European Policy Decisions; Bank Jobs Hit by AI

Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan 0:00:12.119 --> 0:00:15.080 Hager and I'm Karen Moscow. Here are the stories we're 0:00:15.120 --> 0:00:15.920 following today. 0:00:16.120 --> 0:00:18.560 Karen starks in Europe around the rise ahead of a 0:00:18.640 --> 0:00:21.560 key rate decision from the Bank of England. Let's go 0:00:21.600 --> 0:00:24.360 to London and get the very latest with Bloomberg's Ewan 0:00:24.440 --> 0:00:26.119 parts Nathan and Karen. 0:00:26.160 --> 0:00:28.200 Decision day for the Bank of England, but with the 0:00:28.280 --> 0:00:31.760 UK's general election now exactly two weeks away, every single 0:00:31.760 --> 0:00:34.440 economist in our survey expects the bank to hold rates 0:00:34.479 --> 0:00:37.839 today at five and a quarter percent, avoiding making a 0:00:37.880 --> 0:00:40.720 move which could be seen as political. But with inflation 0:00:40.880 --> 0:00:43.680 now down to the two percent target, investors are watching 0:00:43.720 --> 0:00:46.200 the signs of when officials will make their first move, 0:00:46.520 --> 0:00:48.640 and keep an eye on the vote split. Last time 0:00:48.720 --> 0:00:51.640 two members wanted a cut. Will the Doves win any 0:00:51.640 --> 0:00:55.080 converts this time around? In London? I'm Une Pots Blinberg Radio. 0:00:55.520 --> 0:00:57.600 Right you and thanks Well. It's a busy morning for 0:00:57.720 --> 0:01:00.600 policy decisions in Europe and a bit of a surprise. 0:01:00.680 --> 0:01:04.240 The Swiss National Bank cut rates once again another quarter 0:01:04.360 --> 0:01:06.959 of a point to one and a quarter percent. A 0:01:07.000 --> 0:01:11.319 small majority of the economist surveyed by Bloomberg anticipated no change, 0:01:11.360 --> 0:01:14.200 and in Norway the central bank left rates unchanged at 0:01:14.200 --> 0:01:15.200 four and a half percent. 0:01:15.440 --> 0:01:17.679 In Asia, cara In, a Japanese bank, is sending a 0:01:17.680 --> 0:01:20.440 global warning on higher for longer rates. Nor In Chuckenbank 0:01:20.520 --> 0:01:22.840 surprise the market this week by saying it would unload 0:01:22.920 --> 0:01:26.600 sixty three billion dollars in bonds to stem losses. While NOURN, 0:01:26.640 --> 0:01:29.679 Chucken and the Japanese government have expressed confidence in the 0:01:29.680 --> 0:01:32.760 bank's ability to weather the losses, the episode is a 0:01:32.800 --> 0:01:35.680 reminder of the danger still lurking in the financial system. 0:01:35.800 --> 0:01:38.920 Fifteen months after the collapse of Silicon Valley Bank. 0:01:39.480 --> 0:01:41.600 Well back at home, Nathan, US treasuries are on the 0:01:41.600 --> 0:01:45.039 brink of breaking even during a roller coaster first half 0:01:45.080 --> 0:01:47.200 of the year. At Bloomberg gauge of returns in the 0:01:47.200 --> 0:01:50.480 world's biggest bond market is now down just one tenth 0:01:50.560 --> 0:01:53.600 of a percent for twenty twenty four. The rebound comes 0:01:53.600 --> 0:01:55.960 after treasury is lost as much as three point four 0:01:56.000 --> 0:01:58.760 percent for the year in April. Investors are betting that 0:01:58.840 --> 0:02:01.240 cooling prices what can vince the Fed to cut rates 0:02:01.280 --> 0:02:04.040 sooner and buy more than officials have signaled. 0:02:04.280 --> 0:02:07.240 It's Cerner News out of Washington, Now, Karen. The families 0:02:07.280 --> 0:02:11.200 of Boeing seven thirty seven Max crash victims are asking 0:02:11.200 --> 0:02:14.520 the Justice Department to slap a massive fine on the Planemaker. 0:02:14.520 --> 0:02:16.840 Bloomberg's head Baxter has details. 0:02:16.760 --> 0:02:19.320 In a letter to the DOJ. They're asking for nearly 0:02:19.400 --> 0:02:22.840 twenty five billion dollars, saying the amount is legally justified 0:02:23.120 --> 0:02:26.680 and clearly appropriate. The letter comes a day after Boeing 0:02:26.720 --> 0:02:29.120 CEO Dave Calhoun faced a grilling in front of the 0:02:29.120 --> 0:02:33.400 Senate subcommittee, accused of having a broken safety culture. The 0:02:33.480 --> 0:02:35.919 letter says fourteen to twenty two billion of the total 0:02:35.919 --> 0:02:39.119 amount could be suspended if Boeing were to devote those 0:02:39.120 --> 0:02:43.560 funds to an independent corporate monitor and improvements to its 0:02:43.600 --> 0:02:48.000 safety programs. The attorney representing the family said they deserve 0:02:48.080 --> 0:02:51.000 some payout as well at Baxter Bloomberg Radio. 0:02:51.160 --> 0:02:53.840 All right, and thanks. Now, let's turn to politics and 0:02:53.880 --> 0:02:57.200 a new view on the November election from China. US 0:02:57.240 --> 0:03:01.160 intelligence agencies have found Chinese leaders have no clear preference 0:03:01.200 --> 0:03:05.079 between President Trump or former president excuse meet, President Biden 0:03:05.160 --> 0:03:08.120 or former President Trump, and they think ties will continue 0:03:08.120 --> 0:03:11.079 to deteriorate no matter who wins. That's according to US 0:03:11.120 --> 0:03:14.400 officials US and not to be identified. Mark Franklin, senior 0:03:14.440 --> 0:03:18.440 portfolio manager at Manulife Asset Management, says the assessment is 0:03:18.480 --> 0:03:19.639 not a surprise. 0:03:19.560 --> 0:03:23.000 If you look at the Biden administration's actions rather than words. 0:03:23.600 --> 0:03:28.480 We have seen a significant bipartisan consensus forming across the 0:03:28.520 --> 0:03:31.320 isle in the US of the needs to address the 0:03:31.360 --> 0:03:35.400 perceived asymmetries in the trading and the industrial relationship between 0:03:35.840 --> 0:03:39.440 China and the US economy. That is unlikely to change 0:03:39.520 --> 0:03:41.560 no matter who November election. 0:03:42.120 --> 0:03:44.960 Mark Franklin and Manulife says the difference between Biden and 0:03:45.000 --> 0:03:48.360 Trump on China will likely come down to style over substance. 0:03:48.680 --> 0:03:52.440 Chinese officials think a second Trump administration could mean unpredictable 0:03:52.480 --> 0:03:56.040 policymaking and new anti China measures. Well, Biden could look 0:03:56.080 --> 0:03:59.320 to strengthen regional partnerships to push back against China. 0:04:00.080 --> 0:04:03.320 High stakes congressional race in Virginia is revealing yet another 0:04:03.360 --> 0:04:06.800 example of former President Trump's influence on the Republican Party. 0:04:07.160 --> 0:04:09.520 With ninety eight percent of the vote in state, Senator 0:04:09.600 --> 0:04:13.040 John Maguire leads incumbent Congressman Bob Good in the fifth 0:04:13.040 --> 0:04:16.120 District primary race by six tenths of one percent, or 0:04:16.160 --> 0:04:19.039 around three hundred votes. That is too close to call. 0:04:19.080 --> 0:04:22.839 This race is likely headed for a recount. Good is 0:04:22.880 --> 0:04:25.800 the chairman of the House Freedom Caucus, but he lost 0:04:25.839 --> 0:04:29.040 Trump's endorsement after he back to Florida Governor Ron DeSantis 0:04:29.040 --> 0:04:33.159 for president. McGuire won the Trump endorsement and actually declared 0:04:33.200 --> 0:04:36.280 victory Tuesday night, but Good is expressing confidence he has 0:04:36.279 --> 0:04:39.159 a path to victory as well without standing ballots to 0:04:39.160 --> 0:04:40.480 be counted as soon as today. 0:04:40.920 --> 0:04:44.080 Well Nathan Holidays are usually a busy time for car dealers, 0:04:44.160 --> 0:04:46.400 so this couldn't have come at a worse time. A 0:04:46.440 --> 0:04:49.920 cyber attack shut down thousands of dealerships across the country 0:04:50.000 --> 0:04:53.760 during the Juneteenth holiday. The incident targeted a CDK Global, 0:04:53.800 --> 0:04:56.920 the software provider many dealers rely on for almost all 0:04:57.000 --> 0:05:01.320 their business. According to Proton, a cybersecurity for the auto industry, 0:05:01.560 --> 0:05:04.559 the outage left some dealers unable to function at all, 0:05:04.800 --> 0:05:07.839 while others had to switched to paper for routine services 0:05:07.960 --> 0:05:11.839 like oil changes. Broton said some CDK functions were restored 0:05:11.880 --> 0:05:15.720 by the afternoon, but the service is still not fully operational. 0:05:16.040 --> 0:05:20.359 Karen Citygroup says artificial intelligence is likely to displace more 0:05:20.480 --> 0:05:23.680 jobs in banking than anywhere else. A report from the 0:05:23.680 --> 0:05:26.120 Bank predicts more than half the jobs in the financial 0:05:26.120 --> 0:05:30.000 sector could be automated. Bloomberg's James Woolcock reports. 0:05:30.440 --> 0:05:34.320 Long established jobs and firms will vanish, and global profits 0:05:34.400 --> 0:05:38.160 will be one hundred and seventy billion dollars higher in 0:05:38.200 --> 0:05:41.680 the next five years. That's the verdict of Citygroup's report 0:05:41.760 --> 0:05:45.320 into how AI will transform the world of finance. It 0:05:45.440 --> 0:05:48.919 says fifty four percent of jobs in banking can be automated. 0:05:49.240 --> 0:05:52.839 Although firms may keep headcount steady as they hire AI 0:05:52.920 --> 0:05:55.600 managers to keep in line with regulations, some of the 0:05:55.640 --> 0:05:59.119 world's biggest banks are already poaching AI engineers and looking 0:05:59.120 --> 0:06:02.080 to integrate them into that portfolio. The ACE in London 0:06:02.279 --> 0:06:03.839 James Ulcock the begra. 0:06:03.560 --> 0:06:06.560 Idea all right, James, thank you well. Advanced micro devices 0:06:06.640 --> 0:06:09.480 as a recent cyber attack will not have a material 0:06:09.520 --> 0:06:13.240 impact on business. The second largest maker of PC processors 0:06:13.320 --> 0:06:17.400 launched an investigation this week after reports at an organization 0:06:17.920 --> 0:06:22.360 called Intel Broker had breached its systems. Yesterday, AMD followed 0:06:22.400 --> 0:06:25.400 up to say that the intrusion did not obtain business 0:06:25.400 --> 0:06:29.440 critical information. AMD is the closest rival to Nvidia in 0:06:29.480 --> 0:06:33.520 the contest to build advanced artificial intelligence accelerators, making its 0:06:33.560 --> 0:06:41.200 technology know how in proprietary information a valuable target. And 0:06:41.200 --> 0:06:42.840 now let's look at some of the other stories making 0:06:42.839 --> 0:06:44.440 news in New York and around the world. For that, 0:06:44.480 --> 0:06:46.159 we're joined by Bloomberg's Michael Barr. 0:06:46.200 --> 0:06:48.799 Michael, good morning, Good morning, Kareny. It will be another 0:06:48.880 --> 0:06:51.600 hot day in the Northeast in New York City, and 0:06:51.680 --> 0:06:55.000 air quality alert is in effact today from eleven am 0:06:55.080 --> 0:06:58.039 until eleven pm. On this first day of summer, the 0:06:58.120 --> 0:07:02.240 highs will reach around ninety five hotter than yesterday. This 0:07:02.360 --> 0:07:04.560 New York parent was trying to find ways to beat 0:07:04.560 --> 0:07:04.920 the heat. 0:07:05.200 --> 0:07:07.320 We spent a lot of time in the sprinklers. We're 0:07:07.320 --> 0:07:08.719 taking breaks in the middle of the day. 0:07:08.800 --> 0:07:10.920 A good nap always helps, and of course, plenty of 0:07:10.920 --> 0:07:11.360 ice cream. 0:07:11.680 --> 0:07:13.880 Tomorrow will be the same with the chance of a 0:07:13.960 --> 0:07:18.080 late thunderstorm. Boston is forecast to hit ninety eight degrees today. 0:07:18.560 --> 0:07:22.400 In California, at least twelve wildfires are burning. The number 0:07:22.440 --> 0:07:25.800 of fires in that state is up nine percent compared 0:07:25.800 --> 0:07:28.800 to this time last year. In New Mexico, there was 0:07:28.920 --> 0:07:34.640 zero containment overnight in deadly wildfires, forcing evacuations in multiple counties. 0:07:34.880 --> 0:07:38.480 Governor Michelle Lewan Grishop declared a state of emergency. I 0:07:38.560 --> 0:07:42.000 know every New Mexican has every other New Mexican in 0:07:42.040 --> 0:07:45.360 their thoughts and prayers. Two fire deaths were reported in 0:07:45.400 --> 0:07:50.720 New Mexico. Tropical Storm Alberto is rumbling toward northeast Mexico 0:07:50.880 --> 0:07:54.119 as the first named storm of the season, carrying heavy 0:07:54.240 --> 0:07:56.960 rains that left three people dead. The region has been 0:07:57.000 --> 0:08:01.760 suffering under a prolonged severe drought. Korea State media says 0:08:01.840 --> 0:08:05.200 the new agreement between Russia and North Korea reached by 0:08:05.240 --> 0:08:09.040 their leaders requires the countries to use all available means 0:08:09.080 --> 0:08:12.920 to provide immediate military assistance in the events of war. 0:08:13.480 --> 0:08:16.800 The official Korean Central News agency reported the language of 0:08:16.840 --> 0:08:20.320 the partnership agreement reached by its leader Kim Jan Un 0:08:20.720 --> 0:08:24.800 and Russian President Vladimir Putin in Pyeongyang. Putin is now 0:08:24.840 --> 0:08:28.600 in Vietnam to strengthen ties with its longtime partner in 0:08:28.680 --> 0:08:32.280 Southeast Asia at a time when Moscow is facing growing 0:08:32.320 --> 0:08:37.120 international isolation because of its military actions in Ukraine. New 0:08:37.200 --> 0:08:40.280 Jersey Governor Phil Murphy rolled out a new clemency program 0:08:40.600 --> 0:08:43.000 some of those who may benefit include women who were 0:08:43.080 --> 0:08:46.760 victims of domestic violence but were given long prison sentences 0:08:46.800 --> 0:08:50.160 for retaliating. The Governor says he hopes the plan will 0:08:50.160 --> 0:08:55.000 address unfairness and inequities in New Jersey's justice system. Also 0:08:55.040 --> 0:08:58.760 attending the event former New Jersey Governor Jim McGreevy, who 0:08:58.800 --> 0:09:01.760 has long been an advocate for clearing women who've been 0:09:01.800 --> 0:09:02.680 treated unfairly. 0:09:03.000 --> 0:09:05.560 So what the Governor is saying today is there's a 0:09:05.600 --> 0:09:08.800 place for mercy. There's a place for clemency. 0:09:09.320 --> 0:09:13.160 Former Governor McGreevy and Governor Murphy made the announcement at 0:09:13.160 --> 0:09:17.559 Newark's Saint James Ame Church. Global News twenty four hours 0:09:17.559 --> 0:09:20.360 a day and whenever you want it with the Bloomberg News. Now, 0:09:20.480 --> 0:09:22.040 I'm Michael Barr, and this is. 0:09:21.960 --> 0:09:29.400 Bloomberg Here, Lary, Michael Barr, thank you time now for 0:09:29.440 --> 0:09:31.719 the Bloomberg Sports Update with John Stashaur. 0:09:31.880 --> 0:09:33.400 John, Good morning, Good morning, Careing. 0:09:33.400 --> 0:09:35.559 The Yankees are the best record in baseball and until 0:09:35.640 --> 0:09:38.680 last night, their Cy Young Award winning a said yet 0:09:38.720 --> 0:09:41.280 to pitget the stadium. Garrett Cole was back from the 0:09:41.320 --> 0:09:43.719 elbow injury, gave up a run of the first and 0:09:43.840 --> 0:09:45.880 he none of the next three. When he surrendered a 0:09:45.960 --> 0:09:48.600 hit to lead off the fifth, Cole was taken out. 0:09:48.640 --> 0:09:51.199 Did not seem happy about that, and even less happy 0:09:51.520 --> 0:09:53.960 when of the next Orioles batter hit a two run homer. 0:09:54.000 --> 0:09:56.880 Baltimore led five to one. The Yankees rallied the tie 0:09:56.880 --> 0:09:59.000 thanks to a homer and four RBIs by a Jihan 0:09:59.080 --> 0:10:01.960 Carlos Stanton with the the Orioles scored twice in the 0:10:02.000 --> 0:10:05.040 tenth off Clay Holmes and won seven to six. Here 0:10:05.120 --> 0:10:06.560 was Aaron boone on Cole. 0:10:07.200 --> 0:10:10.120 I thought he was under control, and I thought as 0:10:10.120 --> 0:10:12.320 the outing went on, I thought he got a little 0:10:12.360 --> 0:10:14.440 bit better and had a little bit of everything, you know, 0:10:14.480 --> 0:10:18.040 got a strike out with the breaking ball, flashing good 0:10:18.040 --> 0:10:20.080 slider for a strikeout. I thought the cutter was a 0:10:20.080 --> 0:10:22.560 good pitch for him all night. Reached back for some 0:10:22.679 --> 0:10:25.600 heaters that he executed as well, So all in all, 0:10:25.600 --> 0:10:26.720 I thought he threw the ball well. 0:10:26.880 --> 0:10:29.960 If the Yanks lose this afternoon there al east Lee 0:10:30.080 --> 0:10:31.800 on Baltimore will be down to half a game. We'll 0:10:31.800 --> 0:10:33.440 see if Aaron judges back in the lineup. 0:10:33.480 --> 0:10:34.319 He sat out last night. 0:10:34.280 --> 0:10:36.640 After getting hit in the hand with the pitch on Tuesday, 0:10:36.760 --> 0:10:38.599 Mets in Texas took a three to one lead on 0:10:38.640 --> 0:10:40.920 the pet Alonzo two on omer sixth inning, but Leoni 0:10:41.000 --> 0:10:43.680 Taveres with a pinch hit two on shot of the 0:10:43.679 --> 0:10:46.720 seventh off Drew Smith. The Rangers won five to three. 0:10:46.800 --> 0:10:49.320 The Mets seven game winning streak comes to an end. 0:10:49.360 --> 0:10:51.920 Red Sox won seven to three in Toronto. Nationals beat 0:10:52.000 --> 0:10:54.600 Arizona three to one. Giants lost to the Cup six 0:10:54.640 --> 0:10:57.079 to five, and then made the trip to Birmingham where 0:10:57.080 --> 0:11:00.600 they will play the Cardinals tonight at Venerable rick Wood Field, 0:11:00.600 --> 0:11:04.160 built in nineteen ten, the oldest baseball stadium in the country. 0:11:04.480 --> 0:11:07.360 It was where in nineteen forty eight, the late William Mays, 0:11:07.360 --> 0:11:10.280 at age seventeen, played his first professional game with the 0:11:10.320 --> 0:11:13.000 Birmingham Barons of the Negro Leagues. Mays grew up only 0:11:13.080 --> 0:11:16.320 nine miles away. Before first pitch tonight, they'll be tributes 0:11:16.320 --> 0:11:18.880 to Mays, who course passed away on Tuesday. Surprise at 0:11:18.960 --> 0:11:21.959 NBA coaching firing out that Detroit played well and Armani Williams. 0:11:21.960 --> 0:11:24.920 They went fourteen and sixty eight. We once lost twenty 0:11:24.960 --> 0:11:27.840 eight in a row, but Williams still owed sixty five 0:11:27.880 --> 0:11:30.760 million dollars, John Stashaway, Bloomberg Sports Care. 0:11:30.679 --> 0:11:31.239 Nathan. 0:11:33.160 --> 0:11:37.280 Coast to Coast on Bloomberg Radio nationwide on Sirius XM, 0:11:37.400 --> 0:11:40.280 and around the world on Bloomberg dot Com and the 0:11:40.320 --> 0:11:43.720 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:44.280 --> 0:11:47.079 Good morning, I'm Nathan Hager. With just months to go 0:11:47.160 --> 0:11:51.160 until the US election, China sees little to no upside 0:11:51.200 --> 0:11:54.960 from the upcoming rematch between President Biden and former President Trump. 0:11:54.960 --> 0:11:58.599 That is the latest assessment from US intelligence on beijings 0:11:58.679 --> 0:12:02.360 view that whoever wins, relations between the world's two biggest 0:12:02.360 --> 0:12:06.320 economies will continue on a long term downward path. For 0:12:06.400 --> 0:12:09.120 more on this, we're joined by Daniel ten Kate, Bloomberg 0:12:09.160 --> 0:12:12.920 News Executive editor for Asia's Economy and Government, joining us 0:12:12.920 --> 0:12:16.080 from our Hong Kong bureau. Dan, good morning. So does 0:12:16.120 --> 0:12:18.760 this assessment when it comes to China boil down to 0:12:19.320 --> 0:12:20.520 what difference does it make? 0:12:20.559 --> 0:12:21.080 Good morning? 0:12:22.400 --> 0:12:25.400 Good morning. Yes, that's a good way to put it. 0:12:25.760 --> 0:12:29.600 There's really no favorite from China. They see downsides to 0:12:29.720 --> 0:12:33.440 both Biden and Trump, and you know, it's very unclear 0:12:33.559 --> 0:12:37.240 that either one of them would be better for China 0:12:37.280 --> 0:12:41.520 at this point. They do have different characteristics so Biden 0:12:41.559 --> 0:12:45.240 has been much better at working with allies in the 0:12:45.280 --> 0:12:49.360 region to tell you export controls in particular and high 0:12:49.360 --> 0:12:55.680 tech items like semiconductors. He's also more predictable on the 0:12:55.679 --> 0:12:58.520 world stage. There have been a steady stream of meetings 0:12:58.679 --> 0:13:03.040 between Biden administration officials and counterparts from Beijing. We just 0:13:03.080 --> 0:13:08.240 saw the first defense talks in a long time take 0:13:08.320 --> 0:13:15.360 place earlier this month. With Donald Trump, he is disruptive 0:13:15.440 --> 0:13:20.040 to the allies, but he's also much more unpredictable, and 0:13:20.440 --> 0:13:25.959 of course started the trade war and rallied Congress against China, 0:13:26.600 --> 0:13:30.560 so that you essentially have a bipartisan consensus to go 0:13:30.720 --> 0:13:34.200 hard after China. Now in Washington, when. 0:13:34.120 --> 0:13:37.560 It comes to that difference that Chinese officials might see 0:13:37.559 --> 0:13:41.319 between the predictability of a president Biden and an unpredictability 0:13:41.679 --> 0:13:45.600 of a return Trump administration, is there a window that 0:13:45.840 --> 0:13:48.400 China sees to potentially take advantage. 0:13:50.280 --> 0:13:54.160 You know, it's in theory, yes, they would see, Okay, 0:13:54.200 --> 0:13:57.520 if in Trump's unpredictability, you know, some of the positive 0:13:57.559 --> 0:14:00.760 points are you know from there prduct if they think 0:14:00.800 --> 0:14:05.880 he erodes US prestige around the world just by by 0:14:06.080 --> 0:14:11.040 being so unpredictable. By saying provocative things, doing provocative things 0:14:12.040 --> 0:14:15.360 by taking on the allies force asking them to pay more, 0:14:15.480 --> 0:14:19.600 not having an issue blowing up those relationships. Trump also 0:14:19.720 --> 0:14:23.640 likes to make deals, so you know, he's not ideological 0:14:23.720 --> 0:14:27.440 really about anything. And then so therefore the Chinese could 0:14:27.440 --> 0:14:31.560 potentially see an opportunity to gain there. On the other hand, 0:14:31.760 --> 0:14:35.520 you know, they like certainty, and Donald Trump is very 0:14:35.600 --> 0:14:40.760 unpredictable and he keeps them on edge, so you know, 0:14:41.040 --> 0:14:45.040 in a volatile world is riskier from a Chinese Communist 0:14:45.080 --> 0:14:48.600 Party perspective, where they like to have things under control 0:14:49.080 --> 0:14:52.400 so they can you know, stay in power and run 0:14:52.480 --> 0:14:54.960 things the way they see fit in China. 0:14:55.680 --> 0:14:59.520 From what we're hearing from US intelligence and our sources 0:14:59.560 --> 0:15:03.080 in China, Dan, what does this assessment, if anything, have 0:15:03.200 --> 0:15:06.000 to say about how China could pivot depending on who 0:15:06.160 --> 0:15:08.600 does come out victorious in November. 0:15:09.760 --> 0:15:14.840 I think China sees it as essentially, no matter what happens, 0:15:14.920 --> 0:15:18.320 they need to pursue the routes that they're going, which is, 0:15:18.920 --> 0:15:21.200 you know, we can't depend we can't be dependent on 0:15:21.280 --> 0:15:26.400 the US for big you know, technology in particular, you know, 0:15:26.440 --> 0:15:29.920 we need to have technological breakthroughs no matter who takes power, 0:15:30.040 --> 0:15:32.600 Biden or Trump, we need to be able to stand 0:15:32.640 --> 0:15:35.880 on our own two feet. We need a financial system 0:15:35.920 --> 0:15:38.880 that can withstand heavy sanctions in case we come under that. 0:15:39.920 --> 0:15:43.600 You know, we we can't be subject or you know, 0:15:44.360 --> 0:15:47.160 can't be just blown around by US export controls of 0:15:47.280 --> 0:15:49.720 US sanctions, et cetera. We have to be able to 0:15:50.440 --> 0:15:52.840 have good trade relationships with the rest of the world 0:15:52.920 --> 0:15:56.000 and and you know, strong systems of our own. So 0:15:56.120 --> 0:15:59.040 I think that's the approach no matter whether it's Biden 0:15:59.200 --> 0:16:02.840 or Trump. They'll try and be opportunistic where they can, 0:16:03.000 --> 0:16:05.160 but they're basically planning for the worst case scenario. 0:16:05.480 --> 0:16:08.560 This is Bloomberg Daybreak Today, your morning brief on the 0:16:08.600 --> 0:16:12.000 stories making news from Wall Street to Washington and beyond. 0:16:12.280 --> 0:16:15.040 Look for us on your podcast feed at six am 0:16:15.120 --> 0:16:18.800 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:18.840 --> 0:16:20.040 get your podcasts. 0:16:20.120 --> 0:16:22.840 You can also listen live each morning starting at five 0:16:22.880 --> 0:16:25.480 am Wall Street time on Bloomberg eleven three to zero 0:16:25.520 --> 0:16:28.360 in New York, Bloomberg ninety nine to one in Washington, 0:16:28.480 --> 0:16:31.360 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:31.440 --> 0:16:33.120 ninety sixty in San Francisco. 0:16:33.480 --> 0:16:36.640 Our flagship New York station is also available on your 0:16:36.680 --> 0:16:42.120 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:42.160 --> 0:16:45.600 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:45.680 --> 0:16:48.800 the iHeartRadio app, and on Bloomberg dot Com. 0:16:48.800 --> 0:16:49.960 I'm Nathan Hager. 0:16:49.760 --> 0:16:51.000 And I'm Karen Moscow. 0:16:51.120 --> 0:16:53.840 Join us again tomorrow morning for all the news you 0:16:54.000 --> 0:17:06.320 need to start your day right here on Bloomberg Daybreak