December 4, 2025 • 17 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) French President Emmanuel Macron sought Chinese leader Xi Jinping’s help in ending the war in Ukraine and urged Beijing to boost investment in France, as both sides look to rebalance their economic ties.
(2) The UK government appears poised to approve China’s plan for a massive new embassy in London, as Prime Minister Keir Starmer looks to put spying fears aside and revive his plans for a diplomatic reset with Beijing.
(3) Donald Trump’s aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser — in addition to his current job — should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter.
(4) The London Stock Exchange Group has agreed a deal with OpenAI that will give ChatGPT access to its licensed financial news and data.
(5) Meta Platforms has poached Apple Inc.’s most prominent design executive in a major coup that underscores a push by the social networking giant into AI-equipped consumer devices.
Podcast Conversation:Can Quality of Life Be A Superpower? Ask Finland: Lionel Laurent
See omnystudio.com/listener for privacy information.
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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 daybaq At podcast. Good morning, It's Thursday,
the fourth of December. I'm Caroline Hepga in London and.
Speaker 3 (00:15):
I'm Stephen Caroline Brussels. Coming up today, Emmanuel Macran and
Shotingping meet in Beijing as the two leaders talk economic ties,
Ukraine and trade.
Speaker 2 (00:25):
Meta poaches one of Apple's top designers. As Mark Zuckerberg
doubles down on his Ai hardware push.
Speaker 3 (00:33):
Plus spritzing stateside, Campari pours resources into the US as
sales slow and competition rises in Europe.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 3 (00:44):
Francis President Emmanual Macran and Chinese leaders she Jingping have
met in Beijing at a time when relations between the
EU and China have been under strain. The two leaders
discussed issues including economic ties, trade, Taiwan, and the war
in Ukraine. She described their talks as frank, fruitful and friendly.
Speaker 1 (01:03):
Thank you.
Speaker 4 (01:06):
Today, the world is undergoing profound changes unseen in a
century at an accelerated pace, and humanity once again stands
at a crossroads. China and France should demonstrate their sense
of responsibility uphold the banner of multilateralism, see through the
fog of uncertainty, and firmly stand on the right side
(01:29):
of history.
Speaker 3 (01:31):
On the issue of Ukraine, she went on to say
that China hopes a fair, binding agreement acceptable to all
parties can be reached. Those comments came as macron A
renewed his call for she to back Europe's stands on
Ukraine and warned against the disaggregation of the world order.
Speaker 2 (01:48):
Meanwhile, the UK government is poised to approve China's plan
for a controversial super embassy on the edge of the
city of London. Key British ministers have signaled their satisfaction
with Beijing's fa to resolve security concerns over what's expected
to be the largest diplomatic compound in Europe. BIOM Big
under Sound's top officials from m I five and MI
(02:09):
six are in favor of the project going ahead. Former
chief of mi I six, Richard more Tol Bloomberg's Michelle
has Sein last month that there ought to be a
way through for the embassy.
Speaker 5 (02:21):
Countries obviously have to have embassies, so there's clearly, you know,
we need one in Beijing, and it's important that we
have that for all those reasons I said to you
about having channels open and being able to communicate. So
it's right and proper that the Chinese should get their embassy.
Whether it's this one or not. It is really not
for me.
Speaker 2 (02:38):
To judge former Chief of m I six Richard Moore.
There As the embassy impass has emerged as the biggest
stumbling block to improving ties between the UK and China KIS.
Some of the Prime Minister scheduled a visit to Beijing
and Shanghai at the end of January, days after the
new deadline for the embassy's approval. He'd be the first
British Prime minister to visit China in eight is.
Speaker 3 (03:01):
A top institutional investor has said that even if front
runner Kevin Hassett is appointed as the next chair of
the Federal Reserve, he may not be able to deliver
the rapid pace of easing that President Trump would like.
Gregory Peters, Co, chief investment officer at PGIM Fixed Income,
Till Bloomberg that Hassett wouldn't have the power to deliver
cuts on his own.
Speaker 6 (03:21):
But on one hand, you have the FED independence question,
you know, with Hassett as basically tied to the administration.
But on the other does he have the credibility within
the committee to drive consensus. I don't think he has
that credibility. I think that's what the bond market.
Speaker 4 (03:38):
Is telling you.
Speaker 6 (03:39):
But it's important to remember that it's a full committee
and you have to have the confidence of the committee
to drive consensus, and I don't know if he has it.
Speaker 3 (03:50):
Peter's comments come as bond traders and fund managers game
out the impact of Trump's shake up of the FED
or hints of policy changes can send ripples through markets.
Past is appointed as chair of the Central Bank. Allies
of President Trump are said to be also considering making
Treasury Secretary Scott Besson the top White House economic advisor.
Speaker 2 (04:10):
Artificial intelligence will make its debut on one of the
world's largest capital markets, but critics say that the enthusiasm
surrounding the technology could be dangerous. Bloomberg's Teaba ad a
bio has more.
Speaker 7 (04:25):
The London Stock Exchange Group has agreed a deal to
give chat gpt access to its licensed financial news and data.
According to a statement, the agreement with open Ai will
make LSEG content available to the chatbot's users from December eighth.
It's the latest in a series of technology partnerships signed
by the data provider, including in agreement with Microsoft to
(04:47):
develop AI models, But some are skeptical of the sector's
deal making rush. The CEO of research firm Anthropic says
a number of companies are being too risky with their
AI spending, committing billions of dollars despite growing uncertainty. In London,
t we're added by Bloomberg Radio, The.
Speaker 3 (05:07):
Financial Times is reporting that the European Union's planning a
fresh antitrust probe against Meta over the use of artificial
intelligence features in WhatsApp. The FT says an announcement of
the investigation is possible in the coming days, and the
Commission is preparing to open the probe and the way
the US company is integrating its Meta AI system into
(05:27):
the popular messaging service.
Speaker 2 (05:31):
Meanwhile, Apple's top designer has been poached by rival Meta
in a major coup. Bloomberg understands the Facebook pairent is
hiring Alan Dye, who has been head of Apple's user
interface design team since twenty fifteen. Our senior tech editor
Nick Turner says the move reflects Meta's plan to focus
(05:51):
on product design.
Speaker 1 (05:53):
The big bunshot at Meta is creating an unvetted reality
glasses spectacles that would really sort of become a mainspring product,
and presumably he's going to be helping work on that.
Mostly the design for those products comes from Rayman at
the moment, and so I guess we're just still maybe
kind of a wait and see mode in terms of
figuring out how he's going to influence the way they
designed some of those products.
Speaker 2 (06:15):
Bloomberg's Nick Turner speaking there. Die's departure extends a recent
talent exitus for the iPhone maker, which began with the
exit of visionary executive Johnny Ive in twenty nineteen. Apple
confirmed in a statement provided to Bloomberg News that Die
will be replaced with longtime designer Stephen LeMay.
Speaker 3 (06:34):
And those are your top stories on the markets this morning.
The MSCIS Pacific Index up six tens of one percent,
being boosted mainly by Japanese shares. The Nikke is up
two point two percent. In Tokyo Euros stocks, fifty futures
are also six tens of one percent higher this morning.
The ten year treasure yield up two basis points at
four point zero eight percent.
Speaker 2 (06:52):
Now, in a moment, we'll bring you the latest on
President Macrol's trip to China, what it means for the
EU's relationship with Beijing, and why the Cea of Campari
is on a mission in America. But before we get
to that, there's always another story that catches our eye,
and today it's the opinion colonist Leonel Laurent who's asking
if quality of life can be a European superpowers.
Speaker 3 (07:15):
Even yeah, I mean, look, we're all used to this
narrative of the decline in Europe's and economic and regulatory heft.
It's been getting louder sin Donald Trump returned to the
White House. Remember Jamie Diamond telling European leaders earlier this year,
you're losing Leonella, suggesting that perhaps that traditional regulatory superpower
(07:37):
moniker is being replaced by one of a lifestyle superpower. Now,
he points to the date on this income, inequality, social mobility,
and life expectancy in the EU are all screening better
than in the US, even if GDP doesn't. And there's
little in the Europe that, he writes, that compares with
the opioid crisis. Cities are safer, Infant mortality is lower
European living standards have a far smaller gap than Americans
(08:00):
with then, GDP suggests, according to one piece of research
that he picked out from the think tank Europa as well,
but it's the problem of making higher living standards enough
I suppose to be considered a superpower, and also maintaining
them in a difficult economic environment.
Speaker 8 (08:17):
Yeah.
Speaker 2 (08:17):
Look, I get it, like bashing the European lifestyle, you know,
we know is happening, but it is also part of
an agenda, isn't it a sort of soft power agenda
that is being waged. So I do wonder whether Europe
needs to kind of wake up to that messaging and
advocate and kind of protect for its own sort of
philosophy on life is how i'd put it, and that
(08:37):
has been developed over centuries, you know, you think in
the Enlightenment, social democracy, language, history, culture, food, all those things.
I mean, I think a lot of Europians you know,
like that about Europe. But I do think that it
is part of this kind of yeah, the change in
the world, maybe the different visions of what it is
to have a good life.
Speaker 3 (08:57):
Well indeed, and perhaps we all need to speak up
in the prospect of there being pressure being put in
this particularly fro An economic point of view. Very interesting piece,
well worth reading. Bloomberg dot Com slash Opinion will put
a link to Leonel's article in our podcast show notes
as well.
Speaker 2 (09:13):
Now, let's bring the latest on immager in Macon's trip
to China and his meeting with President Jijinping, where they've
discussed Ukraine and economic ties and really difficult tense issues.
Our chief Asia correspondent ros In Matheson joins me for more. Now,
was we've heard from both the leaders subtly quite different messaging.
(09:33):
What was said about Ukraine. Was there any shift in
China's position?
Speaker 9 (09:39):
Well, not really at least so far when it comes
to China. As expected, Macron again urged China to support
the European position on Ukraine, which is really the Ukraine
position on Ukraine, and to possibly lean more heavily on Russia,
using its economic leverage to do so. But it got
(10:01):
the usual kind of comments in response really from the
Chinese President Sejing paying. He said that China hopes that
there can be a fair and binding agreement acceptable to
all parties. That's fairly much the standard line from China,
and that Beijing will play a constructive role in whatever comes.
And again that's pretty much the standard China line, because
(10:23):
what we've seen so far through this conflict between Russia
and Ukraine is that China hasn't really been that keen
to use its economic leverage, which is the key point
of pressure on Russia to get it to do anything
when it comes to Ukraine. I mean, China doesn't seem
particularly enamed of the fact this war is going on
and probably once it finished as well, But equally, it
(10:44):
doesn't want to disrupt its economic and strategic relationship with
Russia too much, so there's no sign that it's been
doing that so so far. Really, it's kind of the
standard positions that we've seen so far. Macron urging China
to bear in mind the Ukrainian point of view, and
China just saying that they hope it can be a
decency spire for all.
Speaker 3 (11:04):
On the economic front. Then ras there was talk of
pragmatic cooperation, balanced development of trade ties, but how difficult
to align. As Ammanuel Macron walking here, he wants more
investment from China, as do many European countries, but the
relationship between EU and China is quite strained. Over issues
I mean ranging from dumping of products to rare earth controls.
Speaker 9 (11:27):
Well, that's right, So it's a very tricky relationship and
a tricky trip for Macron a bit as a result,
as you're saying he wants more investment from China into France,
he called for that today. We also know he wants
to ward China off from putting tariffs on French dairy
and pork, and they did sign some corporation agreements today
(11:48):
covering areas like natural resources, also cooperation on sort of
aviation and biofarma. But at the same time, Macron's been
a key one calling out sort of global trade imbalances,
and he was one of the taking more of the
heart of you on China, urging those tariffs that we
saw come on China evs last year, for example. And
(12:09):
so balancing all of that out is quite difficult because Macron,
like others, recognizes the need to have a diversification of
your trade relationships, particularly with what's been happening with the US,
so you do need to engage China. But equally he's
been quite concerned about imbalances in the relationship and just
sort of the idea of unfettered investment potentially from China.
(12:32):
So it's a very very difficult line that he's having
to walk here during this trip.
Speaker 2 (12:37):
Yeah, indeed, Wills, thank you so much for being with us.
A macro not the only European leader of course going
to China. Thanks for being with us, Our chief Asia
correspondent Roslyn Mufferson, stay with us. More from Bloomberg Dbacube
coming up after this.
Speaker 3 (12:56):
Now, then e CEO of drinks maker Campari has big
ambition for apparel sprits. Simon Hunt wants to make it
the drink as much of a mainstay in Texas as
it is in Milan or Berlin. It's a key part
of his plan to turn around the drinks maker, whose
shares have dropped about forty percent in the last two years.
Our reporter Antonio so joins us from Milan for more. Antonio,
(13:17):
good morning. First of all, tell us about the challenges
that Campari has been facing.
Speaker 8 (13:23):
So good morning, or actually I should say on journo
in Italian. So yes, Simon Hunt has been appointed in January,
and it's kind of pursuing a strategy to focus on
He calls them fewer, bigger bets in the sense, the
(13:46):
company has more than seventy brands. Some of them are profitable,
others not so much, and so he's focusing on what
it calls the champions. And among those, of course, the
first one is Aperol, which is, you know, the orange drink.
(14:08):
They claim it that it brings the sun into into
a glass. The orange color is contagious. And Apperol sales actually,
the weight of Apperol sales for for a comparing group
rose massively over the last few years. Now it accounts
(14:30):
for about twenty five percent. But obviously there are quite
a lot of headwinds in the sense that in general
drinks industry is facing the wer consumption, and there are
structural headwinds like inflation for example. And one element that
(14:54):
I would like also to mention is the weather. So
if obviously you have a rare any summer, you were
not so keen to go out and have an appartibo,
and this obviously has an impact on the sales of
of the beverage companies in general.
Speaker 2 (15:16):
Yeah, and Simon Hunt, who became the CEO in January,
has also been speaking to Bloomberg's Italian language podcast and
Antonio this is where I wish I had learned some Italian.
You're going to have to tell me the Italian name
the title of the podcast so that our listeners, perhaps
are Italian speakers, will be able to download it.
Speaker 8 (15:39):
Yes, so it's quite locy solo, which literally means money
is not telling us. So yeah, So the US, obviously
it's a big opportunity for the company because Role is
(16:00):
not so popular yet in the country the U s
it's typically a beer drinking country. And what what they
what they what they're doing is that they're pursuing a
strategy where they focus on eleven cities which are the largest,
(16:21):
especially in the states of California and New York, Texas
and Florida, which are key strategic states for them, and
the idea is to kind of erode the market share
of of of beer. Then obviously that's not that's not
easy because because of the structural headwinds that that we
(16:42):
that we mentioned that we mentioned before. So it's basically, uh,
you know, putting loads of marketing efforts and advertising effort
to to raise kind of awareness over over this brand
which is not so popular.
Speaker 3 (17:01):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (17:07):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 3 (17:13):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (17:19):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 3 (17:28):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak Europe
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg daybaq At podcast. Good morning, It's Thursday,
the fourth of December. I'm Caroline Hepga in London and.
Speaker 3 (00:15):
I'm Stephen Caroline Brussels. Coming up today, Emmanuel Macran and
Shotingping meet in Beijing as the two leaders talk economic ties,
Ukraine and trade.
Speaker 2 (00:25):
Meta poaches one of Apple's top designers. As Mark Zuckerberg
doubles down on his Ai hardware push.
Speaker 3 (00:33):
Plus spritzing stateside, Campari pours resources into the US as
sales slow and competition rises in Europe.
Speaker 2 (00:41):
Let's start with a roundup of our top stories.
Speaker 3 (00:44):
Francis President Emmanual Macran and Chinese leaders she Jingping have
met in Beijing at a time when relations between the
EU and China have been under strain. The two leaders
discussed issues including economic ties, trade, Taiwan, and the war
in Ukraine. She described their talks as frank, fruitful and friendly.
Speaker 1 (01:03):
Thank you.
Speaker 4 (01:06):
Today, the world is undergoing profound changes unseen in a
century at an accelerated pace, and humanity once again stands
at a crossroads. China and France should demonstrate their sense
of responsibility uphold the banner of multilateralism, see through the
fog of uncertainty, and firmly stand on the right side
(01:29):
of history.
Speaker 3 (01:31):
On the issue of Ukraine, she went on to say
that China hopes a fair, binding agreement acceptable to all
parties can be reached. Those comments came as macron A
renewed his call for she to back Europe's stands on
Ukraine and warned against the disaggregation of the world order.
Speaker 2 (01:48):
Meanwhile, the UK government is poised to approve China's plan
for a controversial super embassy on the edge of the
city of London. Key British ministers have signaled their satisfaction
with Beijing's fa to resolve security concerns over what's expected
to be the largest diplomatic compound in Europe. BIOM Big
under Sound's top officials from m I five and MI
(02:09):
six are in favor of the project going ahead. Former
chief of mi I six, Richard more Tol Bloomberg's Michelle
has Sein last month that there ought to be a
way through for the embassy.
Speaker 5 (02:21):
Countries obviously have to have embassies, so there's clearly, you know,
we need one in Beijing, and it's important that we
have that for all those reasons I said to you
about having channels open and being able to communicate. So
it's right and proper that the Chinese should get their embassy.
Whether it's this one or not. It is really not
for me.
Speaker 2 (02:38):
To judge former Chief of m I six Richard Moore.
There As the embassy impass has emerged as the biggest
stumbling block to improving ties between the UK and China KIS.
Some of the Prime Minister scheduled a visit to Beijing
and Shanghai at the end of January, days after the
new deadline for the embassy's approval. He'd be the first
British Prime minister to visit China in eight is.
Speaker 3 (03:01):
A top institutional investor has said that even if front
runner Kevin Hassett is appointed as the next chair of
the Federal Reserve, he may not be able to deliver
the rapid pace of easing that President Trump would like.
Gregory Peters, Co, chief investment officer at PGIM Fixed Income,
Till Bloomberg that Hassett wouldn't have the power to deliver
cuts on his own.
Speaker 6 (03:21):
But on one hand, you have the FED independence question,
you know, with Hassett as basically tied to the administration.
But on the other does he have the credibility within
the committee to drive consensus. I don't think he has
that credibility. I think that's what the bond market.
Speaker 4 (03:38):
Is telling you.
Speaker 6 (03:39):
But it's important to remember that it's a full committee
and you have to have the confidence of the committee
to drive consensus, and I don't know if he has it.
Speaker 3 (03:50):
Peter's comments come as bond traders and fund managers game
out the impact of Trump's shake up of the FED
or hints of policy changes can send ripples through markets.
Past is appointed as chair of the Central Bank. Allies
of President Trump are said to be also considering making
Treasury Secretary Scott Besson the top White House economic advisor.
Speaker 2 (04:10):
Artificial intelligence will make its debut on one of the
world's largest capital markets, but critics say that the enthusiasm
surrounding the technology could be dangerous. Bloomberg's Teaba ad a
bio has more.
Speaker 7 (04:25):
The London Stock Exchange Group has agreed a deal to
give chat gpt access to its licensed financial news and data.
According to a statement, the agreement with open Ai will
make LSEG content available to the chatbot's users from December eighth.
It's the latest in a series of technology partnerships signed
by the data provider, including in agreement with Microsoft to
(04:47):
develop AI models, But some are skeptical of the sector's
deal making rush. The CEO of research firm Anthropic says
a number of companies are being too risky with their
AI spending, committing billions of dollars despite growing uncertainty. In London,
t we're added by Bloomberg Radio, The.
Speaker 3 (05:07):
Financial Times is reporting that the European Union's planning a
fresh antitrust probe against Meta over the use of artificial
intelligence features in WhatsApp. The FT says an announcement of
the investigation is possible in the coming days, and the
Commission is preparing to open the probe and the way
the US company is integrating its Meta AI system into
(05:27):
the popular messaging service.
Speaker 2 (05:31):
Meanwhile, Apple's top designer has been poached by rival Meta
in a major coup. Bloomberg understands the Facebook pairent is
hiring Alan Dye, who has been head of Apple's user
interface design team since twenty fifteen. Our senior tech editor
Nick Turner says the move reflects Meta's plan to focus
(05:51):
on product design.
Speaker 1 (05:53):
The big bunshot at Meta is creating an unvetted reality
glasses spectacles that would really sort of become a mainspring product,
and presumably he's going to be helping work on that.
Mostly the design for those products comes from Rayman at
the moment, and so I guess we're just still maybe
kind of a wait and see mode in terms of
figuring out how he's going to influence the way they
designed some of those products.
Speaker 2 (06:15):
Bloomberg's Nick Turner speaking there. Die's departure extends a recent
talent exitus for the iPhone maker, which began with the
exit of visionary executive Johnny Ive in twenty nineteen. Apple
confirmed in a statement provided to Bloomberg News that Die
will be replaced with longtime designer Stephen LeMay.
Speaker 3 (06:34):
And those are your top stories on the markets this morning.
The MSCIS Pacific Index up six tens of one percent,
being boosted mainly by Japanese shares. The Nikke is up
two point two percent. In Tokyo Euros stocks, fifty futures
are also six tens of one percent higher this morning.
The ten year treasure yield up two basis points at
four point zero eight percent.
Speaker 2 (06:52):
Now, in a moment, we'll bring you the latest on
President Macrol's trip to China, what it means for the
EU's relationship with Beijing, and why the Cea of Campari
is on a mission in America. But before we get
to that, there's always another story that catches our eye,
and today it's the opinion colonist Leonel Laurent who's asking
if quality of life can be a European superpowers.
Speaker 3 (07:15):
Even yeah, I mean, look, we're all used to this
narrative of the decline in Europe's and economic and regulatory heft.
It's been getting louder sin Donald Trump returned to the
White House. Remember Jamie Diamond telling European leaders earlier this year,
you're losing Leonella, suggesting that perhaps that traditional regulatory superpower
(07:37):
moniker is being replaced by one of a lifestyle superpower. Now,
he points to the date on this income, inequality, social mobility,
and life expectancy in the EU are all screening better
than in the US, even if GDP doesn't. And there's
little in the Europe that, he writes, that compares with
the opioid crisis. Cities are safer, Infant mortality is lower
European living standards have a far smaller gap than Americans
(08:00):
with then, GDP suggests, according to one piece of research
that he picked out from the think tank Europa as well,
but it's the problem of making higher living standards enough
I suppose to be considered a superpower, and also maintaining
them in a difficult economic environment.
Speaker 8 (08:17):
Yeah.
Speaker 2 (08:17):
Look, I get it, like bashing the European lifestyle, you know,
we know is happening, but it is also part of
an agenda, isn't it a sort of soft power agenda
that is being waged. So I do wonder whether Europe
needs to kind of wake up to that messaging and
advocate and kind of protect for its own sort of
philosophy on life is how i'd put it, and that
(08:37):
has been developed over centuries, you know, you think in
the Enlightenment, social democracy, language, history, culture, food, all those things.
I mean, I think a lot of Europians you know,
like that about Europe. But I do think that it
is part of this kind of yeah, the change in
the world, maybe the different visions of what it is
to have a good life.
Speaker 3 (08:57):
Well indeed, and perhaps we all need to speak up
in the prospect of there being pressure being put in
this particularly fro An economic point of view. Very interesting piece,
well worth reading. Bloomberg dot Com slash Opinion will put
a link to Leonel's article in our podcast show notes
as well.
Speaker 2 (09:13):
Now, let's bring the latest on immager in Macon's trip
to China and his meeting with President Jijinping, where they've
discussed Ukraine and economic ties and really difficult tense issues.
Our chief Asia correspondent ros In Matheson joins me for more. Now,
was we've heard from both the leaders subtly quite different messaging.
(09:33):
What was said about Ukraine. Was there any shift in
China's position?
Speaker 9 (09:39):
Well, not really at least so far when it comes
to China. As expected, Macron again urged China to support
the European position on Ukraine, which is really the Ukraine
position on Ukraine, and to possibly lean more heavily on Russia,
using its economic leverage to do so. But it got
(10:01):
the usual kind of comments in response really from the
Chinese President Sejing paying. He said that China hopes that
there can be a fair and binding agreement acceptable to
all parties. That's fairly much the standard line from China,
and that Beijing will play a constructive role in whatever comes.
And again that's pretty much the standard China line, because
(10:23):
what we've seen so far through this conflict between Russia
and Ukraine is that China hasn't really been that keen
to use its economic leverage, which is the key point
of pressure on Russia to get it to do anything
when it comes to Ukraine. I mean, China doesn't seem
particularly enamed of the fact this war is going on
and probably once it finished as well, But equally, it
(10:44):
doesn't want to disrupt its economic and strategic relationship with
Russia too much, so there's no sign that it's been
doing that so so far. Really, it's kind of the
standard positions that we've seen so far. Macron urging China
to bear in mind the Ukrainian point of view, and
China just saying that they hope it can be a
decency spire for all.
Speaker 3 (11:04):
On the economic front. Then ras there was talk of
pragmatic cooperation, balanced development of trade ties, but how difficult
to align. As Ammanuel Macron walking here, he wants more
investment from China, as do many European countries, but the
relationship between EU and China is quite strained. Over issues
I mean ranging from dumping of products to rare earth controls.
Speaker 9 (11:27):
Well, that's right, So it's a very tricky relationship and
a tricky trip for Macron a bit as a result,
as you're saying he wants more investment from China into France,
he called for that today. We also know he wants
to ward China off from putting tariffs on French dairy
and pork, and they did sign some corporation agreements today
(11:48):
covering areas like natural resources, also cooperation on sort of
aviation and biofarma. But at the same time, Macron's been
a key one calling out sort of global trade imbalances,
and he was one of the taking more of the
heart of you on China, urging those tariffs that we
saw come on China evs last year, for example. And
(12:09):
so balancing all of that out is quite difficult because Macron,
like others, recognizes the need to have a diversification of
your trade relationships, particularly with what's been happening with the US,
so you do need to engage China. But equally he's
been quite concerned about imbalances in the relationship and just
sort of the idea of unfettered investment potentially from China.
(12:32):
So it's a very very difficult line that he's having
to walk here during this trip.
Speaker 2 (12:37):
Yeah, indeed, Wills, thank you so much for being with us.
A macro not the only European leader of course going
to China. Thanks for being with us, Our chief Asia
correspondent Roslyn Mufferson, stay with us. More from Bloomberg Dbacube
coming up after this.
Speaker 3 (12:56):
Now, then e CEO of drinks maker Campari has big
ambition for apparel sprits. Simon Hunt wants to make it
the drink as much of a mainstay in Texas as
it is in Milan or Berlin. It's a key part
of his plan to turn around the drinks maker, whose
shares have dropped about forty percent in the last two years.
Our reporter Antonio so joins us from Milan for more. Antonio,
(13:17):
good morning. First of all, tell us about the challenges
that Campari has been facing.
Speaker 8 (13:23):
So good morning, or actually I should say on journo
in Italian. So yes, Simon Hunt has been appointed in January,
and it's kind of pursuing a strategy to focus on
He calls them fewer, bigger bets in the sense, the
(13:46):
company has more than seventy brands. Some of them are profitable,
others not so much, and so he's focusing on what
it calls the champions. And among those, of course, the
first one is Aperol, which is, you know, the orange drink.
(14:08):
They claim it that it brings the sun into into
a glass. The orange color is contagious. And Apperol sales actually,
the weight of Apperol sales for for a comparing group
rose massively over the last few years. Now it accounts
(14:30):
for about twenty five percent. But obviously there are quite
a lot of headwinds in the sense that in general
drinks industry is facing the wer consumption, and there are
structural headwinds like inflation for example. And one element that
(14:54):
I would like also to mention is the weather. So
if obviously you have a rare any summer, you were
not so keen to go out and have an appartibo,
and this obviously has an impact on the sales of
of the beverage companies in general.
Speaker 2 (15:16):
Yeah, and Simon Hunt, who became the CEO in January,
has also been speaking to Bloomberg's Italian language podcast and
Antonio this is where I wish I had learned some Italian.
You're going to have to tell me the Italian name
the title of the podcast so that our listeners, perhaps
are Italian speakers, will be able to download it.
Speaker 8 (15:39):
Yes, so it's quite locy solo, which literally means money
is not telling us. So yeah, So the US, obviously
it's a big opportunity for the company because Role is
(16:00):
not so popular yet in the country the U s
it's typically a beer drinking country. And what what they
what they what they're doing is that they're pursuing a
strategy where they focus on eleven cities which are the largest,
(16:21):
especially in the states of California and New York, Texas
and Florida, which are key strategic states for them, and
the idea is to kind of erode the market share
of of of beer. Then obviously that's not that's not
easy because because of the structural headwinds that that we
(16:42):
that we mentioned that we mentioned before. So it's basically, uh,
you know, putting loads of marketing efforts and advertising effort
to to raise kind of awareness over over this brand
which is not so popular.
Speaker 3 (17:01):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (17:07):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 3 (17:13):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (17:19):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 3 (17:28):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak Europe
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