Stephen Carroll

After the State of the Union, the Bloomberg Dollar Spot Index down two tenths of 1%.

The euro is trading at 118.07 against the dollar.

And the 10-year Treasury yield is up two basis points to 4.05%.

I'm Stephen Carroll.

And this is Bloomberg.

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I'm Stephen Carroll.

The US President Donald Trump has made a strident defence of his economic record at the State of the Union.

In a record 1 hour and 47 minute address, the President said inflation was plummeting and the economy was strong.

The President used the speech to draw stark contrasts between his administration and that of his predecessor.

As well as overstating the inflation rate that he inherited, Trump repeatedly blamed opponents and the establishment for his political troubles.

The U.S.

president also attacked the Supreme Court's decision to strike down his global tariffs as half of the justices who ruled against him sat in the audience watching.

President Trump's failed threat comes after both the EU and India paused their US trade deals following the Supreme Court's decision.

Trump also suggested his new tariffs would not require approval from Congress.

That's despite the newly enacted 10% and potentially up to 15% global levy having a 150-day limit before congressional approval is required to keep it in place.

HSBC has reported better than expected earnings for 2025.

The lender posted pre-tax profit of $29.9 billion for the year.

That's as HSBC's market value topped $270 billion for the first time.

CEO Jean-Gilles Hedry says the bank will continue to evolve.