Chapter 1: What is the main topic discussed in this episode?
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. President Trump will refrain from imposing tariffs on goods from those European nations opposed to his efforts to take possession of Greenland. Today, in a post on Truth Social, Trump cited the framework of a future deal reached with NATO.
Now, the post followed a meeting with NATO Secretary General Mark Rutte at the World Economic Forum in Davos. Afterwards, Trump spoke with reporters.
It's a long-term deal. It's the ultimate long-term deal. I think it puts everybody in a really good position, especially as it pertains to security and minerals.
Now, the New York Times is reporting the discussions on a framework included a compromise in which Denmark would give the US sovereignty over small pockets of the territory's land for construction of military bases. Now, Trump's remarks on Greenland sparked a rally in stocks, bonds, and the dollar. Small cap shares outperformed, with the Russell 2000 jumping 2%.
The S&P 500 picked up nearly 1.2% today, wiping out its drop for all of this year. We got reaction from Allison McCartney. She is Managing Director for Wealth Management at UBS Financial Services.
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Chapter 2: What is the significance of Trump's Greenland framework?
Incidentally, the Supreme Court is set to issue a ruling in this case by July. The notion of Fed independence was brought up repeatedly by all parties during oral arguments in the Lisa Cook case, but for Kevin Hassett, the director of the National Economic Council, The Fed crossed the line of being independent when Chair Powell warned about the impact of President Trump's tariffs.
for sure you want to talk about inflation, but precisely then, right when President Trump's coming in and setting his tariff agenda, to have the Fed criticize him so vehemently, I think is inconsistent with the desire for independence. Kevin Hassett speaking there to Bloomberg on the sidelines of the World Economic Forum in Davos, Switzerland.
Also in Davos, President Trump said he's going to ask Congress to cap credit card interest rates at 10% for one year. Trump said the move would help millions of Americans save for a home. However, many bank executives are against the idea. Here is JPMorgan Chase CEO Jamie Dimon speaking in Davos.
It would be an economic disaster. And I'm not making up because our business, you know, we would survive it, by the way. In the worst case, you'd have to have a drastic reduction of the credit card business. I mean drastic. I mean like 10%. I mean like 80%. It would remove credit from 80% of Americans, and that is their backup credit.
That is JPMorgan Chase CEO Jamie Dimon. Now, the path forward for President Trump's plan is uncertain since it's likely to encounter bipartisan opposition. Apple is planning to revamp Siri later this year by turning the digital assistant into an artificial intelligence chatbot. Now, this move will vault Apple into a generative AI race dominated by OpenAI and Google.
We are told the chatbot will be embedded deeply into the iPhone, the iPad, and Mac operating systems, and it will replace the current Siri interface. Apple aims to unveil the revamp in June at its Worldwide Developers Conference. Release is expected in September. The struggling chipmaker Intel will report earnings for the latest quarter tomorrow after the closing bell.
We have a preview from Bloomberg's Tom Busby.
Well, after the U.S. government took a 10% stake in Intel last year, the chipmaker's share price has seen a resurgence, but it's not out of the woods just yet.
Intel projected to see revenue decline for the fourth quarter, but new processors for laptops are expected to result in a rise in future orders, and there's been strong demand for its bread-and-butter central processing chips, which are used to support artificial intelligence. Bloomberg Consensus calls for revenue of $13.42 billion on adjusted earnings per share of $0.09. Tom Busby.
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Chapter 3: How did Trump's remarks affect the stock market?
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