November 10, 2025 • 17 mins
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The US Senate took a major step toward re-opening the government after a group of moderate Democrats broke with their party leaders and voted to support a deal to end the record-breaking shutdown.
(2) British Broadcasting Corp. Director-General Tim Davie is resigning from the UK national broadcaster amid allegations it misled viewers by editing President Donald Trump’s remarks in a Panorama documentary last year.
(3) More than a quarter of large UK businesses expect to cut jobs within the next year due to the impact of artificial intelligence. That's according to a CIPD survey of more than 2,000 employers, showing 62% of them believe junior managerial or administrative roles are most likely to be lost due to AI.
(4) No matter which way the S&P 500 Index goes after a tumultuous month, options volatility looks to be headed higher. The benchmark snapped a three-week run of gains, pushing for a time on Friday the Cboe Volatility Index well above 20, a sign of growing market stress.
(5) The odds of extreme cold this winter in the US, Asia and parts of Europe are climbing, threatening to boost energy bills for consumers already grappling with high costs and economic uncertainty.
Podcast Conversation: Young Supercar Collectors Don't Fear Risking Their Investments
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 Day baq At podcast. Good morning,
It's Monday, the tenth of November. I'm Caroline Hetkut in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, Democrats and
the US Senate break with their party to support a
deal to reopen the government.
Speaker 2 (00:23):
BBC bosses resign over allegations that broadcasts and misled viewers
by editing remarks by US President Donald Trump.
Speaker 1 (00:31):
Plus, we take a look inside Peel Hunt's fight to
stay independent amid a wave of city consolidation.
Speaker 2 (00:38):
Let's start with the roundup of our top stories.
Speaker 1 (00:40):
The record breaking US government shutdown appears to be nearing
an end after moderate Democrats and the Senate broke with
party leaders to back a deal with Republicans. The agreement
would fully fund some government departments for the next year,
with funding for others set to lapse at the end
of January. It also restores pay for furloughed workers, zooms
withheld payments, andrew calls laid off federal employees. The shutdown
(01:05):
is costing the US economy and estimated fifteen billion dollars
a week, while grounding flights and halting the release of
key government economic data. Democratic Senator Katherine Cortez explains why
she broke with the party to support the motion.
Speaker 3 (01:19):
The vote tonight was crucial to open the government because
too many Americans, hardworking individuals, seniors' children were suffering.
Speaker 1 (01:31):
Catherine Cortez speaking there. With the bill still requiring approval
from the House before it can be sent to President
Trump for his signature. Over passages not guaranteed, Democratic leaders
have voiced opposition to any deal that does not include
an extension of expiring Obamacare subsidies, which this bill does
not do.
Speaker 2 (01:49):
Now, the Director General of the BBC Tim Davey and
News chief Deborah Turness are resigning of allegations the broadcast
and misled viewers by editing by US President Donald Trump
in a Panorama documentary last year. The two senior executives
announced their departures ahead of an expected apology from the organization. Today,
(02:12):
the Shadow Culture Secretary Nigel Huddleston says big changes need
to be made.
Speaker 4 (02:18):
They've offended the US President, They've reprimanded a journalist for
correcting on biology. You know, there's just so many examples
of there being biased, but also there's clear political bias here.
Speaker 2 (02:31):
As well, Nigel Hudderson speaking there. The controversy comes ahead
of critical funding talks with the government and follows a
turbulent year for the BBC, which has been criticized for
its coverage and neutrality. In a post on his Truth
social platform, Trump called the individuals resigning quote dishonest people
and accused them of trying to influence a US presidential election.
(02:55):
In his resignation letter, Davey said he hoped there could
be a quote sensible, calm and rational public conversation about
the next chapter for the BBC.
Speaker 1 (03:05):
More than a quarter of large UK businesses expect to
cut jobs within the next year due to the impact
of artificial intelligence. That's according to a CIPD survey of
more than two thousand employers showing sixty two percent of
them believe junior, managerial or administrative roles are likely to
be last due to AI.
Speaker 5 (03:24):
Blouebrooks.
Speaker 1 (03:24):
Freddie Folston has.
Speaker 6 (03:25):
More hiring freezes, weaker employer confidence and uncertainty ahead of
this month's budget, and now a labor market survey to
add to the Chancellor's workforce woes. Data from the CIPD
shows the risk of AI to young people and white
collar workers is particularly acute. Twenty six percent of large
(03:47):
private sector firms expect to shrink their workforce in the
next twelve months. That's compared to twenty percent in the
public sector. One of the cipd's senior economists said that
while AI held great potential for improving productivity, it also
risks leaving many people behind. In London, freddie Fulston Bloomberg Radio.
Speaker 2 (04:10):
Now on the markets as investors grapple with concerns about
an AI bubble. Many are increasingly chasing the rally but
ensuring against the drop options. Volatility looks to be headed
high regardless of the direction of the S and P
five hundred index. Last week, AI related US textocks lost
(04:30):
more than a trillion dollars in market value as tradeos
were seen taking bets off the VIX index falling. It
came as hedge fund boss Michael Barry disclosed bearish put
options on Nvidia and Polante after warning of market exuberance.
Speaker 1 (04:47):
The UK is providing staff and equipment to help Belgium
counter drone incursions near airports and military bases. Britain's Chief
of the Defense Staff Richard Knighton tell the BBC that
equipment and personnel are now now on the way.
Speaker 7 (05:01):
I spect to why Belgian opposite number in the week,
and he asked if we would be prepared to support them,
and the Defense Section I agreed at the end of
last week that we would deploy our people and our
equipment to Belgium to help them. It is important to
be clear though that we don't know and the Belgians
don't yet know the source of that those drones, and
(05:23):
but we will help them by providing our kit and capability,
which has already started to deploy to help to Belgium.
Speaker 1 (05:30):
Britain the Chief of the Defense Staff, Richard Niden, speaking
to the BBC after airports in Belgium were forced to
suspend flights last week when unidentified drones were spotted in
its airspace. It follows a series of suspected Russian droll
incursions over several EU countries that have disrupted our travel.
Speaker 2 (05:48):
Now, the odds of extreme cold this winter in the US,
Asia and parts of Europe are climbing. That's raising concerns
about energy costs and economic strain across the region. Kegsbyhol
Kubala has more on what this means for Europe.
Speaker 8 (06:04):
Europe's mild winter could be interrupted by frequent cold pells
in the coming months. For casters say the polar vortex,
the belt of winds around the Arctic, could weaken and
let frigid air spill south across the continent at deep
freeze would likely push up gas prices and pose a
risk to winter wheat crops. Experts say northern and central
(06:24):
Europe are most at risk, but climate warming may compete
with the worst of the chill in Brussels.
Speaker 5 (06:29):
Michel Kubala Bloomberg Radio.
Speaker 1 (06:32):
Those are your top stories on the markets. The Mscirish
Pacific Index up one percent. Wall Street futures have jumped
on the news of progress in the US government shutdown.
NAZAC features now one point three percent higher, SMP minez
are up by eight tens. Eurostocks fifty features also getting
a boost, up by one point five percent. For two
one hundred features are nine tents higher this morning. The
ten year treasury yield four basis points higher at four
(06:54):
point one four percent.
Speaker 2 (06:57):
Now those are the markets in a moment, will bring
you more on the US government down, plus why London's
last big independent broker may be becoming a takeover target itself.
But before we get to that, another story has got
our attention this morning.
Speaker 5 (07:11):
Supercars.
Speaker 2 (07:11):
Bloomberg's Hannah Elliott has been writing about how exotic cars
are sort of very popular, and especially amongst an unusual cohort.
You might not think it, young supercar collectors are driving
their expensive vehicles rather than just keeping them stalled.
Speaker 1 (07:30):
Yeah, indeed, Look, these are obviously major pieces of investment,
and the maintenance because of the nature of them, can
be pretty hefty as well. But I did find it
interesting that a lot of these younger owners as well
are much more keen to drive the cars and get
them out in the road. They're not as worried about,
you know, whatever might happen if you actually take the
car out and use it.
Speaker 2 (07:50):
Well, I mean if you can see out of the window.
I have seen supercars around London, you know, literally outside
of Tesco, which I think is very funny given how
fast they can drive. But no, I thought this story
about the gathering in Las Vegas on the first of
November with all of these car owners. Apparently there was
one point one billion dollars worth of vehicles outside of
(08:12):
the win Las Vegas only a few days ago. So yeah,
Supercars has got.
Speaker 1 (08:17):
A bit of a far away to go, I think
before you're going to get it. You know, a billion
gord dollars worth of cars outside the Tasco on Candish Town.
Speaker 2 (08:25):
Absolutely, So that's one of the stories that we've been
thinking about. Yes, Supercars in Focus. We'll put a link
to that story in our show notes.
Speaker 1 (08:34):
Let's bring it the latest though on what's happening with
the US government shut down. The Senate taking a step
towards reopening the government after a group of Democrats broke
with their leadership and voted for a deal put forward
by the Republicans. Our chief Aga carspondent Roslyn Maths and
has been following the story for us, and she joins
us now was good to talk to you. How much
closer does an end to the shutdown look than this morning?
Speaker 9 (08:56):
Well, it does seem we are actually getting closer. You
can see that expectation reflected in the financial markets today.
A group of moderate Democrats who have now decided to
break ranks and back the deal to end the shutdown,
and the Senate in fact has voted sixty forty on
a procedural measure to advance the bill and has now
(09:17):
adjourned until Monday, so we don't know exactly when there
would be a vote in.
Speaker 5 (09:20):
The Senate for final passage.
Speaker 9 (09:22):
We also don't know when it might go to the House,
and that's obviously much less certain. But this deal would
essentially pass full year funding for some departments, including Congress
itself and others through January thirteen. It would pay those
furloughed workers. It would resume federal payments to states, and
that's a key one there for aid. So you know,
(09:44):
there are some steps to be walked here, but we
do seem to be getting into the billpart.
Speaker 5 (09:48):
The question is how quickly might we see this come through?
I mean, any one senator can.
Speaker 9 (09:53):
Force days of procedural delays in the Senate alone, let
alone getting to the House. And there are some questions
around the Democratic level of support. Excuse me, but you
know this does seem to be at least a major
step forward.
Speaker 2 (10:08):
Yeah, absolutely, I mean, what are the chances of the
deal actually being passed in the House.
Speaker 9 (10:13):
Well, Speaker Mike Johnson has given House law makers thirty
six hours notice to get back to Washington, but it's
certainly not guaranteed even when they're there. The big issue
in the House is over the extension or the desire
by the Democrats to extend Obamacare subsidies. They've spoken about
this being an important part, but it's not in this
(10:34):
current bill, and it falls short really of their goals
on their front, that extension of these expiring Obamacare premium subsidies.
Speaker 5 (10:44):
And so are all.
Speaker 9 (10:46):
Democrats going to be on board highly unlikely in both
the Senate but also most importantly in the House. Do
we see those signs of discord within Democratic ranks and
do enough Republicans remain uneasy about where Obamacare stands to
also be concerned about the bill. So certainly it's going
(11:07):
to have less of a secure passage to the House.
Speaker 1 (11:11):
If this is the end of the shutdown, as you say,
there's quite a few hurdles to get over before then
as well. I mean, does it mean that the Democrats
capitulated to the Republicans. How does it play out from
party a party line point of view?
Speaker 9 (11:24):
Well, certainly it shows yes, Republicans can peel Democrats away.
And you know, really one of the key things, of
course is that you know, the Democrats came into this thing,
saying that their line in the sand, in a way
was Obamacare and these subsidies. I wanted to show a
strong line on that. They wanted to show a firm
line on negotiating in general with Republicans in Washington, and
(11:49):
you know, they've not necessarily been as successful on that front.
There is the promise of a future vote on those
healthcare tax credits. That's part of the deal, the promise
of it, but it's not in the deal itself, and
obviously that's a win potentially for Republicans. However, the question
is who gets the blame coming out the other side,
(12:09):
and polling shows that it's more Republicans so far than Democrats.
Speaker 5 (12:13):
And we are not that.
Speaker 9 (12:14):
Far away from the midterms, where you can imagine the
Democrats are going to make everything about healthcare. The midterms
very much a healthcare vote, and Obamacare health coverage is popular,
and so for the Republicans there'll be some questions there
also if they get blamed if health premiums go up.
In terms of this particular fight in Washington, it does
(12:35):
seem the Republicans have gotten the upper hand and questions
for the Democrats, and in all of it but what
will really matter, of course, is what voters think come midterms.
Speaker 2 (12:45):
Yeah, indeed, and how much pressure may be. Also the
flight cancelations around Thanksgiving that still a couple of weeks
away would have had ross. Thanks for being with us,
our chief Asia correspondent was there, Matheson. Stay with us.
More from Bloomberg daybaqube coming up after this.
Speaker 1 (13:05):
Now to a shake up that's been happening in the
city of London and the shrinking number of corporate brokerages.
Most of London's brokers have been taken out, making Peel
Hunt the last big independent name and a potential takeover target.
Our asset management reporter Leo Knscherper joins us now for more. Leo,
first of all, remind us of the role that brokers
play in deals and tell us what's been happening in
(13:25):
the sector over the past few years.
Speaker 10 (13:28):
Thank you, Good morning, Stephen. So, first of all, let
me say that this is a very British thing. Corporate
broking is nothing quite like it in other major financial markets.
Corporate brokers act as day to day advisors to listed companies,
and they also talk to a lot of the company's
current and potential investors. And pretty much all of the
major Wall Street banks have a corporate broking business here
(13:50):
here in the UK, and there have also been many
smaller firms that cater to the mid and smaller end
of the market. And it's really important to point out
every company listed on the London Stock Exchange has to
appoint a corporate broker and they typically you know, these
companies typically only pay corporate brokers a relatively small amount
(14:11):
as a retainer. But there's of course a big incentive
for the investment banks to act as corporate brokers because
when their client makes a big acquisition or you know,
spins out a unit, they are typically the go to
advisors and collect pretty handsome fees and another big revenue stream,
coming to the second part of your question, another big
revenue stream for corporate brokers are of course I pos
(14:34):
and as we all know, there haven't been very many
of these lately in the UK, so times have been
pretty tough for the past four years, almost no bonuses,
job cuts, but still a lot of work on pitches
of course.
Speaker 2 (14:48):
So then how has peel Hunt fared and why is
it being considered as a potential take of a target now?
Speaker 10 (14:53):
Yes, so Peel Hunt has suffered three years of back
to back losses and you know, they don't stand out
in that regard. Many other players have had similar results.
But they still made pretty some decent revenue from MNA activity,
which has been pretty rampant in the UK MidCap space.
The only problem with that is that Peel Hunt's clients
(15:15):
are on the receiving end of most takeover approaches, so
you know, they collect fees from advising on successful transactions,
but they're also losing clients. And this, you know, this
broader downturn in UK equity markets has triggered a wave
of consolidation of takeovers in the sector. Deutsche Bank has
acquired Numis in twenty twenty three. Numis used to be
(15:37):
the go to advisor to MidCap UK PLC basically, and
another prominent example is the merger of Pama Gordon, the
old city firm. I think David Cameron's father and grandfather
both worked for it, and Liberum, which is another MidCap
corporate broker. So the landscape has been redrawn and in
(15:58):
our story today, we've got a chart that shows that
only major Wall Street banks think JP Morgan, cousin of
Wargan Stanley these guys have either more or larger clients
than Peel Hunt. So it's fair to say that peel
Hunt are the last big standalone player in UK corporate broking,
and many compare its position to numerous before was taken
(16:19):
over by Deutsche Bank.
Speaker 1 (16:21):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (16:28):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:34):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:40):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 5 (16:47):
I'm Caroline Hepka and.
Speaker 1 (16:49):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:09):
This is the Bloomberg Day baq At podcast. Good morning,
It's Monday, the tenth of November. I'm Caroline Hetkut in London.
Speaker 1 (00:15):
And I'm Stephen Caroline Brussels. Coming up today, Democrats and
the US Senate break with their party to support a
deal to reopen the government.
Speaker 2 (00:23):
BBC bosses resign over allegations that broadcasts and misled viewers
by editing remarks by US President Donald Trump.
Speaker 1 (00:31):
Plus, we take a look inside Peel Hunt's fight to
stay independent amid a wave of city consolidation.
Speaker 2 (00:38):
Let's start with the roundup of our top stories.
Speaker 1 (00:40):
The record breaking US government shutdown appears to be nearing
an end after moderate Democrats and the Senate broke with
party leaders to back a deal with Republicans. The agreement
would fully fund some government departments for the next year,
with funding for others set to lapse at the end
of January. It also restores pay for furloughed workers, zooms
withheld payments, andrew calls laid off federal employees. The shutdown
(01:05):
is costing the US economy and estimated fifteen billion dollars
a week, while grounding flights and halting the release of
key government economic data. Democratic Senator Katherine Cortez explains why
she broke with the party to support the motion.
Speaker 3 (01:19):
The vote tonight was crucial to open the government because
too many Americans, hardworking individuals, seniors' children were suffering.
Speaker 1 (01:31):
Catherine Cortez speaking there. With the bill still requiring approval
from the House before it can be sent to President
Trump for his signature. Over passages not guaranteed, Democratic leaders
have voiced opposition to any deal that does not include
an extension of expiring Obamacare subsidies, which this bill does
not do.
Speaker 2 (01:49):
Now, the Director General of the BBC Tim Davey and
News chief Deborah Turness are resigning of allegations the broadcast
and misled viewers by editing by US President Donald Trump
in a Panorama documentary last year. The two senior executives
announced their departures ahead of an expected apology from the organization. Today,
(02:12):
the Shadow Culture Secretary Nigel Huddleston says big changes need
to be made.
Speaker 4 (02:18):
They've offended the US President, They've reprimanded a journalist for
correcting on biology. You know, there's just so many examples
of there being biased, but also there's clear political bias here.
Speaker 2 (02:31):
As well, Nigel Hudderson speaking there. The controversy comes ahead
of critical funding talks with the government and follows a
turbulent year for the BBC, which has been criticized for
its coverage and neutrality. In a post on his Truth
social platform, Trump called the individuals resigning quote dishonest people
and accused them of trying to influence a US presidential election.
(02:55):
In his resignation letter, Davey said he hoped there could
be a quote sensible, calm and rational public conversation about
the next chapter for the BBC.
Speaker 1 (03:05):
More than a quarter of large UK businesses expect to
cut jobs within the next year due to the impact
of artificial intelligence. That's according to a CIPD survey of
more than two thousand employers showing sixty two percent of
them believe junior, managerial or administrative roles are likely to
be last due to AI.
Speaker 5 (03:24):
Blouebrooks.
Speaker 1 (03:24):
Freddie Folston has.
Speaker 6 (03:25):
More hiring freezes, weaker employer confidence and uncertainty ahead of
this month's budget, and now a labor market survey to
add to the Chancellor's workforce woes. Data from the CIPD
shows the risk of AI to young people and white
collar workers is particularly acute. Twenty six percent of large
(03:47):
private sector firms expect to shrink their workforce in the
next twelve months. That's compared to twenty percent in the
public sector. One of the cipd's senior economists said that
while AI held great potential for improving productivity, it also
risks leaving many people behind. In London, freddie Fulston Bloomberg Radio.
Speaker 2 (04:10):
Now on the markets as investors grapple with concerns about
an AI bubble. Many are increasingly chasing the rally but
ensuring against the drop options. Volatility looks to be headed
high regardless of the direction of the S and P
five hundred index. Last week, AI related US textocks lost
(04:30):
more than a trillion dollars in market value as tradeos
were seen taking bets off the VIX index falling. It
came as hedge fund boss Michael Barry disclosed bearish put
options on Nvidia and Polante after warning of market exuberance.
Speaker 1 (04:47):
The UK is providing staff and equipment to help Belgium
counter drone incursions near airports and military bases. Britain's Chief
of the Defense Staff Richard Knighton tell the BBC that
equipment and personnel are now now on the way.
Speaker 7 (05:01):
I spect to why Belgian opposite number in the week,
and he asked if we would be prepared to support them,
and the Defense Section I agreed at the end of
last week that we would deploy our people and our
equipment to Belgium to help them. It is important to
be clear though that we don't know and the Belgians
don't yet know the source of that those drones, and
(05:23):
but we will help them by providing our kit and capability,
which has already started to deploy to help to Belgium.
Speaker 1 (05:30):
Britain the Chief of the Defense Staff, Richard Niden, speaking
to the BBC after airports in Belgium were forced to
suspend flights last week when unidentified drones were spotted in
its airspace. It follows a series of suspected Russian droll
incursions over several EU countries that have disrupted our travel.
Speaker 2 (05:48):
Now, the odds of extreme cold this winter in the US,
Asia and parts of Europe are climbing. That's raising concerns
about energy costs and economic strain across the region. Kegsbyhol
Kubala has more on what this means for Europe.
Speaker 8 (06:04):
Europe's mild winter could be interrupted by frequent cold pells
in the coming months. For casters say the polar vortex,
the belt of winds around the Arctic, could weaken and
let frigid air spill south across the continent at deep
freeze would likely push up gas prices and pose a
risk to winter wheat crops. Experts say northern and central
(06:24):
Europe are most at risk, but climate warming may compete
with the worst of the chill in Brussels.
Speaker 5 (06:29):
Michel Kubala Bloomberg Radio.
Speaker 1 (06:32):
Those are your top stories on the markets. The Mscirish
Pacific Index up one percent. Wall Street futures have jumped
on the news of progress in the US government shutdown.
NAZAC features now one point three percent higher, SMP minez
are up by eight tens. Eurostocks fifty features also getting
a boost, up by one point five percent. For two
one hundred features are nine tents higher this morning. The
ten year treasury yield four basis points higher at four
(06:54):
point one four percent.
Speaker 2 (06:57):
Now those are the markets in a moment, will bring
you more on the US government down, plus why London's
last big independent broker may be becoming a takeover target itself.
But before we get to that, another story has got
our attention this morning.
Speaker 5 (07:11):
Supercars.
Speaker 2 (07:11):
Bloomberg's Hannah Elliott has been writing about how exotic cars
are sort of very popular, and especially amongst an unusual cohort.
You might not think it, young supercar collectors are driving
their expensive vehicles rather than just keeping them stalled.
Speaker 1 (07:30):
Yeah, indeed, Look, these are obviously major pieces of investment,
and the maintenance because of the nature of them, can
be pretty hefty as well. But I did find it
interesting that a lot of these younger owners as well
are much more keen to drive the cars and get
them out in the road. They're not as worried about,
you know, whatever might happen if you actually take the
car out and use it.
Speaker 2 (07:50):
Well, I mean if you can see out of the window.
I have seen supercars around London, you know, literally outside
of Tesco, which I think is very funny given how
fast they can drive. But no, I thought this story
about the gathering in Las Vegas on the first of
November with all of these car owners. Apparently there was
one point one billion dollars worth of vehicles outside of
(08:12):
the win Las Vegas only a few days ago. So yeah,
Supercars has got.
Speaker 1 (08:17):
A bit of a far away to go, I think
before you're going to get it. You know, a billion
gord dollars worth of cars outside the Tasco on Candish Town.
Speaker 2 (08:25):
Absolutely, So that's one of the stories that we've been
thinking about. Yes, Supercars in Focus. We'll put a link
to that story in our show notes.
Speaker 1 (08:34):
Let's bring it the latest though on what's happening with
the US government shut down. The Senate taking a step
towards reopening the government after a group of Democrats broke
with their leadership and voted for a deal put forward
by the Republicans. Our chief Aga carspondent Roslyn Maths and
has been following the story for us, and she joins
us now was good to talk to you. How much
closer does an end to the shutdown look than this morning?
Speaker 9 (08:56):
Well, it does seem we are actually getting closer. You
can see that expectation reflected in the financial markets today.
A group of moderate Democrats who have now decided to
break ranks and back the deal to end the shutdown,
and the Senate in fact has voted sixty forty on
a procedural measure to advance the bill and has now
(09:17):
adjourned until Monday, so we don't know exactly when there
would be a vote in.
Speaker 5 (09:20):
The Senate for final passage.
Speaker 9 (09:22):
We also don't know when it might go to the House,
and that's obviously much less certain. But this deal would
essentially pass full year funding for some departments, including Congress
itself and others through January thirteen. It would pay those
furloughed workers. It would resume federal payments to states, and
that's a key one there for aid. So you know,
(09:44):
there are some steps to be walked here, but we
do seem to be getting into the billpart.
Speaker 5 (09:48):
The question is how quickly might we see this come through?
I mean, any one senator can.
Speaker 9 (09:53):
Force days of procedural delays in the Senate alone, let
alone getting to the House. And there are some questions
around the Democratic level of support. Excuse me, but you
know this does seem to be at least a major
step forward.
Speaker 2 (10:08):
Yeah, absolutely, I mean, what are the chances of the
deal actually being passed in the House.
Speaker 9 (10:13):
Well, Speaker Mike Johnson has given House law makers thirty
six hours notice to get back to Washington, but it's
certainly not guaranteed even when they're there. The big issue
in the House is over the extension or the desire
by the Democrats to extend Obamacare subsidies. They've spoken about
this being an important part, but it's not in this
(10:34):
current bill, and it falls short really of their goals
on their front, that extension of these expiring Obamacare premium subsidies.
Speaker 5 (10:44):
And so are all.
Speaker 9 (10:46):
Democrats going to be on board highly unlikely in both
the Senate but also most importantly in the House. Do
we see those signs of discord within Democratic ranks and
do enough Republicans remain uneasy about where Obamacare stands to
also be concerned about the bill. So certainly it's going
(11:07):
to have less of a secure passage to the House.
Speaker 1 (11:11):
If this is the end of the shutdown, as you say,
there's quite a few hurdles to get over before then
as well. I mean, does it mean that the Democrats
capitulated to the Republicans. How does it play out from
party a party line point of view?
Speaker 9 (11:24):
Well, certainly it shows yes, Republicans can peel Democrats away.
And you know, really one of the key things, of
course is that you know, the Democrats came into this thing,
saying that their line in the sand, in a way
was Obamacare and these subsidies. I wanted to show a
strong line on that. They wanted to show a firm
line on negotiating in general with Republicans in Washington, and
(11:49):
you know, they've not necessarily been as successful on that front.
There is the promise of a future vote on those
healthcare tax credits. That's part of the deal, the promise
of it, but it's not in the deal itself, and
obviously that's a win potentially for Republicans. However, the question
is who gets the blame coming out the other side,
(12:09):
and polling shows that it's more Republicans so far than Democrats.
Speaker 5 (12:13):
And we are not that.
Speaker 9 (12:14):
Far away from the midterms, where you can imagine the
Democrats are going to make everything about healthcare. The midterms
very much a healthcare vote, and Obamacare health coverage is popular,
and so for the Republicans there'll be some questions there
also if they get blamed if health premiums go up.
In terms of this particular fight in Washington, it does
(12:35):
seem the Republicans have gotten the upper hand and questions
for the Democrats, and in all of it but what
will really matter, of course, is what voters think come midterms.
Speaker 2 (12:45):
Yeah, indeed, and how much pressure may be. Also the
flight cancelations around Thanksgiving that still a couple of weeks
away would have had ross. Thanks for being with us,
our chief Asia correspondent was there, Matheson. Stay with us.
More from Bloomberg daybaqube coming up after this.
Speaker 1 (13:05):
Now to a shake up that's been happening in the
city of London and the shrinking number of corporate brokerages.
Most of London's brokers have been taken out, making Peel
Hunt the last big independent name and a potential takeover target.
Our asset management reporter Leo Knscherper joins us now for more. Leo,
first of all, remind us of the role that brokers
play in deals and tell us what's been happening in
(13:25):
the sector over the past few years.
Speaker 10 (13:28):
Thank you, Good morning, Stephen. So, first of all, let
me say that this is a very British thing. Corporate
broking is nothing quite like it in other major financial markets.
Corporate brokers act as day to day advisors to listed companies,
and they also talk to a lot of the company's
current and potential investors. And pretty much all of the
major Wall Street banks have a corporate broking business here
(13:50):
here in the UK, and there have also been many
smaller firms that cater to the mid and smaller end
of the market. And it's really important to point out
every company listed on the London Stock Exchange has to
appoint a corporate broker and they typically you know, these
companies typically only pay corporate brokers a relatively small amount
(14:11):
as a retainer. But there's of course a big incentive
for the investment banks to act as corporate brokers because
when their client makes a big acquisition or you know,
spins out a unit, they are typically the go to
advisors and collect pretty handsome fees and another big revenue stream,
coming to the second part of your question, another big
revenue stream for corporate brokers are of course I pos
(14:34):
and as we all know, there haven't been very many
of these lately in the UK, so times have been
pretty tough for the past four years, almost no bonuses,
job cuts, but still a lot of work on pitches
of course.
Speaker 2 (14:48):
So then how has peel Hunt fared and why is
it being considered as a potential take of a target now?
Speaker 10 (14:53):
Yes, so Peel Hunt has suffered three years of back
to back losses and you know, they don't stand out
in that regard. Many other players have had similar results.
But they still made pretty some decent revenue from MNA activity,
which has been pretty rampant in the UK MidCap space.
The only problem with that is that Peel Hunt's clients
(15:15):
are on the receiving end of most takeover approaches, so
you know, they collect fees from advising on successful transactions,
but they're also losing clients. And this, you know, this
broader downturn in UK equity markets has triggered a wave
of consolidation of takeovers in the sector. Deutsche Bank has
acquired Numis in twenty twenty three. Numis used to be
(15:37):
the go to advisor to MidCap UK PLC basically, and
another prominent example is the merger of Pama Gordon, the
old city firm. I think David Cameron's father and grandfather
both worked for it, and Liberum, which is another MidCap
corporate broker. So the landscape has been redrawn and in
(15:58):
our story today, we've got a chart that shows that
only major Wall Street banks think JP Morgan, cousin of
Wargan Stanley these guys have either more or larger clients
than Peel Hunt. So it's fair to say that peel
Hunt are the last big standalone player in UK corporate broking,
and many compare its position to numerous before was taken
(16:19):
over by Deutsche Bank.
Speaker 1 (16:21):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (16:28):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (16:34):
You can also listen live each morning on London Dab Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (16:40):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
Speaker 5 (16:47):
I'm Caroline Hepka and.
Speaker 1 (16:49):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break Europe.
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