Business
£300B Wiped From UK Markets in Truss’ First Month as PM
At least £300 billion ($340 billion) has been wiped from the combined value of the UK’s stock and bond markets since Liz Truss became prime minister. Unfunded tax cuts, intervention by the Bank of England and a humiliating government climbdown have raised questions over the credibility of Truss’s government. Yesterday, Fitch Ratings lowered the UK’s credit outlook to negative from stable, citing risk that the new premier’s growth plan could increase the fiscal deficit. Joe Easton reports on Bloomberg Television.
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Blackstone President Jonathan Gray discusses the firm’s investments in India, his views on Prime Minister Narendra Modi and why he’s confident about the artificial intelligence infrastructure buildout. “We think focusing on the AI infrastructure here in India and around the world is the right place to be,” Gray says in an interview with Yvonne Man on the sidelines of the Bloomberg New Economy Forum in New Delhi.
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Bloomberg Middle East reporter Dan Williams tells Bloomberg This Weekend that an attack on Riyadh’s international airport that killed at least 12 people and injured more than 300 marks a significant escalation in fighting between Saudi Arabia and Yemen’s Iran-backed Houthis. Speaking with hosts David Gura and Christina Ruffini, Williams discusses the possibility of US military intervention, the threat to Saudi Arabia’s investment ambitions and Iran’s efforts to rebuild its missile arsenal amid uncertainty over renewed hostilities.
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Saudi Arabia reports fresh missile and drone attacks, with the Saudi-led coalition saying it intercepted threats aimed at the kingdom. The latest escalation comes after deadly attacks over the weekend and raises concerns that the conflict could widen further.
Oil remains in focus, with some analysts warning prices could reach $120 a barrel if fighting expands and disrupts additional supply routes.
Asian stocks extend losses as the AI trade comes under pressure, while global bond markets remain volatile. The IMF warns that surging yields are now a major risk to the financial system and says weaker banks could come under increasing strain if the AI boom reverses sharply.
The UK says Iran’s Revolutionary Guard directed activity at an airbase used by the US, adding to regional security concerns.
Donald Trump says Vladimir Putin and Volodymyr Zelensky need to come together to end the war, while Jared Kushner says a diesel-related initiative is aimed at softening Russia’s position.
In technology, Meta unveils its Muse Wonder model as competition in artificial intelligence intensifies. BYD plans a major hiring push in Europe, aiming to expand its regional workforce to around 40,000.
Elsewhere, India’s opposition marches over a voter dispute, while Egyptian Foreign Minister Badr Abdelatty discusses efforts to reduce tensions across the Middle East. Guests includes Yves Bonzon, Julius Baer Group CIO.
Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.
Chapters:
00:00:00 – Introduction
00:05:27 – Saudi Arabia Reports Further Attacks Monday
00:10:47 – Yves Bonzon, Julius Baer Group CIO
00:16:37 – Badr Abdelatty, Egyptian Foreign Minister
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The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Wells Fargo CFO Mike Santomassimo, Golfer Rory McIlroy, Jefferies Equity Research Analyst David Chiaverini, PSP Growth Managing Director, Head of Venture Momei Qu, Applied Materials CEO & President Gary Dickerson, RBC Capital Markets Head of Derivatives Strategy Amy Wu Silverman, Advisors Capital Management Co-Founder & CIO Chuck Lieberman, Brookfield Asset Management CEO Connor Teskey, Blackstone President & COO Jonathan Gray, Vista Equity Partners Founder, Chairman & CEO Robert Smith, & Barclays Senior Equity Analyst Jason Goldberg.
Chapters:
00:00:00 Bloomberg The Close
00:02:37 Wells Fargo CFO on Lending, Credit & the Consumer
00:08:03 M&A, Wells Fargo Growth & Credit Cards
00:13:41 Rory McIlroy on LIV Golf & the Future of the PGA Tour
00:16:07 Top Calls
00:17:18 Big Bank Earnings, Rates & Capital Markets
00:22:21 Anthropic IPO, AI Valuations & Venture Capital
00:26:38 Applied Materials CEO on AI & the Chip Boom
00:32:03 AI Compute Demand & Applied Materials’ Growth Outlook
00:36:02 RBC on Earnings, Bond Yields & Market Volatility
00:41:27 AI Risk, Market Fragility & Hedging Strategies
00:43:04 Closing Bell
00:48:14 Market Movers: Citi, Domino’s & Six Flags
00:54:17 Market Recap: Chips, Oil & Fed Rate Outlook
00:56:21 Bank Earnings, AI & the Health of the Economy
01:01:38 Brookfield & Blackstone on the AI Infrastructure Boom
01:08:06 Vista’s Robert F. Smith on “Software as a Worker”
01:13:06 Enterprise AI, Data Security & Agentic Software
01:18:09 AI Agents, Productivity & the Future of Jobs
01:23:20 Frontier Models, Open-Weight AI & Enterprise Computing
01:25:01 Saudi Aramco Headquarters Hit in Missile Attack
01:27:23 Bank of America Hit With $1.2 Billion Fine
01:30:21 What to Watch
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Investors are losing faith in France’s ability to manage its debt burden. The European nation’s fiscal crisis has been exacerbated by nationwide protests, where young people are demanding €10 billion ($11.2 billion) in funding to fix overcrowded classes and outdated school buildings. Bloomberg’s Alan Katz reports.
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@martinrea8548
December 31, 2023 at 10:25 am
That scruffy young man needs a shave.
@jasperliew1030
December 31, 2023 at 10:25 am
On my very first day, I said I must get tough on China, I thought this will get good flows, especially from my master….
@jmcm8546
December 31, 2023 at 10:25 am
From us here in Ireland who have also been victims of Uk policy for several hundreds of years, it's nice to see truss+ Tory Party doing such self-inflicted damage to uk economy
@johnwhogan1610
December 31, 2023 at 10:25 am
You don’t get a second chance to make a good first impression. Thanks for trashing my pensions and my flat sale. 👍🤬
@iansmith8731
December 31, 2023 at 10:25 am
You go girl!
@andreaforlani2262
December 31, 2023 at 10:25 am
England in default 😂🎉
@207history2011
December 31, 2023 at 10:25 am
Lol…. Cambridge or Oxford creditably at stake with this type of leadership. 😂
@Aryan-eh7py
December 31, 2023 at 10:25 am
When karma hits harder then a truck 🤣🤣
@anntan734
December 31, 2023 at 10:25 am
We need a replacement somebody brighter to get out of this Rut otherwise we are done
@lw1zfog
December 31, 2023 at 10:25 am
Babylon falling.
@ray5749
December 31, 2023 at 10:25 am
more expensive than the Russia-Ukraine war
@schannks5018
December 31, 2023 at 10:25 am
The Tories made a huge mistake choosing utterly clueless Liz Truss instead of Rishi Sunak. Now the country is paying for it. We need to get rid of Liz immediately!
@davidnichol6282
December 31, 2023 at 10:25 am
The perfect economic storm a British prime minister was asked a number of years ago what can become dangerous for a Government. A combination of unseen events.
@ctwatcher
December 31, 2023 at 10:25 am
Ask her what she will do with the old turbines that aren't recyclable, into the ocean, make a bridge for all the invaders? Or on a barge to another 3rd world nation? Oh wait.
@benpang1396
December 31, 2023 at 10:25 am
Well done genius.
@contemplating1015
December 31, 2023 at 10:25 am
Price caps don't work Liz because you cannot print molecules like your friends do at the BoE with the pound. Physics is unavoidable 🙊🙉🙈🤡👍
@gmoac
December 31, 2023 at 10:25 am
good job Liz!!
@ussreeves24
December 31, 2023 at 10:25 am
keeping rate low is not realistic…jsut make inflation bad.
@PD55_
December 31, 2023 at 10:25 am
Glad I'm broke, I would have lost a lot of money in the casino markets. Can't fall off the floor, mates.
@gogrape9716
December 31, 2023 at 10:25 am
🤣🤣🤣🤣 Bozo is happy he is out of office…GRINS…..
@bruzwilly6440
December 31, 2023 at 10:25 am
Because this lady is good only for pageant…
@Danny691966
December 31, 2023 at 10:25 am
Truss said "vote for me, I'll make things better" well that never happened, it got worse & she is prepared to be a unpopular PM to get it done she said. If the normal person acted like her they would have lost their job. Get her out or she will ruin the tory party for good. Cut taxes for the rich, f**k the poor, is this not what dictators do? Remember Thatcher was ousted for the Poll Tax, Boris was out over a party, so what's the problem with her?
@correctpolitically4784
December 31, 2023 at 10:25 am
She's like the fkn Joe Biden of the U.K. . If you only had a conservative option , this is what happens when the older generation dies off and all that's left are idiots.
@johndingle6293
December 31, 2023 at 10:25 am
Just print it. Lol
@hayden1770
December 31, 2023 at 10:25 am
The UK needs to perform more diplomatic boycotts of Olympic Games in order to get their economy back on the right track!
@jimbojimbo6873
December 31, 2023 at 10:25 am
People stop acting like market performance is some measure of a PMs success
Their responsibility is the real world not the FTSE100
@twobeerjohn
December 31, 2023 at 10:25 am
Weve lost more since Potsie became president. So, cry me a river England. Boo Hoo.
@ags4058
December 31, 2023 at 10:25 am
Lizz trust quite jenius…..
@swaep114
December 31, 2023 at 10:25 am
6 % Gains Today. * GEGR.. Gaensel Energy Group. 15 Diversified Co's. Profitable. New Acquisition Wed. Only 249 mil shares outstanding and 85 mil share float. 5 Divisions. Extremely Undervalued/ Undiscovered. * IQSTEL.. Up 3 % Today. Videos.
@swedesam
December 31, 2023 at 10:25 am
First Brexit and now Truss….UK is slowly imploding into an emerging market.
@hangender
December 31, 2023 at 10:25 am
Good. Keep it up truss.
@user-wr4yl7tx3w
December 31, 2023 at 10:25 am
The Exchequer failed in Econ 101. Does he really have a phd in economics?
@sychoxxxx
December 31, 2023 at 10:25 am
the sanctions are finally working
@dagsterblaster4973
December 31, 2023 at 10:25 am
Bloomberg is a political channel masquerading as a finance channel. The UK is a political and financial mess for decades coming and the second Truss takes over all a sudden it's all her fault….lol…. and Bloomberg is only all to happy to promote this ridiculous narrative.
@7tubebabe
December 31, 2023 at 10:25 am
Absolutely! The S&P 500 lost about $1.04 trillion since Truss' first month as PM as of today. Anyone else wanna check other markets losses since she got in No.10?
@illegalsmirf
December 31, 2023 at 10:25 am
That bloke is a real geezer, innit
@joec8942
December 31, 2023 at 10:25 am
This what happens when hard line conservatives get power. Not saying hard line liberals are better but they are a little and the obvious answer to ruling is somewhere in the middle.
@thomasrobert5343
December 31, 2023 at 10:25 am
Every financial goal requires patience, dedication and consistent spirit knowing that investment is currently the most lucrative business in the world. both NFT, real estate, Stocks and Crypto is positively changing people's lives. I stopped panicking about the market the very moment I started working with Josef Dennis last year, his confidence and skills is on a maximum level…..