A global rally in equities stalled as investors scaled back their expectations of quick progress in the US-China tariff dispute. Stocks in Europe dropped after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the trade war, while Beijing said the two sides aren’t in talks. China also demanded that the US revoke all unilateral tariffs, maintaining a tough stance despite US President Donald Trump’s easing of criticism of the country. The remarks suggest that President Donald Trump’s comments this week signaling that he could lower tariffs on China — which currently stand at 145% for most goods — will not be enough to de-escalate tensions. Meanwhile Russia hit Ukraine with a barrage of missiles and drones overnight, killing at least nine people in the capital, even as President Trump ratcheted up pressure on Kyiv to accept a peace deal.
Today’s guests: Myles Bradshaw, JPMorgan Asset Management, Clemens Fuest, Ifo Institute President, Antony Jenkins, 10x Banking Founder & CEO, Emily Field, Barclays Head of European Pharmaceuticals Equity Research.
Chapters:
00:00:00 – The Pulse
00:00:44 – German IFO Business Confidence
00:01:35 – IBM Earnings Miss
00:04:05 – Trump Tariffs: Could Make Special Deal With China
00:05:17 – Trade War in ‘Nonsensical Place’: Ken Griffin
00:09:07 – Inflation: ECB’s Villeroy Sees No Risk
00:20:33 – IFO’s Fuest: Capitals See Germany as Safe Haven
00:24:50 – Trump Pressures Zelenskiy
00:40:34 – Adidas Earnings
00:42:57 – Trump Tariffs: Pharma Stock
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