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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Daybat podcast, available every morning on Apple, Spotify or wherever

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Speaker 1: you listen. It's Friday, the twenty eighth of June in London.

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Speaker 1: I'm Caroline Hepcare Coming up today, President Biden delivers a

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Speaker 1: faltering debate performance as Donald Trump doubles down on falsehoods,

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Speaker 1: the MF last, the US over the size of its deficit,

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Speaker 1: and increasingly protectionist policies. Let's start with a roundup of

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Speaker 1: our top stories. President Joe Biden and former President Donald

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Speaker 1: Trump have held their first head to head debate in

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Speaker 1: the run up to November's election. The two men clash

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Speaker 1: on everything from the economy, to foreign policy, abortion, and

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Speaker 1: even the quality of their golf game as they each

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Speaker 1: sought to win over undecided voters. But it was the

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Speaker 1: repeated stumbles by President Biden that caught the attention of many,

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Speaker 1: with a performance that exacerbated concerns about his aim. Here

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Speaker 1: is one such stumble on healthcare during the CNN debate.

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Speaker 2: Making sure that we're able to make every single solitary

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Speaker 2: person eligible for what I've been able to do with

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Speaker 2: the with the COVID, I excuse me with dealing with

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Speaker 2: everything we have to do with Look if we finally

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Speaker 2: beat Medicare.

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Speaker 1: The shaky performance threatens to wound Biden's already sputtering campaign,

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Speaker 1: fueling Republican attacks that, at the age of eighty one,

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Speaker 1: the oldest president in the US history, is not fit

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Speaker 1: to serve another four year term. Trump sort of capitalize

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Speaker 1: on Biden's missteps, taking a swipe at his rival during

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Speaker 1: the exchange on immigration.

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Speaker 2: There are forty fewer people coming across the border illegally.

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Speaker 2: It's better than when he left office. And I'm going

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Speaker 2: to continue to move until we get the total ban

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Speaker 2: on the total initiative relative to what we're going to

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Speaker 2: do with more patrol and more President Trump, I really

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Speaker 2: don't know what he said at the end of those sentence.

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Speaker 3: I don't think he knows what he said either.

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Speaker 1: Trump's performance during the CNN debate was not without missteps, though,

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Speaker 1: and when asked about Americans struggling with opioid addiction, the

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Speaker 1: former president talked about immigration and Russia's detention of a

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Speaker 1: Wall Street Journal reporter when it comes to the matter

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Speaker 1: of policy, Though the dividing lines between the two men

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Speaker 1: were clear, with former President Trump repeatedly and awkwardly sidestepping

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Speaker 1: questions about whether or not he would respect the results

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Speaker 1: of the election. Here is CNN moderator Dna Bash asking

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Speaker 1: the question for a second time and the response.

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Speaker 4: President Trump, as they come back to you for a

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Speaker 4: follow up, The question was, will you accept the results

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Speaker 4: of this election regardless of who wins?

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Speaker 2: Just to finish what he said, if I might Russia,

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Speaker 2: they took a lot of end from Bush. They took

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Speaker 2: a lot of land from Obama and Biden.

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Speaker 4: They took no land, nothing from Trump.

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Speaker 5: Nothing he knew not to do it.

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Speaker 1: Former President Trump also repeated numerous untruths during the debate,

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Speaker 1: fullsely claiming credit for a cap on Medicare insulin prices

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Speaker 1: and also saying that the January sixth writers were invited

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Speaker 1: into the capital by police, and President Biden was keen

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Speaker 1: to draw a clear distinction on the area of trust

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Speaker 1: with his rival, focusing on Trump's many legal challenges the crime, So.

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Speaker 2: You are still charged with and think of all the

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Speaker 2: civil pedelies you go. How many billions of dollars do

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Speaker 2: you own? Civil penalties for molesting a woman of public,

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Speaker 2: for doing a whole range of things of having sex

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Speaker 2: from a porn star on the night while your wife

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Speaker 2: was pregnant. I mean, what were you talking about? You

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Speaker 2: have the morals of an alley cat.

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Speaker 1: But despite some strong moments, Democrats publicly and privately expressed

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Speaker 1: a lot in the aftermath over Biden's performance. Speaking on

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Speaker 1: condition of anonymity, one Democratic lawmaker told Bloomberg that the

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Speaker 1: president appeared a shell of his former self and that

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Speaker 1: the party must have a conversation about replacing him on

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Speaker 1: the ballot. Now moving on, but also focused on the US,

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Speaker 1: the IMF has criticized the United States for running deficits

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Speaker 1: that are too big, being weighed down by debt, and

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Speaker 1: increasingly aggressive trade policies. Despite referring to the world's largest

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Speaker 1: economy as robust, the fund slightly downgraded its estimates for

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Speaker 1: growth for this year by a tenth of one percent

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Speaker 1: to two point six percent. The IMF Managing Director, chris

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Speaker 1: Alina Georgieva, added that the US Federal Reserve should proceed

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Speaker 1: carefully when it comes to rates.

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Speaker 4: The policy rate should be lowered only after there is

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Speaker 4: a clear evidence that inflation is sustainably returning to the

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Speaker 4: two percent target.

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Speaker 1: The IMS Chrysillina Gyorghieva. Speaking there, the Global Financial Watchdog

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Speaker 1: also cautioned that unsustainable US boring and competition with China

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Speaker 1: are creating risks for the world's economy.

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Speaker 5: Now.

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Speaker 1: The leaders of France's three main political parties have taken

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Speaker 1: part in another televised debate there. Speaking during the event

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Speaker 1: on France too, the participants focus on international relations. Jordan Bardella,

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Speaker 1: from the far right National Rally, vowed to protect Ukraine.

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Speaker 6: So my position is simple, supporting Ukraine to avoid an

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Speaker 6: escalation with Russia, which is I remind you in nuclear power.

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Speaker 6: If tomorrow I become Prime Minister, no French soldier will

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Speaker 6: be sent to Ukrainian soil.

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Speaker 1: Jordan Bardella's commitment to avoid deploying French troops to Ukraine

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Speaker 1: was echoed by the Socialist Party's first section Olivier. Forrey Ilia,

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Speaker 1: there are red wines.

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Speaker 7: Sending ground troops is absolutely not requested, either by Zelenski

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Speaker 7: nor the Ukrainians.

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Speaker 6: It's absolutely useless.

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Speaker 1: Olivier fore the speaking through a translator, he went on

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Speaker 1: to criticize President Macran's approached the conflict. Meanwhile, the serving

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Speaker 1: Prime Minister Gabrielle Attal emphasized the consequences of a Russian victory.

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Speaker 7: If Russia won over Ukraine, it would also be terrible

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Speaker 7: for the daily lives of the French. Energy bills would

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Speaker 7: explode with more destabilization, and there would be a very

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Speaker 7: significant wave of migration to Europe.

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Speaker 1: That was Gabrielle Letao from Immanuel Macons were a Naissance

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Speaker 1: party there via a translator. Today is the last day

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Speaker 1: of campaigning in France before the first round of voting

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Speaker 1: this Sunday. European Union leaders have nominated as of onderline

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Speaker 1: for a second time as President of the European Commission.

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Speaker 1: The decision comes as part of an agreement on top

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Speaker 1: jobs for the bloc's next five year mandate, but will

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Speaker 1: still require confirmation in the European Parliament. Speaking to reporters

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Speaker 1: following the news, Ursula Vondelion discussed her next steps for me.

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Speaker 4: This means that I now will seek confirmation from the

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Speaker 4: European Parliament on my appointment after presenting my political guidelines

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Speaker 4: for the next five years. So there's another step to

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Speaker 4: do on the way forward.

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Speaker 1: Thank you, Erslavon Delyon speaking there. Alongside her nomination, the

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Speaker 1: Portuguese Prime Minister Antonio Costa was endorsed as the head

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Speaker 1: of the European Council, and the Estonian Prime Minister Kayak

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Speaker 1: Kalas was picked as the EU's High Representative for Foreign

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Speaker 1: Affairs and Security. Fond DeLeon was confirmed for her last

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Speaker 1: term as commissioned President by the narrowest margin in the

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Speaker 1: EU's history. Now, let's dig into the main story this

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Speaker 1: morning for us, even here in Europe watching closely. They

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Speaker 1: were introduced as the forty sixth President of the United

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Speaker 1: States and the forty fifth President of the United States.

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Speaker 1: Biden and Trump their first head to head debate. We

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Speaker 1: did actually seem to learn something new you about the

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Speaker 1: candidates running in November's presidential election and joining me now

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Speaker 1: to discuss his Bloomberg's John Harney, who is in Washington,

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Speaker 1: d C.

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Speaker 3: For us.

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Speaker 1: John, You're staying up very late to speak to us,

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Speaker 1: so we really appreciate it. President Biden looked wobbly right

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Speaker 1: from the start. Did he dispel concerns about his age.

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Speaker 3: The most important thing he had to do tonight was

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Speaker 3: to show that at age eighty one, he has the stamina,

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Speaker 3: the acuity, the fitness to take this most important monumental

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Speaker 3: job for another four years and he clearly did not

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Speaker 3: do it. He came across halting, sure of himself, spoke

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Speaker 3: very fast and a very low voice, misspoke several times.

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Speaker 3: Now he did improve as the hour and a half

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Speaker 3: or on, but clearly did not do what this campaign

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Speaker 3: had set out to do. They're the ones that called

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Speaker 3: for this debate in the first place.

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Speaker 1: So that seems a significant concern then for the Democrat camp.

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Speaker 1: The former President Trump has been convicted of forcifying business records.

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Speaker 1: He faces three more criminal indictments. Did he stick to facts?

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Speaker 1: How did he come across?

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Speaker 3: He often did not answer questions that were put to

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Speaker 3: him and kept going back to his main themes that

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Speaker 3: inflation is out of control and that that's Joe Biden's fault,

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Speaker 3: and that the border is wide open, the United States

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Speaker 3: is being flooded by migrants, and that the country is

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Speaker 3: not respected around the world. Joe Biden is responsible for

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Speaker 3: all of this. You know, he certainly was not accurate

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Speaker 3: when he spoke about insulin because the insulin was much

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Speaker 3: more expensive, and so they're putting out of reach for

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Speaker 3: a lot of people with diabetes. He claimed that he

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Speaker 3: had put in place a policy that they'll make it cheaper,

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Speaker 3: that wasn't true. He minimized his involvement in the January

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Speaker 3: sick insurrection, for which he does face federal charges, and

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Speaker 3: he pointed it did not answer clear whether or not

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Speaker 3: he would accept the results of this November's election.

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Speaker 1: So that's a sort of brief assessment of what they said.

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Speaker 1: But in terms of the economy, there does seem to

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Speaker 1: be a disconnect, doesn't there between voters and the data,

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Speaker 1: something that we focused on, of course, on Bloomberg in

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Speaker 1: terms of the you know what they managed to enlighten

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Speaker 1: us on when it comes to the economic policies.

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Speaker 3: A very unusual debate where two people who on his

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Speaker 3: president was president are facing one another a second time.

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Speaker 3: So both presented their versions of the economy as superior

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Speaker 3: and their opponents as terrible. Joe Biden spoke of the legislation,

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Speaker 3: the economic legislation to promote green energy policies and break ships, manufacturing,

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Speaker 3: and other industries back to this country and the jobs

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Speaker 3: that come with them. Of course, Trump spoke of his

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Speaker 3: economic accomplishments before the pandemic and during the pandemic, and

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Speaker 3: he pointed out the inflation was much lower. So both

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Speaker 3: tried to make their out stewardship as preferable to the

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Speaker 3: other guys.

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Speaker 1: Okay, a last thought then, John, in terms of what

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Speaker 1: we'll take away from this, And there's another presidential debate

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Speaker 1: that's meant to be coming, obviously we were watching it.

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Speaker 1: Also for foreign policy, there was some talk of Israel

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Speaker 1: and her mass of tariffs on China, also a big one.

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Speaker 3: Trump again said that the Ukraine War and the attack

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Speaker 3: by him Moss would not have happened under his watch.

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Speaker 3: Of course, he's provided all the previous occasions, he said

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Speaker 3: it in tonight, no evidence of why that's true. Biden

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Speaker 3: wasn't particularly persuasive enough as to what he's done, whether

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Speaker 3: you disgree with his policies or not, but he pointed

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Speaker 3: out that he has united fifty countries in the effort

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Speaker 3: to counter the Russian invasion, and he appointed Ao Heels.

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Speaker 3: Was very supportive of Israel, even though of course his

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Speaker 3: administration has come into great criticism from other Democrats for

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Speaker 3: the Israeli campaign in Gaza, so he had to walk

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Speaker 3: up very farline there. And Trump of course was very

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Speaker 3: critical of both of his policies of this record on

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Speaker 3: both Ukraine and Israel.

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Speaker 5: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 5: stories making news from London to Wall Street and beyond.

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Speaker 5: the Bloomberg Business app, and Bloomberg dot Com.

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Speaker 1: Our flagship New York station, is also available on your

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Speaker 1: I'm Caroline Hepka and.

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Speaker 5: I'm Stephen Carroll. Join us again tomorrow morning for all

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Speaker 5: the news you need to start your day right here

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Speaker 5: on Bloomberg day Break Europe