Daybreak Weekend: Tesla Earnings, ECB Decision, Japan Election
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 housing data and earnings from Tesla. In the UK – a look ahead to the next ECB monetary policy decision. In Asia – a look at ahead to Japan’s upper house election. See omnystudio.com/listener for privacy information.
Asian stocks made a modest gain at the open Friday as a global equity rally gained fresh vigor on strong economic data that eased concerns about the US economy. The MSCI Asia Pacific Index rose 0.2% at the open. Equity-index futures for US gained after the S&P 500 and Nasdaq 100 set closing highs Thursday. Tech stocks rose as a bullish outlook from Taiwan Semiconductor Manufacturing Co. bolstered confidence in artificial-intelligence spending. Netflix Inc. also reported strong earnings and raised its forecast. We get market insights from Brian Vendig, Chief Investment Officer at MJP Wealth Advisors. Plus - Japan's key price measure cooled a tad more than expected while remaining well above the Bank of Japan's target, keeping pressure on Prime Minister Shigeru Ishiba to mollify voters as he heads into Sunday's national election. Consumer prices excluding fresh food rose 3.3% from a year earlier in June, slowing from a 3.7% gain - a two-year high - in the previous month, the Ministry of Internal Affairs and Communications reported Friday. We get reaction from former BOJ board member Sayuri Shirai, now Professor of Economics at Keio University. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade.See omnystudio.com/listener for privacy information.
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Fed Uncertainty and Trade Pivots
Asian stocks struggled for direction at the open after US markets had a volatile session amid speculation about the future of Federal Reserve Chair Jerome Powell. In tariff news, President Trump dialed down his confrontational tone with China in an effort to secure a summit with counterpart Xi Jinping and a trade deal. Trump also said he would send letters to more than 150 countries notifying them of tariff rates and that the levies imposed could be 10% or 15%. We unpack how trade policy is resonating in APAC markets with Ecaterina Bigos, CIO for Asia ex-Japan Core Investments at AXA Investment Managers. Plus - the S&P 500 bounced as President Trump said he is "not planning" to remove Powell, after a White House official said the president was likely to seek the Fed Chair's ouster soon. Treasury two-year yields, which are more sensitive to imminent Fed moves, slid five basis points to 3.89%. The dollar halted a four-day advance. Softer-than-estimated inflation data also helped fuel the moves on Wednesday, reinforcing bets on Fed rate cuts in 2025. We get reaction to the day's market action from Rich Mullen, Founding Partner and CEO at Pallas Capital Advisors.See 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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Markets Dip on Mixed US Eco Data, Waning Fed Bets
Asian stocks moved lower in the early Wednesday session after relatively tame inflation data failed to ease Wall Street's worries about the impacts of tariffs, with initial rallies in US stocks and bonds sputtering on bets the Federal Reserve will keep rates on hold for now. The S&P 500 retreated after earlier topping 6,300. A gauge of US financial giants sank as Wells Fargo & Co. cut its guidance for net interest income. JPMorgan Chase & Co. dropped even as investment bankers eked out a surprise gain. Citigroup Inc. hit the highest since 2008 on a stock-buyback plan. While short-dated Treasuries led losses, longer maturities also slid - with 30-year yields topping 5%. We get reaction to the day's market action from Chuck Cumello, President and Chief Executive Officer at Essex Financial Services. Plus - Nvidia said late Monday that it received assurances that the US government would allow it to export some chips to China. Advanced Micro Devices, Nvidia's chief rival, quickly followed with a similar announcement. These export license approvals could generate billions of dollars in total revenue for the companies this year — and they mark a dramatic reversal after the Trump administration said the issue wasn't even up for debate. We take a closer look at what it means for the chip sector with Ray Wang, Research Director for Semiconductors, Supply Chain, & Emerging Tech at The Futurum Group. He speaks with Bloomberg's Haidi Stroud-Watts and Paul Allen on The Asia Trade.See omnystudio.com/listener for privacy information.
Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.
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