Business and finance news from the Asia-Pacific.

Elon Musk is combining SpaceX and xAI in a deal that values the enlarged entity at $1.25 trillion, as the world's richest man looks to fuel his increasingly costly ambitions in artificial intelligence and space exploration. The acquisition of xAI was announced in a statement on SpaceX's website signed by Musk and confirming a Bloomberg News report earlier Monday. The deal gives SpaceX a valuation of $1 trillion, and xAI a value of $250 billion, people familiar with the matter said. The combined company's valuation was announced to employees in a memo on Monday, some of the people said earlier. 

Asian stocks climbed after their steepest two-day drop since April as markets found footing following sharp swings in gold and silver that sent ripples across assets. The precious metals rose in early trading. For more on what is moving the markets, we spoke to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.

President Donald Trump said he would roll back punitive tariffs on India in return for an agreement that Prime Minister Narendra Modi would stop buying Russian oil, easing months of tension between the two countries. Following a phone call with Modi, Trump said on social media that he would cut a US levy on Indian goods to 18% from 25%. The US President is also removing an extra punitive 25% duty applied in response to India's purchases of crude from Russia, according to officials familiar with the matter. We got reaction from Basant Sanghera, Managing Principal at the Asia Group. He spoke to Bloomberg's Paul Allen and Shery Ahn. 

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Business and finance news from the Asia-Pacific.

Stocks trimmed their losses at the open and precious metals recovered from a weak start, underscoring the fragile sentiment in markets after a choppy end to the week on Wall Street. The precious metals suffered a slide on Friday as the dollar strengthened following Warsh's nomination as the next Fed chief. For more on what is moving the markets, we spoke to Mark Cranfield, Bloomberg's MLIV Strategist.

Plus - Hang Lung Properties posted its fiscal year 2025 results. For more on the companies earnings and the outlook on mainland China and Hong Kong's property sector, we spoke to Chair Adriel Chan. He spoke to Bloomberg's David Ingles and Yvonne Man. 

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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.

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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.

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Business and finance news from the Asia-Pacific.

Apple Inc. 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, exceeding the 10% projected by Wall Street, driven by strong demand for the new iPhone 17, growth in services and a rebound in China.

President Donald Trump said he would be announcing his pick for a nominee to chair the Federal Reserve on Friday morning, signaling an end to a months-long process that has spurred speculation over the future of the world's most powerful central bank. Trump, asked at an event Thursday evening in Washington when he would make his decision known, responded: "Tomorrow morning." Dollar Industries declined today. But there was a lot of volatility in the foreign exchange. For a closer look, we spoke to David Finnerty, Bloomberg's Rates/FX Strategist.

Asia technology shares are performing better then their US Counterparts. Apple's results drove the positive sentiment across the APAC along with a flurry of earnings out of South Korea this past week. For more perspective on the AI trade, we heard from Herald van der Linde, Head of Asia Pacific Equity Strategy at HSBC. He spoke to Bloomberg's Annabelle Droulers and David Ingles.

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A busy day for tech earnings across Asia and the U.S. Samsung's chip business posted a sharp profit jump on strong AI demand and announced a major buyback, while SK Hynix delivered its best quarter on record. In the U.S., Microsoft shares slipped as cloud growth slowed despite record AI spending, Meta's strong ad business is funding big investments in artificial intelligence, and Tesla beat profit expectations while unveiling plans to invest $2 billion in Elon Musk's AI company, xAI. We break down the results with Daniel Newman, CEO of the Futurum Group.

And -  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. For more on the outlook, we heard from Jeanette Garretty, Principal and Managing Director at Robertson Stephens. She spoke to Bloomberg's Shery Ahn and Avril Hong on the Asia Trade. 

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Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec break down earnings from Tesla, Microsoft and Meta as heard live on Bloomberg Radio and on YouTube.

Microsoft's spending surged to a record high and cloud sales growth slowed, sending the shares down amid investor concerns that it could take longer than expected for the company’s AI investments to pay off. Microsoft shares fell about 5% in extended trading after closing at $481.63 in New York.

Meta Platforms topped projections for quarterly revenue and gave a strong forecast for the current period, boosted by a robust online advertising business that is making it possible for the company to invest in artificial intelligence at record levels this year. The social-media company’s shares jumped more than 11% in extended trading. Meta on Wednesday said first-quarter sales will be $53.5 billion to $56.5 billion, beating the $51.3 billion average analyst estimate.

And Tesla plans to invest about $2 billion into xAI, giving Elon Musk’s artificial-intelligence startup a cash infusion despite a shareholder vote last year that failed to win approval. Its shares rose in extended trading.
Carol and Tim speak with:

• Bloomberg Intelligence Senior Technology Analyst Anurag Rana
• James Cakmak, Co-Founder and Chief Investment Officer at Clockwise Capital
• Bloomberg News Senior Technology Reporter Kurt Wagner
• Bloomberg Tech Co-Host Ed Ludlow
• Bloomberg Intelligence Global Autos and Industrials Research Manager Steve Man

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The dollar slumped to its lowest since early 2022 after President Donald Trump indicated he's comfortable with its recent decline. "No, I think it's great," Trump told reporters in Iowa on Tuesday when asked if he was worried about the currency's drop. "I think the value of the dollar — look at the business we're doing. The dollar's doing great." Trump's comments added fuel to what was already the dollar's deepest drop since his tariff rollout sent markets into a tailspin last year and fanned fears that his erratic policy shifts would drive overseas investors to pull back from the US. After his comments the Bloomberg Dollar Spot Index extended losses to as much as 1.2%, as the US currency weakened against all of its major counterparts before steadying somewhat in Asia trading Wednesday. For more on the dollar, we heard from Robert Kaplan, Goldman Sachs Vice Chairman and Former Dallas Fed President. He spoke to Bloomberg's Stephen Engle at the Goldman Sachs Global Macro Conference Asia Pacific.

Plus - Microsoft, Meta and Tesla are among the companies expected to report results on Jan. 28 US. For more on what to look out for in the latest tech earnings and the overall AI trade, we heard from Phil Palumbo, Founder, CEO and Chief Investment Officer, Palumbo Wealth Management.

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President Donald Trump threatened to hike tariffs on goods from South Korea to 25%, citing the failure of the country's legislature to codify the trade deal. 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.

It's an important week for earnings in Asia with Samsung and SK Hynix reporting results. Bloomberg's South Korean Equities Reporter, Youkyung Lee, discusses what the market is expecting.

Tech names including Meta Platforms, Tesla and Microsoft all report earnings on Wednesday, with Apple reporting Thursday. Zachary Hill is Portfolio Management at Horizon. He gives his take on the big week for the Mag 7, and the possibility of another US government shutdown.

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The yen gained on Monday as traders started the week on heightened alert for Japan intervening in the market following the currency’s recent slide. Japan's Prime Minister Sanae Takaichi warned the market on Sunday, saying Japan will take all necessary measures to address speculative and highly abnormal movements. Kei Okamura is Portfolio Manager and Managing Director for Japan Equities at Neuberger Berman. He discusses Takaichi's warning, bonds, and the Japan CPI data coming later this week.

Gold rose beyond $5,000 an ounce for the first time, extending a rally fueled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies. Katy Kaminski, Chief Research Strategist at Alpha-Simplex, talks demand in precious metals and the upcoming Fed decision.

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