Waller Backs Fed Cut Now, 1000% Return BOE Bet, Looking For G-20 Friends
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to support a labor market that is showing signs of weakness. (2) Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project. (3) Some traders have placed wagers in the UK options market that could net a more than 1,000% return if the Bank of England ignores inflation at an eighteen month high and delivers more cuts this year than rates pricing suggests. (4) The US Commerce Department will impose preliminary anti-dumping duties on imports of Chinese graphite, a key battery component, after concluding that the materials had been unfairly subsidized. (5) While rival media companies are unloading assets and cutting costs, Netflix continues to thrive. (6) England are through to the semi-finals of the Women's European football championship after beating Sweden on penalties Podcast Conversation: ChatGPT Will Soon Shop Online, Make PowerPoints on Your BehalfSee omnystudio.com/listener for privacy information.
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Trump 'Testing Markets' On Powell's Job , €2T EU Budget Rejected, Failing UK Water Industry
Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Once again, President Donald Trump demonstrated his power to shake up global financial markets. This time, by returning to one of his favorite topics: whether to fire Federal Reserve Chair Jerome Powell. (2) The US President said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda. (3) JPMorgan Chase keeps putting more distance between itself and key rivals.The first half saw the bank’s market value surpass that of its three largest competitors — BofA, Citigroup and Wells Fargo — combined. (4) Wall Street banks were optimistic Donald Trump’s second term would unleash a dealmaking boom. Instead, it’s delivered a trading bonanza. (5) When Jon Cunliffe arrived at the Bank of England in 2013 he had a daunting task: implement the biggest ever clean-up of Britain’s banking system — designed in the wake of the financial crisis — to prevent highly leveraged lenders from collapsing. Tempted out of retirement in 2024, the 72-year-old has been asked to pull off a similar job, but this time as the architect of a reform package to fix the UK’s heavily indebted and wildly unpopular water industry (6) Germany has rejected the European Commission’s €2 trillion ($2.3 trillion) budget proposal, hours after it was announced by European Commission President Ursula von der Leyen in Brussels. (7) UK Prime Minister Keir Starmer and German Chancellor Friedrich Merz will sign a new Anglo-German treaty in London on Thursday that includes a commitment to assist each other in case of armed attack. Podcast Conversation: How the Boss Optimizes Their Routine for a Good Night's SleepSee omnystudio.com/listener for privacy information.
President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night. While the lawmakers voiced support for the move, which would likely roil financial markets and lead to a consequential legal showdown, Trump has not made a final decision and could change his mind, according to the official who requested anonymity to discuss a private conversation. In response to multiple similar reports, President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell. Paul Sweeney and Lisa Mateo speak with Bloomberg's Chris Condon about the potential fallout.See omnystudio.com/listener for privacy information.
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France In ‘Mortal Danger’, Ring-Fencing Shake Up, Prime Brokerage Rush
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) French Prime Minister Francois Bayrou proposed scrapping two national holidays, part of a drastic effort to repair public finances that’s set to unleash a parliamentary backlash in the fall.(2) Chancellor of the Exchequer Rachel Reeves pledged to shake up post-crisis rules that are meant to shield consumers’ money from the vagaries of investment banking as the UK government looks to the finance sector to help spur economic growth.(3) The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.(4) The UK’s previous government set up a secret immigration route for Afghans affected by a data breach three years ago and then kept it secret from the British public, Defence Secretary John Healey said.(5) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.(6) As Donald Trump’s tariff policies roiled markets almost everywhere, on Wall Street they were helping the biggest banks set records. JPMorgan’s stock traders scored their best second quarter ever, while Citigroup Inc.’s, trading division saw its best result for that period in five years. Analyst predictions were easily surpassed by the banks’ respective hauls, and even investment banking businesses did better than expected despite fears the same volatility might stymie deals.Podcast Conversation: Hot Jewelry Companies Find Major Success With Art Deco DesignsSee omnystudio.com/listener for privacy information.
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19:14
Reeves Faces The City, Nvidia's China Surprise, EU Targets Boeing & Bourbon
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Chancellor of the Exchequer Rachel Reeves will highlight plans to spur homeownership by easing access to mortgages in her flagship annual address to the City of London, a key moment for Britain’s finance minister as she seeks to bounce back from a rocky period that included a market-moving tearful appearance in the House of Commons.(2) The UK economy is showing more signs of rebounding from its recent slump, with a jump in June retail sales adding to evidence of a strong pick-up in activity seen in other leading indicators.(3) China’s economic growth exceeded expectations in the second quarter, but strong exports to markets outside the US masked deepening pressure caused by weak consumer demand at home.(4) Nvidia Corp. plans to resume sales of its H20 AI chip to China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance.(5) US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine even as he pledged fresh weapons supplies for Kyiv.(6) The European Union has finalized a second list of countermeasures to target US goods worth €72 billion ($84 billion), including Boeing Co. aircraft, automobiles and bourbon if it decides to retaliate as transatlantic trade tensions intensify.Podcast Conversation: What’s in a Fob? The Surprising Complexity of Designing Car KeysSee omnystudio.com/listener for privacy information.
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