Fed Cements Pivot, Zuckerberg Says Sorry & Italian Debt's Retail Buyers

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Leaders of France’s three biggest political groups clashed in their first televised debate on everything from retirement and taxes to immigration as they sought to convince voters that they can be trusted to run Europe’s second-biggest economy.

(2) Keir Starmer, who polls show is on course to be Britain’s next prime minister, said his Labour Party would target economic growth of at least 2.5% if it came to power at the July 4 general election.

(3) Italy will be offered the chance to fill a senior role in the next European Commission as centrist parties look to wrap up a deal on the bloc’s top jobs before a summit later this week.

(4) Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates “at some point,” adding that she expects inflation to improve gradually this year before more rapid progress in 2025.

(5) Rivian Automotive will get a much-needed cash infusion through a new partnership with Volkswagen AG as automakers large and small rethink their strategies in a slowing electric-vehicle market. 

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Nvidia Corp. shares entered correction territory on Monday, as an ongoing selloff erased a historic amount of value for the AI-focused chipmaker.

(2) The Federal Reserve has shown other US regulators a three-page document of possible changes to their bank-capital overhaul that would significantly lighten the load on Wall Street lenders, according to people familiar with the matter. 

(3) Wikileaks co-founder Julian Assange will plead guilty to leaking US national security secrets and return to his home country of Australia, under a deal with the Justice Department that ends an almost 15-year battle over his prosecution.

(4) President Emmanuel Macron said the agendas of the far-right and far-left blocs in France’s upcoming legislative elections pit the country’s people against each other, going so far as to say that “extreme” parties could spark a “civil war.”

(5) Britain’s housing crisis has become so acute that the next government will need to build the equivalent of another city the size of London to make up for five decades of below-target construction, analysis of official data shows.

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:

(1) Rishi Sunak's chances of avoiding a landslide defeat in the UK general election dwindled further as his governing Conservative Party struggled to contain revelations that several of the prime minister's close aides placed bets on the date of the vote.

(2) Emmanuel Macron again sought to explain his decision to dissolve parliament, saying he aimed to take into account the defeat his party suffered in European elections and to avoid an even greater risk of turmoil to come.

(3) China and the European Union agreed to start talks on the bloc's plans to impose tariffs on electric vehicles imported from the Asian nation. 

(4) US prosecutors have recommended to senior Justice Department officials that Boeing Co. face criminal charges for violating a settlement related to two fatal crashes, Reuters reported, citing two people familiar with the matter it didn't identify.

(5) The so-called Ozempic Revolution has wiped billions off the market value of food and drink companies. But new weight-loss drugs are giving a boost to at least one line of products that have sometimes previously faced sluggish demand: yogurt.  

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 look ahead to U.S GDP, PCE data.
• In the UK – a look ahead to Iran’s Presidential election.
• In Asia – a discussion on the first 2024 U.S Presidential debate and how the U.S-China relationship will gain attention.

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French President Emmanuel Macron spent much of his tenure persuading bankers and fund managers to flock to Paris after Brexit. His decision to call snap elections may give some in the industry pause.

(2) German Chancellor Olaf Scholz and the leaders of the country’s 16 federal states discussed plans to outsource asylum procedures to a third country, inspired by similar initiatives in the UK and Italy.

(3) As the cheap-money era fades into history, the world’s biggest real-estate investor Blackstone is moving into riskier new terrain in the hunt for stellar returns. 

(4) The Bank of England breathed fresh life into hopes for an imminent cut in interest rates, hinting that more of its officials may be close to backing a pivot away from the highest borrowing costs in 16 years. UK consumer confidence improved for a third consecutive month to the strongest level in 2 and 1/2 years, reflecting a rosier economic outlook ahead of the general election.

(5) Keir Starmer is preparing a blitz of planning reforms if his Labour Party wins the UK election next month, aimed at immediately boosting housebuilding in Britain as he seeks to deliver 1.5 million homes over five years.

(6) A pair of large bets in the fed funds futures market are attracting attention on Wall Street by setting aside the market-implied consensus for the Federal Reserve’s first interest-rate cut. 

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) This may be one meeting where the Bank of England is thankful the decision has been made for them. Prime Minister Rishi Sunak’s move three weeks ago to call an election has all but ruled out a rate cut when policymakers announce their decision at 12 p.m London time.

(2) Rishi Sunak’s Conservative Party is heading for an electoral wipeout in the UK general election on July 4, according to three major polls on Wednesday, including one that projected even the premier will lose his seat.

(3) Amid a brutal hiring war, Steve Cohen’s Point72, Ken Griffin’s Citadel and other giant hedge funds are going in a radical new direction: Training schemes for in-house superstars.

(4) The head of France’s Medef business lobby criticized the campaign programs of both the far right and an alliance of leftist parties, saying they are a danger to the economy.

(5) Citigroup said artificial intelligence is likely to displace more jobs across the banking industry than in any other sector as the technology is poised to upend consumer finance and makes workers more productive.

(6) As in past disputes, China looks to be readying a series of actions to punish the European Union for its proposed tariffs on electric cars. 

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Nvidia’s relentless rally has propelled the semiconductor giant’s market capitalization over its mega-cap tech peers, helping it clinch the title of the world’s most-valuable company as the artificial intelligence wave continues.

(2) Rishi Sunak’s Conservatives are on track to lose more than two thirds of the seats they won at the last general election when Britons cast their votes next month, according to the latest seat-by-seat analysis pointing to an electoral wipe-out for the prime minister’s party.

(3) Some UK private schools say they’ll have to cut bursary programs that help low-income families should the party follow through on charging schools a value-added tax.

(4) France and Italy will be among seven countries that will face a European Union infringement procedure for their excessive deficits last year, according to a person familiar with the matter.

(5) National Rally leader Jordan Bardella said he will not become prime minister if his party doesn’t get a resounding victory in France’s snap election, setting a high bar for the far right to take the reins of policymaking.

(6) Russian President Vladimir Putin arrived for his first visit to North Korea in 24 years as the US warned the meeting could further arms transfers from Kim Jong Un’s regime that aid the Kremlin in its assault on Ukraine. 

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) France’s political turmoil is causing concern in some European Union capitals that initiatives like joint military spending and a fresh push to support Ukraine could fall by the wayside.

(2) European Central Bank President Christine Lagarde said officials are being “attentive” to financial market-developments, shortly after her colleague Philip Lane said he’s not worried about French turbulence.

(3) Nickel is pouring into the electric vehicle supply chain from an Indonesian industrial park with a history of fatal accidents.

(4) Russian President Vladimir Putin will visit North Korea and Vietnam in rare trips to long-time partners as he faces renewed challenges in his war on Ukraine.

(5) Banks and asset managers including HSBC Holdings and BlackRock are helping finalize proposals for UK housing and energy policy that could form key planks of the Labour Party’s growth agenda if it wins next month’s general election.

See omnystudio.com/listener for privacy information.

 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Far-right leader Marine Le Pen said she won't try to push out President Emmanuel Macron if she wins France's snap parliamentary election in an appeal to moderates and investors.

(2) French and Swiss finance firms are more likely to have former politicians as board members than their European peers, underscoring the close links between policy making and the world of money in the two nations, an Ernst & Young study showed.

(3) The specter of the UK's epic market meltdown two years ago is looming large over politicians as Britain prepares to go to the polls on July 4.

(4) Less than three weeks before the UK's general election, Prime Minister Rishi Sunak was beset by disastrous polls over the weekend that suggest he has little chance of turning his Conservative Party's fortunes around before the vote on July 4th.

(5) In the face of calls around the world to diversify out of the dollar in recent years, the US has nabbed almost one-third of all the investment that flowed across borders since Covid struck. 

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 look ahead to U.S Retail Sales, and Housing data.
• In the UK – a preview of next week’s Bank of England meeting.
• In Asia – a look ahead to a slew of Chinese eco activity data.

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.

1) In the US - We preview Federal Reserve policy meeting and news conference with Chair Jerome Powell. Economists see the Fed’s policy committee maintaining a benchmark interest rate target of 5.25% to 5.5%, with bond traders leaning toward a cut in the first half of 2024.

2) In the UK - It's a big week ahead for central banks in Europe too - with both the Bank of England and the European Central Bank meeting on Thursday. Market bets on rate cuts from policymakers in London and Frankfurt have been ramping up - but there's more data to come too.

3) In Asia - The Chinese economy has struggled this year in its post-Covid recovery. For months, the optimists have been hoping for signs of a turning point. Might there be a glimmer of improvement in the week ahead?

4) In Washington DC - we look ahead to what we can expect from congress in the new year.  

See omnystudio.com/listener for privacy information.

Your morning briefing. The news you need in just 15 minutes.
On today's podcast:
1) Fed Signals Higher-for-Longer Rates With Hikes Almost Finished
2) Hollywood Studios, Writers Inch Closer to Deal to End Strike
3) McCarthy Revises Plan to Avert Shutdown

See omnystudio.com/listener for privacy information.

Your morning briefing.  The news you need in just 15 minutes.  

On today's podcast: 
1) Inflation in the UK slows more than expected  
2) Shares of Barclays slump as earnings disappoint  
3) Elon Musk reportedly tweaks the algorithm to boost his own tweets

See omnystudio.com/listener for privacy information.

2021 was a historic year for markets and the broader economy. For the first time, seemingly in ages, there was a serious shift in realized inflation and the broader inflation outlook. This has ramifications, potentially, for risk assets, bonds, and, of course, the Fed. To help break things down, and how to think about the situation, we speak with Jon Turek, the author of the Cheap Convexity Blog and founder of JST Advisors, to understand what comes next.

See omnystudio.com/listener for privacy information.