Latest / Merryn Talks Money / Markets Wrap: Gilts, Gold and AI’s Price Tag

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Markets Wrap: Gilts, Gold and AI’s Price Tag · Merryn Talks Money

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Merrin
• 0:20
  Speaker 1: Drugs Money Market Wrap. What we talk about the biggest
• 0:22
  Speaker 1: moves in the market this week and what is driving them.
• 0:25
  Speaker 1: I'm Merrin sum Zip Web UK Money editor at Large
• 0:28
  Speaker 1: and whilst John is still out of the office on
• 0:30
  Speaker 1: a beach somewhere, I am joined by Sam and Stead.
• 0:32
  Speaker 1: Sam is editor of Bloomberg's Markets Today blog. I'm worried
• 0:34
  Speaker 1: about UK stocks, economics, central banks and global markets. Busy time. Sam,
• 0:40
  Speaker 1: thanks for joining me, Thanks for having me. If you
• 0:42
  Speaker 1: ordered the things to talk about them.
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  Speaker 2: Yes, indeed, yes, yeah, I mean you take your pick.
• 0:47
  Speaker 1: I'll tell you what. Why don't we start with UK gilts?
• 0:50
  Speaker 1: Why don't we start with what's going on there? There's
• 0:52
  Speaker 1: a lot of political change. We are in chaos again.
• 0:54
  Speaker 1: We talked about this some link in our podcast earlier
• 0:57
  Speaker 1: in the week, but it is still ongoing. It's going
• 1:00
  Speaker 1: to be ongoing for weeks and weeks and weeks. I'm
• 1:02
  Speaker 1: going to say we have no idea what's going to happen.
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  Speaker 1: We have a pretty good idea of what's going to happen,
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  Speaker 1: and suddenly, from an investors point of view, you might
• 1:09
  Speaker 1: say well, nothing good.
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  Speaker 2: That's exactly how I would frame it, that we are
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  Speaker 2: in yet another period of political chaos, turmoil, pick whatever
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  Speaker 2: word you like for it in the UK. But guilts
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  Speaker 2: are actually having a pretty good week. Ten year yields
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  Speaker 2: down when I got up from my desk about sixteen
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  Speaker 2: seventeen basis points over the course of the week. That
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  Speaker 2: is almost entirely driven by oil, you know, Oild prices
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  Speaker 2: have been coming down very significantly. Takes away some of
• 1:34
  Speaker 2: the inflationary risk. Bets on what the Bank of England
• 1:37
  Speaker 2: are going to do and how much they're going to
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  Speaker 2: hike over the year have been pulled back as well.
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  Speaker 2: But I find it a little bit curious because so
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  Speaker 2: if we go back a couple of months so to
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  Speaker 2: around the local elections and when they were these first
• 1:49
  Speaker 2: kind of really substantial speculation about kit Starmer's position. We
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  Speaker 2: had a lot of strategists then come out and say
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  Speaker 2: very clearly the most negative outcome for gilt markets would
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  Speaker 2: be Andy Burnham becoming the prime minister. Right, so that
• 2:03
  Speaker 2: was very much baked into what to everyone's thinking. Now
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  Speaker 2: we've reached that reality. So Kis Starmer has resigned on Monday,
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  Speaker 2: We've effectively, as you kind of alluded to, moved on
• 2:12
  Speaker 2: to the idea that Andy Burnham will be the next premise.
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  Speaker 2: That's what a lot of MPs keep coming out and saying,
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  Speaker 2: there is a chance somebody challenges him. I think it's
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  Speaker 2: will be so much fun fun, Isn't it a good
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  Speaker 2: way to put it? Yeah, but it would be that
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  Speaker 2: could well happen, but I think it looks increasingly unlikely, disappointing.
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  Speaker 2: So you would expect, oh, I would expect, as someone
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  Speaker 2: who's covered the Gill market for a while, that there
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  Speaker 2: would be a bit more risk stign to come in,
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  Speaker 2: at least a bit of uncertainty because at the moment
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  Speaker 2: you really don't have any great idea at all about
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  Speaker 2: what he would do, and because we have actually got
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  Speaker 2: a pretty clear idea of who's going to be in
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  Speaker 2: charge next, that question should be at the front of
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  Speaker 2: minds and it is. People are asking that question, but
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  Speaker 2: they're not asking you very forcefully. It's kind of just
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  Speaker 2: they're just kind of waiting now to just see what happens,
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  Speaker 2: which is not how the gil market has acted for
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  Speaker 2: the last kind of two years or so.
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  Speaker 1: Interesting, wasn't it, Where it is something of a holding pattern.
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  Speaker 1: I mean, there has been backtracking on the whole we
• 3:06
  Speaker 1: shouldn't be inho to the bond's market nonsense. He has
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  Speaker 1: someone's explained how the bond market works to him, which
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  Speaker 1: is great because it means we'll have a prime minister.
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  Speaker 1: It's a tiny little idea of how it all works.
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  Speaker 1: It's good news. And he does say that he will
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  Speaker 1: stick to the fiscal rules, and again we talked about
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  Speaker 1: that in the podcast earlier this week, and that he
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  Speaker 1: isn't going to stick to the fiscal rules because that's
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  Speaker 1: not really possible. Rates or reason was never going to stick
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  Speaker 1: to the fiscal rules because they all depended on you know,
• 3:29
  Speaker 1: spending being really crunched towards the end of this decade,
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  Speaker 1: which was never going to happen, and it's still never
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  Speaker 1: going to happen. So we can talk about the physical rules,
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  Speaker 1: but they'll be new fiscal rules at some point. Having
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  Speaker 1: the fiscal rules are a statistical nonsense anyway. But nonetheless
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  Speaker 1: he's talking the correct game.
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  Speaker 2: He's talking the correct game. Where the uncertainty I think
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  Speaker 2: I would expect a little bit more insight to be
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  Speaker 2: coming in is because they are talking already about flexibility
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  Speaker 2: in those fiscal rules, and I didn't really know what
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  Speaker 2: that means. That's going to well, we'll see what it
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  Speaker 2: actually looks like when we when we eventually get there,
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  Speaker 2: that uncertainty doesn't seem to be a price, you know.
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  Speaker 2: But then there is actually a sort of counter argument
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  Speaker 2: to that, which is that you know, already the UK
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  Speaker 2: pays much higher premium to borrow money anyway, so there
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  Speaker 2: may well be a feeling that that's already priced in
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  Speaker 2: extent now, you know. So as far as we're aware,
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  Speaker 2: this is all already in there, and as you're kind
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  Speaker 2: of mentioning there, the fact is, once he actually gets there,
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  Speaker 2: a lot of these kind of initial questions, or these
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  Speaker 2: initial policies, or these maybe slightly more popular policies that
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  Speaker 2: are coming out now, he probably won't be able to
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  Speaker 2: do because everyone is constrained by the same fiscal rules.
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  Speaker 2: And as you kind of mentioned, it's all well and
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  Speaker 2: good to kind of not want to be in hot
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  Speaker 2: to bond markets. If you're not in hock to bond market.
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  Speaker 1: We are in hoe market exactly. The only way out
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  Speaker 1: of that is to dramatically slash spending and slash borrowing,
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  Speaker 1: and then you wouldn't be in hop of the bond
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  Speaker 1: market exactly, and it's not going to happen.
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  Speaker 2: So I think so far, you know, he's surrounded himself,
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  Speaker 2: particularly on the economic side, with a lot of kind
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  Speaker 2: of big you know, one key figures if you like,
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  Speaker 2: you know, these kind of like big names within within economics.
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  Speaker 2: I think where there's still a lot of question. We
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  Speaker 2: had a nice piece on Bloomberger about this over this
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  Speaker 2: week foreign Policy know anything there, and I was just
• 5:10
  Speaker 2: mentioning the moving guilt. Marcus has been almost entirely down
• 5:12
  Speaker 2: to geopolitics over the course of the last week, so
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  Speaker 2: that also needs to be kind of fleshed out as well.
• 5:17
  Speaker 1: Well, let's come back to geopolitics, but actually let's just
• 5:19
  Speaker 1: come back to oil. I mean, price is now basically
• 5:22
  Speaker 1: down to where it was before the war started. There's
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  Speaker 1: assumption and none of this really happened. None of this
• 5:27
  Speaker 1: really happened. Here we are back square one. So that's
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  Speaker 1: good in that that inflationary impulse of higher all prices
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  Speaker 1: is going to come through in the numbers. But we
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  Speaker 1: could now genuinely we could say that was transitory, and
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  Speaker 1: for the first time in quite a long time that
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  Speaker 1: would be true. It genuinely would be transit reinflation. But
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  Speaker 1: there are other things feeding in which we need to
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  Speaker 1: talk about. And there is this thing that had happened
• 5:48
  Speaker 1: just a few hours ago of Apple saying they're putting
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  Speaker 1: up their prices fairly substantially because the chip price is
• 5:53
  Speaker 1: going up. And we've been talking for a while on
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  Speaker 1: the podcast about how when people talk about AI, they
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  Speaker 1: talk about, you know, cost down, and they talk about productivity,
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  Speaker 1: but in fact, of course the hard ware it's very,
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  Speaker 1: very expensive, and that is a new inflation room impulse.
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  Speaker 2: Yeah, I mean, I mean, there are a couple of
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  Speaker 2: inflationary impulses to think about with AI. So, as you mentioned,
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  Speaker 2: with memory chip prices, so you had a really neat
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  Speaker 2: thing happened today where we had Micron Technology, which is
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  Speaker 2: the biggest memory chip maker in the world, with incredibly
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  Speaker 2: good results, I mean, way way ahead of expectations, your
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  Speaker 2: huge demand, revenue, profit, everything that could be.
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  Speaker 1: I can't get there's one numb and there I can't
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  Speaker 1: get out of my head with an eighty six percent margin.
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  Speaker 2: Yeah, it's astonishingly high. Right, So that's on. That's one
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  Speaker 2: side of the AI story. And so all the chip
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  Speaker 2: makers and the memory companies are all going up with
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  Speaker 2: them today and by a lot. And micro remember is
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  Speaker 2: a big company. I mean, they're already worth nearly two
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  Speaker 2: trillion dollars, so there's a huge move. But on the
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  Speaker 2: complete other side of that, you get this other question
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  Speaker 2: about the sort of the reason that they're making this
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  Speaker 2: huge margin, which is the memory prices have gone through
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  Speaker 2: the roof because everything is being directed to AI, so
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  Speaker 2: the consumer stuff, so everything that's you know, and this
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  Speaker 2: is we're talking memory chips that go into basically anything
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  Speaker 2: electronic that exists in the world, from phones, you know
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  Speaker 2: with Apple, with you know, iPads and mac works. You're
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  Speaker 2: talking from there to you know, fridges, cars, like basically
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  Speaker 2: anything anyone buys has any electronics in it will have
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  Speaker 2: a memory chip in it. So you're getting an inflationary
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  Speaker 2: impost coming from that because as Apple and Apple being
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  Speaker 2: kind of the biggest electronics company in the world, they're
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  Speaker 2: pushing through prices. So if they're a if they're not
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  Speaker 2: able to sustain those margins and they're having to do it,
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  Speaker 2: that's not a good sign for everywhere else. And then
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  Speaker 2: the other side of it is, you know, there's another
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  Speaker 2: side who gets a triangle is that is the is
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  Speaker 2: data centers, you know, so spending huge amounts of money
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  Speaker 2: on data centers, this huge AI capex boom that's going on,
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  Speaker 2: but that requires lots of electricity, and people are going
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  Speaker 2: to have to pay for that somewhere down the line, exactly,
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  Speaker 2: And so eventually that is going to feed into people's
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  Speaker 2: electricity prices. And so that may that may not be
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  Speaker 2: because it does take quite a long time to build
• 8:01
  Speaker 2: a data center, but even so that will start to
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  Speaker 2: happen as well, and the cost of building up the grid.
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  Speaker 2: So you've got all sorts of extra inflationary impulses coming
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  Speaker 2: from from it.
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  Speaker 1: It's difficult to tell whether you know, the end effective
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  Speaker 1: areas should be deflationary, as with all wonderful new technologies,
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  Speaker 1: but the creation of it did very inflationary. We can't
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  Speaker 1: quite see where we're going to end up.
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  Speaker 2: Yeah, that's exactly right, you know. And so as you're mentioning,
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  Speaker 2: so oil prices have come all the way down when
• 8:25
  Speaker 2: you look in the options market for Oilso what people
• 8:27
  Speaker 2: are betting on what's going to happen in this sort
• 8:29
  Speaker 2: of six months time, it's gone very bearish, Like everyone
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  Speaker 2: thinks of you know, maybe sort of flat over the
• 8:34
  Speaker 2: course of the next sent I.
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  Speaker 1: Thing I was wondering about on that this is a
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  Speaker 1: random thought and we should probably els go on to
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  Speaker 1: oil expect tell us about that you're expending everythings. I'm
• 8:41
  Speaker 1: going to ask you. One of the reasons why the
• 8:43
  Speaker 1: oild person never went up to one hundred and fifty
• 8:45
  Speaker 1: dollars two hundred dollars, like some of the more excitable
• 8:47
  Speaker 1: people were suggesting at the beginning of the war, was
• 8:49
  Speaker 1: because of the drawdown from everyone's reserves, right, yeah, reserves,
• 8:52
  Speaker 1: and in particular from Chinese reserves. Massive drawdowns there because
• 8:55
  Speaker 1: you know, we never saw any any demand destruction in China,
• 8:58
  Speaker 1: so we know that huge amount of oil being useduff
• 9:00
  Speaker 1: they have to be refilled. Yes, so that's a huge
• 9:03
  Speaker 1: source of demand over the next couple of years. Yeah, yeah,
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  Speaker 1: So surely that would suggest that oil prices aren't going
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  Speaker 1: to fall below the use levels and may actually rise
• 9:14
  Speaker 1: from here.
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  Speaker 2: Yeah, there's certainly a risk that, I mean, I would
• 9:18
  Speaker 2: suggest it's more likely that they will stay kind of
• 9:22
  Speaker 2: where they are now, so not you know, may marginally
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  Speaker 2: elevated from where they were before the war, but with
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  Speaker 2: a lot of a lot of volatility and a lot
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  Speaker 2: of wobbliness over the course of the rest of the
• 9:32
  Speaker 2: year for exactly the reason you're mentioning. So part of
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  Speaker 2: it will require and this is this is why there's
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  Speaker 2: such a huge focus on this all the time. That
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  Speaker 2: the oil starts flowing through the straightforwar mirrors really sustainably
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  Speaker 2: for an extended period of time now with no breaks
• 9:46
  Speaker 2: in it, with no issues, that's a big ask, like so,
• 9:49
  Speaker 2: so that has to happen, and during that happening, then
• 9:52
  Speaker 2: the reserves can start to be full. So you need
• 9:54
  Speaker 2: these two things to kind of happen in concert with
• 9:56
  Speaker 2: each other. But while they're happening in concert with each other,
• 9:59
  Speaker 2: the likely old presses don't go much further down from
• 10:01
  Speaker 2: where they are now, and those inflationary kind of impulses
• 10:05
  Speaker 2: that have happened with all going up for a few
• 10:07
  Speaker 2: months will still be flowing through during that during that time.
• 10:22
  Speaker 1: The last thing I want to ask you about is
• 10:24
  Speaker 1: again all connected to your politics, connected to inflation, connected
• 10:27
  Speaker 1: for everything, and it's the gold price. Because this is disappointing,
• 10:31
  Speaker 1: isn't it for gold bugs, This is disappointing.
• 10:33
  Speaker 2: Yeah, yeah, yeah, I mean I would say you know,
• 10:36
  Speaker 2: just calm everyone. You know, it's still only just a
• 10:38
  Speaker 2: little bit below four thousand dollars nouns, but that was
• 10:41
  Speaker 2: a really key level.
• 10:42
  Speaker 1: Below four thousand dollars. I mean, remember the excitement when
• 10:45
  Speaker 1: over five thousand, John and I could barely contain ourselves.
• 10:47
  Speaker 2: Yeah, and we are back. And actually, you know, as
• 10:50
  Speaker 2: we go as it comes back through that level again,
• 10:52
  Speaker 2: you know, that's the level that it went through as
• 10:55
  Speaker 2: gold stopped acting like gold, you know, it started to
• 10:58
  Speaker 2: become a kind of momentum trade. So the likelihood is
• 11:01
  Speaker 2: you will have had a lot of investors, probably a
• 11:03
  Speaker 2: lot of retail traders as well, coming in there as
• 11:06
  Speaker 2: it was going above four thousand dollars. So it may
• 11:08
  Speaker 2: well be that people are sitting on some some hefty
• 11:10
  Speaker 2: losses from gold as well.
• 11:12
  Speaker 1: Okay, I thought you were going to say that clever
• 11:13
  Speaker 1: retail trades had ridden it all the way up and
• 11:15
  Speaker 1: sold it all the way down, and.
• 11:17
  Speaker 2: If they hold on then it may well, you know,
• 11:19
  Speaker 2: and they've.
• 11:20
  Speaker 1: Taken money out to pop into the SpaceX holdings, for example,
• 11:23
  Speaker 1: down again today.
• 11:23
  Speaker 2: Right, Well, that's that's possible as well. SpaceX. Well, when
• 11:26
  Speaker 2: I got up from my desk every almost everything was
• 11:28
  Speaker 2: going up for a bit and then it was going
• 11:30
  Speaker 2: back down for a bit. And so whether what it's
• 11:32
  Speaker 2: doing right at this moment, I can't tell you, but
• 11:35
  Speaker 2: you know, yes, so gold, you know, we've had just
• 11:38
  Speaker 2: a long period of time when gold hasn't has not
• 11:41
  Speaker 2: been acting in the way that gold tradition acts, right,
• 11:44
  Speaker 2: and even now as doing what it's doing now, it's
• 11:47
  Speaker 2: still not quite doing that. It's not quite the gold,
• 11:49
  Speaker 2: you know. And I think there's still a lot of
• 11:53
  Speaker 2: air in that market, so it will have that might well,
• 11:55
  Speaker 2: you may well see a bit more volatility come through,
• 11:57
  Speaker 2: but you know, historically it does remain, you know, you
• 12:00
  Speaker 2: pretty elevated.
• 12:00
  Speaker 1: Yeah, and I suppose if we've mentioned gold, we're going
• 12:03
  Speaker 1: to have to mention Bitcoin, which is now below sixt
• 12:05
  Speaker 1: two thousand and again, so we're back to September twenty four. Yes, yes,
• 12:09
  Speaker 1: that's quite a big ship.
• 12:11
  Speaker 2: Yes, yes, and actually that one so you're just asking
• 12:14
  Speaker 2: about SpaceX. That was something we actually really did see
• 12:16
  Speaker 2: evidence of, was retail traders getting rid of their Bitcoin
• 12:20
  Speaker 2: holdings in order to buy SpaceX. And that was happening
• 12:24
  Speaker 2: actually across all sorts of spaces. It was happening with
• 12:26
  Speaker 2: some of the high flying kind of chip stocks as well.
• 12:29
  Speaker 1: It cost to holding bitcoin forever. I thought that was
• 12:32
  Speaker 1: It's not. It wasn't. We've learned as not a currency,
• 12:35
  Speaker 1: and the new gig is that it's a long term assage.
• 12:38
  Speaker 1: You hold it forever. There's neither of those things.
• 12:41
  Speaker 2: That's a great point actually, so so yeah, so last
• 12:43
  Speaker 2: year we had this debasement trade, right, This was like
• 12:45
  Speaker 2: a for a few months. This was the idea that
• 12:47
  Speaker 2: the dollar is no longer king and that people are
• 12:50
  Speaker 2: putting their money into gold or bitcoin, and that seems
• 12:55
  Speaker 2: to have fritted away over the course of this past year.
• 12:58
  Speaker 2: I think a lot of the enthusiasm, you know, cooin
• 13:00
  Speaker 2: does rely to an extent on enthusiasm on investors just
• 13:03
  Speaker 2: being enthused about getting into gold, pumping their money into
• 13:07
  Speaker 2: the ets they've now been launched, you know, these kind
• 13:09
  Speaker 2: of institutional funds, all of those companies too. You know,
• 13:13
  Speaker 2: when you have this much equity supply, like SpaceX, when
• 13:16
  Speaker 2: you have this much excitement about a different corner of
• 13:18
  Speaker 2: the marketcoin yes, sorry, yes, about bitcoin, yes, they're so.
• 13:23
  Speaker 2: When you have this much excitement about AI or about
• 13:28
  Speaker 2: you know, SpaceX particularly and Big I pos coming later
• 13:32
  Speaker 2: in the year for open AI or anthropic. When all
• 13:35
  Speaker 2: of that is going on, it seems like the sort
• 13:38
  Speaker 2: of traders that are in bitcoin are the ones who
• 13:40
  Speaker 2: are then thinking, actually, I'm going to move a little
• 13:42
  Speaker 2: bit away from here.
• 13:43
  Speaker 1: As all about stories, isn't it. I mean, bitcoin is
• 13:46
  Speaker 1: very story driven, and one of the things that we've
• 13:47
  Speaker 1: seen since since you first heard about bitcoin is the
• 13:49
  Speaker 1: constant renewal of the story. It's not there, we were,
• 13:52
  Speaker 1: it's not quite that is this? No, no, it is
• 13:53
  Speaker 1: this now, it's this, now, it's this, and when there
• 13:55
  Speaker 1: isn't a good story and right now there isn't a
• 13:57
  Speaker 1: good news story for bitcoin, but they're amazing stories results.
• 14:00
  Speaker 1: Where So if you're a story led investor, yeah, you're
• 14:03
  Speaker 1: heading to.
• 14:04
  Speaker 2: The narrative is not good enough to bring you in.
• 14:06
  Speaker 1: Yeah. Now, of course I'm a SpaceX investor, as all
• 14:09
  Speaker 1: listeners to my podcast, no, I have nine SpaceX shares,
• 14:12
  Speaker 1: and I had promised the team that I would use
• 14:14
  Speaker 1: my winnings to take them out for a drink. So
• 14:16
  Speaker 1: you know, sorry, guys, well sorry, not winnings. Not winnings,
• 14:21
  Speaker 1: and that's not how we call it. We are capital
• 14:23
  Speaker 1: gains capital again We're not gambling.
• 14:25
  Speaker 2: Yet, but you know, we will see what happens that
• 14:27
  Speaker 2: because I mean it's just very briefly on SpaceX. I mean,
• 14:29
  Speaker 2: I mean, I've been a reporter on stocks for fifteen years.
• 14:32
  Speaker 2: I've never seen an IPO like that ever. And since then,
• 14:36
  Speaker 2: they've then they did an acquisition just two days later
• 14:38
  Speaker 2: with sixty billion dollars. They are borrowing a huge amount
• 14:42
  Speaker 2: of money in credit markets. They are sort of getting
• 14:44
  Speaker 2: into all sorts of corners of the market, and so
• 14:46
  Speaker 2: they're becoming already quite a kind of important company in
• 14:50
  Speaker 2: all sorts of different sexes of the market. It will
• 14:52
  Speaker 2: be really interesting to see.
• 14:53
  Speaker 1: How that is interesting. And you know, there is nothing
• 14:55
  Speaker 1: average about SpaceX at all in there, I'm so interesting
• 14:58
  Speaker 1: in so many many ways. But the average tech ipo
• 15:03
  Speaker 1: end its first year down about eighteen percent. And my
• 15:06
  Speaker 1: concern is that maybe the one place in which SpaceX
• 15:09
  Speaker 1: sends out to be average.
• 15:10
  Speaker 2: It's possible, It's possible, you know, but I think, you know,
• 15:14
  Speaker 2: when we're talking about bitcoin there and then this kind
• 15:15
  Speaker 2: of enthusiasm the AI story, there is obviously a huge
• 15:18
  Speaker 2: amount of enthusiasm for the AI story. No U and
• 15:20
  Speaker 2: SpaceX goes into that as well. But SpaceX is almost
• 15:24
  Speaker 2: like a narrative in and of itself, so yes, it
• 15:27
  Speaker 2: has kind of this AI element to it. But he's
• 15:29
  Speaker 2: the same kind of people who like a story, who
• 15:31
  Speaker 2: like a narrative, and if they can get that narrative going,
• 15:34
  Speaker 2: then you know, you never know.
• 15:36
  Speaker 1: Of course, is the Skuy the limit or the moon
• 15:37
  Speaker 1: the limit? The moon that's fantastic. Beau is absolutely fantastic, Okay, brilliant.
• 15:43
  Speaker 1: Is there anything else that we need to tell people today?
• 15:45
  Speaker 2: No, I think there is so many things to be
• 15:49
  Speaker 2: focused on in markets at the moment that if we
• 15:51
  Speaker 2: do that, we may never leave.
• 15:53
  Speaker 1: We think we've given them enough for one day. Thank you, Sam,
• 15:55
  Speaker 1: Thank you so much. Thanks for listening to this week's
• 16:02
  Speaker 1: Marion Talks Money Market Rap. If you like our show,
• 16:05
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• 16:07
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• 16:09
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• 16:13
  Speaker 2: I'm not very much on Twitter, but you can follow
• 16:15
  Speaker 2: me on LinkedIn and you can find the Market Today
• 16:16
  Speaker 2: blog on Bloomberg UK every day excellent.
• 16:19
  Speaker 1: Thank you. This episode was produced by Summersadi and Moses
• 16:22
  Speaker 1: and questions and comments on this show and all our
• 16:24
  Speaker 1: shows are always welcome. Our show email is Merrior Money
• 16:27
  Speaker 1: at Bloomberg dot net