Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump repeated his military threats against Iran ahead of a visit to China, saying Iran will either “make a good deal” with the US or face devastation. A ceasefire between the US and Iran has lasted over a month but is fragile, with Trump describing it as being on “massive life support” and Tehran continuing to resist US demands. The President is expecting economic deals and a welcome in China, where he will discuss trade, tariffs, and Taiwan with Xi Jinping. The US has targeted Chinese oil refiners and firms providing satellite imagery to Iran, as Trump ramps up his campaign to pressure Tehran into a deal. 2) Oil shipments from Iran's main export terminal appear to have come to a standstill over the past several days, according to satellite images. If Kharg Island were to remain idle, it would increase the pressure on the country's remaining storage facilities, which satellite images show are filling up. The terminal hasn't been shown empty for more than a single day since the start of the war, with satellite images of the Kharg Island jetties on 33 out of the 73 days since the US and Israel launched their attacks. 3) Anthropic is in early talks with investors to raise at least $30 billion in fresh financing at a valuation of more than $900 billion. The round is expected to close as soon as the end of this month, but the deal is not finalized and no term sheet has been signed. Anthropic needs to make deals to pay for enough computing infrastructure to meet growing demand for its products, amid the breakout success of its AI software. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Shipping traffic in the Strait of Hormuz remained at a standstill on Tuesday, with oil rising after President Trump rejected Iran’s latest offer. Trump called Iran’s response to his proposal a “piece of garbage” and said the ceasefire was on “life support” as he prepares to meet Chinese President Xi Jinping in Beijing. The US sanctioned a dozen entities and individuals over the sale of Iranian oil to China, stepping up economic pressure ahead of Trump's visit to meet Xi. 2) President Trump and Chinese counterpart Xi Jinping will meet Thursday morning in Beijing for a high-stakes summit dominated by discussions on trade and the war in Iran. Trump is expected to press Xi on China's approach to Iran, including revenue for Tehran and potential weapons exports, and will also discuss US arms sales to Taiwan. 3) A defiant Keir Starmer pushed back against widespread calls for him to quit as Britain’s prime minister, telling his Cabinet that he plans to stay on. More than 80 of Labour’s 403 MPs have called on the prime minister to step aside in the wake of last week’s local elections, in which the party lost control of the Welsh parliament and almost three of every five English council seats it was defending. Starmer said the past 48 hours had been “destabilizing” for the UK. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict as the two sides struggle to maintain a fragile ceasefire. “I have just read the response from Iran’s so-called ‘Representatives,’” Trump said in a social media post. “I don’t like it — TOTALLY UNACCEPTABLE!” Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported earlier. Iran disputed the report, according to the country’s semi-official news agency Tasnim. It was unclear whether the exchange of proposals would offer a path to reopen the Strait of Hormuz. Under its latest proposal, Iran would dilute some of its highly enriched uranium and have the rest sent to a third country, the WSJ said, citing people familiar with the response, but it also called for guarantees the transferred uranium would be returned if talks fail and ruled out dismantling its facilities. 2) Israeli Prime Minister Benjamin Netanyahu said he would like to end US financial support for Israel’s military over the next decade. “I want to draw down the American support for Israel to zero,” he said in an interview on CBS’s 60 Minutes that aired Sunday. “We’ve come of age.” He added, “I think that it’s time that we weaned ourselves from the remaining military support and go from aid to partnership.” The US currently provides Israel with $3.8 billion a year in military assistance under a 10-year agreement originally negotiated by the Obama administration that lasts through 2028. The US military aid to Israel has at times been a contentious political issue, particularly during Israel’s assault on Gaza in response to the attack by Hamas on Oct. 7, 2023. 3) President Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday, hours before China confirmed the state visit. Trump and Xi are scheduled for talks on Thursday and Friday in Beijing as they wrestle with strong disagreements over trade and the US-Israeli war with Iran, which counts China as its biggest oil buyer and a key diplomatic backer. In final preparations for the first US presidential trip to China in nearly a decade, Treasury Secretary Scott Bessent will meet his Chinese counterpart He Lifeng for last-minute talks in Seoul on Wednesday, both sides confirmed. 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. 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 clashed near the Strait of Hormuz, with US forces targeting missile and drone launch sites and other military assets in Iran. The clashes risk undermining talks over a US-proposed deal to end the war, with Iran expected to send a response via Pakistan in the next two days. 2) A federal trade court declared President Trump's 10% global tariffs unlawful, granting a request by small businesses and mostly Democrat-led states to invalidate the tariffs. The court blocked the administration from enforcing the tariffs against two companies that sued and Washington State, but did not issue a "universal injunction" as other states lacked standing. 3) SoftBank has downsized plans for a $10 billion margin loan backed by its OpenAI stake after facing hesitation from some creditors. The Japanese conglomerate and bankers have mentioned targeting an amount as low as $6 billion in separate discussions with potential lenders in recent weeks. 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 waiting on Iran to respond to its proposal to reopen the Strait of Hormuz and end a war that’s killed thousands of people and triggered a surge in energy prices. Iran is expected to give an answer in the coming days, though its leaders have previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium. 2) The European Union failed to finalize a US trade deal during overnight talks, despite warnings from President Donald Trump that he would soon impose fresh tariffs. Negotiators will continue talks in the coming weeks, with officials committed to moving swiftly, according to Cypriot Energy Minister Michael Damianos. The EU is under pressure from the US to ratify the trade pact, with Trump threatening to increase duties on EU cars and trucks to 25% if the EU doesn't make substantial progress. 3) Secretary of State Marco Rubio leaves for Rome today, reprising his role as a more Euro-friendly voice of the administration. He’ll visit with the pope and Italian leader Giorgia Meloni, who have clashed with President Donald Trump, but the stakes go beyond that. Rubio will land amid wider tension with Europe as the president chose to 5,000 troops out of Germany and threatens to do similar in Italy and Spain, while reupping his attacks on Pope Leo XIV for good measure. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US believes it’s close to an agreement with Iran to end the near 10-week war, Axios reported, as China added its voice to global diplomatic pressure to wrap up the conflict. Washington and Tehran are working on a one-page memorandum of understanding that would set a framework for more detailed nuclear negotiations, Axios said Wednesday, citing two US officials and two other sources it didn’t identify. Nothing has been agreed yet, the news agency added, and the US expects Iranian responses on several key points in the next 48 hours. Iran hasn’t commented on any progress toward a deal. 2) US President Donald Trump said he would discuss the Iran war with Chinese counterpart Xi Jinping during their summit next week and sought to downplay tensions over the conflict. “That’ll be one subject, but he’s been very nice about this,” Trump told reporters at the White House on Tuesday in response to a question about what he hoped to achieve with Xi on Iran when they meet. “He’s been very respectful. We haven’t been challenged by China,” the president added, even as he acknowledged that Beijing is a significant importer of Iranian oil — supplies of which have been disrupted by the war. “They don’t challenge us. He wouldn’t do that. I don’t think he’d do that because of me, but I think he’s been very respectful.” The leaders are slated to meet in Beijing on May 14-15, a high-stakes summit that comes as the Iran war brings fresh tumult to the relationship between the world’s two largest economies. The war has already delayed the meeting once, sparking anxiety in financial markets. 3) US Ambassador to the EU Andrew Puzder said Washington will implement 25% tariffs on cars and trucks from the European Union “relatively soon” if the bloc doesn’t swiftly ratify a long-delayed trade deal. “Unless we see some substantial progress, I think you probably should expect those relatively soon,” Puzder told Bloomberg Television. US President Donald Trump recently vowed to slap 25% tariffs on European vehicles, accusing the bloc taking too long to ratify the agreement, which was initially reached last July. The EU, meanwhile, is frustrated over several Trump moves it argues undermine Washington’s commitments under the pact. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The fragile US-Iran ceasefire held Tuesday morning after a day of clashes involving shipping in the Strait of Hormuz and missile attacks against the United Arab Emirates. The violence erupted after US President Donald Trump announced “Project Freedom,” which he described as a humanitarian effort to guide neutral ships stranded in the Gulf through Hormuz. Iran warned all ships against trying to get through Hormuz without its permission and hit a South Korean bulk carrier and attacked an empty tanker belonging to the UAE’s state oil firm. 2) A man was shot by Secret Service officers near the White House Monday afternoon after agents spotted him carrying a concealed firearm and he opened fire, according to the agency’s deputy director. The suspect ran, drew a weapon and shot at the officers, who returned fire, striking him. He was taken to an area hospital. 3) Apple held exploratory discussions with Intel and Samsung about producing main processors for its devices in the US, as a secondary option beyond Taiwan Semiconductor Manufacturing Co. The discussions with Intel and Samsung are preliminary and have not resulted in any orders, with Apple having concerns about using non-TSMC technology. Apple is considering additional suppliers due to supply-chain disruptions, including recent shortages driven by the build-out of AI data centers and higher demand for Macs, with CEO Tim Cook saying the company has less flexibility in the supply chain than normal. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump said the US will help ships stranded in the Persian Gulf transit the Strait of Hormuz, describing it as a “humanitarian gesture” and testing his ability to restore traffic through the strategic waterway for the first time since the war with Iran began. The operation, dubbed Project Freedom, was set to begin on Monday with the US military pledging to provide support, including the use of guided-missile destroyers, aircraft and drones. “The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong — They are victims of circumstance,” Trump wrote late Sunday in a social media post. “If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully.” The plan has left shipping executives perplexed, with few details provided by the president. Iran’s military, after Trump’s announcement, said US forces would be attacked if they entered the Strait of Hormuz, according to a statement carried by Iranian broadcaster Press TV. 2) Transportation Secretary Sean Duffy said he doesn’t think the US government needs to provide financial lifelines for now to other low-cost carriers, following the collapse of Spirit Aviation Holdings Inc. “At this point, I don’t think it’s necessary,” he said during a press conference Saturday at Newark Liberty International Airport. “They do have access to cash.” Duffy spoke hours after Spirit ceased operations, leaving passengers and employees stranded across the US. Earlier in the day, he announced measures to support those passengers, saying several carriers including United Airlines Holdings Inc., Delta Air Lines Inc., Southwest Airlines Co., American Airlines Group Inc. and JetBlue Airways Corp. agreed to cap prices or reduce fares for customers impacted by the shutdown. 3) GameStop Corp. is proposing to buy eBay Inc. for about $56 billion in cash and stock, a bold attempt by Ryan Cohen to take over a storied e-commerce name several times larger. The gaming retail chain offered $125 per share in cash and stock for the online marketplace, or about a 20% premium to its Friday close. GameStop, which built a roughly 5% stake in eBay, said it’s secured an initial, non-binding “highly confident letter” from TD Bank to provide about $20 billion of debt financing. In a memo to investors Sunday, Cohen’s company pledged to find some $2 billion of annual savings within 12 months of closing. The takeover bid follows the surprising ascent of GameStop, a chain of video game outlets that shrank its brick-and-mortar footprint after gamers increasingly bought software in digital stores. In 2021, it became the center of a retail-investor frenzy. Michael Burry, the Scion Asset Management head who rose to prominence after a winning wager against mortgages ahead of the 2008 financial crisis, helped fuel GameStop’s rally by taking a bullish stance on the firm around 2019. 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. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump vowed to maintain a naval blockade on Iran and was briefed by commanders on further military options. Iran's speaker of parliament, Mohammad Bagher Ghalibaf, said the blockade will further push up oil prices and that it must be lifted for new talks to occur. Trump and Iranian leaders are waiting for the other to yield first, with Iran's new supreme leader, Mojtaba Khamenei, casting doubt on the likelihood of a deal and vowing not to give up the country's nuclear or missile technologies. 2) Apple delivered a strong revenue forecast for the third quarter, with sales expected to rise 14% to 17% in the period. The company warned that memory-chip costs will increase and that shortages of Mac computers will persist for “several months.” Apple's total sales gained 17% to $111.2 billion during the fiscal second quarter, with the $599 MacBook Neo being particularly popular and remaining sold out at several retailers. 3) Defense Secretary Pete Hegseth testified before Congress, with Democrats criticizing the Trump administration over the Iran war, calling it illegal, unpopular, and ill-defined. Hegseth defended the war as crucial to keeping Iran from getting a nuclear weapon, but declined to provide new details on operational metrics or the Pentagon's $25 billion price tag. See omnystudio.com/listener for privacy information.

Apple delivered second-quarter revenue that edged past analysts’ estimates, helped by demand for the iPhone and Mac, while failing to produce the blowout results that some investors were anticipating. Revenue gained 17% to $111.2 billion during the period, which ended March 28, the company said in a statement Thursday. Analysts had anticipated $109.7 billion on average. Apple itself had projected sales growth of 13% to 16%. The company is benefiting from a series of new products launched in March, including the MacBook Neo, iPhone 17e, updated iPad Air models and a fresh MacBook Pro. The $599 Neo — Apple’s first major push into low-cost laptops — has been particularly popular and remains sold out at several retailers. Still, the results were uneven. Apple fell short of expectations in the Americas and Europe regions, while exceeding projections in China and other parts of Asia. The iPhone — its flagship product — was in line with the average Wall Street estimate. For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Brent oil rallied to a four-year high after Axios reported that US President Trump will receive a briefing on new military options for action in Iran. The US and Iran have maintained their blockade of the Strait of Hormuz, with the conflict in the Middle East called the biggest supply shock in history by the International Energy Agency. 2) Alphabet's Google is seeing a clear payoff from its AI spending, with solid growth at its cloud computing unit and a "meaningful acceleration in growth" driven by demand for its AI software and infrastructure. Meta Platforms is lagging behind, with its shares tumbling more than 6% after the company boosted full-year capital expenditures, and its consumer AI app being slower to take off. The four companies, including Amazon and Microsoft, are expected to spend as much as $725 billion in 2026, with a key question being whether that massive spending is providing tangible results. 3) Shares of Bill Ackman's Pershing Square USA Ltd. plunged 18% in its debut after the combined initial public offering raised $5 billion. The $5 billion haul was the bare minimum to keep early investors locked into the deal, and fell short of the $25 billion that Pershing Square sought to bring in. Pershing Square USA deserves to trade at a premium to its net assets over time if the newly listed closed-end fund delivers the same outperformance as the hedge fund firm has in the past, Ackman said. See omnystudio.com/listener for privacy information.

Four of the biggest companies in the US: Alphabet, Amazon, Meta and Microsoft all reported earnings after the bell. - Meta Platforms shares slid after the company raised its spending outlook for the year, reigniting fears that the historic levels of investment it’s making to build artificial intelligence models won’t pay off. - Microsoft's cloud business reported growth that narrowly beat analysts’ estimates, disappointing investors concerned that the company isn’t fully capitalizing on demand for AI services. - Amazon spent more than anticipated to expand data center capacity in the quarter, fueling the fastest sales growth for its cloud unit in more than three years. - Alphabet (GOOGL) reported quarterly revenue and profit that beat projections, fueled by strong growth in its cloud computing unit, signaling that the internet giant’s unprecedented investments in AI infrastructure are beginning to pay off. For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene and Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve Chair Jerome Powell said he’ll remain at the central bank as a governor after his term as chair ends. “After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined,” Powell said Wednesday at a press conference. While Powell’s term as Fed chair ends on May 15, his seat on the Board of Governors doesn’t expire until 2028. “I plan to keep a low profile as a governor,” he said. “There is only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair.” See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve officials left interest rates unchanged, but revealed a deepening division over the outlook for policy amid increased uncertainty caused by the conflict in the Middle East.Four officials voted against the decision, including three who objected to language in their post-meeting statement that suggested the central bank would eventually resume cutting rates. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US signaled it would stick with a naval blockade of Iranian ports, as it tries to choke-off Tehran’s oil exports and force it back to the negotiating table. US President Donald Trump claimed on Tuesday that Iran was in a “state of collapse.” His treasury secretary, Scott Bessent, later said Washington’s “maximum pressure campaign” had caused Iran’s inflation to accelerate and that the country was running out of oil storage. It would soon have to start cutting production, Bessent said. 2) King Charles III called on the US to maintain its leadership role in the world, and to support Ukraine and the North Atlantic Treaty Organization, in a remarkably pointed speech for a monarch that urged Americans to resist the pull of isolationism.Charles used his remarks to a joint session of Congress — the first such address by a British monarch in more than three decades — to argue for preserving the alliance between the UK and US. The king appealed to the shared heritage between the two nations, sprinkling his remarks with references to culture, religion and principles behind America’s decision to declare independence 250 years ago 3) With the Fed widely expected to keep rates on hold at the April 28-29 FOMC meeting, the more interesting revelation will concern Jerome Powell’s future: Will he stay on or leave the Fed when his term as chair expires May 15? Regardless of his plans, we think Powell will offer only limited forward guidance on policy at his final news conference as chair, with Kevin Walsh on track to be confirmed as his successor. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump convened his national security team to discuss Iran’s proposal to end a war now in its third month. Iran has signaled it may be willing to accept an interim deal to reopen the Strait of Hormuz in exchange for Washington ending its blockade of Iranian ports. The president has told his advisers he’s not satisfied with Iran’s latest suggestions, and his administration has previously said any deal must include agreements to curb Iran’s nuclear activities. 2) Jimmy Kimmel defended comments he made during a broadcast that prompted President Trump to call for him to be fired, citing the First Amendment right to free speech. Kimmel's comments, which included a parody of the White House Correspondents' Dinner, were called "hateful and violent" by Melania Trump, who urged ABC to "take a stand." Kimmel apologized for what Trump and others went through, but questioned whether his joke had any effect on the events that unfolded, and suggested the First Lady should have a conversation with her husband about hateful and violent rhetoric. 3) Technology stocks led global equity markets lower as concerns over investment in artificial intelligence resurfaced. Oil kept rising as the Strait of Hormuz remained shut, with Brent advancing for a seventh day to top $110 a barrel. The dollar gained against major peers apart from the yen after the Bank of Japan held interest rates in a split vote. See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The man accused of storming the White House Correspondents’ Dinner spent years quietly acquiring his arsenal, purchasing a shotgun from a Torrance, California, firearms dealer eight months before the attack and a semi-automatic pistol two years earlier, according to a law enforcement intelligence profile reviewed by Bloomberg. Cole Tomas Allen, 31, bought a Maverick 12-gauge pump-action shotgun from Turner’s Outdoorsman in Torrance in August 2025 and an Armscor semi-automatic pistol from CAP Tactical Firearms in Lawndale in October 2023, the profile shows. 2) Oil rose after efforts to resume peace talks over the Iran war stalled, leaving the Strait of Hormuz almost impassable and prolonging the supply disruption that has roiled global markets. Brent climbed as much as 3% to $108.50 a barrel and West Texas Intermediate advanced toward $97, before giving up some gains after Axios reported Tehran offered the US a fresh proposal to open the strait. Over the weekend, President Donald Trump canceled a planned trip by his top envoys to Pakistan, which is mediating talks, while Iran said it won’t negotiate if it’s being threatened. 3) To say the special relationship is going through a rough patch ahead of King Charles III’s visit would be an exercise in British understatement. The 77-year-old monarch will arrive in Washington on Monday with ties between the UK and the US at their lowest point since the Suez Crisis in the 1950s. While President Donald Trump often praises Charles as a “fantastic man,” he’s been heaping scorn on the country’s elected prime minister, mocking Keir Starmer as weak and unreliable for refusing to join America’s initial strikes on Iran 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. See omnystudio.com/listener for privacy information.