Tech, Nvidia Lift Markets As EU Elections Begin | Bloomberg The Pulse 06/06/24
>> NEWSMAKERS AND MARKET MOVERS, THIS IS THE PULSE WITH FRANCINE LACQUA. GUY: GOOD MORNING AND WELCOME TO THE PULSE. FRANCINE IS OFF TODAY. LET ME TELL YOU WHAT'S COMING UP ON TODAY'S PROGRAM. THE ECB POISED TO CUT INTEREST RATES FOR THE FIRST TIME IN A MOST FIVE YEARS. WE WILL TAKE YOU LIVE TO FRANKFURT FOR THAT EVENT. EUROPEAN STOCKS RISING, TECH LEADING THE GAINS AS WE SAW FRESH RECORD HIGHS ON WALL STREET LAST NIGHT.
ASML IS LEAPFROGGING LVMH TO BECOME THE SECOND MOST VALUABLE STOCK IN EUROPE. NVIDIA HAS OVERTAKEN APPLE. VETERANS AND WORLD LEADERS COMMEMORATE THE 80TH ANNIVERSARY OF THE D-DAY LANDINGS IN NORMANDY. WE WILL BRING YOU LIVE PICTURES FROM NORMAN FRANCE THROUGHOUT THE PROGRAM. LET ME TAKE YOU TO THE MARKETS AND TALK ABOUT WHAT'S HAPPENING. EQUITY MARKETS REASONABLY WELL BID ACROSS EUROPE. THE DANISH MARKET HAS RETURNED.
NOVO NORDISK RISING SHARPLY. DENMARK OUTPERFORMING BUT THE DAX IS UP BY 1%. TECH STOCKS ARE DOING RELATIVELY WELL. THE FTSE 100 A LITTLE BIT OF A LAGGARD ONLY UP BY 1/10 OF 1%. EUROPEAN EQUITY MARKETS CONTINUE THEIR MOVE HIGHER ALONGSIDE WHAT WE ARE SEEING IN THE UNITED STATES. CLAIMS DATA LATER BUILDING UP TO THE PAYROLLS NUMBER TOMORROW. WE ARE WATCHING THE ECB, S&P
FUTURES FAIRLY UP. WE WILL SEE IF THEY GAIN MOMENTUM. THE 10 YEAR ON OFFER TODAY SO YIELDS ARE RISING BUT GENERALLY THE NARRATIVE HAS BEEN YIELDS LOWER. THE EURO FAIRLY FLAT. WE WENT TO SEE WHAT THAT WILL LOOK LIKE. WHAT ARE THE PROJECTIONS CAN BE
AND WHEN IS THE RATE CUT. CRUDE IS A LITTLE HIGHER TODAY UP BY 9/10 OF 1%. WE DIGEST THE DECISION OUT OF OPEC EARLIER THIS WEEK. I WANT TO TAKE YOU TO FRANKFURT IN TODAY SHOW WHERE THE MAIN EVENT FROM A FINANCIAL POINT OF VIEW IS PRETTY THE ECB IS EXPECTED TO KICK OFF ITS RATE CUTTING CYCLE. IS IT CAN BE A CYCLE IS A CRITICAL QUESTION AND WE MAY SEE THE ECB GOING FOR THE FEDERAL RESERVE. IT HAS NOT HAPPENED EVER SO DESPITE THE BUMPY RETREAT IN PRICE GROWTH IN INFLATION IN EUROPE, CHRISTINE LAGARDE DECLARED IN MAY INFLATION IS UNDER CONTROL BUT THE LATEST DATA MAY BE CALLS THAT INTO QUESTION.
SHE IS COMMITTED TO THIS JUNE CUT AND THE QUESTION IS WHAT COMES NEXT. LET'S GO TO FRANKFURT AND GO TO THE ECB, LIZZY BURDEN JOINS US FROM THERE. SHE WILL BE COVERING THIS EVENT TODAY.
YOU ARE INSIDE THE EVENT, WHAT IS HAPPENING INSIDE THE ROOM? SET US UP FOR THIS DEBATE TAKING PLACE ON THE GOVERNING COUNCIL. LIZZY: CHRISTINE LAGARDE IS INSIDE THE ROOM AND SO IS ROBERT HOLTZMAN. WE'VE SEEN THEM ENTERING THE ECB. SHE DID NOT WANT TO CUT RATES BEFORE THE FEDERAL RESERVE GUIDE BUT IT LOOKS LIKE SHE IS GOING TO TODAY. IT'S FULLY PRICED INTO MARKETS AND ECONOMISTS ALMOST UNANIMOUSLY EXPECT THIS QUARTER-POINT CUT TO 3.75%.
BUT THAT'S NOT THE FOCUS. THE FOCUS IS THE RIGHT PATH BEYOND THIS JUNE MEETING BECAUSE WE'VE HAD THIS RECENT ECONOMIC DATA MUDDYING THE WATERS RAPID WAGE GROWTH WE'VE HAD INFLATION STICKY AND OUTPUT SURPRISINGLY ROBUST. OFFICIALS FROM NORTHERN EUROPE PARTICULARLY CONCERNED AND WANTING SOME CAUTION HERE AND THEREFORE TRADERS PAIRING THEIR BETS. THEY ARE EXPECTING TWO CUTS
THIS YEAR UNLIKE ECONOMISTS SEEING THREE. WE'VE HAD A BIT OF WARNING FROM SOME OF THE GOVERNING COUNCIL MEMBERS THE LIKES OF ISABEL KIND OF RULING OUT A JULY CUT AND ROBERT HOLTZMAN SAYING HE EXPECTS ONLY TWO CUTS FOR THE REST OF 2024. SO AS YOU SAY VERY IMPORTANT TO FOCUS ON THOSE FORECASTS. IN TERMS OF CLUES FOR THE PATH AHEAD. LOOK PARTICULARLY AT WHETHER THERE'S AN UPWARD REVISION FOR INFLATION IN 2026, THAT WOULD BE A SIGN THAT THERE IS GOOD TO BE A HIGH BAR FOR CUTS GOING FORWARD. GUY:
THERE WAS THIS VIEW THAT THE ECB AND THE FED WOULD NOW ON VERY DIFFERENT PATHS. THE FED WAS DEALING WITH INFLATION AND UNLIKELY TO DELIVER CUTS THIS YEAR. THE ECB FELT LIKE IT HAD BETTER DECISION BECAUSE INFLATION WAS COMING DOWN AS THE ENERGY CRISIS ABATED BUT THE PICTURES LOOKING MORE NUANCED. LIZZY: IT REALLY IS.
THINK BACK TO THE START OF THE END OF LAST YEAR, THE PIVOT PARTY JAY POWELL TICKED OFF. WE DID NOT THINK WE WOULD BE IN THIS POSITION WHERE IT WAS CHRISTINE LAGARDE BUYING DRINKS FOR EVERYONE AT THE BAR, BUT THE PICTURE SO DIFFERENT NOW PRAYED THE ORIGIN OF THE CRISES WERE DIFFERENT. IN THE U.S. THE FISCAL STIMULUS AND IN EUROPE THE ENERGY CRISIS AFTER RUSSIA'S INVASION OF UKRAINE.
PARALLELS DRAWN BECAUSE OF THE DIFFICULTIES OF TAMING INFLATION RIGHT DOWN TO TARGET AS SHOWN IN THE ECONOMIC DATA RECENTLY. AND SO, IT COULD BE THAT WE DON'T SEE AS MUCH DIVERGENCE IS EVEN WE THOUGHT LAST MEETING BETWEEN THE ECB AND FEDERAL RESERVE WHICH IS CRUCIAL FOR THE MARKET IMPACT. PERHAPS WE DON'T SEE AS MUCH EURODOLLAR WEAKNESS, THAT VERY MUCH WILL DEPEND ON CHRISTINE LAGARDE'S CLARITY ON THE PATH AHEAD IN THE PRESS CONFERENCE HALF AN HOUR AFTER THE DECISION LATER. GUY: WE WILL BRING YOU THAT LATER. DRIVING OUR COVERAGE THROUGHOUT THE MORNING AS WE BUILD UP TO THAT EVENT. LIZZY BURDEN IN FRANKFURT FOR US. WE GET THE DECISION AS LIZZY WAS SAYING, 30 MINUTES THE PRESS CONFERENCE AFTER THAT. THAT'S GOOD TO BE A MUST WATCH
EVENT TODAY AND OF COURSE -- GOING TO BE A MUST WATCH EVENT TODAY. TOPLINE COVERAGE YOU CAN ACCESS ON YOUR BLOOMBERG TERMINAL. LET'S TALK ABOUT THAT COVERAGE AND WHAT WE WILL MAYBE HEARING IN THIS. JOINING US TO WALK US THROUGH WHAT SHE'S ANTICIPATING IN THE TEAM IS ANTICIPATING. I'M EXCITED ABOUT THIS. I'M CURIOUS TO SEE HOW CHRISTINE LAGARDE PLAYS IT. SHE IS REALLY DIFFICULT CONUNDRUM IN FRONT OF HER AND I'M WONDERING HOW SHE WILL NAVIGATE IT.
>> I AM EQUALLY AS EXCITED. IF YOU LOOK AT IMPLIED VOLATILITY FROM THE EURO IT'S LOOKING LIKE A SNOOZE FEST FOR THE FX. IT HAS PICKED UP, I'M REALLY EXCITED ABOUT THAT. I THINK IT SHOULD PICK UP MORE
BECAUSE THIS IS THE DAY. WE ARE EXPECTING THE EUROPEAN CENTRAL BANK TO CUT INTEREST RATES BEFORE THE FED FOR THE FIRST TIME EVER. THIS IS A HISTORICAL MOMENT. I KNOW DOWN THE LINE THERE'S A LOT OF UNCERTAINTY OR ON CLARITY WITH PROJECTIONS FROM THE ECB THEY WILL BE QUITE INTERESTING WHAT THEY DO AS WELL WITH THE BALANCE SHEET AND THE REINVESTMENTS ARE ALSO VERY INTERESTING. AND A REMINDER WE HAVE JOBS DATA TOMORROW, CPI U.S.
NEXT WEEK AND FOMC MEETINGS SO THIS IS AN EXCITING WEEK SETTING UP TO MARK THE TONE FOR THE MARKETS INTO THE SUMMER. GUY: THE MACRO IS UNCERTAIN AND WE ARE WATCHING THE DATA CLERK -- CAREFULLY BREAK WE GET INTO PAYROLLS AND THEN INTO CPI OVER IN THE UNITED STATES. THE EQUITY MARKET JUST KEEPS PAIRING HIGHER.
AND THERE WAS THIS NARRATIVE AT THE BEGINNING THAT EQUITY MARKETS PAIR HIGHER BECAUSE RATES ARE BEING CUT. WE SAW THE DECEMBER PIVOT AND EQUITY MARKETS TOOK OFF. IT SEEMED TO BE ON THIS NARRATIVE AS RATES CAME DOWN THAT WOULD BE POSITIVE FOR EQUITIES. I'M STRUGGLING TO UNDERSTAND THE RELATIONSHIP BETWEEN RATE EXPECTATIONS AND THE EQUITY MARKET AT THE MOMENT BECAUSE IT'S BEEN A RANDOM WALK THIS YEAR. NOUR: MAYBE IT IS NOT SO RANDOM. WE HAVE BEEN TALKING ABOUT HOW THERE IS THIS MOMENTUM IN STOCKS BUT WE HAVE NOT SEEN IN QUITE SOME TIME AND IT'S REALLY ALMOST I WOULD SAY CRAZY TO GO AGAINST THAT. STOCKS HAVE BEEN RISING, NVIDIA
TOPPING APPLE'S MARKET SHARE APPROACHING THOSE RECORD LEVELS IN THE S&P 500 HITTING FRESH RECORDS TIME AND AGAIN THIS YEAR AND IF YOU LOOK AT BOTH ENDS OF THE SPECTRUM, SO IF THE FED DOES NOT CUT RATES BECAUSE THE ECONOMY IS DOING SO WELL AND IT'S GOING AND THAT FULL MOMENTUM, THEN STOCKS WILL DO VERY WELL BECAUSE THAT'S EARNINGS YIELDS VERY WELL. >> THE MARKETS BEING DISTANT -- SNIFF OUT SOMETHING DIFFERENT. IF I LISTEN TO THE SOUNDS OF THE BOND MARKET IT DOESN'T SOUND QUITE THE POSITIVE NARRATIVE YOU LAID OUT.
>> ABSOLUTELY. IF YOU LOOK AT THE 60/40 PORTFOLIO YOU'LL SEE STOCKS AND BONDS HAVE BEEN MOVING IN THE SAME DIRECTION FOR QUITE SOME TIME WHICH DOES NOT OFFER DIVERSIFICATION INVESTORS WERE SEEKING. SO POTENTIALLY NOW STOCKS ARE LOOKING TO GET IN THE DIVERSIFICATION. LET'S SAY THE FED CUTS RATES. WHAT HAPPENS TO STOCKS THEN, THEY RISE AGAIN. GUY:
WHY ARE THEY CUTTING RATES I GUESS? THAT WILL BE THE QUESTION IF THIS IS A SLOWDOWN NARRATIVE THIS MAKES SENSE BUT THIS IS A RECESSION COMING THAT'S A DIFFERENT STORY. >> WE HAD SIMON WHITE POINT TO THE FACT WE COULD GET ANOTHER MELTDOWN IN ANOTHER BANK OR COMPANY WITH SOME -- SIMILAR TO THE ONE WE SAW LAST YEAR AND IF THAT HAPPENS, ALL BETS ARE OFF. GUY: JOINING US FROM OUR MARKETS TEAM, THANK YOU VERY MUCH INDEED. SOME GREAT COVERAGE THROUGHOUT
THE SHOW. THROUGHOUT THE COVERAGE OF THE ECB LET'S NOT FORGET THIS, WE'VE ALSO GOT DAY TWO OF THE CONFERENCE TAKING PLACE IN BERLIN. WE WILL SPEAK EXCLUSIVELY FROM THE GLOBAL HEAD OF LIMITED PARTNER SERVICES AT ADVENT INTERNATIONAL, SUPRA RETURN LATER ON THE PROGRAM REAL REALLY LOOKING TO THAT -- LOOKING FORWARD TO THE CONVERSATION. THIS IS BLOOMBERG.
♪ GUY: WELCOME BACK, IT IS THE 80TH ANNIVERSARY OF D-DAY. THE PRESIDENT OF THE UNITED STATES MARINE ONE TOUCHED DOWN IN NORTHERN FRANCE AS HE MAKES HIS WAY TO THE AMERICAN CEMETERY JUST BEHIND THE BEACHES WERE 80 YEARS AGO TODAY WE SAW SOME OF THE FIERCEST FIGHTING OF THE SECOND WORLD WAR. THE PRESIDENT ARRIVING WITH THE FIRST LADY LADY TO COMMEMORATE THAT EVENT. YOU CAN SEE THE DELEGATION LEAVING MARINE ONE. WE WILL MONITOR EVENTS AND
BRING YOU THE LIVE PICTURES FROM THE EVENTS THAT ARE TAKING PLACE IN NORTHERN FRANCE. WE WILL SEE VERY SHORTLY THE PRESIDENT ARRIVING, MAYBE HIS HELICOPTER BEGINNING TO TOUCHDOWN NOW. WE WILL BRING YOU THOSE PICTURES. I CAN SEE THE PRESIDENT IS NOW TOUCHING DOWN, MARINE ONE JUST LANDING NOW. THE SECOND HELICOPTER.
WE WILL CONTINUE TO BRING YOU THOSE PICTURES AS THE PRESIDENT ARRIVES IN NORTHERN FRANCE PRAYED I WANTED TO GET A BERLIN WHERE WE SEE THESE RETURN CONFERENCE TAKING PLACE, DAY TWO OF THAT EVENT. DANI BURGER HAS SOME GREAT GUESTS AND I CONTINUES THIS MORNING. OVER TO YOU. DANI: REGRET TO INFORM YOU NO HELICOPTERS HERE BUT PLENTY OF HEAVY HITTERS. JOINING ME THIS MORNING IS THE MANAGING DIRECTOR AND GLOBAL HEAD OF LIMITED PARTNER SERVICES AT ADVENT INTERNATIONAL. A GIANT IN HIS OWN RIGHT IN PRIVATE EQUITY PRE-THANKS FOR JOINING.
YOU SPENT THE LAST ONE HE FOUR HOURS A SPEED DATING PROCESS WE'VE MET WITH INVESTORS NONSTOP. WHAT'S THE MOOD YOU'VE GOTTEN? >> IT MAY BE SOMEWHAT SURPRISINGLY IS A LOT LIGHTER THAN IT WAS 12 MONTHS AGO. INVESTORS ARE FEELING BETTER ABOUT LIFE, THEY ARE SEEING DISTRIBUTIONS COMING BACK, WE HAD A NUMBER OF LPS WHO ARE MORE ACTIVE ON THE SMALLER END OF THE MARKETS SAYING THEIR YEAR-TO-DATE DISTRIBUTIONS ARE MATCHING WHAT THEY HAD LAST YEAR SO THAT'S MORE GOOD NEWS FOR THE INDUSTRY. DANI: I KNOW THAT'S BEEN A STICKING POINT FOR THE INDUSTRY, ARE THERE ANY OF THOSE RISKS LINGERING ESPECIALLY BECAUSE WE ARE STILL LIVING IN A HIGHER RATE ENVIRONMENT. THAT THREAT HASN'T GONE AWAY. JOHANNA: THAT'S TRUE AND I THINK THAT'S DOWN TO THE PRIVATE EQUITY FIRMS AND HOW WE NAVIGATE THAT. AND SOME OF THE OLDER PORTFOLIO COMPANIES WE HAVE.
ON THAT SIDE THE CREDIT MARKETS ARE BECOME MORE FAVORABLE IN WHAT YOU ARE SEEING IS THE ABILITY OF MANAGERS TO REPRICE SOME OF THE DEBT FOR COMPANIES AND SIGNIFICANTLY REDUCE THE BURDEN OF THE INTEREST RATES EXPENSE OF OUR PORTFOLIO COMPANIES. >> RETURNS ARE COMING BACK, THERE'S THIS GREAT BLOOMBERG STORY AT A BIG INVESTOR MEETING FOR PRIVATE EQUITY FUNDS SOMEONE WAS WEARING IT T-SHIRT SAYING DPI IS THE NEW IRR. GETTING YOUR MONEY BACK TO INVESTORS IS MORE IMPORTANT THAN RETURNS. ARE YOU GETTING THAT SENSE THAT PEOPLE ARE SAYING WE CAN FORGO A LITTLE BIT OF THE JUICE FROM RETURNS IN ORDER TO GET CASH BACK. >> THEY WILL WANT TO SEE GOOD RETURN SO I THINK YOU CAN REDUCE YOUR RETURN THRESHOLD BUT I THINK THEY WANT TO SEE THE MONEY SOONER RATHER THAN LATER.
SO ULTIMATELY THERE HAS BEEN A BIT OF DELAY IN THE PIPELINE PARTLY AS A RESULT OF COVID AND THEN THE INFLATIONARY ENVIRONMENT THAT FOLLOWED. I THING INVESTORS ARE PRESSING SAYING WE'VE GOT A MATURE PORTFOLIO IN SOME CASES HOW ARE YOU GOING TO MOVE THAT. >> THAT'S WHAT WE'VE SEEN TRADING. WE ARE -- WHAT FINALLY GETS THOSE LOWER COMPANIES TO HAVE FIRMS EXIT. THAT'LL WE ARE WAITING ON AT THIS MOMENT. >> EVEN WITH THOSE COMPANIES THAT ARE MAYBE NOT CROWN JEWELS IN GP PORTFOLIOS, I THINK THE INTEREST RATE ENVIRONMENT NOW WE ARE ALL EXCITING A RATE CUT TODAY FROM THE ECB I THINK THAT GIVES INVESTORS CLARITY AROUND HOW TO MANAGE THE FUTURE OF THEIR PORTFOLIO AND TO PRICE THINGS IN.
ULTIMATELY THE PRICE FINDING MECHANISM WILL PREVAIL HERE AND EVEN THOSE ASSETS WILL START TO TRADE. THE OTHER POINT I WOULD MAKE ON THE EXIT WHEN WE FOUND IS WHERE YOU DO HAVE A PORTFOLIO WHICH YOU CAN SELL TO TRADE BUYERS I THINK THAT'S BEEN VERY STRONG IN TERMS OF EXITS. IF I LOOK AT WHAT'S WORKED IN 2023 WE HAD A VERY STRONG EXIT YEAR ABOVE $8 BILLION OF REALIZATIONS BUT THE MAJORITY OF THOSE EXITS CAME FROM SALES TO TRADE. DANI: HOW MANY QUESTIONS ARE YOU GETTING ABOUT AI IN YOUR AREA? JOHANNA: NOT AS MANY AS THIS TIME LAST YEAR. THIS TIME LAST YEAR EVERYBODY
WANTS TO UNDERSTAND AI AND WHAT IT MEANS AND THE THREAT TO PORTFOLIO WOULD BE. THIS TIME AROUND THEY ARE MORE INTERESTED TO YOUR QUESTION AROUND WHAT DOES A PORTFOLIO COMPANY DOING WITH AI. HOW ARE THEY BENEFITING FROM THAT. I THINK PEOPLE ARE SORT OF REALIZING IT'S NOT TO HAPPEN OVERNIGHT. I THING THE ANSWERS WE ARE GIVING IS WHERE PORTFOLIO COMPANY HAS A REAL TREASURE CHEST OF DATA THAT'S REALLY UNIQUE TO THEM AND IF THEY CAN NOW APPLY AI TOOLS TO THAT, THAT'S WHERE THE REAL VALUE COMES FROM.
>> WHEN WE DID THIS LAST YEAR AND WE SPOKE IT WAS MORE FUNDRAISING IT WAS MUCH ABOUT WHAT WE WERE TALKING ABOUT THIS IDEA EXITS WERE HAPPENING SO LPS DID NOT WANT ALLOCATE MORE CASH. WHAT IS IT LOOK LIKE NOW. HAS THAT FUNDRAISING ICING IS FOR THE INDUSTRY STARTED TO THAW? >> THAT'S WHAT EVERYONE'S HOPING PRAYED I DO THINK FUNDRAISING WILL GET BETTER FROM HERE ON IN. IT'S AN EXTREMELY CHALLENGING SECOND HALF OF 2022. EXTREMELY CHALLENGING 23 BUT INTO 24 AND 25 WE ARE HEARING FROM INVESTORS THAT BUDGETS ARE IMPROVING BECAUSE OF THOSE DISTRIBUTIONS THAT OF COME BACK ALSO PUBLIC MARKETS OF RECOVERED NICELY SO SOME OF THE DENOMINATOR ISSUES HAVE IMPROVED SO THE WHOLE EQUATION IS IMPROVING. ON TOP OF THAT YOU'VE NUMBER THAT CONTINUE TO SEE REAL VALUE IN THE ASSET CLASS AND ARE INCREASING THEIR ABSOLUTE ALLOCATION INTO ALTERNATIVES AND IT'S HELPING THE INDUSTRY. DANI: SCOTT YESTERDAY SPEAKING ON A PANEL BASICALLY SAID I'M HERE TO SAY NOT EVERYTHING IS OK.
BUT WE HAD AN OVER DEPLOYMENT IN THE EARLY DAYS AFTER COVID. PEOPLE BOUGHT TOO MUCH OR TOO HIGH VALUATIONS. WOULD YOU AGREE THAT MAYBE NOT EVERYTHING IS OK. JOHANNA: YOU HAVE TO LOOK INTO YOUR OWN PORTFOLIOS AND BE CRITICAL OF THE -- THE INVESTMENT DECISIONS THAT WERE MADE, WHAT PRICES THOSE WERE MADE AT AND REALIZE FOR SOME PORTFOLIO COMPANIES YOU'VE TO GROW TO SOME OF THE MULTIPLES THAT WERE PAID AT THE PEAK OF THE MARKET. AS LONG AS YOU GOT IN WITH A REAL VALUATION PLAN AND YOU CONTINUE TO EXECUTE ON THAT OPERATIONALLY I WOULD ARGUE ON THE WHOLE THESE PORTFOLIOS WILL DO VERY WELL. YOU HAVE TO DO THE HARD WORK, BUT THIS IS WHAT IT SHOULD BE ABOUT.
IF YOU GO BACK ALL THE WAY TO 07 WE HAD A HIGH INTEREST RATE ENVIRONMENT AND HIGH PRICES AND IF YOU LOOK AT THOSE VINTAGES EVEN THE GFCI VINTAGES HAVE DONE PRETTY WELL IN THE END. WE NEED TO BELIEVE IN OUR OWN OPERATIONAL CAPABILITIES TO SEE THROUGH THESE PORTFOLIOS. DANI: FUNNY HOW WE SOMETIMES HAVE A SHORT MEMORY THAT WAY. ENJOY THE REST OF THE CONFERENCE. >> SO MANY GREAT CONVERSATIONS OUT OF THAT EVENT.
THANK YOU VERY MUCH INDEED WE ARE NOT DONE YET. PETER STAVROS CO-HEAD OF PRIME EQUITY AT KKR WILL BE JOINING US. WE'VE AN EXCLUSIVE CONVERSATION WITH THE CO-FOUNDER, OF THOSE CONVERSATIONS COMING UP THROUGHOUT THE DAY. SOME GREAT CONVERSATIONS ALREADY , MANY MORE STILL TO COME. I WANT TO TAKE YOU BACK TO THE ELECTIONS TAKING PLACE IN THE EU OVER THE NEXT FEW DAYS. WE WILL TAKE YOU TO BERLIN AGAIN FOR THE LATEST ON THAT STORY, THIS IS BLOOMBERG. ♪
>> 80 YEARS AGO TODAY, D-DAY WAS UNDERWAY, LOOKING AT LIVE PICTURES FROM THE CEMETERY AT OMAHA BEACH, THE PRESIDENT HAS JUST ARRIVED ON A DAY WHEN WE START TO SEE VOTES BEING CAST ACROSS EUROPE IN THE EU ELECTIONS. I WANT TO DRAW A LINE BETWEEN THESE TWO EVENTS. DRAW THAT LINE FOR ME. EUROPE IS FACING A SIGNIFICANT SECURITY THREAT. THIS IS 80 YEARS AGO WE SAW THE D-DAY INVASION. DRAW A LINE BETWEEN THESE TWO
EVENTS. OLIVER: EVENTUALLY TOP OF THE AGENDA FOR THIS ELECTION. HOW THE EUROPEANS WILL BUILD OUT THEIR DEFENSE APPARATUS AND THAT'S CAN BE ONE OF THE MAIN THINGS THAT EUROPE NEEDS TO FIGURE OUT GOING FORWARD WILL THERE BE JOINT DEBT, WILL THEY SUPPORT UKRAINE TO THE SAME DEGREE. IF WE ALSO STEPPED BACK PHILOSOPHICALLY THE EU WAS BORN OUT OF THIS CONFLICT AND THE REAL QUESTION IS IT'S ALL ABOUT KEEPING PEACE AND HARMONY, WHAT IS THE 21ST CENTURY EU AND THIS IS THE QUESTION OF A BLOCK OF COUNTRIES THAT NEED TO GO UP AGAINST THE UNITED STATES AND CHINA AND REMAIN RELEVANT ECONOMICALLY AND PURSUE THEIR OBJECTIVES AND THAT'S WITH ABLE TO FIND FOR THE NEXT FIELD FIVE YEARS. >> THANK YOU VERY MUCH INDEED. THE CURRENT BRITISH PRIME
MINISTER IS IN NORMANDY. WE WILL TALK ABOUT THE U.K. ELECTION NEXT. JOHN CALDWELL.
2024-06-11 02:15
