Chapter 1: What factors contribute to the UK's unique business environment?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
AI's potential to change business models, large and small, is driving a trillion-dollar sell-off in stocks, bonds and loans of companies. The route was first sparked by Anthropic's release of a new tool for legal work earlier this week. That move ignited fears across markets that AI leaders will overtake established industry players in innovation sooner rather than later.
And in a confusing mix of market signals, even companies long seen as the prime beneficiaries of the AI boom are showing signs of fatigue. In his latest earnings report, Alphabet topped projections for quarterly revenue but said that capital spending on AI will be significantly higher than anticipated. CEO Sundar Pichai says the money will deliver a return on investment.
Revenue from AI solutions built by our partners increased nearly 300% year over year and commitments from our top 15 software partners grew more than 16x year over year.
Sundar Pichai speaking there. As the Google parent said that capital expenditure could come close to $185 billion this year, compared with almost $120 billion that analysts had expected, Alphabet's shares fluctuated in extended trading following the publication of the earnings.
The price of silver has plunged by as much as 17% today after a two-day recovery. Silver prices hit an all-time high in late January of more than $120 an ounce. Since then, silver has lost more than a third of its value and is trading around $79. The precious metal rally last month was driven by speculative leverage, Beth's geopolitical upheaval and concerns over Fed independence.
Here in the UK, the Prime Minister is facing a growing backlash from his own party as revelations over Peter Mandelson's relationship with Jeffrey Epstein threaten to further damage his already embattled premiership. MPs voted to require the government to disclose all documents related to Mandelson's appointment as US ambassador by Keir Starmer.
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Chapter 2: How is AI driving the current stock market sell-off?
The French bank delivered net income of ā¬2.97 billion in the last three months of 2025. That was well ahead of the analysts' estimates of ā¬2.86 billion. BNP also raised its 2028 profitability target to a return on tangible equity above 13% and it sharpened its goal. for the cost-income ratio.
The Bank of England is widely expected to leave rates on hold today as it waits for more evidence that inflation is under control. Bloomberg's Ewan Potts has a preview.
Just one of 32 economists in Bloomberg's survey expects a rate cut today. The overwhelming consensus is that the UK's base rate will remain unchanged at 3.75%. Ahead of the 12pm announcement, rate-setters will be weighing the contradictory problems of above-target inflation and growing concerns about the labour market, with unemployment now above 5%.
But on productivity, there could finally be some good news. Speaking to Bloomberg, some analysts say that headline productivity estimates may be masking a recent resurgence driven by the adoption of artificial intelligence. One economist from UBS Wealth Management saying the UK and global economy are likely in better shape than the media would have us believe.
In London, I'm Ewan Potts, Bloomberg Radio.
Meanwhile, the European Central Bank is also likely to keep interest rates on hold for a fifth consecutive meeting. That's despite geopolitical tensions and a stronger euro. All economists surveyed by Bloomberg expect the deposit rate to be kept at 2% at today's meeting. Investors and analysts see rates staying there until the end of next year, with the chances of a hike in 2026 receding.
And those are your top stories. On the markets, we have the Eurostox 50 futures pointing a tenth of 1% lower. FTSE 100 futures are two tenths lower. Cat Curran futures slightly higher this morning. But the Kospi and Sol indication of the continuing tech sell-off in Asia finishing down 3.9%. Oil prices sliding 1.9% for Brent Crude, $68.15. And silver is currently 10% lower on the day at $79.
That's news when you want it with Bloomberg News Now. I'm Caroline Hepker.
I'm Stephen Carroll. And this is Bloomberg.
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Chapter 3: What implications does Alphabet's earnings report have for the tech industry?
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.