Chapter 1: What is Vanguard's approach to bond markets?
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Some European leaders are taking a stand against President Trump's threat of new tariffs. Now, Trump announced a new 10% levy on eight EU countries opposed to his plan to seize Greenland. In response, French President Emmanuel Macron intends to request... the activation of the EU's strongest trade countermeasure.
However, German Chancellor Friedrich Merz is trying to persuade Macron to tone down his response as Merz attempts to de-escalate tensions with the US.
We do not want this escalation. We do not want a trade dispute with the United States of America. But if we are confronted with tariffs that we consider inappropriate, then we are in a position to respond. And that is precisely what we will be discussing in Brussels on Thursday.
That is German Chancellor Friedrich Merz speaking through a translator. The International Monetary Fund has slightly raised its outlook for global growth this year. However, the IMF also voiced concern. about a bubble in artificial intelligence as well as tensions both trade and geopolitical. Here is IMF Chief Economist Pierre-Olivier Gorinchas.
Pierre-Olivier Gorinchas, IMF Chief Economist Global activity continues to show notable resilience despite significant trade disruptions and heightened uncertainty. According to our latest projections, global growth will hold steady at 3.3% this year. an upward revision of 0.2 percentage points compared to our October estimates.
That is IMF chief economist Pierre-Olivier Gorinchas. In the States, a federal judge is allowing the Trump administration to require a week's notice before members of Congress can visit immigration detention facilities. The judge concluded the Department of Homeland Security did not violate an earlier court order
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Chapter 2: How is Macron responding to Trump's tariffs?
It was back in October that justices refused to allow Trump to immediately oust Cook while she sues to keep her job. Now, this case is critical because it will address the removal protection afforded members of the Fed's Board of Governors. Meantime, the next Fed meeting is just over a week away. Here is Stephen Stanley, chief economist at Santander U.S. Capital Markets.
What we're seeing now is the Fed has moved into pause mode. And there are at least some on the committee that would like to move further, I think. But what you heard from Powell in December, I thought was really important, where he said that the rate is now within the plausible range of neutrality. So there's no urgency to move.
That is Stephen Stanley of Saint-Anthier. Tomorrow, after the closing bell, Netflix is set to report its fourth quarter results. We know the company is facing a fierce takeover battle for Warner Brothers Discovery. Here is Bloomberg analyst Geeta Raghunathan.
I hope the focus really turns, and this is a distraction from this whole drama that we've seen. But fundamentals-wise, you're absolutely right. The company has never been in a stronger situation. We think they will absolutely deliver on their revenue growth expectations of about 17%. Strong operating margin, strong free cash flow. They're expecting about $9 billion for the full year.
That is Gita Raghunathan from Bloomberg Intelligence. We'll get more bank earnings in the coming week. Regional and super-regional lenders will be reporting. This list includes Citizens Financial Group, Fifth Third, First Citizens Bank Shares, Huntington Bank Shares, and U.S. Bank Corp. Here is Bloomberg analyst Herman Chan.
We're seeing improving net interest income, some margin expansion, growing the balance sheet. We're seeing some acceleration in loan growth and deposit trends look good. And credit's really stable. So despite some of the economic uncertainties and potential issues surrounding unemployment, the banks are talking about really stable consumer trends. So we'd expect that to continue.
That is Herman Chan of Bloomberg Intelligence. Apple is once again the number one phone manufacturer in China. More from Bloomberg's Erika Herskowitz.
The jump comes after shipments of iPhone 17 devices soared 28% during the holiday quarter, with Apple's handsets accounting for one in every five shipments, despite a worsening shortage of vital memory chips. The growth comes at the expense of Huawei Technologies and Xiaomi, both of which experienced double-digit percentage declines.
Overall, shipments in the world's largest smartphone arena fell 1.6%. Erica Herskowitz, Bloomberg Radio.
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Chapter 3: What concerns does the IMF have regarding global growth?
Sometimes it's authors, Michael Lewis, author of The Big Short and Moneyball. Regardless of the conversation, these are the folks that move markets each week. That's the Masters in Business podcast with me, Barry Ritholtz. Listen on Apple, Spotify, or wherever you get your podcasts.