China's Economic Woes Mount, Trump Cuts Korea Drills, More
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JP Morgan CEO Jamie Diamond has warned Britain's new Chancellor John Healy against higher bank taxes in a private call. Sources tell us that as part of an introductory call last week about his firm's UK operations, Diamond emphasized the need for governments to better support economies, including through tax policy. According to the Financial Times, which first reported details of the call, Diamond also pointed to a decline in finance jobs in New York, which he blamed in part on the city's tax burden. Bloomberg's James Woolcock has more.
Diamond's call comes after Andy Burnham's government declined to rule out increasing levies on lenders as bumper profits prompt speculation the new administration will target the City of London. Speaking at Bloomberg's London office last month, Healy stressed his commitment to UK PLC.
about the cost of business as I am about the cost of living. Tax, energy, supply chain costs, labour. I know that businesses large and small have felt really squeezed.
But Healy also needs to fund the government's spending pledges, leaving him balancing demands from Labour, the bond markets, and now the boss of the world's biggest bank. In London, James Woolcock, Bloomberg Radio.
Donald Trump's Wall Street deregulation drive is changing the debate over banking rules in Europe, but as lenders push for similar relief in the EU, Bloomberg reporting reveals watchdogs are increasingly uneasy about the direction the US is taking.
When financial reforms in America keep coming, European banks are pressing Brussels to ensure they're not left behind. And the European Commission is responding, delaying tougher trading rules and reconsidering limits on how far banks can use their own calculations to reduce capital buffers. But Bloomberg has spoken to senior European central bankers and watchdogs who say the aggressive The invasive US approach is now making international regulatory meetings increasingly fraught. Several expressed concern about what they see as American complacency around risks in banking, AI, and credit. One veteran policymaker told us that in almost two decades at the global regulatory table, he's never seen a bigger divide with the US over threats to financial stability.
In London, Freddie Fulston, Bloomberg Radio
China's economy slowed more than expected in July as weak domestic demand weighed on production, spending and investment. Industrial output rose four point five percent from a year earlier, missing forecasts, while retail sales growth slowed to zero point six percent. Bloomberg's Markets Live strategist Skylar Montgomery Koning says the poor number comes despite the AI boom.
Yes, tech is doing very well. And there are questions around how well can Chinese equities do on the back of that, but it's clearly not translating into the rest of the economy. And this kind of structural downside bias you've had in the economy since you had that property bubble burst is still very much there in terms of house prices being down, confidence is low, people just don't want to spend, and there's not enough stimulus to counter that. And so that's very much what the state is showing. Montgomery
Koning adds that the figures raise the pressure on Beijing to revive domestic spending and keep its annual growth goal within reach.
President Trump has told the Pentagon to substantially reduce joint military exercises with longtime ally South Korea. In a social media post, Trump hinted the shift was driven by frustration that the country hadn't given more support to his war with Iran, saying South Korea had recently declined to join him in the denuclearization of the country.
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