May 16, 2024 • 14 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) Slovak Prime Minister Robert Fico suffered life-threatening injuries after being shot in public, the first assassination attempt on a European leader in more than two decades that underscores the deep polarization in the country.
(2) Chinese President Xi Jinping signaled to Vladimir Putin that ties between the two nations remain strong, as the Russian leader embarks on a new term with the war in Ukraine dragging into its third year.
(3) The US Bureau of Labor Statistics said it inadvertently released Consumer Price Index data 30 minutes early on Wednesday. Wall Street traders sent stocks to all-time highs as bond yields slumped after an inflation slowdown reinforced bets the Federal Reserve will cut interest rates as early as September.
(4) Ben Bernanke said there is growing interest within the Bank of England over publishing its own interest-rate projections, one of the strongest signals yet that the central bank is mulling a major communications shake-up.
(5) HSBC is leaning towards appointing its next chief executive officer from a shortlist of internal candidates as it begins its hunt for a successor to outgoing boss Noel Quinn.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
This is the Bloomberg Daybreak You At podcast, available every
morning on Apple, Spotify or wherever you listen. It's Thursday,
the sixteenth of May in London. I'm Caroline Hepkin.
Speaker 2 (00:11):
And I'm Stephen Carroll. Coming up today, Slovakia's Prime Minister
Robert Fiso fights for his life after an attempted assassination.
Speaker 1 (00:18):
Shijingping tells Vladimir Putin the China Russia relationship should last generations.
Speaker 2 (00:24):
And running ahead. The US Bureau of Labor Statistics accidentally
publishes inflation data thirty minutes early.
Speaker 1 (00:31):
Let's start with a roundup of our top stories.
Speaker 2 (00:34):
Slovakia's Prime Minister Robert Fiso has suffered serious injuries after
being shot multiple times in public while meeting supporters. His
situation was described as extraordinarily serious, but there are now
reports that he is recovering after surgery. The dominant political
figure in the country since the fall of communism, Fiso
returned to power last year with a rush of friendly
(00:55):
stance that has increasingly put him at odds with other
EU leaders. The country Interior Minister of matush Shutai Eshtak
says the attack was politically motivated.
Speaker 3 (01:07):
I followed the critical condition of the PM. I was
in the operating theater with the Minister of Defense. I
wanted to see how someone can deal with hate this way. Please,
hate should not come in response to hate.
Speaker 2 (01:19):
The Slovak interior minister there, speaking through a translator. A
man in his seventies has been arrested. It's the first
assassination attempt to honor a YOU leader in more than
two decades.
Speaker 1 (01:29):
Chinese President Shijingping has told Vladimir Putin that he is
prepared to consolidate the bond between the countries for quote
generations to come. As the two leaders whole talks in Beijing.
Putin is aiming to ensure support for his government in
the country's ongoing war with Ukraine. Bloomberg Stephen Engel says
the visit is crucial for Russia.
Speaker 4 (01:50):
I think it's absolutely vital for Vladimir Putin. Absolutely. I mean,
China has proven to be the vital lifeline, if you will,
as the war heads into its into its third year
now and again, Moscow relies on Beijing for the overwhelming
amount of trade and economic support. I'm not necessarily saying
(02:10):
that its products from China are getting are supporting the war.
But there have found the dual use technologies have been
finding their way onto the battlefield, whether it's semiconductor's ball
bearings or other equipment that was.
Speaker 1 (02:23):
On Chief North Asia correspondent Stephen Engel speaking Putin and
she have met more than forty times since the Chinese
person came to power. In twenty twelve. The two leaders
declared a no limits friendship just weeks before Putin launched
his full scale invasion of Ukraine.
Speaker 2 (02:38):
The latest US inflation data was released thirty minutes early,
raising concerns about the handling of sensitive economic information. There
were no signs at the early publication moved markets, but
the incident will likely prompt further scrutiny of the Bureau
of Labor Statistics course CPI cooled for the first time
in six months in April, news that helped the S
and P five hundred to end the day at an
old time high. David Kelly, chief Global Strategers that JP
(03:01):
Morgan Asset Management, says the US economy is stabilizing.
Speaker 5 (03:04):
I think what we've got is a moderate moderation in
the US economy, both in terms of growth and inflation.
Inflation is it's taking its sweet time coming down, but
we still think it's a downward trend. And I think,
you know the reason for the market reaction is that
we didn't get an upside surprise. So we've now had
three reports. Who've had the jobs report, then we had
the consumer sentiment report, and now had the retail sales repoard.
(03:27):
They're all saying, you know, overall things are moderating here.
Speaker 2 (03:30):
JPM Morgan's David Kelly speaking there now. Core consumer prices
rose by zero point three percent in April, with housing
and fuel costs driving much of the increase. That news
sparked a rallery in treasuries, while the Bloomberg Dollar spot
index hit a one month low.
Speaker 1 (03:43):
Ben Bananke says that senior members of the Bank of
England have shown interest in publishing their own rate projections.
The former FED chief let a review into the central
banks forecasting this year after the Bank of England's failure
to anticipate a post COVID surge in inflation. Banankee told
MPs that the bank needs to move away from using
(04:04):
government and market assumptions to model its forecasts for the
UK economy.
Speaker 6 (04:10):
I would be disappointed if the Bank did not seriously
review the possibility at some point in the next couple
of years. And I guess I'd like to add at
this point that I've told the Bank that I would
be happy to continue to advise and consult to the
extent that would be useful, and of course that will
be something that I would be interested in observing.
Speaker 1 (04:29):
But BANKI also reiterated his reports criticism of the Bank
of England's internal forecasting. He said the Bank of England
was distracted by maintaining its infrastructure from maintaining its infrastructure
because it was putting out fires and dealing with criticism
from MPs and the public.
Speaker 2 (04:46):
HSBC is leaning towards its next boss being an internal hire.
Bloomberg has learned that CFO George L. Hedri and the
head of Wealth and Personal Banking you know Mattos, are
seen as likely hires. Current CEO nol Quinn says, whoever
has success is they face a global landscape that's increasingly
hard to navigate.
Speaker 7 (05:04):
If you want to be ceover bank and an international bank,
you have to get used to dealing with complexity and
so any complexity into relative simplicity. For our people. Two
hundred thousand people need to serve clients. Even if the
world is complex, any CEO of any international bank is
going to have to deal with complexity on the international scene.
Speaker 2 (05:27):
HSBC CEO no Quinn, speaking there at the Cutar Economic
Forum this week, he announced he would be retiring last month.
Sources added the search it's only just beginning and the
board could change direction.
Speaker 1 (05:39):
Netflix says that monthly active users of its advertising supported
subscription plan now top forty million. That's up by five
million just one year. That's up from five million just
one year ago. The streaming giant says that in our
plans to launch an in house ad technology platform to
support this growing part of its business. It comes as
(06:01):
Netflix also announced plans to stream a number of NFL
games in the firm's latest push into live events.
Speaker 2 (06:09):
And some breaking news this hour, the CEO of EasyJet,
Johann Lungern, is to step down early next year. This
after the low cost airline reported first half headline pre
tax last slightly less than had been expected of three
hundred and fifty million pounds. The first half revenue figure
came in slightly ahead of expectations, as well as the
second half seat capacity coming in slightly higher than had
(06:31):
been predicted by analysts at fifty nine million. That's the
latest breaking news on EasyJet. Well, let's bring you more
details on our top stories now. Slovakia's Prime minister is
still being treated in hospital this morning after an assassination
attempt in the central town of Handlova yesterday. A seventy
one year old man has been arrested. Police believe he
has a clear political motive. Let's get the latest now
(06:52):
from our senior Central and Eastern Europe reporter Andrea Dudik. Andrea,
good morning. What is the latest that we know about
Robert V says condition this morning?
Speaker 8 (07:01):
Good morning, The information actually is quite sketchy at the moment,
because the latest information we have is that he that
he may be out of life threatening condition and he's
recovering after surgery. But what we're really waiting to hear
is from the government or the medical staff wider confirmation
that this is indeed the case. We haven't heard from
(07:22):
any of the government or medical staff for hours.
Speaker 1 (07:26):
Now, Okay, what do we know about what happened yesterday? Andrea.
Speaker 8 (07:33):
Robert Fitzou is a very popular politician in Slovakia and
he often takes his government to towns and cities outside
of capital, which is exactly what happened yesterday. And after
the government meeting in Handlova, he went and wanted to
talk to his supporters as he often does, and one
of them attacked him and Robert Fitzu, the Prime Minister,
(07:53):
was risked away to a nearby hospital and then transferred
to another facility for surgery.
Speaker 2 (08:01):
What's been the reaction from leaders in Slovakia Andrea.
Speaker 8 (08:05):
The reaction was one of shock, disbelief, and also it
showed the sort of split that has gripped the nation
over the last few years. Most people have said that
rebuked this a horrible act of violence against the prime minister,
but then some of his allies said that it was
(08:26):
the media and the opposition were to blame for what happened,
that they have escalated this split in the country.
Speaker 7 (08:35):
Yeah.
Speaker 1 (08:35):
Absolutely, Robert f It'za fifty nine years old. There was
also a video of what happened yesterday, and so I
think perhaps the shock even greater given given that that
was seen. And it's not just in Slovakia, it's across
Europe that I think there's been shocked because it's the
first time that we've seen such an assassination attempt on
(08:57):
a leader for at least a couple of decades, a
very significant event.
Speaker 2 (09:02):
Andrea Did, a Garcinia reporter, thank you very much for
joining us with the latest on that story.
Speaker 1 (09:06):
Well, let's continue our discussions then around Russian President Vladimir Putin,
who has met with China's Shijinping as part of a
trip designed to ensure support for Moscow as the war
in Ukraine continues. The two leaders have also been attending
a signing ceremony of cooperation documents. This according to Shinhwa
News this morning, President she has talked about how China
(09:27):
and Russia should further strengthen their development, and that they
have exchanged views on international and regional issues. Joining us
now for Morea's Bloomberg's Asia Government and Politics correspondent Rebecca
Chung Wilkins, Rebecca, thank you for being with us, so
Putin and she signing these documents. We've been looking at
(09:49):
pictures coming in from China of this. How significant then
is this meeting and as they say, exchange of views
on a range of issues.
Speaker 9 (09:58):
Well, there's certainly one of other sort of most important
allies when it comes to this bigger geopolitical agenda of
building the so called multipolar world, pushing back on what
they see as sort of the US hegemony. But of course,
since Ladimir Putin's invasion of Ukraine, there has been a
deeper and much deeper imbalance in that relationship. Russia has
(10:21):
needed China economically far more than it has ever done
in the past, and.
Speaker 10 (10:26):
There have been these sort of points of friction.
Speaker 9 (10:29):
So despite the so called no limits relationship between the two,
what we've seen is time and time again there are
certain constraints to that. There was one discussion, for example,
between over the gas pipeline that's sort of known as
the power of Siberia two. Now, this is an issue
where Russia has always sort of typically plays us up
(10:51):
as an imminent deal being done, and Beijing has sort
of dragged its feet a little bit more wanting and
more favorable deal. So I'm looking really closely to see
if there's any progress on that over the next couple
of days. It looks like there isn't. But so when
we look at these sort of really key, big issues,
we don't see an enormous amount of progress so far,
at least.
Speaker 2 (11:10):
Rebecca, how difficult is it for China to continue to
supports Russia without further antagonizing the US.
Speaker 10 (11:16):
It has certainly been a challenge.
Speaker 9 (11:18):
I mean, just this month, I think US has tightened
sanctions on perceived or alleged Chinese support for Russia twice already,
and these sort of threats of US reprisals for what
they say is China's support for Russia's industrial war machine
have sort of upped the ante. And in fact, in
March we saw trade between Russia and China four for
(11:41):
the first time since twenty twenty two, possibly in that
context of people being somewhat more companies rather I should say,
being somewhat more circumspect about the type of support they're offering,
but rhetorically at least, you know, this is a very
sort of full throated support that we're seeing from sea
dipping for Putin, you know, must be sort of gratifying
(12:02):
this commitment that China is ready to work with Russia
as a good neighbor, friend and partners, precisely what Putin
wants to hear.
Speaker 1 (12:09):
Yeah, absolutely, you can follow actually the meeting, the press
conference that they're giving, or the address at least between
Putin and she on the terminal live this joint briefing.
So as you say, you know, the red carpet is
being rolled out, you can see it from the pomp
and circumstance around them. But what do you think is
China's primary interest here? If you say that she'sing's been
(12:34):
a bit foot dragging in some of the deals with Russia.
Speaker 9 (12:37):
Now, I think on the one hand, you know, China
is a little bit careful about not sort of exacerbating
or not wanting to enrage the US, particularly when it's
so focused on trying to get its economy back up
and running. But on the other hand, Russia is and
Moscow does present an important ally in pushing back and
offering or appearing at least to offer an.
Speaker 10 (12:59):
Alternative to the US led world order.
Speaker 9 (13:01):
I mean, Russia is a really important partner historically, and
even more so now as we see the sort of deepening.
Speaker 10 (13:08):
Fractures of the world.
Speaker 9 (13:09):
We saw hints of that even in president She's tripped
during Europe, for example, the mention and the visit to
Belgrade on the twenty fifth anniversary of the Belgrade bombing.
Speaker 10 (13:19):
That's a nod to the sort.
Speaker 9 (13:20):
Of deep distrust of NATO, the close ties and the
visit to Hungary and Sabia, both countries that maintain very
close ties to Moscow within Europe. So you can also
see that she, as much as he's trying to sort
of tamper down the sort of tensions with the US
and with Europe, still placing that relationship with Russia, this
(13:43):
alternative world order very much front and center of his
frogn policy agenda.
Speaker 2 (13:49):
This is Bloomberg Daybreak Europe. You're morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (13:55):
Look for us on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (14:01):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1 (14:07):
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 2 (14:16):
I'm Stephen Carol. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg Daybreak Europe
This is the Bloomberg Daybreak You At podcast, available every
morning on Apple, Spotify or wherever you listen. It's Thursday,
the sixteenth of May in London. I'm Caroline Hepkin.
Speaker 2 (00:11):
And I'm Stephen Carroll. Coming up today, Slovakia's Prime Minister
Robert Fiso fights for his life after an attempted assassination.
Speaker 1 (00:18):
Shijingping tells Vladimir Putin the China Russia relationship should last generations.
Speaker 2 (00:24):
And running ahead. The US Bureau of Labor Statistics accidentally
publishes inflation data thirty minutes early.
Speaker 1 (00:31):
Let's start with a roundup of our top stories.
Speaker 2 (00:34):
Slovakia's Prime Minister Robert Fiso has suffered serious injuries after
being shot multiple times in public while meeting supporters. His
situation was described as extraordinarily serious, but there are now
reports that he is recovering after surgery. The dominant political
figure in the country since the fall of communism, Fiso
returned to power last year with a rush of friendly
(00:55):
stance that has increasingly put him at odds with other
EU leaders. The country Interior Minister of matush Shutai Eshtak
says the attack was politically motivated.
Speaker 3 (01:07):
I followed the critical condition of the PM. I was
in the operating theater with the Minister of Defense. I
wanted to see how someone can deal with hate this way. Please,
hate should not come in response to hate.
Speaker 2 (01:19):
The Slovak interior minister there, speaking through a translator. A
man in his seventies has been arrested. It's the first
assassination attempt to honor a YOU leader in more than
two decades.
Speaker 1 (01:29):
Chinese President Shijingping has told Vladimir Putin that he is
prepared to consolidate the bond between the countries for quote
generations to come. As the two leaders whole talks in Beijing.
Putin is aiming to ensure support for his government in
the country's ongoing war with Ukraine. Bloomberg Stephen Engel says
the visit is crucial for Russia.
Speaker 4 (01:50):
I think it's absolutely vital for Vladimir Putin. Absolutely. I mean,
China has proven to be the vital lifeline, if you will,
as the war heads into its into its third year
now and again, Moscow relies on Beijing for the overwhelming
amount of trade and economic support. I'm not necessarily saying
(02:10):
that its products from China are getting are supporting the war.
But there have found the dual use technologies have been
finding their way onto the battlefield, whether it's semiconductor's ball
bearings or other equipment that was.
Speaker 1 (02:23):
On Chief North Asia correspondent Stephen Engel speaking Putin and
she have met more than forty times since the Chinese
person came to power. In twenty twelve. The two leaders
declared a no limits friendship just weeks before Putin launched
his full scale invasion of Ukraine.
Speaker 2 (02:38):
The latest US inflation data was released thirty minutes early,
raising concerns about the handling of sensitive economic information. There
were no signs at the early publication moved markets, but
the incident will likely prompt further scrutiny of the Bureau
of Labor Statistics course CPI cooled for the first time
in six months in April, news that helped the S
and P five hundred to end the day at an
old time high. David Kelly, chief Global Strategers that JP
(03:01):
Morgan Asset Management, says the US economy is stabilizing.
Speaker 5 (03:04):
I think what we've got is a moderate moderation in
the US economy, both in terms of growth and inflation.
Inflation is it's taking its sweet time coming down, but
we still think it's a downward trend. And I think,
you know the reason for the market reaction is that
we didn't get an upside surprise. So we've now had
three reports. Who've had the jobs report, then we had
the consumer sentiment report, and now had the retail sales repoard.
(03:27):
They're all saying, you know, overall things are moderating here.
Speaker 2 (03:30):
JPM Morgan's David Kelly speaking there now. Core consumer prices
rose by zero point three percent in April, with housing
and fuel costs driving much of the increase. That news
sparked a rallery in treasuries, while the Bloomberg Dollar spot
index hit a one month low.
Speaker 1 (03:43):
Ben Bananke says that senior members of the Bank of
England have shown interest in publishing their own rate projections.
The former FED chief let a review into the central
banks forecasting this year after the Bank of England's failure
to anticipate a post COVID surge in inflation. Banankee told
MPs that the bank needs to move away from using
(04:04):
government and market assumptions to model its forecasts for the
UK economy.
Speaker 6 (04:10):
I would be disappointed if the Bank did not seriously
review the possibility at some point in the next couple
of years. And I guess I'd like to add at
this point that I've told the Bank that I would
be happy to continue to advise and consult to the
extent that would be useful, and of course that will
be something that I would be interested in observing.
Speaker 1 (04:29):
But BANKI also reiterated his reports criticism of the Bank
of England's internal forecasting. He said the Bank of England
was distracted by maintaining its infrastructure from maintaining its infrastructure
because it was putting out fires and dealing with criticism
from MPs and the public.
Speaker 2 (04:46):
HSBC is leaning towards its next boss being an internal hire.
Bloomberg has learned that CFO George L. Hedri and the
head of Wealth and Personal Banking you know Mattos, are
seen as likely hires. Current CEO nol Quinn says, whoever
has success is they face a global landscape that's increasingly
hard to navigate.
Speaker 7 (05:04):
If you want to be ceover bank and an international bank,
you have to get used to dealing with complexity and
so any complexity into relative simplicity. For our people. Two
hundred thousand people need to serve clients. Even if the
world is complex, any CEO of any international bank is
going to have to deal with complexity on the international scene.
Speaker 2 (05:27):
HSBC CEO no Quinn, speaking there at the Cutar Economic
Forum this week, he announced he would be retiring last month.
Sources added the search it's only just beginning and the
board could change direction.
Speaker 1 (05:39):
Netflix says that monthly active users of its advertising supported
subscription plan now top forty million. That's up by five
million just one year. That's up from five million just
one year ago. The streaming giant says that in our
plans to launch an in house ad technology platform to
support this growing part of its business. It comes as
(06:01):
Netflix also announced plans to stream a number of NFL
games in the firm's latest push into live events.
Speaker 2 (06:09):
And some breaking news this hour, the CEO of EasyJet,
Johann Lungern, is to step down early next year. This
after the low cost airline reported first half headline pre
tax last slightly less than had been expected of three
hundred and fifty million pounds. The first half revenue figure
came in slightly ahead of expectations, as well as the
second half seat capacity coming in slightly higher than had
(06:31):
been predicted by analysts at fifty nine million. That's the
latest breaking news on EasyJet. Well, let's bring you more
details on our top stories now. Slovakia's Prime minister is
still being treated in hospital this morning after an assassination
attempt in the central town of Handlova yesterday. A seventy
one year old man has been arrested. Police believe he
has a clear political motive. Let's get the latest now
(06:52):
from our senior Central and Eastern Europe reporter Andrea Dudik. Andrea,
good morning. What is the latest that we know about
Robert V says condition this morning?
Speaker 8 (07:01):
Good morning, The information actually is quite sketchy at the moment,
because the latest information we have is that he that
he may be out of life threatening condition and he's
recovering after surgery. But what we're really waiting to hear
is from the government or the medical staff wider confirmation
that this is indeed the case. We haven't heard from
(07:22):
any of the government or medical staff for hours.
Speaker 1 (07:26):
Now, Okay, what do we know about what happened yesterday? Andrea.
Speaker 8 (07:33):
Robert Fitzou is a very popular politician in Slovakia and
he often takes his government to towns and cities outside
of capital, which is exactly what happened yesterday. And after
the government meeting in Handlova, he went and wanted to
talk to his supporters as he often does, and one
of them attacked him and Robert Fitzu, the Prime Minister,
(07:53):
was risked away to a nearby hospital and then transferred
to another facility for surgery.
Speaker 2 (08:01):
What's been the reaction from leaders in Slovakia Andrea.
Speaker 8 (08:05):
The reaction was one of shock, disbelief, and also it
showed the sort of split that has gripped the nation
over the last few years. Most people have said that
rebuked this a horrible act of violence against the prime minister,
but then some of his allies said that it was
(08:26):
the media and the opposition were to blame for what happened,
that they have escalated this split in the country.
Speaker 7 (08:35):
Yeah.
Speaker 1 (08:35):
Absolutely, Robert f It'za fifty nine years old. There was
also a video of what happened yesterday, and so I
think perhaps the shock even greater given given that that
was seen. And it's not just in Slovakia, it's across
Europe that I think there's been shocked because it's the
first time that we've seen such an assassination attempt on
(08:57):
a leader for at least a couple of decades, a
very significant event.
Speaker 2 (09:02):
Andrea Did, a Garcinia reporter, thank you very much for
joining us with the latest on that story.
Speaker 1 (09:06):
Well, let's continue our discussions then around Russian President Vladimir Putin,
who has met with China's Shijinping as part of a
trip designed to ensure support for Moscow as the war
in Ukraine continues. The two leaders have also been attending
a signing ceremony of cooperation documents. This according to Shinhwa
News this morning, President she has talked about how China
(09:27):
and Russia should further strengthen their development, and that they
have exchanged views on international and regional issues. Joining us
now for Morea's Bloomberg's Asia Government and Politics correspondent Rebecca
Chung Wilkins, Rebecca, thank you for being with us, so
Putin and she signing these documents. We've been looking at
(09:49):
pictures coming in from China of this. How significant then
is this meeting and as they say, exchange of views
on a range of issues.
Speaker 9 (09:58):
Well, there's certainly one of other sort of most important
allies when it comes to this bigger geopolitical agenda of
building the so called multipolar world, pushing back on what
they see as sort of the US hegemony. But of course,
since Ladimir Putin's invasion of Ukraine, there has been a
deeper and much deeper imbalance in that relationship. Russia has
(10:21):
needed China economically far more than it has ever done
in the past, and.
Speaker 10 (10:26):
There have been these sort of points of friction.
Speaker 9 (10:29):
So despite the so called no limits relationship between the two,
what we've seen is time and time again there are
certain constraints to that. There was one discussion, for example,
between over the gas pipeline that's sort of known as
the power of Siberia two. Now, this is an issue
where Russia has always sort of typically plays us up
(10:51):
as an imminent deal being done, and Beijing has sort
of dragged its feet a little bit more wanting and
more favorable deal. So I'm looking really closely to see
if there's any progress on that over the next couple
of days. It looks like there isn't. But so when
we look at these sort of really key, big issues,
we don't see an enormous amount of progress so far,
at least.
Speaker 2 (11:10):
Rebecca, how difficult is it for China to continue to
supports Russia without further antagonizing the US.
Speaker 10 (11:16):
It has certainly been a challenge.
Speaker 9 (11:18):
I mean, just this month, I think US has tightened
sanctions on perceived or alleged Chinese support for Russia twice already,
and these sort of threats of US reprisals for what
they say is China's support for Russia's industrial war machine
have sort of upped the ante. And in fact, in
March we saw trade between Russia and China four for
(11:41):
the first time since twenty twenty two, possibly in that
context of people being somewhat more companies rather I should say,
being somewhat more circumspect about the type of support they're offering,
but rhetorically at least, you know, this is a very
sort of full throated support that we're seeing from sea
dipping for Putin, you know, must be sort of gratifying
(12:02):
this commitment that China is ready to work with Russia
as a good neighbor, friend and partners, precisely what Putin
wants to hear.
Speaker 1 (12:09):
Yeah, absolutely, you can follow actually the meeting, the press
conference that they're giving, or the address at least between
Putin and she on the terminal live this joint briefing.
So as you say, you know, the red carpet is
being rolled out, you can see it from the pomp
and circumstance around them. But what do you think is
China's primary interest here? If you say that she'sing's been
(12:34):
a bit foot dragging in some of the deals with Russia.
Speaker 9 (12:37):
Now, I think on the one hand, you know, China
is a little bit careful about not sort of exacerbating
or not wanting to enrage the US, particularly when it's
so focused on trying to get its economy back up
and running. But on the other hand, Russia is and
Moscow does present an important ally in pushing back and
offering or appearing at least to offer an.
Speaker 10 (12:59):
Alternative to the US led world order.
Speaker 9 (13:01):
I mean, Russia is a really important partner historically, and
even more so now as we see the sort of deepening.
Speaker 10 (13:08):
Fractures of the world.
Speaker 9 (13:09):
We saw hints of that even in president She's tripped
during Europe, for example, the mention and the visit to
Belgrade on the twenty fifth anniversary of the Belgrade bombing.
Speaker 10 (13:19):
That's a nod to the sort.
Speaker 9 (13:20):
Of deep distrust of NATO, the close ties and the
visit to Hungary and Sabia, both countries that maintain very
close ties to Moscow within Europe. So you can also
see that she, as much as he's trying to sort
of tamper down the sort of tensions with the US
and with Europe, still placing that relationship with Russia, this
(13:43):
alternative world order very much front and center of his
frogn policy agenda.
Speaker 2 (13:49):
This is Bloomberg Daybreak Europe. You're morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 1 (13:55):
Look for us on your podcast feed every morning on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 2 (14:01):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1 (14:07):
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 2 (14:16):
I'm Stephen Carol. 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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