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Trump Clashes With Powell, LVMH Sales Slide as China and Japan Luxury Demand Slows | The Pulse 7/25

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Donald Trump downplayed his clash with Federal Reserve Chairman Jerome Powell over cost overruns during a tour of the central bank’s renovation project on Thursday, making it clear that he saw the issue of lower interest rates as a more pressing concern.
After a tour that saw Trump and Powell publicly trade barbs over the cost of the project, Trump maintained there was “no tension” with the Fed chief and indicated that problems with the project probably weren’t reason enough to fire the central bank head.
Elsewhere, LVMH sales fell as shoppers reined in purchases of costly Louis Vuitton bags and Dior jackets, a sign the luxury titan remains stuck in its post-pandemic slump.
Revenue at the French group’s fashion and leather goods division, its largest unit, dropped 9% on an organic basis in the second quarter, LVMH Moët Hennessy Louis Vuitton SE said in a statement Thursday. That was worse than analysts’ estimates for a 7.8% drop.

Today’s guests, Angel Ubide, Citadel Global Fixed Income & Macro Economic Research Head, Clemens Fuest, IFO Institute President, Elad Walach, Aidco CEO, Erwan Rambourg, HSBC Consumer & Retail Equity Research Global Head

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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
00:00:50 – Trump, Powell Spar Over Fed Renovation Costs
00:03:10 – Vix Falls to 15, Lowest Since February
00:07:42 – Angel Ubide, Citadel Global Fixed Income & Macro Economic Research Head
00:13:48 – US Tariffs Weigh on Audi, Porsche Margins
00:17:06 – Volkswagen Under Pressure to Cut Costs
00:20:52 – Clemens Fuest, IFO Institute President
00:25:39 – Aid Groups Say Gaza Starvation Spreading
00:30:12 – UK PM Downplays Prospect of US Steel Tariff Deal
00:34:09 – Aidoc Funding Boost
00:38:45 – Elad Walach, Aidco CEO
00:43:29 – Erwan Rambourg, HSBC Consumer & Retail Equity Research Global Head
00:45:49 – LVMH US Sales Flat, Better Than Expected
——–
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Can America Actually Build Trump’s Golden Fleet?

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President Trump wants to build a “Golden Fleet” for the US Navy as China expands its own naval power, but turning that ambition into ships will take more than money. Huntington Ingalls Industries CEO Christopher Kastner says predictable orders and timely funding are paramount, while retired Admiral Mike Mullen says the key is avoiding shifting designs and building a fleet flexible enough for a future shaped by drones, missiles and unmanned vessels.
——–
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China AI Selloff, Wildfire Smoke, Trump’s Clash With Iran | Bloomberg This Weekend: July 18, 2026

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Listen to Bloomberg This Weekend for unique conversations spanning news, politics, lifestyle and culture.

David Gura, Christina Ruffini and Lisa Mateo bring you unique discussions and in-depth conversations with lawmakers, business leaders and cultural icons.
Bloomberg This Weekend gives you insight to make sense of the world.

Stories on today’s show includes:
– China’s Powerful New AI Surprises Investors, Fueling Tech Rout
– US, Iran Step Up Attacks as Fears Grow of Return to Full War 
– SpaceX Set to Wipe Out $1 Trillion in Value as Shares Slide

Today’s show includes conversations with:
– US Trade Representative Jamieson Greer
– Former Ambassador to China Nicholas Burns
– US Senator Chris Murphy

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US Launches 10th Day of Airstrikes Against Iran

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US forces struck Iranian targets after President Donald Trump vowed Tehran “will pay” for killing three US soldiers. This is now the 10th straight day of airstrikes. Meanwhile, mediators are trying to make progress on peace talks. Bloomberg’s Kate Sullivan is at the White House with the very latest on “Balance of Power.”
——–
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What Will Andy Burnham Do Next As UK Prime Minister? | The Pulse 7/20/2026

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Andy Burnham is set to become the UK’s seventh prime minister in just over a decade with questions remaining about who will be in his cabinet and the policy direction he will pursue.

Inflation concerns return after the US and Iran exchange more strikes in the Middle East. Washington confirms three US troops have been killed over the past few days.

Speaking to us from the Farnborough Airshow, Boeing Chief Executive Officer Kelly Ortberg predicted the company will need until the end of the next decade to bring its next-generation single-aisle aircraft to market as it continues to repair its finances.

Today’s guests: Isabelle Mateos y Lago, BNP Paribas, Group Chief Economist; Kelly Ortberg, Boeing, CEO; Anand Menon, UK in a Changing Europe, Director.


“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
00:00:25 – Andy Burnham to become UK’s seventh Prime Minister in a decase
00:02:25 – Isabelle Mateos y Lago, BNP Paribas, Group Chief Economist
00:07:35 – Kelly Ortberg, Boeing, CEO
00:18:04 – Isabelle Mateos y Lago, BNP Paribas, Group Chief Economist
00:24:00 – Monday headlines
00:24:56 – US strikes on Iran represent early test for Andy Burnham
00:26:04 – UK & Burnham roundtable: Bloomberg Opinion’s Adrian Wooldridge & UK in a Changing Europe’s Anand Menon
00:39:53 – US launches ninth wave of strikes on Iran
00:43:56 – Ryanair CFO on jetfuel update, customer booking demand and the UK
00:46:12 – Alibaba unveils Qwen3.8 Max model with 2.4t parameters
——–
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Roubini Says AI and Robots Are Coming For Your Jobs

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Nouriel Roubini, CEO of Roubini Macro Associates, says even if you raise the retirement age, a large part of the population will be replaced by AI and robots at their jobs in the next 20 or 25 years. He speaks on “Bloomberg Money.”
——–
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