest rates unchanged at record lows 26 00:01:20,400 --> 00:01:23,520 Speaker 1: and maintained asset purchases at ninety billion dollars a month. 27 00:01:23,800 --> 00:01:26,880 Speaker 1: Son Edison filing for bankruptcy protection after a two year, 28 00:01:26,920 --> 00:01:29,759 Speaker 1: three point one billion dollar acquisition BINGE that drove its 29 00:01:29,800 --> 00:01:33,240 Speaker 1: debt to unmanageable levels and sent investors running for the 30 00:01:33,280 --> 00:01:37,120 Speaker 1: exits and crossing the Bloomberg Consumer confidence fell last week, 31 00:01:37,160 --> 00:01:40,319 Speaker 1: the weekly Bloomberg Consumer Comfort Index decreasing to forty two 32 00:01:40,360 --> 00:01:43,400 Speaker 1: point nine in the period then into April seventeenth from 33 00:01:43,440 --> 00:01:46,800 Speaker 1: forty three point six. And that's a Bloomberg business flash. 34 00:01:46,800 --> 00:01:48,560 Speaker 1: Tom and Saren, thanks so much. You're gonna have a 35 00:01:48,560 --> 00:01:50,360 Speaker 1: lot of fun, folks. Peter Eliot's going to join us 36 00:01:50,360 --> 00:01:52,680 Speaker 1: here in a bit. We'll talk about one of my 37 00:01:52,760 --> 00:01:55,560 Speaker 1: favorite places in the world. It was in the James 38 00:01:55,640 --> 00:01:58,400 Speaker 1: Bond movie recently, and we'll do all that. But first 39 00:01:58,960 --> 00:02:01,880 Speaker 1: I sent a h al worstpanding our staff get me 40 00:02:01,960 --> 00:02:06,040 Speaker 1: Peter Dixon. Peter Dixon is with Commerce Bank and he 41 00:02:06,160 --> 00:02:08,519 Speaker 1: is one of the few economists I know who has 42 00:02:08,520 --> 00:02:12,480 Speaker 1: the courage to look outside of London at the actual 43 00:02:12,639 --> 00:02:16,280 Speaker 1: United Kingdom economy. Most people are like from Heathrow in 44 00:02:16,320 --> 00:02:19,680 Speaker 1: the London and maybe they get as far as Canary Wharf. 45 00:02:19,720 --> 00:02:23,040 Speaker 1: Peter Dixon had the courage to look elsewhere. Peter, How 46 00:02:23,160 --> 00:02:26,800 Speaker 1: strong is the UK economy outside the London in the 47 00:02:26,840 --> 00:02:31,760 Speaker 1: financial sector that we all know, Um, it's holding up. 48 00:02:31,800 --> 00:02:33,960 Speaker 1: I mean, I think there are all clear indications that 49 00:02:34,040 --> 00:02:38,080 Speaker 1: the economy is slowing um and I think we've seen 50 00:02:38,080 --> 00:02:40,560 Speaker 1: from new results from the financial sector even that particular 51 00:02:41,000 --> 00:02:43,359 Speaker 1: aspect of the economy. There's lots a bit of momentum too. 52 00:02:44,280 --> 00:02:47,120 Speaker 1: We get the first quarter g d P numbers next week. Um, 53 00:02:47,320 --> 00:02:49,359 Speaker 1: we're looking at a zero point three to zero point 54 00:02:49,360 --> 00:02:52,280 Speaker 1: four precent Q and Q growth rate that the equivalence 55 00:02:52,280 --> 00:02:54,280 Speaker 1: is sort of I guess one point two to one 56 00:02:54,280 --> 00:02:57,320 Speaker 1: point five on on the US definition. So it's clearly, 57 00:02:57,440 --> 00:03:00,240 Speaker 1: you know, it's clearly losing momentum. And we have an 58 00:03:00,240 --> 00:03:04,200 Speaker 1: economy which which clearly is suffering from this. London and 59 00:03:04,200 --> 00:03:06,880 Speaker 1: the rest of the UK split, which certainly has been 60 00:03:06,919 --> 00:03:10,119 Speaker 1: a problem in recent years. Maybe it's two United Kingdoms? 61 00:03:10,200 --> 00:03:13,040 Speaker 1: Is where two Britons as we have two United kings 62 00:03:13,080 --> 00:03:15,720 Speaker 1: From where you sit within all your research, what is 63 00:03:15,720 --> 00:03:18,079 Speaker 1: the likelihood of a breakup of the United Kingdom if 64 00:03:18,120 --> 00:03:22,040 Speaker 1: Brexit passes? Well, if Brexit passes, and you know we're 65 00:03:22,040 --> 00:03:25,360 Speaker 1: all hoping that it doesn't, UM, then I think that 66 00:03:26,000 --> 00:03:27,639 Speaker 1: there is going to be a lot more pressure from 67 00:03:27,639 --> 00:03:31,000 Speaker 1: the Scotts to push front of the referendum campaign. And 68 00:03:31,040 --> 00:03:33,440 Speaker 1: we all know how difficult that turned out to be 69 00:03:33,480 --> 00:03:36,480 Speaker 1: in twenty fourteen. UM this time around, of course, if 70 00:03:36,480 --> 00:03:38,480 Speaker 1: there's a Brexit, the Scots are going to be pushing 71 00:03:38,560 --> 00:03:42,160 Speaker 1: for a referendum campaign at the same time as the 72 00:03:42,200 --> 00:03:45,600 Speaker 1: rest of the government is going to be heavily involved 73 00:03:45,640 --> 00:03:48,320 Speaker 1: in trying to negotia the rest of the world. So 74 00:03:48,480 --> 00:03:51,840 Speaker 1: it's going to be a very burdens You find a 75 00:03:51,920 --> 00:03:54,960 Speaker 1: question if I could this morning color the word austerity, 76 00:03:55,480 --> 00:03:58,280 Speaker 1: is it relates to the Queen's England? Is it an 77 00:03:58,280 --> 00:04:02,840 Speaker 1: austere fiscal policy right now? Pretty much? Yeah? I mean 78 00:04:02,920 --> 00:04:05,800 Speaker 1: I think the government is h I think the many 79 00:04:05,800 --> 00:04:09,040 Speaker 1: European governments are doing. It's it's pretty much putting the 80 00:04:09,040 --> 00:04:11,280 Speaker 1: brakes on, not putting the brakes on as hard it 81 00:04:11,360 --> 00:04:14,119 Speaker 1: says it is, but it's nonetheless it's not pushing down 82 00:04:14,200 --> 00:04:15,600 Speaker 1: very hard on the gas. And I think we could 83 00:04:15,600 --> 00:04:19,880 Speaker 1: certainly do with a lot more fiscal fiscal stimulus. Peter Dixon, 84 00:04:19,920 --> 00:04:22,719 Speaker 1: thank you so much, very very greatly appreciated with Commerce 85 00:04:22,720 --> 00:04:24,919 Speaker 1: Bank helping out this morning. I want to get to 86 00:04:24,960 --> 00:04:27,719 Speaker 1: an opening a grand Central Station, which is important for 87 00:04:27,760 --> 00:04:30,880 Speaker 1: the nation's food industry. But first, Peter Elliott, I do 88 00:04:30,960 --> 00:04:35,600 Speaker 1: want to ask some fun There was a small un 89 00:04:35,680 --> 00:04:40,480 Speaker 1: naval battle Admiral Nelson's fleet destroys the French fleet at 90 00:04:40,480 --> 00:04:44,200 Speaker 1: the Battle of the Nile and on Maiden Lane, which 91 00:04:44,240 --> 00:04:48,200 Speaker 1: is clearly ancient. A restaurant opened basically is a clam 92 00:04:48,320 --> 00:04:53,200 Speaker 1: shack like Mpankterie Maine, and it became Rules which to 93 00:04:53,279 --> 00:04:56,760 Speaker 1: color things, folks, is where you film movies. It's such 94 00:04:56,760 --> 00:05:00,600 Speaker 1: a period piece. Is the food authentic in Rule Speed? Really? 95 00:05:01,080 --> 00:05:04,640 Speaker 1: Good morning, Tom, I'm so I'm so pleased that of 96 00:05:04,760 --> 00:05:08,159 Speaker 1: all your many obsessions, that you're obsessed about Rules. Rules 97 00:05:08,240 --> 00:05:12,719 Speaker 1: is a very rare restaurant. Indeed, not just in London, 98 00:05:12,760 --> 00:05:15,839 Speaker 1: but perhaps in the world. It really is. Um you 99 00:05:16,160 --> 00:05:18,599 Speaker 1: convandi about these things about the oldest restaurant in the 100 00:05:18,600 --> 00:05:21,839 Speaker 1: world anything, But it really is the oldest. It's really 101 00:05:22,240 --> 00:05:26,200 Speaker 1: more accurate to say it's the oldest continually operating restaurant 102 00:05:26,240 --> 00:05:29,000 Speaker 1: in the world, which almost makes it more important. Um. 103 00:05:29,080 --> 00:05:31,440 Speaker 1: And it is a lovely thing in the sense that um, 104 00:05:32,160 --> 00:05:34,920 Speaker 1: I would say, compared to something here in New York 105 00:05:34,960 --> 00:05:38,160 Speaker 1: like Tavern on the Green, which just can't get it together. 106 00:05:38,440 --> 00:05:41,160 Speaker 1: And it's just quintessentially New York and they just can't 107 00:05:41,160 --> 00:05:44,800 Speaker 1: get it together. Rules has got it together for hundreds 108 00:05:44,800 --> 00:05:47,600 Speaker 1: and hundreds of years. They seem to have it down 109 00:05:47,640 --> 00:05:50,200 Speaker 1: to a pattern of when it's time to close and 110 00:05:50,240 --> 00:05:52,120 Speaker 1: when it's time to pressing it up. And yet you 111 00:05:52,200 --> 00:05:54,880 Speaker 1: still walk in and it's it's red velvet and its 112 00:05:54,880 --> 00:05:58,479 Speaker 1: walls darn't peeling. It's wonderful. I mean, they really have 113 00:05:58,600 --> 00:06:03,520 Speaker 1: done an amazing job. Um. They haven't really messed with 114 00:06:03,680 --> 00:06:07,080 Speaker 1: the formula. And you think that modern restaurateurs, right, take 115 00:06:07,160 --> 00:06:09,800 Speaker 1: up something from that. You go there, you know what 116 00:06:09,880 --> 00:06:12,479 Speaker 1: you're getting. You get to write a game. It's just 117 00:06:12,480 --> 00:06:14,560 Speaker 1: a wonderful. You're such a good historian on this. The 118 00:06:14,640 --> 00:06:16,440 Speaker 1: last time I was there, I had this I I 119 00:06:16,480 --> 00:06:19,800 Speaker 1: didn't really like it, folks. Full disclosure. Steam steak and 120 00:06:19,880 --> 00:06:23,640 Speaker 1: kidney suet pudding, Yeah, or with oyster, and I think 121 00:06:23,640 --> 00:06:25,640 Speaker 1: I or with oyster. No, I had this. I had 122 00:06:25,640 --> 00:06:30,120 Speaker 1: the steak and kidney suet pudding. Did the Queen's ancestors 123 00:06:30,160 --> 00:06:32,400 Speaker 1: eat that stuff? We all ate that stuff. I mean, 124 00:06:32,400 --> 00:06:37,000 Speaker 1: there's a wonderful tradition in Britain a restaurant called Uh Story, 125 00:06:37,120 --> 00:06:39,240 Speaker 1: which is really all about the story of English food, 126 00:06:39,640 --> 00:06:42,360 Speaker 1: and people give English I should say British food a 127 00:06:42,600 --> 00:06:45,560 Speaker 1: really hard rap, which is unfair, always unfair. As someone 128 00:06:45,560 --> 00:06:48,000 Speaker 1: who grew up there, I've always thought what made me 129 00:06:48,040 --> 00:06:50,839 Speaker 1: really get into food? Because it's a much more temperate climate, 130 00:06:50,880 --> 00:06:53,640 Speaker 1: you get terrific ingredients. Yes, there was a really horrible 131 00:06:53,680 --> 00:06:57,800 Speaker 1: period between one and and and the and the eighties, 132 00:06:58,040 --> 00:07:02,480 Speaker 1: but um, these these foods are as traditional to Britain 133 00:07:02,640 --> 00:07:05,320 Speaker 1: as Bogignon is to France. Kay, and I want to 134 00:07:05,360 --> 00:07:08,440 Speaker 1: pick on the Duchess of Cambridge. Kate Middleton's Royal twenty 135 00:07:08,839 --> 00:07:14,040 Speaker 1: fifteen pounds number three gin pinky vodka, litt and crystallized 136 00:07:14,120 --> 00:07:17,480 Speaker 1: violet pedals. Is the cocktails thing out of control, not 137 00:07:17,520 --> 00:07:19,920 Speaker 1: only rules but everywhere the cocktail thing is out of 138 00:07:19,960 --> 00:07:23,120 Speaker 1: control aniture. Um it is. It is to the point 139 00:07:23,200 --> 00:07:24,800 Speaker 1: where I was. I was in a restaurant called tell 140 00:07:24,880 --> 00:07:27,520 Speaker 1: Day last night in Brooklyn, which I love, and um, 141 00:07:27,600 --> 00:07:30,120 Speaker 1: all my guy, a whole bunch of you know, early 142 00:07:30,200 --> 00:07:33,680 Speaker 1: guys looking through their cocktail menu lists, and one of 143 00:07:33,720 --> 00:07:35,760 Speaker 1: my other friends said, could I just have an old fashioned? 144 00:07:36,480 --> 00:07:41,680 Speaker 1: I loved it, like she sold him on this smoky 145 00:07:41,840 --> 00:07:44,760 Speaker 1: the growny thing, and I have an old fashioned. Um. 146 00:07:45,320 --> 00:07:48,800 Speaker 1: People should know when you're listening to this show that, um, 147 00:07:49,160 --> 00:07:50,680 Speaker 1: we like to give good advice. And one of the 148 00:07:50,680 --> 00:07:53,240 Speaker 1: best bits of advices you can let the gal or 149 00:07:53,280 --> 00:07:56,080 Speaker 1: the guy go on about whatever they're making up there 150 00:07:56,120 --> 00:07:58,240 Speaker 1: in the cocktail thing and then say I'd like a 151 00:07:58,320 --> 00:08:01,920 Speaker 1: plymouth martini, straight up dry with a twist, and they'll 152 00:08:01,960 --> 00:08:04,880 Speaker 1: do it. You know, it's not illegal to leave the 153 00:08:04,920 --> 00:08:08,840 Speaker 1: Queen's England the president of course, traveling to London from Riad, 154 00:08:09,120 --> 00:08:11,400 Speaker 1: I would say, I'm gonna toural Lies and say any 155 00:08:11,400 --> 00:08:13,800 Speaker 1: moment I'm not quite sure of that Peter in Grand 156 00:08:13,880 --> 00:08:16,680 Speaker 1: Central Station if the Queen was the parachute in Today 157 00:08:16,880 --> 00:08:19,480 Speaker 1: is an American restaurant experiment? What is it? It is? 158 00:08:19,560 --> 00:08:22,760 Speaker 1: This is a really interesting thing. So klaus Meyer, who 159 00:08:22,760 --> 00:08:25,800 Speaker 1: will be talking to a bit later today actually about 160 00:08:26,400 --> 00:08:32,240 Speaker 1: Klauserberg Radio UM, who's an entrepreneur, he's a politician, he's 161 00:08:32,280 --> 00:08:35,840 Speaker 1: a food guru UM. But he's most famous for being 162 00:08:35,880 --> 00:08:38,679 Speaker 1: the other half of a restaurant, a little restaurant called Noma, 163 00:08:39,040 --> 00:08:41,600 Speaker 1: which is more or less rightly um, the most famous 164 00:08:41,600 --> 00:08:44,360 Speaker 1: restaurant in the world and it has set a tone 165 00:08:44,440 --> 00:08:49,640 Speaker 1: for modern gastronomy. That is moving to New York. Um 166 00:08:49,720 --> 00:08:52,559 Speaker 1: klaus Meyer has moved his family, his life, and his 167 00:08:52,760 --> 00:08:56,160 Speaker 1: profession to Grand Central Station. So he's opening the Great 168 00:08:56,160 --> 00:08:59,160 Speaker 1: Northern Food Hall, which will kind of bring the Noma ization. 169 00:08:59,200 --> 00:09:03,319 Speaker 1: The Nordic Quisie. Is the founder of new Nordic cuisine? 170 00:09:03,320 --> 00:09:05,400 Speaker 1: Do I have that right? You know, there's it'll be 171 00:09:05,440 --> 00:09:08,720 Speaker 1: like who founded rules? You know it? You know, who 172 00:09:08,760 --> 00:09:11,760 Speaker 1: founded Nordic Cuisine is or New Nordic Cuisine is going 173 00:09:11,800 --> 00:09:13,720 Speaker 1: to be discussed for much time. But there's no question 174 00:09:13,720 --> 00:09:15,640 Speaker 1: that Noma is the most famous restaurant in the world 175 00:09:15,880 --> 00:09:17,960 Speaker 1: and that he and Rennee red Zeppe have you know, 176 00:09:18,480 --> 00:09:21,280 Speaker 1: pushed this off to a new uh, a new a 177 00:09:21,280 --> 00:09:25,880 Speaker 1: new history. But he's left Copenhagen. He's moved to New 178 00:09:25,960 --> 00:09:28,320 Speaker 1: York and he's opening a restaurant called Agrin, which is 179 00:09:28,360 --> 00:09:30,800 Speaker 1: in Grand Central. States will be and it will be. 180 00:09:30,880 --> 00:09:33,200 Speaker 1: I don't know. I'll find out. I'm going tonight, I'll 181 00:09:33,280 --> 00:09:36,480 Speaker 1: let you know. Um. But the hall itself is going 182 00:09:36,520 --> 00:09:41,560 Speaker 1: to be an attempt to recreate those markets. Why why 183 00:09:41,640 --> 00:09:43,840 Speaker 1: is this? Why? Why are the owners of Grand Central 184 00:09:43,880 --> 00:09:47,200 Speaker 1: station in the various institutions, why are they letting this happen. 185 00:09:47,280 --> 00:09:49,800 Speaker 1: I think they're letting it happen because Claus seems to 186 00:09:49,840 --> 00:09:54,360 Speaker 1: have some um ability to get things done in in 187 00:09:54,480 --> 00:09:57,120 Speaker 1: public government. I mean he's he's able to do things 188 00:09:57,120 --> 00:09:58,680 Speaker 1: that nobody else. People have been trying to get that 189 00:09:58,720 --> 00:10:01,920 Speaker 1: space to do something for a long, long long time, 190 00:10:01,960 --> 00:10:05,200 Speaker 1: and he seems to have just by pure force of personality. Um, 191 00:10:05,280 --> 00:10:07,079 Speaker 1: I've got it through. But the most important thing is 192 00:10:07,120 --> 00:10:09,000 Speaker 1: that we'll be able to have salmon on open rice 193 00:10:09,040 --> 00:10:12,200 Speaker 1: sandwiches thirty seconds dessert with the Queen? Do you go 194 00:10:12,240 --> 00:10:15,480 Speaker 1: with a lemon moringe pie or the sticky toffee pudding? Oh? 195 00:10:15,520 --> 00:10:16,920 Speaker 1: You know the Queen of England? Do you go with 196 00:10:16,920 --> 00:10:19,440 Speaker 1: a sticky toffee pudding? For sure? As as what she 197 00:10:19,559 --> 00:10:22,000 Speaker 1: I'm sure I don't think that's a question. Peter Eliott, 198 00:10:22,000 --> 00:10:24,800 Speaker 1: thank you so much. Bloomberg Reserve can't say enough about it. 199 00:10:24,800 --> 00:10:28,400 Speaker 1: It's actually in English, which is unlike most food stuff. 200 00:10:28,960 --> 00:10:31,840 Speaker 1: Look for it and make an effort to look for 201 00:10:31,880 --> 00:10:35,480 Speaker 1: Bloomberg Reserve. The first time you look at it, it's 202 00:10:35,559 --> 00:10:38,920 Speaker 1: daunting because it's so smart, and then you realize if 203 00:10:38,960 --> 00:10:41,560 Speaker 1: you look at it for I'm not kidding, two minutes, 204 00:10:41,960 --> 00:10:44,960 Speaker 1: you will not screw up your next food thing in 205 00:10:45,000 --> 00:10:48,720 Speaker 1: New York, in Boston, in Washington, San Francisco, London, or 206 00:10:48,720 --> 00:10:53,200 Speaker 1: wherever you might be. Peter Elliott, with Bloomberg Reserve, we 207 00:10:53,280 --> 00:10:56,880 Speaker 1: leave you the doubt negative thirty vix, thirteen point seven 208 00:10:57,000 --> 00:11:01,120 Speaker 1: five yields move. They moved this morning, higher yields oil 209 00:11:01,200 --> 00:11:05,280 Speaker 1: is higher in reverses now, but still there. It is 210 00:11:05,800 --> 00:11:07,880 Speaker 1: for the Queen and for the United Kingdom. We leave 211 00:11:07,880 --> 00:11:10,480 Speaker 1: you with the beetles st