US-China Trade Talks: Plan Awaits Xi, Trump Sign-Off

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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

On today’s show, the US and China have agreed to a preliminary plan to ease trade tensions, which now goes for approval to the nation’s leaders. American negotiators say they expect issues concerning rare earths and magnets will be resolved.

Bloomberg understands that Scott Bessent is one of the contenders to replace Jerome Powell as the next Fed chair.

A US federal appeals court says President Trump can continue to enforce his global tariffs for now, in a win for the President on one of his signature economic policies.

Meanwhile, UK Chancellor Rachel Reeves is set to outline how £600 billion of annual spending will be allocated across departments over the next three years. Reeves is under mounting pressure to relax her fiscal rules in order to support under-resourced public services and accommodate higher-than-expected public sector pay settlements.

Today’s guests: Sree Kochugovindan, senior research economist at aberdeen. Liquidity co-founder and CEO, Ron Daniel & Proxima Fusion’s CEO Francesco Sciortino.

Chapters:
00:00:00 – Daybreak: Europe
00:02:39 – US, China Agree on Plan to Reduce Trade Tensions
00:04:35 – US, China Set Trade Framework
00:07:01 – China Stocks Gain Trade Talks
00:07:40 – Treasury Yield Curve Steady Ahead of CPI Print
00:08:50 – Bessent Emerging as a Contender to Succeed Powell
00:11:40 – Sree Kochugovindan, Senior Research Economist at Aberdeen
00:17:40 – UK Chancellor to Announce First Spending Review
00:20:32 – Downtown LA Under Curfew
00:21:41 – Trump Tariffs Can Stay in Place Longer, US Appeals Court Says
00:22:07 – Trump Poised to Repeal Biden Curb on Power-Plant Pollution
00:22:33 – US Rebukes Allies Over Israel Sanctions
00:23:04 – Huckabee: US Doubts Over Palestine State
00:26:20 – Inditex Results
00:27:34 – Ron Daniel, Liquidity Co-founder and CEO
00:33:21 – Zara Owner Inditex Posts Slowing Sales, Warns of FX Pain
00:39:04 – Proxima Fusion’s CEO Francesco Sciortino
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