October 30, 2025 • 26 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Donald Trump and Xi Jinping wrapped up their highly-anticipated summit after around an hour and a half on Thursday, concluding talks they hoped would quell an expansive trade fight that has shaken global markets.
(2) The largest technology companies are betting on an AI future powered by gigantic complexes of data centers filled with humming servers.
(3) Federal Reserve Chair Jerome Powell cautioned investors against assuming the US central bank would follow its second straight interest-rate cut with another in December.
(4) Prime Minister Keir Starmer refused to rule out raising income tax, national insurance or value added tax at the upcoming budget, suggesting the government may break its pre-election promises in order to fill a growing hole in the public finances.
Dutch Election: The progressive Democrats 66 party was on track to win the Dutch parliamentary election after voters dealt a blow to Geert Wilders’ far-right Freedom Party and threw support behind mainstream political groups.
Podcast Conversation: Starbucks Drinkers Are Exiting Fast, Not Lingering Over Coffee
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Daybreak Europe podcast. Good morning, It's Thursday,
the thirtieth of October. I'm Stephen Caroll in London. Coming
up today a twelve out of ten meeting. Donald Trump
cuts tariffs on China after his face to face encounter
with Cheatingping. Reports suggests that open Ai is planning a
record breaking public listing, as Nvidia sees its valuations smash
(00:32):
another record, and in the Netherlands, the far right loses
ground in the country's parliamentary election as voters turn to
mainstream parties. Let's start with the roundup of our top stories.
The United States will immediately cut China's fentanyl related tariff
to ten percent after President Trump's face to face meeting
with Cheatingping. The Trump says the move brings the average
(00:54):
US levy on most Chinese goods down from fifty seven
percent to forty seven percent. Speaking on board Air Force
one after the meeting, Trump described his talks with she
as amazing and outstanding.
Speaker 3 (01:07):
Did we agree to almost almost everything and a very
acceptable form. I wouldn't say everything was discussed because of
the thing said probably in retrospect. We could have discussed,
and we did, for some reason didn't come up.
Speaker 2 (01:21):
Trump went on to say that the deal will also
see China resume soybean purchases and pause its rare earth
licensing regime for at least a year. The US president
has said the rated that he rated the meeting twelve
out of ten, and that he planned to travel to
China next April, with she due to visit the US
later in twenty twenty six. The comments indicate the leaders
(01:43):
largely formalized a framework agreement struck over the weekend by
Chinese and American officials. Now after his meeting with China,
g Trump also told reporters that leaders discussed artificial intelligence semiconductors.
Speaker 3 (01:58):
We did discuss Jimson. He's going to be they're going
to be talking to Navidia and others about taking chips
if we make great chips, and Navidio is the leader,
and I'll be speaking to Jensen from Davidia, but they're
going to be discussing that with Davidia to see whether
or not they can do. I say, that's really between
(02:20):
you and Davidia, But we're sort of the arbitrator of
the referee.
Speaker 2 (02:25):
However, the US President made clear he was not open
to giving Beijing access to Nvidia's most advanced Blackwell processors.
The comments came less than twenty four hours after in
Vidia each day historic five trillion dollar market capitalization. The
milestone comes only four months after the company passed the
four trillion dollar mark, and coincides with reports from Reuters
(02:47):
that the AI startup open Ai is preparing to go
public as soon as next year. The world's most valuable
startup is said to be targeting evaluation of one trillion
dollars is Some of the world's biggest tech companies reported
strong earnings, but investors are instead focusing on their spending
on AI. Revenues at Alphabet, Microsoft, and Meta all beat
(03:10):
estimates in the last quarter. Together, the firms racked up
some seventy eight billion dollars in capital expenditures last quarter,
up eighty nine percent from a year earlier. Meta also
warns that it's spending in twenty twenty six would be
notably larger than this year. Kurt Wagner is Bloomberg's senior
technology reporter.
Speaker 1 (03:28):
If you were sitting here, you know, trying to get
comfortable with this idea that Meta is throwing tens of
billions per year, hundreds of billions over the next decade
on AI. You probably were hoping that the Q four
numbers were going to be a home run, right, not
just an inline sort of we'll do what we said
we were going to do. You want that to be
a lot larger if you're going to hear that the
spending is going to ramp up as dramatically as it
(03:50):
will in twenty twenty.
Speaker 2 (03:51):
Six, Kurt Wagner speaking there as Meta's share is declined
by over seven percent and after hours trading. Microsoft shares
fell by four percent in after hours, as the software
giant warned it still suffering from a computing capacity crunch
shared in alphabet. Meanwhile, where the bright Spot up by
seven percent post market. Let's take you through some of
(04:14):
the bank's reporting earnings this morning. In Europe, Francis City
General has reported better than expected profit in the third quarters.
Fixed income trading gained and expenses declined. Revenue from trading debt,
securities and currencies rose by twelve percent from a year earlier,
offsetting a drop in equities trading revenue. Net income increased
by eleven percent to one point five two billion euros,
(04:35):
well ahead of what analysts were estimating. It was helped
by lower costs and declining credit provisions. Standard Charters has
raised its outlook for income and returns as it reported
third quarter profits the beat estimates. The Asia focused lenders
performance was boosted by a record quarter for wealth solutions.
It saw adjusted pre tax profits rise to just under
(04:55):
two billion dollars. We've also been hearing from Spain's bb
reporting net income for the third quarter that met average
analyst estimates, coming in just above two and a half
billion euros net income slightly better than had been expected
at six point sixty four billion euros as well. This
is the first set of results from BBVA since it's
nineteen billion dollar offer for rival Sabadell collapsed when it
(05:19):
was rejected by shareholders. Federal Reserve charg Jerown Powell as
warned investors against assuming policymakers will cut rates again in December.
That's after they voted ten to two for a quarter
point percentage cut on Wednesday. Speaking after the decision, Pals said,
the Center Bank's next move is not assured.
Speaker 4 (05:40):
At a time when we have tension between our two goals.
We have strong views across the committee, and as I mentioned,
there were strongly differing views today and the takeaway from
that is that we haven't made a decision about December.
Speaker 2 (05:55):
After Jerome Poal's remarks, investors paired their expectations of a
cut in December to around to seventy percent chance. That's
down from over ninety percent from before we heard from
the Fed chair. The UK's Prime Minister Cure Starmer has
refused to rule out major tax hikes in next month's budget.
When asked by the Conservative leader Kemmy Badenock if he'd
keep his pledge not to raise income tax, national insurance
(06:19):
or VAT, Starmer sought to blame her record in office.
Speaker 5 (06:23):
The tourist did even more damage to the economy. Could
we previously saw? How we will turn that around.
Speaker 2 (06:32):
The shift in language comes as economists see few alternatives
to hire taxes as the growth has been too temper
to restore the public finances. When earlier in the year,
Starmer was asked the same question by Badenoch, he'd simply
answered yes. This comes as a new survey of small
businesses shows confidence slumping ahead of the budget next month.
(06:54):
In the Netherlands, the progressive Democrats sixty six party appears
on track to win the Dutch parliament entry election after
voters delta blow to Catfielder's far out Freedom Party. According
to a preliminary forecast published by the Dutch news agency AMP,
based on half of the votes being counted, d sixty
six is set to win twenty seven seats in the
one hundred and fifty seat House of Representatives, with the
(07:16):
Freedom Party poised to win twenty five. That would be
a loss of twelve seats. The result would put Democrats
sixty six leader Rob Jetton in a position to form
a coalition government and potentially become the country's next prime minister.
Speaker 5 (07:31):
Those are your top stories. On the markets.
Speaker 2 (07:33):
Themscirish Pacific Index down two tenths of one percent. The
Nikkei in Tokyo actually slightly higher now on the day.
The Hangsang is down by four tenths. Eurosdox fifty features
are up by a tenth of one percent. On Wall Street,
futures are flat. Well had raised their losses after we
heard from President Donald Trump. The Number Dollars Spot Index
a tenth of one percent weeker. The euro is two
tenths stronger at one, sixteen twenty seven. In a moment,
(07:56):
we'll bring you the latest on what President's trump and
chooting being discussed at their meeting. Will also unpack the
latest FED decision and bring you more on the results
of the Dutch elections. We saw that drop in support
for the far right. But another story that we've been
reading this morning as well, what would convince you to
change your takeaway coffee order to sit in. This is
(08:17):
a mission that Starbucks has been on and Arcolic red
Brand has been writing about it. He's been looking at
data from placer dot ai, which shows the share of
visits of longer than ten minutes to Starbucks outlets has shrunk.
Since the current CEO, Brian Nickel, took over in September
twenty twenty four, it's been on a drive. Starbucks has
to try and speed up drinks orders and also return
(08:39):
cafes to the warm, cozy, comfortable environment. That's a quote
that were the company's original vision. Now that involves some redecorating,
but also putting back in soft furnishings the chain had
taken out and the same store sales did turn positive
at Starbucks last quarter, so that's a win. But There
is some concern too about the cost of these renovations.
That's been a big focus as well as the lenders
(09:01):
or the coffee outlet is also speeding up serving times
as well. Eighty percent of its strengths now served in
less than four minutes, so that is an improvement for
them as they've been beefing up staffing as well. Very
interesting to watch the strategy though, I was trying to
encourage people to stay but also get them their drinks faster.
To know which would encourage me in which direction. You
(09:21):
can read Red brandspiece on Bloomberg dot com and we'll
put a link to it on our podcast show Notes.
Let's bring you more now on what Donald Trump and
shooting being discussed during their ninety minute meeting. Our chief
North Asia correspondent Stephen Engel joins me now from Busan
in South Korea, where that meeting took place. Stephen, great
to talk to you. Donald Trump has been very positive
about this meeting, announcing the reduction in tariffs on Chinese goods.
(09:44):
Take us through the key headlines that we learned from
the meeting.
Speaker 6 (09:47):
Yeah, so Donald Trump obviously wants to head back to
the United States, which he is on Air Force one
now heading back to Washington, DC, and to declare victory
essentially that they met the goals and they had a
very successful nearly week in Asia. He called the meeting
was hijenping here in Bussan this morning, which lasted about
an hour of forty minutes, was amazing, he said. He
(10:09):
actually went as far as to say on a scale
of zero to ten, he depicted it as a twelve,
So quite optimistic that this was a good meeting and
could be a springboard for more discussions. Obviously, I mean
the big takeaway, well, there's two takeaways. Really a lot
of the talks centered around fednyl, but the markets are
(10:31):
kind of not cheering it because there wasn't It was
more about what wasn't discussed between she and Trump that
the markets are reacting to. I can talk about that
in a little bit, but the key takeaway is that
the US will cut US FEEDNOL related tariffs by half
back to the original ten percent premium that they had
put on, and of course, you know subsequently over the
(10:51):
last six months they increase that to twenty percent because
of inaction by the Chinese. So he's basically cutting that
back to the original tariff that he had added to
Chinese goods because in action by the Chinese on fedel.
He says, she will take concrete steps to stop the
flow of those precursors, the chemicals that go in to fedanyl.
(11:14):
And the other thing is China, you know, will resume
soybean purchases, what Donald Trump says, a tremendous amount of soybeans,
and also pauses where Earth's licensing regime for at least
a year. We still haven't gotten the Chinese readout of
the top cell.
Speaker 2 (11:30):
Okay, so we wait that with interest. But let's talk
about what we didn't learn from the meeting. What areas
weren't a supposed don't appear to have seen progress.
Speaker 6 (11:39):
Well, you know, maybe Donald Trump did himself a disservice
yesterday by kind of outlining what he thinks could have
transpired today and then didn't because yesterday the issue of
Nvidia Blackwell chips being possibly available, maybe that's something that's
on the table. He can make it available to China now,
(11:59):
he says, Blackwell those are the most advanced AI accelerators
from Nvidia. They were not part of the discussions today,
even though she and Trump did talk about access to
some of the other products from Nvidia, but keep in
mind it's China that blocked the lower level AI chips
from Nvidia, the Age twenty that was approved for export
(12:22):
license to China, but then China said it's a security threat.
Possibly we don't want it. So I'm not sure exactly.
We need to get a better readout from the Chinese
or the further readout from Commerce department or the negotiators
to see why Blackwell was not.
Speaker 5 (12:39):
Part of this discussion.
Speaker 6 (12:40):
Also, Taiwan was not discussed, and the sale of TikTok
was not either or at least it wasn't mentioned by
Trump in the readout on Air Force one.
Speaker 2 (12:49):
Just thinking about the overall impression we can take from
this meeting, though we did see the images of the
handshake which all looked very cordial as well, and you know,
as you said, Donald Trump has been extremely positive in
the wrap up of this as well. Can we describe
this as being a turning point in the US China relationship?
Speaker 5 (13:06):
Well, it's not getting worse. Is that a turning point?
Speaker 6 (13:09):
Is that positive? I would say yes, because the last
six months have been pretty chaotic in the relationship between
China and the United States, with both sides trying to
you know, as a game of upsmanship. China finding that
it's rare earth curbs expert curbs really did work. It
was a lever of use to the Chinese. Also, not
(13:32):
buying any soybeans was useful to the Chinese because it
brought the United States to the table to talk about
those things.
Speaker 5 (13:41):
And Chi Jinping alluded to that.
Speaker 6 (13:43):
He says, you know, sizable nations like the United States
and China, the two biggest economies in the world, We're
not going to always see eye to eye. It's normal
to have friction between the two biggest economies, the two
biggest superpowers now and then. But even Chi Jinping and
those aping remark said we should stay the course.
Speaker 5 (14:02):
We're going to continue to talk.
Speaker 6 (14:03):
And he was the one that mentioned we've had three
phone calls since he's taken over again a second term.
They've exchanged letters.
Speaker 5 (14:12):
I didn't know people still wrote letters.
Speaker 6 (14:14):
And then he says we've been in close contact, so
there is a sense of.
Speaker 5 (14:22):
A cautious camaraderie.
Speaker 2 (14:23):
Is that a term, Well, I'm going to coin it
right now, okay, and we'll give you that as someone
who's been following this so closely. Stephen, thank you very
much for joining us. That's our chief North Asia correspondent
Steven Engel there speaking to us from Busan and South Korea,
where the two leaders met.
Speaker 5 (14:42):
Stay with us.
Speaker 2 (14:43):
More from Bloomberg Daybreak Europe coming up after this when
investors have been watching the Trump she meeting very closely
as well, but they've also been parsing the words from
Federal Reserve, charge your own Powell and where interest rates
in the US will go next. And of course we've
had some results too from the likes of the big
tech companies as well. Our Markets Live excit could have
editor Mark Codmore joins us now for more in all
of this, Well, let's start with the big political meeting.
(15:05):
We've just been discussing Trump and Cheesting Ping talking tariff
rates are coming down. How our market's taking all of that.
Speaker 7 (15:11):
Mark a whole lot of noise, but ultimately just completely underwhelming.
Speaker 5 (15:16):
We learned nothing new.
Speaker 7 (15:18):
Everything that Trump announced was what they negotiated in Malaysia
earlier in the week, So yeah, at least he just confirmed,
but it wasn't like we got any fresh developments.
Speaker 5 (15:28):
And I guess the only.
Speaker 7 (15:28):
Thing was disappointing was that we didn't get the Blackwell
and video thing, which was kind of hinted at yesterday.
So like underwhelming to very marginal disappointment. There wasn't the
expectations aside, we haven't heard from the Chinese side, but
really a lot of hoople, a lot of noise, not
loads from this meeting. I think overall this week US
China has brought things forward because but I said, a
(15:51):
lot of that was ash came earlier in the week
rather than today's headline meeting.
Speaker 2 (15:55):
I mean, there's quite a lot on a regular week.
I don't know when we last had one of those,
but on a regular week be quite a lot to
be competing for investors attention as well. So interesting to
see that underwhelming reaction from from markets to this part
of that story. Let's talk a bit about the FED,
though again would more usually be a bit more center stage.
Jerome Powell cartioning investors against assuming there would be a
(16:17):
cut in December, or investors listening to that.
Speaker 7 (16:22):
Like, I mean, we saw obviously rate cut bets for
December paired back a little bit, but that's still the
base case is a cut there.
Speaker 5 (16:28):
You know that they heeded it.
Speaker 7 (16:30):
We saw a bit of a move and in yields yesterday,
but they're not going to care much in terms that
the blackout period now nds for other FED speakers will
get more FED speakers on top. Soon we'll get people,
you know, like Bowman out coming out saying, oh, we need.
Speaker 5 (16:42):
Rate cuts, et cetera.
Speaker 7 (16:44):
You know, if they don't get rate cut pricing back
in for December and might get Trump back on it.
The fact is they don't have much data. And while
Pale might be leading a cohort in the FED that
doesn't want to cut rates, and I'd be in that cohort,
I completely get it that the pressure from the market,
from the consensus from the administration is to continue cutting rates.
Speaker 5 (17:03):
And I really I.
Speaker 7 (17:04):
Think that the the the impetuses the on the data
to prove that that rate cut shouldn't be delivered. Sure,
we've changed pricing for December from above ninety percent to
like seventy percent or something that I haven't checked for
a few hours, but it's not a material move.
Speaker 2 (17:20):
Yeah, I can tell you it's currently seventy percent. Sixty
nine point seven percent is the chance. So we're looking
at the WRP function on the terminal. At the moment,
we've also had the Bank of Japan holding rates. The
ECB is also expects to hold rates later on today
as well. Is the central bank excitement over for now?
Speaker 7 (17:35):
I mean, we've got some more to come, as you say,
But yes, I mean, actually I think I'm interested to
hear what you know, Governor Awada says. Bank of Japan
governor says later on, So that's coming up very soon.
That'll be interesting next week. Bank of England obviously might
be quite interesting. Probably more inched in the RBA next week.
So you got a little bit more such bank excitement.
But really the major game in town, I mean, I
(17:57):
think US China is important. But now we've got the
meeting and so far we'll wait for the China readout.
There hasn't been another incremental development there. So the only
major game in town is AI and that's why earnings
the moment are more important than.
Speaker 5 (18:11):
What we see in that.
Speaker 7 (18:13):
I do wonder whether you know the price action in
video got very excited, yesterda. We got that headline number
of five trillion market cap, which which brought back memories
to some of us have when we got the headline
about Microsoft reaching six d billion dollars market cap back
in the dot com bubble, that was like a week
before the top with you combine that with you know,
the jump hire and price, the disappointing price action, and
(18:35):
now that that Trump didn't deliver on hopes of Blackwell
chips been discussed with China. Maybe in video comes lower today,
So maybe stocks are a bit saugur in short term.
Speaker 5 (18:44):
But really AI is dominating central banks at the moment.
Speaker 2 (18:47):
Yeah, Like on that point, what we heard from from
Alphabet and Meta Microsoft yesterday, this seventy eight billion dollars
figure in the last quarter. I mean, is there is
there nervousness that that's too much or that there's not
returns being delivered on those sorts of investment as well,
because I mean Master is promising that number is a
only going to increase completely.
Speaker 7 (19:07):
There's nervousness and correctly so that the big issue though
is not like the vast majority of people in markets
would agree not I know, not everyone would agree that
we're somewhere in the AI capex bubble, but it's where
we're at.
Speaker 5 (19:24):
Balls would argue, we're at the early stage. Again.
Speaker 7 (19:26):
We talked about this in the show yesterday, the idea
of just because you identify a bubble, that's not necessarily bearish.
The best way to make money in the market is
to identify a bubble and get on board. And so
Balls would say, we're at the early stage. This is
like not an issue. You know, revenues are set to
keep on growing increasing, and you know we're a long
way from like playing.
Speaker 5 (19:42):
Any kind of negative idea about this.
Speaker 7 (19:44):
And the Bears would say, well, looked, as you know,
revenues aren't going to increase much mere in fact, adoption
is slowing.
Speaker 5 (19:49):
We're seeing the signs of that.
Speaker 7 (19:51):
And in fact, as these companies try to raise prices
to increase revenues, people are actually going to turn off adoption.
And so therefore it's just where we are on that
that bubble. I'm in the camp that we're we're not early,
but we're also not right at the end. But I'm
nervous about it because it is such a massive CAPEX bubble.
Speaker 5 (20:10):
I don't know.
Speaker 7 (20:10):
I'm completely open minded. I will be ready to change
my mind in this in a moment if I get
as I get new information, as you get more earnings.
But my base case assumption right now is that the
bubble bursting is for twenty twenty six and not for
right now.
Speaker 2 (20:22):
Okay, Mark godmore, our Markets Live executive editor. You can
read the latest from Mark and his colleagues at M
Live on the terminal as well.
Speaker 5 (20:29):
Now.
Speaker 2 (20:30):
Voters in the Netherlands have turned away from the far
right party of Fielders, instead backing mainstream political groups and
yesterday's general election, the votes are still being counted and
forming a government will take some time. Let's bring in
our reporter Micau Cabala for more on this story. Micau,
what is the latest that we have in terms of
the results of this election.
Speaker 8 (20:49):
Yeah, the Dutch elections look set for close race between
here the builder's far right Freedom Party and the centrist
Democrats sixty six.
Speaker 5 (20:59):
We have an ipsus.
Speaker 8 (21:00):
Rejection showing d sixty six could potentially win about twenty
seven seats in the one hundred and fifty seat parliament,
with the Freedom Party just behind at twenty five. That's
a loss of twelve seats for the far right force there.
From early morning local time projections, though the Dutch news
(21:21):
agency ANP estimated that both parties could stand neck and
neck add twenty six seats each. All these are based
on partial results, so we're still waiting for more clarity,
but so far the projections suggest a big boost forty
sixty six and its leader, rob rob Yetten, and a
(21:41):
setback for the Freedom Party, which appears to be down
from the thirty seven seats of Builders one two years ago.
Speaker 2 (21:48):
Given those that picture that we have emerging from those
partial results, what could the next government look like and
who's likely to lead us well?
Speaker 8 (21:56):
What is important is that almost all major Dutch parties
have ruled out working with the Builders, and with the
current projections, the Fidom Party is effectively blocked from forming
a cabinet, so attention is now likely to turn to
Robbie Yetten and the Progressive D sixty six, who is
(22:17):
even said to become next prime minister. That means a
more mainstream centrist cabinet after two years of far right rule.
But when it comes to specific it is really too
early to say. Forming a government in the Netherlands is
infamously complicated. There's hardly any threshold for a party to
enter the lower House, so usually takes several of them
(22:40):
coming together to reach a majority of seventy six seats.
After you know, last elections, there were fifteen parties in
the parliament and it took four of them seven months
to form a coalition. It's among the slowest countries in
Europe to form a government. And you know, with Yeten's
D sixty six's centris stance, they could be looking, they
(23:02):
could left, they could be working right to form a
workable alliance and all that means only the coming months
will tell.
Speaker 2 (23:09):
Yeah, indeed, and plenty of negotiations to be had from
here as well. What will be the key challenges though
in store for the next government In the Netherlands.
Speaker 8 (23:17):
A lot of the campaigning has centered on anger over immigration.
That was Fielders, you know, slamming migration from Islamic countries,
pushing an anti Islam rhetoric, saying the religion is putting
freedom in the Netherlands in peril. On migration, the D
sixty six that's called for finding a more balanced approach
(23:39):
between you know, finding a balance between attracting and international
specialist staff needed in the country and ditching workforces that
are less crucial to the economy. Other issues have been
put forward, notably the housing shortage. Yet and primarily focused
on that because that consistently ranked as the top concern
for Dutch voters, but there's also the fears of Netherlands,
(24:02):
the Netherlands losing its competitive edge, and the next cabinet
will also have to navigate the recent seizure by the
government of Chinese owned Chickmaker and Experia, So that's a
diplomatic fallout.
Speaker 5 (24:17):
To definitely keep an eye out.
Speaker 2 (24:18):
For mcause a lot of those issues or issues being
debated also at a European level. What does this result
mean for the European Union? In Europe more broadly, it
does speak of a trend of sorts. Two years ago,
when Hitfielders and his Freedom Party won the election, it
was read as another chapter in Europe's for right surge.
(24:42):
Now it seems to be that Filders has lost that momentum,
and that anyway stands in contrast to gains by nationalist
parties elsewhere. You know, we can look at Germany's AfD
or France's National Rally from a European Union point of view.
The nether Ldan's remains and has remain anchored in the
(25:03):
pro EU sort of mainstream. But this fragmented result that
we're likely to see just shows how volatile your politics
have become. We have this split between populist, green, centrist, conservative,
conservative and other forces, and all of those factors are
(25:25):
really reshuffling at the political deck. In here in Europe,
this is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 9 (25:37):
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Speaker 2 (25:43):
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Speaker 5 (25:56):
I'm Caroline Hepka and I'm Stephen Carroll. Join us again tomorrow.
Speaker 2 (26:00):
Good morning for all the news you need to start
your day right here on Bloomberg day Break Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Daybreak Europe podcast. Good morning, It's Thursday,
the thirtieth of October. I'm Stephen Caroll in London. Coming
up today a twelve out of ten meeting. Donald Trump
cuts tariffs on China after his face to face encounter
with Cheatingping. Reports suggests that open Ai is planning a
record breaking public listing, as Nvidia sees its valuations smash
(00:32):
another record, and in the Netherlands, the far right loses
ground in the country's parliamentary election as voters turn to
mainstream parties. Let's start with the roundup of our top stories.
The United States will immediately cut China's fentanyl related tariff
to ten percent after President Trump's face to face meeting
with Cheatingping. The Trump says the move brings the average
(00:54):
US levy on most Chinese goods down from fifty seven
percent to forty seven percent. Speaking on board Air Force
one after the meeting, Trump described his talks with she
as amazing and outstanding.
Speaker 3 (01:07):
Did we agree to almost almost everything and a very
acceptable form. I wouldn't say everything was discussed because of
the thing said probably in retrospect. We could have discussed,
and we did, for some reason didn't come up.
Speaker 2 (01:21):
Trump went on to say that the deal will also
see China resume soybean purchases and pause its rare earth
licensing regime for at least a year. The US president
has said the rated that he rated the meeting twelve
out of ten, and that he planned to travel to
China next April, with she due to visit the US
later in twenty twenty six. The comments indicate the leaders
(01:43):
largely formalized a framework agreement struck over the weekend by
Chinese and American officials. Now after his meeting with China,
g Trump also told reporters that leaders discussed artificial intelligence semiconductors.
Speaker 3 (01:58):
We did discuss Jimson. He's going to be they're going
to be talking to Navidia and others about taking chips
if we make great chips, and Navidio is the leader,
and I'll be speaking to Jensen from Davidia, but they're
going to be discussing that with Davidia to see whether
or not they can do. I say, that's really between
(02:20):
you and Davidia, But we're sort of the arbitrator of
the referee.
Speaker 2 (02:25):
However, the US President made clear he was not open
to giving Beijing access to Nvidia's most advanced Blackwell processors.
The comments came less than twenty four hours after in
Vidia each day historic five trillion dollar market capitalization. The
milestone comes only four months after the company passed the
four trillion dollar mark, and coincides with reports from Reuters
(02:47):
that the AI startup open Ai is preparing to go
public as soon as next year. The world's most valuable
startup is said to be targeting evaluation of one trillion
dollars is Some of the world's biggest tech companies reported
strong earnings, but investors are instead focusing on their spending
on AI. Revenues at Alphabet, Microsoft, and Meta all beat
(03:10):
estimates in the last quarter. Together, the firms racked up
some seventy eight billion dollars in capital expenditures last quarter,
up eighty nine percent from a year earlier. Meta also
warns that it's spending in twenty twenty six would be
notably larger than this year. Kurt Wagner is Bloomberg's senior
technology reporter.
Speaker 1 (03:28):
If you were sitting here, you know, trying to get
comfortable with this idea that Meta is throwing tens of
billions per year, hundreds of billions over the next decade
on AI. You probably were hoping that the Q four
numbers were going to be a home run, right, not
just an inline sort of we'll do what we said
we were going to do. You want that to be
a lot larger if you're going to hear that the
spending is going to ramp up as dramatically as it
(03:50):
will in twenty twenty.
Speaker 2 (03:51):
Six, Kurt Wagner speaking there as Meta's share is declined
by over seven percent and after hours trading. Microsoft shares
fell by four percent in after hours, as the software
giant warned it still suffering from a computing capacity crunch
shared in alphabet. Meanwhile, where the bright Spot up by
seven percent post market. Let's take you through some of
(04:14):
the bank's reporting earnings this morning. In Europe, Francis City
General has reported better than expected profit in the third quarters.
Fixed income trading gained and expenses declined. Revenue from trading debt,
securities and currencies rose by twelve percent from a year earlier,
offsetting a drop in equities trading revenue. Net income increased
by eleven percent to one point five two billion euros,
(04:35):
well ahead of what analysts were estimating. It was helped
by lower costs and declining credit provisions. Standard Charters has
raised its outlook for income and returns as it reported
third quarter profits the beat estimates. The Asia focused lenders
performance was boosted by a record quarter for wealth solutions.
It saw adjusted pre tax profits rise to just under
(04:55):
two billion dollars. We've also been hearing from Spain's bb
reporting net income for the third quarter that met average
analyst estimates, coming in just above two and a half
billion euros net income slightly better than had been expected
at six point sixty four billion euros as well. This
is the first set of results from BBVA since it's
nineteen billion dollar offer for rival Sabadell collapsed when it
(05:19):
was rejected by shareholders. Federal Reserve charg Jerown Powell as
warned investors against assuming policymakers will cut rates again in December.
That's after they voted ten to two for a quarter
point percentage cut on Wednesday. Speaking after the decision, Pals said,
the Center Bank's next move is not assured.
Speaker 4 (05:40):
At a time when we have tension between our two goals.
We have strong views across the committee, and as I mentioned,
there were strongly differing views today and the takeaway from
that is that we haven't made a decision about December.
Speaker 2 (05:55):
After Jerome Poal's remarks, investors paired their expectations of a
cut in December to around to seventy percent chance. That's
down from over ninety percent from before we heard from
the Fed chair. The UK's Prime Minister Cure Starmer has
refused to rule out major tax hikes in next month's budget.
When asked by the Conservative leader Kemmy Badenock if he'd
keep his pledge not to raise income tax, national insurance
(06:19):
or VAT, Starmer sought to blame her record in office.
Speaker 5 (06:23):
The tourist did even more damage to the economy. Could
we previously saw? How we will turn that around.
Speaker 2 (06:32):
The shift in language comes as economists see few alternatives
to hire taxes as the growth has been too temper
to restore the public finances. When earlier in the year,
Starmer was asked the same question by Badenoch, he'd simply
answered yes. This comes as a new survey of small
businesses shows confidence slumping ahead of the budget next month.
(06:54):
In the Netherlands, the progressive Democrats sixty six party appears
on track to win the Dutch parliament entry election after
voters delta blow to Catfielder's far out Freedom Party. According
to a preliminary forecast published by the Dutch news agency AMP,
based on half of the votes being counted, d sixty
six is set to win twenty seven seats in the
one hundred and fifty seat House of Representatives, with the
(07:16):
Freedom Party poised to win twenty five. That would be
a loss of twelve seats. The result would put Democrats
sixty six leader Rob Jetton in a position to form
a coalition government and potentially become the country's next prime minister.
Speaker 5 (07:31):
Those are your top stories. On the markets.
Speaker 2 (07:33):
Themscirish Pacific Index down two tenths of one percent. The
Nikkei in Tokyo actually slightly higher now on the day.
The Hangsang is down by four tenths. Eurosdox fifty features
are up by a tenth of one percent. On Wall Street,
futures are flat. Well had raised their losses after we
heard from President Donald Trump. The Number Dollars Spot Index
a tenth of one percent weeker. The euro is two
tenths stronger at one, sixteen twenty seven. In a moment,
(07:56):
we'll bring you the latest on what President's trump and
chooting being discussed at their meeting. Will also unpack the
latest FED decision and bring you more on the results
of the Dutch elections. We saw that drop in support
for the far right. But another story that we've been
reading this morning as well, what would convince you to
change your takeaway coffee order to sit in. This is
(08:17):
a mission that Starbucks has been on and Arcolic red
Brand has been writing about it. He's been looking at
data from placer dot ai, which shows the share of
visits of longer than ten minutes to Starbucks outlets has shrunk.
Since the current CEO, Brian Nickel, took over in September
twenty twenty four, it's been on a drive. Starbucks has
to try and speed up drinks orders and also return
(08:39):
cafes to the warm, cozy, comfortable environment. That's a quote
that were the company's original vision. Now that involves some redecorating,
but also putting back in soft furnishings the chain had
taken out and the same store sales did turn positive
at Starbucks last quarter, so that's a win. But There
is some concern too about the cost of these renovations.
That's been a big focus as well as the lenders
(09:01):
or the coffee outlet is also speeding up serving times
as well. Eighty percent of its strengths now served in
less than four minutes, so that is an improvement for
them as they've been beefing up staffing as well. Very
interesting to watch the strategy though, I was trying to
encourage people to stay but also get them their drinks faster.
To know which would encourage me in which direction. You
(09:21):
can read Red brandspiece on Bloomberg dot com and we'll
put a link to it on our podcast show Notes.
Let's bring you more now on what Donald Trump and
shooting being discussed during their ninety minute meeting. Our chief
North Asia correspondent Stephen Engel joins me now from Busan
in South Korea, where that meeting took place. Stephen, great
to talk to you. Donald Trump has been very positive
about this meeting, announcing the reduction in tariffs on Chinese goods.
(09:44):
Take us through the key headlines that we learned from
the meeting.
Speaker 6 (09:47):
Yeah, so Donald Trump obviously wants to head back to
the United States, which he is on Air Force one
now heading back to Washington, DC, and to declare victory
essentially that they met the goals and they had a
very successful nearly week in Asia. He called the meeting
was hijenping here in Bussan this morning, which lasted about
an hour of forty minutes, was amazing, he said. He
(10:09):
actually went as far as to say on a scale
of zero to ten, he depicted it as a twelve,
So quite optimistic that this was a good meeting and
could be a springboard for more discussions. Obviously, I mean
the big takeaway, well, there's two takeaways. Really a lot
of the talks centered around fednyl, but the markets are
(10:31):
kind of not cheering it because there wasn't It was
more about what wasn't discussed between she and Trump that
the markets are reacting to. I can talk about that
in a little bit, but the key takeaway is that
the US will cut US FEEDNOL related tariffs by half
back to the original ten percent premium that they had
put on, and of course, you know subsequently over the
(10:51):
last six months they increase that to twenty percent because
of inaction by the Chinese. So he's basically cutting that
back to the original tariff that he had added to
Chinese goods because in action by the Chinese on fedel.
He says, she will take concrete steps to stop the
flow of those precursors, the chemicals that go in to fedanyl.
(11:14):
And the other thing is China, you know, will resume
soybean purchases, what Donald Trump says, a tremendous amount of soybeans,
and also pauses where Earth's licensing regime for at least
a year. We still haven't gotten the Chinese readout of
the top cell.
Speaker 2 (11:30):
Okay, so we wait that with interest. But let's talk
about what we didn't learn from the meeting. What areas
weren't a supposed don't appear to have seen progress.
Speaker 6 (11:39):
Well, you know, maybe Donald Trump did himself a disservice
yesterday by kind of outlining what he thinks could have
transpired today and then didn't because yesterday the issue of
Nvidia Blackwell chips being possibly available, maybe that's something that's
on the table. He can make it available to China now,
(11:59):
he says, Blackwell those are the most advanced AI accelerators
from Nvidia. They were not part of the discussions today,
even though she and Trump did talk about access to
some of the other products from Nvidia, but keep in
mind it's China that blocked the lower level AI chips
from Nvidia, the Age twenty that was approved for export
(12:22):
license to China, but then China said it's a security threat.
Possibly we don't want it. So I'm not sure exactly.
We need to get a better readout from the Chinese
or the further readout from Commerce department or the negotiators
to see why Blackwell was not.
Speaker 5 (12:39):
Part of this discussion.
Speaker 6 (12:40):
Also, Taiwan was not discussed, and the sale of TikTok
was not either or at least it wasn't mentioned by
Trump in the readout on Air Force one.
Speaker 2 (12:49):
Just thinking about the overall impression we can take from
this meeting, though we did see the images of the
handshake which all looked very cordial as well, and you know,
as you said, Donald Trump has been extremely positive in
the wrap up of this as well. Can we describe
this as being a turning point in the US China relationship?
Speaker 5 (13:06):
Well, it's not getting worse. Is that a turning point?
Speaker 6 (13:09):
Is that positive? I would say yes, because the last
six months have been pretty chaotic in the relationship between
China and the United States, with both sides trying to
you know, as a game of upsmanship. China finding that
it's rare earth curbs expert curbs really did work. It
was a lever of use to the Chinese. Also, not
(13:32):
buying any soybeans was useful to the Chinese because it
brought the United States to the table to talk about
those things.
Speaker 5 (13:41):
And Chi Jinping alluded to that.
Speaker 6 (13:43):
He says, you know, sizable nations like the United States
and China, the two biggest economies in the world, We're
not going to always see eye to eye. It's normal
to have friction between the two biggest economies, the two
biggest superpowers now and then. But even Chi Jinping and
those aping remark said we should stay the course.
Speaker 5 (14:02):
We're going to continue to talk.
Speaker 6 (14:03):
And he was the one that mentioned we've had three
phone calls since he's taken over again a second term.
They've exchanged letters.
Speaker 5 (14:12):
I didn't know people still wrote letters.
Speaker 6 (14:14):
And then he says we've been in close contact, so
there is a sense of.
Speaker 5 (14:22):
A cautious camaraderie.
Speaker 2 (14:23):
Is that a term, Well, I'm going to coin it
right now, okay, and we'll give you that as someone
who's been following this so closely. Stephen, thank you very
much for joining us. That's our chief North Asia correspondent
Steven Engel there speaking to us from Busan and South Korea,
where the two leaders met.
Speaker 5 (14:42):
Stay with us.
Speaker 2 (14:43):
More from Bloomberg Daybreak Europe coming up after this when
investors have been watching the Trump she meeting very closely
as well, but they've also been parsing the words from
Federal Reserve, charge your own Powell and where interest rates
in the US will go next. And of course we've
had some results too from the likes of the big
tech companies as well. Our Markets Live excit could have
editor Mark Codmore joins us now for more in all
of this, Well, let's start with the big political meeting.
(15:05):
We've just been discussing Trump and Cheesting Ping talking tariff
rates are coming down. How our market's taking all of that.
Speaker 7 (15:11):
Mark a whole lot of noise, but ultimately just completely underwhelming.
Speaker 5 (15:16):
We learned nothing new.
Speaker 7 (15:18):
Everything that Trump announced was what they negotiated in Malaysia
earlier in the week, So yeah, at least he just confirmed,
but it wasn't like we got any fresh developments.
Speaker 5 (15:28):
And I guess the only.
Speaker 7 (15:28):
Thing was disappointing was that we didn't get the Blackwell
and video thing, which was kind of hinted at yesterday.
So like underwhelming to very marginal disappointment. There wasn't the
expectations aside, we haven't heard from the Chinese side, but
really a lot of hoople, a lot of noise, not
loads from this meeting. I think overall this week US
China has brought things forward because but I said, a
(15:51):
lot of that was ash came earlier in the week
rather than today's headline meeting.
Speaker 2 (15:55):
I mean, there's quite a lot on a regular week.
I don't know when we last had one of those,
but on a regular week be quite a lot to
be competing for investors attention as well. So interesting to
see that underwhelming reaction from from markets to this part
of that story. Let's talk a bit about the FED,
though again would more usually be a bit more center stage.
Jerome Powell cartioning investors against assuming there would be a
(16:17):
cut in December, or investors listening to that.
Speaker 7 (16:22):
Like, I mean, we saw obviously rate cut bets for
December paired back a little bit, but that's still the
base case is a cut there.
Speaker 5 (16:28):
You know that they heeded it.
Speaker 7 (16:30):
We saw a bit of a move and in yields yesterday,
but they're not going to care much in terms that
the blackout period now nds for other FED speakers will
get more FED speakers on top. Soon we'll get people,
you know, like Bowman out coming out saying, oh, we need.
Speaker 5 (16:42):
Rate cuts, et cetera.
Speaker 7 (16:44):
You know, if they don't get rate cut pricing back
in for December and might get Trump back on it.
The fact is they don't have much data. And while
Pale might be leading a cohort in the FED that
doesn't want to cut rates, and I'd be in that cohort,
I completely get it that the pressure from the market,
from the consensus from the administration is to continue cutting rates.
Speaker 5 (17:03):
And I really I.
Speaker 7 (17:04):
Think that the the the impetuses the on the data
to prove that that rate cut shouldn't be delivered. Sure,
we've changed pricing for December from above ninety percent to
like seventy percent or something that I haven't checked for
a few hours, but it's not a material move.
Speaker 2 (17:20):
Yeah, I can tell you it's currently seventy percent. Sixty
nine point seven percent is the chance. So we're looking
at the WRP function on the terminal. At the moment,
we've also had the Bank of Japan holding rates. The
ECB is also expects to hold rates later on today
as well. Is the central bank excitement over for now?
Speaker 7 (17:35):
I mean, we've got some more to come, as you say,
But yes, I mean, actually I think I'm interested to
hear what you know, Governor Awada says. Bank of Japan
governor says later on, So that's coming up very soon.
That'll be interesting next week. Bank of England obviously might
be quite interesting. Probably more inched in the RBA next week.
So you got a little bit more such bank excitement.
But really the major game in town, I mean, I
(17:57):
think US China is important. But now we've got the
meeting and so far we'll wait for the China readout.
There hasn't been another incremental development there. So the only
major game in town is AI and that's why earnings
the moment are more important than.
Speaker 5 (18:11):
What we see in that.
Speaker 7 (18:13):
I do wonder whether you know the price action in
video got very excited, yesterda. We got that headline number
of five trillion market cap, which which brought back memories
to some of us have when we got the headline
about Microsoft reaching six d billion dollars market cap back
in the dot com bubble, that was like a week
before the top with you combine that with you know,
the jump hire and price, the disappointing price action, and
(18:35):
now that that Trump didn't deliver on hopes of Blackwell
chips been discussed with China. Maybe in video comes lower today,
So maybe stocks are a bit saugur in short term.
Speaker 5 (18:44):
But really AI is dominating central banks at the moment.
Speaker 2 (18:47):
Yeah, Like on that point, what we heard from from
Alphabet and Meta Microsoft yesterday, this seventy eight billion dollars
figure in the last quarter. I mean, is there is
there nervousness that that's too much or that there's not
returns being delivered on those sorts of investment as well,
because I mean Master is promising that number is a
only going to increase completely.
Speaker 7 (19:07):
There's nervousness and correctly so that the big issue though
is not like the vast majority of people in markets
would agree not I know, not everyone would agree that
we're somewhere in the AI capex bubble, but it's where
we're at.
Speaker 5 (19:24):
Balls would argue, we're at the early stage. Again.
Speaker 7 (19:26):
We talked about this in the show yesterday, the idea
of just because you identify a bubble, that's not necessarily bearish.
The best way to make money in the market is
to identify a bubble and get on board. And so
Balls would say, we're at the early stage. This is
like not an issue. You know, revenues are set to
keep on growing increasing, and you know we're a long
way from like playing.
Speaker 5 (19:42):
Any kind of negative idea about this.
Speaker 7 (19:44):
And the Bears would say, well, looked, as you know,
revenues aren't going to increase much mere in fact, adoption
is slowing.
Speaker 5 (19:49):
We're seeing the signs of that.
Speaker 7 (19:51):
And in fact, as these companies try to raise prices
to increase revenues, people are actually going to turn off adoption.
And so therefore it's just where we are on that
that bubble. I'm in the camp that we're we're not early,
but we're also not right at the end. But I'm
nervous about it because it is such a massive CAPEX bubble.
Speaker 5 (20:10):
I don't know.
Speaker 7 (20:10):
I'm completely open minded. I will be ready to change
my mind in this in a moment if I get
as I get new information, as you get more earnings.
But my base case assumption right now is that the
bubble bursting is for twenty twenty six and not for
right now.
Speaker 2 (20:22):
Okay, Mark godmore, our Markets Live executive editor. You can
read the latest from Mark and his colleagues at M
Live on the terminal as well.
Speaker 5 (20:29):
Now.
Speaker 2 (20:30):
Voters in the Netherlands have turned away from the far
right party of Fielders, instead backing mainstream political groups and
yesterday's general election, the votes are still being counted and
forming a government will take some time. Let's bring in
our reporter Micau Cabala for more on this story. Micau,
what is the latest that we have in terms of
the results of this election.
Speaker 8 (20:49):
Yeah, the Dutch elections look set for close race between
here the builder's far right Freedom Party and the centrist
Democrats sixty six.
Speaker 5 (20:59):
We have an ipsus.
Speaker 8 (21:00):
Rejection showing d sixty six could potentially win about twenty
seven seats in the one hundred and fifty seat parliament,
with the Freedom Party just behind at twenty five. That's
a loss of twelve seats for the far right force there.
From early morning local time projections, though the Dutch news
(21:21):
agency ANP estimated that both parties could stand neck and
neck add twenty six seats each. All these are based
on partial results, so we're still waiting for more clarity,
but so far the projections suggest a big boost forty
sixty six and its leader, rob rob Yetten, and a
(21:41):
setback for the Freedom Party, which appears to be down
from the thirty seven seats of Builders one two years ago.
Speaker 2 (21:48):
Given those that picture that we have emerging from those
partial results, what could the next government look like and
who's likely to lead us well?
Speaker 8 (21:56):
What is important is that almost all major Dutch parties
have ruled out working with the Builders, and with the
current projections, the Fidom Party is effectively blocked from forming
a cabinet, so attention is now likely to turn to
Robbie Yetten and the Progressive D sixty six, who is
(22:17):
even said to become next prime minister. That means a
more mainstream centrist cabinet after two years of far right rule.
But when it comes to specific it is really too
early to say. Forming a government in the Netherlands is
infamously complicated. There's hardly any threshold for a party to
enter the lower House, so usually takes several of them
(22:40):
coming together to reach a majority of seventy six seats.
After you know, last elections, there were fifteen parties in
the parliament and it took four of them seven months
to form a coalition. It's among the slowest countries in
Europe to form a government. And you know, with Yeten's
D sixty six's centris stance, they could be looking, they
(23:02):
could left, they could be working right to form a
workable alliance and all that means only the coming months
will tell.
Speaker 2 (23:09):
Yeah, indeed, and plenty of negotiations to be had from
here as well. What will be the key challenges though
in store for the next government In the Netherlands.
Speaker 8 (23:17):
A lot of the campaigning has centered on anger over immigration.
That was Fielders, you know, slamming migration from Islamic countries,
pushing an anti Islam rhetoric, saying the religion is putting
freedom in the Netherlands in peril. On migration, the D
sixty six that's called for finding a more balanced approach
(23:39):
between you know, finding a balance between attracting and international
specialist staff needed in the country and ditching workforces that
are less crucial to the economy. Other issues have been
put forward, notably the housing shortage. Yet and primarily focused
on that because that consistently ranked as the top concern
for Dutch voters, but there's also the fears of Netherlands,
(24:02):
the Netherlands losing its competitive edge, and the next cabinet
will also have to navigate the recent seizure by the
government of Chinese owned Chickmaker and Experia, So that's a
diplomatic fallout.
Speaker 5 (24:17):
To definitely keep an eye out.
Speaker 2 (24:18):
For mcause a lot of those issues or issues being
debated also at a European level. What does this result
mean for the European Union? In Europe more broadly, it
does speak of a trend of sorts. Two years ago,
when Hitfielders and his Freedom Party won the election, it
was read as another chapter in Europe's for right surge.
(24:42):
Now it seems to be that Filders has lost that momentum,
and that anyway stands in contrast to gains by nationalist
parties elsewhere. You know, we can look at Germany's AfD
or France's National Rally from a European Union point of view.
The nether Ldan's remains and has remain anchored in the
(25:03):
pro EU sort of mainstream. But this fragmented result that
we're likely to see just shows how volatile your politics
have become. We have this split between populist, green, centrist, conservative,
conservative and other forces, and all of those factors are
(25:25):
really reshuffling at the political deck. In here in Europe,
this is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 9 (25:37):
Look for us on your podcast feed every morning on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 2 (25:43):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 9 (25:49):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 5 (25:56):
I'm Caroline Hepka and I'm Stephen Carroll. Join us again tomorrow.
Speaker 2 (26:00):
Good morning for all the news you need to start
your day right here on Bloomberg day Break Europe
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I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.