# Daybreak Weekend: US CPI, ECB Outlook, South Korea Constitution Day

An episode of [Bloomberg Daybreak: Asia Edition](https://invisiblenetwork.ai/podcast/1663863437), 10 Jul 2026, 39 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/d15648c4-cee0-4e99-a5ca-af80014d921d/9f25de8f-2e5c-480b-80fe-b4830131343b/audio.mp3?utm_source=Podcast&in_playlist=27143354-63aa-4ac5-965d-af80014dc0d3

Bloomberg Daybreak Weekend with Host John Tucker take a look at some of the stories we'll be tracking in the coming week. • In the US – a look ahead to U.S CPI and PPI data, along with a focus on three stocks for the week ahead. • In the UK – a look ahead to what lays ahead for the European Central Bank as it grapples with a uncertain inflation landscape. • In Asia – a look ahead to South Korea’s Constitution Day. See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
[0:10] Speaker 2: This is Bloomberg day Break Weekend, our global look at
[0:13] Speaker 2: the top stories of the coming week from our Daybreak
[0:15] Speaker 2: anchors all around the world. Straight Ahead on the program,
[0:18] Speaker 2: I'll look ahead to some key inflation data in the US.
[0:21] Speaker 2: I'm John Tucker, I in New York.
[0:23] Speaker 3: I'm Caline Hepca in London, where we discussed in European
[0:26] Speaker 3: Central Bank as it grapples with an uncertain inflation landscape.
[0:30] Speaker 4: I'm Doug Christner looking ahead to Constitution Day in South
[0:34] Speaker 4: Korea and what it means for military hardware makers.
[0:38] Speaker 1: That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg
[0:42] Speaker 1: eleven three YEO New York, Bloomberg ninety nine to one, Washington, DC,
[0:46] Speaker 1: Bloomberg ninety two nine Boston, DAB Digital Radio, London, Syrias
[0:51] Speaker 1: XM one twenty one, and around the world on Bloomberg Radio,
[0:55] Speaker 1: dot Com and the Bloomberg Business App.
[1:02] Speaker 2: Hi, everybody, I'm John Tucker, and let's start today's program
[1:05] Speaker 2: with some key inflation data in the US. We're to
[1:09] Speaker 2: get to consumer price index information for the month of
[1:12] Speaker 2: June on Tuesday, and also producer prices that comes on
[1:17] Speaker 2: Wednesday and for more I have this data may impact
[1:19] Speaker 2: FED policy. We're joined by Stuart Paul, the US economist
[1:23] Speaker 2: with Bloomberg Economics. Thanks first, I by today appreciate it.
[1:28] Speaker 2: Should I be more concerned about inflation or the job markets?
[1:32] Speaker 2: The two mandates for the Federal Reserve.
[1:36] Speaker 5: Well, the FED is going to be more concerned about inflation.
[1:39] Speaker 5: But fortunately for the Fed, we're going to have a
[1:42] Speaker 5: decline in the monthly headline CPI reading when we get
[1:46] Speaker 5: the June CPI requires that, well, gasoline prices fell about
[1:49] Speaker 5: nine percent during the month of June, as.
[1:52] Speaker 2: You haven't been to my gas station.
[1:54] Speaker 5: Well already, Now that we're moving through the month of July,
[1:57] Speaker 5: now that we're seeing the end of the ceasfire and
[1:59] Speaker 5: some escalation in the Middle East, Yes, as we go forward,
[2:03] Speaker 5: we will see a little bit of additional headline inflation pressures.
[2:07] Speaker 5: But for this June CPI report, the headline is going
[2:10] Speaker 5: to tick down just a little bit. The core I
[2:12] Speaker 5: expect to be pretty core.
[2:15] Speaker 2: Is just to explain it for everybody again, core is
[2:18] Speaker 2: you know, you strip out the stuff that's volatile.
[2:20] Speaker 5: That's right, So the core inflation measure strips out food
[2:24] Speaker 5: and energy. Those are things that have prices that are
[2:27] Speaker 5: determined in global markets and that are subject to a
[2:29] Speaker 5: lot of factors that are far beyond the FEDS control,
[2:31] Speaker 5: including things like war, things like the weather, even weather
[2:35] Speaker 5: weighing on food prices or affecting food prices. So oftentimes
[2:39] Speaker 5: the FED will look to the core as more of
[2:41] Speaker 5: a sign of underlying price pressures. The core is going
[2:44] Speaker 5: to be a little bit more tame. It's still gonna
[2:46] Speaker 5: be positive. Unlike the headline. Headline is going to decline.
[2:49] Speaker 5: Core is going to be showing about zero point two
[2:51] Speaker 5: percent month on month, in part because of the World
[2:55] Speaker 5: Cup affecting prices for things like leisure and hospitality, food services,
[2:59] Speaker 5: and commodations. But we're also going to see some core
[3:04] Speaker 5: pressures coming from core goods, in particular those things that
[3:09] Speaker 5: are subject to the chip shortage, appliances and electronics for example.
[3:13] Speaker 2: Kevin Warsh, the new FED cheer, he's got a different
[3:16] Speaker 2: set of metrics that he goes by. He's also formed
[3:22] Speaker 2: a bunch of committees to give him some sort of
[3:25] Speaker 2: idea of how changes should be made within the FED.
[3:28] Speaker 2: How much is that going to impact Federal Reserve policy
[3:32] Speaker 2: going forward?
[3:32] Speaker 5: I think if anything, it's just going to lead to
[3:36] Speaker 5: a little bit of can kicking. The Fed is going
[3:38] Speaker 5: to be waiting on some of the output from these
[3:41] Speaker 5: five task forces that Kevin Walsh has convened. Yes, Kevin
[3:46] Speaker 5: Walsh does look at some of the official statistics with
[3:49] Speaker 5: a skeptical eye, and in part that's for good reason.
[3:53] Speaker 5: Shelter inflation is really lagging, So the disinflation we're seeing
[3:57] Speaker 5: in shelter isn't showing up as materially in the statistics
[4:01] Speaker 5: as it is in the real economy. And so I
[4:03] Speaker 5: could understand why he wants to convene these task forces
[4:06] Speaker 5: to look a little bit more critically about what's going
[4:08] Speaker 5: on in the real economy. But for policymakers it probably
[4:13] Speaker 5: just means that they're going to be waiting on some
[4:15] Speaker 5: additional ideas from these task forces and keeping any sort
[4:19] Speaker 5: of change in the policy rate on a hold, probably
[4:22] Speaker 5: through year end.
[4:23] Speaker 2: All right, So what's the betting right now from the
[4:25] Speaker 2: markets on what the Federal Reserve is going to do?
[4:28] Speaker 2: And maybe you can just parenthetically another question, how accurate
[4:33] Speaker 2: is that betting?
[4:35] Speaker 6: You know?
[4:35] Speaker 2: Historically?
[4:37] Speaker 5: Well, right now, right now, financial markets are pricing in
[4:40] Speaker 5: a hike well before the end of the year. That
[4:45] Speaker 5: pricing swings pretty drastically, So I'm hesitant to put too
[4:49] Speaker 5: much weight on market pricing. My job as an economist
[4:52] Speaker 5: is always to look for where the market might be wrong,
[4:55] Speaker 5: and I think that, if anything, the market is over
[4:57] Speaker 5: anticipating a hike before year end. Right now, we have
[5:01] Speaker 5: relatively a little labor market dynamism. We don't have any
[5:05] Speaker 5: sort of inflation pressures coming from the job market, from wages,
[5:10] Speaker 5: from income that's really what the FED would fear. Instead,
[5:13] Speaker 5: we sort of have these price pressures coming from somewhat
[5:15] Speaker 5: idiosyncratic factors like air fares, which we'll see in the PPI,
[5:21] Speaker 5: from financial services prices. We'll see that in the PPI
[5:24] Speaker 5: on Wednesday, from the chip shortage. Now, the Fed's a
[5:28] Speaker 5: little bit concerned about that one. We saw that in
[5:30] Speaker 5: the minutes just last week. And other than that, we're
[5:34] Speaker 5: seeing a little bit of inflation pressures in the core
[5:36] Speaker 5: for things that are affected by the World Cup. So
[5:39] Speaker 5: I think that markets are getting a little bit too
[5:42] Speaker 5: far ahead of themselves and expecting that hike before a
[5:44] Speaker 5: year end. I expect the FED to remain on hold
[5:47] Speaker 5: throughout the end of the year.
[5:48] Speaker 2: All right, thanks to Stuart Paul he as economist with
[5:50] Speaker 2: Bloomberg Economics, and let's take a look now at some
[5:53] Speaker 2: of the stocks making news in the week ahead. I'm
[5:56] Speaker 2: John Tucker and I'm joined by Matthew Griffin, the Bloomberg
[5:59] Speaker 2: equity supporter New earning season already Tuesday. We start with
[6:05] Speaker 2: Fortress Diamond. JP Morgan Chase is reporting earnings results, opening
[6:10] Speaker 2: their books to investors. What are you looking out for?
[6:14] Speaker 6: Well, the question for JP Morgan when they report, along
[6:17] Speaker 6: with several other banks, is going to be a microcosm
[6:21] Speaker 6: of the questions everyone has about the broader market. Analysts
[6:26] Speaker 6: expect strong earnings for the bank, but will that be
[6:30] Speaker 6: enough for investors. The average estimate is for trading revenue
[6:34] Speaker 6: of more than ten billion dollars. That's a little lower
[6:37] Speaker 6: than the record haul in the first quarter, but it's
[6:40] Speaker 6: about fifteen percent growth year over year. They expect adjusted
[6:45] Speaker 6: earnings per share to grow to more than five dollars
[6:49] Speaker 6: and sixty cents. A lot of tailwinds there. Geopolitical volatility
[6:54] Speaker 6: can be good for trading, the revival and IPOs is
[6:58] Speaker 6: good for investment banking. But if you look at what
[7:01] Speaker 6: Baird is saying about the banks group right now, they say,
[7:03] Speaker 6: we expect solid results, but the group is priced for it.
[7:08] Speaker 6: We don't want to chase this stock right now, and
[7:10] Speaker 6: there are likely to be a lot of companies in
[7:13] Speaker 6: this position.
[7:14] Speaker 2: So as you say, the things to look for trading
[7:16] Speaker 2: rabbitus should remain historically elevated, and also the investment banking
[7:20] Speaker 2: looks to stay resilient despite what we'll call market volatility.
[7:24] Speaker 2: Let's move on to the next one. You're taking a
[7:26] Speaker 2: look at United Airlines. They open their books to investors
[7:30] Speaker 2: on Wednesday. Remember that old joke how to become a
[7:34] Speaker 2: millionaire will first become a billionaire and then buy an airline.
[7:38] Speaker 6: Yes, said Airlines have had a beginning of the year
[7:42] Speaker 6: that might remind investors of that joke. Of course, this
[7:45] Speaker 6: stock plunged during the Iran War along with the rest
[7:49] Speaker 6: of the group, then when an explosive rally as tensions
[7:54] Speaker 6: de escalated, up more than fifty percent from late May
[7:57] Speaker 6: to the end of last month. The question now that
[8:01] Speaker 6: Wall Street is asking is Okay, crude prices have come down.
[8:05] Speaker 6: What's going to happen to ticket prices for these airlines?
[8:08] Speaker 6: Are they going to be able to hang on to
[8:10] Speaker 6: some of the increases, and so of course earnings for
[8:14] Speaker 6: the most recent quarter are going to be important. Analysts
[8:18] Speaker 6: are looking for a dollar eighty four cents a share
[8:20] Speaker 6: excluding some items, but especially any forecast for the third
[8:25] Speaker 6: quarter is going to be important. That's where these questions
[8:28] Speaker 6: about pricing might show up. And expectations there are a
[8:32] Speaker 6: lot higher. Wall Street looking for three dollars fifty nine
[8:35] Speaker 6: cents a share. Now City expects airlines to beat consensus
[8:39] Speaker 6: across the board, and they say United is one of
[8:42] Speaker 6: the ones that might get rewarded for this. They're talking
[8:45] Speaker 6: about that guidance there. They say, you know, these major
[8:50] Speaker 6: airlines in the US, they weathered the shock well from
[8:52] Speaker 6: the war, So that means investors are likely to want
[8:55] Speaker 6: to return to the stock if they get any upside.
[8:58] Speaker 2: And here's my big insight. Airlines use a lot of
[9:01] Speaker 2: fuel JEFF fuel, and that's been expensive. The increase in
[9:05] Speaker 2: fares that they had did that more than make up
[9:09] Speaker 2: for the rising cost of JEFT fuel.
[9:12] Speaker 6: It is likely that it hasn't entirely made up for
[9:16] Speaker 6: it yet. United said that they expected roughly half of
[9:22] Speaker 6: the increase in fuel costs to be accounted for by
[9:25] Speaker 6: higher fares in the most recent quarter. We'll see what
[9:28] Speaker 6: they say about that, however, and they were making these
[9:32] Speaker 6: comments when the Iran conflict was, you know, much closer
[9:38] Speaker 6: to the front of mind for investors. Even then they
[9:41] Speaker 6: were saying that by the third quarter they expected that
[9:44] Speaker 6: to climb closer to making up all of that gap.
[9:48] Speaker 6: So again, we haven't gotten an update from the company
[9:51] Speaker 6: in a couple of months on this, and that's something
[9:53] Speaker 6: investors are likely to be watching for.
[9:56] Speaker 2: And then a Netflix they're going to report on Thursday.
[9:59] Speaker 2: Stop is down what's something like sixteen percent since the
[10:03] Speaker 2: start of the year. I got to wonder if this
[10:05] Speaker 2: company is losing some of its mojo.
[10:10] Speaker 6: Well, yes, this is a stock that really hasn't worked
[10:13] Speaker 6: and one that is dogged by a lot of questions
[10:17] Speaker 6: right now about its own financials and also about disruption
[10:21] Speaker 6: from AI. That's something that our colleagues over at Bloomberg
[10:24] Speaker 6: Intelligence have focused on. Will people watch AI generated entertainment
[10:29] Speaker 6: instead of you know, Netflix.
[10:31] Speaker 2: I can just imagine what that's going to be like
[10:33] Speaker 2: AI generated and entertainment.
[10:36] Speaker 6: Yes, I'm sure it'll be real high quality stuff, but
[10:39] Speaker 6: you know, people love short form video, you know, open
[10:42] Speaker 6: AI Sora didn't catch on, but we'll see what happens.
[10:46] Speaker 6: So this is maybe an underrated AI loser. We talk
[10:49] Speaker 6: a lot about these software names for Netflix though. In
[10:52] Speaker 6: this quarter, investors are going to be looking for anything
[10:55] Speaker 6: that could spark a turnaround. Analysts expect results about in
[10:59] Speaker 6: line with their guidance. So that's revenue of twelve point
[11:03] Speaker 6: five seven billion dollars and earnings per share of seventy
[11:06] Speaker 6: eight cents. That was a guide that disappointed investors when
[11:10] Speaker 6: the company gave it. So what they'll want to know
[11:12] Speaker 6: now is whether Netflix was being conservative. There is their
[11:16] Speaker 6: potential upside that being said, when the questions are big
[11:23] Speaker 6: like this AI disruption, whether the World Cup is going
[11:26] Speaker 6: to affect viewers.
[11:27] Speaker 2: Question, So I didn't even think about that FIFA drew
[11:30] Speaker 2: away viewers from Netflix.
[11:32] Speaker 6: We don't know yet. That's something that again Bloomberg Intelligence though,
[11:36] Speaker 6: has raised as a potential issue for investors, and of
[11:41] Speaker 6: course World Cup underway now, so maybe the company will
[11:45] Speaker 6: speak to that. So the stock here has gone in
[11:48] Speaker 6: the opposite direction of a lot of the market. But
[11:50] Speaker 6: the question is kind of the same. Even if Netflix
[11:53] Speaker 6: beats expectations, is that going to be enough here?
[11:56] Speaker 2: How much pricing power do they still enjoy at Netflix.
[12:00] Speaker 6: Well, they have raised prices recently while also introducing some
[12:06] Speaker 6: of these lower price options such as ads supported tiers,
[12:09] Speaker 6: So it seems like their strategy has been to exercise
[12:13] Speaker 6: pricing power with consumers who are willing to pay, while
[12:17] Speaker 6: also trying to keep everyone else on board. However, consumers
[12:23] Speaker 6: have a lot of other options now, so investors' minds
[12:26] Speaker 6: are constantly on whether each individual price increase is going
[12:30] Speaker 6: to be the final.
[12:31] Speaker 2: Straw make my own AI content to compete with Netflix.
[12:35] Speaker 2: Matt thanks a lot, our thanks to Matthew Griffin, Bloomberg
[12:38] Speaker 2: Equities reporter with is Today and just hand on Bloomberg
[12:41] Speaker 2: Daybreak Weekend. We're going to talk about the European Central
[12:44] Speaker 2: Bank as it grapples with an uncertain inflation landscape. I'm
[12:49] Speaker 2: John Tucker, and this is Bloomberg. This is Bloomberg Daybreak Weekend,
[13:04] Speaker 2: our global look ahead of the top stories for investors
[13:07] Speaker 2: in the coming week. I'm John Tucker in New York.
[13:10] Speaker 2: Up later in the program, we looked to South Korea,
[13:13] Speaker 2: where Constitution Day will be celebrated in the week ahead.
[13:17] Speaker 2: But first in the coming days, we're going to get
[13:19] Speaker 2: the latest set of data for the European Central Bank
[13:22] Speaker 2: before it gears up for its July meeting. With inflation
[13:25] Speaker 2: fears on the rise again and as conflict returns the
[13:29] Speaker 2: Middle East, how will policy makers navigate the situation formorrow?
[13:33] Speaker 2: Let's go to London and bring in Bloomberg Daybreak, Europe
[13:36] Speaker 2: Anchor Caroline Hepger John.
[13:38] Speaker 3: ECB policy makers were unanimous in backing last month's twenty
[13:42] Speaker 3: five basis point hike as they saw surging oil prices
[13:46] Speaker 3: spreading throughout the economy. But then the event peace deal
[13:49] Speaker 3: and surprisingly sharp slow down in inflation sowed division over
[13:53] Speaker 3: what to do next. Fast forward to now. In fresh
[13:56] Speaker 3: comments when President Trump have renewed concerns that fighting could
[14:00] Speaker 3: again raise oil prices and drive inflation up. At the
[14:04] Speaker 3: recent NATO summit, the President said that he thought the
[14:07] Speaker 3: ceasefar with Iran was over and a waste of time.
[14:10] Speaker 3: The US launched fresh strikes on the country and revoked
[14:13] Speaker 3: a waiver that allowed the sale of Iranian oil. Any
[14:17] Speaker 3: rebound though in energy prices, will reinforce the expectations that
[14:21] Speaker 3: the US Federal Reserve may keep interest rates higher for longer.
[14:24] Speaker 3: The recent FED minutes revealed that to say, few officials
[14:27] Speaker 3: saw a case for a rate hike in June. Speaking
[14:30] Speaker 3: to Blomberg recently at the Excellent Province Economic Conference, the
[14:34] Speaker 3: ECB Governing Council member Emmanuel Mulla reference data showing that
[14:38] Speaker 3: inflation had eased with the slump in oil prices, but
[14:43] Speaker 3: that uncertain backdrop means a complicated picture for ECB officials.
[14:48] Speaker 3: Peter Kinsella is head of Investment Services for the UK
[14:52] Speaker 3: at Union Bank Preve and he discussed the outlook that
[14:56] Speaker 3: now looks in flux.
[14:58] Speaker 7: The big shift redio I think that we've seen in
[15:00] Speaker 7: the I would say, basically in the fom CEE voting,
[15:03] Speaker 7: you know, nine members not voting but bringing their red
[15:07] Speaker 7: expectation on the dot plot for a twenty five bit
[15:09] Speaker 7: rate hike this year. It basically suggests that I would
[15:12] Speaker 7: say the overall momentum on the FMC is veering towards
[15:15] Speaker 7: a rate hike this year, which was a big shift
[15:17] Speaker 7: in January, I think, and clearly you've seen the marketing interpretation.
[15:21] Speaker 7: I think that also reflects what we've seen overnight and
[15:23] Speaker 7: in previous days with the old price and the latest
[15:26] Speaker 7: just ha gon Iran and really I suppose the market
[15:29] Speaker 7: is now saying, okay, that it's really veering towards really,
[15:31] Speaker 7: really meaningfully pricing and a rate.
[15:33] Speaker 8: Hike this year, okay, And we were talking with Trevor
[15:35] Speaker 8: Greatham in the last part of the program about whether
[15:37] Speaker 8: that is the thing that will be needed to burst
[15:40] Speaker 8: any bubble if you identify bubbles as being present in
[15:43] Speaker 8: these markets at the moment, Peter, I mean, is that
[15:45] Speaker 8: the way we're thinking about FED rate hikes right now,
[15:49] Speaker 8: not that not that that will be the driver, but
[15:51] Speaker 8: that that would be the thing that would stop I.
[15:53] Speaker 7: Would say no, I from Frank depends where whether you
[15:56] Speaker 7: believe we're in a bubble or not, which is a
[15:57] Speaker 7: different discussion. But I think given that market is only
[16:00] Speaker 7: priced in one rate hike, if you look further out
[16:02] Speaker 7: the curve, we've not really priced in an awful lot.
[16:04] Speaker 7: So the market's kind of saying right, one and done.
[16:07] Speaker 7: I think in order to cause real pain for the
[16:09] Speaker 7: equity market, you will have to price in a series
[16:12] Speaker 7: of further rate hikes, which at present doesn't seem.
[16:14] Speaker 6: To be the case.
[16:15] Speaker 3: That was Peter Kinsell, a head of investment services for
[16:17] Speaker 3: the UK at ingnon banker privet, speaking there to Bloomberg's
[16:21] Speaker 3: Vonnie Quinn. Join me now for more on the challenge
[16:24] Speaker 3: facing the ECB is Bloomberg's economics reporter William Harribin and
[16:27] Speaker 3: our senior reporter covering the ECB, Yanna Randau. Welcome to
[16:31] Speaker 3: both of you. The ECB's next decision on boring costs
[16:36] Speaker 3: is on the twenty third of July. We have a
[16:38] Speaker 3: few more days. What do you think is the mood though,
[16:42] Speaker 3: given this uncertain backdrop among ECB officials, now, oh, they.
[16:47] Speaker 9: Are definitely more concerned than they were maybe a week ago.
[16:51] Speaker 9: That essentially all has to do with Trump, and it
[16:53] Speaker 9: all has to do with oil prices because they decided
[16:57] Speaker 9: to hike grates in June. Everything was in a way
[17:00] Speaker 9: on track. Then the ceasefire happened, Peace negotiations seem to progress,
[17:06] Speaker 9: and you know, with that backdrop, they had maybe eased
[17:10] Speaker 9: a little bit off the real you know, panic levels
[17:14] Speaker 9: if you want, and we're a bit more confident that
[17:17] Speaker 9: the worst of the Iran shock may have already been over.
[17:20] Speaker 9: But now really it's all back on. They are worried
[17:24] Speaker 9: that inflation will stick above two percent for longer. They
[17:28] Speaker 9: are concerned about second round effects and you know, additional
[17:32] Speaker 9: rate hikes are very much on the agenda.
[17:35] Speaker 3: William, where do you think that leaves us in the
[17:38] Speaker 3: run up to the all important July meeting.
[17:41] Speaker 10: Just going back to what Jana said about how quickly
[17:44] Speaker 10: things are changing for these central bankers, it's a you know,
[17:47] Speaker 10: a few days is a long time in montrepolicy these
[17:49] Speaker 10: days in excellent Provence in France last week there was
[17:56] Speaker 10: this sort of sort of a Davos in the sunshine
[18:00] Speaker 10: in France, and it's usually a very hot and stressful
[18:02] Speaker 10: place to be, but everyone was actually very relaxed, including
[18:05] Speaker 10: fid in central bankers. I remember novel was even making
[18:10] Speaker 10: jokes about football rather than speaking about policy, and the
[18:15] Speaker 10: French central banker has said that, you know, we were
[18:18] Speaker 10: the ECB was now in a good position because things
[18:20] Speaker 10: were so much calmer on the in Iran, and as
[18:24] Speaker 10: Janna says, that's changed dramatically once again this week, and
[18:29] Speaker 10: so it sort of towards the July meeting. Though you asked,
[18:34] Speaker 10: it probably won't change that much because they're very data dependent.
[18:39] Speaker 10: I think they prefer to take decisions when they have
[18:42] Speaker 10: more forecasts and more information.
[18:45] Speaker 3: Yeah, absolutely, I mean, William, what do you think about
[18:48] Speaker 3: September then, and I think it's sort of an important
[18:51] Speaker 3: moment to take the temperature for central bankers, as you say,
[18:54] Speaker 3: and for the ECB in particular, because there has been
[18:57] Speaker 3: quite a bit of movement in recent days around the
[18:59] Speaker 3: ex spectations for rate hikes in Europe because of these
[19:03] Speaker 3: moves in the Middle East, the moves on oil prices
[19:06] Speaker 3: and what that means for inflation. So what's the thinking
[19:10] Speaker 3: now about September.
[19:12] Speaker 10: What's been interesting in the last few days is that
[19:14] Speaker 10: the oil price has bounced back up a bit, but
[19:17] Speaker 10: not the sort of dramatically as we had earlier, but
[19:21] Speaker 10: pricing for market expectations for a move in September have
[19:26] Speaker 10: shifted back up, and looking about eighty percent now chants
[19:29] Speaker 10: that none ECB will hike again in September. But you know,
[19:34] Speaker 10: I think we have to be very cautious about that
[19:36] Speaker 10: because the situation is so volatile. The markets are moving
[19:43] Speaker 10: almost you know, from hour to hour, depending what Trump says,
[19:47] Speaker 10: and so I expect that, you know, the central bankers
[19:52] Speaker 10: will remain cautious and keep saying that they are though
[19:56] Speaker 10: very much data dependent, even as everyone else starts to
[20:00] Speaker 10: think that September is probably more of a live meeting, Yana.
[20:05] Speaker 3: What do you think about September then, And also, as
[20:09] Speaker 3: you say William, that Trump can change the trajectory quite quickly.
[20:13] Speaker 3: I mean, we saw Brent crew jump more than six
[20:16] Speaker 3: percent higher over just two days just after President Chump's
[20:21] Speaker 3: NATO comments and those further strikes. Yano, what do you
[20:25] Speaker 3: think about the path for raids? And perhaps it is
[20:30] Speaker 3: September that markets will be most focused on.
[20:33] Speaker 9: It looks very likely that the ECB will raise rates
[20:35] Speaker 9: again after the summer in September, and that essentially has
[20:39] Speaker 9: to deal with the fact that as long as the
[20:42] Speaker 9: conflict keeps going on, that means all prices will remain elevated.
[20:48] Speaker 9: That means trade will be disrupted because we don't know
[20:51] Speaker 9: how shipping through the strait of Hormos is going to
[20:54] Speaker 9: play out, and all that translates into inflation risks for
[20:58] Speaker 9: the Eurozone and you know, higher for longer. On the
[21:02] Speaker 9: inflation side, it translates into uncertainty and potentially consumers and
[21:07] Speaker 9: businesses raising inflation expectations as well. So the longer this
[21:11] Speaker 9: conflict lasts, the more likely we will see also second
[21:15] Speaker 9: round effects. When you know, for example, workers ask for
[21:19] Speaker 9: more pay because prices are higher, and that has the
[21:23] Speaker 9: easy be concerned, and that would all speak in favor
[21:26] Speaker 9: of another red hike.
[21:27] Speaker 3: William, what do you think the ECB is looking at
[21:30] Speaker 3: most closely?
[21:30] Speaker 6: Then?
[21:31] Speaker 3: If we say data dependent, what are we thinking about
[21:34] Speaker 3: as policymakers are trying to navigate, you know, quite difficult circumstances.
[21:39] Speaker 10: Now, the key risk that they're looking for is second
[21:43] Speaker 10: round effects, so whether this starts turning up in whether
[21:46] Speaker 10: the increased price pressures start turning up in wage demands.
[21:51] Speaker 10: They're also very watching very closely for core inflation, so
[21:57] Speaker 10: services in particular, to see if the end direct effects
[22:00] Speaker 10: are spreading more than more than they might have anticipated.
[22:05] Speaker 10: And even within you know, some economists say even within
[22:08] Speaker 10: like services inflation, they should be looking at the kind
[22:12] Speaker 10: of services that are just adjacent to energy and might
[22:16] Speaker 10: move up very quickly like I don't know, airline tickets,
[22:19] Speaker 10: but could also come down very quickly. But then other
[22:21] Speaker 10: services like business services that would be stickier. So they
[22:25] Speaker 10: really have to pick through the data very very carefully.
[22:29] Speaker 10: Here in France, the central Bank does a survey of
[22:35] Speaker 10: business pricing, so they'll be looking at small sort of
[22:39] Speaker 10: like bits of data like that, but so far, you know,
[22:42] Speaker 10: that indicates sure businesses are raising prices, but not as
[22:46] Speaker 10: much as they did in twenty twenty two.
[22:49] Speaker 3: Yeah, that's the Bank of France data is acme, isn't
[22:51] Speaker 3: it In the next few days, well, William, I think
[22:54] Speaker 3: it's also at moments like this, there's quite a lot
[22:57] Speaker 3: of chatter about whether central banks will end u making
[23:00] Speaker 3: policy errors, and there's a bit of focus on that.
[23:02] Speaker 3: I mean, the ECB was the first of the group
[23:06] Speaker 3: of seven central banks to raise rates at the start
[23:10] Speaker 3: of the Iran war, so I'm sure there'll be lots
[23:12] Speaker 3: of focus also on making sure that each step is
[23:15] Speaker 3: the right one, and the worry about policy error.
[23:19] Speaker 10: To avoid sort of accusations of policy error. What the
[23:22] Speaker 10: ECB probably wants to do is avoid giving any forward
[23:25] Speaker 10: guidance because the more they give guidance, the more markets ads,
[23:30] Speaker 10: and then if something happens quickly, then they're sort of
[23:34] Speaker 10: locked into something that they didn't that. You know, when
[23:36] Speaker 10: the circumstances change, it's harder to avoid making a policy
[23:40] Speaker 10: error if you've already guided in one direction. Yeah.
[23:43] Speaker 3: It also comes, of course, when in the next few
[23:46] Speaker 3: days the new still fairly new Federal Reserve cheir Kevin
[23:50] Speaker 3: Walsh is scheduled to give his first semi annual Marsh
[23:54] Speaker 3: policy testimony before Congress. In terms of any reader cross
[23:59] Speaker 3: you out of the FED and into maybe this new
[24:03] Speaker 3: world of central banking where we get slightly less forward
[24:06] Speaker 3: guidance and less information from the Federal Reserve, is there
[24:09] Speaker 3: a reader cross into the ECB, or at least ECB
[24:13] Speaker 3: policy makers thinking about that and watching it.
[24:16] Speaker 9: I mean, where they agree is certainly on not offering
[24:20] Speaker 9: any forward guidance because Will Will was right to point
[24:22] Speaker 9: out they burned their fingers in the past, you know,
[24:26] Speaker 9: twenty twenty two jumps to mind, and really, you know,
[24:30] Speaker 9: what should they be guiding toward when they don't know
[24:33] Speaker 9: what's happening themselves. But where things may be slightly different
[24:38] Speaker 9: is that Kevin Warsh believes in, you know, letting the
[24:42] Speaker 9: market do its thing in a way and then cross
[24:46] Speaker 9: checking by the end of the policy meeting whether policy
[24:49] Speaker 9: makers and the market degree. So he seems to at
[24:53] Speaker 9: least to me, to build a little bit of you know,
[24:57] Speaker 9: movement volatility into the whole operation. Whereas the ECB very
[25:02] Speaker 9: clear at explaining how it will take decisions on which
[25:06] Speaker 9: basis it will take decisions. The president, Christine Laguard, she
[25:11] Speaker 9: described that at the SYNTHIDAC conference not too long ago
[25:15] Speaker 9: as framework guidance, and that's essentially explaining the reaction function.
[25:19] Speaker 9: So you know, the market, the policy makers, they're looking
[25:23] Speaker 9: at the same set of information, the same data, the
[25:26] Speaker 9: same input, and the market knows extremely well how policymakers
[25:32] Speaker 9: will interpret those data.
[25:34] Speaker 3: Yeah, absolutely, Joanna, thank you. That was Bloomberg's senior reporter
[25:39] Speaker 3: covering the ECB Jana Randall, and Bloomberg's economics reporter William Horribin.
[25:43] Speaker 3: Thank you to both of you. I'm Caroline Hepga here London.
[25:46] Speaker 3: You can catch us every weekday morning here for Blomberg Daybreak.
[25:49] Speaker 3: You are beginning at six am in London. That's one
[25:51] Speaker 3: am almoll Street.
[25:53] Speaker 7: John.
[25:54] Speaker 2: Thanks Caroline, and coming up on Bloomberg Daybreak weekend, I'll
[25:57] Speaker 2: looking ahe at the Constitution day in South Korea. I'm
[26:01] Speaker 2: John Tucker and this is Bloomberg. This is Bloomberg Daybreak weekend,
[26:16] Speaker 2: our global look ahead of the top stories for investors
[26:19] Speaker 2: in the coming week. I'm John Tucker in New York.
[26:21] Speaker 2: We go to South Korea next where Constitution Day will
[26:25] Speaker 2: be celebrated in the week ahead, and for a closer
[26:28] Speaker 2: look with this national holiday represents, let's turn to Doug Krisner,
[26:32] Speaker 2: host of the Bloomberg Daybreak Asia podcast.
[26:35] Speaker 4: Thanks John. Constitution Day commemorates the legal framework for the
[26:40] Speaker 4: Republic of Korea. It was proclaimed on July seventeenth, nineteen
[26:44] Speaker 4: forty eight, in a moment that set the stage for
[26:47] Speaker 4: South Korea's governance and its national security during the Cold War.
[26:52] Speaker 4: After the Second World War, the Republic of Korea was
[26:55] Speaker 4: liberated from Japanese colonial rule and the Korean Peninsula was
[27:00] Speaker 4: divided along the thirty eighth Parallel into Soviet and American
[27:04] Speaker 4: occupation zones. Now these days, South Korea's national security is
[27:09] Speaker 4: rooted in the strong defense alliance with the US, primarily
[27:13] Speaker 4: as a deterrence against North Korea. And at the same time,
[27:17] Speaker 4: South Korea has expanded its security partnership with NATO as
[27:21] Speaker 4: a major non member ally, and these dynamics have contributed
[27:25] Speaker 4: to a still growing defense industry in South Korea. For
[27:30] Speaker 4: a closer look at what's happening on the ground, let's
[27:32] Speaker 4: bring in Bloomberg's Cat Barton. She is our bureau chief
[27:36] Speaker 4: in Seoul. Thank you so much for being here. I
[27:38] Speaker 4: want to begin by kind of going back to a
[27:42] Speaker 4: recent ceremony in Seoul highlighting the importance of the defense
[27:46] Speaker 4: industry and at the same time honoring some of the
[27:50] Speaker 4: workers for their contributions. Maybe it's a good way to
[27:54] Speaker 4: help us get into the sense of size of the
[27:57] Speaker 4: overall defense industry in South Korea and the US areas
[28:00] Speaker 4: in which it operates.
[28:02] Speaker 11: It's an increasingly important part of the economy. I mean,
[28:05] Speaker 11: if you've looked at the Cosby over the last couple
[28:07] Speaker 11: of years, you've seen some absolutely exponential growth there, and
[28:11] Speaker 11: most of that is due to Skehiniz and Samsung. It's
[28:13] Speaker 11: all an AI play. But the other bright spot is
[28:16] Speaker 11: defense and that's been kind of supercharged this year actually,
[28:19] Speaker 11: especially since obviously the Iran War. South Korea's government is
[28:24] Speaker 11: super keen on growing the industry. They've targeted a number
[28:27] Speaker 11: four position globally, and it's an industry that kind of
[28:31] Speaker 11: really complements a lot of what is going on unfortunately
[28:35] Speaker 11: conflict wise globally at the moment, because they're very good
[28:38] Speaker 11: in areas that have come into play, for example with Ukraine.
[28:42] Speaker 11: In Europe, they've sold a lot of tanks to Poland
[28:46] Speaker 11: for example, recently they're howitzers are increasingly in demand. And
[28:51] Speaker 11: then also this year we've seen huge growth in demand
[28:54] Speaker 11: in the Middle East for interceptors. So South Korea makes
[28:58] Speaker 11: something that's very akin to a US Patriot missile, but
[29:01] Speaker 11: is a lot cheaper and they can produce them a
[29:04] Speaker 11: lot quicker, So that has been something that they've seen
[29:06] Speaker 11: a lot of interest from Middle Eastern governments.
[29:10] Speaker 4: So I'm glad you brought up the issue of the
[29:12] Speaker 4: memory chip makers because we have seen recently how the
[29:15] Speaker 4: government and Soul has become involved increasingly involved in helping
[29:19] Speaker 4: names like s K, Heinix and Samsung add capacity to
[29:23] Speaker 4: their production of memory chips. How is the government disposed
[29:27] Speaker 4: when it comes to adding capacity in the defense industries,
[29:31] Speaker 4: They are proactive.
[29:33] Speaker 11: The industry here is dominated by what we call chabele,
[29:36] Speaker 11: which are these family run companies, so they're huge conglomerates
[29:40] Speaker 11: that control most of the production line. So the government
[29:45] Speaker 11: has really been strongly backing them. Because you have to remember,
[29:48] Speaker 11: South Korea remains technically at war, right, so the conflict
[29:53] Speaker 11: with nuclear armed North Korea, which ended in the nineteen fifties,
[29:56] Speaker 11: it ended in an armistice, not a treaty, not a
[29:58] Speaker 11: peace treaty, so the government remains technically in a state
[30:02] Speaker 11: of war. So these huge defense companies are not only
[30:05] Speaker 11: part of a kind of growing export strategy, but they're
[30:08] Speaker 11: integral to South Korea's own defense. They have to be
[30:11] Speaker 11: making tanks, howitzer's ammunition, developing new fighter jets because they're
[30:16] Speaker 11: constantly locked in this state of conflict with Kim Jong
[30:19] Speaker 11: un in the North, who has you know, frequently threatened
[30:22] Speaker 11: to wipe out SOUL and reduce it to rubble. So
[30:25] Speaker 11: there's a lot of government backing, and the government obviously
[30:29] Speaker 11: recognizes that strategically, if they can keep the industry going,
[30:32] Speaker 11: it's also a huge asset export wise. They see opportunity
[30:37] Speaker 11: globally and they are really trying to help these Chibbel
[30:39] Speaker 11: firms capitalize on it.
[30:40] Speaker 4: So we know that North Korea CAT is a nuclear power.
[30:43] Speaker 4: SOUL doesn't operate in this space. It's been reliant on
[30:46] Speaker 4: the US security umbrella. But I'm wondering whether the mood
[30:50] Speaker 4: is changing a bit and whether SOUL might feel the
[30:53] Speaker 4: need to develop more within the nuclear space. Is that possible?
[30:57] Speaker 11: The US security umbrella is crucial to South Korean defense
[31:01] Speaker 11: and the government here has said repeatedly. The president has
[31:05] Speaker 11: said they do not want their own nuclear weapons. Lee
[31:08] Speaker 11: Ja Mung said it a couple of weeks ago. They
[31:10] Speaker 11: really have emphasized that they feel, you know, they're committed
[31:13] Speaker 11: to nuclear non proliferation. They don't want to become like
[31:16] Speaker 11: a rogue state, a kin to North Korea by developing
[31:19] Speaker 11: their own nuclear weapons. However, obviously there are growing voices
[31:23] Speaker 11: here that suggest they should at least look at this
[31:26] Speaker 11: option and what they have been doing, and they have
[31:28] Speaker 11: talked to US President Donald Trump about is developing their
[31:32] Speaker 11: own nuclear powered submarine. So that's not a nuclear armed submarine,
[31:36] Speaker 11: but they have the technology to build it. They're talking
[31:39] Speaker 11: to the US and that project is moving forward, and
[31:42] Speaker 11: that would be a huge step up for their naval
[31:45] Speaker 11: defenses because at the moment they have, you know, very
[31:47] Speaker 11: sophisticated diesel powered submarines, but not a nuclear powered one,
[31:50] Speaker 11: and that's their next goal.
[31:51] Speaker 4: I'm so glad you brought up the submarines because recently
[31:54] Speaker 4: South Korea missed out on a chance to build twelve
[31:56] Speaker 4: subs for the Canadian Navy. That contract went to Germany's
[32:01] Speaker 4: TISN Group Marine systems. But I'm wondering when you look
[32:04] Speaker 4: at areas like shipbuilding submarine building, whether that represents a
[32:08] Speaker 4: big opportunity for the global market, particularly Europe.
[32:11] Speaker 11: It definitely is, and it was a big blow to
[32:14] Speaker 11: the South Korean side to miss out on that Canadian contract.
[32:17] Speaker 11: I think obviously they went for the NATO partner, but
[32:20] Speaker 11: even when you know, the president and the companies came
[32:24] Speaker 11: out afterwards, they emphasized the whole bidding process had been
[32:26] Speaker 11: a huge learning experience, and it shows the fact that
[32:29] Speaker 11: they were even being considered. Neck connect with Germany shows
[32:33] Speaker 11: how far the industry has come right, It's made huge
[32:36] Speaker 11: strides in recent years that they are up there as
[32:38] Speaker 11: a top global partner. And there were analysts that we
[32:41] Speaker 11: spoke to afterwards saying, yes, obviously, you know, maybe security
[32:45] Speaker 11: partnership wise Germany makes sense, but realistically South Korea would
[32:49] Speaker 11: have been a better choice because they can do it
[32:50] Speaker 11: more quickly, they have more capacity, you know, they build
[32:53] Speaker 11: a really good product more cheaply and more reliably, and
[32:56] Speaker 11: I think that's certainly why you know, President Trump has
[32:58] Speaker 11: talked about, you know, huge cooperation in shipbuilding with South Korea.
[33:02] Speaker 11: It's a key part of the three hundred and fifty
[33:05] Speaker 11: billion dollar trade deal that they struck with the US
[33:08] Speaker 11: to avoid tarrets with shipbuilding, the idea of the South
[33:11] Speaker 11: Korean shipbuilding companies coming to help rebuild and regenerate kind
[33:15] Speaker 11: of you know, the Philadelphia shipyards and that kind of thing.
[33:18] Speaker 11: But I think in terms of defense, they missed out
[33:21] Speaker 11: on that recent contract. But for the South Korean side,
[33:23] Speaker 11: that's just you know, a blick in the road, and
[33:25] Speaker 11: it's not going to put them off. They're going for
[33:27] Speaker 11: more contracts and they very much see this as a
[33:29] Speaker 11: global opportunity.
[33:30] Speaker 4: So we've touched on let's call it the addressable market
[33:33] Speaker 4: for exports of defense hardware. But let's go back to
[33:37] Speaker 4: the threat from North Korea, whether we're talking nuclear missiles
[33:40] Speaker 4: or cyber as being kind of the primary driver for
[33:44] Speaker 4: a lot of what's happened in the defense industry in
[33:47] Speaker 4: the South. I'm trying to get a sense of the
[33:49] Speaker 4: appetite for more domestic military spending right now and how people,
[33:54] Speaker 4: how the citizens in South Korea would feel about that.
[33:58] Speaker 11: South Korea has military service. They also have a demographic crisis.
[34:03] Speaker 11: They have very few babies globally, so they are looking
[34:07] Speaker 11: at a lot of options in terms of how they
[34:10] Speaker 11: protect themselves moving forward, All men under thirty have to
[34:13] Speaker 11: serve eighteen months in the military, and there is, you know,
[34:16] Speaker 11: widespread support for that. I think obviously everyone who lives
[34:19] Speaker 11: in Soul recognizes that you're sixty kilometers from the border
[34:22] Speaker 11: and that North Korea is not to be trusted. In
[34:25] Speaker 11: terms of defense spending, the government is looking at moving
[34:28] Speaker 11: into kind of newer areas. They've talked recently a lot
[34:31] Speaker 11: about robotics, whether they could could turn to robots to
[34:35] Speaker 11: start helping with this demographic decline, the anticipated fall off
[34:39] Speaker 11: in the number of enlistments in future, and they're also
[34:42] Speaker 11: looking very much at drones because you have to remember,
[34:45] Speaker 11: North Korea became the only third party in the world
[34:48] Speaker 11: to kind of intervene directly in the Ukraine conflict. It
[34:51] Speaker 11: sent troops to help Russia fight Ukraine, and it has
[34:54] Speaker 11: sent tens of thousands of container loads of weapons, mostly cheap,
[34:59] Speaker 11: low end ammunition to help the Russian military. By some estimates,
[35:03] Speaker 11: by Ukrainian estimates, they're providing kind of forty percent of
[35:07] Speaker 11: the ammunition that Russia is using, right, So those are
[35:09] Speaker 11: that's coming from Kim Jong UN's stockpiles. So I think
[35:14] Speaker 11: in terms of you know, South Korea's looking at this,
[35:18] Speaker 11: They're looking at what has North Korea learned from that
[35:20] Speaker 11: involvement in Ukraine. And obviously they now have some battle
[35:23] Speaker 11: hardened kPa troops, Korean People's Armied troops, and they also
[35:27] Speaker 11: have a lot of understanding of drone warfare, which is
[35:29] Speaker 11: not something that South Korea itself has ever experienced in
[35:32] Speaker 11: a combat situation. But the North Korean soldiers have been
[35:35] Speaker 11: there in Ukraine fighting or not in Ukraine, they're fighting
[35:38] Speaker 11: in Russian territory, but have been fighting alongside Russian soldiers
[35:42] Speaker 11: and seen this modern drone warfare. So I think the
[35:45] Speaker 11: South Korean military is looking at heavy investments in drones,
[35:48] Speaker 11: in unmanned uevs, and they're looking at, yeah, also robotics,
[35:52] Speaker 11: what they can do in that space to counter these
[35:55] Speaker 11: kind of huge strides that North Korea has taken as
[35:58] Speaker 11: a result of their military relationship with rus.
[36:00] Speaker 4: I'm wondering about the tension that still exists between South
[36:03] Speaker 4: Korea and Japan after the Second World War. Some of
[36:07] Speaker 4: those issues have yet to be resolved, and I'm wondering
[36:10] Speaker 4: about the level of cooperation when it comes to areas
[36:13] Speaker 4: within the defense industries between South Korea and Japan, and
[36:17] Speaker 4: whether Japan could be in some way a customer for
[36:20] Speaker 4: some of the hardware that South Korea produces.
[36:24] Speaker 11: There is obviously lingering tension. It was a quite lengthy
[36:28] Speaker 11: period of quite brutal colonial occupation for the Korean peninsula
[36:32] Speaker 11: under the Japanese, and there both sides, Tokyo and Soul,
[36:35] Speaker 11: have made huge strides recently to bury that historical hatchet.
[36:40] Speaker 11: Relations are very good. I think if you look at areas,
[36:42] Speaker 11: for example, like the monitoring of North Korean missile launches,
[36:47] Speaker 11: the US, South Korea and Japan have very integrated intelligence sharing.
[36:52] Speaker 11: They monitor missile launches in real time. They really coordinate
[36:56] Speaker 11: in that kind of sphere very well. I think there
[36:59] Speaker 11: are other areas where there's kind of lingering historical sensitivities.
[37:02] Speaker 11: For example, I know that Japanese participation in some of
[37:06] Speaker 11: the joint US South Korean military drills sometimes is a
[37:11] Speaker 11: bit tricky. For example, their military flies the Rising Sun flag,
[37:16] Speaker 11: which I think is very sensitive in South Korea. There
[37:18] Speaker 11: are people here who get a bit sensitive seeing that
[37:20] Speaker 11: flying because it's still associated with colonial period. But in
[37:24] Speaker 11: terms of them being a customer. I mean, I think
[37:26] Speaker 11: Japan is also looking to ramp up their own domestic industry, right,
[37:30] Speaker 11: but they're definitely behind South Korea just because of the
[37:33] Speaker 11: you know, the South Korean have this unique circumstance with
[37:36] Speaker 11: North Korea where they've had to just maintain themselves at
[37:38] Speaker 11: a certain level of readiness ahead of other regional countries.
[37:41] Speaker 11: So I certainly think with you know, with relations between
[37:44] Speaker 11: Soul and Tokyo being better, better than they've been in decades,
[37:49] Speaker 11: I don't see why the Japanese couldn't be turning to
[37:52] Speaker 11: South Korea potentially in future as a source of supply
[37:54] Speaker 11: on things that they can't themselves build as quickly as
[37:57] Speaker 11: they might.
[37:57] Speaker 4: Like God, we'll leave it there, Thank you so very much.
[38:00] Speaker 4: Bloomberg's Kat Barton, our bureau chief in Seoul. I'm Doug Christner.
[38:05] Speaker 4: You can catch us weekdays here for the Daybreak Asia podcast.
[38:08] Speaker 4: It's available wherever you get your podcast. John.
[38:12] Speaker 2: All right, thanks Doug, and that does it for this
[38:14] Speaker 2: edition of Bloomberg Daybreak Weekend. Join us again Monday morning
[38:17] Speaker 2: at five am Wall Street Time for the latest on
[38:20] Speaker 2: markets overseas and the news you need to start your day.
[38:24] Speaker 2: I'm John Tucker and stay with us. Top stories and
[38:27] Speaker 2: global business headlines are coming up right now.

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