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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business. Not because of one advantage, but many working together. Over 10 trillion pounds in capital. Four of the world's top universities. A 10-year industrial strategy in action. It's 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. President Trump is confirming he held a call this morning with Chinese President Xi Jinping. China's state-run Xinhua News Agency was first to report it. The president posted on social media they discussed trade, the military, Russia's war in Ukraine, and the president's upcoming trip to China in April.
He also says they discussed China potentially boosting its soybean purchases from the U.S., this season and next. Xinhua says President Xi told President Trump China will never allow Taiwan to be separated. President Trump says they also discussed Iran. That says the U.S. prepares to hold indirect talks with Tehran this Friday.
Iranian media say Iran wants the venue changed from Turkey to Oman and for the discussion to be limited to its nuclear program. Secretary of State Marco Rubio says that could be an issue.
If the Iranians want to meet, we're ready. They've expressed an interest in meeting and talking. If they change their mind, we're fine with that too. We prefer to meet and talk. I'm not sure you can reach a deal with these guys, but we're going to try to find out.
Secretary of State Marco Rubio says Iran's support for proxy groups and its ballistic missile program also need to be part of the discussions. Rubio spoke at a critical minerals summit where Vice President J.D. Vance pitched a new trade block to counter China. Vance says the market for rare earths needs to include price floors.
Consistent investment is nearly impossible, and it will stay that way so long as prices are erratic and unpredictable.
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Chapter 2: What did President Trump discuss with Xi Jinping during their call?
Vice President J.D. Vance addressed about 50 countries at this morning's State Department summit. White House border czar Tom Homan says he is pulling 700 immigration officers from the city immediately as his bid to cool tensions over the killings of two Americans last month continues.
We currently have an unprecedented number of counties communicating with us now and allowing ICE to take custody of illegal aliens before they hit the streets. Unprecedented.
cooperation. Border Czar Tom Holman spoke at a morning news conference. Minnesota Governor Tim Walz posted on X that it's a step in the right direction, but he says there needs to be a faster and larger drawdown and state-led investigations into the killings of Alex Preddy and Renee Good.
Fulton County, Georgia, has filed a motion in federal court for the FBI to return all the documents it seized last week on the 2020 election. Rob Pitts is the county chairman.
We were given no notice whatsoever. They showed up and took the 700 boxes that they wanted. So what they're doing with them now, we don't know. Typically, we're given copies. We don't even have copies of what they took. So it's a problem.
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Chapter 3: What are the implications of China boosting soybean purchases from the U.S.?
What are they doing with them? Where are they? Who has them?
Fulton County Chairman Rob Pitt, the Justice Department says it secured a grand jury subpoena before the FBI raided the election center near Atlanta last week as part of an investigation into the 2020 election results. Director of National Intelligence Tulsi Gabbard also took part in the raid. Democrats on the House and Senate Intelligence Committees are demanding an explanation for that.
On Wall Street, a sell-off in tech stocks is deepening, led by advanced micro-devices. Those shares are down 16% for their biggest drop since 2018 after the chipmaker delivered a disappointing earnings outlook. Mandeep Singh is global head of tech research at Bloomberg Intelligence.
Any time, you know, a semiconductor company right now guides to a sequential decline, even though they are being conservative, I mean, you will see this kind of stock reaction.
Nandeep Singh with Bloomberg Intelligence. The broader market's rotating into more economically sensitive names after a new AI model, Manthropic, had investors thinking the agents will be doing more of the work that software companies do.
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Chapter 4: How is the U.S. preparing for indirect talks with Iran?
Right now, the tech-heavy Nasdaq Composite is down 1.25%. The S&P 500 is down 0.4%. The Dow Jones Industrial Average is holding on to a 7 tenths of 1% gain. We'll see if the tech story changes when Google parent Alphabet reports its earnings after today's closing bell. Matthew Bloxham with Bloomberg Intelligence has more on what investors are looking for there.
capital spending budget for 2026. The market's looking for about a 30% increase year over year to about $120 billion. So, we'll be interested to see whether there's upside to that. I think on balance, people might be expecting them to commit to more given what we saw recently from Meta.
Matt Bloxham of Bloomberg Intelligence. And ahead of the earnings, Alphabet shares are down 2%. Deep cuts are coming at one of America's papers of record. The Washington Post is laying off about a third of its staff, including everyone in the sports department, and it's cutting the number of reporters it sends overseas.
The paper's executive editor announced the cuts in a Zoom call to staff this morning. They'd been expected for weeks. The Post has been bleeding subscribers since owner Jeff Bezos pulled an endorsement of Kamala Harris in 2024. and directed the post's opinion pages to promote personal liberties and free markets. 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.
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moscow.
And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations.
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