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Maersk Sees 2026 Dip, Shell Buys Back and Tech Selloff Grips Markets | The Opening Trade 2/5/2026

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Declining freight rates weigh down Maersk, as the Red Sea reopens. The logistics giant looks to counter with job cuts and a focus on cost discipline this year. Shell shares also fall after reporting a profit miss in the fourth quarter. Meanwhile, global chip and tech investors are on alert after a rout in the sector, but Alphabet’s pledge to revamp AI spending helps calm short term nerves.

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.

Corrects to say expected cost savings will be €600 million in 2026 on banner that aired at 07:10 UK.

Chapters:
00:00:00 – The Opening Trade
00:00:25 – Market Check
00:02:04 – Tech Selloff Deepens
00:05:07 – Silver Crashes, Gold Falls
00:06:12 – Shell Announces Share Buyback
00:09:06 – BNP Paribas CFO
00:18:31 – ECB Rate Decision
00:20:41 – Retail Traders Taking Brunt of Pain: MLIV Chat
00:26:02 – Maersk CEO Vincent Clerc
00:35:50 – Shell CEO Wael Sawan
00:44:08 – Maersk Sees Drop in 2026 Earnings
00:47:09 – Stocks to Watch: Tech, Miners, Defense
00:52:39 – UK Yield Curves Steepen Most Since 2018, Keir Starmer PMQs
01:04:36 – SAAB CEO Micael Johansson
01:13:37 – Iran Should Be ‘Very Worried’: Trump
01:17:39 – DNB CEO Kjerstin Braathen
01:25:34 – Alphabet Expect CapEx Spend Near $185B
01:29:49 – Software Buildout Cost Has Collapsed: Andreessen Horowitz
01:33:21 – BOE Rate Decision
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Ukraine Seeks Faster Patriot Production

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Axios defense reporter Colin Demarest says President Donald Trump’s proposal to let Ukraine produce Patriot interceptors faces significant manufacturing, licensing and technology hurdles, making it unlikely to address Kyiv’s immediate air defense needs. He says shortages of advanced interceptors continue to raise broader questions about defense industrial capacity, while Ukraine’s rapid innovation in drones is reshaping how allies think about modern warfare.
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Paramount-Warner Bros. Deal Challenged by California, States

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A group of 12 states sued Paramount Skydance Corp. Monday seeking to block its $110 billion bid to buy Warner Bros. Discovery Inc., alleging the blockbuster Hollywood deal would leave viewers with higher prices and fewer choices for movies and television.  Jennifer Rie, Bloomberg Intelligence Senior Litigation Analyst for Antitrust joins Bloomberg Businessweek Daily to discuss.
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Makary on FDA’s rollback of hormone replacement therapy warnings #shorts #fda #hrt #womenshealth

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Dr. Marty Makary, former FDA Commissioner, explains the decision behind the FDA’s rollback of long-standing warnings on hormone replacement therapy. On Wall Street Week we look at the $360 billion women’s health market, Wall Street’s investment in menopause and the challenges of distinguishing evidence-based care from marketing hype https://bloom.bg/3EMZYZX

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Maine Democrats Face Tight Senate Deadline

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Bloomberg’s Boston Bureau Chief Brooke Sutherland says Maine Democrats are racing to choose a new Senate nominee after Graham Platner withdrew, leaving the party with little time to unify behind a replacement in a race viewed as critical to control of the Senate. She says party leaders face pressure over the candidate vetting process as delegates prepare to select a nominee from a crowded field ahead of the filing deadline.
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AI May Not Solve Demographic Decline

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Martha Gimbel, executive director and cofounder of the Budget Lab at Yale University, says artificial intelligence is unlikely to offset the economic challenges of an aging population, arguing the US is confronting two major transitions at the same time rather than one solving the other. She says AI could improve productivity in some areas, particularly by helping caregivers with physically demanding tasks, but questions whether consumers will embrace automation in roles where human interaction remains essential.
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