Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Chinese President Xi Jinping warned President Trump of a potential conflict if the Taiwan issue is mismanaged, saying it is the most important issue in China-US relations. Xi said that if the Taiwan issue is mishandled, the two nations will experience collision or even clashes, pushing the entire China-US relationship into a highly dangerous situation. The US and China discussed various issues, including expanding market access for US businesses, purchasing US energy and agriculture, and addressing the flow of fentanyl precursors, but the Taiwan issue remains a point of tension.
2) The Senate confirmed Kevin Warsh as chair of the Federal Reserve with a 54-45 vote, the slimmest confirmation margin ever for a head of the central bank. The confirmation sets up a test of the Fed's political independence, with Democrats fearing Warsh will bend to President Donald Trump's demands to rapidly lower interest rates. Warsh vowed to maintain the Fed's tradition of making interest-rate decisions free from political pressure, but Trump has made it clear he expects Warsh to lower borrowing costs immediately.
3) Cisco gained in late trading after delivering a better-than-anticipated sales forecast and announcing plans to cut thousands of jobs to focus on the fast-growing AI market. The company said revenue will be $16.7 billion to $16.9 billion in the fiscal fourth quarter, and its restructuring plan is designed to further improve its position in the AI economy. The layoffs will affect fewer than 4,000 jobs, and the company will make strategic investments in areas such as silicon chips, fiber optics, security, and the use of AI by its own employees.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump repeated his military threats against Iran ahead of a visit to China, saying Iran will either “make a good deal” with the US or face devastation. A ceasefire between the US and Iran has lasted over a month but is fragile, with Trump describing it as being on “massive life support” and Tehran continuing to resist US demands. The President is expecting economic deals and a welcome in China, where he will discuss trade, tariffs, and Taiwan with Xi Jinping. The US has targeted Chinese oil refiners and firms providing satellite imagery to Iran, as Trump ramps up his campaign to pressure Tehran into a deal.
2) Oil shipments from Iran's main export terminal appear to have come to a standstill over the past several days, according to satellite images. If Kharg Island were to remain idle, it would increase the pressure on the country's remaining storage facilities, which satellite images show are filling up. The terminal hasn't been shown empty for more than a single day since the start of the war, with satellite images of the Kharg Island jetties on 33 out of the 73 days since the US and Israel launched their attacks.
3) Anthropic is in early talks with investors to raise at least $30 billion in fresh financing at a valuation of more than $900 billion. The round is expected to close as soon as the end of this month, but the deal is not finalized and no term sheet has been signed. Anthropic needs to make deals to pay for enough computing infrastructure to meet growing demand for its products, amid the breakout success of its AI software.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Shipping traffic in the Strait of Hormuz remained at a standstill on Tuesday, with oil rising after President Trump rejected Iran’s latest offer. Trump called Iran’s response to his proposal a “piece of garbage” and said the ceasefire was on “life support” as he prepares to meet Chinese President Xi Jinping in Beijing. The US sanctioned a dozen entities and individuals over the sale of Iranian oil to China, stepping up economic pressure ahead of Trump's visit to meet Xi.
2) President Trump and Chinese counterpart Xi Jinping will meet Thursday morning in Beijing for a high-stakes summit dominated by discussions on trade and the war in Iran. Trump is expected to press Xi on China's approach to Iran, including revenue for Tehran and potential weapons exports, and will also discuss US arms sales to Taiwan.
3) A defiant Keir Starmer pushed back against widespread calls for him to quit as Britain’s prime minister, telling his Cabinet that he plans to stay on. More than 80 of Labour’s 403 MPs have called on the prime minister to step aside in the wake of last week’s local elections, in which the party lost control of the Welsh parliament and almost three of every five English council seats it was defending. Starmer said the past 48 hours had been “destabilizing” for the UK.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict as the two sides struggle to maintain a fragile ceasefire. “I have just read the response from Iran’s so-called ‘Representatives,’” Trump said in a social media post. “I don’t like it — TOTALLY UNACCEPTABLE!” Iran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported earlier. Iran disputed the report, according to the country’s semi-official news agency Tasnim. It was unclear whether the exchange of proposals would offer a path to reopen the Strait of Hormuz. Under its latest proposal, Iran would dilute some of its highly enriched uranium and have the rest sent to a third country, the WSJ said, citing people familiar with the response, but it also called for guarantees the transferred uranium would be returned if talks fail and ruled out dismantling its facilities.
2) Israeli Prime Minister Benjamin Netanyahu said he would like to end US financial support for Israel’s military over the next decade. “I want to draw down the American support for Israel to zero,” he said in an interview on CBS’s 60 Minutes that aired Sunday. “We’ve come of age.” He added, “I think that it’s time that we weaned ourselves from the remaining military support and go from aid to partnership.” The US currently provides Israel with $3.8 billion a year in military assistance under a 10-year agreement originally negotiated by the Obama administration that lasts through 2028. The US military aid to Israel has at times been a contentious political issue, particularly during Israel’s assault on Gaza in response to the attack by Hamas on Oct. 7, 2023.
3) President Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday, hours before China confirmed the state visit. Trump and Xi are scheduled for talks on Thursday and Friday in Beijing as they wrestle with strong disagreements over trade and the US-Israeli war with Iran, which counts China as its biggest oil buyer and a key diplomatic backer. In final preparations for the first US presidential trip to China in nearly a decade, Treasury Secretary Scott Bessent will meet his Chinese counterpart He Lifeng for last-minute talks in Seoul on Wednesday, both sides confirmed.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI, PPI, and Retail sales data, along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to the annual Cannes film festival.
• In Asia – a look ahead to US Treasury Secretary Scott Bessent's Trip to Japan.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran clashed near the Strait of Hormuz, with US forces targeting missile and drone launch sites and other military assets in Iran. The clashes risk undermining talks over a US-proposed deal to end the war, with Iran expected to send a response via Pakistan in the next two days.
2) A federal trade court declared President Trump's 10% global tariffs unlawful, granting a request by small businesses and mostly Democrat-led states to invalidate the tariffs. The court blocked the administration from enforcing the tariffs against two companies that sued and Washington State, but did not issue a "universal injunction" as other states lacked standing.
3) SoftBank has downsized plans for a $10 billion margin loan backed by its OpenAI stake after facing hesitation from some creditors. The Japanese conglomerate and bankers have mentioned targeting an amount as low as $6 billion in separate discussions with potential lenders in recent weeks.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The Trump administration is waiting on Iran to respond to its proposal to reopen the Strait of Hormuz and end a war that’s killed thousands of people and triggered a surge in energy prices. Iran is expected to give an answer in the coming days, though its leaders have previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium.
2) The European Union failed to finalize a US trade deal during overnight talks, despite warnings from President Donald Trump that he would soon impose fresh tariffs. Negotiators will continue talks in the coming weeks, with officials committed to moving swiftly, according to Cypriot Energy Minister Michael Damianos. The EU is under pressure from the US to ratify the trade pact, with Trump threatening to increase duties on EU cars and trucks to 25% if the EU doesn't make substantial progress.
3) Secretary of State Marco Rubio leaves for Rome today, reprising his role as a more Euro-friendly voice of the administration. He’ll visit with the pope and Italian leader Giorgia Meloni, who have clashed with President Donald Trump, but the stakes go beyond that. Rubio will land amid wider tension with Europe as the president chose to 5,000 troops out of Germany and threatens to do similar in Italy and Spain, while reupping his attacks on Pope Leo XIV for good measure.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US believes it’s close to an agreement with Iran to end the near 10-week war, Axios reported, as China added its voice to global diplomatic pressure to wrap up the conflict. Washington and Tehran are working on a one-page memorandum of understanding that would set a framework for more detailed nuclear negotiations, Axios said Wednesday, citing two US officials and two other sources it didn’t identify. Nothing has been agreed yet, the news agency added, and the US expects Iranian responses on several key points in the next 48 hours. Iran hasn’t commented on any progress toward a deal.

2) US President Donald Trump said he would discuss the Iran war with Chinese counterpart Xi Jinping during their summit next week and sought to downplay tensions over the conflict. “That’ll be one subject, but he’s been very nice about this,” Trump told reporters at the White House on Tuesday in response to a question about what he hoped to achieve with Xi on Iran when they meet. “He’s been very respectful. We haven’t been challenged by China,” the president added, even as he acknowledged that Beijing is a significant importer of Iranian oil — supplies of which have been disrupted by the war. “They don’t challenge us. He wouldn’t do that. I don’t think he’d do that because of me, but I think he’s been very respectful.” The leaders are slated to meet in Beijing on May 14-15, a high-stakes summit that comes as the Iran war brings fresh tumult to the relationship between the world’s two largest economies. The war has already delayed the meeting once, sparking anxiety in financial markets.

3) US Ambassador to the EU Andrew Puzder said Washington will implement 25% tariffs on cars and trucks from the European Union “relatively soon” if the bloc doesn’t swiftly ratify a long-delayed trade deal. “Unless we see some substantial progress, I think you probably should expect those relatively soon,” Puzder told Bloomberg Television. US President Donald Trump recently vowed to slap 25% tariffs on European vehicles, accusing the bloc taking too long to ratify the agreement, which was initially reached last July. The EU, meanwhile, is frustrated over several Trump moves it argues undermine Washington’s commitments under the pact.

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