Bloomberg Daybreak: US Edition

The US and Israel began striking targets across Iran, with President Donald Trump urging Iranians to overthrow the government in a conflict that threatens to spiral across the oil-rich Middle East. “The hour for your freedom is at hand,” Trump said, addressing Iranians in a video posted on Truth Social on Saturday. “When we’re finished, take over your government. It will be yours to take. This will be probably your only chance for generations.” The military campaign could be a defining moment for Trump, risking a drawn-out regional war that leads to a surge in energy prices and American casualties ahead of mid-term elections this year. Iran quickly responded by firing missiles on Israel and US bases around the region, and countries in the Persian Gulf closed their airspace. Israel’s military said the campaign would target “dozens of military targets,” and Iran media reported strikes on defensive and civilian sites, including more than 50 people dead in a strike on a school in Hormozgan, in the south of the country. Several large explosions were reported in the capital, Tehran. Bloomberg's David Gura and Christina Ruffini lead our team coverage in this instant reaction podcast.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the February jobs report, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to "Made in Europe" the tagline of a new scheme to rejuvenate Europe's defense, energy, and manufacturing sectors. In Asia – a look ahead to China PMI data. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) US and Iranian officials ended the latest round of nuclear talks in Geneva on Thursday by agreeing to reconvene as soon as next week, opening the door to further diplomacy even as President Trump masses military forces in the region. With just days to go before Trump’s deadline to reach an agreement, the two sides agreed to resume discussions at a technical level in Vienna. Oil pared gains given the prospect of more talks, though there was no public reaction from the US side, led by special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner. A person familiar with the US position said the Americans were leaving Geneva disappointed with the progress of the talks.2) Former US Secretary of State Hillary Clinton said she denied any association with disgraced financier Jeffrey Epstein during a “repetitive” hours-long deposition before congressional investigators Thursday. Clinton told reporters after the deposition she is confident her husband, former President Bill Clinton, knew nothing about Epstein’s crimes. Bill Clinton, who is set to face questioning on Friday, will be the first ex-president forced to testify before Congress. Thursday’s closed-door interview, which took place in Chappaqua in upstate New York, also touched on topics ranging from UFOs to the so-called PizzaGate conspiracy theory that took hold during the 2016 presidential campaign, she said.3) Netflix Inc. dropped out of the fight to buy Warner Bros. Discovery Inc., clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio. The streaming industry leader said that while it believed its deal would have passed muster with regulators and created shareholder value, it didn’t want to keep bidding. “We’ve always been disciplined, and at the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive,” Netflix said Thursday in a statement. Instead, it will keep investing in its business, including about $20 billion this year on films, TV shows and other entertainment offerings.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) Cuba says a boat with 10 people near its coast early Wednesday was carrying weapons, and its occupants — Cubans living in the US — were intent on entering the country to fight against the government. Cuban forces killed four people who had opened fire from a speedboat with Florida tags, an incident with the potential to escalate an already tense standoff with the US. The vessel approached within one nautical mile off the coast of Villa Clara early Wednesday, Cuba’s Interior Ministry said in a statement. Six others on the speedboat were wounded and are being provided with medical care. US Secretary of State Marco Rubio told reporters on Wednesday afternoon that the Department of Homeland Security and Coast Guard would be looking into the incident.2) The US and Iran started a third round of nuclear talks on Thursday with days to go until President Trump’s deadline for a deal. The two parties have been locked in a tense, months-long standoff over the Islamic Republic’s atomic activities and are negotiating through mediator Oman at its embassy in Geneva, the semi-official Iranian Students’ News Agency reported. Trump had given Iran a deadline of March 1-6 to strike a deal and has threatened military action if it fails to do so, sparking fears of a new Middle East war that could embroil Israel and Gulf Arab oil producers.3) The US vowed to maintain high tariffs on China hours after Beijing warned against any future hikes, as President Trump’s sweeping levies return to the spotlight before his meeting with Xi Jinping. US Trade Representative Jamieson Greer said Wednesday that Trump wants to keep tariffs on China steady at a range of 35% to 50%, while repeating earlier statements that the Supreme Court’s decision to invalidate broad emergency tariffs wouldn’t affect most levies. Earlier the same day, China threatened to take “all necessary measures” if the US imposed fresh tariffs, after Washington signaled a probe into their 2020 trade deal would continue. Beijing reiterated it wants to use the existing consultation mechanism to build consensus.See omnystudio.com/listener for privacy information.

Nvidia Corp. gave a bullish quarterly revenue forecast, signaling that the build-out of AI computing remains on track, with fiscal first-quarter sales expected to be about $78 billion. The company's outlook helped soothe concerns about a bubble in AI investments, with Chief Executive Officer Jensen Huang saying that customers are racing to invest in AI compute. Nvidia shares rose about 4% in extended trading following the announcement, after the company reported revenue gained 73% to $68.1 billion in the fiscal fourth quarter, and profit was $1.62 a share, excluding certain items. For instant reaction, Bloomberg Businessweek hosts Carol Massar and Tim Stenovec speak with analysts and experts from across the Bloomberg newsroom, including: Bloomberg Tech Co-Host Ed Ludlow Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners Bloomberg Intelligence senior tech industry analyst Mandeep Singh Bloomberg Intelligence Senior Technology Analyst Anurag Rana See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) Addressing one of his biggest audiences at perhaps the lowest moment of his second term, President Trump returned again and again in his State of the Union speech to the same message on the economy: Everything is going great. A resolute Trump was determined to will Americans into a better economic mood, seeking to paint over the affordability concerns at the center of upcoming midterm elections with statistics and self-congratulation. “Inflation is plummeting. Incomes are rising fast. The roaring economy is roaring like never before,” Trump boasted early in the nearly two-hour speech. The US president didn’t even feel compelled to roll out fresh policy ideas to address the cost of living. And where he did allow that voters might have some misgivings about cost of living, he followed his well-worn playbook of pinning blame elsewhere. Ahead of the speech, Trump’s advisers had framed the evening as an opportunity to lay out a forward-looking economic agenda that could serve as a reset ahead of the midterms. But he focused more on touting his signature tax legislation and trade policies than major new cost-of-living proposals — a hint that the issue is still vexing the White House. 2) Four days after deriding the US Supreme Court justices who struck down most of his signature tariffs, President Trump was far milder in his criticism with some of them in the room. Delivering his State of the Union address Tuesday, Trump criticized Friday’s 6-3 ruling against his sweeping global tariffs as “very unfortunate” and “disappointing.” The four justices who attended — Chief Justice John Roberts and Justices Elena Kagan, Brett Kavanaugh and Amy Coney Barrett — sat stoically in their front-row seats. Even in their relatively mild form, Trump’s comments marked a rare instance of high court criticism during a State of the Union address. In 2010, then-President Barack Obama criticized the just-issued Citizens United campaign-finance ruling, accusing the court of ignoring a century of precedent.3) Nvidia Corp. is facing a high-stakes moment with its latest quarterly results on Wednesday, with the world waiting for fresh evidence that the AI spending boom remains on track. To satisfy investors, Nvidia likely needs to deliver another blockbuster report. That means easily topping the forecasts it gave three months ago and setting new targets that are above current Wall Street estimates. The company has done this repeatedly, but concerns have grown that the AI spending frenzy isn’t sustainable. Nvidia is the dominant supplier of processors used to develop and run AI models, making it the biggest bellwether of the artificial intelligence economy. Chief Executive Officer Jensen Huang has assured investors in public appearances that demand remains high and customers such as Meta Platforms Inc. and Alphabet Inc. have rolled out more aggressive spending plans. Investors also will be looking for additional ways for Nvidia to accelerate growth. That may include pushing further into China, where US export curbs — and Chinese pushback — have limited sales.See omnystudio.com/listener for privacy information.

President Donald Trump delivered the longest State of the Union address of the television age Tuesday, declaring “a turnaround for the ages” as he tried to sell Americans on his economic program ahead of crucial midterm elections later this year. The speech had all the ceremony, confrontation and chaos that have come to define the event in an era of narrow congressional majorities and partisan polarization. Democratic Representative Al Green was ejected from the chamber for disrupting the speech. Trump invited the gold-medal-winning men’s Olympic hockey team into the gallery amid chants of “USA! USA! USA!” He awarded several medals honoring veterans and active-duty service members. And in more than 1 hour 47 minutes, the longest State of the Union in history, the president delivered a rally-like speech punctuated less by policy proposals than by political attacks. For instant reaction and analysis, Bloomberg Balance of Power hosts Joe Mathieu and Kailey Leinz speak with: Bloomberg White House correspondent Jeff Mason Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor US Interior Secretary Doug Burgum See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) A powerful winter storm started to taper off across the Northeast Monday evening after smashing records and dropping more than a foot of snow in eight states. The impact is expected to linger for days. More than 11,000 flights have been grounded through Tuesday, and more than 500,000 homes and businesses were without power as of 5:45 p.m. local time. Drivers in some parts of Massachusetts have been ordered to stay off the roads as snowplow crews struggle to catch up after whiteout conditions engulfed the state’s South Coast. Manhattan’s Central Park recorded about 20 inches (50 centimeters) of snow from Sunday through Monday. Islip on Long Island received more than 22 inches, according to the National Weather Service. Providence, Rhode Island, broke its record for a single snow storm with 32.8 inches, the National Weather Service said. The old record was set from Feb. 6-7 during the Blizzard of 1978 when 28.6 inches fell.2) Affordability and tariffs are expected to be two key domestic themes of President Trump's State of the Union address, posing headline risk for credit-card issuers, homebuilders, single-family REITs and retailers exposed to duties. He will likely address the Supreme Court's tariff ruling, reiterating his pledge to keep them in place, while other proposals requiring congressional approval face long odds in 2026. With President Trump's approval rating at 42% according to RealClearPolitics, consumer affordability of goods and services will be a key focus for the administration ahead of the US midterm elections in November. So far in 2026, Trump has proposed measures such as a 10% cap on credit-card interest, regulatory cuts to lower household energy prices, tax relief and prohibiting corporations from purchasing single-family homes. Yet investors should note that presidential authority to drive affordability goals may be limited, especially if congressional approval is required or if tariff policy risks driving higher inflation. 3) President Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the adminstration’s trade agenda after the Supreme Court struck down his original sweeping duties. The president signed an executive order last Friday authorizing the 10% import tax just hours after the ruling. He subsequently threatened to raise the number to 15%, but Trump did not officially issue a directive to increase the rate by Tuesday at 12:01 a.m. Washington time when the 10% levy went into effect. The White House is working on a formal order that will increase the global tariff rate to 15%, according to an administration official. The timeline for implementing that higher levy has not been finalized, said the official, who spoke on the condition of anonymity to discuss private matters.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) A powerful winter storm has isolated New York City and hobbled transport networks, threatening to be among its worst on record, with 41 million people across the US East Coast facing blizzard conditions. The storm shut down the vast majority of flights out of the region’s largest airports on Monday, including in the New York area and in Boston. New York City Mayor Zohran Mamdani declared a state of emergency and closed streets, highways and bridges to most traffic after 9 p.m. Sunday until noon Monday. Major snowfall of as much as 30 inches is expected across the East Coast in some areas, with the heaviest set through Sunday night and into Monday morning, the National Weather Service said, making travel impossible.2) Senior US officials said President Trump’s tariff defeat at the Supreme Court won’t unravel deals negotiated with US partners as they sought to defend the administration’s assertive trade policies. Those deals — which the administration made with partners including China, the European Union, Japan and South Korea — remain in place, US Trade Representative Jamieson Greer said Sunday on CBS’s Face the Nation. He sought to separate those arrangements from the planned 15% global tariff Trump announced Saturday. Friction over the renewed uncertainty spilled out Sunday as the European Parliament’s trade chief said he’ll propose freezing the EU’s ratification of a trade deal with the US until the Trump administration clarifies its policy. In New Delhi, officials cited similar reasons for India postponing talks in the US this week on finalizing an interim trade deal. The US Supreme Court ruling that struck down Trump’s use of emergency authority to wield tariffs preceded his planned trip next month to China. Greer suggested that alternative US trade tools, including those involving investigations of other countries’ trade practices, would give the US leverage.3) The US and Iran are set to resume talks Thursday in Geneva, according to Omani mediators. Iranian Foreign Minister Abbas Araghchi said he expects to meet US special envoy Steve Witkoff for the talks and reiterated that Iran won’t be pressured by a US military buildup in the region. Omani Foreign Minister Badr Albusaidi said on X that the US-Iran negotiations “are now set for Geneva this Thursday, with a positive push to go the extra mile towards finalizing the deal.” After talks last week, a US official said Iran was expected to return with proposals in two weeks to bridge remaining gaps. The US has orchestrated a massive military buildup in the Middle East including two aircraft carriers as President Trump presses Tehran for a new nuclear deal. Trump said on Friday he’s considering limited strikes on Iran, risking another destabilizing conflict.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager 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 chipmaker Nvidia along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to a special election in the UK. In Asia – a look ahead to India Prime Minister Narendra Modi’s two-day visit to Israel. See omnystudio.com/listener for privacy information.

The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in. For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:- Bloomberg Washington correspondent Tyler Kendall- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners- Dave Townsend, Partner with Dorsey & WhitneySee omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. “We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump told reporters Thursday aboard Air Force One. On a deadline, Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue. The deployment is unlike anything the US has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the US isn’t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel.2) President Trump declared victory in the fight over cost-of-living concerns, signaling a new approach that seeks to deny problems with his economic agenda while touting stock market gains to insist that his tariff plans have been a success. Pocketbook issues have emerged as the central focus of the upcoming November congressional elections with households hit hard by costs for groceries, utilities and housing. Polls show voters have soured on Trump’s economic policies, endangering Republicans’ hold on both chambers of Congress and the future of the president’s legislative agenda. Trump and allies have highlighted slowing inflation and job growth that has come in above expectations, but that has failed to assuage voters, and opened the door for Democrats who have seized on that discontent to boost their midterm prospects.3) Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was released under investigation on Thursday after being arrested on suspicion of misconduct in public office. The Thames Valley Police confirmed it had released a Norfolk man in his sixties, without mentioning the former royal by name. Last week, the police force said it was leading the assessment of allegations tied to the US Department of Justice’s publication of files related to convicted sex offender Jeffrey Epstein. King Charles III issued a statement outlining his “deepest concern” about the matter and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities. The arrest of Andrew, who turned 66 on Thursday, heaps further embarrassment on Britain’s royal family following years of lurid allegations about ties with Epstein that the former prince has consistently denied. His arrest appears to be the first of a UK royal since King Charles I in the 17th century following his defeat in the English Civil War.See omnystudio.com/listener for privacy information.

On today's podcast:1) While both the US and Iran have sounded cautiously upbeat about the latest round of diplomatic talks between the nations, analysts believe that strikes on Iranian targets remain a likely possibility. The US has amassed military assets in the Middle East and has dispatched a second aircraft carrier to the region. Concerns of a broader conflict held Brent crude above $70 a barrel. The US also announced new visa restrictions, with the State Department saying it is targeting 18 Iranian officials and telecommunications industry leaders and their immediate family members for the crackdown and communications blackout, blaming them for “inhibiting the right of Iranians to free expression and peaceful assembly.”2) Billionaire retail tycoon Leslie Wexner told a US House panel Wednesday that he visited Jeffrey Epstein’s private Caribbean island but said at the time he wasn’t aware of any sex trafficking operation involving the disgraced financier. Wexner said he went to the island once with his wife and children “for a few hours” while the family was in the area on their boat, according to his opening statement in a deposition to congressional investigators that was provided to Bloomberg News by his attorney. The House Oversight Committee has been investigating what role Epstein’s broad network of connections may have played in facilitating his enterprise or delaying criminal prosecution. Wexner was questioned behind closed doors by congressional investigators for six hours on Wednesday, a spokesman for the panel said.3) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. As the ChatGPT maker prepares to spend trillions in infrastructure investment, the overall valuation of the company, including the eventual funding, could exceed $850 billion, according to some of the people. That’s higher than the $830 billion initially expected. The company’s pre-money value will remain $730 billion, said one person, all of whom asked not to be identified discussing private information.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The US and Iran made progress in nuclear talks in Geneva on Tuesday, with Tehran’s negotiators scheduled to return with a new proposal in two weeks, a US official said on Tuesday, a cautiously upbeat assessment that suggests the chances of an imminent military clash are low. The official, who asked not to be named, said Iran would return with detailed proposals to address the remaining gaps between the two sides, but cautioned that there were still a lot of details to discuss. In an earlier statement, Iran said it had reached a “general agreement” with the US on the terms of a potential nuclear deal that would lift sanctions on Tehran and ease the risk of a broader war in the Middle East. But from the outset, there was also confusion between the US and Iranian sides on the scope of the negotiations, with President Trump bringing Tehran to the talks under the threat of US airstrikes.2) Ukraine and Russia began a second day of US-brokered talks in Geneva after Kyiv’s lead negotiator held separate meetings with American and European allies to coordinate their approach. “Consultations are taking place in groups focusing on specific areas within the political and military blocs,” Ukrainian National Security and Defense Council Secretary Rustem Umerov said Wednesday on Telegram. Russian media also reported that the negotiations had resumed behind closed doors. Umerov on Tuesday said he’d met with representatives of the US, France, the UK, Germany, Italy and Switzerland. “It’s important to maintain a common vision and coordination of actions between Ukraine, the US and Europe,” he said after the meetings in a post on Telegram. “There is an understanding of shared responsibility for the outcome.”3) Japan plans to invest up to $36 billion in US oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the trade agreement it struck with President Trump. Japanese Prime Minister Sanae Takaichi said the projects were designed to build resilient supply chains through cooperation in areas crucial for economic security, including critical minerals, energy and artificial intelligence. The most significant investment is a natural gas facility in Ohio that’s expected to generate 9.2 gigawatts of power, according to a statement from US Commerce Secretary Howard Lutnick, a massive project which Trump described as “the largest in History.”See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The Reverend Jesse Jackson, the civil rights leader who marched alongside Martin Luther King Jr. and later ran for president, has died at 84, according to a statement from his family released early Tuesday. Ordained in 1968, he spent decades fighting for voting rights and economic justice. A longtime advocate for racial and economic justice, Jackson was with King in Memphis in 1968 when King was assassinated. He went on to found the Rainbow PUSH Coalition and became one of the most prominent voices in American civil rights and politics.2) Iran and the US are set to meet for a second round of nuclear talks in Switzerland on Tuesday morning as they seek to avoid renewed conflict in the Middle East following last year’s attacks on the Islamic Republic. Oman will mediate the negotiations in Geneva almost two weeks after the first round was held on February 6th, Iran’s state broadcaster said. Iranian officials have expressed willingness to discuss their nuclear-enrichment activities, but have tied any concessions to the potential easing of American sanctions. Meanwhile, Washington is increasing its military presence in the Middle East, deploying a second aircraft carrier to the region amid warnings of a possible strike on Iran if talks — which could drag on for weeks — fail to produce a compromise. Iran’s Islamic Revolutionary Guard Corps held drills around the strategic Strait of Hormuz on Monday that were focused on delivering a “decisive” response to security threats.3) Secretary of State Marco Rubio said Europe’s fate is intertwined with the US while faulting the continent for what he said was a drift away from their shared Western values. “We want Europe to prosper because we’re interconnected in so many different ways, and because our alliance is so critical,” Rubio told Bloomberg News Editor-in-Chief John Micklethwait on the sidelines of the conference on Saturday. “But it has to be an alliance of allies that are capable and willing to fight for who they are and what’s important.”See omnystudio.com/listener for privacy information.

On this special President's Day Holiday edition of Bloomberg Daybreak, host Nathan Hager discusses: -We get another big earnings report ahead of Nvidia. On Thursday, we hear from Walmart. For more, we hear from Bloomberg Intelligence Senior Analysts Jen Bartashas and Poonam Goyal. - Nvidia reports its latest quarterly numbers next week. So what should we expect from the chip -behemoth? We speak with Mandeep Singh and Kunjan Soubhani of Bloomberg Intelligence. -The world’s richest man, Elon Musk, is suing OpenAI, a company he co-founded. That trial is set to take place in April. We get details from Bloomberg Intelligence Litigation Analyst Matthew Schettenhelm See omnystudio.com/listener for privacy information.

It’s an open secret that the Chinese government has engaged in a global campaign to acquire intellectual property from foreign rivals. At the center of that campaign is the Ministry of State Security, China’s elusive intelligence agency. The US has apprehended hundreds of people accused of giving information to the MSS, but the agency’s inner workings have been a mystery – until now. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness – and a cunning FBI sting – led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil. The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to episodes 1 and 2 now on Bloomberg's Big Take podcast.See omnystudio.com/listener for privacy information.

Secretary of State Marco Rubio said Europe’s fate is intertwined with the US while faulting the continent for what he said was a drift away from their shared Western values. The double-edged message offered some reassurance to allied leaders gathered at the Munich Security Conference but did little to temper their push for more independence from Washington. “We want Europe to prosper because we’re interconnected in so many different ways, and because our alliance is so critical,” Rubio told Bloomberg News Editor-in-Chief John Micklethwait on the sidelines of the conference on Saturday. “But it has to be an alliance of allies that are capable and willing to fight for who they are and what’s important.”“What is it that binds us together? Ultimately, it’s the fact that we are both heirs to the same civilization, and it’s a great civilization,” he said. “It’s one we should be proud of.”Rubio’s comments elaborated on a speech he delivered to the event, Europe’s premier annual security gathering, earlier Saturday morning. The speech was the most anticipated of the three-day conference, with fellow leaders eager to hear if he would double down on the contemptuous tone voiced a year earlier by Vice President JD Vance at the same venue.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to what to expect from homebuilders in the months ahead along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to UK jobs data. In Asia – a look ahead to the Lunar New Year Holiday in China. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The Trump administration is working to narrow its broad tariffs on steel and aluminum products that companies find difficult to calculate and the European Union wants reined in as part of its pending trade deal with the US, a person familiar with the matter said. The US Trade Representative’s Office is scrambling to resolve complications spawned last year by the Commerce Department’s efforts to rush out President Trump’s tariff agenda, the person said. The White House has communicated to companies that adjustments are in the works, but details and timing remain unclear. 2) President Trump said his administration has rescinded the “endangerment finding,” a landmark scientific determination that greenhouse gases pose a threat to human health and welfare. The 2009 finding serves as the legal foundation for a variety of environmental rules, including federal climate standards for cars and trucks. Trump said he’s also repealing those vehicle-related standards. The decision to repeal, which has been telegraphed for months, lays the groundwork for unwinding more federal climate regulations, according to environmental and legal experts. Thursday’s announcement, made alongside Environmental Protection Agency Administrator Lee Zeldin, marks the administration’s most consequential climate rollback, as well as its biggest deregulatory move.3) A Saturday shutdown of the Department of Homeland Security is all but inevitable after the Senate failed to advance a funding bill and headed out on a week-long recess without a deal regarding new limits on immigration enforcement. The Senate vote to begin debate on a year-long DHS bill without enforcement changes failed 52 to 47. A Republican attempt to get unanimous consent to pass a stopgap DHS bill also failed. Many department employees will be expected to work without pay during a shutdown. But a prolonged fight risks roiling workers like Transportation Security Administration employees at airports. Those carrying out immigration enforcement activities at Immigration and Customs Enforcement and Customs and Border Protection will likely be paid even during a longer shutdown by funds allocated under President Trump’s tax bill.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) President Trump’s tariff policies suffered their strongest political blow yet with the Republican-led US House passing legislation aimed at ending the president’s levies on Canadian imports. Wednesday’s vote represents an increase in political pressure to change course on Trump’s signature economic policy just months before the midterm elections, including by forcing swing-district Republicans affected by the tariffs to weigh when or if to cross the president by voting against his agenda. The vote also signals a growing anxiety over the White House’s economic agenda before elections that are expected to focus heavily on affordability. Democrats were quick to attack the Republicans who voted to protect the tariffs, blaming them for shielding policies that increase the cost of living for their voters. While Trump is almost certain to veto any bill calling for a repeal of his tariff agenda, making it unlikely the measure will ever become law, defections from six Republicans alongside opposition from nearly all Democrats underscore his increasingly tenuous hold on the narrow House majority.2) Republicans advanced voter ID legislation over the opposition of most Democrats Wednesday as House GOP leaders seek to convince their Senate counterparts to muscle through the bill. Conservatives are touting the measure, which the House passed by 218-213, as necessary to beef up election security ahead of the November midterms and 2028 presidential race. Most Democrats oppose the legislation, dubbed the SAVE America Act, and argue it would amount to voter suppression, especially for marginalized groups. The bill faces steep obstacles in the Senate, where GOP leaders would need 60 votes to overcome the legislative filibuster. House Republicans are urging Senate Majority Leader John Thune (R-S.D.) to change Senate rules to advance the bill, but the measure’s House backers are also looking at opportunities to tack it onto must-pass bills.3) Democratic lawmakers accused Attorney General Pam Bondi of using the US Justice Department to target enemies of President Donald Trump and bungling the release of files on disgraced financier Jeffrey Epstein during a fiery hearing Wednesday. “You’ve turned the people’s Department of Justice into Trump’s instrument of revenge,” said Jamie Raskin, the top Democrat on the House Judiciary Committee in Washington. “Trump orders up prosecutions like pizza. And you deliver every time.” Raskin cited Justice Department probes of former FBI Director James Comey, New York Attorney General Letitia James and six members of Congress who recorded a video urging military service members to refuse unlawful orders. Prosecutors failed to get grand jury indictments of Comey and James, and the New York Times reported Tuesday that the department also failed to secure indictments of the lawmakers.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast:1) An individual who the authorities described as a person of interest has been taken into custody regarding the disappearance of Nancy Guthrie in Arizona more than a week ago, a person familiar with the matter said on Tuesday night. The case, which has attracted international attention, took a dramatic turn earlier Tuesday when the Federal Bureau of Investigation released photo and video images of the possible suspect outside Guthrie’s home near Tucson. A video posted on X shows a masked individual wearing gloves approaching the front door with what appears to be a handgun in a holster and carrying a large backpack. Meantime, the AP reports the FBI and Pima County Sheriff's Department were conducting a court-authorized search at a location in Rio Rico, Arizona, in connection with the investigation.2) At least 10 people are dead and 25 injured after a mass shooting in northeastern British Columbia, according to the police. After a report of an active shooter at Tumbler Ridge Secondary School at 1:20 p.m. local time, responders found six people dead in the school, as well as the suspected perpetrator, who appears to have died from a self-inflicted injury, the Royal Canadian Mounted Police said in a statement. Three victims were airlifted to hospital with serious injuries, but one died in transit. Police said they also identified a residence that they believed to be connected to the incident, where they found another two people dead. Investigators are now searching additional properties to determine the scope of the tragic event, which appears to rank as one of the deadliest mass shootings in Canadian history.3) House lawmakers are set to vote Wednesday on whether to reject some of President Trump’s tariff policies, ahead of a midterm election focused heavily on anxiety over the US cost of living. The votes on the measures — starting with a resolution opposing the president’s tariffs on Canada — are set to come after lawmakers on Tuesday night rejected a last-ditch effort from House Speaker Mike Johnson to prevent them. Johnson, one of Trump’s chief allies in Congress, has led a legislative blockade for months to insulate the tariffs, pushing procedural rules that effectively prevented his chamber from ending the president’s sweeping tariff authority. A fresh Johnson-backed measure would have extended that ban through the end of July.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The relentless surge in memory chip prices over the past few months has driven a vast divide between winners and losers in the stock market, and investors don’t see any end in sight. Companies from game console maker Nintendo Co. to big PC brands and Apple Inc. suppliers are seeing shares slump on profitability concerns. Memory producers, meanwhile, are soaring to unprecedented heights. Money managers and analysts are now assessing which firms can best navigate the squeeze by locking in supplies, raising product prices or redesigning to use less memory. A Bloomberg gauge of global consumer electronics makers is down 10% since the end of September while a basket of memory makers including Samsung Electronics Co. has surged roughly 160%. The question now is how much is priced in.2) Alphabet Inc. is selling sterling and Swiss franc-denominated bonds for the first time, including an ultra-rare issue of a 100-year note, following a bumper $20 billion deal in the US. Google’s parent company is offering five tranches each of sterling and Swiss franc notes, according to people familiar with the matter, who asked not to be identified. The 100-year sterling bond is the first sale of such long-dated debt by a technology firm since the dot-com era. The sterling issue includes tenors of three to 32 years as well as the 100 year bond. The Swiss franc deal includes maturities of three, six, 10, 15 and 25-year bonds. Both deals are expected to price later today, the people said.3) President Trump said his pick to lead the Federal Reserve can stoke the economy to grow at a rate of 15%, an exceedingly rosy target that nonetheless underscores the pressure that Kevin Warsh will face if confirmed to the role. Trump, speaking in an interview with Fox Business, said Warsh was the “runner up” in his last search and that it was a big mistake to pick Fed chair Jerome Powell. It was not fully clear if Trump was referring to year-over-year growth or some other metric. The US economy, which is seen expanding 2.4% this year, has grown at an average annual rate of 2.8% over the past five decades. Gross domestic product has only risen at a 15%-plus pace a few times since the 1950s, including in the third quarter of 2020 as businesses reopened following pandemic-related closures.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The Seattle Seahawks won their second Super Bowl title on Sunday, beating the New England Patriots by a score of 29-to-13 at Super Bowl LX at Levi's Stadium in Santa Clara, CA. The Seahawks' defense came out strong, recording six sacks and forcing two interceptions against Patriots quarterback Drake Maye. Seahawks RB Kenneth Walker III was named Super Bowl MVP for his offensive efforts, becoming the first running back to win the award since the Denver Broncos' Terrell Davis in 1998.2) Chinese regulators have advised financial institutions to rein in their holdings of US Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter. Officials urged banks to limit purchases of US government bonds and instructed those with high exposure to pare down their positions, the people said, asking not to be identified discussing private deliberations. The directive doesn’t apply to China’s state holdings of US Treasuries. Communicated verbally to some of the nation’s biggest banks in recent weeks, the guidance reflects growing wariness among officials that large holdings of US government debt may expose banks to sharp swings, the people said. The worries echo those made by governments and fund managers elsewhere amid a brewing debate over the safe haven status of US debt and the appeal of the dollar.3) Japanese Prime Minister Sanae Takaichi secured a historic election triumph, positioning her as the nation’s strongest leader in the postwar era in an outcome that sent stock prices and bond yields soaring. Her ruling Liberal Democratic Party achieved the biggest post-war victory for a single-party in a general election in Japan, an extraordinary transformation of fortunes for a party that was on the ropes last summer before getting behind the nation’s first ever female premier in October. The LDP secured a two-thirds super majority in the 465-seat lower house by itself, according to public broadcaster NHK. A tally of results by NHK early Monday showed that the ruling coalition had won 352 seats in the lower house, expanding its previous razor-thin majority of 233 by a considerable margin. The LDP’s haul of 316 seats gives it a higher proportion of representatives in the lower house than any other party in post-war Japan.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to S jobs and CPI data, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to International Energy Week in London. In Asia – a look ahead to Softbank Earnings. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) Amazon.com shares tumbled in premarket trading on Friday after the e-commerce and cloud-computing company’s $200 billion annual capex forecast is much higher than expected, underlining concerns about how much big tech companies are spending on AI-related investments and when they will pay off. The company reported spending roughly $130 billion on property and equipment in 2025. Analysts anticipated those expenses would reach about $150 billion this year. Chief Executive Officer Andy Jassy said the money “predominantly” would go toward the company’s Amazon Web Services cloud unit, and most of that spending would be for AI workloads.2) Bitcoin whipsawed in a volatile trading session after a selloff that briefly dragged the token to a more than 50% retreat from its October peak. The original cryptocurrency rose as much as 5.8% on Friday and traded around $64,800 at 9 a.m. in London. Earlier in the session, it came close to falling below $60,000 for the first time since October 2024. Cryptocurrencies have been on shaky ground ever since a brutal series of liquidations in October that sapped market confidence. The selling picked up steam this week in line with the unwinding of leveraged bets and broader market turbulence. 3) President Trump called for the creation of a new nuclear arms treaty with Russia, as the existing New START agreement between the two nations expires and fuels concern about the possibility of a new arms race. The pact — formally known as the New Strategic Arms Reduction Treaty — built on efforts to reduce the nuclear weapons arsenals amassed during the Cold War. The deal expired on Thursday, raising the possibility that the US and Russia could potentially pursue new nuclear weapons unhindered by any diplomatic agreement while geopolitical tensions between Washington and Moscow rise.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The Department of Homeland Security will immediately pull 700 officers from Minneapolis, a reduction of about a quarter, amid efforts to deescalate tensions after federal agents killed two US citizens. White House border czar Tom Homan, who President Trump sent to Minneapolis as part of an effort to ease pressure amid local outrage, emphasized a shift to more targeted enforcement after a surge of immigration agents sparked widespread protests. Homan also said cooperation with local authorities to detain immigrants with criminal records had improved. About 2,000 federal immigration agents will remain, down from the peak of the operation but still much higher than the roughly 150 officers that would be normal, Homan told reporters Wednesday.2) President Trump sent a fresh warning to Iran’s leaders as US military forces amass in the region, even as diplomatic talks between Washington and Tehran were set for later this week. “I would say he should be very worried, yeah. He should be,” Trump said in an interview with NBC News on Wednesday, when asked about Iran’s supreme leader. Iranian Foreign Minister Abbas Araghchi said in a social media post Wednesday that talks with the US were scheduled to be held in Muscat, Oman on Friday morning. The US and Iran still plan to meet in Oman on Friday to discuss a nuclear deal, according to a White House official.3) President Trump said he would have passed on Kevin Warsh as his nominee to lead the Federal Reserve if Warsh had expressed a desire to hike interest rates. The president said there was “not much” doubt the Fed would lower rates because “we’re way high in interest” but now “we’re a rich country again.” Trump’s comments could come up during Warsh’s confirmation process, where the Fed’s independence will likely be a central topic. Trump said he believed “in theory” that the central bank was an independent body, while saying he was a “smart guy” whose economic predictions should be considered. Republican Senator Thom Tillis, a member of the Banking Committee, has pledged to block any of Trump’s nominees to the institution until the Justice Department ends an investigation into the central bank’s renovation.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The partial US government shutdown ended late Tuesday after President Trump signed into law a funding deal he negotiated with Senate Democrats, overcoming opposition from both ends of the political spectrum amid a standoff over his administration’s immigration crackdown. Trump applauded the funding package as “a great victory for the American people” and stressed that the legislation continues to fund deportation flights, which have provoked backlash from Democrats. Still, a more limited funding lapse looms within days since the Department of Homeland Security is only funded through Feb. 13 while Trump negotiates with Democrats over their demands for new restraints on immigration enforcement agents. The rest of the government is funded through the Sept. 30 end of the fiscal year.2) Iran has asked the US to move diplomatic talks originally planned for Turkey to Oman and to limit the agenda to the Islamic Republic’s nuclear program, according to people familiar with the matter. President Trump reiterated that the US and Iran are maintaining talks, even after an earlier skirmish in the Arabian Sea spooked oil markets amid heightened tensions between the two countries. “We are negotiating with them right now” and “they’d like to do something,” Trump told reporters at the White House Tuesday. Earlier Tuesday, a US F-35C warplane shot down a drone in self-defense as the unmanned aircraft “aggressively approached” the USS Abraham Lincoln with “unclear intent,” US Central Command said in a statement. CentCom said no American service members were harmed and no US equipment was damaged.3) Former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, will appear before a House committee investigating their ties to disgraced financier Jeffrey Epstein on Feb. 26 and 27, the panel confirmed Tuesday. A full House vote had been planned this week to hold the Clintons in criminal contempt if they continued to defy subpoenas in its inquiry into Epstein and his activities. The Clintons “have agreed to appear for transcribed, filmed depositions to face questioning as part of the investigation related to Jeffrey Epstein’s and Ghislaine Maxwell’s crimes,” the committee said in a statement posted on its website.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) Republican opposition to President Trump’s deal with Democrats to end the partial US government shutdown began to crumble late Monday despite the ongoing a standoff over the administration’s immigration crackdown. Trump implored House Republicans in a social media post to pass the spending measure immediately and with no changes. Soon after, two conservative holdouts — Anna Paulina Luna of Florida and Tim Burchett of Tennessee — said they agreed after a talk with the White House to end their threatened blockade, clearing the way to a Tuesday vote on the bipartisan agreement. House Speaker Mike Johnson had faced a tricky path to clear a Senate-passed spending package — the product of a negotiation between Trump and Senate Democratic leader Chuck Schumer. That measure would fund most agencies through Sept. 30, and the Department of Homeland Security through Feb. 13, preserving funding for immigration raids while both parties negotiate changes to enforcement policies. 2) President Trump said he’s seeking $1 billion in “damages” from Harvard University after the New York Times reported that his administration had backed off demands for $200 million to satisfy accusations of wrongdoing by the Ivy League institution. Trump didn’t specify under what authority he would seek the $1 billion. Harvard didn’t immediately respond to a request for comment. In an article earlier Monday, the Times reported that administration officials had dropped their demands for the $200 million “amid sagging approval ratings for Mr. Trump, and as he faces outrage over immigration enforcement tactics and the shooting deaths of two Americans by federal agents in Minnesota.”3) Former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, will appear before a congressional committee investigating the disgraced financier Jeffrey Epstein, their lawyers said Monday. A full House vote had been planned this week to hold the Clintons in criminal contempt if they continued to defy subpoenas in its inquiry into Epstein and his activities. Bill Clinton has previously said that he parted ways with Epstein many years before his death in a New York jail cell in 2019, and that he had no knowledge of his crimes.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The US government stumbled into a partial shutdown Saturday while waiting for the House to approve a funding deal President Trump worked out with Democrats following a national uproar over Border Patrol agents’ killing of a US citizen in Minneapolis. The funding lapse is likely to be short, with the House returning from a week-long break on Monday and the Republican president fully supporting the spending package. Many Americans may not even notice since most federal employees working on weekends, such as military personnel and air traffic controllers, are deemed essential and aren’t furloughed in a shutdown.2) The Justice Department’s latest release of material related to its investigations into Jeffrey Epstein offers fresh details about the rich and well-connected people who circulated in the orbit of the late disgraced financier. Officials said Friday they were releasing some 3 million pages of material, including more than 2,000 videos and 180,000 images.3) Gold extended losses, after its biggest plunge in more than a decade on Friday, while silver’s year-to-date gains were wiped out as a record-breaking precious-metals rally unwound at breakneck speed. Spot gold fell as much as 10% on Monday and is now down almost a fifth from an all-time high reached in the last-but-one session. Silver slumped as much as 16%, following on from an intraday loss on Friday that was the steepest on record.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the January jobs report and U.S tech earnings. In the UK – a look ahead to the 2026 winter Olympic games. In Asia – a look ahead to Japan’s snap election and a monetary policy decision from the Reserve Bank of Australia. - Michael McKee, Bloomberg International Economics and Policy Correspondent, to preview the January jobs report in the U.S.- Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, to preview U.S tech earnings.- Tommaso Ebhart, Bloomberg’s Milan Bureau Chief, to preview 2026 olympic games.- Paul Jackson, Bloomberg EcoGov Editor for Japan/Koreas, to preview snap Japan election.- James McIntyre, Bloomberg Economist for Australia and New Zealand, to preview RBA decision.See omnystudio.com/listener for privacy information.

Breaking news from the White House. President Donald Trump said he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve, according to a post on his Truth Social platform. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote. “On top of everything else, he is ‘central casting,’ and he will never let you down.” Warsh, who served on the US central bank’s Board of Governors from 2006 to 2011 and has previously advised Trump on economic policy, would succeed Jerome Powell when his term at the helm ends in May. It marks a comeback for Warsh, 55, whom the president passed over for the top job in 2017 when he selected Powell. If confirmed by the Senate, the former Fed governor will take charge of US monetary policy at a time when many economists and investors see its traditional insulation from elected officials as being under threat from the White House. Warsh aligned himself with the president in 2025 by arguing publicly for lower interest rates, going against his longstanding reputation as an inflation hawk.See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The Trump administration is preparing for the president to nominate Kevin Warsh to be the next Federal Reserve chair, according to people familiar with the matter. President Trump said Thursday he plans to announce his pick to lead the US central bank on Friday morning. The people, who requested anonymity to discuss matters not yet public, cautioned that the selection is not final until Trump makes a formal announcement. The White House and Warsh did not immediately respond to requests for comment. Warsh, a former Fed governor and one of the four finalists on Trump’s shortlist to be the next central bank leader, visited the White House on Thursday, one person said.2) President Trump and Senate Democrats have reached a tentative deal to avert a disruptive US government shutdown as the White House continues to negotiate with the Democrats on placing new limits on immigration raids that have provoked a national outcry. Trump announced that an agreement had been reached and urged both parties to vote for it. However, lawmakers are almost certain to fail to enact the measure before a Friday night deadline. While a short funding lapse and partial government shutdown is now seen as the most likely scenario, the effect on federal operations would be minimal if it’s swiftly resolved within a couple days.3) The Trump administration is seeking to scale down the number of federal officers in Minneapolis after the killing of two US citizens during immigration raids sparked a nationwide uproar and weeks of protests. Tom Homan, the administration’s “border czar,” said Thursday at a press conference in Minneapolis that officials from Customs and Border Protection and Immigration and Customs Enforcement are working on a “draw down plan” that hinges on cooperation from local, state and federal officials.See omnystudio.com/listener for privacy information.

Apple delivered record quarterly sales and a better-than-anticipated forecast for the current period, even as the company warned that rising component costs are threatening to squeeze margins.Revenue will rise 13% to 16% in the second quarter, which runs through March, the company said Thursday during a conference call with analysts. That exceeded the 10% projected by Wall Street — showing that Apple can maintain momentum after an iPhone-fueled sales surge in the December quarter.For instant reaction and analysis, Bloomberg Businessweek Daily cohosts Carol and Tim speak with: Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman Bloomberg Tech Co-Host Ed Ludlow See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The world’s largest tech firms show no signs of easing up on AI spending, a record wave that’s propelling hardware providers like Samsung Electronics Co. and SK Hynix Inc. That’s even as doubts persist about the staying power of artificial intelligence demand to justify all that capital. Meta Platforms Inc. alone revealed ambitions to spend as much as $135 billion this year — one of the biggest planned outlays of the business sphere. Meta, Microsoft and fellow hyperscalers such as Amazon.com Inc. and Alphabet Inc., are driving a wave of global spending on chips, servers and computers that’s firing up hardware suppliers around the world, particularly in Asia. A procession of industry linchpins’s results this week further underscored how voracious the appetite for AI hardware has grown — and how that’s likely to extend well into 2026.2) Tesla Inc. has planned $20 billion of spending this year to streamline its electric-vehicle lineup and shift resources toward robotics and AI, part of a sweeping set of changes pushing the company further from its roots as an automobile manufacturer. The capital expenditure plans laid out Wednesday – roughly twice as much as Wall Street was expecting – will support production expansion at multiple factories, scaling up the nascent robotaxi business and building out AI infrastructure. Tesla also revealed plans to discontinue the Model S and X vehicles and devote that plant capacity to building Optimus humanoid robots.3) Jerome Powell has two more opportunities to adjust interest rates before his term as Federal Reserve chair ends — and he may not need them. After the Fed kept borrowing costs on hold Wednesday, Powell talked up a “clear improvement” in the US outlook and said the job market shows signs of steadying. It signals a cautious optimism: Fed officials delivered three cuts last fall, and see nothing in the latest data to suggest more are needed to prop up the economy. Futures markets expect no shift in rates before June. By then, Powell’s term as chair will have ended and a new one should be in place — likely opening another phase of President Trump’s campaign for lower rates, which has upended the Fed over the past year. In a potential sign of what’s coming, the only two officials who voted for another cut this week were Governor Stephen Miran — on leave at the Fed from his post as a top Trump aide — and Governor Christopher Waller, one of four names on Trump’s shortlist of potential Powell successors.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he was looking to “de-escalate” in Minnesota with a reshuffle of the leadership running his deportation effort in the state following widespread outcry over the killing of two US citizens by federal agents. Still, the president denied he was pulling back his immigration crackdown and said that Homeland Security Secretary Kristi Noem would remain in her post, as he looked to signal a recalibration rather than a retreat in the aftermath of the Jan. 24 fatal shooting of 37-year-old intensive care nurse Alex Pretti by a Border Patrol agent during an enforcement operation. Meantime, US Representative Ilhan Omar was charged at by a man who appeared to squirt an unknown liquid on her during a town hall gathering in Minneapolis, as she called for consequences for the federal officials overseeing President Trump’s aggressive immigration policies.2) President Trump’s relaxed tone about the dollar selloff is fueling speculation the US currency is at the start of a longer-term decline. The dollar suffered its deepest one-day drop since last year’s tariff rollout after Trump said on Tuesday he didn’t think the currency had weakened excessively. Bloomberg’s dollar gauge slid as much as 1.2% as the comments sapped the appeal of the greenback and US Treasuries — boosting what has become known as the debasement trade. The dollar’s recent decline is great for US businesses, Trump told reporters in Iowa. While that’s in line with previous commentary from US officials, his remarks moved currency markets late Tuesday, partly because they appeared to validate the steep decline in the greenback in recent sessions.3) Federal Reserve Chair Jerome Powell may try to direct attention back to the economy this week, with the US central bank widely expected to hold interest rates steady after three straight reductions. But Powell’s first press conference since the Fed was served grand jury subpoenas — and coming days after the Supreme Court heard arguments regarding the attempted removal of another Fed governor — is bound to include questions about political pressure, central bank independence and what the Fed chief plans to do after his term as chair ends in May. A decision to hold rates steady this month is likely to garner broad support from policymakers following a series of contentious cuts. While the majority of officials agreed in those instances to backstop a weakening labor market, another group of policymakers pushed for the focus to remain on elevated inflation.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump indicated he’ll make changes to his administration’s deportation crackdown in Minnesota after the killing of two US citizens during immigration raids sparked nationwide uproar. The president said he was sending US border czar Tom Homan — who is seen as relatively measured compared to rivals, including Homeland Security Secretary Kristi Noem — to Minneapolis in a bid to deescalate tensions. Trump also spoke with top Democratic officials in the state. He told Governor Tim Walz, who he has derided as “grossly incompetent,” that he would consider independent investigations into the shootings and reducing the number of federal agents in his state. The president described a subsequent conversation with Jacob Frey as “very good” and said Homan planned to meet with the Minneapolis mayor on Tuesday “in order to continue the discussion.”2) Prime Minister Keir Starmer said the UK wouldn’t have to choose between the US and China, as he heralded “significant opportunities” for British businesses ahead of his trip to Beijing this week. In an interview with Bloomberg on Monday, Starmer dismissed questions about whether he was seeking stronger ties with China at the expense of the UK’s relationship with its closest allies. Starmer’s trip to China — the first by a British prime minister in eight years — comes on the heels of a similar delegation by Canadian counterpart Mark Carney that drew fresh tariff threats from President Trump. 3) President Trump threatened to hike tariffs on goods imported from South Korea to 25%, citing what he said was the failure of the country’s legislature to codify the trade deal the two nations reached last year. Trump in a social media post on Monday said the new rate would apply to autos, lumber, pharmaceutical products and “all other Reciprocal TARIFFS.” Under the existing agreement, the president set a 15% levy on South Korean exports. If implemented, the move could have wide-ranging effects on major South Korean companies that export to the US, such as Hyundai Motor Co., which sent 1.1 million vehicles to America in 2024. See omnystudio.com/listener for privacy information.

On today's podcast:1) US power grids are expected to grapple with unprecedented seasonal demand and the threat of blackouts after a damaging winter storm coated parts of the South and Mid-Atlantic in ice — leaving brutal cold in its wake. More than 800,000 homes and businesses nationwide are currently without electricity as snow and ice wreak havoc on local distribution lines. Grids so far have avoided larger system-level cuts, but frigid wind chills will likely persist all week, testing seasonal power-demand records from New England to Texas. In the New York metropolitan area, commuter lines run by the Metropolitan Transportation Authority will be operating with modified schedules on Monday, while at least one private bus operator, Boxcar, used by New Jersey workers, suspended its service because of the inclement weather.2) Senate Democratic leader Chuck Schumer vowed to block a massive spending package next week unless Republicans strip funding for the Department of Homeland Security, dramatically increasing the risk for a partial US government shutdown. Schumer’s announcement came on the same day that a Border Patrol agent shot and killed an American intensive care unit nurse in Minnesota during protests over the immigration crackdown in that state. The man was identified by state and local officials as Alex Pretti. Democratic opposition to the funding package potentially affects not just Homeland Security but also the departments of Defense, Labor, Education, State, Treasury and Health and Human Services. The effects would be widespread, including possibly delaying the next Bureau of Labor Statistics report.3) President Trump threatened Canada with 100% tariffs against all its exports to the US if it makes a trade deal with China, escalating tensions between the US and its northern neighbor. Trump, referring to Prime Minister Mark Carney as “Governor Carney,” said the Canadian leader was “sorely mistaken” for opening up his country to more business from China, including a recent deal allowing an increase in Chinese electric vehicle exports. Trump and key administration officials have denounced that bilateral agreement and warned of potential consequences, including an additional levy for Canadian goods, portending a difficult renegotiation for the US-Mexico-Canada free trade agreement scheduled in the summer.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager 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 Tesla and some of the biggest names in tech. In the UK – a look ahead to the UK Prime Minister’s visit to China. In Asia – a look ahead to Apple’s earnings and why business in Asia is a key focal point. See omnystudio.com/listener for privacy information.

On today's podcast:1) New York City is poised to get pummeled with more than a foot of snow this weekend, a test for new Mayor Zohran Mamdani, as a massive weather system lands on the region threatening power outages, airline delays and transit system problems. New York’s Central Park may get dumped with as much as 16 inches (41 centimeters) of snow starting Sunday morning, the heaviest of the season. That comes as the storm that will hit Southern states with ice moves into the Northeast, said Brian Hurley, a senior branch forecaster with the US Weather Prediction Center. Washington, Philadelphia and Boston are also expected to see snowfall. If the forecast holds, it would be the biggest snowstorm to hit Manhattan since 2021, based on snowfall records at Central Park.2) The US wants to rewrite its defense agreement with Denmark to remove any limits on its military presence in Greenland, people familiar with the matter said, in what’s become a focal point for negotiators looking to meet President Trump’s demand for control over the territory. The original agreement, signed in 1951 and amended in 2004, says the US must “consult with and inform” Denmark and Greenland before it makes “any significant changes to United States military operations or facilities in Greenland.” The people familiar with the matter, who asked not to be identified discussing private deliberations, said American negotiators want to rework that language to make sure the US faces no restrictions at all as it makes its plans.3) The Kremlin said the “territorial issue” remains unresolved after President Vladimir Putin held late-night talks with US envoys Steve Witkoff and Jared Kushner on the latest peace plan for ending Russia’s war on Ukraine. There’s “no hope of achieving a long-term settlement” to the war until Russia’s demands for territory in Ukraine are accepted, Putin’s foreign policy aide, Yuri Ushakov, said in an audio recording on Telegram early Friday. That’s even as he characterized the almost four hours of negotiations in the Kremlin as “exceptionally substantive, constructive.” Talks will continue between US, Russian and Ukrainian representatives in the United Arab Emirates on Friday and Saturday. Separately, Witkoff and Putin’s envoy, Kirill Dmitriev, will discuss bilateral Russia-US economic matters in Abu Dhabi.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island. The decision, which Trump announced Wednesday on social media, marks a stark reversal for a president who has repeatedly attempted to coerce Europe over Greenland. It came after a meeting with North Atlantic Treaty Organization Secretary General Mark Rutte at the World Economic Forum in Davos, Switzerland. Still, Trump did not detail the parameters of the so-called “framework” and it was unclear what the agreement entails, especially since Denmark earlier Wednesday ruled out negotiations over ceding the semi-autonomous island to the US.2) Russia’s President Vladimir Putin said he is ready to commit Russian assets that remain frozen in the US to rebuild Ukrainian regions damaged during the war after a peace treaty is concluded. Putin also said he could give $1 billion from the US-based assets - frozen to punish Putin for his 2022 full-scale invasion of Ukraine - to President Trump’s proposed Board of Peace. The offer has been discussed with the US, Putin said, and he plans to talk about it more Thursday during a meeting with Trump envoys Steve Witkoff and Jared Kushner in Moscow.3) US Supreme Court justices suggested they are wary of President Trump’s effort to fire Federal Reserve Governor Lisa Cook over unproven mortgage-fraud allegations, saying the move could upend the Fed’s independence and rattle markets. Hearing arguments in Washington Wednesday, conservative and liberal justices alike sharply questioned US Solicitor General D. John Sauer, who urged the court to let Trump oust Cook for the time being while her lawsuit goes forward. Trump’s own appointees were among the skeptics. Justice Brett Kavanaugh said the president’s position would “weaken if not shatter the independence of the Federal Reserve.” Justice Amy Coney Barrett asked whether the risk to financial markets was reason for “caution on our part,” though she also suggested she wasn’t ready to fully embrace Cook’s position.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump expressed confidence that the European Union would continue to invest in the US even if he imposed new tariffs related to his quest to take control of Greenland, a proposal that has angered leaders on the continent. The president’s rare appearance in the White House briefing room came ahead of his departure Tuesday night from Washington for the World Economic Forum in Davos, Switzerland, where he will confront European leaders who are furious over his bid to take over the territory of a fellow NATO ally, Denmark. Earlier Tuesday, European Commission President Ursula von der Leyen said that Trump’s threats were a “mistake” that would violate the deal he forged last year with the bloc. Officials in Europe have begun drafting plans to retaliate, which could set off a tit-for-tat that may scuttle the accord.2) Treasury Secretary Scott Bessent cautioned European nations against ramping up their military presence on Greenland and assailed France over calls to conduct a NATO exercise as European leaders brace for President Trump’s arrival at Davos. Bessent questioned the message European allies were sending following the recent decision by Denmark and seven other NATO countries to deploy a handful of officers to the island, which Trump has said he wants to make a part of the US.3) Months after President Trump attempted to fire Federal Reserve Governor Lisa Cook over unproven mortgage fraud allegations, the case will get a hearing before the Supreme Court. The justices are scheduled to consider whether Trump can oust Cook while the legal fight over the allegations proceeds. The case is one element in an effort by Trump to exert more control over the Fed and pressure officials to significantly cut interest rates. Trump has repeatedly attacked Fed Chair Jerome Powell, who has resisted the president’s demands to resign.See omnystudio.com/listener for privacy information.