Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) European Central Bank President Christine Lagarde warned that an escalation of disputes over trade levies kicked off by US President Donald Trump may have a detrimental effect on the world economy. (2) President Donald Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and elsewhere in the European Union, the latest escalation in a growing transatlantic trade war. (3) China stands to gain from the ongoing trade wars between the US and its allies, the European Union’s foreign policy chief Kaja Kallas said in an interview with Bloomberg Television. (4) Tariff worries rattled Wall Street again Thursday, pushing the S&P 500 into a correction that left it at the lowest in six months. (5) Senate Democratic leader Chuck Schumer had two choices as the clock ticked down to the government funding deadline: drop his threat to block the Republican bill or force a disruptive March 15 shutdown.   (6) More than half of UK Prime Minister Keir Starmer’s cabinet have urged his chancellor, Rachel Reeves, to rethink her plans to scale back welfare and spending, in an extraordinary sign of growing concern within the governing Labour Party over the scale of looming cuts. (7) Russian President Vladimir Putin said he wants to discuss a proposed ceasefire in Ukraine with his US counterpart Donald Trump, though he warned that any truce should lead to a long-term resolution of the war. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25% tariffs on steel and aluminum, raising the risk of further escalation in his global trade war. (2) Ozempic-maker Novo Nordisk is planning to make more of its medicines for the US market in the country; Boeing risks a gummed up supply chain and higher aircraft costs it may not be able to pass on; Chinese online retailer Shein is offering incentives to its top apparel providers to set up new production capacity in Vietnam. (3) Senate Democratic leader Chuck Schumer said his party would block a Republican spending bill to avert a government shutdown on Saturday and urged the GOP to accept a Democratic plan to provide funding through April 11 instead. (4) The correction in the US stock market may be complete as credit markets aren’t pricing in recession risks, according to JPMorgan Chase.   (5) The UK and France are scrambling to bolster Ukraine’s negotiating position as US President Donald Trump seeks to force through a settlement in its war with Russia. (6) London is expected to record the largest drop in house prices in the UK in the near term, according to property agents, as the capital is disproportionately hit by economic uncertainty and higher taxes. (7) Bloomberg has learned that investors are quietly betting that Donald Trump's overtures to Moscow will eventually translate into Russia's return to the global financial markets. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering a reprisal from the European Union as the global trade war enters a new and risky phase. (2) The latest US tariffs — which were applied without exemptions — kicked in after a tumultuous day at the White House, when Trump threatened to double the metals tariffs on Canada to 50%, only to back off when Ontario agreed to drop plans to impose a surcharge on electricity sent to the US — all while downplaying the risk of a tariff-led recession that has sent US markets plunging. (3) Goldman Sachs has lowered its target for the US equity benchmark in a further sign of growing skepticism on the outlook of the world’s largest economy.The bank’s strategists cut the year-end target for the S&P 500 Index to 6,200 from 6,500, implying an 11% gain from Tuesday’s close. The reduction was also in view of declines in the “Magnificent 7” stocks. (4) Less than two weeks after Donald Trump lambasted Ukrainian President Volodymyr Zelenskiy in an Oval Office confrontation, the US president put the pressure on Russia to accept a ceasefire agreement hammered out with Zelenskiy’s advisers. (5) Half a million more people in England and Wales are claiming disability benefits for mental-health problems than before the pandemic, according to research that may add to concerns over government plans to squeeze welfare spending. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) What had been a steady pullback from the US stock market accelerated sharply Monday as investors retreated from virtually every type of risk and economic fear raced across Wall Street. (2) Citigroup downgraded its view on US equities while upgrading China to overweight, another sign of the growing divergence in the outlook toward the world’s top two markets. (3) Talks between the US and Ukraine in Saudi Arabia on Tuesday are intended to help clarify what concessions might be possible in the push toward a ceasefire with Russia, Secretary of State Marco Rubio said, playing down the possibility of a major breakthrough. (4) A cargo ship crashed into an oil tanker off the UK’s east coast, causing fires, a jet-fuel spill, and leaving one person missing in one of the most significant maritime disasters near the country in many years.   (5) Keir Starmer has reportedly backed up the Chancellor's plans to reform Britain's benefits system and cut costs. According to the BBC, the Prime Minister told a private meeting of his MPs that the UK's welfare system was 'indefensible' and 'unfair'. (6) Key UK economic data will continue to be released at 7 a.m., a blow to traders and investors who wanted the statistics office to revert to the pre-pandemic norm of 9:30 a.m. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump said the US economy faces “a period of transition,” deflecting concerns about the risks of a slowdown as his early focus on tariffs and federal job cuts causes market turmoil. (2) Chinese tariffs on a slew of American farm products have officially come into effect, the latest retaliation in the unfolding trade war between the world’s top two economies. (3) Mark Carney won the race to become Canada’s next prime minister, putting the former central banker in charge of the country just as US President Donald Trump’s administration threatens its economic future. (4) US President Donald Trump said he had largely lifted a freeze on US intelligence sharing with Ukraine as he looked to push both Kyiv and Moscow to the negotiating table in hopes of brokering a peace deal. (5) Wages for new hires in the UK rose at the slowest pace in four years in February as businesses scrambled to cut expenses ahead of a looming hike in employment costs, according to a survey closely watched by the Bank of England. (6) Germany's Conservatives and Social Democrats are moving closer to a forming coalition, announcing over the weekend they would deepen talks over joining forces in a new government. They face massive challenges to restart growth after two years of contraction boost defence spending, as well as risks of trade tariffs from Donald Trump. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.