Bloomberg Daybreak: US Edition

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 preview of the February jobs report and a look at earnings from Macys and Gap.
• In the UK – a preview of the 'Special European Council.'
• In Asia – a look ahead to economic data in Australia, and a discussion on China’s tech rally.

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Plans to sign a critical minerals deal between the US and Ukraine were scrapped after Donald Trump’s meeting Friday with Volodymyr Zelenskiy quickly devolved into a fiery exchange over the Ukrainian leader’s doubts that the US president’s efforts to broker a deal with Russia would yield lasting peace.  

Zelenskiy departed the White House following the public spat, and a planned signing ceremony and press conference were canceled. 

US officials said the minerals deal - which Trump had cast as a necessary step to repay American support as he sought to broker a deal with Russia’s Vladimir Putin - was not signed before Zelenskiy’s departure. “He disrespected the United States of America in its cherished Oval Office.  

He can come back when he is ready for Peace,” Trump said in a social media post shortly before Zelenskiy’s departure. The Ukrainian leader angered Trump and US Vice President JD Vance when he said he did not believe the planned deal would do enough to deter further Russian aggression. “Putin will never stop and will go further and further,” Zelenskiy said, adding that the Russian leader “hates Ukrainians” and wanted to destroy the country. 

“We can do it, but it’s not enough,” he added of the deal. 

On this special edition of Balance of Power, hosts Joe Mathieu and Kailey Leinz get instant reaction and analysis to the dramatic moment between Trump and Zelenskiy in the Oval Office with:  

• Nick Wadhams, Bloomberg US National Security Team Lead  
• Daniel Fried, Distinguished Fellow at the Atlantic Council/Former-US Ambassador to Poland/Former-Assistant Secretary of State for Europe 
• Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Senior Democracy Fellow with the Center for the Study of the Presidency & Congress and Bloomberg Politics Contributor  
• Kelly Grieco, Senior Fellow with the Stimson Center’s Reimagining US Grand Strategy Program

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On today's podcast:

1) China warned it would hit back at Donald Trump’s trade threats after the US president unveiled additional tariffs on Chinese imports, raising the risk of tensions spiraling between the world’s largest economies.“If the US insists on having its own way, China will counter with all necessary measures to defend its legitimate rights and interests,” a spokesperson for the Chinese Ministry of Commerce said Friday. In response to the last round of tariffs, the department previously vowed to take “corresponding” steps.

2) President Volodymyr Zelenskiy arrives at the White House on Friday with a personal appeal to persuade Donald Trump not to sell out his country in the rush to make a peace deal with Russia. The worst fears seemed to fade a bit on the eve of the trip, as the American president blithely walked back his denunciation of his Ukrainian counterpart as a “dictator” just last week.

3) A reading of US inflation due later today comes into sharper focus now that tariffs could be implemented sooner than anticipated, with any surprising increases likely to shake up the market. The Federal Reserve’s preferred inflation metric is expected to cool to the slowest pace since June. The core personal consumption expenditures price index — which excludes often-volatile food and energy costs — probably rose 2.6% in the year through January. Overall PCE inflation likely eased on an annual basis as well, according to the median estimate in a Bloomberg survey of economists.

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On today's podcast:

1) Nvidia Corp., the chipmaker at the center of an AI spending boom, delivered good-but-not-great quarterly numbers on Wednesday, drawing a muted response from investors accustomed to blowout results.

2) Chief Justice John Roberts temporarily let President Donald Trump keep freezing foreign-aid payments while the US Supreme Court weighs whether to lift an order that would require disbursement of as much as $2 billion.

3) Two-time Academy Award-winner Gene Hackman and his wife were found dead at their New Mexico home on Wednesday, the BBC reported, citing local police.

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Nvidia, the chipmaker at the center of an AI spending boom, gave solid quarterly results and a bullish revenue forecast for the current period, even if the numbers didn’t reach the blowout level that some investors were banking on.

The outlook comes at a shaky time for the AI industry. Nvidia shares have dipped this year on concerns that data center operators will slow spending. Chinese startup DeepSeek also sparked fears that chatbots can be developed on the cheap, potentially reducing the need for Nvidia’s powerful chips for AI.

For instant reaction, Bloomberg Businessweek hosts Carol Massar and Tim Stenovec speak with analysts and experts from across the Bloomberg newsroom, including:

• Bloomberg News earnings reporter Redd Brown
• Bloomberg Technology co-host Caroline Hyde
• Bloomberg Intelligence senior tech industry analyst Mandeep Singh
• Bloomberg News senior editor for technology and strategic industries Michael Shepard

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On today's podcast:

1) Ukraine agreed with the US to jointly develop its wealth of natural resources as part of a deal that could ease tension with President Donald Trump and advance his administration’s goal of a ceasefire with Russia, people familiar with the matter said.

2) Chances for early action on Donald Trump’s tax cut plans improved as House Republicans passed a budget blueprint Tuesday calling for deep cuts in safety-net programs such as Medicaid.

3) Nvidia Corp. will deliver its highly anticipated fourth-quarter report on Wednesday, giving investors an update on AI spending at a time when the world’s biggest tech stocks have been in retreat.

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On today's podcast:

1) The US looks for further limits on China semiconductor access The Trump administration is planning to expand efforts to limit China's technological advancements, including tougher semiconductor curbs and pressuring allies to escalate restrictions on China's chip industry. The administration has met with Japanese and Dutch counterparts to restrict maintenance of semiconductor gear in China and is discussing sanctions on specific Chinese companies and further restricting chip exports to China.

2) President Trump breaks with allies on blaming Russia for the war in Ukraine The US and Russia voted against a European-backed resolution in the UN General Assembly that calls out Moscow's "full-scale invasion" of Ukraine exactly three years ago. The US and Russia later aligned in the Security Council to approve a US resolution calling for a "swift end" to the conflict without assigning blame, a stark reversal from policy under President Joe Biden.

3) President Trump says tariffs on Canada and Mexico are on track President Trump said tariffs scheduled to hit Canada and Mexico next month were "on time" and "moving along very rapidly." A US official cautioned that the schedule could be less certain, and the fate of the special 25% levy on Canada and Mexico was still to be determined.

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On today's podcast:

1) Trump Targets China With Biggest Salvo So Far in Second Term The Trump administration took aim at China with a series of moves involving investment, trade and other issues that raises the risk ties may soon worsen between the US and its top economic rival. In recent days, President Donald Trump has rolled out a memorandum telling a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. The administration also called on Mexican officials to place their own levies on Chinese imports – a move that comes after some firms from the Asian nation shifted production to the US neighbor to avoid duties the Republican enacted in his first term.

2) Merz Wins Chance to Fix Germany and Steer EU Through Trump Era Germany’s next chancellor faces a daunting list of challenges to revive his country’s fortunes — but the rest of Europe is looking to him for leadership too. After his election win on Sunday, Friedrich Merz is set to take charge of Europe’s biggest economy with the US defense umbrella looking shakier than any time since the NATO alliance was founded and Donald Trump is discussing the continent’s security with Vladimir Putin.

3) Federal Agencies Tell Workers to Pause Reply to Musk Threat Several US government agencies have advised their employees to ignore for now a demand from Elon Musk’s government efficiency office to justify their jobs or face dismissal. The Pentagon and Department of Justice have told workers to pause on replying to the Trump administration’s email, citing potential legal pitfalls and agency autonomy.

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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 preview of preview PCE, and personal spending data, and Nvidia earnings.
• In the UK – a preview of the next G20 summit.
• In Asia – a look at the evolving relationship between Washington and Beijing.

See omnystudio.com/listener for privacy information.

On today's podcast:

1) President Trump urges Republican governors to embrace his agenda as he reshapes Washington

President Donald Trump told Republican governors that implementing his agenda was key to their own political futures, arguing that embracing it could mitigate or even prevent losses in the midterm elections. Trump reiterated his agenda to key allies in the states ahead of crucial gubernatorial races in Virginia and New Jersey later this year, and in three dozen other states next year.

2) Israel warns Hamas over a murdered hostage it says was misidentified

Israel announced that a body returned as part of a ceasefire agreement with Hamas was not that of Shiri Bibas, a young mother taken hostage in October 2023.The remains of Shiri's two sons, Ariel and Kfir, were returned and identified, with the IDF stating that they were "brutally murdered by terrorists in captivity in November 2023."

3) New York Governor Hochul said she doesn't plan to remove New York City Mayor Eric Adams

Governor Kathy Hochul plans to establish "guardrails" on the Adams administration, including creating a state-level deputy inspector general for New York City and giving more legal power to non-mayoral officials. Hochul does not plan to remove Mayor Eric Adams for now, citing the will of the voters and the supremacy of democratic elections.

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