Chapter 1: What key advantages make 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.
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
The US President Donald Trump has made a strident defence of his economic record at the State of the Union. In a record 1 hour and 47 minute address, the President said inflation was plummeting and the economy was strong. The President used the speech to draw stark contrasts between his administration and that of his predecessor.
As well as overstating the inflation rate that he inherited, 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 sat in the audience 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 because 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 failed threat comes after both the EU and India paused their US trade deals following the Supreme Court's decision. Trump also suggested his new tariffs would not require approval from Congress. That's despite the newly enacted 10% and potentially up to 15% global levy having a 150-day limit before congressional approval is required to keep it in place.
President Trump also used his address to claim that Iran is working to reconstitute its nuclear program. The accusation comes after a U.S. military strike in June last year that the president had previously said resulted in the obliteration of Iran's key nuclear sites. The U.S. has now amassed a military force in the Middle East not seen since the 2003 Iraq invasion.
As speculation grows 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, in particular nuclear weapons. Yet they continue starting it all over. We wiped it out and they want to start all over again.
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Chapter 2: How does Trump defend his economic record during the State of the Union?
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. President Trump, well, 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 on Thursday between representatives from the US and Iranian officials, which is aimed at securing a nuclear deal.
HSBC has reported better than expected earnings for 2025. The lender posted pre-tax profit of $29.9 billion for the year. That's as HSBC's market value topped $270 billion for the first time. CEO Jean-Gilles 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.
HSBC's Jean-Gilles 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 the bonus pool at Europe's largest bank is up 10% to $3.93 billion, the highest in at least a decade.
A growing number of industry voices are displaying caution when it comes to private credit. Money manager Danny Moses, featured in The Big Short, says that the private market's push into retail products is reminiscent of the years before the global financial crisis. Strategists at UBS have upped their forecast for defaults in the sector to 15%.
That's two percentage points more than a forecast less than a month ago. The bank's head of public and private credit strategy, Matthew Misch, says technology and technological progress could also present a challenge for the industry.
We are more concerned with AI disruption and the impact on the loan market in the near to medium term than we are on oversupply from the hyperscalers and potential for supply indigestion. That, in my view, is a medium to longer term concern or no concern at all, to be candid.
UBS's Matthew Mish speaking there to Bloomberg yesterday. His remarks come as activist investor Boaz Weinstein also warned of a deeper crack in private credit funds.
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Chapter 3: What was the Supreme Court's impact on Trump's tariffs?
The EU has been repeatedly blocked by Hungary from passing an aid package and further sanctions on Russia. Speaking in Kiev, marking four years of the start of Russia's full-scale invasion, von der Leyen stressed that Ukraine would receive the funding.
The loan was agreed by 27 heads of state and government. They have given their word. This word cannot be broken. So we will deliver on the loan, one way or the other. Let me be very clear, we have different options and we will use them.
European Commission President's words come as Ukraine is set to run out of funding in a matter of weeks. Peace talks with Russia have also stalled, with both sides seemingly prepared for a long war of attrition.
Lawyers acting for Peter Mandelson say that his arrest was prompted by a suggestion that he was about to flee the country. The former UK ambassador to Washington is under investigation for his links to convicted sex offender Jeffrey Epstein. He denies any wrongdoing and has been released on bail. Foreign Secretary Yvette Cooper says it's an unwelcome distraction.
Some of what has been so deeply frustrating about all of this is that really at the heart of all of this should be the victims of Epstein. That really should be the focus.
Cooper's government has come under fire for choosing Mandelson as its top diplomat to the United States. Polling puts Prime Minister Keir Starmer as the most unpopular UK leader in modern times, ahead of key local and regional elections. So, those are our top stories then for you this morning. Looking at the markets. So, we had something of a relief rally, it would seem.
AI strains may be easing. Wall Street rallied on Tuesday. European stocks also ended the day up two-tenths of 1%. And this morning, you see the MSCI Asia Pacific index up by 1.5%. South Korea has now surged past France in terms of its stock market valuation. I thought that was notable. Bloomberg Dollar Spot Index is down 0.2%. Treasuries edging lower this morning.
Ten-year Treasury yields up 1.5 basis points at 4.04. Gold and silver gaining gold this morning up 0.8%. And Bitcoin also gaining. So again, risk on there. So up by 1.5% for Bitcoin this morning.
That's news when you want it with Bloomberg News Now. I'm Stephen Carroll.
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