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On today's podcast:
1) President Donald Trump said he will announce a new Federal Reserve governor and a new jobs data statistician in the coming days, two appointments that may shape his economic agenda amid anxiety over the trajectory of global growth.
2) Workers at Boeing Co.’s St. Louis-area defense factories are striking for the first time in almost three decades after union members rejected the company’s modified contract offer.
3) US Trade Representative Jamieson Greer sounded a cautiously optimistic note on discussions with China on rare earth flows, following trade talks that further steadied ties between the economies.
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Bloomberg Daybreak Weekend with Tom Busby take a look at some of the stories we'll be tracking in the coming week.
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On today's podcast:
1) Markets take a hit as President Trump unleashes a wave of new tariff rates. The world is facing some of the steepest US tariffs since the 1930s, with an average of 15%, according to the text. So far, the global economy has held up better than many economists expected after Trump’s initial tariff blitz. A rush to beat the elevated rates spurred a front-loading of exports, aiding many Asian economies and shielding US consumers from price spikes.
2) Shares of Amazon sell off while Apple rises following the latest tech earnings. Apple reported its fastest quarterly revenue growth in more than three years, with revenue rising 9.6% to $94 billion in the fiscal third quarter. Amazon dropped in premarket trading after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals. CEO Andy Jassy said it was "very early days" in artificial intelligence, and that the company's efforts to lower the costs of running AI applications would draw more customers over time.
3) Investors prepare for the July jobs report to wrap up a week of key US economic data. Bloomberg Economics predicts July’s seasonally adjusted nonfarm payrolls to increase by 160,000 — higher than the consensus expectation of 105,000.
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On today's podcast:
1) Tech stocks surge after blowout quarters by Microsoft and Meta, and more Mag 7 earnings on tap as Apple and Amazon report today. Microsoft shares gained more than 8% in after-hours trading while Meta jumped more than 11% after both pledged to spend lavishly on artificial intelligence. Stocks rose in early trading as upbeat earnings helped drive optimism over resilient corporate profits.
2) Fed Chair Jay Powell bucks pressure from the White House and two dissenters to leave rates unchanged. The dollar dropped, sliding from its highest level since May after Fed Chair Jay Powell Wednesday said no decision had been made about easing policy in September.
3) President Trump unleashes a flurry of trade surprises ahead of tomorrow's deadline. The president announced tariffs of 15% on imports from South Korea and 25% on imports from India, accompanied by criticism of India's purchases of Russian energy and weapons. Deals are being drafted or have been agreed upon with several countries, including Thailand, Cambodia, and Taiwan, as Trump attempts to create a new global trade order.
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On today's podcast:
1) President Donald Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks, an extension that would mark a con
2) Stocks struggled in the hours before Wednesday’s Federal Reserve interest-rate decision as traders tackled a heavy load of major company earnings.
3) Four-foot (1.2-meter) tsunami waves were recorded in Hawaii, while remote parts of California also braced for impact after a powerful earthquake in Russia’s Far East triggered tsunami alerts across the Pacific.
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On today's podcast:
1) Work was winding down at 345 Park Avenue on Monday when a man strode across the public plaza just outside the Midtown Manhattan tower with an assault rifle in his hand.Within minutes, at least four people were dead, as well as the gunman, in a mass shooting in the epicenter of American finance. The harrowing scene unfolded in the 44-story, dark-glass tower that houses the offices of private equity giant Blackstone Inc., consultant KPMG, the National Football League and building landlord Rudin Management.
2) Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm.
3) Barclays Plc’s traders turned in their best second quarter performance in three years as the volatility wrought by US President Donald Trump’s trade war helped them deliver revenue that topped analyst expectations.
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On today's podcast:
1) The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.
2) US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions.
3) Wall Street pros are staring down a pivotal week that will likely set the tone for the rest of the year in markets and the economy.First and foremost is the conclusion of the Federal Reserve’s meeting on Wednesday, and although it isn’t expected to cut interest rates, traders and investors will be poring over commentary for clues about the path ahead. Then there’s a string of Big Tech earnings with Amazon.com Inc., Apple Inc., Meta Platforms Inc. and Microsoft Corp. all reporting. And sprinkled throughout are some key indicators on the state of the economy, from gross domestic product to nonfarm payrolls.
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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.
On today's podcast:
1) Federal Reserve Chair Jerome Powell is smack in the middle of one of President Donald Trump’s preferred attack strategies — flooding the zone.
2) Intel Corp. tumbled in late trading after Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.
3) Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission, which backed the deal after the Trump administration extracted concessions on the news and entertainment company’s political coverage and diversity practices.
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1) US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising.
2) Donald Trump will personally visit the Federal Reserve Thursday to tour a construction site he’s criticized for cost overruns amid his escalating attacks on Fed Chair Jerome Powell for not cutting rates.The White House announced the visit in the release of the president’s daily public schedule. The visit is planned for 4 p.m. reading simply, “THE PRESIDENT visits The Federal Reserve,” without further details.
3) Elon Musk warned of difficult times ahead for Tesla Inc. after one of the automaker’s worst quarters in over a decade.Tesla will be a transition period for the next year or more, losing electric vehicle incentives in the US and needing time to roll out autonomous vehicles, the chief executive officer said.
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