Bloomberg Daybreak: Europe Edition
BHP China Recovery Warning, Apple CFO Change & Middle East Calm
Aug 27, 2024
Pavel Durov, CEO of Telegram, discusses his recent legal troubles in France concerning crime on the app. He dives into challenges faced by tech companies in ensuring user safety. Luca Maestri, the outgoing CFO of Apple, reflects on his decade-long journey and the shifting landscape of technology finance. The conversation also touches on BHP's cautious outlook due to China's property market slump and the escalating geopolitical tensions in the Middle East, hinting at possible future ramifications for global markets.
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Podcast summary created with Snipd AI
Quick takeaways
- BHP's profit stability amidst China's property sector issues highlights the mixed economic outlook despite declining demand for iron ore.
- The ongoing tensions in the Middle East illustrate the precarious balance between military actions and the elusive quest for a lasting ceasefire.
Deep dives
Chinese Economy and Property Market Challenges
China's economic outlook has been negatively impacted by ongoing issues in the property sector, which is causing a decline in demand for iron ore. The CEO of BHP pointed out that the property slump, which constitutes 20% of steel demand, has led to decreased sales and new construction starts. In contrast, other sectors such as automobiles and infrastructure are showing growth, suggesting a mixed economic picture. Despite these challenges, expectations remain for China to achieve its 5% growth target this year, as the government implements policies aimed at stabilizing the market.
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