Single Best Idea with Tom Keene: Isabelle Mateos y Lago & Francisco Blanch
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Single best idea, an extraordinarily eclectic day, Bloomberg surveillance. One of the high points, thank you so much in Dallas for listening. We were talking family net worth and investment, family office, I should say, and investment out of Dallas. And thank you to the person that sent in Hurtado barbecue for the Texas Rangers, which is a food that you can't get at Yankee Stadium or...

City Field, or most certainly not at Fenway Park. Really deluxe. I guess you go to the Rangers to eat and then maybe watch a baseball game. Of course, it's an eclectic group of people. We started strong with Isabel Mateo-Hilago.

who did a lot of work with Lagarde at the ECB and then went on to BlackRock and now holds court as the chief voice for BNP Paribas, a spectacular French bank. We were thrilled she could join us in studio. Here is Isabel Mateo-Silago of BNP Paribas. Europe has a Europe when by then I mean the European Commission are true believers in the benefits of free trade. And so they embarked in this process.

this trade discussions or this trade war, so to speak, with the U.S. with a view to saying, oh, this is going to be great. We're going to offer to lower our tariffs and the U.S. is going to lower their tariffs and we're going to end up with more trade. This is going to be awesome. And it seems they've realized in the course of the last few weeks that actually this is not really what the U.S. wants.

And so now the discussion has got very much more concrete to trying to do damage limitation. Maybe that's one way to put it and accept that tariffs from the US are probably going to be higher, but let's see what we can do to minimize the cost. But I think what's

What's interesting is Europe has decided to double down on global trade with other partners than the US. We've seen the beginning of amending of the relationships with the UK with the first improvement on the Brexit trade deal. There are very advanced talks with India. There's consideration to even joining the CPTPP. So Europe is doubling down on

on global trade and is going to try to do damage limitation with the U.S. as best it can. But it's trying to portray itself to the rest of the world as a place that is open for trade, open for business. And I think, back to Tom's point, that's also going to help boost productivity going forward. Isabel Mateos-Sitlago of BNP Paribas. A joy to have Francisco Blanche with us, looking at all of commodities and their derivative dynamics today.

at the Bank of America. We started with gold, looked at a lot of China dynamics as well. But here, Francisco Blanch on oil. I think you need to see a little more evidence, but remember, we've actually seen generally commodity prices falling cyclically, driven by oil.

The big question is when shale is going to essentially stop growing. And when it does, then we will be in a commodity bull market. Remember, China's also seen peak population growth, and now it's other emerging markets, right? I mean, commodity intensity is growing in places like India, other parts of Southeast Asia, and then, of course, Africa. So, I mean, I do think there's a China story behind this, but that's been the story of the last 25 years.

it really is down to the rest of the emerging markets going forward and, frankly, to our ability to keep pulling commodities out of the ground. Francisco Blanche, the Bank of America. On to a key inflation report tomorrow, CPI Wednesday, PPI on Thursday as well. On your commute across the nation, don't forget Sirius XM Channel 121. I guess that's old technology, Apple CarPlay.

Android Auto in the world of podcasts subscribe to you Bloomberg podcast subscribe to Bloomberg podcasts out on YouTube and this is single best idea

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Every business starts with an idea. How can you go from daydreamer to industry leader? Amazon Business accelerates your journey. With smart business buying, get everything you need to grow in one familiar place, from office supplies to IT essentials and maintenance tools. Amazon Business takes the buying experience you know and love from Amazon, plus tools that help you save costs and make insights-based decisions.

Ready to bring your visions to life? Learn how at AmazonBusiness.com. This is an iHeart Podcast.