UK Chancellor of the Exchequer Rachel Reeves didn’t rule out further tax increases in this parliament, after announcing a £26 billion ($34.4 billion) revenue-raising package to stabilize Britain’s public finances. She spoke with Bloomberg’s Lizzy Burden Wednesday https://bloom.bg/4p39UAd

The budget included a more-than-doubled buffer of £22 billion and increased welfare spending by £16 billion, with decisions such as scrapping the cap on child benefits earning praise from left-wing Labour MPs.
The Office for Budget Responsibility said the budget would have “no significant impact on output by 2030”, and the UK tax burden is expected to hit 38% of GDP, the highest since records began just after the second world war.

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Microsoft Corp.’s Xbox plans to eliminate 3,200 jobs, or around 20% of its staff over the next year, as part of a massive reorganization to spur growth in the struggling gaming division. Jason Schreier reports on “Bloomberg Open Interest.”
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The Pros and Cons of a Pennsylvania Data Center
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Graham Platner suspended his US Senate campaign in Maine following a sexual assault allegation that caused his support from fellow Democrats to collapse.

His exit throws a crucial race for the party into turmoil.
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Get a jump start on the US trading day with Dani Burger on “Bloomberg Open Interest.” President Trump threatens more strikes on Iran, oil jumps as tensions rise near the Strait of Hormuz, and the AI trade faces a fresh geopolitical test. Leslie Vinjamuri breaks down the risk of escalation, NATO’s Trump strategy, and the oil-market fallout. Plus, IMF’s Petya Koeva Brooks joins Open Interest on the new World Economic Outlook and how war and technology are reshaping global growth.

Chapters:
00:00:00 – Open Interest
00:02:01 – NATO Summit, Trump-Iran Escalation & Zelensky Meeting
00:05:45 – AI Rotation, Semiconductors, Samsung & SK Hynix
00:08:39 – Ann Berry Threadneedle | AI Valuations, SpaceX, Defense Stocks & Geopolitical Risk
00:12:45 – High Interest | Fed Minutes, NATO Summit Plans & NYC Pfizer Building Emergency
00:31:27 – Kristen Michal Estonia Prime Minister | NATO Spending, Ukraine, Russia & Iran
00:32:06 – Top Calls | Bath & Body Works Downgrade, Dollar Tree Upgrade & Alcoa Downgrade
00:33:19 – Strait of Hormuz Shipping Risks & Oil Supply
00:38:51 – Oil Markets, Inflation Risks, Rates & Fed Minutes
00:46:30 – Julia Hermann New York Life Investment Management | Market Strategy, Energy Shock, Tech Volatility & Financials
01:00:16 – Apple-Broadcom Deal, U.S. Chips & AI Infrastructure  
01:05:15 – Leslie Vinjamuri The Chicago Council | NATO Fallout, Iran Conflict & European Security
01:21:10 – High Interest: IMF Outlook, AI Growth, Oil Risks & Global Economy
01:21:31 – Petya Koeva Brooks, IMF | AI Investment Boom, Growth Risks & Oil Markets
01:28:40 – Trump NATO Press Conference Preview & Key Takeaways
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