A global rally in technology shares stalled after disappointing earnings from two industry heavyweights revived doubts over whether billions of dollars in artificial intelligence spending will deliver sufficient returns.

Chancellor of the Exchequer John Healey defended his first budget against criticism that it lacked ambition, while warning the UK would face “hard decisions” about its spending priorities in the years ahead.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – “The Opening Trade” Begins: Tech Earnings, Fed and UK Budget in Focus
00:02:14 – The Agenda: Alphabet and Samsung Disappoint on AI
00:04:27 – The Agenda: Fed Holds Rates, ECB Decision Amid Market Turbulence
00:05:55 – The Agenda: UK Budget: Big Decisions Delayed
00:08:05 – Breaking News: Lloyds and Shell Earnings
00:11:46 – BNP Paribas’ Sam Lynton-Brown on Fed Holds Rates, December Hike in Play
00:15:15 – ECB Preview and Rate Outlook
00:20:03 – BNP Paribas’ Sam Lynton-Brown on UK Budget and Bank of England Impact
00:25:47 – Alphabet Slides on Search and AI Concerns, Samsung, AI Demand and Chip Capacity
00:32:06 – UK Chancellor Healy Defends UK Budget
00:34:31 – Live Post-Budget Coverage Preview
00:36:24 – OBR’s David Miles on UK Growth, Energy and Fiscal Headroom
00:41:07 – MLIV: Tech Earnings and Fed Market Reaction
00:48:11 – European Markets Open
00:51:18 – Plurimi Wealth’s Patrick Armstrong on AI Investment, Semiconductors and Central Banks
01:00:14 – Special UK Budget Analysis Begins: After the Budget, Before the Bell With The Opening Trade
01:01:37 – Is the UK More Investable After the Budget
01:07:49 – JPMorgan’s Hugh Gimber on Bond Markets, Fiscal Headroom and UK Growth
01:16:37 – Britain’s Billionaire Exodus
01:19:14 – Energy Bill Relief and Personal Finance
01:25:19 – Welfare, Youth Unemployment and Fiscal Drag
01:28:59 – Santander CIB’s Victoria Clarke on UK Growth, Gilts and Future Spending Decisions
01:37:16 – Key Budget Takeaways and Challenges Ahead
——–
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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 Wolfe Research Managing Director, Internet Equity Research Shweta Khajuria, Illumina CEO Jacob Thaysen, FuelCell Energy President & CEO Jason Few, Burger King US & Canada President Tom Curtis, Big3 CEO & Co-Founder Ice Cube, Citi Head of US Equity Strategy Scott Chronert, Man Group Chief Market Strategist Kristina Hooper, BTIG Chief Market Technician Jonathan Krinsky, New Balance President & CEO Joe Preston, PacSun CEO Briane Olson, & Muhammad Ali’s Wife Lonnie Ali & Authentic President of Entertainment Marc Rosen.

Chapters:
00:00:00 Bloomberg The Close
00:02:50 Amazon Earnings, AWS Growth & AI Spending
00:08:06 Amazon Retail, AI Capex & the Tech Outlook
00:11:00 Illumina CEO on Earnings, Genomics & Cancer Care
00:16:17 FuelCell Energy CEO on AI Data Center Power
00:22:42 Starbucks, Burger King & Restaurant Turnarounds
00:28:56 Burger King on Value, Menu Strategy & Store Remodels
00:33:01 Ice Cube on BIG3 Basketball & Growth
00:37:30 Citi on the AI Selloff, Capex & Investor Confidence
00:43:28 The Closing Bell
00:48:29 Intel, Reddit & Crypto Stocks Plunge
00:53:56 Tech Selloff, Defensive Stocks & What Comes Next
00:58:04 Man Group on AI Spending, Debt & Market Rotation
01:03:43 Midterms, Markets & the Economic Outlook
01:04:22 BTIG on Technical Levels & Market Selloff Risks
01:09:01 New Balance CEO on the NYC Marathon & Growth
01:14:13 New Balance on Athletes, Lifestyle & the Iconic 990
01:16:10 PacSun CEO on Gen Z, Gen Alpha & Retail Growth
01:22:26 Muhammad Ali’s Legacy & New Prime Video Series
01:27:58 Muhammad Ali, Social Justice & a New Generation
01:28:54 What to Watch
——–
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The rules of engagement between countries are changing in a world increasingly shaped by Donald Trump and China. What does it take to survive? Rebecca Choong Wilkins explains from Bloomberg New Economy Forum in New Delhi.
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Jeff Currie, CEO and founder of Real Macro, says physical oil is pricing in a permanent “regime shift” in energy markets. Speaking to Bloomberg’s Abeer Abu Omar at the Adipec conference in Abu Dhabi, Currie explains why Brent is close to $99 a barrel for long-dated contracts, and why the true driver isn’t near-term conflict, but an aggressive push toward system-wide energy security and redundancy.
——–
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Maria Teresa Kumar, President and CEO of Voto Latino, says Latino voters in Texas’ Rio Grande Valley who moved toward President Trump over the economy and border security are now being pushed back toward Democrats by high costs, tariffs and immigration enforcement. Kumar says businesses in the region are being hurt by workers being picked up by Border Patrol and ICE and by uncertainty over tariff costs.

Chapters:

00:02:13 Bloomberg’s Romaine Bostick on Michigan Senate Race Shaken by Haley Stevens Endorsement
00:04:43 Bloomberg’s Skylar Woodhouse on Iowa’s Competitive Senate, House and Governor Races
00:07:23 Bloomberg’s Tyler Kendall on Key Senate Battlegrounds Across the Country
00:10:30 Political Panel Breaks Down the Latest Election Polling, Iowa Senate Race and Ashley Hinson’s Prospects, Trump Delivers His Closing Midterm Message
00:20:26 Bloomberg’s Ed Ludlow on Apple and Palantir Report Earnings
00:24:30 Bloomberg’s Jeff Mason on Trump’s Election Eve Strategy and Closing Message
00:27:00 Maria Teresa Kumar, President and CEO of Voto Latino, on Latino Voters in Texas and the Rio Grande Valley
00:31:10 Maria Teresa Kumar on Latino Voters in Florida and Immigration Concerns
00:32:33 Maria Teresa Kumar on What Latino Voters Expect From Democrats
00:34:08 Maria Teresa Kumar on Election Day Security and Early Voting Concerns
00:36:30 Bloomberg’s Erik Wasson on North Carolina Senate and House Races
00:38:07 Political Panel Reacts: North Carolina’s Down-Ballot Impact, Supreme Court Rejects DOJ Election Request, Alaska Ballot Dispute and Delayed Results
——–
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