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Musk Regrets Some Posts About Trump, US-China Officials Agree on Plan | Bloomberg The Pulse 06/11
Elon Musk, who served as a close adviser and confidante to President Donald Trump until a bitter public falling out last week in a series of social-media posts, issued his strongest sign of contrition yet over how he handled the rupture. “I regret some of my posts about President @realDonaldTrump last week,” he said on his social-media platform, X. “They went too far.” The dispute — which was triggered by Musk’s opposition to the tax-cut bill Trump is pushing through Congress — posed a threat to Musk’s wealth when the president raised the prospect of retaliating by cutting off his government contracts. That would have battered SpaceX, his rocket company, and Tesla stock price tumbled last Thursday, before recovering most of the loss. Meanwhile the US and China capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework now awaiting the blessing of Donald Trump and Xi Jinping.
After some 20 hours of negotiations in London, US Commerce Secretary Howard Lutnick said both sides had established a framework for implementing the Geneva consensus that last month brought down tariffs. “First we had to get sort of the negativity out,” he said. “Now we can go forward to try to do positive trade, growing trade.” Capping a marathon round of haggling that stretched over 12 hours on Tuesday, Lutnick said the Chinese had pledged to speed up shipments of rare earth metals critical to US auto and defense firms, while Washington would ease some of its own export controls — suggesting progress was made on two of the thorniest issues in bilateral ties.
Today’s guests: Andrew Balls, PIMCO Global Fixed Income CIO, Ruth Curtice, Resolution Foundation CEO, Joe Davis, Vanguard Global Chief Economist
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse With Francine Lacqua
00:01:27 – Li: US, China Have Agreed on Framework
00:04:15 – Rachel Reeves to Unveil UK Spending Review
00:07:07 – Andrew Balls, PIMCO Global Fixed Income CIO
00:09:15 – US & China Agree to Reduce Trade Tensions
00:16:43 – Schwarzman: World Can Absorb Tariff Impact
00:21:15 – Musk: Trump Posts Went Too Far
00:22:59 – Newsom Condemns Troop Deployment in Los Angeles
00:28:55 – Rachel Reeves Defends UK Economic Choices as She Touts Public Spending
00:30:15 – UK Chancellor to Announce £600B Spending Plan
00:36:02 – Zara Owner Inditex Posts Slowing Sales
00:41:18 – Davis: Markets Unprepared for Declining Prices
00:44:54 – Joseph Davis, Vanguard Investment Strategy Group Global Head
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A selloff in chipmakers extended for another day, putting pressure on equity markets as traders also prepared for Wall Street banks to kick off the US earnings season in earnest.
Big US banking stocks, meanwhile, are firmly in correction territory as Citigroup, Goldman Sachs, JPMorgan and Wells Fargo prepare to report before the open. The KBW Bank Index has dropped around 12% from a mid-August peak, exceeding the 10% threshold for a technical correction.
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 – Bloomberg’s The Opening Trade Begins
00:00:04 – Markets Wake Up to Tech, Oil & Geopolitical Risks
00:01:27 – The Agenda: Broadcom CEO’s AI “Casino” Warning Hits Chip Stocks, Oil Prices, Saudi Attacks & Middle East Tensions, LVMH Results
00:09:25 – What to Watch: OPEC, US Bank Earnings & Apple
00:14:43 – Semiconductor Selloff & AI Investment Concerns, Can China Catch Up in the AI Race, Meta’s New AI Model & Competitive Threat
00:19:00 – Oil Prices & Growing Saudi-Houthi Conflict, Tankers Turn Away From the Persian Gulf
00:25:12 – Trump, Zelenskyy & the Russia-Ukraine War, Fmr. US Special Envoy to Ukraine Keith Kellogg on the Path to Ending the War
00:31:12 – Need to Know
00:35:38 – Prime Minister of India Narendra Modi on India’s Growth & Technology Transformation
00:36:38 – Blackstone President & COO Jonathan Gray on Investing in India, Blackstone’s AI Infrastructure Strategy
00:47:14 – European Markets Open, ASML & European Tech Stocks Slide
00:50:25 – William Hobbs Brooks Macdonald CIO on Can Europe Be a Haven From the AI Trade, Stocks, Bonds & Portfolio Rotation, Are AI Investors Gambling
01:00:20 – LVMH, Luxury Stocks & European Movers
01:03:57 – European Chip Stocks Extend Selloff
01:06:42 – LVMH’s China Sales & Consumer Backlash
01:11:17 – European Stocks Defy Global Tech Weakness
01:13:25 – Need to Know
01:14:46 – Anna Titareva, UBS Investment Bank Pan European Economist, on UK Growth, Wages & Bank of England Outlook, France’s Budget & Political Uncertainty
01:21:21 – Anna Titareva, UBS Investment Bank Pan European Economist, on Higher Yields & Central Bank Policy, How Higher Oil Prices Hit Inflation & Growth
01:24:17 – What to Watch Today
01:25:10 – US Bank Earnings Preview, Is US Consumer Credit Stress Emerging
01:30:01 – Can Broadcom’s Warning Crack the AI Rally, Are Bonds Becoming a Safe Haven Bank of England Rate Hike Outlook
01:33:35 – Bloomberg New Economy Forum & Fed Outlook
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Bloomberg’s Liana Baker joins Dani Burger on “Bloomberg Deals.” The Canadian branch of the billionaire Weston family agreed to buy health retailer Boots for $8.9 billion including debt, in another change of hands for the pharmacy chain and a UK return for the former Selfridges owner.
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Kevin Book, ClearView Energy Partners managing director, says additional Russian diesel is unlikely to offset the roughly 70% run-up in diesel prices, though he estimates increased volumes could provide roughly 5 to 20 cents a gallon in relief by the end of the fourth quarter. Book also warns that further escalation in the Middle East could put more critical Saudi energy infrastructure at risk, potentially creating a much larger disruption to oil markets. He speaks with Kailey Leinz and Joe Mathieu on Bloomberg’s “Balance of Power.”
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Morgan Stanley Chief US Equity Strategist Mike Wilson says the market correction started in June and he thinks the worst is over. Wilson says the US midterm elections are a “clearing event” for markets because he doesn’t expect any real policy changes out of Washington. He also shares his views on Federal Reserve policy, bond market volatility and the AI trade on “Bloomberg Surveillance.”
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Amos Hochstein, a former top energy advisor to President Joe Biden, says there’s a secret war going on in Iran. He says oil tankers are still being attacked in the Strait of Hormuz, but there’s been no reporting on it. He says President Donald Trump doesn’t have many good options left in Iran.
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