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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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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Global markets are balancing strong technology gains against renewed geopolitical tensions in the Middle East. Asian stocks advanced after a rally in US chipmakers, while Micron announced plans to increase investment in its US manufacturing facilities to $250 billion. SK Hynix is set to overtake Alibaba with a record US listing, and Meta plans to begin charging developers to access its latest AI model.
In energy markets, oil prices steadied after a volatile week as shipping through the Strait of Hormuz neared a standstill following recent US-Iran strikes. President Trump’s proposed truce with Iran remains uncertain after renewed attacks, even as Washington and Tehran continue technical discussions over a potential nuclear agreement. We also cover the burial of Iran’s supreme leader in Mashhad and the latest developments across the region.
Elsewhere, the Federal Reserve’s Kevin Warsh announced leadership for five new policy task forces, the Bank of Japan maintained its regional economic assessment while warning of upside inflation risks, and Japanese government bond yields declined. Taiwan suspended stock trading because of a typhoon, while Typhoon Bavi raised flood risks in parts of China.
We also examine Morgan Stanley’s downgrade of Saudi Arabian equities, Deutsche Bank’s expansion across the Middle East, METL’s $250 million graphite refining investment, the World Bank’s weaker growth outlook for Kenya, Nigeria’s stock market overtaking South Korea’s KOSPI in performance, and Goldman Sachs restricting employee prediction market betting. Guests includes Rachel Ziemba, Ziemba Insights Founder; Selena Ling, OCBC Chief Economist; and Mohammed Dewji, METL Group President and CEO.

Chapters:
00:00:00 – Introduction
00:05:20 – Trump’s Iran Truce in Limbo
00:08:25 – Rachel Ziemba, Ziemba Insights Founder
00:15:17 – Selena Ling, OCBC Chief Economist
00:28:56 – Oil Steadies at End of Volatile Week
00:33:36 – Mohammed Dewji, METL Group President and CEO
00:37:36 – METL to spend $250M on refining graphite
00:42:20 – SK HYNIX’s $26.5B Listing
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