London, Carlin Hepburn, Elizabeth Line discussed on Bloomberg Daybreak Europe

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More like the weekend or these halfway to the weekend around here What's the picture like canary wharf We are in our all time highs post pandemic And so we've been slowly building every week on week since January it's been increasing And last week it doesn't make the week but when the Elizabeth line opened we saw our traffic go up by 25% that week So we'll see kind of how it settles out over the next several months But I think we feel robust and if you come on the weekends it is packed Yeah and that also perhaps is something slightly different to the City of London If you are if you have shifted then to the mixed use model that means you are surely more focused on the local consumer on the concerns around a second half recession in the UK or at least a second half slowdown and we were talking about poverty prices earlier They've shot up but there is an issue about whether they come down again with interest rates going up tell us your view on the consumer in the capital now Sure I think the consumer is getting affected as well as I think businesses I think though one thing that has come from in terms of the UK economy has been three kind of once in a generation events whether you first had Brexit then you had COVID Now you've got the war and I think in general the consumers the jobs that are needed out here you talk to our businesses in terms of retail in terms of hospitality in terms of construction There's not enough workers out there And so people are going to be prices are going up Wages are going up to attract those people Just a specific question then on kind of quarterly income that comes in from rentals to businesses on the estate How much of that money are you making kind of quarter on quarter Because that's obviously seen as quite a benchmark for rental space Is that consistent in terms of the income that you're coming that you're seeing come in Yeah so we've got three different revenue segments right We've got the office segment We've got the retail segment We've got the residential segment The office sector we've been at 99% collections right So we've had no issues there On the retail yeah I suffered like everyone else during the pandemic but now our collections are back up I don't think we're going to be giving concessions in 2022 so that market is now recovered healthy And the residential we started in 2021 and that has been robust We've had 99% collections there and rents are increasing just given the demand supply and balance in London right now Okay that was the CEO of the canary wharf groupy Khan speaking to you in parts and Carlin Hepburn earlier this week about the shifting trends in the London commercial and residential property markets across the opening of the Elizabeth line has shifted the map somewhat for those companies as well So interesting to get his insight on that and interview on Bloomberg radio When investors remain on edge as some fear the pace of U.S. monetary tightening could throw the world's largest economy into recession Today's may jobs report is likely to show the smallest gain in jobs since April 2021 that alongside a Dan shift in average hourly earnings growth That's according to a forecast by Bloomberg economics Add to that fears over inflation we've been asking some of the biggest names in finance for their views on the economic conditions starting with Larry Fink from BlackRock Inflation is not transitory It is probably with us for a number of years And at the type of inflation that I don't believe the Federal Reserve has to policy or the tools to do much with it right now It's a hurricane Right now it's kind of sunny things are doing fine Everyone thinks the fed can handle this That hurricane is right out there down the road coming our way We just don't know if it's a minor one or superstorm sandy When there's euphoria when there's optimism when there's greed when there's risk tolerance and so forth that's a very difficult climate for the value investor to find bargains We've obviously been through lots of cycles But the confluence of the number of shocks to the system to me is unprecedented That needs to loosen that up or wage pressures will accumulate and that will keep inflation above the fed's 2% inflation objective Increasing taxes depending upon on whom they fall Is of course a very durable way to reduce spending and potentially bring down inflation Some key voices there talking to us about their view of the economic conditions in the U.S. Stephanie kelton was the last first voice you heard there from Sony Brooke university also in there Bill Dudley the former New York fed president John waldron from Goldman Sachs a harid mark from oaktree capital Jamie Dimon of course from JPMorgan Chase and Larry Fink to in there as well Stay with us on Bloomberg daybreak Europe coming up will be getting more insights into the oil market moves after that OPEC plus meetings are production increase but not enough to impress the markets Brent crude trading at a $117 and 9 cents to end four tenths of 1% This is Bloomberg.

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