Bloomberg Daybreak: US Edition

Explore the latest stock market highs and lows in just five minutes! From the remarkable 60% surge of Amazon to the unfortunate decline of CryptoLink, there’s plenty of exciting action. Dive into the booming aluminum and steel sectors and discover which companies are shaping today's market. Stay informed and get a quick grasp of the winners and losers of the day!

Markets are buzzing as President Trump prepares to announce targeted tariffs aimed at countries with trade barriers against the U.S. Meanwhile, U.S. officials are pushing for a ceasefire in the Ukraine-Russia conflict, with a tight deadline looming. The political landscape in Canada intensifies as Mark Carney kicks off his election campaign, taking jabs at Trump. Additionally, the complexities of international trade negotiations and the impact of tariffs on local finances and mental health are dissected, offering a multifaceted view of current events.

Stuart Paul, a U.S. economist from Bloomberg Economics, shares insights on anticipated U.S. inflation data and its implications for economic growth. He dives into how tariffs are impacting the housing market, potentially affecting homebuyers and builders. Danny Lee, Bloomberg's Asia transport reporter, previews Chinese EV maker BYD's earnings, highlighting its market competition with Tesla and innovations in electric vehicle technology. Their discussion reveals significant trends affecting both the U.S. and global economies.

Heathrow Airport has been shut down for a whole day due to a major power outage from a nearby fire, leading to significant flight cancellations and disruptions. In a twist of political drama, President Trump denied reports of Elon Musk being briefed on military plans involving China, while clarifying Musk's Pentagon visit was merely about innovation. Additionally, Trump's controversial executive order aims to dismantle the Education Department, shifting its responsibilities to states and drastically cutting its workforce.

On today's podcast: 1) Federal Reserve Chair Jerome Powell downplayed growth concerns and the impact of President Donald Trump's trade war on inflation, calling the inflationary effect of tariffs "transitory". 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) 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.See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.Federal Reserve officials held their benchmark interest rate steady for a second straight meeting, caught between mounting concerns that the economy is slowing and inflation could remain stubbornly high.Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s significant policy changes, but repeated the central bank is not in a hurry to adjust borrowing costs. He said officials can wait for greater clarity on the impact of those policies on the economy before acting.See omnystudio.com/listener for privacy information.

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) Turkish authorities detained Ekrem Imamoglu, President Recep Tayyip Erdogan’s most prominent rival, in a widening crackdown on opposition that triggered a selloff in Turkish markets. 3) 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.See omnystudio.com/listener for privacy information.

On today's podcast: 1) 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. 2) Israel launched a series of airstrikes overnight across Gaza, shattering a nearly two-month ceasefire with Hamas.Prime Minister Benjamin Netanyahu vowed to act “with increasing military strength” and said the Palestinian militant group had repeatedly refused to release the hostages it’s holding. 3) 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.See omnystudio.com/listener for privacy information.

On today's podcast:    1) President Donald Trump said he’ll speak with Russian President Vladimir Putin on Tuesday as the US presses for an end to fighting in Ukraine and European nations rush to bolster their support for Kyiv.“We are doing pretty well I think with Russia,” Trump told reporters aboard Air Force One on Sunday. “We’ll see if we have something to announce maybe by Tuesday,” he said, adding that there is “a very good chance” for a deal. The Trump administration has pushed for a ceasefire between Russia and Ukraine amid a flurry of renewed engagement between Washington and Moscow, three years after Russia’s full-scale invasion. Yet that effort has sparked angst among European leaders who worry Trump may concede too much on Ukraine’s behalf in a direct exchange with Putin and leave Kyiv without any longer-term security guarantees.    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. “I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press. “I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.”    3) The Trump administration said it arrested and expelled hundreds of alleged members of Venezuela’s Tren de Aragua gang to El Salvador for imprisonment, even as a federal judge ordered a halt to some deportations.“This weekend, at the President’s direction, the Department of Homeland Security successfully arrested nearly 300 Tren De Aragua terrorists, saving countless American lives,” White House Press Secretary Karoline Leavitt said Sunday in a statement. “These heinous monsters were extracted and removed to El Salvador where they will no longer be able to pose any threat to the American People.”The US is paying El Salvador to hold the Venezuelans under an agreement Secretary of State Marco Rubio brokered with the Central American country’s president, Nayib Bukele. Some 238 members of the gang were transferred to a terrorism confinement center, Bukele said on X. 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.