Business
Nouriel Roubini on the Future of the UK’s Economy
“I’m actually less concerned about Anthropic or OpenAI being the source of the problem.” Pershing Square CEO Bill Ackman says the greater AI threat could come from bad actors using open-source models to cause harm, while frontier AI companies could help defend against those risks
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The Pentagon is deploying an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, according to a US official, a move that gives American commanders more options if President Donald Trump chooses to escalate attacks on Iran.
Bloomberg has learned Anthropic is seeking to go public as soon as the middle of November, after the artificial intelligence model maker pushed back plans to list. Sources say the firm behind Claude could start formal marketing for its IPO as soon as the week of November 9, putting it in line to begin trading before Thanksgiving.
Stocks climbed and sovereign bonds were broadly firm in calmer trading after a week in which markets were lashed by sharp swings in yields, with the US payrolls report still to come. A selloff in global debt has fueled a rout that’s hitting harder and faster in France than anyone expected. Nerves are fraying about missed deficit targets, policy gridlock and presidential elections next year that could radically alter the country’s direction.
Today’s guests: Kim Crawford, JPMorgan Asset Management Global Rates Portfolio Manager; Jenny Melia, Enterprise Ireland CEO; Sander Tordoir, Centre for European Reform Chief Economist; Ana Boata, Allianz Trade Head of Economic Research
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:01:55 – Global Bond Market Selloff & Central Bank Outlook
00:03:06 – (Kim Crawford, J.P. Morgan Asset Management
00:05:14 – Asia-Pacific Capital Flows & Japanese Government Bonds
00:13:51 – U.S. Military Deployment to Middle East & Midterm Elections
00:18:41 – Jenny Melia, CEO of Enterprise Ireland
00:25:12 – Top Headlines Re-cap & Anthropic’s Upcoming Mega IPO
00:31:04 – IEA Emergency Response: Strategic Diesel Reserve Release
00:34:16 – Sander Tordoir, Chief Economist at Centre for European Reform
00:40:29 – Ana Boata, Head of Economic Research at Allianz Trade
00:46:50 – Brazilian Presidential Election & Financial Market Impact
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The exodus of the uber-rich from the UK has become a $160 billion problem, with individuals tracked in the Bloomberg Billionaires Index loosening their ties with the UK or cutting them entirely in the past two years.
Spanish Prime Minister Pedro Sánchez called an early election for Nov. 29 after parliament rejected a housing plan last week that his government had hoped would quell mounting social protests.
The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.
Chapters:
00:00:00 – The Opening Trade Begins: European Political Risk Hits the Euro
00:01:09 – Contagion Fears Across European Markets
00:04:07 – US Jobs, Fed Expectations and Oil
00:06:19 – Bolsonaro Takes Surprise Lead in Brazil
00:09:03 – Spain Faces Prospect of an Early Election
00:12:00 – Euro Slides as Political Risks Mount
00:16:07 – Energy Aspects Founder & Market Intelligence Director Amrita Sen on Saudi Oil Cuts and Soaring Shipping Costs
00:24:50 – European Bonds and Spanish Political Risk
00:25:51 – Bolsonaro’s Brazil Election Upset
00:29:26 – Citi EM Strategy Global Head Luis Costa on Market Reaction to Brazil’s Election & European Bond Turmoil and Emerging Markets
00:39:43 – Euro Selloff Dominates Asian Trading
00:42:59 – Stocks to Watch: Schneider, Italian Banks and Autos
00:46:11 – European Markets Open
00:50:14 – Breaking News: Spain’s Sanchez to Speak From Madrid
00:56:51 – Breaking News: Spain PM Sánchez Calls Early Spanish Election
01:00:32 – What Spain’s Early Election Means
01:06:20 – French Bond Contagion Fears Return
01:14:20 – Key Market Headlines: Spain, Brazil and Oil
01:15:13 – RobCo CEO Roman Hölzl on the Future of Industrial Robotics
01:24:20 – UK Super-Rich Head for the Exit
01:26:45 – UK Plans Tariffs on Chinese Electric Vehicles
01:31:10 – French Bond Risk Spreads Into the Euro
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Nvidia is becoming the “banker of choice to the AI ecosystem” as it seals $500 billion commitments from Wall Street giants. Meanwhile, Intel is looking at its first share sale since the 1970s. Bloomberg’s reporters and market watchers make sense of the multibillion-dollar figures, with one noting the capital raise could be a “double-edged” sword for Nvidia.
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The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Kestra Investment Management Chief Investment Officer Kara Murphy, Vanguard Senior Fixed Income Client Portfolio Manager Joyce Huang, BofA Securities Senior Equity Research Analyst Wamsi Mohan, CH Robinson President & CEO Dave Bozeman, Former Boston Fed President Eric Rosengren, Pivotal Advisors CEO & CIO Tiffany McGhee, UBS Chief Investment Office Fixed Income Strategy Head Leslie Falconio, CHANGE Global Founder & Managing Director Thea Jamison, Coresight Research Founder & CEO Deborah Weinswig, & Babylist CEO Jennifer Hyman.
Chapters:
00:00:00 Bloomberg The Close
00:01:58 Kestra CIO on Inflation, Debt & Rising Rates
00:05:02 AI Earnings, Capex & Portfolio Positioning
00:08:38 Vanguard on Treasury Yields & Fed Policy
00:12:02 Bonds, Credit Risk & Fixed-Income Opportunities
00:14:23 Top Calls
00:15:31 Apple Faces New Threat From Meta’s Muse AI Agent
00:18:46 Apple’s AI Strategy, Privacy & Agentic Computing
00:22:38 C.H. Robinson CEO on $5.8 Billion RXO Deal
00:26:01 AI, Logistics & Freight Industry Consolidation
00:28:49 Former Boston Fed President on the Next Rate Hike
00:31:40 Fed Independence, Kevin Warsh & Forward Guidance
00:35:24 Stocks Near Records Ahead of Earnings Season
00:38:03 Oil, Inflation & Building a Diversified Portfolio
00:40:21 AI, Energy & Avoiding Big Tech Concentration
00:43:19 Closing Bell
00:46:13 Market Movers: PTC, SpaceX & M&A
00:48:38 C.H. Robinson, Chipotle & the Day’s Decliners
00:51:22 Meta, Microsoft & the Battle Over AI Tools
00:52:27 College Tuition Costs Finally Start to Fall
00:55:09 Market Recap: Tech Records & Treasury Yields
01:00:09 Bonds, Inflation & Fixed-Income Opportunities
01:02:53 French Debt Crisis Sends Euro to 17-Month Low
01:05:01 France’s Fiscal Risks & the European Bond Market
01:08:37 Brazil Election Boosts Stocks & Investor Optimism
01:11:00 Latin America Emerges as an Investment Opportunity
01:13:46 Commodities, Argentina & Emerging Markets
01:16:00 Amazon Prime Big Deal Days & Holiday Shopping
01:18:40 AI Shopping Agents Reshape the Holiday Consumer
01:20:39 Gen Z, GLP-1s & the Return to Physical Stores
01:23:16 Babylist CEO on Its New Manhattan Showroom
01:26:09 Babylist’s Expansion Beyond the Baby Registry
01:28:01 The Future of Baby Retail & Community Shopping
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@jonb5493
February 1, 2024 at 7:56 am
It's funny that you have to drag out Nouriel Roubini to tell people what is obvious. But in particular, like Roubini, I have always been puzzled by the idiotic concept of "Singapore on the Thames", which was obviously concocted by ignoramuses who know nothing about Singapore! The only meaningful aspect to this nonsense is perhaps as an allusion to the old days of the British Empire, 200 odd years ago, when Singapore was "cad''s alley" and frauds and scams were rampant because there was no functioning legal system to discourage these.
@soleiljorje
February 1, 2024 at 7:56 am
if the european integration in the 70s would have been managed differently and not through neoliberal thatcher style policies britain would have been a more equal society and most likely we woudn't have had this perception that eu is not working for the brits. some of the worse policy decisions of the last decades in the uk were taken in london not bruxelles.
@d.a.t.7723
February 1, 2024 at 7:56 am
England is London…the rest is just landscape
@sachin2842
February 1, 2024 at 7:56 am
leave england while you still can y'all..
@importedmusic
February 1, 2024 at 7:56 am
Import third world, become third world.
@gb1984yt
February 1, 2024 at 7:56 am
Brexit this or that,all we've ever done is export jobs to EU and import people to compete for whatever is left.
@2much805
February 1, 2024 at 7:56 am
Simple solution to the problem make it affordable and create more problem solved
@joangrant5248
February 1, 2024 at 7:56 am
Sadly Mr Roubini is talking rubbish. We’re fine.
@simonclarke4729
February 1, 2024 at 7:56 am
The problem for the UK is that besides the London financial market, there's nothing else going on. This is why people voted for Brexit. You can harp on about the markets and growth all you like. But outside of London there has been hardly any growth in years.
@photoman3579
February 1, 2024 at 7:56 am
£ is way up, FTSE way up, so we will get through it all !!
@photoman3579
February 1, 2024 at 7:56 am
This was always going to happen….but we will recover……Brexit is the best thing we have done since the war…but we have to get through the negative years of the EU treachery and USA attitude !!
@adisdebeljak7370
February 1, 2024 at 7:56 am
A diverse portfolio spread across stocks, i-bonds and dividend stock funds is generally my ideal investment to beat inflation for the average investor it provides greater long term returns. it has worked out best for me in achieving a 7 figure on my portfolio also with the help of a FA handling my portfolio. smart investing is key.
@billybunter5575
February 1, 2024 at 7:56 am
the uk has trillions of pounds in reserve do you know why because the private sector and sharholders that have been dominating the working class lives are not interested in helping the economy but instead line there pockets on the suffering of the poor labour was not the best of governments but under a nationalised government there would be fairness thats why the tories dont want labour to win .
@eugenewade7171
February 1, 2024 at 7:56 am
The unadulterated disaster of Brexit cannot be hidden anymore (despite what journalists, the government, and the BBC are telling you). And this is for the long run. Sorry but disastrous decisions bear disastrous consequences.
@justjacqueline2004
February 1, 2024 at 7:56 am
Guy really hates us plebs.
@rosshilton
February 1, 2024 at 7:56 am
All those doomsayers talking about Brexit take note:
1. Gross domestic product (GDP) per capita is a financial metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a nation by its population.
1. GDP per Capita in European Union is expected to reach 32900.00 USD by the end of 2022, according to Trading Economics global macro models and analysts expectations.
2. The European Union gdp per capita for 2021 was $38,234,
3. That’s a fall of 14%
4. UK GDP per capita last year was 47,334.36 USD (2021)
5. GDP per Capita in the United Kingdom is expected to reach 41900.00 USD by the end of 2022
6. That’s a fall of 11. 48%
7. So, EU GDP per capita fell by 2.5% MORE than the UK did…….
8. The GDP per capita of France in 2021 was 43,518.54 USD (2021)
9. That is USD 3,812 LESS than the UK or about 8% less GDP per capita than the UK had in 2021.
10. The UK had a 2021 population of 67.33 million (2021). France had a population of 67.5 million (2021). Almost the same population but 8 % less -so you can’t claim population factors. France simply produced less economy per person
11. In the six years 2015 to 2021 French and Germany productivity fell by 18%, from USD80 per hour to around USD 65 per hour (Germany fell from USD 80.6 to USD 64.4, France fell from USD 80.1 to USD 66.3 productivity per hour.
12. The UK FELL LESS – by 11%, from USD 67.7 to USD 58.1 productivity per hour.
And then we can look at wealth:
1. Mean wealth per person across those 440 million people in the EU is not constant. Most are at Developing Nation status – meaning the EU is a de facto empire run by Germany and France.
2. The UK accounted for 17% of the Average Mean Wealth of the EU pre Brexit.
3. The UK had a total mean wealth of US$14,341,029,241,000.00 at the time of Brexit.
4. The UK had the third highest Total Mean Wealth in the EU when it was a member.
5. Only Germany and France had a larger TMW, and France is only 3% higher than the UK
6. The UK had a Total Mean Wealth that is equal to the sum of the bottom 21 EU nations
7. The UK population has the equivalent to the TMW of 133 million EU citizens.
8. The UK has the second largest Median Wealth in the EU, behind France.
9. The UK has a Total Median Wealth that is equal to the sum of the bottom 22 EU nations.
Based upon the above leaving the UK would have to have harmed the EU MUCH more than it harmed the EU.
@brianlinke1856
February 1, 2024 at 7:56 am
Brexit has erected trade barriers for UK businesses and foreign companies that used Britain as a European base. Why would a country leave one of the planet's premium free trade zones?
@shaw99livecouk
February 1, 2024 at 7:56 am
Brevit didn't happen.
It has been undermined all the way along by entrenched interests in banking civil service and parliament
@lijie2511
February 1, 2024 at 7:56 am
You need to reduce regulation, doesn’t mean you don’t need regulation at all.
I would stay away from this speaker’s stock.
@thaumaturgeishere331
February 1, 2024 at 7:56 am
I love this guy's accurate summary of the UK's current economic disaster.
@BabsW
February 1, 2024 at 7:56 am
Damn, I might have to stay in the US for a bit longer than I want. I miss London.
@moshudoduwade219
February 1, 2024 at 7:56 am
Next year this man should be on question time.
@Dave_Br
February 1, 2024 at 7:56 am
the "Brexit phenomenon" was caused by Angela Merkel allowing in the same year 1.5 million people to pour into Germany and therefore move anywhere in the EU from Africa and the Middle East.
@kiprock2383
February 1, 2024 at 7:56 am
You reap what you sow?