Bloomberg Daybreak: Asia Edition

Asian equities were mixed Thursday after a rally on Wall Street drove stocks and bonds higher, as a drop in producer prices supported bets the Federal Reserve will resume cutting interest rates next week. An index of the dollar was little changed while the yen strengthened against the greenback early Thursday. The Wednesday moves in the US reflected fresh optimism that the Fed will cut rates next week after producer prices unexpectedly declined for the first time in four months. The data soothed worries that elevated inflation would create a challenge for policymakers trying prevent a jobs downturn ahead of US inflation figures due later Thursday. We get the views of Eric Fine, Portfolio Manager & Head of Active EM Debt at VanEck. Plus - UBS Group CEO Sergio Ermotti says the impact of global tariffs on the US economy and Federal Reserve monetary policy remains unclear. He made the comments ahead of the annual UBS Disruptive Technology CEO Summit in Hong Kong, which gets underway today. Ermotti speaks exclusively with Bloomberg's David Ingles in Bloomberg's Hong Kong bureau.See omnystudio.com/listener for privacy information.

Key Asian stock gauges fluctuated Wednesday after the S&P 500 hit a record on hopes the Federal Reserve will cut interest rates to curb a jobs downturn. Shares in South Korea rose in early trading, while those in Japan and Australia were mixed. US equity futures contracts edged higher after Big Tech lifted the index on Tuesday, even as most shares fell. After fresh signs of a cooling labor market, investors are bracing for inflation reports in the coming days that will help shape next week's Fed meeting and the path of rate cuts into 2025 — a key test for whether Wall Street can sustain this month's rally. Money markets are almost fully projecting three Fed cuts this year, with US producer and consumer price index data due this week. We take a closer look with Zachary Hill, Head of Portfolio Management at Horizon Investments.Meantime, the yen was little changed early Wednesday after gaining Tuesday, following a report that Bank of Japan officials may raise interest rates again this year, regardless of domestic political instability. The timing of the BOJ report will make JGB traders a bit nervous about today's 5-year auction, which could mean a lower bid-to-cover ratio than last month's 2.96. However, after an initial knee-jerk selloff investors will likely find that secondary yields above 1% already price in a BOJ tightening. For more, we hear from Robert Tipp, Chief Investment Strategist and Head of Global Bonds at PGIM Fixed Income. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.See omnystudio.com/listener for privacy information.

Asian stocks climbed for a fourth day on Tuesday as Wall Street's upbeat mood ahead of expected Federal Reserve rate cuts flowed into regional trading. MSCI's Asia-Pacific equities gauge reached its highest level since February 2021 with tech firms like Taiwan Semiconductor and Alibaba Group contributing most to the gains. Shares in Japan, South Korea and Hong Kong rose, while those in Australia declined. The moves followed a surge in bets on rate cuts by the US central bank that pushed stocks near record highs on hopes that easier policy will bolster corporate America. We look at the market landscape with Carol Schleif, Chief Market Strategist at BMO Private Wealth.In Japan, the implications of the nation's latest political turmoil have spilled into markets. The Nikkei 225 advanced to touch a new intraday record high in the morning. The country's government bonds were firmer after having slumped Monday as Prime Minister Shigeru Ishiba's decision to step down underscored expectations for looser fiscal policy. Bloomberg Opinion Columnist Gearoid Reidy joins with insight on the road ahead for Japan's ruling bloc.See omnystudio.com/listener for privacy information.

Japanese Prime Minister Shigeru Ishiba said he'll step down following weeks of calls for his departure in the aftermath of a second national election setback, setting in motion a leadership race that threatens to unnerve investors. Ishiba's resignation brings to an end a tenure marked by humiliating election results that stripped the Liberal Democratic Party's ruling coalition of its majorities in both chambers of parliament and left market participants unsure of Japan's fiscal plans. His departure is likely to fuel uncertainty among investors over the coming weeks until a new leader is chosen. We get reaction from Bloomberg's Sakura Murakami in Tokyo and Amy Catalinac, Associate Professor of Politics at New York University. They speak with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.Meantime, the yen dropped and Japanese stocks advanced after Prime Minister Ishiba announced plans to resign. The currency fell as much as 0.7% against the dollar, wiping out Friday's advance amid an increase in political uncertainty. US equity futures ticked up after the benchmark S&P 500 Index slid on Friday after a weaker-than-expected US jobs report on Friday ratcheted fears of a rapidly cooling labor market. We get the market perspectives of Candace Browning, Head of Global Research at BofA Securities.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to CPI and PPI data and Apple’s September 9th In the UK – on global defence industry gathering in London for the UK's flagship sector event. In Asia – a look ahead to China August CPI and PPI data. - Stuart Paul, US Economist with Bloomberg Economics, to preview CPI and PPI data.- Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, to preview Apple’s September 9th event.- Ros Mathieson, Bloomberg Chief Asia Correspondent, on global defence industry gathering in London for the UK's flagship sector event.- Tony Halpin, Russian Government and Economy Team Leader, on global defence industry gathering in London for the UK's flagship sector event.- Mary Nicola, Bloomberg MLIV Strategist in Singapore, discusses China August CPI and PPI data.- Kevin Sneader, APAC ex-Japan President at Goldman Sachs, discusses China’s stock rally.See omnystudio.com/listener for privacy information.

The S&P 500 added 0.8% to a new peak while the Nasdaq 100 rose 0.9% on Thursday. US futures edged higher in early Asian trading ahead of Friday's August jobs report. The Nikkei 225 index rose by more than 1% after President Donald Trump signed an executive order implementing his trade agreement with Japan. We get the latest from Balazs Penz, Bloomberg News Desk Editor in Hong Kong. He speaks with Bloomberg's Avril Hong and Paul Allen on The Asia Trade.The policy-sensitive US two-year yield fell three basis points to the lowest in around a year Thursday. Money markets almost fully priced in a Fed reduction this month and see at least two by year-end. The action reflected the latest readings on hiring and unemployment claims before Friday's jobs data, which is expected to extend the weakest stretch of US job growth since the pandemic. Slowing demand, rising costs and President Donald Trump's unpredictable trade policies have cooled hiring, adding pressure on the Fed to shore up the labor market. We get market perspective from David Chao, Global Market Strategist, Asia Pacific at Invesco.See omnystudio.com/listener for privacy information.

Asian equities climbed with Wall Street after weak US job openings data reinforced bets on a Federal Reserve interest-rate cut. Shares in Japan, Australia and South Korea gained at the open. Equity-index futures for the S&P 500 and the Nasdaq 100 edged higher after both gauges advanced. Australian bonds tracked Wednesday's moves in Treasuries, with yields on the 10-year declining almost five basis points to 4.37%. We get reaction from Audrey Goh, Head of Asset Allocation at Standard Chartered Wealth Management Group. She speaks with Bloomberg's Paul Allen and Avril Hong on The Asia Trade.Plus - Goldman Sachs strategists are raising their 12-month forecast for Asian stocks, citing tariff clarity and expectations for Federal Reserve easing in September. For more, we hear from Timothy Moe, Chief APAC Regional Equity Strategist. He speaks with Bloomberg's Avril Hong from the inaugural Goldman Sachs Asia Leaders Conference in Hong Kong.See omnystudio.com/listener for privacy information.

A major military parade is underway in Beijing, where Chinese President Xi Jinping is joined by Russian President Vladimir Putin and North Korea's Kim Jong Un. The rare gathering of America's top rivals marks 80 years since Japan's WWII defeat and features a showcase of hypersonic missiles, combat drones, and nuclear-capable systems. The event is a centerpiece of Xi's broader push to rally nationalist sentiment and signal China's rising global clout amid tensions with Washington. Bloomberg's Stephen Engle is tracking the parade from Tiananmen Square. He spoke with Bloomberg's Avril Hong and Paul Allen on The Asia Trade.Plus - Goldman Sachs is hosting its first-ever Asia Leaders Conference in Hong Kong. The event is billed as bringing together though leaders and senior executives from the most important companies in the Asia-Pacific. It was there that we heard from Robert Kaplan, Goldman's Vice Chairman and former President of the Dallas Federal Reserve Bank. He weighed in on monetary policy and the search for the next Fed chair in an exclusive conversation with Bloomberg's Avril Hong.See omnystudio.com/listener for privacy information.

Equity-index futures for Japan pointed to a modest gain after chip stocks pushed the Nikkei-225 index lower Monday. Contracts also indicated modest moves for Hong Kong and Australia. US equity-index futures edged lower with cash markets closed Monday for Labor Day. Investors will also be watching Japan's 10-year government bond auction Tuesday, which will be a key test of appetite amid growing expectations of rate hikes by the Bank of Japan and mounting political uncertainty. Stateside, Wall Street's record-breaking stock rally now faces a pivotal test, with jobs numbers, inflation data and the Federal Reserve's rate call all landing within the next three weeks. Tariff tensions and questions over the Fed's independence were also compounding the risks in September, historically the weakest month of the year for US markets. We look at the current market landscape with Michael Hartnett, Chief Investment Strategist at BofA Global Research. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.Plus - Chinese President Xi Jinping secured an agreement from partner countries to set up a new development bank, realizing a longtime ambition in a display of Beijing's growing influence. Members of the Shanghai Cooperation Organization agreed to establish the institution, Chinese Foreign Minister Wang Yi said Monday at the end of the two-day SCO summit that gathered Xi's closest international allies in the Chinese port city of Tianjin. In a joint declaration, member countries including India and Russia expressed opposition to unilateral coercive measures and vowed to facilitate trade within the group. We get reaction from Henry Huiyao Wang, Founder and President of the Center for China and Globalization.See omnystudio.com/listener for privacy information.

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi held their first meeting since Donald Trump returned to power, with the longstanding Asian rivals pledging deeper cooperation as they deal with the economic fallout from the US trade war. Modi announced the resumption of direct flights between the two countries, and said ties in the past year have stabilized after soldiers pulled back from the friction points on the border. The two met at the port city of Tianjin on the sidelines of the Shanghai Cooperation Organisation summit, a security-focused bloc co-founded by China. Bloomberg's Stephen Engle reports from Tianjin.Meantime, Indonesia President Prabowo Subianto moved to quell widespread protests across the country with parliament removing hefty lawmaker allowances that had sparked public outrage, while warning that firm action will be taken against violent demonstrators. For more, we hear from Faris Mokhtar, Bloomberg's Southeast Asia Global Business Reporter. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.Asian investors may tread cautiously on Monday amid uncertainty following a US federal appeals court ruling that President Donald Trump's sweeping trade tariffs were illegal. Contracts for the S&P 500 rose 0.2% and those for the Nasdaq 100 index advanced 0.3% in early Asian trading after a selloff in technology shares Friday trimmed the gains for the month. Contracts indicated losses for Australian and Japanese shares at the open, and gains in Hong Kong. US bond futures nudged lower, with the cash market closed for the Labor Day holiday. We look at the market landscape with Ron Temple, Chief Market Strategist at Lazard.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the August jobs report and earnings from Salesforce In the UK – a look at the future of Europe's banking industry In Asia – a look at how China is stepping up the technology battle with the US See omnystudio.com/listener for privacy information.

The S&P 500 rose 0.3% to a record Thursday after data showed the US economy expanded faster than initially estimated, highlighting the resilience of consumer spending. While that soothed recession jitters, it raised doubts about the upcoming inflation report, which is expected to show core personal consumption expenditures prices rising 2.9% in July, the fastest pace in five months. We look ahead to the July PCE numbers - and what they could mean for Fed policy - with Alonso Munoz, Chief Investment Officer at Hamilton Capital Partners.Meanwhile, shares opened lower in Japan and Australia while South Korea climbed. Oil fell 0.6% after gaining in the previous session on waning prospect of a peace agreement between Russia and Ukraine. The yen held steady against the dollar. We discuss the potential rollover effect of Friday's US inflation data on global markets with Raj Singh, Multi Asset Portfolio Manager at Principal Asset Management. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade. See omnystudio.com/listener for privacy information.

US equity-index futures and shares of Nvidia retreated after the chipmaker's sales outlook missed lofty expectations, weighing on sentiment around the world's most valuable listed company. Nvidia said Wednesday that sales will be roughly $54 billion in the fiscal third quarter, which runs through October. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The outlook adds to concern that the pace of investment in AI systems is unsustainable. Difficulties in China also have clouded Nvidia's business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn't yet translated into a rebound in revenue. We get reaction from David Waddell, CEO and Chief Investment Strategist at Waddell & Associates.Meantime, Bloomberg Opinion's Shuli Ren says a new China-buys-China narrative is taking shape as Beijing steps up its tech rivalry with the US. In her latest column, she writes that the world's second-largest economy not only wants to build generative AI models, but power them with its own hardware, redrawing a supply chain dominated by Nvidia. Shuli joins Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.See omnystudio.com/listener for privacy information.

A gauge of the dollar and longer-dated Treasuries steadied in Asia after they declined Tuesday following President Donald Trump's push to oust Federal Reserve Governor Lisa Cook. The gap between five and 30-year yields is at its steepest since 2021. While political meddling in monetary policy after Trump's move drew much of the market's focus, traders face key risks this week with Nvidia's earnings and Friday's inflation report. Even with tariff and geopolitical headlines flaring, investors remain anchored to a bullish market script: a likely September rate cut, resilient economic growth, and corporate earnings strong enough to keep equity sentiment afloat. We look at the state of play with Robert Schein, Chief Investment Officer at Blanke Schein Wealth Management.Meantime, Asian equities struggled for direction at the open Wednesday as investors await Nvidia's earnings for guidance on where the markets head next after a strong rally since April. Shares edged up in Australia while gauges in Japan and South Korea were flat. We get more on the markets from Kerry Craig, Global Market Strategist at JPMorgan Asset Management. He speaks with Bloomberg's Paul Allen and Avril Hong on The Asia Trade.See omnystudio.com/listener for privacy information.

The dollar dropped and gold gained after President Donald Trump removed Federal Reserve Governor Lisa Cook, raising concerns about the independence of the central bank. A gauge of the dollar retreated 0.3% as Cook will be removed from the position effective immediately, according to a letter Trump posted on his Truth Social account. The yen appreciated. Treasuries flipped after initially gaining on the news, sending yields on the benchmark 10-year higher by one basis point to 4.28%. Gold rose 0.5%. Asian stocks fell along with equity-index futures for US and Europe as Trump also threatened to place export curbs on chips. We get reaction from Peter McGuire, CEO at Trading.com Australia.Meantime, stocks were already under pressure after initial optimism about the Fed lowering interest rates vanished and US stocks retreated Monday. Stocks rallied on Friday after Federal Reserve Chair Jerome Powell opened the door for a possible interest-rate cut. The sense of euphoria eased as doubts over the pace of those reductions lingered on Wall Street as traders braced for a not-so-friendly price reading later this week. We examine the path ahead for monetary policy and the markets with Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth.See omnystudio.com/listener for privacy information.

Asian equities gained at the open, tracking Wall Street's rally, after Federal Reserve Chairman Jerome Powell opened the door to resuming interest rate cuts. Shares in Japan and South Korea advanced with MSCI's gauge for the region gaining 0.2%. Australian stocks hit a fresh record. Treasuries opened lower, giving up some of the gains on Friday after Powell's speech. Traders see an 84% chance of a Fed rate cut next month after Powell signaled at Jackson Hole the central bank may ease before inflation fully returns to target amid a softening jobs market. Still, officials remain split on the outlook, warning of lingering price risks from US trade tariffs ahead of this week's key inflation data. We get reaction from Matt Orton, Head of Advisory Solutions and Market Strategy at Raymond James Investment Management.Plus - Chinese stocks will be in focus with questions mounting over how much further the market can rally with concerns of trade tariffs and a deep-rooted property crisis weighing on the economy. While the market's steady advance may suggest less risk of a sudden correction, some analysts are warning that a bubble is in the making. The Nasdaq Golden Dragon China Index rose 2.7% Friday and futures indicated a stronger open for shares in Hong Kong and mainland China. We examine the week's market outlook with Qian Wang, Chief Asia Pacific Economist at The Vanguard Group. She speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to personal spending data and earnings from Nvidia. In the UK – a look at the upcoming Medef Conference. In Asia – a look at the next Bank of Korea decision and the HK IPO market. See omnystudio.com/listener for privacy information.

Asian equities traded within a narrow range after US stocks and bonds fell as traders pared back wagers on imminent Federal Reserve interest-rate cuts. Shares in Japan and Australia declined while South Korea advanced. Treasuries were little changed after falling across the curve in the US session, sending yields higher. The yen steadied after Japan's July core inflation came in at 3.1%, against an estimate for 3%. We look at the global inflation picture with Ian Samson, Multi Asset Portfolio Manager at Fidelity International.Meantime, stronger US economic data and a more hawkish tone from Fed officials have led money markets to price a 70% chance of a September rate cut, down from 90% a week ago. While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index made traders trim their rate cut bets. A gauge of manufacturing grew at the fastest pace since 2022. Attention now turns to the central bank's annual Jackson Hole symposium, where Chair Jerome Powell is scheduled to speak Friday at 10 a.m. New York time. We hear from Austan Goolsbee, President of the Federal Reserve Bank of Chicago. He speaks with Bloomberg's Michael McKee and Michael Shepard from Jackson Hole, Wyoming.See omnystudio.com/listener for privacy information.

Asian markets looked set for a cautious open Thursday, as US stocks pulled back and bond prices climbed ahead of a key Fed gathering in Jackson Hole. The Nasdaq and S&P 500 slipped, while Treasuries rallied on tempered inflation concerns. Meanwhile, Chinese shares listed in the US bucked the trend with gains. All eyes now turn to Fed Chair Jerome Powell's upcoming remarks for clues on the September rate path. For more on the markets, we check in with Tim Pagliara, Chairman and Chief Investment Officer at CapWealth.Plus - Hong Kong Exchanges and Clearing CEO Bonnie Chan is upbeat that the return of international investors will help sustain momentum amid a boom in listings and trading. Hong Kong's stock market has boomed this year, with its benchmark index surging and share sales posting a strong recovery as Chinese firms flock to raise capital. That in turn has boosted trading volumes, one of the main drivers of earnings for the exchange. We bring you part of Chan's conversation with Bloomberg's Yvonne Man.See omnystudio.com/listener for privacy information.

Asian markets stumbled midweek as a selloff in heavyweight U.S. tech stocks spilled across global equities. Most major indexes in the region dipped, with Taiwan Semiconductor and SoftBank among the hardest hit. The MSCI Asia Pacific index fell 0.5%, and Nasdaq futures slid after their second-worst loss since April's tariff shock. Treasuries held steady, the dollar climbed for a third straight day, and oil edged higher following a volatile prior session. We examine the broader market landscape with Ritesh Ganeriwal, Head of Investment & Advisory at Syfe.Meanwhile, attention is turning to Jackson Hole, where Fed Chair Jerome Powell will speak Friday. Traders are nearly certain a September rate cut is coming, but Powell's tone could shape the longer-term policy outlook. With July CPI showing tame goods inflation but sticky services prices, investors are looking for guidance on how aggressively the Fed may ease into 2026. We look at the prospective path of rate policy with Gene Goldman, Chief Investment Officer at Cetera Financial Group.See omnystudio.com/listener for privacy information.

US President Donald Trump called Vladimir Putin and urged the Russian leader to begin making plans for a summit with Volodymyr Zelenskiy, after meeting the Ukrainian president and European leaders at the White House on Monday. The proposal — which Trump pitched as a one-on-one summit between Ukraine and Russia's leaders that would be followed by a trilateral gathering involving all three — represented the latest turn in the US president's push to broker an end to a conflict that has lasted over three years. We get the latest from Michelle Jamrisko, Bloomberg News White House Editor in Washington.Oil markets were in focus following Trump and Zelenskiy's meeting in Washington, as traders weighed the potential implications for regional stability and energy flows. Crude oil held steady after Monday's gain. Meantime, Asian stocks may struggle for direction at the open after the S&P 500 closed little changed. We get market perspective from Mark Matthews, Head of Asia Research at Julius Baer. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.Plus - a big week is coming up as the Federal Reserve's annual Economic Policy Symposium kicks off Thursday in Jackson Hole, Wyoming. The event in the Grand Teton mountains has been used by Fed chairs as a venue for making crucial policy announcements. Jerome Powell is expected on Friday to unveil the Fed's new policy framework — the strategy it'll use to achieve its inflation and employment goals. He may also drop some hints about the Fed's thinking ahead of its September policy meeting. We look at the potential impact of Powell's remarks later this week with Michele Martin, President at Prosperity, the wealth management arm of EisnerAmper.See omnystudio.com/listener for privacy information.

In Japan, a stronger yen is set to emerge from this week’s gathering of central bankers in Jackson Hole after verbal intervention last week from US Treasury Secretary Scott Bessent gave the currency traction amid what is widely expected to be a dovish period for the US dollar. Governor Ueda has so far balked at preparing markets for another BOJ hike, wary of political blowback at home. But with the US Treasury Secretary now cast as the external foil, there’s still a month to prime investors for a live September meeting. For more, we speak to Bloomberg's Paul Dobson, Executive Editor for Asia Markets.Plus - Investors will be looking to Fed Chair Jerome Powell’s remarks at Jackson Hole for confirmation that US rate cuts are coming sooner rather than later. A September move is nearly fully priced, and looser US financial conditions have been a key driver of gains for risk assets across the globe. The suspense ahead of this week’s gathering will likely keep investors cautious. We heard from Skyler Weinand, Founder and Chief Investment Officer at Regan Capital.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Tom Busby take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to housing data and retail earnings. In the UK – a look at challenges facing European banking consolidation ahead of an upcoming shareholder vote in Italy. In Asia – a look at Japan CPI, PMI, and trade. See omnystudio.com/listener for privacy information.

Asian shares edged higher at the open, led by Japanese equities after the country's gross domestic product beat estimates. MSCI's gauge of Asian shares rose 0.2% as the Topix Index in Japan gained 0.8%. The country's economy expanded faster than expected last quarter, avoiding a recession. Stateside, bonds held their losses after higher inflation data caused traders to pare Federal Reserve interest-rates cuts, sending two-year Treasury yields higher by six basis points to 3.73%. A gauge of the dollar was little changed after gaining 0.4% in the prior session. Risk sentiment had been buoyed in previous days by expectations of monetary easing in the US, with traders fully pricing in a quarter-point reduction. But with US wholesale inflation accelerating in July by the most in three years, traders trimmed the odds of a September rate cut to about 90% from near certainty. We get reaction from Mark Luschini, Chief Investment Strategist at Janney Montgomery Scott.Plus - traders in Asia will also focus on China's monthly data, which will help gauge the health of the economy as it battles a US trade war and the longest deflation streak since at least the 1990s. Worries of a deepening downturn are mounting, with expectations retail sales growth and industrial production slowed in July from the month prior, according to Bloomberg surveys. We check on the state of consumption in the Asia-Pacific with Matthew Driver, Executive Vice President of Services, APAC at Mastercard.See omnystudio.com/listener for privacy information.

Asian stocks were poised for a mainly positive open Thursday as investors continued to ramp up bets that the Federal Reserve will cut interest rates next month. Meantime, Bloomberg Economics says China's July activity data due Friday will likely show signs growth softened heading into the second half, echoing early indications in business surveys and tracking its full-year outlook. We get more on the state of China's economy from Helen Zhu, Managing Partner and Chief Investment Officer at NF Trinity.Plus - stocks have soared to record levels and volatility has slumped to multi-year lows as traders now fully expect a quarter-point move by the Fed after an inflation print earlier this week was seen as benign. External pressure is also coming from President Donald Trump's administration with Treasury Secretary Scott Bessent making his most explicit demand yet for the central bank to execute a cycle of cuts. We discuss what the Fed's path ahead may look like with Ross Mayfield, Investment Strategist at Baird Private Wealth Management.See omnystudio.com/listener for privacy information.

Stocks climbed to a record after an in-line US inflation reading bolstered speculation the Federal Reserve will have room to cut rates in September. US inflation data bolstered expectations that the Fed can move toward rate cuts without reigniting price pressures. While underlying inflation accelerated to the strongest since the start of the year, the modest gain in goods prices eased fears that trade-related costs may feed into broader price pressures. We get reaction from Charles Lieberman, Co-Founder and Chief Investment Officer at Advisors Capital Management. Plus - Bitcoin continues to flirt with an all-time high as demand from institutional investors and corporate treasury buyers lifts the wider market for digital assets. A recent executive order from US President Donald Trump clears the way for digital assets to be added to the mix of investments available in workplace retirement plans - and for ordinary investors dissatisfied with the returns from target-date funds or the traditional 60/40 portfolio to push their savings into riskier assets. We talk all things crypto with Peter Chung, Head of Research at quant trading firm Presto in Hong Kong.See omnystudio.com/listener for privacy information.

US President Donald Trump extended a pause of sky-high tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world's two largest economies. Trump signed an order extending the truce through November 10th, deferring a tariff hike set for Tuesday. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. China said it too would extend its own suspension for a further 90 days. Meanwhile, Nvidia and Advanced Micro Devices have agreed to pay 15% of their revenues from Chinese AI chip sales to the US government in an unusual, legally questionable deal that reflects the Trump administration's willingness to soften export controls in exchange for financial payouts. We discuss the day's developments with Derek Wallbank, Senior US Economy and Government Editor for Bloomberg News. Plus - Wall Street refrained from making big bets ahead of a key inflation report, with stocks losing steam after climbing to the brink of all-time highs. With the earnings season almost done, investors are turning to economic data for clues on whether the Federal Reserve will be able cut rates in September. Data due Tuesday is forecast to show US consumers saw a slight pickup in inflation as retailers gradually raised prices on a variety of items subject to higher import duties. We break down the potential market implications with Joy Yang, Head of Product Management at MarketVector Indexes.See omnystudio.com/listener for privacy information.

Asian stocks were set for a cautious open ahead of key economic data and a looming deadline on the potential extension of US tariffs on Chinese exports. US stock futures were steady while the dollar was in a tight range against major peers in early Asian trading. Traders are looking ahead to critical economic data from the US which could shape interest-rate expectations. One key data point will be the US inflation print, which will provide more insight into the Federal Reserve's rates outlook, with fears the economy is teetering on the edge of stagflation. For more, we speak with Eric Sterner, Chief Investment Officer at Apollon Wealth Management. Plus - Australia's central bank is poised to deliver its third interest-rate cut this year as inflationary pressures ebb, while Governor Michele Bullock is expected to stick with her cautious stance on the monetary policy outlook. Traders and most economists polled by Bloomberg anticipate the Reserve Bank of Australia will lower its cash rate by 25 basis points to 3.6% on Tuesday, bringing its cumulative easing in the current cycle to 75 basis points. For a closer look, we hear from Swati Pandey, Bloomberg Economy and Government Reporter in Sydney. She speaks with Bloomberg's Avril Hong and Paul Allen on The Asia Trade.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Guest Host Amy Morris take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to U.S CPI, PPI, and retail sales data, along with Cisco earnings. In the UK – a look at Europe’s renewable energy sector and Vestas earnings. In Asia – a look at ahead to the next RBA decision, and the impact of chip tariffs. See omnystudio.com/listener for privacy information.

Federal Reserve Governor Christopher Waller is emerging as a top candidate to serve as the central bank's chair among President Trump's advisers as they look for a replacement for Jerome Powell. Earlier Thursday, Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Fed governor. Trump said that Miran, who will need to be confirmed by the Senate, would only serve the remainder of Adriana Kugler's term, which expires in January. The Bloomberg Dollar Spot index declined on the news, with Waller and Miran both having voiced support for lowering interest rates. We got reaction from Ivy Ng, Chief Investment Officer for the Asia-Pacific at DWS. She speaks with Bloomberg's Haidi Stroud-Watts and Paul Allen on The Asia Trade. Plus - trade tensions between the US and India are rising, while President Trump has signaled new sanctions on Russia could land as early as Friday. Treasury Secretary Scott Bessent also added that China levies "could be on the table" over the buying of Russian oil. Meantime, Indian Prime Minister Narendra Modi spoke with Brazil's President Luiz Inacio Lula da Silva on Thursday about strengthening trade ties amid rising US tariffs. For more on the growing impact of Washington's reciprocal tariffs, we hear from Inu Manak, Trade Policy Fellow at the Council on Foreign RelationsSee omnystudio.com/listener for privacy information.

After months of negotiations, US reciprocal tariffs are set to go into effect at 12:01am Eastern time. On Wednesday, President Donald Trump imposed an additional 25% tariff on Indian goods over its ongoing purchases of Russian energy, escalating a fight with a key Asian partner on the eve of his broad-based duties taking effect. Meantime, Switzerland's president Karin Keller-Sutter left Washington without announcing any success in lowering the 39% tariff on her country - the highest American tariff rate of any developed nation. For more, we heard from William Reinsch, Senior Adviser at the Center for Strategic and International Studies. He speaks with Bloomberg's Haidi Stroud-Watts and Haslinda Amin on The Asia Trade. Plus - President Trump said he would impose a 100% tariff on semiconductor imports, though would exempt companies moving production back to the United States. The announcement came as Apple CEO Tim Cook joined the President at the White House to announce a fresh $100 billion investment plan in US manufacturing. We get reaction from Emily Benson, Head of Strategy at Minerva Technology Futures.See omnystudio.com/listener for privacy information.

US President Donald Trump said Tuesday that tariffs on semiconductor and pharmaceutical imports would be announced "within the next week or so," as the administration prepares to target key economic sectors in its effort to remake global trade. Trump also added that he was "getting very close to a deal" with China to extend the trade truce that saw the two countries agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. For more, we hear from Jill Disis, Bloomberg News Desk Editor in Hong Kong. Plus - the S&P 500 was on the brink of all-time highs on Tuesday, before losing steam. In late hours, Advanced Micro Devices gave a stronger-than-expected sales forecast, but warned that its access to the crucial China market remains uncertain. The pullback highlights investor anxiety over the Fed's next move, with economic data complicating the central bank's balancing act between controlling inflation and sustaining growth. Stocks had rallied in the prior session amid growing bets on potential rate cuts after weak jobs data last week. We get perspective from Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank. He speaks with Bloomberg's Heidi Stroud-Watts and Haslinda Amin on The Asia Trade.See omnystudio.com/listener for privacy information.

Asian stocks rose at the open after a wave of dip buying and optimism about interest-rate cuts helped the S&P 500 post its biggest rally since May. Stocks in Japan, Australia and South Korea all gained and the broader MSCI Asia Pacific Index rose 0.4%. Oil steadied after a three-day drop as investors weighed risks to Russian supplies, with US President Donald Trump stepping up his threat to penalize India for buying Moscow's crude. We look at the market landscape with Hartmut Issel, Head of APAC Equities and Credit at UBS Wealth Management. He speaks with Bloomberg's Haidi Stroud-Watts on The Asia Trade. Plus - the CEO of Japan's largest bank says the Bank of Japan could raise its policy rate as early as September, given the outlook for higher inflation in the country. Mitsubishi UFJ Financial Group CEO Hironori Kamezawa speaks exclusively with Bloomberg's Hideki Suzuki about the BOJ's rate path, rising Japanese bond yields, and the impact of tariffs.See omnystudio.com/listener for privacy information.

Asian stocks fell at the open after soft US jobs data triggered a pullback in equities and fueled bets on a Federal Reserve rate cut. Oil retreated as OPEC+ wrapped up a run of major output hikes. The moves suggest Friday's sharp retreat on Wall Street — sparked by rising US unemployment and slower job creation — is still rippling through global markets. The weak data is fueling investor concern after US stocks rallied for three straight months on speculation the US economy would withstand President Donald Trump's tariff storm. We hear from Sharyn O'Halloran, Professor of Political Economy and International and Public Affairs at Columbia University. She speaks with Bloomberg's Paul Allen and Haidi Stroud-Watts on The Asia Trade. Plus - Toyota Motor Corp. and Honda Motor Co. earnings will paint a mixed picture as a stronger yen and US auto tariffs eat into profit, despite resilient unit sales. Toyota likely saw a dip in first-quarter operating profit, according to estimates. While the company posted record global sales in the first half driven by a surge in pre-tariff purchases, Bloomberg Intelligence said the automaker is likely weighed down by factors including supply chain costs.Honda's profit likely fell for the same reasons, according to BI. In June, Japanese automakers slashed US export prices by 19%, the biggest drop since records going back to 2016, sacrificing margins to remain competitive through the tariff turmoil. We preview this week's earnings with Kota Yuzawa, Head of Asia Auto Research at Goldman Sachs.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Walt Disney and Uber. In the UK – a look ahead to earnings from BP. In Asia – a look at ahead to how US smartphone production will be impacted by Apple’s shift towards India, along with an outlook for China property. See omnystudio.com/listener for privacy information.

Asian stocks fell for a sixth straight session — the longest losing streak this year — as President Donald Trump announced new tariff rates and as solid earnings from megacap tech firms failed to lift broader market sentiment. The MSCI Asia Pacific Index dropped 0.4% at the open while contracts for the S&P 500 also fell by the same amount. Trump will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the US face duties of 15% or higher, the White House announced Thursday. We get reaction from Jenny Gordon, Non-Resident Fellow at the Lowy Institute. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade. Plus - Bloomberg Intelligence says Hang Lung Properties may stabilize retail rental income in mainland China, mainly driven by solid leasing performance of prime shopping malls in Shanghai. Its retail rental revenue on the mainland held steady at 2.4 billion yuan in the first half, with high occupancy rates of Plaza 66 and Grand Gateway 66 at 98% and 99% as of June 30. We speak with Adriel Chan, Chair of Hang Lung Properties.See omnystudio.com/listener for privacy information.

US equity-index futures climbed as strong earnings from megacap tech firms bolstered optimism that corporate profits remain resilient. The dollar steadied after gaining on Federal Reserve holding interest rates. Contracts for the Nasdaq 100 rose 1.2% and those for the S&P 500 advanced 0.8% as Microsoft and Meta Platforms surged in after-hours trading. We break down the day's market headlines with Dean Smith, Chief Strategist at FolioBeyond. Plus - US President Donald Trump announced late Wednesday that he had reached a trade deal with South Korea that would impose a 15% tariff on its exports to the US, and see Seoul agree to $350 billion in US investments. We get reaction from Naomi Fink, Chief Global Strategist at Nikko Asset Management. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade.See omnystudio.com/listener for privacy information.

Shares in Japan fluctuated at the open while those in South Korea and Australia were flat Wednesday after the S&P 500 snapped a six-day rally. Treasuries were steady in early Asian trading after jumping the most in a month in the prior session. In the US, Federal Reserve policymakers are largely expected to hold interest rates steady for a fifth consecutive meeting at the conclusion of their July 29-30 gathering. Dissents from one or more officials could send the message that some members of the rate-setting Federal Open Market Committee prefer to reduce borrowing costs sooner rather than later. We preview Thursday's FOMC decision with Mark Heppenstall, President and CIO at Penn Mutual Asset Management. Plus - US and China will continue talks over maintaining a tariff truce before it expires in two weeks and Trump will make the final call on any extension. Adding an extra 90 days is one option, according to US Treasury Secretary Scott Bessent. Meantime, the International Monetary Fund said Tuesday that the world economy will keep weakening and remains vulnerable to trade shocks even though it is showing some resilience to Donald Trump's tariffs. We break down the latest trade headlines with Paul Donovan, Chief Economist at UBS Global Wealth Management. He speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade.See omnystudio.com/listener for privacy information.

Asian stocks slipped after a flat session on Wall Street, as investors stayed cautious amid a week packed with economic data and corporate earnings. The MSCI Asia-Pacific gauge dropped 0.7%, a third consecutive day of decline. The dollar steadied Tuesday after climbing the most since May in the prior session. The S&P 500 briefly topped 6,400, but closed little changed. Oil held its gain after President Donald Trump pushed for Russia to reach a swift truce with Ukraine or face potential economic penalties. We talk markets with Vance Howard, CEO and Portfolio Manager at Howard Capital Management. Plus - Commerce Secretary Howard Lutnick says a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm. Lutnick's comments followed the start of a new round of talks between the world's two largest economies - this time in Stockholm, where Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent led the respective delegations. Earlier rounds saw Washington and Beijing agree to reduce tit-for-tat levies and ease export controls on certain technology and rare-earth minerals, easing tensions that had rattled financial markets as Trump moves to enact a sweeping tariff agenda. We get perspective from Marc Franklin, Managing Director & Senior Portfolio Manager, Asset Allocation, Asia at Manulife Investment Management. He speaks with Bloomberg's Shery Ahn and Avril Hong on The Asia Trade.See omnystudio.com/listener for privacy information.

Stock-index futures climbed after the European Union struck a deal with President Donald Trump that will see the bloc face 15% tariffs on most exports, averting a potentially damaging trade war. S&P 500 contracts rose 0.4% and those for European stocks jumped 1%. The euro was slightly stronger against the dollar after the US-EU deal. Asian shares fluctuated at the open as Japanese equities declined 0.4%. Treasuries dipped slightly with yields on the 10-year gaining one basis point to 4.4%. Gold edged lower and oil was marginally higher. Investors are bracing for a busy week of data - including meetings of the Federal Reserve and the Bank of Japan - and earnings from megacap companies that could set the tone for the rest of the year in markets and the economy. Stocks have risen from their slump in April as investors speculate the US will strike trade deals with countries and that will help avoid significant damage to company earnings and the global economy. We preview the trading week ahead with Clark Geranen, Chief Market Strategist at CalBay Investments. Plus - Australia and the UK signed a landmark 50-year defense treaty on Saturday to underpin the construction of nuclear-powered submarines, senior ministers from both nations said. Both sides stressed that the treaty doesn't impact the AUKUS security partnership between Australia, the UK and the US - currently under review by the Trump administration. For a closer look, we speak with Paul Allen, Australia Correspondent for Bloomberg Television.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 a monetary policy decision from the Fed and earnings from some of the “Magnificent Seven” tech companies. In the UK – a look at President Trump’s trip to Scotland. In Asia – a look at ahead to China PMI data and a conversation on Asia tech investing. See omnystudio.com/listener for privacy information.

The US and Japan this week reached what President Donald Trump called the largest trade deal in history after Tokyo pledged to set up a $550 billion fund for investment into the US, details of which remain obscure. The lack of clarity about how the fund will work adds to questions about the viability of the agreement, which imposes 15% tariffs on Japanese cars and other goods. While the start date and other basic elements are still unknown, Treasury Secretary Scott Bessent warned this week that the US would monitor implementation and bump the rate up to 25% if Trump isn't satisfied. In his latest column, Bloomberg Opinion's Gearoid Reidy writes that after three months, Prime Minister Shigeru Ishiba finally has his trade deal. Gearoid joins us to explain why it may be Ishiba's final act. Plus - the S&P 500 inched to a new record Thursday - its 10th in 19 days - driven by tech gains that papered over a broader weakness as most stocks in the benchmark dropped. The S&P 500 has surged 28% from its April lows as investors grew optimistic that President Donald Trump's tariff war won't hurt the economy and corporate earnings as initially feared. Meantime, South Korea's trade ministry said Friday that Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick reaffirmed their will to reach a mutually beneficial trade agreement before August 1st deadline. For more on the economic impact of ongoing negotiations, we heard from Janet Henry, Global Chief Economist at HSBC. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade.See omnystudio.com/listener for privacy information.