Bloomberg Daybreak: US Edition

On today's podcast:
1) The UK has shelved its talks with the US aimed at eliminating tariffs on British steel, in a recognition that giving Donald Trump the honor of a rare second state visit wouldn’t be enough to shake the American president off a key trade stance.
2) Federal Reserve officials are expected to backstop a faltering US labor market by lowering interest rates Wednesday, marking a shift after worries about tariff-induced inflation kept them on hold all year.
3) TikTok’s US operations would be acquired by a consortium that includes Oracle Corp., Andreessen Horowitz and private equity firm Silver Lake Management LLC under a deal President Donald Trump is set to discuss with Chinese President Xi Jinping this week.

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On today's podcast:
1) An appeals court blocked the White House from removing Federal Reserve Governor Lisa Cook from her post for now, allowing her to continue working while her lawsuit challenging President Trump’s move to dismiss her proceeds. The court's 2-1 ruling came just hours before the start of the Fed's meeting to vote on interest rates, and President Donald Trump could still ask the Supreme Court to step in.
2) President Trump is bringing a $15 billion defamation and libel lawsuit against The New York Times, according to a post on Truth Social. The suit is being brought in Florida, Trump says. The president accuses the publication of becoming a “mouthpiece” for the Democratic Party, citing its endorsement of former presidential candidate Kamala Harris among other concerns.
3) The Securities and Exchange Commission is "prioritizing" a proposal to reduce the frequency of corporate earnings reports after President Trump called for an end to quarterly reports. Trump said companies should report on a "Six (6) Month Basis" instead of quarterly, which he claims will save money and allow managers to focus on running their companies. Critics argue that shifting away from quarterly reporting could be a "gigantic step backward" and increase uncertainty and volatility on earnings results.

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On today's podcast:
1) US and Chinese representatives discussed TikTok, trade and the economy during high-level talks in Madrid. The talks included national security issues and the status of ByteDance's TikTok, which faces a deadline to reach a deal to continue operations in the US.
2) China ruled that Nvidia violated anti-monopoly laws with a 2020 deal, increasing pressure on Washington during trade negotiations. The State Administration for Market Regulation found Nvidia in violation of antitrust regulations after its acquisition of Mellanox Technologies. The regulator will investigate further, but did not specify what remedies it would seek, after Nvidia's shares fell in pre-market trading following the announcement.
3) New York Governor Kathy Hochul has endorsed Democratic nominee Zohran Mamdani for mayor of New York City. Hochul wrote that she and Mamdani will be fearless in confronting the president's extreme agenda and that she is confident Mamdani has the courage and urgency New York City needs.

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Bloomberg Daybreak Weekend with Host 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 the next Fed decision and earnings from FedEx.
• In the UK – a look ahead to President Trump’s visit to the UK.
• In Asia – a look ahead to the next monetary policy decision from the Bank of Japan and what’s next after its ruling Liberal Democratic Party Shigeru Ishiba resigned.

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1) The suspect in the killing of Charlie Kirk slipped behind a building, braced himself on the roof and swung off the edge, hitting the ground hard and leaving behind palm smudges and a shoe print. He bolted across a patch of grass, cut through a parking lot and vanished into the trees.
2) President Donald Trump said he intends to attend the funeral for conservative activist Charlie Kirk, who was shot and killed at an event on a college campus in Utah.
3) The shock Israeli strike against Hamas officials in Doha, followed by Russian drones piercing the airspace of NATO ally Poland, delivered twin blows to President Donald Trump’s longtime boast that friends and foes respect the US under his leadership like never before.

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On today's podcast:
1) A search is underway for the killer of Charlie Kirk, a conservative activist who was fatally shot at a Utah university. Kirk was speaking at an outdoor event at Utah Valley University when a single shot was fired from a nearby building, according to local police, with Governor Spencer Cox describing it as a “political assassination.” The shooting drew an outpouring of shock and condemnation from Republicans and Democrats alike, with former Democratic presidents Joe Biden and Barack Obama denouncing the violence and offering sympathies to Kirk's family.
2) Global stocks posted small gains as traders held back on major bets before Thursday’s highly anticipated US inflation data. Expectations that the Fed will resume monetary easing this month have soared in recent weeks, as data increasingly point to a US labor market under strain. A softer-than-expected print could fuel bets on an initial outsized cut, while a stronger reading would bolster the case for more gradual moves.
3) Mexico plans to impose tariffs of as much as 50% on cars and other products made by China and several Asian exporters. The tariffs would affect countries including China, South Korea, India, Thailand, Indonesia, Russia and Turkey, but would not apply to countries such as the US, Canada, the European Union, Japan, Malaysia, Vietnam and Singapore.

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Charlie Kirk, who helped rally young voters to Republican causes and became a close ally of President Donald Trump, died after being shot during an event in Utah. Kirk, executive director of the conservative Turning Point USA advocacy group, was speaking at an outdoor event at Utah Valley University when the fatal incident occurred.  

For instant reaction and analysis, Bloomberg Balance of Power cohosts Joe Mathieu and Kriti Gupta speak with: 

• Bloomberg News senior editor Michael Shepard 
• Bloomberg News White House repoter Kate Sullivan  
• Kristen Hawn, ROKK Solutions Partner and Democratic Strategist 
• Marua Gillespie, Bluestack Strategies Founder and Republican Strategist
• Senator Mike Rounds (R-ND)

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On today's podcast:
1) A judge temporarily blocked President Trump from removing Federal Reserve Governor Lisa Cook, allowing her to remain on the job as she challenges the president’s efforts to oust her over allegations she committed mortgage fraud.
2) President Trump criticizes Israel after its bombing of Hamas leaders in the Gulf. Israel's strike on Qatar's capital delivered a major blow to US-supported efforts to normalize ties with Gulf Arab nations and possibly crippled talks for a ceasefire in Gaza. The strike may have ended Qatar's role as a mediator in ceasefire negotiations, with other countries such as Turkey potentially being put on high alert, according to former US and CIA officials.
3) Poland shot down drones that crossed into its territory during a Russian air strike on Ukraine, calling it an "act of aggression." The country's airspace was "violated by a huge number of Russian drones", forcing Poland to close its airspace and order citizens in the eastern part of the country to stay indoors. The incident was described as "the most serious European airspace violation by Russia since the war began", with indications suggesting it was intentional, not accidental.

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US job growth was far less robust in the year through March than previously reported, adding to mounting pressure on the Federal Reserve to lower interest rates.
The number of workers on payrolls will likely be revised down by a record 911,000, or 0.6%, according to the government’s preliminary benchmark revision out Tuesday. The final figures are due early next year.
Before the report, the government’s payrolls data indicated employers added nearly 1.8 million total jobs in the year through March on a non-seasonally adjusted basis, or an average of 149,000 per month. The revision showed average monthly job growth was roughly half that.

For instant reaction and analysis, Bloomberg's Tom Keene and Scarlet Fu spoke with:

• Ira Jersey, Bloomberg Intelligence Chief US Interest Rate Strategist
• Michael McKee, Bloomberg International Economics and Policy Correspondent
• Stephanie Roth, Wolfe Research chief Economist 

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On today's podcast:
1) President Trump started his immigration crackdown in Chicago, with federal agents stepping up enforcement in an escalating campaign against Democratic-run cities. The Department of Homeland Security said Operation Midway Blitz targets “criminal illegal aliens” and blamed Illinois Governor JB Pritzker for sanctuary policies that it said help shield lawbreakers.
2) House Democrats released an alleged birthday note that they said Donald Trump sent to Jeffrey Epstein, raising pressure on the president over questions about his past interactions with the late disgraced financier. The release stems from a trove of documents received by the House Oversight Committee, including a birthday book compiled for Epstein’s 50th birthday and his last will and testament.
3) Investors in the Treasuries market face a test of bullish sentiment this week from inflation reports and a benchmark revisions for jobs data. The market's ability to extend this month's rally will depend on the tone of producer and consumer inflation due Wednesday and Thursday.

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