Bloomberg Talks

Joerg Kukies, the German Finance Minister, discusses the pressing trade dynamics between the US and EU. He advocates for a trade deal that would eliminate tariffs on industrial products, emphasizing its potential to ease tensions. The conversation touches on the intricacies of negotiations, including key sectors like automotive, and highlights the need for regulatory alignment. Kukies also points out the importance of forming new trade agreements to strengthen the EU's competitiveness against global rivals while boosting Germany's economic outlook.

Christopher Waller, a Federal Reserve Governor, dives into the complexities of tariffs and their repercussions on the U.S. economy. He explains how the Trump administration’s tariff policies have sowed uncertainty, affecting business investments and potentially leading to layoffs. Waller also discusses the intricate relationship between tariffs, inflation, and labor market dynamics, emphasizing a measured approach to interest rate decisions while maintaining central bank independence in a politically charged environment.

Jenny Johnson, CEO of Franklin Templeton Investments, dives into the complexities of asset allocation amid market volatility. She discusses how institutional investors are shifting towards defensive assets due to uncertainties. The conversation also touches on the impact of AI on productivity and the resilience of corporate America. Johnson highlights the emotional influences driving non-U.S. investments in Europe and explores the implications of shifting capitals on Europe's autonomy in defense and energy.

Philip Lane, Chief Economist at the European Central Bank, dives into the complexities of European inflation and the region's economic outlook. He analyzes how trade uncertainties with the U.S. are influencing investor sentiment, revealing cautious optimism amidst modest growth predictions. Lane discusses the resilience of the European economy, marked by rising incomes and government support, while emphasizing the need for careful monetary policy in response to global dynamics and inflationary pressures.

Nicolai Tangen opens up about Norway's massive sovereign wealth fund suffering a $40 billion loss, dissecting the state of the markets. He shares insights on long-term investment strategies in U.S. assets and the critical need for global diversification. The conversation navigates through challenges posed by inflation and supply chain issues, highlighting potential shifts in asset allocations. Tangen also evaluates the role of major tech companies and discusses the limitations of traditional safe havens like gold and cryptocurrencies.

Lars Machenil, CFO of BNP Paribas SA, shares insights into the impressive performance of the bank’s investment banking unit, particularly its record income from equities trading. He discusses revenue growth in equity and prime services, emphasizing the adaptability of their corporate divisions in navigating market challenges. Additionally, Machenil delves into cost management strategies and the impact of global trade tensions on their operations, offering a keen perspective on the current financial landscape.

Marc Bitzer, CEO of Whirlpool Corporation, shares insights on the company’s latest quarterly earnings that exceeded analyst expectations. He discusses the critical correlation between consumer confidence and spending habits, along with challenges in domestic manufacturing due to tariffs and trade policies. Bitzer highlights the significance of stable pricing in the household appliance market and innovative designs, while also addressing supply chain complexities and the potential impact of a global recession. A blend of economic analysis and a wink at innovation keeps the conversation engaging.

Joachim Nagel, President of the Bundesbank and guardian of Germany’s monetary policy, delves into the looming threat of recession due to US tariffs. He outlines how these trade tensions could exacerbate economic woes, prompting the European Central Bank to consider lower interest rates. Nagel anticipates a surge in public spending from Germany’s new government as a remedy for economic recovery, projecting better times ahead for the economy. His insights underscore the intricate dance between fiscal policy and global trade dynamics.

SAP CEO Christian Klein discusses earnings that beat estimates, proving resilience in a time of market uncertainty as businesses and customers navigate the new tariff environment. Indeed, there has been absolutely 'no' pullback in US spending says Christian Klein, SAP's CEO. He spoke to Bloomberg's Tom Mackenzie.See omnystudio.com/listener for privacy information.

Former US Treasury Secretary Lawrence Summers says there is a substantial need for Harvard University to reform in respect to antisemitism, discipline of students and widening of perspectives. Speaking to Wall Street Week Anchor David Westin, Summers says he believes there's a risk on both sides as he wants the institution to make changes but does not want the government to "order universities around."See omnystudio.com/listener for privacy information.