Chapter 1: What makes the UK a unique place for business?
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 Nathan Hager. Wednesday morning trading is underway on Wall Street on a very busy morning for earnings. That is the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, the S&P 500 is just a bit higher, up about a tenth of 1%, trading above 6,900.
The Dow Jones Industrial Average is up about a third of 1% at the open, up about 180 points. and the Nasdaq composite opens in the red, down two-tenths of one percent. We'll get more on the market in a moment, but we have breaking news in Minnesota, where the Trump administration is removing 700 immigration enforcement agents from Minneapolis, effective immediately.
White House borders are Tom Holman made the announcement in a news conference this morning.
My goal with the support of President Trump is to achieve a complete drawdown and end this surge as soon as we can. But that is largely contingent upon the end of the illegal and threatening activities against ICE and its federal partners that we're seeing in the community.
Border Czar Tom Holman is citing expanded cooperation in local jails for this drawdown. It comes a day after President Trump signed a bill to reopen the government with less than two weeks of funds for Homeland Security to allow for more time to negotiate new limits on ICE officers. Bloomberg's Lauren Dozenski has more from Washington.
This tricky question of what is the path forward on immigration is not exactly something that is easy, nor is the path forward all that clear. And so the lawmakers that have between now and next Friday to hammer out a deal really are up against not only the clock, but also the massive impacts between the two sides.
Bloomberg's Lauren Dozenski in Washington, where President Trump reportedly held a phone call this morning with Chinese President Xi Jinping. That's according to a report from China's Xinhua News Agency, though it doesn't give details. The two leaders are set to meet in Beijing in April.
She had a phone call earlier today with Russian President Vladimir Putin, where they touted their political and economic ties. Trilateral talks on ending Russia's war in Ukraine are underway in Abu Dhabi. Bloomberg's Greg Sullivan is there.
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Chapter 2: How did the stock market perform at the opening bell?
and Iran will hold indirect talks in Oman on Friday. Iran had been pushing for a change of venue from Istanbul. Bloomberg's Patrick Sykes is there.
It's not clear why they might not be keen on Turkey, but it is worth saying Oman has been a mediator, a host of talks before. So perhaps they simply felt that was more comfortable.
Bloomberg's Patrick Sykes reports Iran is also saying the talks will be limited to its nuclear program and sanctions relief. This, as activist groups now say the number of people arrested in Iran's protest crackdown has topped 50,000.
Turning back to the markets, as I said, it has been a busy morning for earnings, but there is still a lot of focus on AI disruption after the release of Anthropic's new Claude Cowork model. Matthew Bloxham covers tech for Bloomberg Intelligence.
Trigger, if you like, yesterday was the announcement on their site of a new agent, AI agent for legal profession. And that was really the kind of, you know, I guess the straw that broke the camel's back in terms of these worries that the AI disruption is going to be kind of much more kind of board based.
Matthew Bloxham of Bloomberg Intelligence. We also got a fresh look at the labor market from private payroll provider ADP. It showed fewer jobs than expected in January at 22,000. The Labor Department's report on January jobs is going to be delayed due to that government shutdown. just ended last night. Eli Lilly shares are soaring at the open, up 9%.
The weight loss giant forecast a 27% sales surge for this year, with another decade to go on the patents for its Mount Jaro and Zep bound blockbuster drugs. We spoke with Lilly's chief financial officer, Lucas Montarse.
We have a very thorough process and we feel good about the guide that we have in place for 2026. It's still very compelling, by the way, 25%. There is no single pharma company growing at this pace.
Eli Lilly CEO Lucas Montar say the results are a big contrast to Novo Nordisk. It forecast a 13% sales drop on increased weight loss price competition. Novo shares traded in the U.S. are opened lower by nearly 3%. Uber is down more than 4%.
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Chapter 3: What immigration changes did the Trump administration announce in Minnesota?
The rideshare company gave a weak profit outlook and promoted a driverless technology bull, Balaji Krishnamurthy, to be its new chief financial officer. And the axe is coming down at The Washington Post. Multiple reports say hundreds of layoffs have begun today, including everyone in the paper's sports department. That's news when you want it. With Bloomberg News Now, I'm Nathan Hager.
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As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
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.
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