Business
Nouriel Roubini on the Future of the UK’s Economy
How do some big law firms generate billions of dollars in revenue? This video explains law firm leverage, the economic model that allows equity partners to scale their work through teams of lawyers and associates and how artificial intelligence could change it all.
(Produced by Paul Detrick; Senior Producer Andrew Satter; Executive Producer Josh Block)
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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from Brussels, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.
Global stocks advanced as Anthropic’s filing for an initial public offering renewed optimism over the artificial intelligence trade following recent strains.
HSBC shares slumped in Hong Kong after the bank posted earnings that fell short of estimates in the third quarter and kept its outlook for the rest of year unchanged.
And Israel is holding its first election since the 2023 Hamas attack, a vote many consider to be the country’s most consequential in decades.
Today guest: Verena Ross, European Securities and Markets Authority Chair.
Chapters:
00:00:00 – Daybreak Europe
00:00:48 – Anthropic’s IPO Sets Up Defining Moment for Wall Street, AI Boom
00:05:59 – Anthropic Files for IPO in Global Race to Raise Cash for AI
00:15:35 – Israelis Go to Polls in Tight Race to Decide Netanyahu’s Fate
00:16:13 – Iran Divides Netanyahu and Challenger Eisenkot Before Vote
00:19:27 – Novartis Raises Outlook on Growth of New Medicines
00:25:49 – French Bonds Rally, Risk Premium Falls
00:29:15 – Verena Ross, European Securities and Markets Authority Chair
00:34:44 – HSBC Shares Slide More Than 6% After Quarterly Profit Misses
00:37:03 – Iran Diplomacy Picks Up
00:42:21 – Anthropic Files for IPO in Global Race to Raise Cash for AI
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Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Kristine Aquino, Carol Massar and Tim Stenovec.
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Gen. Ben Hodges (Ret.) says restrictions on Starlink service have dealt a significant blow to Ukraine’s counter-drone capabilities and disrupted an early-warning system for incoming ballistic missiles. Carlos Gutierrez, former Commerce Secretary and CEO of Kellogg and author of Sheer Will, says trade under the Trump administration has become all-encompassing and can be used as part of geopolitical and political negotiations beyond trade itself.
Chapters:
00:02:00 Bloomberg’s Jeff Mason on Trump Says He Ordered DOJ Lawsuit Over Alaska Senate Race
00:04:39 Bloomberg’s Anna Edgerton on Alaska Senate Race and Election Lawsuit
00:07:05 Bloomberg Intelligence’s Mike McGlone on Oil Prices Surge on Middle East Tensions
00:10:08 Gen. Ben Hodges (Ret.) on Ukraine, Starlink Restrictions and Elon Musk
00:14:22 Gen. Ben Hodges (Ret.) on Ukraine Civilian Evacuations and the First Lady
00:15:50 Gen. Ben Hodges (Ret.) on Expectations of Renewed US-Israel Strikes on Iran
00:19:44 Bloomberg Mark Niquette on Ohio Governor’s Race Turns Personal
00:21:26 Bloomberg’s David Welch on Obama, Trump Stump for Senate Candidates in Michigan
00:25:10 Carlos Gutierrez, Former Commerce Secretary and CEO of Kellogg and Author of Sheer Will, on Tariffs, Canada and Trade
00:27:50 Carlos Gutierrez on US Competitiveness, Inflation and the Future of Free Trade
00:30:07 Carlos Gutierrez on Government Intervention, Cuba and US Economic Policy
00:32:54 Carlos Gutierrez on the American Dream
00:33:43 Bloomberg’s Simone Iglesias on Brazil’s Closely Divided Presidential Runoff
00:37:22 Political Panel Reacts: Obama and Trump Hit the Midterm Campaign Trail, Ramaswamy’s Controversial Ohio Attack Ad, Alaska Election Lawsuit and DOJ Intervention
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Nscale, the AI cloud computing firm, is in talks to sell computing power to Anthropic in a deal that could be worth about $45 billion. Brody Ford, Bloomberg News Tech Reporter, has the details on the possible deal. Plus, Bloomberg News Senior Editor for Equities Eric Weiner previews tech earnings expected after the close, including Netflix. As out US Equities Reporter Carmen Reinecke reports, the media company needs blockbuster hits to reverse its $135B wipeout. Plus, Washington Correspondent Tyler Kendall helps examine the possible geopolitical fallout of President Trump’s rift with Ukrainian President Zelenskyy.
Chapters:
00:00:00 Bloomberg Businessweek Daily
00:02:01 Markets: Banks, Health Care & GM
00:04:00 Earnings Lift Stocks Ahead of Big Tech
00:08:07 AI Spending, Revenue & Investor Expectations
00:11:48 Salesforce Deal & AI Dealmaking
00:14:51 Nscale, Anthropic & the $45 Billion AI Deal
00:18:07 Markets Await SpaceX & Netflix Earnings
00:21:06 Netflix Earnings & Turnaround Pressure
00:25:12 AI Spending & the Hyperscalers
00:27:20 GM, GE & a High Bar for Earnings
00:29:27 Tech Earnings, CapEx & ROI
00:34:28 Trump, Zelenskyy & Ukraine
00:36:21 Iran Escalates Attacks in the Strait of Hormuz
00:38:56 Hegseth, Netanyahu & Israel’s Election
00:40:08 Trump’s Final Midterm Push
00:44:29 Stock Movers: GM, GE & Hasbro
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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?