Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) For weeks the US economic picture has been darkening. If Wednesday was an opportunity for Federal Reserve Chair Jerome Powell to raise the alarm, he took a hard pass. (2) President Donald Trump said the Federal Reserve should cut interest rates, splitting with the US central bank as officials weigh the economic cost of his tariff push.  (3) Research by Bloomberg Economics shows that China has roughly managed to maintain its share of global exports despite a big drop in its share of total US imports since Trump’s first term. Emerging markets are facing a so-called 'China shock', as cheap goods arrive in developing countries. (4) The Bank of England is likely to turn less dovish on Thursday as officials start to fret about the fallout from Donald Trump’s tariff wars and a renewed bout of domestic inflation. (5) Ukrainian President Volodymyr Zelenskiy agreed to a proposal for a mutual halt to strikes on energy assets as an initial step in President Donald Trump’s effort to end the war that began with Russia’s full-scale invasion three years ago.  (6) Major changes to UK inheritance tax by the Labour government means means wealthy Britons are embracing creative tactics to protect and pass on wealth, espcially businesses, farmland and pensions.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) President Vladimir Putin refused to give Donald Trump the 30-day ceasefire in Ukraine he and his team had demanded on the path toward ending the three-year conflict. It was still good enough for the US president.(2) Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under Chief Executive Officer Ted Pick.(3)  German lawmakers passed a landmark spending package, taking a major step toward unlocking hundreds of billions of euros in debt financing for defense and infrastructure and heralding the end of decades of budget austerity. (4) The Bank of Japan signaled growing unease over the potential impact on the global economy from escalating trade tensions, while keeping its key policy rate unchanged.(5) UK Prime Minister Keir Starmer’s move to cut disability benefits sets the scene for a showdown with the left of his governing Labour party as he seeks to prioritize fiscal prudence over social policy.(6) Two NASA astronauts stuck in orbit for nine months finally returned to Earth in a SpaceX craft, capping a saga that captured international attention and deepened America’s reliance on the Elon Musk-led company.(7) In France, rising taxes and political turmoil are having a chilling effect on the financial sector. Since last summer, international banks in Paris have quietly shelved expansion plans, after years of building its role as Europe's post-Brexit financial center.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Rachel Reeves has defended her fiscal rules and pledged to bring down government borrowing, as the UK Chancellor of the Exchequer faces dissent from Labour party colleagues opposed to cuts to welfare payments and government spending. (2) Israel launched a series of military strikes across Gaza, shattering a nearly two-month ceasefire, in response to Hamas's refusal to release hostages and rejection of proposals from the US and mediators. The escalation is the latest sign of renewed conflict in the Middle East. (3) President Donald Trump said the US and Russia are already talking about dividing “assets” as part of a push to end the fighting in Ukraine, the latest sign that he may be preparing to sacrifice Kyiv’s interests when he speaks with Vladimir Putin on Tuesday. (4) German lawmakers will vote on a bill today that would unlock hundreds of billions of euros in debt-financed defense and infrastructure spending and herald a pivot toward a substantially more expansive fiscal policy in Europe’s biggest economy. (5)  Two NASA astronauts stuck in orbit for nine months finally departed the International Space Station aboard a SpaceX capsule on Tuesday, kicking off their long-awaited voyage home. Butch Wilmore and Suni Williams, seated inside a Dragon capsule with two other crew members, undocked from the ISS at 1:05 a.m. New York time on Tuesday.  The capsule is expected to travel through space, plunge through the atmosphere and ultimately fall to Earth under parachutes before splashing down off the Florida coast around 6 p.m. New York time. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) President Donald Trump said he’ll speak with Russian President Vladimir Putin on Tuesday, as the US continues to push for an end to fighting in Russia’s war in Ukraine.(2) Treasury Secretary Scott Bessent, a former hedge fund manager, said he’s not worried about the recent downturn that’s wiped trillions of dollars from the equities market as the US seeks to reshape its economic policies.(3) Consumption and industrial production in China grew faster to start the year, in an upswing that exceeded forecasts as Donald Trump’s tariffs threaten exporters in the world’s largest trading nation.(4) US President Donald Trump’s policies are causing more uncertainty for the economy than there was during Covid, European Central Bank Vice President Luis de Guindos told the Sunday Times.(5) The UK government will abolish more business regulators and scale back welfare spending to drive stagnant economic growth.See omnystudio.com/listener for privacy information.

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 next week’s Fed decision and earnings from FedEx. In the UK – a preview of Morgan Stanley’s European Financials Conference. In Asia – a preview of Tencent earnings and the next BOJ decision.  See omnystudio.com/listener for privacy information.

The podcast dives into the escalating trade war, highlighting President Trump's threat of a 200% tariff on European wines and the global economic fallout. The European Central Bank's concerns about trade conflicts affecting growth are explored. Wall Street faces turmoil as the S&P 500 enters correction territory. Amidst these tensions, political maneuvering in the U.S. Senate aims to avoid a government shutdown. Meanwhile, there's talk of ceasefire negotiations in Ukraine, adding to the intricate web of global relations.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25% tariffs on steel and aluminum, raising the risk of further escalation in his global trade war. (2) Ozempic-maker Novo Nordisk is planning to make more of its medicines for the US market in the country; Boeing risks a gummed up supply chain and higher aircraft costs it may not be able to pass on; Chinese online retailer Shein is offering incentives to its top apparel providers to set up new production capacity in Vietnam. (3) Senate Democratic leader Chuck Schumer said his party would block a Republican spending bill to avert a government shutdown on Saturday and urged the GOP to accept a Democratic plan to provide funding through April 11 instead. (4) The correction in the US stock market may be complete as credit markets aren’t pricing in recession risks, according to JPMorgan Chase.  (5) The UK and France are scrambling to bolster Ukraine’s negotiating position as US President Donald Trump seeks to force through a settlement in its war with Russia. (6) London is expected to record the largest drop in house prices in the UK in the near term, according to property agents, as the capital is disproportionately hit by economic uncertainty and higher taxes. (7) Bloomberg has learned that investors are quietly betting that Donald Trump's overtures to Moscow will eventually translate into Russia's return to the global financial markets.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering a reprisal from the European Union as the global trade war enters a new and risky phase.(2) The latest US tariffs — which were applied without exemptions — kicked in after a tumultuous day at the White House, when Trump threatened to double the metals tariffs on Canada to 50%, only to back off when Ontario agreed to drop plans to impose a surcharge on electricity sent to the US — all while downplaying the risk of a tariff-led recession that has sent US markets plunging.(3) Goldman Sachs has lowered its target for the US equity benchmark in a further sign of growing skepticism on the outlook of the world’s largest economy.The bank’s strategists cut the year-end target for the S&P 500 Index to 6,200 from 6,500, implying an 11% gain from Tuesday’s close. The reduction was also in view of declines in the “Magnificent 7” stocks.(4) Less than two weeks after Donald Trump lambasted Ukrainian President Volodymyr Zelenskiy in an Oval Office confrontation, the US president put the pressure on Russia to accept a ceasefire agreement hammered out with Zelenskiy’s advisers.(5) Half a million more people in England and Wales are claiming disability benefits for mental-health problems than before the pandemic, according to research that may add to concerns over government plans to squeeze welfare spending.See omnystudio.com/listener for privacy information.

A sharp downturn in the US stock market has investors on edge, with fears of a prolonged economic slump. Citigroup signals a major shift by downgrading US equities while favoring China. Meanwhile, US and Ukrainian officials meet in Saudi Arabia to discuss potential concessions for a ceasefire amidst ongoing conflict with Russia. On the maritime front, a disastrous collision involving a cargo ship and an oil tanker off the UK coast results in significant damage and a missing person, highlighting ongoing global risks.

Donald Trump discusses a 'period of transition' for the US economy amid trade tensions with China. Mark Carney's election as Canada’s Prime Minister coincides with significant economic challenges from the US. The podcast highlights Germany's struggle to form a coalition government while tackling growth concerns and increasing defense spending. Additionally, UK wages are rising at the slowest pace in years, reflecting broader market volatility. The dialogue navigates fierce political landscapes and their economic implications across the globe.