Trump Defends Record, Diageo Cuts Outlook, More
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News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
The US President Donald Trump has made a strident defence of his economic record during the State of the Union address. In a record one hour and 47 minute speech, the President said that inflation was, quote, plummeting and the economy was strong. The president used the speech to draw stark contrast between his administration and that of his predecessor, as well as overstating the inflation rate he inherited. President Trump repeatedly blamed opponents and the establishment for his political troubles. The U.S. president also attacked the Supreme Court's decision to strike down his global tariffs as half of the justices who ruled against him were sitting watching.
Just four days ago, an unfortunate ruling from the United States Supreme Court. It just came down. It came down. Very unfortunate ruling. But the good news is that almost all countries and corporations want to keep the deal that they already made. Right, Scott? Knowing that the legal power that I as president have to make a new deal could be far worse for them.
President Trump's veiled threat comes after both the EU and India paused their US trade deals following the Supreme Court's decision. Trump also suggested that his new tariffs would not require approval from Congress. That's despite the newly enacted 10% and potentially 15% global levy having a 150-day limit before congressional approval is required to keep it in place.
President Trump also used his speech to claim that Iran is working to reconstitute its nuclear programme. The accusation comes after a US military strike last June that the President had previously said resulted in the obliteration of Iran's key nuclear sites. The United States has now amassed a military force in the Middle East not seen since the 2003 Iraq invasion and speculation is growing that President Trump is preparing for a fresh round of strikes in the coming days. He also issued this confrontational warning to the regime in Tehran.
They were warned to make no future attempts to rebuild their weapons program, and in particular, nuclear weapons. Yet they continue starting it all over. We wiped it out, and they want to start all over again, and are at this moment again pursuing their sinister ambitions. We are in negotiations with them. They want to make a deal, but we haven't heard those secret words. We will never have a nuclear weapon.
What economic achievements does Trump highlight in his State of the Union address?
Iran has long argued that its nuclear programme is for peaceful purposes. Trump's comments now set the stage for a high-stakes meeting in Geneva tomorrow between representatives of the US and Iranian officials aimed at securing a nuclear deal.
In earnings news, HSBC has reported better than expected earnings for 2025. The lender posted pre-tax profits of $29.9 billion for the year. That's as HSBC's market value topped $270 billion for the first time. CEO George L. Hedry says the bank will continue to evolve.
We are transforming with precision, with discipline, and we're doing it at pace and we expect to be able to conclude a number of the actions we set out to do earlier than initially planned.
That was HSBC's George L. Hedry there speaking to Bloomberg this morning. His radical restructuring has won praise from investors and driven the bank's shares up almost 90% since he took the helm. It means also that the bonus pool at Europe's largest bank is up by 10% to $3.93 billion, the highest in at least a decade.
A growing number of industry voices are warning of risks in the private credit market. Money manager Danny Moses, featured in The Big Short, says private markets push into retail products as reminiscent of the years before the global financial crisis.
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