Single Best Idea with Tom Keene: Isabelle Mateos y Lago & Francisco Blanch

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Isabelle Mateos y Lago & Francisco Blanch.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news, single.

Speaker 2 (00:14):
Best Idea, an extraordinarily eclectic day on Bloomberg Surveillance one
of the high points. Thank you so much in Dallas
for listening. We were talking family networth and investment, family office.
I should say an investment out of Dallas, and thank
you to the person sending her Toado barbecue for the
Texas Rangers, which is a food that you can't get

(00:36):
at Yankee Stadium or a city field or most certainly
not at Fenway Park. Really deluxe. I guess you go
to the Rangers to eat and then maybe watch a
baseball game. Because to the collective group of people. We
started strong with Isabelle Matteo Ilago, who did a lot
of work with Legarde at the ECB and then went

(00:56):
out of Black Rock and now holds court as the
chief voy. It's for b MP Pariba, a spectacular French bank.
You're thrilled she could join us in studio. Here is
Isabelle Monteosi Lago of BNP Pariba.

Speaker 3 (01:10):
Europe has a Europe when by that I mean the
European Commission are true believers in the benefits of free
trade and so they embarked in this, uh, these trade
discussions or this trade war, so to speak, with the
with the US with a view to saying, oh, this
is going to be great. We're going to offer to
lower our tariffs and the US is going to lower
their tariffs and we're going to end up with more trade.

(01:31):
This is going to be awesome. And it seems they've
realized in the course of the last few weeks then actually,
this is not really what the US wants, uh, And
so now the discussion has got very much more concrete
to trying to do damage limitation. Maybe that's one way
to to to to put it and accept that tariffs

(01:52):
from the US are probably going to be higher, but
let's see what we can do to minimize the cost.
But I think what's what's interesting is Europe has decided
to double down on a global trade with other partners
than the US. We've seen the beginning of a mending
of the relationships with the UK with the first improvement
on the Brexit trade deal. There are very advanced talks

(02:14):
with India. There's consideration to even joining the CPTPP. So
Europe is doubling down on global trade and is going
to try to do damage limitation with the US as
best it can, but it's trying to portray itself to
the rest of the world as a place that is
open for trade, open for business. And I think back
to Tom's point that's also going to help boost productivity

(02:35):
going forward.

Speaker 2 (02:36):
Isabelle Montereo Slago a BNP Parry A joy to have
Francisco Blanche with us looking at all of commodities in
the derivative dynamics at the Bank of America. We started
with gold, looked at a lot of China dynamics as well,
but here Francisco Blanche and oil.

Speaker 4 (02:52):
I think you need to see a little more evidence.
But remember we are we're actually seen generally commodity prices
spalling cyclically driven by oil. The big question is when
shale is going to essentially stop growing, and when it does,
then we will be in a commodity bull market. Remember
China's also seen peak population growth, and now it's other

(03:14):
emerging markets, right, I mean, commodity intensity is growing in
places like India, other parts of Southeast Asia and then
of course Africa. So I mean, I do think there's
a China story behind this, but that's been the story
of the last twenty five years. It really is down
to the rest of the emerging markets going forward, and

(03:35):
frankly to our ability to keep pulling commodities out the ground.

Speaker 2 (03:38):
Francisco Blanche, the Bank of America onto a key inflation
report tomorrow, CPI Wednesday, PPI on Thursday as well, and
your community across the nation, don't forget serious. XM Channel
one twenty one. I guess that's old technology, Apple car Play,
Android Auto. In the world of podcasts, subscribe Bloomberg podcasts.

(04:01):
Subscribe to Bloomberg Podcasts out on YouTube. And this is
single best idea