June 9, 2025 • 17 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Tensions flared in Los Angeles on the third day of anti-deportation protests, as demonstrators clashed with law enforcement while President Donald Trump and California Governor Gavin Newsom exchanged blame over the unrest and responsibility for restoring order.
(2) The US and China are set to resume trade negotiations in London on Monday in a bid to further defuse tensions over rare-earth minerals and advanced technology following a phone call between leaders Donald Trump and Xi Jinping last week.
(3) Keir Starmer will make an appearance alongside Nvidia Corp co-founder Jensen Huang on Monday, as the British prime minister puts technology and artificial intelligence at the heart of his government’s plan to boost economic growth.
(4) The UK’s finance industry kept its lead over the rest of Europe in attracting foreign investment last year, although activity across the region slowed, according to professional services firm EY.
(5) European Central Bank Executive Board member Isabel Schnabel sees a favorable moment now to strengthen the euro’s global role as investors turn to Europe.
Podcast Conversation: Monograms Wield Power in an Age of Resale and Superfakes: Essay
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Do make you a podcast available every morning on Apples,
Spotify or wherever you listen. It's Monday, the ninth of June.
Here in London.
Speaker 2 (00:16):
I'm Caroline Hepki and.
Speaker 3 (00:17):
I'm Stephen Carroll. Coming up today. Trump sends the National
Guard to Los Angeles after a third day of anti
deportation protests and clashes, as California's governor calls the move unlawful.
Speaker 1 (00:30):
The UK Capital hosts trade talks between the US and
China today in a bid to diffuse tariff and rare
earth tensions.
Speaker 3 (00:38):
Plus when the music stops, Can you find a seat?
Speaker 4 (00:41):
Why?
Speaker 3 (00:41):
Return to office mandates are forcing London's banks to lease
more office space.
Speaker 1 (00:45):
Let's start with a roundup of our top stories.
Speaker 3 (00:48):
Anti deportation protests are escalating in Los Angeles after US
President Donald Trump deployed the National Guard despite objections from
California Governor Gavin Newsom. The arrival of troops over the
weekend appears to have inflamed an already volatile situation as
residents protest against sweeping deportation policies. Writing on social media,
(01:08):
Gavin Newsom says he's formally requested the White House reverses
what he calls unlawful deployment, and speaking to MSNBC in
the last few hours, he went further criticizing the violence,
but also saying.
Speaker 4 (01:21):
This the peaceful protesters, we want to keep them safe.
We want them to exercise their fundamental rights. We want
to keep those that are enforcing the laws in a
respectful and responsible way also safe. But Donald Trump needs
to pull back. He needs to stand down. Donald Trump
is inflaming these conditions. This is Donald Trump's problem right now,
(01:45):
and if he can't solve it, we will.
Speaker 3 (01:48):
Speaking to MSNBC, Governor Newsom said that California will file
a lawsuit against Trump's federalization of the National Guard. Federal
law strictly limits the deployment of federal troops within US
borders and the legal base as FID. The decision is
highly contentious well.
Speaker 1 (02:02):
The California Governor's comments come after President Trump described the
demonstration as quote migrant riots and said that federal agencies
were directed to take all such action necessary to restore
order and to continue deportation operations. Here's what he said
as he prepared to board Air Force one.
Speaker 5 (02:23):
Well, we're gonna have troops everywhere. We're not going to
let this happen to our country.
Speaker 6 (02:27):
We're not going to let our country be torn apart like.
Speaker 1 (02:29):
It was under bike And the US President has been
posting on social media. In the last hour, he wrote,
looking really bad in La, Bring in the troops. Trump's
comments come after two days of protest spot by widespread
US immigration raids across the region. The step up enforcement
is part of President Trump's vow to carry out the
(02:51):
largest deportation campaign in US history.
Speaker 3 (02:55):
The United States and China will restart trade negotiations today
in a bid to further address the export of rare
earth minerals and restrictions on advanced technology. The talks in
London come after a phone call between Donald Trump and
Chooting Peng last week. Kevin Hassett, director of the White
House National Economic Council, told CBS News as Margaret Brennan,
rare earth minerals were a key sticking point.
Speaker 6 (03:17):
Those exports of critical minerals have been getting released at
a rate that is higher than it was, but not
as high as we believe we agree to in Geneva
and President Trump being a deal maker talked with President
she and he said, let's take you know, our senior
guys at the people who are the same level as you.
Let's have them meet somewhere and let's get these things
(03:38):
cleared up, and then we'll clear up what you don't
like that weird agreed to release on our side.
Speaker 3 (03:44):
White House Economic Council Chair Kevin Hassett. There It comes
as the UK two faces a massive hurdle in its
trade negotiations with Washington, with the US saying the deal
must be finalized within five weeks. Former British trade negotiator
Crawford Faulkner has told Bloomberg that such a timeline is
too ambitious.
Speaker 5 (04:02):
Well.
Speaker 1 (04:02):
Today's talks between the United States and China come as
the latest data shows Chinese exports to the US or
the worst drop in more than five years. Official figures
for May showed that shipments to America fell by thirty
four percent, but the country is still on course for
a record trade ser plus this year. Overall, Chinese exports
rose four point eight percent from last year, less than
(04:25):
the six percent expected by economists. The growth was driven
by an eleven percent rise in exports to countries other
than the United States.
Speaker 3 (04:34):
The British Prime Minister Kias Starmer is planning to use
Nvidia to train more workers to use artificial intelligence. Starmer
is set to appear alongside the Tech Giants CEO Jensen
Huang to announce the two hundred million pounds scheme later today.
Bloomberg Exchange Wilcock reports.
Speaker 5 (04:50):
On Saturday night, Google chairman Eric Schmidt and DeepMind CEO
Demesisabus could be found hobnobbing with Kirs Starmer. Now today
he's sharing a platform with Nvidious CEO Just One. You
don't need AI to see that. Downing Street is trying
to showcase its positive vision for the tech sector and growth.
Yet the question here is which image with a public
(05:11):
remember tech led growth or the public sector budget cuts
due to be announced on Wednesday in London. James Wilcock
Blue VEG Radio.
Speaker 1 (05:20):
Well, let's turn our attention to Europe because the European
Central Banks Isabelle Schnabel, says that now is the time
to boost the role of the euro. Speaking also over
the weekend, the Central Banks executive board member said that
the currency is in a window of opportunity as investors
look to Europe for diversification. Her comments chime with other policymakers,
including President Christine La gard as officials look to use
(05:43):
President Trump's global trade policies to their own advantage.
Speaker 3 (05:47):
In sportsneers, Carlos Alcaraz has retained his French Open title,
beating world number one Yannik Center and a five set thriller.
Spaniard came back from two sets down and saved three
championship points during the second lung this Grand Slam final
in the Open Era. After the match, he thanks the
Parisian crowd for their support. You were really really important.
Speaker 5 (06:08):
You are in my heart and you always be in
my heart.
Speaker 3 (06:12):
So thank you, Thank you very much for you, Carlos
Alcaraz speaking there. The women's finals are twenty one year
old Cocoa Garth emerged victorious against number one seed Arena
Sablanca in three sets.
Speaker 1 (06:24):
And those are our top stories. Yes, gosh, did she
see her? She gave Spike Lee hug on the sidelines
of the Paris tennis event. Yeah, that was a really extraordinary,
wasn't it. Let's think about the markets though this morning.
So the dollar at the moment is drifting lower again.
We've got these us China trade talks taking place here
in London in terms of stock futures, and we're down
shedding two tens of one percent. The S and P
(06:44):
five hundred evening futures, zeros fifty futures are also lower
in terms of Japan, confirming a GDP contraction. To this
kind of cautious boj stance, perhaps all were men in place.
The dollar is down two tenths of one percent. We've
seen the cost up by one and a half percent
this morning, so those are the big movers. In terms
of the ten year US treasury yield, we're just down
(07:06):
about a basis point this morning at full forty nine.
Speaker 3 (07:09):
There's the markets in a moment, more on the latest
from La Plus why banks in London are seeing a
shortage of desks. But another story that carterry this morning
on the issue of monogramming, which I've never really thought
that much about, but Chris Robsar has a lot of
opinions about this I.
Speaker 1 (07:26):
Learned, Yeah, he certainly does. Is it naf Is it chic?
He spoke to the form of vanity fair and as
a grade and Carter, who apparently in his book called
it idiotic, which seems to have sent Chris Robsner on
an absolute kind of tail spin because he does love it.
He says, I'm a proud monogrammer. Monogramming is a lifestyle choice.
He does do loads of research into it.
Speaker 3 (07:48):
Carolin, we've been friends for a while, but it's time
for me to teach you a very irish expression, which
is peak notions, which is how I think about monogramming.
It's just not something that exists in my world. And
I'm fascinated because honestly, it's a very interesting reflection. And
Chris kind of argues both sides of it, or goes
through the reasons for and against, and there's lots of
you know, obviously resale value if it's a high value
(08:08):
luxury good, but also the sentimental value of having something monogrammed.
It doesn't it doesn't.
Speaker 1 (08:13):
Well apparently love Reto has launched this with like great fanfare,
this monogramming program, and that does seem to be maybe
also trying to stop fakes being made. So yes, I do, well,
I think it is. I think maybe secretly I'm maybe
I'm a monocram well possibly right, Okay, secrets for a
(08:35):
Monday morning.
Speaker 3 (08:35):
Fair enough, let's bring you more details on Our top
story on the program today, the protests and clashes in
Los Angeles over sweeping immigration raids and the deportation policies
of the Trump administration. California's Governor Gavin Newsom is formally
requested a withdrawal of National Guard troops. Bloomberg's John Herskovitz
is with us for more this morning. John, good to
have you with us. What is the latest that we
(08:56):
hear We're hearing what is happening currently in Los Angeles.
Speaker 2 (09:00):
We've entered the third day of these protests and the
first of the at least two thousand National Guard began
arriving in Los Angeles on Sunday. So we have this
on one front. Then we have this confrontation, this war
of words between Governor Newsom and Donald Trump, with them
as the as the audo indicated, Governor Newsom is requesting
(09:23):
that these troops be withdrawn, seeing this as a way
of inflaming the situation, and Trump saying that the things
are really bad here and that these troops are needed.
And the thing is like with Los Angeles County. One
thing to keep in mind is the county itself is
one of the most populoust places in the US. I
think it has like nearly ten million people, and the
(09:47):
White House has a goal of doing about three thousand
daily arrests for immigration violations. So it just kind of
makes La County, with its large population, which has a
lot of people from a lot of places, one of
the forefronts of this immigration battle, which is one of
the which is the top priority or one of the
(10:07):
top priorities for the Trump administration. So we have this
playing out on the streets. We have this going between
the two the leaders of the US and the most
powerful state in the US, California, And we have a
lot of people wondering in La what's going to happen next.
Speaker 1 (10:25):
But you should perhaps rewind and tell us what we
know about how all of this was sparked.
Speaker 2 (10:32):
Yeah, this came after we had some raids in garment
districts in working areas, immigration raids on Friday, which led
to people taking on those conducting the raids, and it
escalated from there going to an ice detention center into
(10:53):
other parts of the city, which prompted the call up
of the troops from the Trump administration. So it's really
going after places where people live and work, trying to
round up people at the jobs. And it's all part
of this larger, this larger policy of the Trump administration
to do as many detentions as is possible to reach
(11:18):
the goal of getting you know what they what they've
said would be millions of people out of the country.
Speaker 3 (11:25):
Okay, so that's the lights oft some what's happening in
Los Angeles? Another US story even watching for US though
this morning, John of the trade talks that are due
to take place with China happening in London today. What
should we expect.
Speaker 2 (11:37):
I think we're going to see a lot of attention
given to the details of this that we had the
talks last week between President Chi Shinping and President Trump.
And this is something that Trump has been pushing for,
something that Chi shing Ping really is. It's not in
his wheelhouse. He doesn't like these direct discussions a deal making,
(11:58):
and China prefers to have it go through a process.
So we're going to see the process take place this
week in London. We have some high profile members from
the US Scott Best in the common Secretary, I'm sorry,
the Treasury Secretary. Scott Best in the Common Secretary will
be there as well, and some high profile people from China.
So we're going to see these talks with get into
(12:22):
some of the details of what may be going on
between these two economic powerhouses. There's some things that are
going to be that the US wants to bring up,
like speeding up the exports of rare earth materials to
the US. These materials have been used in trade fights before.
China is the largest miner of these materials, which are
(12:44):
key to industries from electric vehicles to green technologies. So
the US wants to see more of these coming more quickly,
and this will be one of the areas of focus.
And what will actually happen is it still remains to
be decided. But from Chinese perspecutive, they're looking at more details,
more of a process taking place, and for the US
(13:08):
they're looking to get as many concessions as possible from
China and also focusing on reararts.
Speaker 1 (13:15):
Okay, John, thank you so much for being with us
this morning. That is Bloomberg's John Herskovich then on the
latest and what's happening in LA but also the trade
discussions between the US and China.
Speaker 3 (13:26):
Now five years after the COVID pandemic field and unprecedented
boom and remote work. Bank executives are insisting that workers
should return to the office, but in a growing number
of cases, particularly here in London, they don't have enough
desks for them. Are really start Reporter Natasha Vaz joins
us Now for more. Natasha, Good morning. How widespread is
the problem of shortages?
Speaker 7 (13:46):
Morning? So the answer is that it really depends on
the bank, because I mean to kind of go back
to way before the pandemic, A lot of banks started
reducing their floor space just after the financial crisis, So
some banks cut back question lot and then now they've
sort of post pandemic, they've continued cutting back. And what
that means is that when banks are mandating their staff
(14:09):
back to the office, which is increasingly the case, they're
then discovering that there aren't actually enough desks for them. So,
for example, HSBC has a shortage of thousands, potentially over
seven thousand desks at its new office in the city
and this has led them to potentially consider moving back
to Canary Wolf.
Speaker 1 (14:28):
Wow, that's extraordinary. What are banks they're doing about it?
As you say, do you think it'll be a wider
spread revival of Canary Wolf? Which has actually seem some
quite high profile departures quite recently.
Speaker 7 (14:40):
Yeah, So, I mean, real estate isn't exactly a fast
moving market and leases only really come up for expiring
renegotiation every few years, so it kind of depends on
when those options are coming up. So for a lot
of the banks post COVID, now is the time when
they're able to actually reconsider their floor space for the
first time. So in some cases, like I said, banks
(15:03):
who need more space are actually looking back to Canary
Wharf because if you think about how banks occupy that space,
they need really big floor plates, so they need a
lot of staff on the same floor, they need lots
and lots of equipment, lots of kind of things facilitate trading.
So in those cases, Canary Wharf is actually a pretty
good bet and rents there are lower, which makes it
(15:26):
more economical than staying in the city. So, as I said,
HSBC's and Talks potentially moved back to Canary Wharf. JP
Morgan is also looking and Deutsche Bank is potentially considering
taking two hundred and fifty thousand square foot of office
space in London, and one of the options they're considering
is the Wharf, and.
Speaker 3 (15:43):
Briefly Attasha how does the trend in London compared to
other European financial hubs.
Speaker 7 (15:49):
Yeah, so it seems to be a little bit different
in London compared to other European cities. So in London,
a lot of the banks have been mandating their staff
back to the office, and we've seen that particularly with
the American banks, so I mean Jamie Diamond JPMorgan has
been particularly vocal on this, but other banks have been
following suit, you know, sort of gradually increasing the number
of days their staff needs to be back in the office.
(16:11):
On the continent, a lot of the European banks seem
to have let us off stay at home for much longer.
So IMG and Commerce Bank have both said that they're
aiming for a fifty to fifty split between working from
home and the office, and Commerce Bank is actually moving
to a small office footprint by twenty twenty eight.
Speaker 3 (16:31):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (16:37):
Look for us on your podcast feed every morning on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 3 (16:43):
You can also listen live each morning on London DAB Radio.
The Bloomberg Business App and Bloomberg dot Com.
Speaker 1 (16:49):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
Speaker 2 (16:57):
I'm Caroline Hepka and.
Speaker 3 (16:58):
I'm Stephen Carroll. Join us again to my borrowy morning
for all the news you need to start your day
right here on Bloomberg Daybreak Europe
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Do make you a podcast available every morning on Apples,
Spotify or wherever you listen. It's Monday, the ninth of June.
Here in London.
Speaker 2 (00:16):
I'm Caroline Hepki and.
Speaker 3 (00:17):
I'm Stephen Carroll. Coming up today. Trump sends the National
Guard to Los Angeles after a third day of anti
deportation protests and clashes, as California's governor calls the move unlawful.
Speaker 1 (00:30):
The UK Capital hosts trade talks between the US and
China today in a bid to diffuse tariff and rare
earth tensions.
Speaker 3 (00:38):
Plus when the music stops, Can you find a seat?
Speaker 4 (00:41):
Why?
Speaker 3 (00:41):
Return to office mandates are forcing London's banks to lease
more office space.
Speaker 1 (00:45):
Let's start with a roundup of our top stories.
Speaker 3 (00:48):
Anti deportation protests are escalating in Los Angeles after US
President Donald Trump deployed the National Guard despite objections from
California Governor Gavin Newsom. The arrival of troops over the
weekend appears to have inflamed an already volatile situation as
residents protest against sweeping deportation policies. Writing on social media,
(01:08):
Gavin Newsom says he's formally requested the White House reverses
what he calls unlawful deployment, and speaking to MSNBC in
the last few hours, he went further criticizing the violence,
but also saying.
Speaker 4 (01:21):
This the peaceful protesters, we want to keep them safe.
We want them to exercise their fundamental rights. We want
to keep those that are enforcing the laws in a
respectful and responsible way also safe. But Donald Trump needs
to pull back. He needs to stand down. Donald Trump
is inflaming these conditions. This is Donald Trump's problem right now,
(01:45):
and if he can't solve it, we will.
Speaker 3 (01:48):
Speaking to MSNBC, Governor Newsom said that California will file
a lawsuit against Trump's federalization of the National Guard. Federal
law strictly limits the deployment of federal troops within US
borders and the legal base as FID. The decision is
highly contentious well.
Speaker 1 (02:02):
The California Governor's comments come after President Trump described the
demonstration as quote migrant riots and said that federal agencies
were directed to take all such action necessary to restore
order and to continue deportation operations. Here's what he said
as he prepared to board Air Force one.
Speaker 5 (02:23):
Well, we're gonna have troops everywhere. We're not going to
let this happen to our country.
Speaker 6 (02:27):
We're not going to let our country be torn apart like.
Speaker 1 (02:29):
It was under bike And the US President has been
posting on social media. In the last hour, he wrote,
looking really bad in La, Bring in the troops. Trump's
comments come after two days of protest spot by widespread
US immigration raids across the region. The step up enforcement
is part of President Trump's vow to carry out the
(02:51):
largest deportation campaign in US history.
Speaker 3 (02:55):
The United States and China will restart trade negotiations today
in a bid to further address the export of rare
earth minerals and restrictions on advanced technology. The talks in
London come after a phone call between Donald Trump and
Chooting Peng last week. Kevin Hassett, director of the White
House National Economic Council, told CBS News as Margaret Brennan,
rare earth minerals were a key sticking point.
Speaker 6 (03:17):
Those exports of critical minerals have been getting released at
a rate that is higher than it was, but not
as high as we believe we agree to in Geneva
and President Trump being a deal maker talked with President
she and he said, let's take you know, our senior
guys at the people who are the same level as you.
Let's have them meet somewhere and let's get these things
(03:38):
cleared up, and then we'll clear up what you don't
like that weird agreed to release on our side.
Speaker 3 (03:44):
White House Economic Council Chair Kevin Hassett. There It comes
as the UK two faces a massive hurdle in its
trade negotiations with Washington, with the US saying the deal
must be finalized within five weeks. Former British trade negotiator
Crawford Faulkner has told Bloomberg that such a timeline is
too ambitious.
Speaker 5 (04:02):
Well.
Speaker 1 (04:02):
Today's talks between the United States and China come as
the latest data shows Chinese exports to the US or
the worst drop in more than five years. Official figures
for May showed that shipments to America fell by thirty
four percent, but the country is still on course for
a record trade ser plus this year. Overall, Chinese exports
rose four point eight percent from last year, less than
(04:25):
the six percent expected by economists. The growth was driven
by an eleven percent rise in exports to countries other
than the United States.
Speaker 3 (04:34):
The British Prime Minister Kias Starmer is planning to use
Nvidia to train more workers to use artificial intelligence. Starmer
is set to appear alongside the Tech Giants CEO Jensen
Huang to announce the two hundred million pounds scheme later today.
Bloomberg Exchange Wilcock reports.
Speaker 5 (04:50):
On Saturday night, Google chairman Eric Schmidt and DeepMind CEO
Demesisabus could be found hobnobbing with Kirs Starmer. Now today
he's sharing a platform with Nvidious CEO Just One. You
don't need AI to see that. Downing Street is trying
to showcase its positive vision for the tech sector and growth.
Yet the question here is which image with a public
(05:11):
remember tech led growth or the public sector budget cuts
due to be announced on Wednesday in London. James Wilcock
Blue VEG Radio.
Speaker 1 (05:20):
Well, let's turn our attention to Europe because the European
Central Banks Isabelle Schnabel, says that now is the time
to boost the role of the euro. Speaking also over
the weekend, the Central Banks executive board member said that
the currency is in a window of opportunity as investors
look to Europe for diversification. Her comments chime with other policymakers,
including President Christine La gard as officials look to use
(05:43):
President Trump's global trade policies to their own advantage.
Speaker 3 (05:47):
In sportsneers, Carlos Alcaraz has retained his French Open title,
beating world number one Yannik Center and a five set thriller.
Spaniard came back from two sets down and saved three
championship points during the second lung this Grand Slam final
in the Open Era. After the match, he thanks the
Parisian crowd for their support. You were really really important.
Speaker 5 (06:08):
You are in my heart and you always be in
my heart.
Speaker 3 (06:12):
So thank you, Thank you very much for you, Carlos
Alcaraz speaking there. The women's finals are twenty one year
old Cocoa Garth emerged victorious against number one seed Arena
Sablanca in three sets.
Speaker 1 (06:24):
And those are our top stories. Yes, gosh, did she
see her? She gave Spike Lee hug on the sidelines
of the Paris tennis event. Yeah, that was a really extraordinary,
wasn't it. Let's think about the markets though this morning.
So the dollar at the moment is drifting lower again.
We've got these us China trade talks taking place here
in London in terms of stock futures, and we're down
shedding two tens of one percent. The S and P
(06:44):
five hundred evening futures, zeros fifty futures are also lower
in terms of Japan, confirming a GDP contraction. To this
kind of cautious boj stance, perhaps all were men in place.
The dollar is down two tenths of one percent. We've
seen the cost up by one and a half percent
this morning, so those are the big movers. In terms
of the ten year US treasury yield, we're just down
(07:06):
about a basis point this morning at full forty nine.
Speaker 3 (07:09):
There's the markets in a moment, more on the latest
from La Plus why banks in London are seeing a
shortage of desks. But another story that carterry this morning
on the issue of monogramming, which I've never really thought
that much about, but Chris Robsar has a lot of
opinions about this I.
Speaker 1 (07:26):
Learned, Yeah, he certainly does. Is it naf Is it chic?
He spoke to the form of vanity fair and as
a grade and Carter, who apparently in his book called
it idiotic, which seems to have sent Chris Robsner on
an absolute kind of tail spin because he does love it.
He says, I'm a proud monogrammer. Monogramming is a lifestyle choice.
He does do loads of research into it.
Speaker 3 (07:48):
Carolin, we've been friends for a while, but it's time
for me to teach you a very irish expression, which
is peak notions, which is how I think about monogramming.
It's just not something that exists in my world. And
I'm fascinated because honestly, it's a very interesting reflection. And
Chris kind of argues both sides of it, or goes
through the reasons for and against, and there's lots of
you know, obviously resale value if it's a high value
(08:08):
luxury good, but also the sentimental value of having something monogrammed.
It doesn't it doesn't.
Speaker 1 (08:13):
Well apparently love Reto has launched this with like great fanfare,
this monogramming program, and that does seem to be maybe
also trying to stop fakes being made. So yes, I do, well,
I think it is. I think maybe secretly I'm maybe
I'm a monocram well possibly right, Okay, secrets for a
(08:35):
Monday morning.
Speaker 3 (08:35):
Fair enough, let's bring you more details on Our top
story on the program today, the protests and clashes in
Los Angeles over sweeping immigration raids and the deportation policies
of the Trump administration. California's Governor Gavin Newsom is formally
requested a withdrawal of National Guard troops. Bloomberg's John Herskovitz
is with us for more this morning. John, good to
have you with us. What is the latest that we
(08:56):
hear We're hearing what is happening currently in Los Angeles.
Speaker 2 (09:00):
We've entered the third day of these protests and the
first of the at least two thousand National Guard began
arriving in Los Angeles on Sunday. So we have this
on one front. Then we have this confrontation, this war
of words between Governor Newsom and Donald Trump, with them
as the as the audo indicated, Governor Newsom is requesting
(09:23):
that these troops be withdrawn, seeing this as a way
of inflaming the situation, and Trump saying that the things
are really bad here and that these troops are needed.
And the thing is like with Los Angeles County. One
thing to keep in mind is the county itself is
one of the most populoust places in the US. I
think it has like nearly ten million people, and the
(09:47):
White House has a goal of doing about three thousand
daily arrests for immigration violations. So it just kind of
makes La County, with its large population, which has a
lot of people from a lot of places, one of
the forefronts of this immigration battle, which is one of
the which is the top priority or one of the
(10:07):
top priorities for the Trump administration. So we have this
playing out on the streets. We have this going between
the two the leaders of the US and the most
powerful state in the US, California, And we have a
lot of people wondering in La what's going to happen next.
Speaker 1 (10:25):
But you should perhaps rewind and tell us what we
know about how all of this was sparked.
Speaker 2 (10:32):
Yeah, this came after we had some raids in garment
districts in working areas, immigration raids on Friday, which led
to people taking on those conducting the raids, and it
escalated from there going to an ice detention center into
(10:53):
other parts of the city, which prompted the call up
of the troops from the Trump administration. So it's really
going after places where people live and work, trying to
round up people at the jobs. And it's all part
of this larger, this larger policy of the Trump administration
to do as many detentions as is possible to reach
(11:18):
the goal of getting you know what they what they've
said would be millions of people out of the country.
Speaker 3 (11:25):
Okay, so that's the lights oft some what's happening in
Los Angeles? Another US story even watching for US though
this morning, John of the trade talks that are due
to take place with China happening in London today. What
should we expect.
Speaker 2 (11:37):
I think we're going to see a lot of attention
given to the details of this that we had the
talks last week between President Chi Shinping and President Trump.
And this is something that Trump has been pushing for,
something that Chi shing Ping really is. It's not in
his wheelhouse. He doesn't like these direct discussions a deal making,
(11:58):
and China prefers to have it go through a process.
So we're going to see the process take place this
week in London. We have some high profile members from
the US Scott Best in the common Secretary, I'm sorry,
the Treasury Secretary. Scott Best in the Common Secretary will
be there as well, and some high profile people from China.
So we're going to see these talks with get into
(12:22):
some of the details of what may be going on
between these two economic powerhouses. There's some things that are
going to be that the US wants to bring up,
like speeding up the exports of rare earth materials to
the US. These materials have been used in trade fights before.
China is the largest miner of these materials, which are
(12:44):
key to industries from electric vehicles to green technologies. So
the US wants to see more of these coming more quickly,
and this will be one of the areas of focus.
And what will actually happen is it still remains to
be decided. But from Chinese perspecutive, they're looking at more details,
more of a process taking place, and for the US
(13:08):
they're looking to get as many concessions as possible from
China and also focusing on reararts.
Speaker 1 (13:15):
Okay, John, thank you so much for being with us
this morning. That is Bloomberg's John Herskovich then on the
latest and what's happening in LA but also the trade
discussions between the US and China.
Speaker 3 (13:26):
Now five years after the COVID pandemic field and unprecedented
boom and remote work. Bank executives are insisting that workers
should return to the office, but in a growing number
of cases, particularly here in London, they don't have enough
desks for them. Are really start Reporter Natasha Vaz joins
us Now for more. Natasha, Good morning. How widespread is
the problem of shortages?
Speaker 7 (13:46):
Morning? So the answer is that it really depends on
the bank, because I mean to kind of go back
to way before the pandemic, A lot of banks started
reducing their floor space just after the financial crisis, So
some banks cut back question lot and then now they've
sort of post pandemic, they've continued cutting back. And what
that means is that when banks are mandating their staff
(14:09):
back to the office, which is increasingly the case, they're
then discovering that there aren't actually enough desks for them. So,
for example, HSBC has a shortage of thousands, potentially over
seven thousand desks at its new office in the city
and this has led them to potentially consider moving back
to Canary Wolf.
Speaker 1 (14:28):
Wow, that's extraordinary. What are banks they're doing about it?
As you say, do you think it'll be a wider
spread revival of Canary Wolf? Which has actually seem some
quite high profile departures quite recently.
Speaker 7 (14:40):
Yeah, So, I mean, real estate isn't exactly a fast
moving market and leases only really come up for expiring
renegotiation every few years, so it kind of depends on
when those options are coming up. So for a lot
of the banks post COVID, now is the time when
they're able to actually reconsider their floor space for the
first time. So in some cases, like I said, banks
(15:03):
who need more space are actually looking back to Canary
Wharf because if you think about how banks occupy that space,
they need really big floor plates, so they need a
lot of staff on the same floor, they need lots
and lots of equipment, lots of kind of things facilitate trading.
So in those cases, Canary Wharf is actually a pretty
good bet and rents there are lower, which makes it
(15:26):
more economical than staying in the city. So, as I said,
HSBC's and Talks potentially moved back to Canary Wharf. JP
Morgan is also looking and Deutsche Bank is potentially considering
taking two hundred and fifty thousand square foot of office
space in London, and one of the options they're considering
is the Wharf, and.
Speaker 3 (15:43):
Briefly Attasha how does the trend in London compared to
other European financial hubs.
Speaker 7 (15:49):
Yeah, so it seems to be a little bit different
in London compared to other European cities. So in London,
a lot of the banks have been mandating their staff
back to the office, and we've seen that particularly with
the American banks, so I mean Jamie Diamond JPMorgan has
been particularly vocal on this, but other banks have been
following suit, you know, sort of gradually increasing the number
of days their staff needs to be back in the office.
(16:11):
On the continent, a lot of the European banks seem
to have let us off stay at home for much longer.
So IMG and Commerce Bank have both said that they're
aiming for a fifty to fifty split between working from
home and the office, and Commerce Bank is actually moving
to a small office footprint by twenty twenty eight.
Speaker 3 (16:31):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (16:37):
Look for us on your podcast feed every morning on Apple,
Spotify and anywhere else you get your podcasts.
Speaker 3 (16:43):
You can also listen live each morning on London DAB Radio.
The Bloomberg Business App and Bloomberg dot Com.
Speaker 1 (16:49):
Our flagship New York station, is also available on your
Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty.
Speaker 2 (16:57):
I'm Caroline Hepka and.
Speaker 3 (16:58):
I'm Stephen Carroll. Join us again to my borrowy morning
for all the news you need to start your day
right here on Bloomberg Daybreak Europe
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