Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to a look ahead to home sales data and earnings from Target.
• In the UK – a look ahead to the Qatar Economic Forum.
• In Asia – a look ahead to earnings from Baidu.
  
  
  

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On today's podcast:

(1) Keir Starmer's plan to reset Britain's relationship with the EU has been met with challenges, particularly on immigration and defense, during negotiations with European leaders.

(2) Hopes faded for a Ukraine ceasefire after Vladimir Putin sent a low-level delegation to talks in Turkey, while attention shifted to bids on Capitol Hill for fresh sanctions to bring the Russian leader to the negotiating table.

(3) At least five sizable companies are considering initial public offerings on European stock exchanges in the coming weeks, taking advantage of easing market volatility.

(4) Britain may be able to squeeze more out of its richest 1% despite them already paying a quarter of all personal tax revenues, according to the UK spending watchdog.

(5) Exclusive: UK Visa Scams Squeeze Millions From Would-Be Care Workers. Recent changes to immigration policy won’t do anything for people who’ve been exploited while seeking jobs in the UK. But they may worsen the care-worker shortage.

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(1) Russian President Vladimir Putin named a group of low-level officials to represent his government at talks with Ukraine in Turkey, and gave no indication that he planned to join the negotiations.

(2) Foreign ministers in NATO are gathering to discuss the future of European security. The diplomats meet in Turkey this morning to establish the agenda for the alliance's annual summit in June, where the US has made a higher defense spending target a priority.

(3) Burberry’s new boss is calling time on the British fashion label’s decade-long attempt to join the upper ranks of global luxury.

(4) The White House said President Donald Trump had secured deals totaling more than $243.5 billion with Qatar, laying the groundwork for a bigger $1.2 trillion economic pledge with the tiny Gulf country.

(5) The UK is drawing up plans for a special visa for foreigners who invest significant sums in Britain, as Prime Minister Keir Starmer’s government seeks to blunt the economic blow from recent tax hikes and wider curbs on work permits.

(6) Stephen Jen, a long-time market veteran who runs Eurizon SLJ Capital, has become so discouraged by the fiscal largesse he’s seen from the new administration that he’s started to wonder if the US needs a bond-market blowup akin to the one that did in UK Prime Minister Liz Truss’s government to force it to change course. 

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(1) The Trump administration is clearing a path for two key Persian Gulf allies to pursue their artificial intelligence ambitions — and some of the biggest US tech companies are seizing on that opening with plans to spend billions of dollars in the region.

(2) President Donald Trump and Saudi Crown Prince Mohammed bin Salman touted a pledge for $1 trillion in commercial deals in Riyadh on Tuesday, a staggering figure that doesn’t quite stand up to scrutiny.

(3) President Donald Trump said a luxury jet being offered by the government of Qatar would be used as a temporary Air Force One, indicating an intention to accept a gift that has sparked ethical and security concerns in Washington.

(4) It's only been 6 weeks since the UK's non-dom tax regime ended. It gave wealthy individuals favourable tax treatment for overseas earnings. Now Italy is proving an early winner in the race to attract wealthy investors from the UK.

(5) NATO allies have started cobbling together an agreement to significantly boost defense spending in a way that may assuage US President Donald Trump’s demand to spend 5% of economic output on the military.

 
(6) The UK and EU are in the toughest stage of talks to agree a common security pact, Defence Secretary John Healey said, as the government seeks to secure access to European spending programs for British firms.

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On today's podcast:

(1) UK pension fund managers have agreed to invest at least 5% of their assets at home, marking a win for the Labour government that’s seeking to boost the economy by drawing billions of pounds into local startups and infrastructure projects.

(2) Most Asian stock markets rose, following a rally in US equities, on optimism the US-China trade truce marks the end to an all-out tariff war.

(3) Xi Jinping’s decision to stand his ground against Donald Trump could hardly have gone any better for the Chinese leader. 

(4) UK counter-terrorism police are investigating a fire that took place in the early hours of Monday morning at a residential London home owned by Prime Minister Keir Starmer.

(5) Apple is planning to use artificial intelligence technology to address a frequent source of customer frustration: the iPhone’s battery life.

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On today's podcast:

(1) The US and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences.

(2) Investors rushed back into stocks and risk assets, powering a 3% surge in S&P 500 futures, after China and the US agreed to cut tariffs and de-escalate a trade war that had sown turmoil in global markets. Treasuries and gold tumbled.

(3) Treasury Secretary Scott Bessent also told press the positive mood music set by the UK and Swiss teams was in stark contrast to the EU.

(4) Shares of pharmaceutical companies fell across the world after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries, prompting concern that profits will take a hit.

(5) UniCredit has posted first-quarter profit that topped analyst expectations, as net income in the first three months of the year rose to €2.77 billion

(6) Donald Trump’s effort to secure peace in Ukraine is reaching a decisive moment with Ukraine’s Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week.

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On today's podcast:

(1) US and China both reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called “an important first step” toward resolving differences.

(2) The UK will increase English-speaking requirements for migrants, and make it harder for them to stay in the country as part of efforts to rein in levels of net immigration that have touched records in recent years.

(3) Donald Trump’s effort to secure peace in Ukraine is reaching a decisive moment with Ukraine’s Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week.

(4) After four days that saw the worst fighting between India and Pakistan in half a century, as well as some nuclear saber-rattling, Donald Trump on Saturday declared that both countries had reached a “FULL AND IMMEDIATE CEASEFIRE.”

(5) As President Trump reconfigures global trade, the euro is riding its biggest rally in two decades and traders including Amundi and Templeton say that's just the beginning.

(6) President Donald Trump’s administration is likely to accept a luxury Boeing 747-8 jumbo jet from Qatar’s royal family, in what may be the most valuable gift ever received from a foreign government, ABC News reported Sunday.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S eco data and earnings from the retail giant, Walmart.
• In the UK – a look ahead to Portugal’s general election.
• In Asia – a look ahead to Japan industrial production, PPI, and GDP data.

See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The Trump administration is considering a significant tariff reduction in talks with China to ease economic pain and de-escalate tensions. The US aims to reduce tariffs below 60% as a first step, which China may be prepared to match, with progress possible as soon as next week.

(2) The new trade deal between the US and UK includes a carve-out for autos, which could reduce the tariff levy from 27.5% to 10%, making a 0.1% difference to UK GDP. The deal's impact is limited because almost half of UK value-add that ends up in the US is exported via other countries, and global uncertainty remains a major drag on the UK economy.

(3) US President Donald Trump’s trade policy is upending long-held alliances, threatening global growth and causing mayhem for business. For UK homeowners, though, it is working out quite well. In the last few weeks, several major high street lenders have cut mortgage deals below 4% for the first time in months.

(4) Mayor of London Sadiq Khan will “actively explore” building on the city’s green belt in what would amount to the biggest change to housing policy in the UK capital since the 1960s. The mayor will announce a consultation on releasing parts of London’s green belt in a speech Friday, saying that some building in the protected zone around the city is necessary to meet the capital’s targets and to end a housing crisis.

(5) Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.

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On today's podcast:

(1) President Donald Trump is expected to announce a trade agreement with the United Kingdom at a news conference Thursday morning in Washington, according to people familiar with the matter.

(2) Details of An agreement are not immediately clear, but it is likely to be a framework deal that will serve as a starting point for further negotiations. The UK and US have been in intensive discussions about an economic agreement that would reduce the impact of some tariffs, with a team of British officials in Washington to negotiate terms this week, people familiar with the matter said.

(3) Chancellor of the Exchequer Rachel Reeves is on track to miss both her fiscal rules by tens of billions of pounds in the UK’s autumn budget, according to a prominent economic think tank, leaving her no option but to raise taxes or cut spending.

(4) The Bank of England is expected to cut interest rates by a quarter percentage point Thursday and may signal that another move is likely in June, potentially putting the central bank on course for its first back-to-back reductions since 2009 as the US trade war darkens the outlook for growth.

(5) Federal Reserve Chair Jerome Powell said officials are not in a hurry to adjust interest rates, adding tariffs could lead to higher inflation and unemployment. 
“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment,” Powell said Wednesday at the conclusion of a two-day meeting in Washington. 

(6) The Trump administration plans to rescind Biden-era AI chip curbs as part of a broader effort to revise semiconductor trade restrictions that have drawn strong opposition from major tech companies and foreign governments, according to people familiar with the matter.

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