The Iran-backed Houthis claimed their first attack on commercial ships in recent months, opening a new front in the US-Iran war that has already disrupted global energy supplies and rattled bond markets.

Alphabet raised its capital spending forecast to as much as $205 billion this year, reigniting concerns about a lack of fiscal discipline in the race to dominate artificial intelligence.

And Chancellor of the Exchequer John Healey committed to disciplined control of Britain’s public finances to protect against economic shocks, as he made a pro-business pitch to the City of London on his third full day in post.

Today’s guests:
Themos Fiotakis, Barclays, Global Head of FX Strategy and EM Macro Strategy; Rachel Ellehuus, RUSI, Director-General.

—

“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
00:00:37 – Alphabet hikes AI spending outlook
00:02:20 – STMicro shares sink as outlook misses estimates
00:03:28 – Themos Fiotakis, Barclays, Head of FX & EM Strategy
00:13:44 – BNP Paribas net come beats estimates
00:15:59 – UniCredit beats profit, lifts goals amid Commerzbank pursuit
00:18:16 – French politics jolts Paris bankers just as tax breaks expire
00:23:29 – Thursday headlines
00:23:57 – Houthis says they attacked tankers in the Red Sea
00:26:49 – Rachel Ellehuus, RUSI, Director General
00:36:10 – UK Chancellor John Healey on fiscal credibility, being pro-business
00:38:29 – OpenAI models completed complex attack in hours
00:44:52 – Kapur on decision to break up Honeywell
00:45:37 – EasyJet rises as booking momentum drives in-line 3Q
——–
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A sharp drop in oil prices triggered a relief rally in stocks and bonds after a lull in hostilities in the Middle East. The US paused an almost two-week run of strikes against Iran for a second night while the Islamic Republic signaled it was refraining from any retaliatory attacks.

Bloomberg has learned that Nvidia is in talks to provide a financing guarantee to help OpenAI lease computing from a US data center project planned for 2028. It underscores how the world’s most valuable company is funneling capital into the infrastructure that drives its business.

CXMT surged 466% in its Shanghai trading debut to become China’s largest onshore-listed company, as investors piled into one of the country’s biggest artificial-intelligence champions.

Today’s guests: Ifo Institute President Clemens Fuest; Subitha Subramaniam, Sarasin & Partners Chief Economist; Kem Inenacho, Latham & Watkins Partner.

—
“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 Begins, Opening & Top Stories
00:00:22 – Market Open: Oil Falls, Big Tech Earnings & AstraZeneca
00:01:34 – German Ifo Business Confidence Beats Expectation
00:02:24 – Ifo President Clemens Fuest on Germany’s Economic Outlook
00:11:19 – Energy Markets: U.S. and Iran Hold Fire
00:12:08 – Middle East Update: Strait of Hormuz & Oil Supply Risks
00:15:59 – Subitha Subramaniam, Sarasin & Partners Chief Economist, on How Energy Volatility Impacts Europe
00:24:42 – Market Headlines: China AI IPO & Tech Earnings
00:25:43 – CXMT’s Blockbuster IPO Debut, Nvidia, OpenAI & AI Data Center Spending, What to Watch in Big Tech Earnings
00:30:10 – AstraZeneca Beats on Profit
00:32:41 – European Earnings Season Outlook
00:36:13 – Global Headlines: Trade, Ukraine & Wildfires
00:37:25 – France & Spain Wildfire Crisis
00:42:51 – Kem Inenacho, Latham & Watkins Partner, on Global M&A Boom and Mega Deals & Private Equity, Valuations & Dealmaking
00:48:44 – European Market Close & Wrap-Up
——–
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Political scientist Mark Lawrence Schrad says Russia’s high alcohol consumption is rooted less in culture than in centuries of state policy, arguing successive governments used vodka monopolies to raise revenue, strengthen autocratic control and shape society. He says those historical patterns continue to influence modern Russia, cautioning against assuming economic hardship alone will quickly weaken President Vladimir Putin’s grip on power.
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President Trump is in Michigan touring a GM factory as he promotes his latest tariffs on Canada, which could impact the auto sector in the state. Bloomberg Economics’ Chris Kennedy discusses the President’s recent actions, including his agreement to pause strikes in the Middle East to allow Iran talks to move forward. The conflict and new tariffs come less than 100 days out from the midterms. Bloomberg ‘Balance of Power’ Host Joe Mathieu spoke with House Minority Leader Hakeem Jeffries (D-NY) about that. Plus, this week will see major tech companies report earnings. Bloomberg Tech Host Ed Ludlow previews what to watch. Finally, KPMG AI Enterprise Transformation Lead Rahsaan Shears discusses the impact AI is having and will have on entry-level workers.

Chapters
00:00 Bloomberg Businessweek Daily
00:01 Markets: Chip Stocks Fall Despite Oil Selloff
00:04 Iran Pause: Are Peace Talks Real?
00:06 Oil vs. Stocks: Why Markets Aren’t in Sync
00:07 Netanyahu Visit & U.S.-Israel Strategy
00:10 Trump Heads to Michigan to Talk Affordability
00:12 Joe Mathieu: Hakeem Jeffries on the Midterms
00:14 Democrats’ Affordability Agenda & Campaign Strategy
00:17 Midterm Fundraising & the 2028 Democratic Field
00:20 NVIDIA’s AI Spending Under the Microscope
00:23 Circular AI Financing Explained
00:27 Big Tech Earnings: What Wall Street Wants to Hear
00:31 China’s Memory Chip Push & AI Supply Chain
00:35 KPMG: How AI Will Change the Workforce
00:39 Why AI Won’t Replace Every Job
00:42 Markets Into the Close: Fed, Tech & Semiconductors
00:44 Stocks on the Move: Baker Hughes, Hypercore & Tyson Foods
——–
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Bloomberg’s Peter Elstrom explains how Moonshot AI’s release of Kimi K3 surprised Wall Street and shows US tech companies how China can compete. He also talks about how the new model impacts US frontier labs such as OpenAI and Anthropic PBC. He speaks on “Bloomberg Open Interest.”
——–
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