Trump Threatens 10% BRICS Tariff , OPEC+ Oil Supply Surge, Business Sours On Labour
Your morning briefing, the business news you need in just 15 minutes. 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 But a year on from the Labour Party’s landslide election win, that initial optimism has been replaced by discontent over tax increases, persistent red tape and a lack of dialogue with the government.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'SullivanSee omnystudio.com/listener for privacy information.
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Daybreak Weekend: Summer Travel, Jamie Dimon, China Data
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 look ahead to Delta earnings and a summer travel outlook. In the UK – a look ahead to JP Morgan's Jamie Dimon visit to Ireland ahead of the US tariff deadline for Europe In Asia – a look at how recent data from China are providing an ambiguous read on the health of the world's second largest economy. See omnystudio.com/listener for privacy information.
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10%-70% US Tariffs, China-EU Trade Strain, Golf's Uneven Game
Your morning briefing, the business news you need in just 15 minutes. 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 MoreSee omnystudio.com/listener for privacy information.
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Reeves' Tears & Market Fears, FX ‘Weaponization', £133M Divorce Ramifications
Your morning briefing, the business news you need in just 15 minutes.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 SeatsSee omnystudio.com/listener for privacy information.
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Starmer’s Costly U-Turn, Astra's UK Listing Risk, Trump Bill Rebellion Brews
Your morning briefing, the business news you need in just 15 minutes. 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 ExistsSee omnystudio.com/listener for privacy information.
South Africa