Bloomberg Daybreak: Europe Edition

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On today's podcast:

(1) President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, but suggested that he was still open to additional negotiations and pushed off increased duties until at least Aug. 1.

(2) The European Union is seeking to conclude a preliminary trade deal with the US this week that would allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as they negotiate a permanent agreement.

 
(3) The UK is racing to secure US agreement to make operational a deal to eliminate tariffs on British steel ahead of a Wednesday deadline when American officials could choose instead to raise the levy to 50%.

(4) More than 100 people have been confirmed dead in floods that tore through central Texas over the weekend, marking a grim milestone as searchers used boats, dogs and drones to locate victims and authorities debated whether anything more could have been done to prevent the disaster.

(5) The UK government is moving to ban employers deploying nondisclosure agreements to muzzle workers who have been victims of misconduct on the job.

(6) France's President Emmanuel Macron arrives in Britain today for the first state visit from a french leader since 2008.

Podcast Conversation: Outdoor Baths, Americans Are Driving Cotswolds Property Trends

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On today's podcast:

(1) President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS,” injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners.

 
(2) China will impose some reciprocal curbs on medical-device procurement for companies based in the European Union, adding tensions between the two major trading partners just as Beijing seeks to shore up ties while it fights a trade war with the US.

(3) 82 people are now known to have died in Texas after catastrophic flooding that left officials struggling to explain whether they did enough to warn people of the fast-rising waters.

(4) British bosses were clamouring for change after 14 years of rule by the opposition Conservative party. But a year on from the Labour Party’s landslide election win, that initial optimism has been replaced by discontent over tax increases, persistent red tape and a lack of dialogue with the government.

(5) Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.

(6) The UK government talked down hopes that the two-child cap on parental benefits might be scrapped, as Prime Minister Keir Starmer seeks to hold the line on spending after failing to push through separate controversial welfare cuts.

(7) President Donald Trump blasted Elon Musk’s bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world’s richest man.

Podcast Conversation: Trump's Style Is a Lot. But It's Not Rococo: Feargus O'Sullivan

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) US President Donald Trump said that his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which he said countries would have to begin paying on Aug. 1.

(2) The Chinese government intends to cancel part of a two-day summit with European Union leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing.

(3) Treasury Secretary Scott Bessent dismissed the idea that the dollar’s recent declines raise concerns about its status as the world’s key currency.

(4) The smiling faces of Rory McIlroy, Scottie Scheffler and other millionaire champions beam out from the marketing material for next week’s Scottish Open. “This is Golf Country,” goes the tagline. But away from the sport’s royalty and the glitz of venues such as US President Donald Trump’s two resorts, the home of golf has little to smile about.

(5) President Donald Trump secured a sweeping shift in US domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden’s efforts to move the country toward a clean-energy economy.

(6) Chancellor of the Exchequer Rachel Reeves stressed her commitment to fiscal discipline in her management of the UK’s public finances after reassurances about her position from Prime Minister Keir Starmer led jittery markets to rebound on Thursday.

(7) Tributes from the footballing world have continued for Liverpool's Diogo Jota, who died in a car crash alongside his brother in Spain yesterday.

Podcast Conversation:The Cushiest Job in Corporate America Is No More

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On today's podcast:

(1) UK Prime Minister Keir Starmer said Rachel Reeves will stay on as Chancellor of the Exchequer, as he sought to draw a line under speculation about her future that sparked a bond selloff.

(2) As speculation of Reeves’ potential ouster raced through markets, 30-year gilt yields surged 19 basis points Wednesday, the biggest jump since April and one strong enough to send ripples into US Treasuries. Stocks slid. And the pound tumbled as investors headed for the exits, skeptical of Starmer’s continued commitment to shoring up the nation’s precarious finances.

 
(3) The “weaponization” of foreign exchange is posing a growing headache for central bank reserve managers, giving them more reason to boost their holdings of gold.

(4) House Republican leaders struggled to find the final votes to advance Donald Trump’s massive tax and spending package, holding a key vote open for hours as the president and his allies worked to win them over but expressing confidence the legislation would eventually pass.

 
(5) President Donald Trump’s administration has lifted recent export license requirements for chip design software sales in China, as Washington and Beijing implement a trade deal for both countries to ease some restrictions on critical technologies.

(6) President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports.

Podcast Conversation: Wimbledon Investors Turn 75% Profit Trading Access to VIP Seats

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On today's podcast:

(1) Keir Starmer dramatically abandoned his flagship welfare reforms to avoid a historic defeat, leaving the UK prime minister’s authority badly damaged and his government facing a widening fiscal hole to fill.

 (2) The Trump administration is halting the transfer of artillery rounds and air defenses to Ukraine, depriving the country of much-needed weapons as it endures stepped-up missile and drone attacks from Russia.

(3) President Donald Trump said Israel has agreed to the conditions needed for a 60-day ceasefire in Gaza, adding that the plan would now be presented to Hamas.

(4) AstraZeneca's Chief Executive Officer Pascal Soriot wants to move the drugmaker’s stock listing to the US, the Times reported, in what would be another sign of the UK’s waning status as a magnet for global capital.

(5) Bank of England Governor Andrew Bailey said high interest rates are having less of an impact on inflation because of Britain’s low levels of debt among both businesses and consumers.

(6) Banco Santander agreed to buy Banco Sabadell SA’s UK unit for £2.65 billion ($3.64 billion), a deal that will make it the UK’s third-largest lender by some measures.

Podcast Conversation: Amazon's Goodreads Is Forgetting Why It Exists

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On today's podcast:

(1) The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc’s exports, but wants the US to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft.

(2) President Donald Trump threatened to proceed with ramping up tariffs on Japan, while his top economic adviser said the White House aims to finalize deals with partners after the July 4 holiday.

(3) UK Prime Minister Keir Starmer is girding for what could be the most consequential vote of his premiership, with Labour rebels warning that the government’s welfare overhaul still risks defeat despite huge concessions to push it through parliament.

(4) Apple is considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort.

(5) Cybersecurity woes are plaguing the US Treasury Department, deepening a rift between the agency responsible for protecting the integrity of the financial system and the banks it regulates.

(6) Senate Republican leaders continue to scrounge for votes to pass Donald Trump’s $3.3 trillion tax and spending bill as lingering intraparty fights threaten to upend the legislative centerpiece of the president’s domestic agenda.

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On today's podcast:

(1) With just 10 days to go until President Donald Trump’s country-specific tariffs are set to resume, the White House appears poised to fall short of the sweeping global trade reforms it promised to achieve during the three months they were on hold. 

(2) Canada has withdrawn its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the US

(3) Senate Majority Leader John Thune is rushing to meet President Donald Trump’s July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it. 

(4)  President Donald Trump said he has identified a buyer for the US operations of TikTok, the social media app owned by Chinese company ByteDance Ltd., without naming the winning bidder. 

(5)  European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half, the most dramatic sign of how the region’s markets are staging a comeback after more than a decade in the doldrums.

(6) Keir Starmer is working to contain the rebellion in his Labour Party ahead of a vote Tuesday on his flagship welfare policy that’s provoked widespread criticism and called his leadership into doubt.

Podcast Conversation: UK’s Record-Breaking Sunshine Isn’t All Good News: Lara Williams

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) The US Treasury Department announced a deal with G-7 allies that will exclude American companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill.

(2) The European Union is prepared for all eventualities in its trade negotiations with the US, including for a breakdown in talks, Ursula von der Leyen said, after discussing the latest proposals from the Trump White House with the bloc’s leaders.

 
(3) The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners.

(4) Keir Starmer agreed to pare back a divisive £5 billion ($6.9 billion) cut to welfare to quiet a rebellion by his own party, a decision that will likely leave both Britain’s fiscal plans and the prime minister’s own leadership in need of repair.

 
(5) The Labour government’s payroll tax is costing the UK jobs, depressing workers’ earnings and pushing up food prices, Bank of England Governor Andrew Bailey said as he warned that the risks to inflation remain “two-sided.”

Podcast Conversation: Anna Wintour Is Giving Up Her Daily, Duties at Vogue Magazine

Correction: An early version of this podcast incorrectly stated that the next Bank of England rate decision would be in July, rather than August.

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On today's podcast:

(1) NATO leaders agreed to increase defense spending to 5% of GDP and renewed their “ironclad commitment” to mutual security in an historic move to push back against an increasingly belligerent Russia

(2) President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country’s nuclear program, citing the damage that American bombing had done to key sites.

(3) Worldline SA Chief Executive Officer Pierre-Antoine Vacheron blamed an orchestrated media campaign for the firm’s precipitous share decline in an effort to dig the company out of its current crisis.

(4) President Donald Trump said he has three or four people in mind to succeed Federal Reserve Chair Jerome Powell when his term expires next year.

(5) Chancellor of the Exchequer Rachel Reeves should resist the temptation to raise levies on UK companies further because of the risk of strangling economic growth, one of the country’s biggest business lobbies said.

(6) The UK is seeking to increase the recognition of British professional certifications abroad, a move aimed at boosting the nation’s service-sector exports by making it easier for highly skilled employees to work for clients overseas.

Podcast Conversation: Amazon Says Denis Villeneuve Will Direct Next James Bond Film

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On today's podcast:

(1) American airstrikes had only a limited impact on Iran’s nuclear program, according to early US intelligence findings, as the United Nations watchdog urged fresh inspection of the sites.

 
(2) Donald Trump ensured that NATO’s high-stakes summit would be a nervy affair to the end as he flew in to The Hague fueling doubts about whether the US remains fully committed to defending its allies.

 
(3) The European Union plans to impose retaliatory tariffs on US imports, including on Boeing aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect.

(4) Chinese companies are ramping up shipments to Britain to levels not seen in years, a possible sign that the Asian factory powerhouse is finding export markets unimpeded by high tariffs like those President Donald Trump has imposed.

(5) Federal Reserve Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them.

(6) Former New York Governor Andrew Cuomo conceded to his upstart rival Zohran Mamdani in the Democratic primary in the race to become mayor of New York City after the 33-year-old Queens lawmaker racked up commanding leads across Brooklyn, Queens and Manhattan.

Podcast Conversation: Elite Dating Services Are Thriving as Love Defies Economic Woes

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On today's podcast:

(1) Iran and Israel appeared to be nearing a pause in their 12-day war after President Donald Trump announced a surprise ceasefire in a conflict that saw key Iranian military leaders and scientists killed, US bombing of Iranian nuclear sites and a salvo of missiles launched at Qatar.

(2) An attack on a US air base near Doha on Monday that Iran billed as a retaliation to American airstrikes ordered by President Donald Trump ended with missiles were intercepted in the air, and no one was killed or hurt. The Qataris knew the missile barrage was coming. So did the Americans. The Iranians had told them.

(3) Oil extended a slump as US President Donald Trump announced a tentative ceasefire between Iran and Israel.

(4) UK Prime Minister Keir Starmer will vow to spend 5% of British economic output on security by 2035, embracing an ambitious NATO target sought by President Donald Trump without providing a path on how to get there.

(5) The European Union and Canada have signed a security partnership that moves them closer to cooperation on military purchases, as Prime Minister Mark Carney aims to reduce his country’s dependence on the US for defense.

(6) UK Prime Minister Keir Starmer welcomed a three-year program by Amazon.com Inc. to invest £40 billion ($54 billion) in the British economy over the next three years, including opening four new warehouses.

Podcast Conversation:Ireland Sees Thousands of Jobs at Risk From US Pharma Tariffs and Stephen meeting Ireland's Finance Minister

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On today's podcast:

(1) The unprecedented US airstrikes on Iran have set traders and governments worldwide on edge, as the Islamic Republic warns of retaliation and Israel shows no sign of letting up in its assault.

(2) Iran warned there would be consequences for US strikes on its key nuclear sites and said it “reserves all options,” while showing restraint in its initial response.

(3) The US State Department issued a “Worldwide Caution” alert for American citizens, flagging the potential of travel disruptions and demonstrations following the US strikes on Iranian nuclear facilities.

(4) Oil jumped after the US struck Iran’s nuclear sites, stoking concerns that energy supplies from the Middle East could be disrupted.

(5) Two supertankers, each capable of hauling about 2 million barrels of crude, U-turned in the Strait of Hormuz after US airstrikes on Iran raised the risk of a response that would ensnare commercial shipping in the region.

(6) The UK said its military wasn’t involved in American air strikes on Iran, although a cabinet minister expressed support for their results

Bloomberg Opinion:
+  To a President With a Midnight Hammer, Everything Is a Nail
+ The US Has Two Paths in Iran. Tehran’s Clerics Will Decide Both.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) President Donald Trump will decide within two weeks whether to strike Iran, his spokeswoman said, as Israel hit more Iranian nuclear sites and warned its attacks may bring down the leadership in Tehran.

(2) Iran is racing to get its oil out into the world, a sign of the unusual logistical steps that Tehran is undertaking as the US mulls joining Israel in bombing the Persian Gulf state.

(3) The conflict between Israel and Iran is spilling over into the digital world, inflaming a decades-long campaign of hacks and espionage between two nations renowned for their cyber prowess.

 
(4) Organized gangs are behind most UK vehicle theft, using electronic tools to disrupt remote locking devices, and police are struggling to keep up, with an estimated nine stolen cars slipping through their fingers for every one intercepted.

(5) The Bank of England held interest rates at 4.25% in a more divided vote than expected as policymakers weighed up the UK’s softening jobs market and weak growth against a backdrop of mounting geopolitical tensions.

(6) The European Union is continuing intensive trade talks with the US ahead of a July 9 tariff deadline set by President Donald Trump and is “making progress,” according to EU Economy Commissioner Valdis Dombrovskis

Podcast Conversation: AI Barbie? Mattel Is Gambling With Toys That Are Too Good

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On today's podcast:

(1) Senior US officials are preparing for the possibility of a strike on Iran in the coming days, according to people familiar with the matter, a sign that Washington is assembling the infrastructure to directly enter a conflict with Tehran.

(2) Federal Reserve officials continued to pencil in two interest-rate cuts in 2025, though new projections showed a growing divide among policymakers over the trajectory for borrowing costs as tariffs make their way through the US economy.

(3) The Bank of England is expected to keep interest rates at 4.25% on Thursday and signal it is sticking with its one-cut-every-other-meeting approach as officials try to strike a balance between elevated inflation, higher oil prices and a slowing economy.

(4) London is seeking to attract more Chinese firms to list on its stock exchange as the city struggles with a shrinking equity market and a deal drought across Europe.

(5) The number of London homes for sale at £5 million ($6.8 million) or more rose to the highest on record last month, as the nation contends with the departure of wealthy foreigners looking to escape tax hikes.


Podcast Conversation: Gen Z Drives Britain’s Consumer Confidence to Highest This Year

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On today's podcast:

(1) President Donald Trump met with his national security team in Washington for more than an hour on Tuesday to discuss the escalating Middle East conflict, according to people familiar with the matter, fueling fresh speculation that the US is on the verge of joining Israel’s attack on Iran.

(2) US President Donald Trump has a wide range of military assets in the Middle East and across the globe to bring to bear in a potential fight against Iran as he weighs one of the most momentous foreign policy decisions of his administration.

(3) The top US bank regulators plan to reduce a key capital buffer by up to 1.5 percentage points for the biggest lenders after concerns that it constrained their trading in the $29 trillion Treasuries market.

(4) The UK is looking to restrict the number of visas it gives to countries which refuse to sign returns agreements with Britain, Prime Minister Keir Starmer said, as his government pursues more assertive measures to reduce levels of net migration.

(5) OpenAI Chief Executive Officer Sam Altman said Meta Platforms Inc. has offered his employees signing bonuses as high as $100 million, with even larger annual compensation packages, as it seeks to build a top artificial intelligence team.

Podcast Conversation: At Art Basel, Dealers Reap Rewards By Avoiding Politics and War

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On today's podcast:

(1) President Donald Trump is set to depart the Group of Seven leaders’ summit in Canada a day early, after warning residents of Tehran to evacuate the city as Israel continued to bombard Iran in a bid to disable its nuclear program.

(2) President Donald Trump’s hasty exit from the Group of Seven conference in Canada deepened questions about his promise to bring peace to an increasingly violent world and added fresh evidence of his skepticism toward the institutions that have long underpinned US diplomacy.

(3) Oil jumped after US President Donald Trump called for the evacuation of Tehran, before paring gains, as the market remained on edge about an escalation in the conflict with Israel that could disrupt crude supply.

(4) Prime Minister Keir Starmer reached an agreement with US President Donald Trump to implement trading terms disclosed last month to slash US tariffs on key British exports and raise UK quotas on certain American agricultural products.

(5) US President Donald Trump and Japanese Prime Minister Shigeru Ishiba failed to reach an agreement on a trade package on the sidelines of the Group of Seven summit, an outcome that leaves the Asian nation inching closer to a possible recession as the pain of US tariffs hits its economy.

(6) The Bank of Japan left its benchmark rate unchanged and unveiled a plan to slow its withdrawal from the bond market from next year in a sign of caution following heightened market volatility.

(7) A damning report into group-based child sexual exploitation in England and Wales has found that the ethnicity of people involved in grooming gangs has been "shied away" from -- and not recorded in two-thirds of cases.

Podcast Conversation: Ken Griffin on Trump, Harvard and Why Novice Investors Can’t Win

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On today's podcast:

(1) Open hostilities between Israel and Iran entered a fourth day on Monday with no sign of easing, stoking fears of a wider war in the oil-rich region.

(2) Oil-watchers are bracing for a further price rally after Israeli strikes on Iranian energy assets heightened the risk to Middle East supplies.

(3) President Donald Trump said he believed it’s possible Israel and Iran could reach an agreement to end their conflict, though the two sides may need to continue fighting before they’re ready to broker a peace deal.

(4) The UK government is trying to walk a tightrope on relations with Israel, expressing support for its military action against Iran while also criticizing the war in Gaza.

(5) The UK will seek to restart trade negotiations with Canada, Prime Minister Keir Starmer said, as he strives to strengthen commercial ties around the world to better insulate Britain’s economy from the fallout of US President Donald Trump’s tariff war.

(6) The UK appointed the first woman to lead its secret intelligence service MI6 as Prime Minster Keir Starmer warned of the increasing threats Britain faces from its adversaries.

Podcast Conversation:Iran’s Leaders Face a Reckoning as Israeli Strikes Intensify

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) Israel launched waves of airstrikes against Iran’s nuclear program and ballistic-missile sites on Friday morning, a major escalation in the standoff between the two adversaries that risks sparking a wider war in the Middle East.

(2) Explosions were heard across Tehran and in the city of Natanz, home to one of its nuclear sites, according to videos and local media.

(3) US President Donald Trump says Iran cannot have a nuclear bomb, Fox News journalist Bret Baier reports, citing an interview with him after Israel launches strikes against Iran. The strikes came just hours after Trump had suggested to reporters the US still believed in the prospects for a diplomatic solution.

(4) Oil surged as much as 13% after Israel carried out waves of military strikes against Iran, raising fears of a wider war in a region that accounts for a third of global crude production.

(5) Stocks fell along with equity-index futures and investors rushed to the safety of haven assets after Israel attacked Iran’s nuclear program sites in a major escalation of tensions in the Middle East. Crude oil jumped 9%, the biggest move in more than three years.

(6) Investigators have started combing the wreckage of Air India flight AI171 as they seek to determine what caused the Boeing Co. Dreamliner to crash shortly after takeoff Thursday afternoon, killing all but one of the 242 people aboard in the deadliest aviation accident in more than a decade.

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On today's podcast:

(1) As the pace of wealthy individuals leaving London quickens, the numbers are starting to stack up: Labour’s flagship “tax the rich” policy risks becoming a net drain on the UK economy.

(2) Rachel Reeves will pump billions of pounds into areas outside London as the Labour government tries to head off an electoral threat posed by Nigel Farage’s Reform UK.

(3) President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies.

(4) The US ordered some staff to depart its embassy in Baghdad and authorized families of military service members to leave the region, officials said, after Iran threatened to strike American bases if it’s attacked over its nuclear program.

(5) The Pentagon has launched a review of the Biden-era Aukus pact to develop nuclear-powered submarines with Australia and the UK, as the Trump administration looks to shift the burden for collective defense to allies and make sure the US has enough warships of its own.

(6) Northern Ireland has seen a third night of clashes between rioters and police, in violence that's been described by officials as racially motivated.

Podcast Conversation:Five French Countryside Escapes That Pair Perfectly with Paris

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On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves will defend her fiscal choices and trumpet billions of pounds of infrastructure investment in the UK spending review on Wednesday, as Keir Starmer’s government seeks to regain momentum after a faltering first year in power.

(2) The US and China agreed to a preliminary plan to ease trade tensions, which could revive the flow of sensitive goods between the world’s two largest economies. 

(3) Donald Trump can continue to enforce his global tariffs for now, a federal appeals court held in a win for the president on one of his signature economic policies. 

(4) European Central Bank Governing Council member Yannis Stournaras said the US’s unpredictable behavior on tariffs is undermining the dollar’s status as the global reserve currency and is an opportunity for the euro, according to an interview in Handelsblatt.

(5) Secretary of State Marco Rubio rebuked five allies over sanctions they imposed on two members of Israel’s cabinet as fissures between the US and its partners widen over the war in Gaza and the treatment of Palestinians.

(6) Curfew area will be about one square mile in downtown, and runs from 8pm to 6am, Los Angeles mayor Karen Bass says at a press conference.

Podcast Conversation: Sony’s Bet on Sports Pays Off With AI Line Judges at Wimbledon

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On today's podcast:

(1) UK employment plunged by the most in five years and wage growth slowed more than forecast, as the labor market deteriorated after Chancellor of the Exchequer Rachel Reeves ramped up the cost of hiring.

(2) The Trump administration escalated its response to anti-deportation protests in Los Angeles with the mobilization of 700 Marines, deploying active-duty military on the ground and deepening tensions with California officials.

 
(3) Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

(4) As fewer large companies opt to go public in Europe, the region’s stock exchanges are fighting harder to win the biggest listings.

(5) Keir Starmer’s government said more than three-quarters of pensioners in England and Wales will receive cold weather fuel payments this winter, reversing the bulk of a cut to the benefit that many of his lawmakers blamed for the ruling Labour Party’s waning popularity.

Podcast Conversation: Podcast Conversation: Best Restaurant in the UK Is in One of London’s Fanciest Hotels

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On today's podcast:

(1) The Trump administration escalated its response to anti-deportation protests in Los Angeles with the mobilization of 700 Marines, deploying active-duty military on the ground and deepening tensions with California officials.

 
(2) Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

(3) As fewer large companies opt to go public in Europe, the region’s stock exchanges are fighting harder to win the biggest listings.

(4) Keir Starmer’s government said more than three-quarters of pensioners in England and Wales will receive cold weather fuel payments this winter, reversing the bulk of a cut to the benefit that many of his lawmakers blamed for the ruling Labour Party’s waning popularity.

(5) Apple introduced a number of AI-powered features during the company’s Worldwide Developers Conference on Monday, even as long-awaited enhancements to its Siri voice assistant remain far off.

 (6) Barclays is preparing to cut more than 200 jobs in its investment bank in the coming days as part of Chief Executive Officer C.S. Venkatakrishnan’s plan to boost the profitability of the division.

Podcast Conversation: Best Restaurant in the UK Is in One of London’s Fanciest Hotels

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On today's podcast:

(1) Tensions flared in Los Angeles on the third day of anti-deportation protests, as demonstrators clashed with law enforcement while President Donald Trump and California Governor Gavin Newsom exchanged blame over the unrest and responsibility for restoring order.

(2) The US and China are set to resume trade negotiations in London on Monday in a bid to further defuse tensions over rare-earth minerals and advanced technology following a phone call between leaders Donald Trump and Xi Jinping last week.

(3) Keir Starmer will make an appearance alongside Nvidia Corp co-founder Jensen Huang on Monday, as the British prime minister puts technology and artificial intelligence at the heart of his government’s plan to boost economic growth.

(4) The UK’s finance industry kept its lead over the rest of Europe in attracting foreign investment last year, although activity across the region slowed, according to professional services firm EY. 
 
(5) European Central Bank Executive Board member Isabel Schnabel sees a favorable moment now to strengthen the euro’s global role as investors turn to Europe.

Podcast Conversation:Monograms Wield Power in an Age of Resale and Superfakes: Essay

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As fighting in Ukraine drags on and Donald Trump demands that Europe take greater responsibility for its own security, the UK is confronting the hard reality of rebuilding its military strength. The challenge lies in overcoming years of underinvestment, failed contracts, and recruitment struggles. While European allies are pledging billions of euros to boost domestic defense manufacturing, the UK is scrambling to catch up in an industry it once dominated. In this special podcast, Daybreak Europe host Caroline Hepker speaks with CEOs and industry experts, along with our Political Correspondent Ellen Milligan and Bloomberg’s Chief UK Economist Dan Hanson, to assess whether Britain has what it takes to realize its ambition of once again becoming a major military power.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) Differences between US President Donald Trump and Elon Musk exploded Thursday into an all-out public feud.

 
(2) Tesla’s shares sank as Elon Musk and President Donald Trump’s simmering feud devolved into a public war of words between two of the world’s most powerful people.

(3) US President Donald Trump and Chinese President Xi Jinping on Thursday agreed to further trade talks aimed at resolving disputes over tariffs and supplies of rare earth minerals at the heart of tensions between the world’s two largest economies.

 
(4) German Chancellor Friedrich Merz successfully navigated a 40-minute meeting with Donald Trump in the Oval Office without falling victim to the public humiliation the American president has doled out to other leaders — even though both Germany and Europe are two of Trump’s perpetual irritants.

 
(5) Christine Lagarde just unveiled an outlook that may be as good it gets for the euro zone.

(6) Zia Yusuf resigned as chairman of Reform UK after 11 months in the job, delivering a blow to its leader, Nigel Farage, who has promised to build and professionalize the insurgent party in a quest for power at the next general election.

Podcast Conversation: A Mega Fun Run Becomes a Finance Bro Blood Sport

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On today's podcast:

(1) President Donald Trump signed a proclamation that bans individuals from 12 countries from entering the US, reinstating one of the most controversial measures from his first term after an attack in Colorado that targeted an event supporting Israeli hostages.

(2) Elon Musk is on a mission to block President Donald Trump’s tax bill after he tried — and failed — to convince Republican lawmakers to preserve valuable tax credits for electric vehicles in the legislation, according to a person familiar with the matter.

(3) Donald Trump on Wednesday broadcast Vladimir Putin’s warning that he’ll retaliate against Ukraine for its recent stunning drone strikes deep inside Russian territory, the clearest signal yet that the US president’s peace efforts have stalled.

(4) Some of the world’s biggest banks are pushing UK regulators to accelerate plans to ease rules around deferred bonuses so the new regime can be applied to payouts for 2025, according to people familiar with the matter.

(5) The Trump administration’s attack on US diversity, equity and inclusion policies is reverberating across the Atlantic, with corporations abandoning sponsorships of Britain’s Pride festivals, threatening key funding for events this summer.

Podcast Conversation: Deliveroo Launches Drone Food Delivery Service in Dublin

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On today's podcast:

(1) President Donald Trump has raised steel and aluminum tariffs to 50% from 25%, following through on a pledge to boost US import taxes to help domestic manufacturers.

(2) Chinese Foreign Minister Wang Yi used his first meeting with new US Ambassador David Perdue to complain about recent actions by Washington, underscoring a downturn in relations between the world’s two biggest economies.

 
(3) Donald Trump ally Elon Musk lambasted the president’s signature tax bill as a budget-busting “abomination” as Republican fiscal hawks stepped up criticism of the massive fiscal package.

(4) Volkswagen AG said about 20,000 employees will voluntarily leave the company by the end of the decade as the carmaker restructures its German operations to cope with uneven demand for its vehicles.

(5) Britain’s ammunition production begins life in the ancestral town of George Washington. Hundreds of technicians and robots work around the clock to manufacture the empty shells that are then filled with explosives and fired from a range of artillery systems.

Podcast Conversation: Taylor Swift’s Catalog Win Is a Masterclass in Business

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On today's podcast:

(1) Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said. The Paris-based organization slashed its global forecasts for the second time this year, citing the impact of the American president’s tariff onslaught. 

(2) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats.

(3) Far-right lawmaker Geert Wilders pulled his Freedom Party out of the Netherlands’ ruling coalition, causing the government to collapse and triggering a snap election.

(4) Thames Water’s preferred bidder KKR has pulled out of a rescue deal in a major setback for the utility. The US alternative asset manager “will not be in a position to proceed, and its preferred partner status has now lapsed,” Thames said in a statement Tuesday.

(5) Private credit firms enjoy a “significant” capital advantage over traditional banks that’s unlikely to disappear, according to Bill Winters, chief executive officer of Standard Chartered

Podcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave Lee

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats. 

(2) Treasuries began June on the back foot with 30-year bond yields testing the 5% level as concerns over President Donald Trump’s tariff policies resurfaced at the start of a data-heavy week for assessing the health of the world’s largest economy.

(3) French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni will look to patch up difficult relations during a bilateral meeting in Rome on Tuesday, as Europe grapples with the seismic geopolitical shifts caused by the Trump administration.

(4) Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war, but laid the groundwork for a new exchange of prisoners.

(5) The UK envisages taking an enhanced role in NATO’s nuclear deterrence amid doubts surrounding the US commitment to the alliance, as Prime Minister Keir Starmer pledges to make Britain “war-ready” to counter Russian aggression in Europe.

(6) Immigration minister Seema Malhotra said it is still too soon to know whether the government’s plans to make it harder for migrants to claim settlement in the UK will apply retroactively to those already in the country, potentially extending the wait for millions who arrived in the country since the pandemic.

Podcast Conversation:Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave Lee

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On today's podcast:

(1) Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia.

(2) The UK will create an “always on” munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia’s assault on Ukraine showing little sign of ending. 

(3) A nationalist candidate backed by Donald Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the country’s pro-European Union government.

(4) Six people were injured in an attack on an event in Boulder, Colorado, held in support of Israeli hostages, police and FBI officials said, sparking renewed concern about threats of antisemitic violence in the US. The FBI says the suspect was heard to yell 'Free Palestine' while using a makeshift flamethrower.

(5) China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks.

(6) The dollar will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest rate cuts and slowing growth, according to predictions by Morgan Stanley.

Podcast Conversation: Jesse Armstrong: ‘I’m Interested in the Power, Not the Money’

Podcast Image Source: Ukrainian Security Service

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, giving at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order.

(2) US Treasury Secretary Scott Bessent said trade talks with China are “a bit stalled,” and that a call between President Donald Trump and his counterpart Xi Jinping may be needed for the world’s two largest economies to reach a deal.

(3) President Donald Trump pushed Federal Reserve Chair Jerome Powell to lower interest rates at their first in-person meeting since the president’s inauguration, the White House said.

(4) Buried deep in the more than 1,000-page tax-and-spending bill that President Donald Trump is muscling through Congress is an obscure tax measure - section 899 - that's setting off alarms on Wall Street and beyond.

(5) The US economic outlook remains stronger than Europe despite sweeping policy uncertainty causing ripples across the economy, according to Citigroup Inc. Chief Executive Officer Jane Fraser.

(6) Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and “minimize negative effects” of Brexit.

Podcast Conversation: Why Wall Street Interns Are Safe From AI: Marc Rubinstein

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On today's podcast:

(1) The vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court, dealing a major blow to a pillar of his economic agenda.

(2) US assets got a boost Thursday after a vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court. Upbeat earnings from Nvidia Corp. also lifted investor sentiment.

(3) Billionaire Elon Musk said Wednesday that his time as formal adviser to President Donald Trump is coming to a close, raising questions about the future of the Department of Government Efficiency effort he spearheaded.

(4)  Nvidia hief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.”

(5) Federal Reserve officials broadly agreed heightened economic uncertainty justified their patient approach to interest-rate adjustments, minutes from their latest policy meeting showed Wednesday.

(6) The UK said it plans to require the country’s pension funds to invest in private markets and the domestic economy, a move widely opposed by the City of London’s investment managers. 

Podcast Conversation: Trump Bristles at ‘TACO Trade’ That Bets on Him Backing Down

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On today's podcast:

(1) For decades, Asia’s export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets.

(2)  Investors are on tenterhooks Wednesday for an auction of 40-year Japanese government bonds as volatility in the nation’s yields continues to rumble through global debt markets.

(3) President Donald Trump warned in a social media post Tuesday that Russian leader Vladimir Putin was “playing with fire”, as the US weighs whether to target Moscow with additional sanctions over its long-range missile and drone barrage against Ukraine.

(4) US Homeland Security Secretary Kristi Noem urged Poles to vote for the nationalist opposition candidate in Sunday’s presidential election, wading into a tightly-contested campaign that threatens to derail efforts to rebuild the country’s democratic institutions. 

(5) SpaceX’s colossal Starship rocket suffered a leak, tumbled out of control in space and disintegrated as it hurtled back to Earth during a test flight on Tuesday, in a third setback in a row for the Elon Musk-led company.

(6) The UK government said it would cut back planning hurdles faced by smaller housebuilders, as Prime Minister Keir Starmer seeks to deliver on his target of building 1.5 million new homes.

Podcast Conversation: Car Lovers' Best Advice for How to Plan the Perfect Summer Drive

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On today's podcast:

(1) A 53-year-old man has been arrested after a car ploughed into a crowd of people during Liverpool's Premier League victory parade. Merseyside Police said the suspect was white, British and from the Liverpool area.

(2) The European Union said it agreed to accelerate negotiations with the US to avoid a transatlantic trade war, signaling a more amicable approach just days after President Donald Trump criticized the bloc for taking advantage of the US and slow-walking talks.

(3) President Donald Trump’s erratic policies offer a “prime opportunity” to strengthen the euro’s international role and allow the currency bloc to enjoy more of the privileges so far reserved for the US, European Central Bank President Christine Lagarde said.

(4) NATO Secretary General Mark Rutte confirmed the alliance will seek to adopt a new defense spending target of 5% of GDP at a June summit, meeting a demand by US President Donald Trump that had originally seemed unrealistic.

(5) Freed from the clutches of government ownership, NatWest Group Plc is getting ready to chart its own course for the first time in almost two decades.

(6) The UK government plans to train 120,000 British builders, engineers and care workers as it tries to curb migration without worsening skill shortages.

(7) King Charles III arrived in Canada to open a new parliamentary session at the invitation of Prime Minister Mark Carney, a move designed in part to send a message to US President Donald Trump about the northern country’s sovereignty.

 Podcast Conversation: Tom Cruise Really Did Get a US Aircraft Carrier for This Mission

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) The Trump Administration blocked Harvard University from enrolling international students, delivering a major blow to the school and escalating its fight with elite colleges to unprecedented levels.

 
(2) Former US Treasury Secretary Lawrence Summers blasted the Trump administration’s decision to block Harvard University from enrolling international students, calling on the institution to fight back.

 
(3) The US Supreme Court shielded the Federal Reserve from Donald Trump’s push to fire top officials at independent federal agencies, in a decision likely to quell concerns that the president might move to fire Jerome Powell.

(4) President Donald Trump cut a deal with blue-state Republicans on taxes and put down an 11th-hour rebellion by conservatives over spending to get his “one big, beautiful bill” passed by the House.

(5) European Central Bank President Christine Lagarde warned that international trade will be changed forever by the tensions over tariffs, even as the world’s leading economies edge toward some compromises.

 
(6) Apple is aiming to release smart glasses at the end of next year as part of a push into AI-enhanced gadgets, but it has shelved plans for a smartwatch that can analyze its surroundings with a built-in camera.

 
Podcast Conversation: Meet the Chefs Creating Incredible, Innovative Caribbean Food in London

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On today's podcast:

(1) President Cyril Ramaphosa came to the White House looking to persuade President Donald Trump to stop floating the conspiracy theory that there’s a genocide against White people in South Africa. Instead, the man who’d helped negotiate the end of apartheid walked into a trap.

(2) Two members of the Israeli embassy’s staff were fatally shot outside the Capital Jewish Museum in Washington on Wednesday night, Homeland Security Secretary Kristi Noem said.

(3) The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine.

(4) In the world’s biggest bond market, investors are pushing back against President Donald Trump’s tax-cut plan.

(5) Britain’s Labour government will make its sharpest U-turn since returning to power by limiting cuts to pensioners’ subsidies, as it puts the electoral threat posed by Nigel Farage ahead of lingering concern about the public finances.

Podcast Conversation: As F1 Has Grown in the US, So Has the Market for Memorabilia

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On today's podcast:

(1) Oil jumped following a CNN report that new US intelligence suggests Israel is preparing for a potential strike on Iranian nuclear facilities.

(2) European and UK officials ratcheted up pressure on Israel over its latest offensive in Gaza, expanding the international outcry over the humanitarian crisis caused by the conflict.

 
(3) Canadian Finance Minister Francois-Philippe Champagne said Group of Seven countries have started discussing tariffs on oversupplied, low-value Chinese products.

(4) Elon Musk said he’s committed to still leading Tesla five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.

(5) UK Chancellor of the Exchequer Rachel Reeves will hold talks with US Treasury Secretary Scott Bessent this week, as the two countries continue to finalize the details of an agreement to cut tariffs imposed by President Donald Trump’s administration.

Podcast Conversation: Start Your Day Like a Boss: What CEOs Listen To on Their Commutes

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On today's podcast:

(1) After two hours talking with Putin, Trump said on social media that Ukraine and Russia would “immediately start negotiations” toward a ceasefire — but possibly without the US. There was no sanctions threat, no demand for a time-line, and no pressure on the Russian leader.

 
(2) Prime Minister Keir Starmer heralded a “landmark deal” between the UK and the European Union on Monday that he billed as a reset moment for relations under his government. Still, with many details unresolved, Brexit never quite seems to be over.

(3) Israel will take over the entire Gaza Strip, Prime Minister Benjamin Netanyahu said on Monday, as the military announced it would carry out an “unprecedented attack” on Hamas.

(4) The Bank of England is considering ways to loosen post-crisis rules that forced banks to separate their retail and investment banking arms after a number of UK lenders called for the regime’s removal.

(5) Washington lawmakers are risking a “fiscal disaster” if a recession hits as they plow on with their package of sweeping tax cuts, according to Guggenheim Securities Co-Chair Jim Millstein.

(6) JPMorgan Chase Chief Executive Officer Jamie Dimon warned against complacency in the face of a slew of risks, citing everything from inflation and credit spreads to geopolitics.

Podcast Conversation: Nine Travel Products That Will Make Summer Vacation a Breeze

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On today's podcast:

(1) UK and European Union negotiators worked into Sunday evening in a bid to reset post-Brexit relations under Keir Starmer’s new Labour government ahead of a summit in London.

(2) Investors faced yet another bumpy start to the trading week with US assets coming under fresh pressure, although it’s mounting concern over American debt rather than tariffs generating the volatility this time.

(3) Vladimir Putin believes he has a strong hand ahead of a phone call Monday with Donald Trump and European leaders are trying to prevent the US president from rushing through a deal.

(4) A rising number of Americans are exploring a move overseas to escape the tumult of Donald Trump’s administration. But those looking to Europe are seeing their options narrow by the day.

(5) Former US President Joe Biden has been diagnosed with an aggressive form of prostate cancer, his office announced.

(6) Scottie Scheffler has pulled away to win the PGA Championship for a third major title.

Podcast Conversation: London's Alfresco Dining Revival Has One Obstacle: Londoners and When Your Favorite Restaurant Becomes a Statistic

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We wanted to bring you an episode from another podcast we think you'd like. Here's a special episode from our UK Politics team.

The UK is hugely dependent on overseas workers in the social-care sector, supporting the elderly, vulnerable and disabled. After a year-long investigation, Bloomberg has uncovered how potential migrants are being conned out of millions of pounds. Our trade and migration correspondent Lucy White explains how the system is being abused and what it means for a Labour government trying to cut immigration. Hosted by Stephen Carroll and Yuan Potts.

Listen to the Bloomberg UK Politics podcast on Apple, Spotifyor anywhere you listen.

Read the full investigation.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Keir Starmer's plan to reset Britain's relationship with the EU has been met with challenges, particularly on immigration and defense, during negotiations with European leaders.

(2) Hopes faded for a Ukraine ceasefire after Vladimir Putin sent a low-level delegation to talks in Turkey, while attention shifted to bids on Capitol Hill for fresh sanctions to bring the Russian leader to the negotiating table.

(3) At least five sizable companies are considering initial public offerings on European stock exchanges in the coming weeks, taking advantage of easing market volatility.

(4) Britain may be able to squeeze more out of its richest 1% despite them already paying a quarter of all personal tax revenues, according to the UK spending watchdog.

(5) Exclusive:UK Visa Scams Squeeze Millions From Would-Be Care Workers.Recent changes to immigration policy won’t do anything for people who’ve been exploited while seeking jobs in the UK. But they may worsen the care-worker shortage.

Podcast Conversation: Why Are the British Becoming So French?

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Your morning briefing, the business news you need in just 15 minutes. On today's podcast:

(1) Russian President Vladimir Putin named a group of low-level officials to represent his government at talks with Ukraine in Turkey, and gave no indication that he planned to join the negotiations.

(2) Foreign ministers in NATO are gathering to discuss the future of European security. The diplomats meet in Turkey this morning to establish the agenda for the alliance's annual summit in June, where the US has made a higher defense spending target a priority.

(3) Burberry’s new boss is calling time on the British fashion label’s decade-long attempt to join the upper ranks of global luxury.

(4) The White House said President Donald Trump had secured deals totaling more than $243.5 billion with Qatar, laying the groundwork for a bigger $1.2 trillion economic pledge with the tiny Gulf country.

(5) The UK is drawing up plans for a special visa for foreigners who invest significant sums in Britain, as Prime Minister Keir Starmer’s government seeks to blunt the economic blow from recent tax hikes and wider curbs on work permits.

(6) Stephen Jen, a long-time market veteran who runs Eurizon SLJ Capital, has become so discouraged by the fiscal largesse he’s seen from the new administration that he’s started to wonder if the US needs a bond-market blowup akin to the one that did in UK Prime Minister Liz Truss’s government to force it to change course. 

Podcast Conversation: Uber Eats Is the Newest Place to Book Prime Restaurant Tables

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On today's podcast:

(1) The Trump administration is clearing a path for two key Persian Gulf allies to pursue their artificial intelligence ambitions — and some of the biggest US tech companies are seizing on that opening with plans to spend billions of dollars in the region.

(2) President Donald Trump and Saudi Crown Prince Mohammed bin Salman touted a pledge for $1 trillion in commercial deals in Riyadh on Tuesday, a staggering figure that doesn’t quite stand up to scrutiny.

(3) President Donald Trump said a luxury jet being offered by the government of Qatar would be used as a temporary Air Force One, indicating an intention to accept a gift that has sparked ethical and security concerns in Washington.

(4) It's only been 6 weeks since the UK's non-dom tax regime ended. It gave wealthy individuals favourable tax treatment for overseas earnings. Now Italy is proving an early winner in the race to attract wealthy investors from the UK.

(5) NATO allies have started cobbling together an agreement to significantly boost defense spending in a way that may assuage US President Donald Trump’s demand to spend 5% of economic output on the military.

 
(6) The UK and EU are in the toughest stage of talks to agree a common security pact, Defence Secretary John Healey said, as the government seeks to secure access to European spending programs for British firms.

Podcast conversation:The Designer Who Taught American Women How to Dress

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On today's podcast:

(1) UK pension fund managers have agreed to invest at least 5% of their assets at home, marking a win for the Labour government that’s seeking to boost the economy by drawing billions of pounds into local startups and infrastructure projects.

(2) Most Asian stock markets rose, following a rally in US equities, on optimism the US-China trade truce marks the end to an all-out tariff war.

(3) Xi Jinping’s decision to stand his ground against Donald Trump could hardly have gone any better for the Chinese leader. 

(4) UK counter-terrorism police are investigating a fire that took place in the early hours of Monday morning at a residential London home owned by Prime Minister Keir Starmer.

(5) Apple is planning to use artificial intelligence technology to address a frequent source of customer frustration: the iPhone’s battery life.

Podcast conversation: 
Samsung Debuts $1,099 S25 Edge, Kicking Off Wave of Thin Phones

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On today's podcast:

(1) The US and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences.

(2) Investors rushed back into stocks and risk assets, powering a 3% surge in S&P 500 futures, after China and the US agreed to cut tariffs and de-escalate a trade war that had sown turmoil in global markets. Treasuries and gold tumbled.

(3) Treasury Secretary Scott Bessent also told press the positive mood music set by the UK and Swiss teams was in stark contrast to the EU.

(4) Shares of pharmaceutical companies fell across the world after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries, prompting concern that profits will take a hit.

(5) UniCredit has posted first-quarter profit that topped analyst expectations, as net income in the first three months of the year rose to €2.77 billion

(6) Donald Trump’s effort to secure peace in Ukraine is reaching a decisive moment with Ukraine’s Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week.

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On today's podcast:

(1) US and China both reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called “an important first step” toward resolving differences.

(2) The UK will increase English-speaking requirements for migrants, and make it harder for them to stay in the country as part of efforts to rein in levels of net immigration that have touched records in recent years.

(3) Donald Trump’s effort to secure peace in Ukraine is reaching a decisive moment with Ukraine’s Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week.

(4) After four days that saw the worst fighting between India and Pakistan in half a century, as well as some nuclear saber-rattling, Donald Trump on Saturday declared that both countries had reached a “FULL AND IMMEDIATE CEASEFIRE.”

(5) As President Trump reconfigures global trade, the euro is riding its biggest rally in two decades and traders including Amundi and Templeton say that's just the beginning.

(6) President Donald Trump’s administration is likely to accept a luxury Boeing 747-8 jumbo jet from Qatar’s royal family, in what may be the most valuable gift ever received from a foreign government, ABC News reported Sunday.

Podcast conversation: The Airline Hack One Entrepreneur Uses Not to Miss a Connection

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The Trump administration is considering a significant tariff reduction in talks with China to ease economic pain and de-escalate tensions. The US aims to reduce tariffs below 60% as a first step, which China may be prepared to match, with progress possible as soon as next week.

(2) The new trade deal between the US and UK includes a carve-out for autos, which could reduce the tariff levy from 27.5% to 10%, making a 0.1% difference to UK GDP. The deal's impact is limited because almost half of UK value-add that ends up in the US is exported via other countries, and global uncertainty remains a major drag on the UK economy.

(3) US President Donald Trump’s trade policy is upending long-held alliances, threatening global growth and causing mayhem for business. For UK homeowners, though, it is working out quite well. In the last few weeks, several major high street lenders have cut mortgage deals below 4% for the first time in months.

(4) Mayor of London Sadiq Khan will “actively explore” building on the city’s green belt in what would amount to the biggest change to housing policy in the UK capital since the 1960s. The mayor will announce a consultation on releasing parts of London’s green belt in a speech Friday, saying that some building in the protected zone around the city is necessary to meet the capital’s targets and to end a housing crisis.

(5) Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.

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On today's podcast:

(1) President Donald Trump is expected to announce a trade agreement with the United Kingdom at a news conference Thursday morning in Washington, according to people familiar with the matter.

(2) Details of An agreement are not immediately clear, but it is likely to be a framework deal that will serve as a starting point for further negotiations. The UK and US have been in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said.

(3) Chancellor of the Exchequer Rachel Reeves is on track to miss both her fiscal rules by tens of billions of pounds in the UK’s autumn budget, according to a prominent economic think tank, leaving her no option but to raise taxes or cut spending.

(4) The Bank of England is expected to cut interest rates by a quarter percentage point Thursday and may signal that another move is likely in June, potentially putting the central bank on course for its first back-to-back reductions since 2009 as the US trade war darkens the outlook for growth.

(5) Federal Reserve Chair Jerome Powell said officials are not in a hurry to adjust interest rates, adding tariffs could lead to higher inflation and unemployment. 
“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment,” Powell said Wednesday at the conclusion of a two-day meeting in Washington. 

(6) The Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments, according to people familiar with the matter.

Podcast conversation: Bill Ackman Bought a $4.9 Million Watch Collectors Obsess Over

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On today's podcast:

(1) India conducted targeted military strikes against Pakistan, which said it retaliated in expected tit-for-tat blows after a militant attack last month in Kashmir that killed 26 people.

(2) India and the UK agreed to a landmark trade deal slashing tariffs on cosmetics, vehicles, alcoholic beverages and other goods, as both sides look for wins to offset the disruption of President Donald Trump’s protectionist policies. 

(3) The UK and US are in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said.

(4) China reduced its policy rate and lowered the amount of cash lenders must keep in reserve, as Beijing ramps up efforts to help an economy caught in a second trade war with the US.

(5) Friedrich Merz sought to move past an embarrassing stumble as he took power in Germany, vowing to reboot the economy and revive the country’s military. 

Podcast conversation: Macron Wants a Netflix in Paris, Not Just Emily: Lionel Laurent

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On today's podcast:

(1) Friedrich Merz has vowed to hit the ground running when he takes over as German chancellor on Tuesday, pledging swift action to galvanize Europe’s biggest economy, restore Berlin’s leadership role on the global stage and address voter concerns about irregular migration.

(2) China’s services activity deteriorated more than expected in April, a private survey showed, the latest setback for an economy already under pressure from US tariffs.

(3) Ford suspended its full-year financial guidance and said President Donald Trump’s auto tariffs will take a toll on profit, joining rivals stung by volatile global trade policies. 

(4) The Trump administration is declaring Harvard University ineligible for new research grants from the federal government in the latest escalation between the White House and the Ivy League school.

(5) The UK’s tax overhaul for wealthy foreigners will start costing more than it raises if one in four of those affected leaves the country, according to the Centre for Economics and Business Research.

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Financial analysts were far more prepared than most CEOs for the US tariffs announced on April 2. Analysts, who serve as a proxy for the financial markets, anticipated tariffs would soon be an enormous issue, mentioning the topic 62% more often than did CEOs during Q1 earnings calls. That’s the conclusion of the second edition of the CEO Radar—a tool to help CEOs determine which issues truly deserve their time and attention. It unpacks the leading topics discussed on almost 4,900 earnings calls worldwide in Q1 2025, enabling chief executives to compare their agendas to those of their peers, and to the market’s expectations. On this episode of the CEO Radar Podcast, Edward Adams of Bloomberg Media Studios is joined by BCG Global Chair Rich Lesser and Michael Brigl, Head of BCG’s Central European practice, to discuss how tariffs are likely to have a long-term effect on corporate operations.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Nigel Farage’s Reform UK has won a key parliamentary by-election following a recount, in a blow to Prime Minister Keir Starmer, fueling concerns in his Labour Party that he’s failing to slow the rise of the populist right.

(2) China said it is assessing the possibility of trade talks with the US, the first sign since Donald Trump hiked tariffs last month that negotiations could begin between the two sides.

(3) Japan aims to achieve a trade agreement with the US in June, with the high-stakes bilateral discussions expected to gain momentum in mid-May, Tokyo’s chief negotiator said after concluding the latest round of talks in Washington.

(4) Apple’s much-awaited quarterly earnings report failed to soothe investor concerns about its biggest challenges, including escalating tariff costs and a slowdown in China.

(5) Amazon said it’s bracing for a tougher business climate in the coming months, echoing concerns from a range of companies that tariffs and related economic turmoil could crimp consumer spending.

(6) President Donald Trump said he will nominate Michael Waltz, his current national security adviser, to be the next US ambassador to the UN, sidelining a top aide who drew a wave of criticism for inadvertently adding a journalist to a Signal group chat where officials discussed sensitive attack plans.

Podcast conversation:Not to attack Gen Z… but…this about Fake zoom meetings is brilliant Gen Z’s Social Tank Is Running on Empty: Opinion Wrap

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On today's podcast:

(1) The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared that President Donald Trump would pull back his support in peace talks with Russia.

(2)  Meta quelled Wall Street concerns about the impact of the Trump administration’s trade war on advertising sales, reporting first-quarter revenue that beat expectations and forecasting additional spending. 

(3) President Donald Trump acknowledged that his sweeping tariff program had risked imperiling him politically, but said he would not rush deals to appease nervous investors during a town hall on Wednesday.

(4) The European Union is planning to share a paper with the US next week that will set out a package of proposals to kick-start trade negotiations with the Trump administration.

(5) Microsoft shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence.

(6) The Swedish furniture chain IKEA operates in more than 60 countries worldwide, including a significant presence in the United States.The CEO of the Ingka group - which operates most of IKEA's stores - has been speaking to Bloomberg about how they're adapting to the tariff uncertainty.

Podcast conversation: What Meta Really Means About ‘Worse’ European Service: Dave Lee

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On today's podcast:

(1) President Donald Trump renewed criticism of Federal Reserve Chairman Jerome Powell as he championed his economic policies and tariff regime during a Tuesday event to mark his 100th day in office.

(2) Trump also said China deserved the steep tariffs he imposed on their exports and predicted Beijing could find a way to reduce their impact on American consumers.

(3) The European Union has made tangible offers to Donald Trump’s administration in an effort to return stability to the global economy, according to the bloc’s commissioner for international partnerships.

(4) Companies around the world including carmakers, brewers, airlines and packaged food makers are sounding a warning that US President Donald Trump’s import tariffs are beginning to wreak havoc on their businesses

(5) Switzerland risks missing out on lucrative contracts due to its policy of neutrality as European nations rearm in the face of Moscow’s aggression and tensions with the US.

(6) Drugmaker Astrazeneca has told us it is seeing no particular benefit from the UK government's focus on economic growth. The company abandoned a planned £450 million investment in the UK at the start of this year.

Podcast conversation: Controversial Arctic Parcel of Land May Sell for €300 Million

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On today's podcast:

(1) Canada’s Liberal Party is projected to win a fourth consecutive election, giving a mandate to former central banker Mark Carney after a campaign in which he pledged to boost economic growth and stand up to US President Donald Trump in a trade war.

(2) Spain and Portugal were returning to some semblance of normality early Tuesday, with many questions remaining about what caused one of Europe’s worst blackouts in years across the Iberian peninsula the previous day.

(3) HSBC unveiled a fresh buyback for shareholders despite an increasingly fragile geopolitical backdrop that has weighed on the global economy and markets.

(4) Deutsche Bank’s trading unit hit a record in the first quarter as the lender benefited from market volatility.

(5) President Donald Trump is on track to ease the impact of his auto tariffs, with changes sought by the industry that would lift some levies on foreign parts for cars and trucks made inside the US.

(6) China’s top diplomat warned countries against caving in to US tariff threats, as the Trump administration hints at the possible use of new trade tools to pressure Beijing.

Podcast conversation: When Spain disappeared off the grid, millions rediscovered the joys of analogue technology.

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On today's podcast:

(1) Foreign investors who bought US stocks and dollars are facing significant losses due to the decline in the S&P 500 and the dollar's value.

(2) President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.

(3) The UK economy will grow half as quickly as previously expected in 2026 as Donald Trump’s sweeping tariffs hit business investment, according to EY Item Club.

(4) Canada’s next prime minister is set to inherit a half-year of flat economic growth, economists predict, as people take to the polls on election day.

(5) Eleven people were killed in Vancouver and dozens were injured after a driver plowed into a large crowd at a street festival on Saturday evening, according to police.

(6) Private equity firms are scouring for investment opportunities in European defense - chasing a sector that was once seen as toxic, driven by a historic shift toward increased military spending.

Podcast conversation: Did We Finally Find Life on Another Planet?

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Donald Trump’s tariffs and a barrage of rising domestic bills sent UK household confidence to its lowest level since the Labour government came to power.

(2) President Donald Trump said his administration was talking with China on trade, after Beijing denied the existence of negotiations on a deal and demanded the US revoke all unilateral tariffs.

(3) Treasuries jumped after comments by a Federal Reserve official bolstered odds that the central bank will cut interest rates as early as June.

(5) Google parent Alphabet reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.

(6) The US will demand that Russia accept Ukraine’s right to develop its own, adequately equipped, army and defense industry as part of a peace agreement, according to people familiar with the matter, pushing back on Russia’s insistence that the country largely demilitarize as a condition to end the war.

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On today's podcast:

(1) Confronted with fresh warnings from financial markets, business leaders and top advisers, President Donald Trump this week eased off on two of his frequent punching bags: Jerome Powell and China.He turned down his aggressive rhetoric a day after meeting with executives from Walmart Inc., Home Depot Inc. and Target Corp., who said import taxes could disrupt supply chains and raise the prices of goods, according to people familiar with the matter

 (2) Citadel founder Ken Griffin said President Donald Trump’s trade war has derailed business leaders’ plans to spend the next four years focusing on growth.
Griffin had previously criticized Trump’s tariffs even though he said he agrees with the president’s assessment of the issues that the US faces. 

(3) President Trump has mused that he could announce tariff rates for countries, including China, “over the next two to three weeks.” At the same time, Trump said the deadline would ultimately depend on whether China engaged.

(4) The UK isn’t in a hurry to strike a deal with the US that lowers the tariffs President Donald Trump’s administration has slapped on British imports, Chancellor of the Exchequer Rachel Reeves said, highlighting that Britian is prepared to stand by red lines on safety standards.

(5)  BNP Paribas SA reported record income from equities trading as the French lender rode the global market volatility in the first quarter of this year. The French lender on Thursday reported a 42% surge in equities trading revenue to €1.19 billion ($1.35 billion) in the three months through March, beating even the most optimistic analyst estimate. It was also the highest in data compiled by Bloomberg and going back to 2007. 

(6) Companies moving office in London last year leased more expansion space than they have done since 2019, just the year before the coronavirus pandemic upended white-collar working practices and sent shock waves through commercial real estate markets.

(7) Podcast conversation: Gyms Might Never Be the Same

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On today's podcast:

(1) President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell despite his frustration with the central bank not moving more quickly to slash interest rates.

(2) US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.

(3) Federal Reserve Governor Adriana Kugler said tariffs will likely put upward pressure on prices and have a bigger economic effect than previously expected.

(4) The head of International Monetary Fund warned that the chances of global recession will rise if uncertainty over a US-led trade war continues to drag.

(5) UK Chancellor of the Exchequer Rachel Reeves will make a personal appeal for a trade deal to US Treasury Secretary Scott Bessent in Washington this week, aiming to “defend British interests” and secure preferential treatment on tariffs.

(6) Elon Musk vowed to pull back “significantly” from his work with the US government to concentrate on Tesla, easing concerns of investors who lamented his time in Washington as a distraction.

(7) Podcast conversation: Unwind Like a Boss

Illustration: Bloomberg/Getty

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump warned the US economy may slow if the Federal Reserve does not move to immediately reduce interest rates, in his latest broadside against Fed Chair Jerome Powell.

(2) Stocks and bonds fluctuated, and a gauge of the dollar headed for a fourth day of losses as little progress in tariff negotiations and growth concerns about the US prompted investors to pare bets in a volatile market.

(3) Bloomberg Economics estimates President Trump's "liberation day" tariffs will shave about $2 trillion off global output by the end of 2027, relative to a scenario where border taxes had stayed unchanged. Policy uncertainty (it's still not clear where tariffs will settle) and modelling uncertainty (the shocks have no precedent in the post World War II data) mean the error band around that forecast is wide.

(4) The US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, delivering a win for domestic manufacturers while intensifying headwinds already threatening the country’s renewable power development.

(5) The College of Cardinals will meet in Conclave in about two weeks to elect Francis' successor, with about 135 cardinals having the vote. The election could threaten Francis' legacy as a reforming pope, as the church could swing away from his positions on issues such as LGBTQ rights.

(6) Podcast conversation : Building a Better Manosphere

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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(1) US investors could be forced to offload around $800 billion of Chinese equities “in an extreme scenario” of financial decoupling between the world’s two largest economies, Goldman Sachs Group Inc. estimates.

(2)  The Trump administration is preparing to pressure nations to curb trade with China in negotiations over US tariffs, according to people familiar with the matter.

(3) Federal Reserve Chair Jerome Powell again stressed the central bank must ensure tariffs don’t trigger a more persistent rise in inflation. Powell said policymakers would balance their dual responsibilities of fostering maximum employment and stable prices.

(4) Economic data just confirmed what anecdotal evidence had suggested: Consumers are rushing to make major purchases of cars, electronics and appliances in an attempt to get ahead of tariffs that could raise prices.

(5) Gold hit another all-time high as warnings from Federal Reserve Chief Jerome Powell about the impact of the trade war fueled volatility on Wall Street, leading to sharp declines in stocks and the dollar.

(6)  Vladimir Putin has ordered his government to draw up a new legal framework for companies seeking to invest in Russia. It’s the most concrete sign yet that Moscow is preparing for a day when it believes sanctions will be lifted and some investment welcomed back. But, said one Kremlin official, “nobody is knocking on the door yet” underlining the tentative nature of the approaches taken by companies — some of whom never fully left — to restoring their operations in the country, as US President Donald Trump pushes for a deal to end Russia’s war in Ukraine.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) China’s economy showed surprising strength in early 2025 with a sharp uptick in March, though a trade impasse with Donald Trump has prompted calls for stimulus to offset the tariff shock.

(2) President Donald Trump called on China to reach out to him in order to kick off negotiations aimed at resolving the escalating trade fight between the world’s two largest economies.

(3) President Donald Trump’s administration has barred Nvidia from selling its H20 chip to China, an escalation of Washington’s tech battle with Beijing that will cost the company billions of dollars and hamstring a product line it explicitly designed to comply with previous US curbs.

(4) Import prices for March came in soft – but not soft enough. Bloomberg Economics's calculations of tariff-inclusive import prices indicate that, two months into Trade War 2.0, US importers have borne the brunt of almost all the tariffs so far.

(5) Americans are increasingly looking for jobs in Britain amid President Donald Trump’s funding cuts and a darkening economic outlook.

(6) Donald Trump's push to reshape global trade and security has shocked European markets into life, driving investors to assets from stocks to bonds and the euro, in a way few could have imagined even 6 months ago.

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On today's podcast:

(1) “The president has been very clear that he’s willing to talk to his counterpart,” US Trade Representative Jamieson Greer tells Fox News about Donald Trump and Chinese leader Xi Jinping.

(2) President Donald Trump’s administration pressed forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating trade probes led by the Commerce Department.

(3) Treasury Secretary Scott Bessent played down the recent selloff in the bond market, rejecting speculation that foreign nations were dumping their holdings of US Treasuries, while flagging that his department has tools to address dislocation if needed.

(4) European Commissioner for Trade and Economic Security Maros Sefcovic met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer today in DC, “seizing the 90-day window for a mutual solution to unjustified tariffs,” he says in a post on X.

(5) UK households increased their spending in March as consumer demand defied an imminent rise in household bills, according to reports from the British Retail Consortium and Barclays.

(6) The Trump administration followed through on its threat to pull federal funding from Harvard University hours after the oldest and richest US college refused to agree to a list of government demands.

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On today's podcast:

(1) President Donald Trump pledged he will still apply tariffs to phones, computers and popular consumer electronics, downplaying a weekend exemption as a procedural step in his overall push to remake US trade.

(2) Strategists at Goldman Sachs Group cut their targets for key Chinese stock indexes for a second time this month, citing heightened trade tensions with the US.

(3) The dollar fell for a fifth day as traders looked past a reprieve on the imposition of certain electronic tariffs and after President Donald Trump downplayed his exemption for the technology sector.

(4) Treasuries gained after last week’s rout as President Donald Trump paused import duties on a range of consumer electronics. Investors also await speeches from Fed officials Christopher Waller and Patrick Harker.

(5) British companies’ finance chiefs had adopted their most defensive positions since the pandemic even before US President Donald Trump’s tariffs sent global markets into a tailspin.

(6) UK officials are rushing to secure the raw materials needed to keep Britain’s last primary steel manufacturer running, with other businesses offering to provide help.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Less than 24 hours after President Donald Trump backtracked on his once-in-a-century trade war to prevent a meltdown in financial markets, frantic selloffs hit US stocks, bonds and the dollar yet again as fears of a worldwide recession engulfed Wall Street.

(2) The dollar extended losses after its biggest plunge in three years, with the cost of hedging against further slides climbing to the highest since the Covid pandemic shuttered cities in early 2020.

(3) President Donald Trump said his tariffs may cause “transition problems” but expressed confidence in his plan, after the White House clarified US tariffs on China rose to 145%.

(4) Top European Union officials are making plans to visit China for a meeting with President Xi Jinping, the South China Morning Post reported — a sign Brussels may be keen to develop better ties with Beijing amid the Trump administration’s tariff onslaught.

(5) Federal Reserve Bank of Chicago President Austan Goolsbee said tariffs are a “stagflationary shock” and they pit the central bank’s goals of price stability and full employment against one another.

(6) A sightseeing helicopter crashed into the Hudson River, killing all six people on board, including three children from Spain and the pilot.

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On today's podcast:

(1) President Donald Trump announced a 90-day pause on higher tariffs that hit dozens of trade partners after midnight, while raising duties on China to 125%.

 
(2) Five gut-wrenching days after Donald Trump’s America-versus-the-world trade war threw stock and bond markets around the globe into disarray, he backpedaled and, in the process, pulled the financial system back from the brink.

(3) China’s top leaders are poised to meet Thursday to discuss additional economic stimulus after US President Donald Trump ratcheted up tariffs, according to people familiar with the matter.

(4) President Donald Trump called the bond market a thing of beauty on Wednesday. For traders of government debt, the day meant pure mayhem.

(5) The murmurs spread quietly at first, then exploded into a roar as the news hit — President Donald Trump was pausing the bulk of his tariffs and putting his global trade war on hold. Mostly.

(6) The UK housing market is in danger of being “blown off course” by US President Donald Trump’s trade war, estate agents warned after activity weakened sharply last month.

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On today's podcast:

(1) US President Donald Trump spent the final hours before his tariffs were set for full implementation lining up negotiations with US allies, but his insistence on pushing forward with 104% tariffs on many Chinese goods dimmed optimism that a brutal trade war would be avoided.

(2) Chinese Premier Li Qiang said his country has ample policy tools to “fully offset” any negative external shocks, and reiterated his optimism about the growth of the world’s second-largest economy in 2025, despite the latest tariff threat from US President Donald Trump.

(3) For the better part of a day, it seemed as if the panic that Donald Trump’s trade war unleashed had largely subsided as US equities built on strong rallies in Asia and Europe.

(4) President Donald Trump’s steeper-than-expected tariffs have traumatized financial markets and triggered recession fears all over the world.

(5) President Donald Trump’s tariffs are rattling US consumers, who are stocking up on everything from cars to olive oil and iPhones. The behavior offers some good news for businesses that are rushing to figure out how to respond to the upheaval caused by Trump’s global trade war.

(6) “We are going to be announcing very shortly a major tariff on pharmaceuticals,” President Donald Trump says at a National Republican Congressional Committee Dinner.

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On today's podcast:

(1) China pledged to retaliate against Donald Trump’s latest tariff threat and stepped up efforts to support the market, raising the risk of a prolonged trade war between the world’s two largest economies.

(2) Japan looks set to get priority in US tariff talks, moving to the front of a long line of countries seeking to roll back President Donald Trump’s so-called reciprocal duties, which are scheduled to kick in on Wednesday.

(3) President Donald Trump threatened to slap China with an additional 50% import tax, while Washington and Wall Street remained engulfed in confusion about how to gain exceptions from his sweeping global tariffs.

 
(4) At just after 10 a.m., shouting erupted on the Siebert trading floor in downtown Manhattan. Mark Malek, the firm’s chief investment officer, rushed out of his office to hear his head trader screaming that President Donald Trump was weighing suspending the across-the-board tariff roll-out that had been sinking stock markets for days.

(5) Billionaire Ken Griffin said President Donald Trump’s latest tariffs amount to a hefty tax on families and are a “huge policy mistake” by the administration.

(6) European Union trade ministers closed ranks and signaled readiness to deploy a full spectrum of countermeasures including potential taxes on digital companies in response to US President Donald Trump’s sweeping tariffs.

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On today's podcast:

(1) European stocks plunged, dropping to the lowest since December 2023 on the back of Donald Trump’s tariff announcements, with Germany’s DAX Index falling as much as 10%.

(2) President Donald Trump and his economic team dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon.

(3) China’s objections to new US tariffs stalled a deal to sell off TikTok and keep it operating in the US, President Donald Trump said Sunday.

(4) Bill Ackman and Stanley Druckenmiller slammed President Donald Trump’s decision to launch expansive global tariffs, which have plunged markets into chaos.

(5) UK Prime Minister Keir Starmer said he’ll announce measures this week to support Britain’s economy and businesses amid the threat posed by Donald Trump’s tariffs.

(6) Finance ministers from Italy and Spain cautioned against too aggressive a response to US President Donald Trump’s tariffs, underscoring the European Union’s divide on the matter.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A flight from global equities accelerated Monday and investors piled into haven assets as the fallout from US President Donald Trump’s tariffs deepened after China announced retaliatory measures.

(2) President Donald Trump and his economic team dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon.

(3) China’s objections to new US tariffs stalled a deal to sell off TikTok and keep it operating in the US, President Donald Trump said Sunday.

(4) Bill Ackman and Stanley Druckenmiller slammed President Donald Trump’s decision to launch expansive global tariffs, which have plunged markets into chaos.

(5) UK Prime Minister Keir Starmer said he’ll announce measures this week to support Britain’s economy and businesses amid the threat posed by Donald Trump’s tariffs.

(6) Finance ministers from Italy and Spain cautioned against too aggressive a response to US President Donald Trump’s tariffs, underscoring the European Union’s divide on the matter.

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As dozens of countries worldwide have held national elections in the past year, a new global agenda has emerged that is focused more on trade and taxes, and less on environmental and cultural issues. That’s the conclusion of the first edition of the CEO Radar—a new tool that explores the leading topics discussed on almost 4,700 earnings calls worldwide in Q4 2024, enabling chief executives to compare their agendas to those of their peers, and to the market’s expectations. On this first episode of the CEO Radar Podcast, Edward Adams of Bloomberg Media Studios is joined by Christoph Schweitzer, CEO of BCG, and Judith Wallenstein, head of BCG’s CEO advisory practice, to unpack the stories behind the data, based on their one-on-one conversations with CEOs.

This episode is sponsored by BCG.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Asian shares fell to the lowest level in two months, extending a global selloff in stocks after President Donald Trump’s latest tariff measures drove investors into haven assets.

(2) All across the world, as sell orders lit up screens on trading floors from Tokyo to London and New York, a sobering reality took hold: Donald Trump is serious about upending the global trading system — and it appears, at least for now, that fears of a stock-market crash won’t stop him.

(3) President Donald Trump’s big tariff rollout was supposed to reduce uncertainty for businesses. Economists say it did the exact opposite, while also raising recession risk.

(4) President Donald Trump said he was open to reducing his tariffs if other nations were able to offer something “phenomenal,” indicating that the White House was open to negotiations despite the insistence of some top officials.

(5) French President Emmanuel Macron was quick to respond to US President Donald Trump’s punitive tariffs on the European Union by urging businesses in the world’s largest trading bloc to halt spending on the US.

(6) US officials have told their UK counterparts they’ll discuss Britain’s proposal to reduce tariffs below 10%, but warned them President Donald Trump may decide that number is his permanent baseline for all countries, according to British officials familiar with the matter.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump imposed the steepest American tariffs in a century, stepping up his campaign to reshape the global economy and unnerving investors who see a trade war as a risk to US growth.

(2) An aggressive suite of tariffs announced Wednesday by President Donald Trump will significantly complicate the Federal Reserve’s job as it struggles to quash inflation and avoid an economic downturn, likely keeping officials in wait-and-see mode.

(3) China vowed to retaliate after being hit with Donald Trump’s biggest tariffs yet, which threaten to decimate trade between the world’s largest economies.

(4) The European Union is preparing a package of potential emergency measures to support parts of its economy that could be hit the hardest by US President Donald Trump’s sweeping tariffs, according to people familiar with the matter.

(5) The UK refrained from retaliation and said it would maintain its push for a US trade deal after President Donald Trump slapped tariffs of 10% on all imports from Britain as part of a wider global package which he dubbed “Liberation Day” for his country.

(6) Treasury Secretary Scott Bessent urged US trading partners against taking retaliatory steps against President Donald Trump’s new set of retaliatory tariffs.

(7) President Donald Trump announced a significant increase in tariffs on imports from the US's trading partners, sparking a rapid and painful market impact.

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On today's podcast:

(1) President Donald Trump’s deliberations over his plans to impose reciprocal tariffs are coming down to the wire, with his team said to be still finalizing the size and scope of the new levies he is slated to unveil on Wednesday afternoon.

(2) Federal Reserve Bank of Chicago President Austan Goolsbee warned of the negative consequences of any slowdown in consumer spending or business investment due to tariff-related uncertainty.

(3) The UK government is bracing for US tariffs set to be outlined this week by President Donald Trump to hit the British economy, even as the two governments continue talks on a potential carve-out.

(4) The White House is preparing an estimate of what it would cost the federal government to control Greenland as a territory, the most concrete effort yet to turn President Donald Trump's desire to acquire the Danish island into actionable policy.

(5) Elon Musk’s candidate faced a resounding loss in a Wisconsin judicial race despite the world’s richest man pouring millions into the campaign, while Republicans avoided upsets in two critical US House seats in Donald Trump’s home state of Florida.

(6) As US President Donald Trump prepares to launch a new wave of levies aimed at reducing America’s trade deficits and bringing manufacturing back to home soil, pharmaceuticals are high on the list of targets. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump will announce his reciprocal tariff push on Wednesday during an event in the White House Rose Garden, his top spokeswoman said.

(2) US automakers are making a last-ditch effort to sway the Trump administration on tariffs set to take effect this week, contending that levies on the thousands of parts they source abroad could have catastrophic effects on the industry.

(3) French far-right leader Marine Le Pen lashed out at the decision to bar her from running for elected office for five years, saying it effectively eliminated her from the 2027 presidential race.

(4) The rising price of store cupboard staples and alcoholic drinks has lifted UK food inflation to a nine-month high, as the country’s Labour government faces growing political pressure over living costs.

(5) A fight over UK motor finance and whether lenders should be on the hook for billions of pounds in compensation will play out at the Supreme Court in one of the most highly-anticipated hearings in years.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Global equities sold off for a fourth day as concerns about the economic impact of the trade war intensified before Donald Trump unveils more tariffs this week.

 
(2) Japan’s blue-chip Nikkei 225 Stock Average slumped to enter a technical correction as exporter- and chip-related stocks slid on concerns about the global trade war.

(3) President Donald Trump said he plans to start his reciprocal tariff push with “all countries,” tamping down speculation that he could limit the initial scope of tariffs set to be unveiled April 2.

 
(4) UK Prime Minister Keir Starmer held “productive” discussions about “an economic prosperity deal” on a call with US President Donald Trump Sunday evening ahead of a crunch week in which the government hopes to carve out exemptions from looming US tariffs.

(5) Goldman Sachs economists now forecast both the Federal Reserve and European Central Bank will cut interest rates three times this year as President Donald Trump’s tariffs weigh on economic growth.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump said he plans to start his reciprocal tariff push with “all countries,” tamping down speculation that he could limit the initial scope of tariffs set to be unveiled April 2. 

(2) UK Prime Minister Keir Starmer held “productive” discussions about “an economic prosperity deal” on a call with US President Donald Trump Sunday evening ahead of a crunch week in which the government hopes to carve out exemptions from looming US tariffs.

(3) Goldman Sachs economists now forecast both the Federal Reserve and European Central Bank will cut interest rates three times this year as President Donald Trump’s tariffs weigh on economic growth.

(4) Global equities sold off for a fourth day ahead of President Donald Trump unveiling a fresh round of tariffs and mounting concerns about economic impact from a global trade war.

(5) This was a historic quarter for European stocks. Investors are now wondering if there will be an encore. Doubts have grown around the US exceptionalism trade due to uncertainty from Donald Trump’s tariff policies and government job cuts — and Europe is emerging as a beneficiary.

(6) Major players in the foreign exchange market are concerned about a potential system-wide crisis due to a "liquidity mirage" that creates the illusion of market depth, while actual liquidity is drained away.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
•    In the US – a preview of US March jobs and a look at the potential impact of auto tariffs. 
•    In the UK – an assessment of NATO's position amid growing global tensions.
•    In Asia – a preview of the Reserve Bank of Australia's next rate decision. 

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On today's podcast:

(1) The US is pushing to control all major future infrastructure and mineral investments in Ukraine, potentially gaining a veto over any role for Kyiv’s other allies and undermining its bid for European Union membership.

(2) Federal Reserve Bank of Boston President Susan Collins said it looks “inevitable” that tariffs will boost inflation, at least in the near term, adding it’s likely appropriate to keep interest rates steady for longer.

(3) Donald Trump has piqued European leaders’ interest in currency markets. After the euro jumped against the dollar, French president Emmanuel Macron quizzed central bank chief Christine Lagarde on the outlook for the exchange rate in private conversations in Brussels last week, according to people briefed on the discussions.

(4) UK Chancellor of the Exchequer Rachel Reeves boasted on Wednesday that she had restored her fiscal buffer to £9.9 billion ($13 billion). A day later, she had lost half of it.

(5) Elon Musk, the billionaire running President Donald Trump’s federal cost cutting effort, said he plans to slash $1 trillion in government spending by the end of May.

(5) European leaders are trying to carve out a role for themselves in US-led ceasefire talks over Russia’s war in Ukraine as more than 30 of them gather Thursday for an impromptu defense summit in Paris.

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President Donald Trump signed a proclamation to implement a 25% tariff on auto imports, which will come into effect on April 3, initially targeting fully assembled vehicles. Trump also suggested further tariffs would be imposed on the European Union and Canada if they worked together “to do economic harm” to the US, and threatened levies on lumber, semiconductors, and pharmaceutical drugs. The tariffs are expected to raise prices of foreign-made cars, and even US-made vehicles may see price increases if supplies and parts are hit by levies or if supply chains are cut off from manufacturing in lower-cost countries. In this bonus episode of the Bloomberg Daybreak Europe Podcast Caroline Hepker and Stephen Carroll get the thoughts of our EMEA News Director Ros Mathieson and our Markets Live Executive Editor Mark Cudmore as well as hearing from Carl Tannenbaum, Chief Economist at Northern Trust.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) President Donald Trump signed a proclamation to implement a 25% tariff on auto imports, expanding a trade war designed to bring more manufacturing jobs to the US and setting the stage for an even broader push on levies next week.

(2) The European Union expects the US to apply a double-digit tariff rate across the bloc when President Donald Trump announces a sweeping package of so-called reciprocal duties on April 2.

(3) Across Wall Street, the world’s leading mergers and acquisitions advisers are sounding the alarm: the Donald Trump-driven deals boom they’d all been dreaming of isn’t happening yet.

(4) UK Chancellor Rachel Reeves did the minimum to preserve her credibility with markets by restoring her fiscal buffer to exactly where it was in October. In doing so, she ensured she would remain a hostage to fortune for months to come.

(5) European leaders are trying to carve out a role for themselves in US-led ceasefire talks over Russia’s war in Ukraine as more than 30 of them gather Thursday for an impromptu defense summit in Paris.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves will blame global economic headwinds as she slashes UK government spending by billions of pounds, in the face of growing criticism from within her own Labour Party that she risks alienating voters.

(2) Fresh doubts over the accuracy of Britain’s official data have been raised by economists, who warned that the problems first seen in the labor market figures are “just the tip of the iceberg.”

(3) The US said Russia and Ukraine agreed to a ceasefire in the Black Sea, even as the Kremlin said its involvement would depend on a series of preconditions, including sanctions relief.

(4) President Donald Trump said his administration was investigating the addition of a journalist to a text group of top officials discussing plans for military strikes in Yemen, but expressed support for national security adviser Michael Waltz.

(5) President Donald Trump said he plans to limit exceptions to his tariff push, the latest cryptic hint about a planned April 2 announcement of reciprocal duties on global trading partners.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) The Atlantic’s top editor said he was added to a text group in which top US officials discussed detailed plans to bomb Houthi targets in Yemen with other top US officials, an extraordinary breach of security from an administration that has repeatedly vowed to clamp down on leaks.
(2) President Donald Trump said he will announce tariffs on automobile imports in the coming days — and indicated nations will receive breaks from next week’s “reciprocal” tariffs.
(3) US and Russian officials met in Saudi Arabia for about 12 hours a day after American and Ukrainian teams held talks, as President Donald Trump pushes for progress in achieving a ceasefire in the war.
(4) HSBC is considering outsourcing part of its sprawling trading business as executives struggle to justify making technology investments needed to keep up with larger rivals.
(5) Britain needs a technological breakthrough such as artificial intelligence to counter the collapse in its long-term growth rate, Bank of England Governor Andrew Bailey said in a lecture at Leicester University.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US and European stock-index futures climbed on signs that the next round of President Donald Trump’s tariffs may be more measured than previously suggested.

(2) The UK government is weighing plans to reduce or even abolish its digital services tax before April 2 in an effort to avoid the worst of US President Donald Trump’s trade tariffs.

(3) Mark Carney began his bid for election with a stark warning that US President Donald Trump is serious about wanting to annex Canada, launching his effort to convince Canadians he can protect the country from US aggression.

(4) Turkey formally arrested President Recep Tayyip Erdogan’s main political rival, a decision likely to trigger more market turmoil and protests across the country.

(5) Ukrainian and US officials held talks in Riyadh, resuming efforts to end Russia’s full-scale invasion as President Donald Trump pushes for a ceasefire.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

See omnystudio.com/listener for privacy information.