Bloomberg Daybreak: US Edition

On today's podcast:
1) The European Union is exploring new sanctions on about half a dozen Russian banks and energy companies as part of its latest round of measures to pressure President Vladimir Putin to end the war against Ukraine.The package, which would be the bloc’s 19th since Moscow’s full-scale invasion in 2022, could also see the EU target Russia’s payment and credit card systems, crypto exchanges as well as further restrictions on the country’s oil trade, according to people familiar with the matter.
2) Federal immigration agents conducted raids across Boston and nearby communities over the weekend, arresting dozens of people, according to a spokesperson for the Department of Homeland Security. The move came as the Justice Department filed suit against the city and its mayor, intensifying a clash over local sanctuary policies. Local officials have rejected the federal operations as unnecessary and authoritarian overreach.
3) Stocks rose at the start of a week that is packed with events that will be crucial in shaping sentiment as markets trade near all-time highs. Gold extended a record rally

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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 CPI and PPI data and Apple’s September 9th
• In the UK – on global defence industry gathering in London for the UK's flagship sector event.
• In Asia – a look ahead to China August CPI and PPI data.

- Stuart Paul, US Economist with Bloomberg Economics, to preview CPI and PPI data.

- Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, to preview Apple’s September 9th event.

- Ros Mathieson, Bloomberg Chief Asia Correspondent, on global defence industry gathering in London for the UK's flagship sector event.

- Tony Halpin, Russian Government and Economy Team Leader, on global defence industry gathering in London for the UK's flagship sector event.

- Mary Nicola, Bloomberg MLIV Strategist in Singapore, discusses China August CPI and PPI data.

- Kevin Sneader, APAC ex-Japan President at Goldman Sachs, discusses China’s stock rally.

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On today’s podcast:

1) President Trump teases new semiconductor tariffs at a White House dinner surrounded by tech titans. Mark Zuckerberg and Tim Cook joined other tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Trump. The president has secured billions in corporate commitments to drive construction of AI infrastructure, with companies including Meta and Apple announcing plans to invest in the US and avoid tariffs on imports.

2) Broadcom is helping OpenAI design and produce an artificial intelligence accelerator from 2026, getting into a lucrative sphere dominated by Nvidia. The two firms plan to ship the first chips in that lineup starting next year, with OpenAI initially using the chip for its own internal purposes.

3) Traders brace for today’s US jobs report and signs of further labor weakening. Stocks in the premarket advanced as optimism built that Friday’s jobs report will set the stage for the Federal Reserve to resume cutting interest rates this month. Money markets are fully pricing in a Fed quarter-point cut this month and see at least two by year-end.

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On today's podcast:
1) President Trump asks the Supreme Court to uphold his global tariff regime. A defeat for Trump would cut the current average US effective tariff rate by at least half and could force the US to refund tens of billions of dollars, according to Bloomberg Economics analyst Chris Kennedy.
2) A major court victory for Harvard University in its fight for federal research funds. A court ruled that the US illegally froze more than $2 billion in research funding to Harvard University, violating the school's free speech rights and not following proper procedures. The Trump administration plans to appeal the decision, with a White House spokeswoman calling it "egregious" and stating that Harvard "does not have a constitutional right to taxpayer dollars and remains ineligible for grants in the future."
3) President Trump's bid to reshape the Fed goes before a Senate confirmation hearing today. The Senate Banking Committee is holding a confirmation hearing on Stephen Miran's appointment to be a governor of the Federal Reserve, a nomination made by President Donald Trump. Miran has said he will preserve the Fed's independence, stating that "independence of monetary policy is a critical element for its success" and that he intends to "preserve that independence and serve the American people to the best of my ability."

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On today's podcast:
1) President Donald Trump took aim at Chinese leader Xi Jinping as he hosted foreign leaders at a major military parade in Beijing, a reminder of the lingering tensions between the two sides over trade, tech and other issues.“Please give my warmest regards to Vladimir Putin, and Kim Jong Un, as you conspire against The United States of America,” Trump said on his Truth Social site, referring to the leaders of Russia and North Korea, without elaborating.
2) Global bonds are facing renewed selling pressure as jitters around inflation, debt sales and fiscal discipline erode sentiment toward what had previously been some of the world’s safest assets.
3) Alphabet Inc.’s Google will have to share some of its search data with competitors, but will not have to sell its popular Chrome web browser, a federal judge ruled Tuesday in the Justice Department’s landmark antitrust case against the search engine. The ruling allows Google to avoid one of the most severe remedy requests from the US government after the court found the company had an illegal monopoly in the search market.

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Alphabet’s Google will have to share some of its search data with competitors, but will not have to sell its popular Chrome web browser, a federal judge ruled Tuesday in the Justice Department’s landmark antitrust case against the search engine.

The ruling allows Google to avoid one of the most severe remedy requests from the US government after the court found the company had an illegal monopoly in the search market. Judge Amit Mehta did bar Google from entering into exclusive contracts for internet search.The finding follows Mehta’s ruling last year that Google illegally monopolized the markets for online search and search advertisements. Mehta held a three-week hearing in April to determine a fix.

The order is one of the most monumental court decisions affecting the tech sector in more than a quarter century, and could offer a blueprint for other judges who may end up weighing similar choices in cases against Meta Platforms, Amazon and Apple.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Intelligence Global Head of Technology Research Mandeep Singh and Bloomberg News Senior Executive Editor for Global Tech Tom Giles

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On today's podcast:
1) A federal appeals court ruled that President Donald Trump exceeded his authority by imposing global tariffs through an emergency law, but let the levies stay in place while the case proceeds. The decision extends the suspense over whether Trump's tariffs will ultimately stand, with the administration potentially turning to the Supreme Court for a final ruling or letting the Court of International Trade revisit the matter first.
2) Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this fall. Bessent stated that housing affordability would be a critical leg of Republicans' 2026 midterm election platform. The administration is studying ways to standardize local building and zoning codes and decrease closing costs to address housing affordability.
3) An abrupt leadership change at the world's largest food company as Nestlé SA dismissed Chief Executive Officer Laurent Freixe due to an undisclosed workplace affair that violated the company's code of conduct. Philipp Navratil, who heads the Nespresso coffee brand, was named as Freixe's replacement, and Nestlé shares fell in early trading following the announcement.

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On this special Labor Day edition of Bloomberg Daybreak US, host Nathan Hager speaks with:

1) Sarah House, Wells Fargo senior economist and Jennifer Lee, Senior Economist at BMO Capital Market on the upcoming meeting of the Federal Reserve and Fed independence. 

2) Lori Calvasina, head of US equity strategy, RBC Capital Markets and Brian Levit, Global Market Strategist at Invesco on what to expect out of markets in the fall

3) Burt Flickinger, Managing Director at Strategic Resource Group, on the outlook for the retail sector. 

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Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review.

The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case.

Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first.

“ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued.

For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. 

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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 August jobs report and earnings from Salesforce
• In the UK – a look at the future of Europe's banking industry
• In Asia – a look at how China is stepping up the technology battle with the US

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