Bloomberg Daybreak: Europe Edition Daybreak Weekend: US Tech, UK PM Visits China, Apple Earnings
Jan 23, 2026
Ellen Milligan, UK political correspondent focused on Starmer’s China trip and UK domestic politics. Vlad Savov, tech editor reporting from Hong Kong on Apple sales, supply chains and semiconductors. Michael McKee, international economics reporter covering Fed policy, inflation and labor market signals. They discuss Starmer’s Beijing visit, Apple and memory-chip strains, and the Fed’s stance and data-driven risks.
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Fed Likely To Hold As Data Stabilize
- The Fed is likely to hold rates in January because data don't justify cuts and speakers signaled no cuts are needed.
- Inflation and labor data show stabilization but rising PCE to ~3% could push the Fed back toward inflation concerns.
Earnings Will Test AI Spending Rationale
- Tech earnings will test whether AI capex and cloud growth justify current valuations.
- Investors want clear growth signals from Microsoft, Meta and Tesla to support rich multiples.
Tesla Needs To Explain Sales Slowdown
- Tesla must explain two consecutive annual sales declines and disentangle noise from Musk's futurist projects.
- Investors will focus on core EV demand and any guidance on growth targets in Tesla's earnings deck.