Keyword "CLM" - List of latest news (1 557 results)

15:32 Breakingviews - EU’s Big Tech softball may yet become hardball

There are two ways to look at Ursula von der Leyen’s relatively softball fines for U.S. Big Tech. One is that Wednesday’s 500 million euro and 200 million euro hit for Apple and Meta Platforms respectively means that the European Commission president has buckled amid pressure from her opposite number, Donald Trump. The other is that the penalties for anti-competitive behaviour aren’t hugely differ

14:19 Breakingviews - AI weakness makes YouTube Alphabet’s new lynchpin

Through its 26-year run, a 6,000% run-up in its share price, and dominance of the global search engine market, Google owner Alphabet has become a $1.8 trillion internet goliath. It operates the world’s most popular operating system in Android, developed some of the crucial technological innovations behind artificial intelligence, and runs a colossal cloud computing service. Only among this jumble

13:59 Breakingviews - China property tycoons become creditors’ labourers

Chinese developers are taking their restructuring efforts to the next level by preparing to cede de-facto control to their creditors. It signals a fresh chapter for the property market in the world's second-largest economy.

00:25 Trading Day: Stocks rebound, no new Powell-bashing or trade tirades from Trump

Making sense of the forces driving global markets

21:53 Breakingviews - Crafty CEOs peek around tariff corners

There are many reasons to dump U.S. stocks, but even in bad markets there are good opportunities. In these trade-ravaged times, some companies have positioned themselves, relatively speaking, to ride out the turmoil, for a while at least.

22/04 Morning Bid: 'Major loser' reporting for duty

Morning Bid U.S.

22/04 Breakingviews - Macquarie gives masterclass in following the money

So much for sacred cows. Often, companies are tempted to hold on to an underperforming operation because the boss was instrumental in either creating it or building it. Such sentimentality has little place at Macquarie . Boss Shemara Wikramanayake helped start and later expand the Australian financial powerhouse's money management business. In a refreshingly dispassionate move, she's now selling t

22/04 Breakingviews - Why a defence boss could boost Europe’s revival

How to spend 640 billion euros? That’s the amount that European governments, including Britain, would pour each year into their militaries if they make good on their stated intention to beef up defence spending to 3% of GDP. Finding the money is the immediate challenge, given weak growth and heavy debt loads in many countries. A longer-term task is making sure that all the extra investment follows

22/04 The theory and practice of Trump’s economic policy: podcast

The president’s tariffs have wreaked havoc in financial markets. Beneath the short-term turmoil, though, are more fundamental woes. In this episode of The Big View podcast, Edward Chancellor describes how the US became a bubble economy, and why deflating it is so dangerous.

21/04 Trading Day: Trump pummels Powell

TRADING DAY

21/04 Breakingviews - US markets’ crisis point hinges on a triple threat

A selloff in U.S. stocks, long-term government bonds and the dollar clearly traces back to policy choices by President Donald Trump's administration. Recent moves spawn a trio of worries: first, that a trade war will hit business and destabilize the United States' role in the world; second, that a $4.5 trillion tax cut plan could explode an already-historic fiscal deficit; and, finally, that press

17/04 Trading Day: ECB acts, Trump attacks

TRADING DAY

17/04 Breakingviews - Defiance of US Supreme Court is tricky to price

Beyond advantages in geography, resources and demographics, the United States’ economic might depends upon the predictable rule of law. Key to its function is the co-equal status of the executive branch, legislature and judiciary. By flouting a unanimous Supreme Court ruling that it return a wrongfully deported man, U.S. President Donald Trump’s administration threatens that framework. If this pus

17/04 Breakingviews - Barclays’ Brookfield schmuck insurance may flop

Barclays has constructed an elaborate schmuck-insurance policy as part of its plan to possibly hive off its payments business. On Thursday, the 40-billion-pound UK bank announced a deal that could give Brookfield Asset Management 10% of the division in return for the private-capital group's help in growing the unit, as well as the chance to buy 70% more at a yet-to-be-decided valuation in three to

17/04 Breakingviews - Buyout barons are finance now, for good and ill

Private equity is supposed to be patient when public markets panic. Yet for shareholders in Blackstone , KKR , Apollo Global Management and Carlyle , it’s proving hard not to get swept up. The buyout barons, now self-styled as alternative asset managers, claim to represent a new and in many ways superior answer to traditional financial business models. The stock market, though, hasn’t reflected th

17/04 Tax cuts could trump tariffs, but it may be too late: Pelosky 

Just when there seemed to be little hope that Donald Trump would reverse his aggressive tariff plans, Mr. Market saved the day, forcing the U.S. president to reverse course. But what might be at the root of Trump’s U-turn is not concern about tanking markets, but his own tax agenda.

17/04 Breakingviews - How Trump’s tariff turmoil scarred global markets: podcast

Stocks and government bonds have steadied following dramatic falls triggered by the US president’s trade war. But the policy may yet do lasting damage. In this Viewsroom podcast, Breakingviews columnists examine the possible long-term effects on US Treasuries and the dollar.

17/04 Breakingviews - China’s US bond holdings are going nowhere fast

With China and the United States engaged in a full-on trade war, anxious investors are asking which side can press its financial advantage given Beijing's vast holdings of U.S. Treasuries. In truth the situation is more of a fraught equilibrium both sides have an interest in maintaining.

17/04 Breakingviews - Tariffs gone wild yield unbridled earnings outlook

For corporate bean counters, foolish consistency may prove the hobgoblin of little minds. President Donald Trump’s on-again-off-again, tit-for-tat tariff agenda is causing havoc in the C-suite as companies struggle to both evaluate and communicate the damage to the bottom line. With so much up in the air, though, they can probably relax: from Walmart to Delta Air Lines , the ordinarily delicate sc

17/04 Trading Day: When the chips are down

TRADING DAY

16/04 Breakingviews - ASML holds up lens to chip sector’s known unknowns

ASML’s lithography machines are renowned for their unmatched precision in manufacturing semiconductors. The $260 billion company’s first-quarter results offer a similarly precise reflection of the deep uncertainty facing the global chip industry as it grapples with U.S. tariffs.

16/04 Breakingviews - US-China decoupling is crossing a Rubicon

Decoupling is no longer just a political slogan. For the past decade, American administrations have tempered their references to China as an adversary by also talking up how the Asian country could be a potential partner. That optimism is largely gone. President Donald Trump's punitive sweeping tariffs on U.S. imports of Chinese goods obliterates the "small yard, high fence" approach of his predec

16/04 Trading Day: Another lull, but fireworks are coming

TRADING DAY

15/04 Breakingviews - Breakingviews: Harvard aces poli-sci but sweats MBA basics

Harvard University seems to be struggling with basic finance. The Ivy League institution, whose graduates populate boardrooms and investment giants, is scrambling to borrow $750 million as the Trump administration freezes some $2 billion of taxpayer money earmarked for the college. This crisis provides an opportunity for many schools to brush up on their funding models.

15/04 Morning Bid: Fed gives market a breather

What matters in U.S. and global markets today

15/04 Breakingviews - Small countries sit at nexus of tariff trade-offs

Among the many absurdities of Donald Trump's global trade war is the inclusion of Singapore and Australia on his naughty list. The U.S. President slapped the 10% baseline tariff, which will apply to nearly all countries, on both with very little justification.

15/04 Breakingviews - LVMH’s opaque succession merits investor discount

Bernard Arnault has no succession plan, and no apparent intention of unveiling one soon. Indeed, the 76-year-old chairman and CEO of LVMH could spend another decade at the helm of the $300 billion French luxury giant. Shareholders will this week vote on whether to raise the age limit for both roles to 85. While Arnault’s age is not necessarily a problem for investors, the lack of clarity about who

15/04 What could knock King Dollar off its throne: podcast

The world’s dominant currency has survived devaluation, inflation, war, and many crises. US President Donald Trump’s return raises new doubts. In this episode of The Big View podcast, Paul Blustein talks about the secrets of the greenback’s success – and what could end its reign.

14/04 Breakingviews - Wall Street homilies are no match for trade chaos

The market wreckage strewn by President Donald Trump’s trade war is uniquely driven by minute-by-minute policy whims. A trader riding out the tempest might look to the simple aphorisms passed down as time-tested investment wisdom for guidance. With trillions of dollars resting on as little as social-media posts, that would be a mistake.

14/04 Breakingviews - Time for the rest of the West to club together

The rest of the West can no longer rely on the United States. The European Union, Japan, Britain, Canada and others need to reduce their dependency on Washington while not becoming reliant on China. That means weaning themselves off the dollar, boosting cooperation in trade and defence, and reaching out to emerging economies such as India.

14/04 Breakingviews - Breakingviews: Tariff chaos leaves its mark on US debt costs

It’s too soon to tell whether the recent selloff in U.S. government debt reflects an exodus of overseas investors. Yet there are early signs that something is afoot. The sheer scale of possible future moves makes it a scenario that investors – and Uncle Sam – must contemplate.

14/04 Gold is an uncertain certainty amid Trump tariff turmoil

As U.S. President Donald Trump ratcheted up his tariff war on the world, gold kept climbing in lockstep to reach a succession of record highs.

14/04 Breakingviews - Jamie Dimon’s actions say even more than his words

Jamie Dimon is characteristically carrying an umbrella while some of his peers bask in the sunshine. Despite unveiling healthy first-quarter financial results, JPMorgan’s boss warned on Friday of “considerable turbulence” in the economy and the mega-bank set aside $3.3 billion for potential quarterly loan losses. Wells Fargo fared well, too, but kept provisions flat. Past storms suggest that both

11/04 Breakingviews - Global trade morass calls for an aggressive ECB

Donald Trump’s erratic policy decisions give the European Central Bank a chance to stop equivocating over whether it should cut rates. The U.S. president on Wednesday delayed the full implementation of his “reciprocal” tariffs. Yet Europe will still be slapped with a 10% tax on U.S. exports, and the threat of a global slowdown remains. That calls for a strong response.

11/04 Tariffs or no tariffs, the dollar correction is finally here: Jen 

The dollar appears set to embark on a multi-year correction against a wide range of currencies, even in the absence of a trade war, as the dollar’s lofty Wall Street valuation runs up against Main Street reality.

11/04 Breakingviews - There’s no easy escape from the US bubble economy

Donald Trump has suspended U.S. tariffs above 10% on imports from countries other than China. Investors let out a collective sigh of relief. Still, the events of recent weeks show that the president is serious about pushing the interests of his political base at the expense of Wall Street. His administration is also promising to reduce the U.S. trade and fiscal deficits. Trump’s policies pose an e

11/04 Breakingviews - Fed chair nears second chance to channel his hero

Jerome Powell’s impressive soft landing only leads to more hard choices. The Federal Reserve chairman’s feat leading an effort to tame runaway U.S. inflation, which dipped to 2.4% as of March, without inducing a recession is in jeopardy of coming undone because of President Donald Trump’s trade war. Having channeled his hero Paul Volcker, who oversaw the central bank under Presidents Jimmy Carter

10/04 Breakingviews - US-China trade clash risks all-out financial war

In the end, Donald Trump both blinked and doubled down on tariffs. As the U.S. president announced a 90-day pause on “reciprocal” levies for most major trading partners on Wednesday, he also raised those on China from 104% to 125%. The upshot? The world’s two largest economies remain locked in a retaliatory standoff that torches $600 billion in bilateral trade and could yet spiral out of control.

10/04 Breakingviews - EU’s SpaceX rival demands more than financial fuel

European governments know they need a viable alternative to SpaceX. But it will take more than state largesse to build a rival to Elon Musk’s satellite behemoth. The continent’s space sector also requires supportive policy, new technologies and far greater ambition.

10/04 US tariff mania keeps everyone on edge: podcast

President Trump’s import-levies bonanza, however it evolves, is arbitrary enough to upend easy assumptions about how the White House, the Federal Reserve and American trade partners can or will proceed. In this week’s Viewsroom podcast, Breakingviews columnists gauge the fallout.

10/04 Breakingviews - Breakingviews: Trump’s tariff retreat leaves lasting US scars

Americans have been celebrating their freedom from monarchical rule for nearly 250 years, but Liberation Day will not make it onto the 2026 calendar. President Donald Trump’s economic version of the Declaration of Independence ended on Wednesday afternoon, less than seven days after he unveiled it with great fanfare in the White House Rose Garden. He rolled back most of his reckless tariffs, spark

09/04 Breakingviews - Walmart’s happy face is hard to reflect back

Walmart CEO Doug McMillon is smiling, improbably, like the company’s yellow happy-face symbol. The $700 billion retailer clung to its annual financial forecasts despite rising U.S. tariffs and recession risks. The sheer number of unpredictable moving parts, however, blunts the reassurances.

09/04 Breakingviews - Big Pharma has partial immunity from Trump tariffs

The $1.7 trillion revenue prescription drug industry has a relatively robust immunity to tariffs. Last Wednesday, when U.S. President Donald Trump unveiled a raft of duties on countries and industries he held back on hitting pharmaceuticals. He followed up on Tuesday by saying he would soon announce a “major” tariff on pharmaceutical imports. But the industry’s complex supply chains and the risk o

09/04 Breakingviews - Chipmaking giants face triple tariff hit

Chipmakers will feel the heat of Donald Trump's tariff rampage. The exemption of semiconductors from the U.S. president's announced levies may not last. What's more, the blow to demand for phones and other consumer electronics will be painful for Taiwan Semiconductor Manufacturing , Samsung Electronics and peers. Surging costs also will disrupt their bold plans to set up factories in the U.S.

08/04 US 10-year yield won't dance to Bessent's tune: McGeever

Short-term stock price moves are rarely meaningful – especially not when markets are panicking – but the 10-year U.S. Treasury yield's round-trip since President Donald Trump's 'Liberation Day' last week is extraordinary.

08/04 Breakingviews - Texas market bulls run into ferocious bear case

Everything keeps getting bigger in Texas. In a sign of anticipated corporate growth, the New York Stock Exchange and Nasdaq are galloping to Dallas to prevent a new local stock market from wrangling their customers. The city has ambitions of becoming a far more powerful commercial hub, but for now there’s less substance than swagger.

08/04 Breakingviews - Chipmaker crafts tricky recipe for chaos-era M&A

It’s encouraging for dealmakers that a multibillion-dollar transaction can get announced amid a global market meltdown and extreme economic uncertainty. What’s less reassuring is that the enabling factors in this case seem idiosyncratic.

08/04 Breakingviews - Markets’ tariff carnage can get much, much worse

The age-old warning to unsophisticated investors hungry to buy a dip: beware catching a falling knife. U.S. equity markets are collapsing, with the S&P 500 heading towards the 20% bear market decline threshold after notching its worst two consecutive trading days since March 2020. It might just be the start. As investors parse through the damage after President Donald Trump raised U.S. tariffs to

08/04 Breakingviews - China will struggle to deal with its overcapacity

China’s exports will be squashed by Donald Trump’s tariffs, regardless of whether the U.S. president hits them with an extra 50% levy as he threatened on Monday. The problem for Beijing is that consumers in the People's Republic will need a lot more government support to absorb some of the slack.

08/04 Market turmoil rewrites the lessons of investing: podcast

From the crisis of 2008 to the pandemic to Trump’s tariffs, governments and central banks have influenced asset prices. In this episode of The Big View podcast Mark Haefele, chief investment officer of UBS’s wealth management unit, talks about the stark message for investors.

07/04 Trading Day: Trump's tariff wrecking ball still swinging

TRADING DAY

07/04 Morning Bid: Stocks crater again, no 'ifs' or 'puts'

What matters in U.S. and global markets today.

07/04 Breakingviews - Trade war brinkmanship multiplies economic damage

The old geostrategic aphorism - “never get involved in a land war in Asia” - could be amended to include trade conflicts. U.S. President Donald Trump has ignored that advice, diving headlong into a contest with China, India and Vietnam, not to mention every other nation and sparsely inhabited island on earth, by imposing a range of tariffs on U.S. imports. While the United Kingdom and European Uni

07/04 Breakingviews - Yuan is strategic barometer for China post-tariffs

The first daily fix for the renminbi’s dollar trading band this week reveals much about China's thinking in the short-term about its trade relationship with the U.S. and the rest of the world, but Beijing's long-term strategic calculus is quickly coming into focus too.

07/04 Breakingviews - Now is the time for a bold new UK-EU relationship

Say goodbye to the old “special relationship” between Britain and the United States. Say hello to a new special relationship across the English Channel.

05/04 Trading Day: Trump tariffs wipe $5 trillion off Wall Street

Bears, fears and tears.

04/04 Breakingviews - Shifting world order suits ‘inbetweener’ economies

If there was any remaining doubt, the unipolar U.S. moment is over. On January 30 newly installed U.S. Secretary of State Marco Rubio called time on the country’s three-decade-long run as the sole arbiter of global affairs, calling it an “anomaly”. A fortnight later, Secretary of Defense Pete Hegseth explained clearly the new dynamic when he described China as a “peer competitor” and told other me

03/04 Breakingviews - Silver Lake’s sharp elbows risk being dislocated

Egon Durban is used to getting the better end of a deal. The co-CEO of private-equity shop Silver Lake has guided U.S. technology and media titans like $790 billion Broadcom and $66 billion Dell Technologies through canny buy-and-build sprees. At key moments, though, he has reached into a toolbox that includes finely crafted structures conferring an advantage on insiders, angering rabble-rousers l

03/04 Breakingviews - Markets make a dicey bet on art of the trade deal

President Donald Trump on Wednesday announced plans that would take the U.S. trade duties beyond their 1930s levels. Back then, the infamous anti-import Smoot-Hawley Tariff Act deepened a global economic slump and helped send the Dow Jones Industrial Average down over 30% in a year. Yet investors are so far taking a different view this time around, with markets slipping by just a few percentage po

03/04 Morning Bid: Trepidation Day 

What matters in U.S. and global markets today

03/04 Breakingviews - Trump kicks all of Asia into the China tariff boat

Donald Trump’s second trade war is a battle of one against all. Reciprocal tariffs announced on Wednesday by the White House hit China with a hike of 34 percentage points, taking the fresh levies on exports from the People’s Republic up 54 percentage points in the 10 weeks since the U.S. president took office. Nor did he spare those who tried to surrender rather than retaliate. Some countries are

03/04 Klarna tests the waters for a ‘normal’ IPO: podcast

Follow on Apple or Spotify. Listen on the Reuters app. Read the episode transcript.

03/04 Trump's tariffs already have a major carve-out. Oil and gas: Russell

Almost unnoticed in the sweeping new import tariffs announced by U.S. President Donald Trump is that energy commodities have been excluded.

03/04 Breakingviews - Trump tariffs tip world into trade war abyss

Donald Trump is pushing the global economic order to the breaking point. Unveiling new tariffs on Wednesday, the president said that he was being “kind” by only raising levies to half the level that his administration reckons peers place on U.S. imports. Consumers, businesses and world leaders are unlikely to feel much tenderness. Starting at 10% for all nations but rising higher for a bewildering

03/04 Breakingviews - Life sciences undergo painful genetic modification

Medical researchers helped tame a worldwide pandemic, but they may be powerless against the financial disease rapidly spreading from Washington. The Trump administration’s sweeping budget cuts are hitting agencies that fund research and approve new drugs, including the U.S. Department of Health and Human Services now led by vaccine skeptic Robert F. Kennedy Jr. The immediate implications pale next

02/04 Breakingviews - UK sandwich deal exemplifies investor M&A allergy

The UK’s love of pre-made sandwiches is well known. But investors don’t exactly seem hungry for a tie-up between two of the country’s major convenience food manufacturers: Greencore and Bakkavor . Since talks became public last month, buyer Greencore’s shares have tumbled more than 6%. It probably says more about investors’ intolerance to M&A than the merits of the deal.

02/04 Trouble with a capital 'T'

What matters in U.S. and global markets today

02/04 US natural gas prices brace for impact from tariff crossfire: Maguire

U.S. natural gas prices are already up by around 80% from a year ago, but are due for a fresh jolt from the knock-on effects of the latest round of trade tariffs imposed by the U.S. government on goods entering the country.

02/04 Breakingviews - China's love of open-source AI may shut down fast

Following DeepSeek's release of its cutting-edge and free large language model early this year, Meta's chief artificial intelligence scientist Yann LeCun corrected those who surmised China is surpassing the United States in the technology. A correct reading, he said, is "open source models are surpassing proprietary ones". What's less clear, though, is how long China will flood the world with its

02/04 Breakingviews - Goldman follows logical path to bad executive pay

Goldman Sachs has followed a reasonable path to an unreasonable outcome. On Tuesday morning, Institutional Shareholder Services became the latest proxy advisory firm to recommended that the investment banks’ shareholders vote to disapprove of top executives’ pay, spotlighting retention bonuses of $80 million each for CEO David Solomon and top lieutenant John Waldron. It follows a similar call to a

01/04 Trading Day: Nervous calm ahead of 'Liberation Day'

TRADING DAY

01/04 Plugging the gaping holes in economic data: podcast

Follow on Apple or Spotify. Listen on the Reuters app. Read the episode transcript.

01/04 Breakingviews - Trump tariff liberation means endless complication

Donald Trump is calling it Liberation Day. The president claims prospective tariffs on trillions of dollars of U.S. imports, which he is preparing to reveal on Wednesday, will mark the moment that global trading partners stop taking advantage of the United States. In fact, the decision could kick off a series of retaliations and negotiations which will drag on for years. Trump’s devotion to using

01/04 Breakingviews - China’s banks head towards new lending woes

Fresh trouble is brewing for China's banks. The state is injecting 520 billion yuan ($72 billion) of capital into four big lenders, hoping to spark consumer-driven economic growth. But doing Beijing's bidding is already starting to cause some stress.

01/04 Trading Day: Wall Street shakes off tariff trepidation

Making sense of the forces driving global markets

31/03 Breakingviews - Breakingviews: Marine Le Pen election ban worsens French chaos

The decision of a French court to ban far-right leader Marine Le Pen from running in the 2027 presidential election will deepen political chaos in a country that already contends with a hung parliament and an unpopular president. And it will make it more difficult for the weak minority government led by Prime Minister François Bayrou to make the crucial decisions needed to control a ballooning pub

31/03 Breakingviews - Mini nuclear reactor rush has a short half-life

The rush to produce mini nuclear reactors on the cheap might have a short half-life. In search of vast quantities of power for the data centers fueling artificial intelligence, Meta Platforms , Alphabet and Amazon.com have backed a goal to triple the world’s nuclear power capacity by 2050. The prospects for nuclear are indeed brightening, but it is still more expensive and far slower to build than

31/03 Breakingviews - US threat oils wheels of Pirelli’s China derisking

Donald Trump’s geopolitical threats are proving to be handy ammo in corporate spats. Italian tyremaker Pirelli’s board last week demanded its largest Chinese shareholder Sinochem cut a 37% stake below the 26% of Italian tycoon Marco Tronchetti Provera, citing Chinese ownership as a risk to its U.S. growth plans. Judging by the shunting-back of the board resolutions to next month, Beijing may put u

31/03 Morning Bid: No quarter for Wall Street

What matters in U.S. and global markets today

31/03 Breakingviews - Fake chocolate is a sweeter bet than plant burgers

Eco-conscious diners weren’t enough to propel once-hyped startups like Beyond Meat into reshaping the food chain. The problem for plant-based burgers is that they weren’t clearly a better option on price or taste, and threatened an established market of farmers and meatpackers. When it comes to edible lab experiments, a sweet tooth works better: artificial chocolate offers a remedy for the $130 bi

31/03 Breakingviews - The Li’s brinkmanship with Beijing will be messy

China senses a betrayal by the Li family's plans to shed global assets as part of their effort to deal their way out of a value trap. Beijing's anger is evident through a series of critical editorials in the media against the Hong Kong family's flagship conglomerate, $21 billion CK Hutchison . But that brinkmanship between the two sides could easily spill into an active and messy conflict.

28/03 Breakingviews - EU defence fiscal holiday will backfire

Ursula von der Leyen is using the wrong tool with the right intention. The European Commission president wants to suspend the Union’s fiscal rules to allow member states to accelerate their defence ramp up. Yet the measure she suggests may only increase the risk of a crash.

28/03 Morning Bid: Trade worries entrenched

What matters in U.S. and global markets today

28/03 Breakingviews - King Dollar’s long reign is set to continue

As President Donald Trump launches his tariff war against both friends and foes of the United States, concerns are once again surfacing about the U.S. dollar’s future as the global reserve currency. China would dearly like to dethrone the mighty greenback. Leading members of Trump’s new administration appear like-minded. Yet for more than half a century, the dollar has defied the doom-mongers. And

28/03 Commentary: US LNG exporters could hit methane snag in Europe

The Trump administration’s broad policy goal of achieving “energy dominance” may run into headwinds in the country’s largest export market, the European Union, due to new methane regulations.

28/03 Breakingviews - CoreWeave scripts AI’s Tinker Bell moment

CoreWeave is the Tinker Bell of the artificial intelligence trade. Like the fairy from "Peter Pan", it is capable of soaring flight, growing revenue eightfold last year to $1.9 billion. Yet as the story goes, it requires belief to stay aloft. The primary suspension of doubt: that dependence on one supplier and one customer does not matter. As the company struggles to conclude an initial public off

27/03 Trading Day: Investors find auto motive for caution

Making sense of the forces driving global markets.

27/03 Breakingviews - Dismal dollar-store deal upends recession logic

Dollar Tree’s latest bargain is its own operations. The discount retail chain is handing its down-market Family Dollar brand to a group of private equity firms for the meager price of $1 billion. As the economy weakens, stores that cater to price-sensitive customers might seem like a safe haven. Looming tariffs and cuts to government subsidies turn that logic on its head.

27/03 Breakingviews - How UBS can soften or swerve $25 bln capital blow

When UBS Chair Colm Kelleher was negotiating the weekend rescue of Credit Suisse in March 2023, the arcane regulatory question known as “equity double leverage” probably could not have been further from his mind. Two years on, it’s effectively the only topic that matters for the future of the $107 billion Zurich-based lender. Swiss lawmakers could tweak the rules to whack UBS by increasing the cap

27/03 ‘Pro-growth’ M&A policing is a misnomer: podcast

The transatlantic trustbusting consensus forged by Lina Khan and Margrethe Vestager is already fraying. In this week’s Viewsroom, Breakingviews columnists discuss if it will lead to mergers involving national champions such as GSK and BP, and in turn remedy some economic ills.

27/03 Morning Bid: U.S. Auto tariffs jump the gun

What matters in U.S. and global markets today

27/03 Sterling may be vulnerable to foreigners' gilt trip

The overriding message from British finance minister Rachel Reeves on Wednesday was simple: the challenges facing UK policymakers are mushrooming, and their margin for error is rapidly shrinking.

27/03 Breakingviews - US auto tariffs zoom past economic speed limit

Donald Trump is threatening to drive the U.S. auto industry so hard that the wheels fall off. In a Wednesday press conference, the president announced25% tariffs on cars and parts, endangering a border-hopping global supply chain. The touted tolls could be enough to total carmakers’ collective profit. Autos are strategically valuable, but this goes too far, too fast.

26/03 Trading Day: 'Tariff Man' flexes muscles, markets cower

TRADING DAY

23/03 Breakingviews - Citi bonuses provide helpful how-not-to guide

Citigroup’s latest innovation: pay without performance. On Tuesday, the third-largest U.S. bank said that top employees eligible to receive bonuses for cleaning up the error-prone lender’s endemic issues would see final payouts cut to 68% of target, or as much as $1.7 mln for top executives. But offering extra fillips to bankers for simply doing their jobs is a flawed premise, especially when Citi

22/03 Breakingviews - Big state backlash may pay biggest dividends in UK

Big government is facing a big challenge – and the backlash is going global.

22/03 Breakingviews - West Africa’s version of Brexit is as bad an idea

West Africa is undergoing its own version of Brexit. By July Mali, Burkina Faso and Niger will have quit the 15-strong Economic Community of West African States (ECOWAS). While the specifics are rather different from the UK’s 2016 decision to leave the European Union, the upshot – self-harm for those departing, and a weakened group left behind – is all too familiar.

22/03 Breakingviews - Paul Weiss rewrites art of the deal under duress

A good law firm knows how to close a deal. By that measure alone, the venerable corporate legal adviser Paul, Weiss has availed itself admirably in a clash with U.S. President Donald Trump. Attorneys caving into a vindictive government would typically be a bad look, but clients fearful of facing retribution of their own will probably be more impressed than outraged.

22/03 Trading Day: Consolidating while awaiting tariff clarity

TRADING DAY

21/03 Morning Bid: Glum end to markets week as tariffs loom

A look at the day ahead in U.S. and global markets from Mike Dolan

19/03 Trading Day: Markets soar as Powell brings back 'transitory'

TRADING DAY

10/03 Trump chaos pushes central banks into shadows

Morning Bid U.S.

09/03 Breakingviews - A hostile $7 bln chip deal leans on electric faith

The present looks grim for automotive chipmaker Onsemi . A $6.9 billion hostile offer for rival Allegro MicroSystems could compound the near-term pain. Even with cost cuts, returns promise to be meager, while tariffs and economic gloom cast a bleaker shadow. Yet, despite it all, it’s easy to compute the logic: underlying trends in ever-more-connected cars might deliver more electrifying returns.

09/03 Breakingviews - Development aid’s future is hiding in plain sight

Donald Trump’s new administration has plunged international development assistance into an existential crisis. Within hours of taking office in January, the president had issued an executive order mandating a 90-day pause on most aid to poorer countries. Last week, the State Department confirmed it was cutting more than 90% of the U.S. Agency for International Development’s programmes.

09/03 Breakingviews - ‘Merz spurt’ will see Europe CEOs rethink US pivot

Not so long ago, European corporate bosses were worried about missing out on the “Trump bump”. U.S. President Donald Trump’s November victory briefly supercharged the long-running outperformance of the world’s largest economy and stock market, especially compared with sluggish Europe. Barely four months later, CEOs from London to Berlin may be thinking the opposite. Germany’s election winner Fried

09/03 Breakingviews - US labor market runs into Trump’s reality

U.S. Federal Reserve leaders are fond of the adage that economic expansions don’t die of old age — they’re murdered. There is now growing evidence that February’s jobs report, showing a 50th consecutive month of net gains, could be the last of its kind for a while, thanks to unwelcome unpredictability from the Trump administration.

08/03 China’s AI catch-up begins to look inevitable: podcast

Beijing’s leap in developing silicon smarts, embodied in DeepSeek’s shockingly cheap model, will challenge US attempts to restrict cutting-edge technology. In this week’s Viewsroom podcast, Breakingviews columnists debate whether it will destabilize the AI market.

07/03 China's power grid clean-up puts several US systems to shame

China's steady expansion to coal-fired power capacity has drawn ire from U.S. power system advisers who gripe that there's little point in cleaning up generation at home while China lifts coal-fired emissions ever higher.

05/03 Key energy and output data to track as Germany charts economic revival

Following rare back-to-back economic contractions in 2023 and 2024, German businesses are hopeful that a new government formed by the conservative CDU/CSU party and the center-left Social Democrats can revive Europe's largest economy in 2025.

24/01 Breakingviews - Congestion fees are practically a free lunch

The Big Apple is finally putting some ancient economic theory to good use. A new $9 fee on almost everyone driving into the busiest parts of Manhattan represents a welcome, albeit belated and inadvertent, homage to British scholar Arthur Pigou, who argued a century ago that activities harmful to others should be taxed, and to William Vickrey, the Canadian-born Nobel laureate who proposed congestio

24/01 Breakingviews - Bank M&A in the new Italy evokes old Italy’s flaws

Under founder Enrico Cuccia, Mediobanca pulled the strings of Italian post-war finance. Now it is under siege, with former bailout victim Banca Monte dei Paschi di Siena on Friday launching a hostile, 13.3 billion euro all-share bid. True to Mediobanca’s heritage, a deal may suit powerful shareholders more than minority investors.

24/01 Morning Bid: Dollar swoons as BOJ hikes, euro zone grows, yuan relieved

A look at the day ahead in U.S. and global markets from Mike Dolan

24/01 Breakingviews - Japan rates’ fate rests on Trump-Ishiba bromance

Another 0.25 percentage-point hike to Japanese rates has come and gone without markets batting an eye. That is surely the point of the central bank’s drive to normalise monetary policy. With wages and prices on the up, Citi economists have pencilled in two more hikes in June and December. That would take rates to 1% by the end of the year “barring escalation in trade wars and sharper yen appreciat

24/01 US friends and foes buckle up for new 'America first' era

Less than 24 hours after U.S. President Donald Trump was sworn into office on Monday, new Secretary of State Marco Rubio met foreign minister counterparts from America’s closest allies in the Indo-Pacific - the so-called “Quad” with Australia, India and Japan, as aircraft carrier USS Carl Vinson finished its first big 2025 training exercise in waters near the Philippines.

24/01 Breakingviews - US sports-betting duo’s growth wager is paying off

The wide world of sports betting is narrowing. DraftKings and FanDuel have about 80% of the U.S. market, which could reach $39 billion in size by 2030, the latter company’s owner Flutter Entertainment reckons. High entry costs and slick products stack the house in the duopoly’s favor. Absent a regulatory crackdown, it looks like years of red ink will finally pay off.

24/01 Breakingviews - DAX record underlines Germany’s vulnerability

Germany has been in recession for two years and yet the German bourse has outperformed all major European stock markets during that time. That is not a paradox, but the sign that the future of the country’s largest companies is decoupling from their home market. But if U.S. President Donald Trump’s threatened tariffs lead to a real shrinkage in global trade, investor enthusiasm for Germany’s big c

24/01 Breakingviews - How China can keep pace in the global AI race

In 2023, smartphones-to-silicon conglomerate Huawei quietly released its flagship Mate 60 Pro handset. The launch, while muted, was worth celebrating in the People’s Republic: the device featured a made-in-China chip that had previously seemed out of reach amid crippling U.S. sanctions. Late last month, Hangzhou-based startup DeepSeek added the latest technological surprise by claiming to have tra

24/01 Morning Bid: BOJ decides - 'dovish hike' incoming?

A look at the day ahead in Asian markets.

23/01 Trump’s day-one flurry buries plenty: podcast

The new US president began his term with a rush of orders signaling an immigration crackdown, shifting energy policy and more. In this Viewsroom podcast, Breakingviews columnists debate how much will stick and why the trade barriers at the heart of his agenda are missing.

23/01 Breakingviews - Nissan-Honda deal faces big problems in China

If there's one thing executives at Honda Motor and Nissan Motor need to fix first when - and if - they merge, it's their China business. The Japanese duo's sales have been falling for years in the world's largest car market. Joining forces would allow them to cut costs, not least on the new electric vehicles they need to vie with dominant rivals like BYD . But it's a go-slow tie-up, and their join

22/01 Morning Bid: 'Giddy' Wall Street hits new highs, BOJ looms into view

A look at the day ahead in Asian markets.

22/01 Third time lucky for 'Year of the Bond' call?

After two years of significant underperformance by bonds, investors may have a hard time swallowing claims that 2025 will be the "year of the bond". But there are compelling reasons to believe this will be a case of third time lucky.

22/01 Breakingviews - UK antitrust ouster signals risk as much as growth

Rachel Reeves is sending a message. The UK finance minister on Monday booted out Marcus Bokkerink from his role chairing the national antitrust regulator, the Competition and Markets Authority. It’s squarely in keeping with her push to spur British growth, which in turn echoes what others are doing abroad. But it also sends a risky signal.

22/01 Morning Bid: Trump switches to AI as tariffs lurk, Netflix soars

A look at the day ahead in U.S. and global markets from Mike Dolan

22/01 Breakingviews - Wall Street’s regulation wish list plays with fire

Wariness is passé on Wall Street. Cautious uncertainty over lingering inflation and geopolitical turbulence have been replaced by giddiness over the deregulatory bonanza financial firms expect President Donald Trump’s administration to deliver. Banks and investment firms are hoping for official blessing for cryptocurrencies and diluted bank capital rules. That could seed a future crisis which curr

22/01 Breakingviews - A TikTok deal may be good for US-China trade

It's becoming clear that everything may be up for negotiation with President Donald Trump. That might not be a bad thing for China. The U.S. leader warned the People's Republic could face tariffs of up to 100% if Beijing does not approve a sale of TikTok, the video app owned by Chinese firm ByteDance. How such a deal would look is unclear, but it would be an easy way for both sides to show goodwil

21/01 Morning Bid: Whipsawed dollar and fog of uncertainty? Get used to it

A look at the day ahead in Asian markets.

21/01 Breakingviews - Donald Trump erratically waves sword of Damocles

Donald Trump returned to the presidency swinging his pen wildly. Some 200 executive actions included efforts to end the U.S. offshore wind industry, roll back vehicle emission constraints, curb immigration and pardon 1,500 insurrectionists who stormed the Capitol on Jan. 6, 2021. The first-day agenda, however, stopped short of firing the opening shots of a promised worldwide trade war, leaving the

21/01 Morning Bid: 'Stop-Go' Trump tariff trades whiplash dollar

A look at the day ahead in U.S. and global markets from Mike Dolan

21/01 Breakingviews - Xiaomi's rally will hit valuation potholes

There is no simple route to valuing China's Xiaomi . The company, best known for its smartphones and internet-connected rice cookers, air purifiers and other gadgets, began selling electric cars last year. That helped power its market capitalisation to a record high of $117 billion earlier this month. But a look under the hood suggests valuing Xiaomi's different parts can get messy.

21/01 Donald Trump’s return reverberates beyond the US: podcast

The immediate effects of the president’s second term will be felt at home. But he’s also upending parts of the US-led order. In this episode of The Big View podcast, Reuters Commentator-at-Large Hugo Dixon discusses relations with Europe, rivalry with China, and climate change.

21/01 Breakingviews - German election campaign ignores economic ills

The German economy has shrunk for two years in a row, will stagnate in 2025, and hardly grow thereafter. Faced with deep-seated structural challenges, Europe’s powerhouse is in an economic existential crisis. Snap elections called for next month by embattled Chancellor Olaf Scholz could have triggered a serious debate on how to cure Germany’s ailments. Don’t hold your breath. The bold fixes requir

20/01 Morning Bid: Trump's tariff caution slams dollar, lifts stocks

A look at the day ahead in Asian markets.

20/01 Funds start Trump 2.0 era most bullish on dollar since 2016: McGeever

As Donald Trump begins his second term as U.S. president, currency speculators are giving the dollar their strongest backing since before he was first given keys to the White House.

20/01 Breakingviews - Barclays-Santander UK is a matter of when, and how

If Banco Santander’s Ana Botín wants to sell her British retail business, there’s an obvious buyer: Barclays boss C. S. Venkatakrishnan. The biggest questions would be when the 42-billion-pound ($51 billion) UK bank decides to pounce – and whether its relatively new CEO, known as Venkat, can get his buyback-hungry investors on side.

20/01 Breakingviews - Davos becomes world’s most exclusive watch party

The Swiss town of Davos will this week host what amounts to an exclusive watch party for the season premiere of Donald Trump’s second term. The annual gathering of the World Economic Forum (WEF), held in the alpine resort each January, presents itself as a place where the world’s political, business, and financial leaders meet to solve big problems. This year, though, the 2,750 delegates will spen

19/01 Morning Bid: Inauguration caution cools risk-on revival

A look at the day ahead in Asian markets.

17/01 Breakingviews - TikTok is a cautionary tale of early detection

Trade warriors are scrambling to avoid the consequences of their actions. The top U.S. court upheld a bipartisan law to ban TikTok in just two days’ time. Yet neither outgoing President Joe Biden nor incoming President-elect Donald Trump want the social media app to go dark on their watch. It’s familiar behavior from Uncle Sam: catching threats too late and creating a mess trying to clean them up.

17/01 Breakingviews - Mega-merger boom threatens a shareholder bloodbath

When a chief executive unveils a big merger, the fretting begins. Concerns about a repeat of disasters like AOL-Time Warner or Bayer-Monsanto immediately spring to mind. It’s a particular concern for 2025 as steadier interest rates and laxer antitrust enforcement augur a resurgence of chunky M&A. When acquisitions reach $10 billion or more, however, the worst fears of shareholders are often confir

17/01 Breakingviews - Glencore’s M&A bind requires bold coal cleanup

Gary Nagle is facing a tricky situation. The Glencore CEO has a mix of copper mines, which everyone wants, and a giant coal business, which his peers have all scrambled to exit in recent years. Dumping the latter won’t be easy, but it’s still Nagle’s best chance to get a seat at the sector’s M&A table.

17/01 Morning Bid: Waller and Bessent help peg back Treasury yields

A look at the day ahead in U.S. and global markets from Mike Dolan

17/01 Breakingviews - Mega-merger boom threatens a shareholder bloodbath

When a chief executive unveils a big merger, the fretting begins. Concerns about a repeat of disasters like AOL-Time Warner or Bayer-Monsanto immediately spring to mind. It’s a particular concern for 2025 as steadier interest rates and laxer antitrust enforcement augur a resurgence of chunky M&A. When acquisitions reach $10 billion or more, however, the worst fears of shareholders are often confir

17/01 Who will pay for LA fire damages? Complexities abound.

High voltage power lines? Arson? Embers from a minor blaze that smoldered and reignited days later? All of the above?

16/01 Morning Bid: Awaiting China data deluge, US yields drift lower

A look at the day ahead in Asian markets.

16/01 Breakingviews - Mass deportation is either bluster or vast danger

President-elect Donald Trump has vowed to begin the nation’s largest deportation push in history on his first day in office. The potential economic harm from deporting a large chunk of the estimated 11 million immigrants residing in the country illegally is vast, ranging from stalling construction in the nation’s fastest-growing counties to higher food prices. That may be too much to bear. After a

16/01 Breakingviews - US exceptionalism turns dollar into global problem

King Dollar, meet the Donald. After lording over most major currencies for the past three years, the greenback is likely to get another big boost from the protectionism and fiscal largesse of incoming U.S. President Donald Trump. It may catch markets and governments out.

16/01 Morning Bid: Inflation relief and bumper bank earnings

A look at the day ahead in U.S. and global markets from Mike Dolan

16/01 Bond chaos induces headaches worldwide: podcast

Rising yields on long-term US debt, now around 5% despite the Fed’s cuts, are having ripple effects across the globe. Leaders in Britain and beyond may be forced to rethink their policies. In this Viewsroom podcast, Breakingviews columnists explain the potential pain in store.

16/01 Breakingviews - Cracks in India’s consumption story run deep

If India wants to prop up its stalling economic growth, it will have to sacrifice some of the financial stability underpinning the country’s moment on the global stage.

15/01 Morning Bid: Global inflation relief lifts bond yield gloom

A look at the day ahead in Asian markets.

15/01 Breakingviews - Europe’s US gas pivot is a work in progress

Donald Trump wants to sell Europe more gas. That sounds doable: the European Union needs more of it. And the trade might discourage the U.S. president-elect from slapping a 10% tariff on European goods which could, per Citi, shave 0.3 percentage points off a euro zone economy only set to grow 0.5% in 2025. Yet an accelerated pivot isn’t guaranteed.

15/01 Morning Bid: Inflation offers crumbs of comfort, big banks report

A look at the day ahead in U.S. and global markets from Mike Dolan

15/01 Breakingviews - UnitedHealth lacks antidote for chronic anger

UnitedHealth Chief Executive Andrew Witty stated the obvious when he wrote last month that no one would design a healthcare system like the one in the United States. He neglected to detail how the medical goliath he runs helped create the “patchwork” structure and takes full advantage of it. With dissatisfaction among patients and politicians crystallizing following the murder of a senior UnitedHe

15/01 Breakingviews - US engineers decisive split in global auto market

One of the last acts of President Joe Biden's administration is to engineer a split in the global auto market. On Tuesday, Washington imposed a ban on the sale and import of connected cars and related technology from China. Concerns over data security are compelling, even if the benefits for General Motors , Ford Motor and others of keeping out both competitors and suppliers remain debatable. That

14/01 Morning Bid: Fleeting respite from yields, dollar; Indonesia sets rates

A look at the day ahead in Asian markets.

14/01 Breakingviews - Wild TikTok dance adds clumsy Beijing shuffle-step

It’s only fitting that TikTok’s fate turn into a wild dance. As the U.S. Supreme Court weighs up the constitutionality of a proposed ban on the popular video app, Beijing has pirouetted into the possibility of letting ByteDance sell it to Elon Musk, the boss of Tesla and owner of social media site X. With so many stakeholders, however, it will take more than just two to tango.

14/01 Breakingviews - Spotify’s share surge arrives at AI crossroads

Daniel Ek is cranking up the volume at Spotify Technology . Two years ago, the U.S.-listed music streamer faced heat from activist investor ValueAct Capital Management and was mired in job cuts and losses. Since then, Spotify’s market value has quadrupled to $92 billion, and generative artificial intelligence could give it a further leg up. Yet AI also explains why the group is at a crossroads.

14/01 Breakingviews - US tariffs may lead ratesetters to fight wrong war

When Donald Trump pledges in next Monday’s inauguration to “faithfully execute the office of President of the United States”, global economics and politics will take a leap into the unknown. Some of the returning president’s ideas could reawaken inflation just as central banks are taking a victory lap for supposedly taming the last bout of price rises. The risk is that Federal Reserve Chair Jay Po

14/01 Morning Bid: Markets catch a break before inflation, earnings

A look at the day ahead in U.S. and global markets from Mike Dolan

14/01 Breakingviews - Wall St climate cop-out is superficial — for now

Talk about bad timing. Five years ago BlackRock boss Larry Fink made tackling climate change a priority. On Thursday, the world's largest investment firm with $11.5 trillion in assets pulled out of the Net Zero Asset Managers initiative while large swathes of Los Angeles were burning in fires at least in part worsened by rising greenhouse-gas emissions. It's not alone. Other Wall Street heavyweigh

14/01 Huawei is a microcosm of China’s last four decades: podcast

Follow on Apple or Spotify. Listen on the Reuters app. Read the episode transcript.

13/01 Morning Bid: No let up from dollar, US yield squeeze

A look at the day ahead in Asian markets.

13/01 Breakingviews - Greenland gambit takes nearshoring to absurd ends

Mineral riches in icy Greenland have become the world’s hottest commodities. Channeling Prussian statesman Otto von Bismarck, who sought expansion when national borders “are not favorable for a healthy, vital state,” U.S. President-elect Donald Trump has threatened to acquire Denmark’s self-governing territory using money or force, taking the concept of nearshoring to a ludicrous extreme. Such agg

13/01 Morning Bid: S&P 500 wipes post-election gains as bonds haunt

A look at the day ahead in U.S. and global markets from Mike Dolan

13/01 Breakingviews - Trump and Musk’s ally-bullying weakens the West

Donald Trump was always going to throw his weight around with U.S. allies. The incoming president was expected to threaten not to defend friendly countries from Russia or China unless they increased military spending, and to impose tariffs on their exports if they did not buy more American goods.

13/01 Breakingviews - Apollo’s Japan deal will require buyout black belt

Japan Inc’s defensive measures might get help from Uncle Sam. Buyout and credit giant Apollo Global Management is considering backing Seven & i’s founding Ito family with 1.5 trillion yen ($9.5 billion) for its take-private bid, Bloomberg reported on Thursday, citing sources. Global private equity firms’ gold rush in the country is intensifying, though they largely paint themselves less as barbari

12/01 Morning Bid: Hot US jobs data stoke yield fire, scold stocks

A look at the day ahead in Asian markets.

10/01 Breakingviews - Constellation mega-deal delicately orbits AI sun

Reverse polarity is flowing into the electricity business. Exelon spun off Constellation Energy back in 2022 when prospects for nuclear power were dim, but artificial intelligence brightened them again. With such demand surging, Constellation has agreed to buy gas-fueled rival Calpine for $27 billion, including debt, with a deal structure that should help prevent any sort of future shock.

10/01 Breakingviews - Outlier UK’s least-bad fix is via a weak currency

Britain’s latest debt turmoil contains the seeds of its own solution. The recent surge in bond yields exposed the UK’s reliance on foreign capital. A lack of overseas buying of gilt creates fiscal and monetary issues. But this week’s unusual fall in sterling points to a way out of the vicious cycle.

10/01 Morning Bid: Bonds simmer as payrolls offer reality check

A look at the day ahead in U.S. and global markets from Mike Dolan

10/01 Breakingviews - Toymakers build fun Hong Kong stocks a playground

Hong Kong's long-dormant animal spirits have found a fun niche in an otherwise gloomy market. Shares in Chinese toymaker Bloks surged 82% on their Friday debut, thanks to overwhelming demand in the city. The $2 billion firm, which specialises in assembling Transformers and other figurines, is tapping into the country's collectible toy frenzy led by Hong Kong-listed peer Pop Mart , whose stock cloc

09/01 Morning Bid: Global yield fever cools, but EM conditions tighten

A look at the day ahead in Asian markets.

09/01 Breakingviews - Los Angeles fires expose inflated US home prices

Uncontained Los Angeles wildfires point to housing-market problems nationwide. Devastation around the second-biggest U.S. city, including the upscale Pacific Palisades, has already killed five people and forced 100,000 to evacuate. One early estimate by the AccuWeather forecasting service already pegs the damage at more than $50 billion. Although the severity of such disasters is likely to keep gr

09/01 Breakingviews - Breakingviews: UK debt tantrum is a problem not a panic - for now

This week’s spike in UK bond yields has drawn comparisons with a similar meltdown in 2022, but there are key differences.

09/01 Breakingviews - Altered states will rule in 2025: podcast

Follow on Apple or Spotify. Listen on the Reuters app. Read the episode transcript.

09/01 Breakingviews - Bain buyout fight shows allure of pensions

Australia's pension funds would surely be on any list of assets that investors would fight to own a piece of. Two U.S. private equity firms are now putting that theory into practice. On Monday CC Capital, founded by Blackstone veteran Chinh Chu, lobbed in a non-binding proposal valuing Insignia Financial's equity at A$2.9 billion ($1.8 billion). That's 7.5% higher than the already rejected offer B

08/01 Morning Bid: China inflation lands amid global bond turmoil

A look at the day ahead in Asian markets.

08/01 Breakingviews - Trump’s agenda already faces irresistible forces

President-elect Donald Trump’s legislative agenda faces roadblocks before he even takes office. Despite his Republican Party controlling all branches of the federal government, resolving a once-in-a-decade fight over the tax code as well as immigration and energy policy overhauls is troubled by arcane budget rules, congressional dysfunction and jittery government debt markets. That risk became cle

08/01 Breakingviews - Meta’s Brussels bark may be worse than its bite

Mark Zuckerberg is, among other things, resetting his relations with Europe. Towards the end of Tuesday’s five-minute video relaxing content moderation rules, the Meta Platforms chief executive criticised European technology regulations and pledged to work with President-elect Donald Trump to “push back on governments going after American companies and pushing to censor more”. That sounds bad for

08/01 Morning Bid: Bonds flashing red, 'term premium' at 10y high

A look at the day ahead in U.S. and global markets from Mike Dolan

08/01 Breakingviews - CATL’s $5 bln listing future-proofs enviable lead

The world's largest battery maker is determined to shore up its dominance. A planned Hong Kong listing for China's Contemporary Amperex Technology could raise up to $5 billion, according to IFR. The share sale would fund factories abroad. It would also insulate its war chest from global foreign exchange ructions.

07/01 Morning Bid: Spiking yields puncture risk appetite, Japan warns on yen

A look at the day ahead in Asian markets.

07/01 Breakingviews - Disney deal barely clarifies its TV picture

Walt Disney is changing some channels, but shareholders are watching the same show. The entertainment conglomerate unveiled plans to inject its struggling Hulu Live TV bundle into the $2 billion owner of rival streaming service FuboTV . Although the transaction helps clear the way for a separate sports-package joint venture, the fast-fading broadcast television problem lingers.

07/01 Breakingviews - Big Booze speeds towards low-growth tobacco status

Alcohol giants have a hazy future. Late last week, the U.S. surgeon general said beer and spirits cause cancer and should carry health warnings. The wider trend has echoes of the historic backlash against Big Tobacco, and appears to be partly factored into brewers’ depressed valuations. If the trend for less drinking continues, higher-rated spirit makers like $70 billion Diageo and $30 billion Per

07/01 Morning Bid: A JOLT of reality for markets

A look at the day ahead in U.S. and global markets by Amanda Cooper.

07/01 Breakingviews - Cracks appear in China stocks' fragile bull case

The bull case for China's stocks is on its face compelling: firms in the People's Republic are undervalued and often enjoy higher cash flow and profitability relative to global peers. Some of the largest and most popular among global investors, such as tech group Tencent and battery maker Contemporary Amperex Technology (CATL) , just closed out 2024 with double-digit gains fuelled by hopes Beijing

06/01 Morning Bid: Trump tariff doubt swirls, JGB yields in rarified air

A look at the day ahead in Asian markets.

06/01 Morning Bid: Pre-Trump trades lift US yields, yuan shaky

A look at the day ahead in U.S. and global markets from Mike Dolan

06/01 Breakingviews - Risk and resilience are the watchwords for 2025

As the world rings in 2025, try to imagine what it would have looked like in 2019 if a visitor from the future appeared with a warning about what was going to happen next.

06/01 Breakingviews - US 7-Eleven IPO will invite more unwanted suitors

In 1987 Southland Corporation, the Dallas-based operator of 7-Eleven then facing rumours of a Canadian takeover attempt, announced plans to move the company into private hands—namely those of its founding family. Now the Ito clan behind the American chain’s current Japanese parent could end up listing those convenience store operations in their own bid to maintain control. It's an imperfect soluti

05/01 Morning Bid: China two-year yield eyes fall below 1.00%

A look at the day ahead in Asian markets.

03/01 Morning Bid: Wall St on five-day falling streak, dollar reigns

A look at the day ahead in U.S. and global markets by Samuel Indyk

03/01 Breakingviews - Tech will learn the value of a cash paycheck

Technology companies are ready for a New Year’s resolution: shaking their addiction to stock-based compensation. Startups strapped for cash but rich in faith that valuations must go up have attracted talent by paying their salaries in shares. Even mature tech giants have trouble just using cash. In 2025, the incentive to keep this up will dwindle as scrutiny rises.

03/01 Breakingviews - Politicians will hinder central banks’ easing plan

In 2025, the global economy will be in a much better place than at any time since the outbreak of Covid-19. Growth will be solid, and inflation will finally abate. Those are ideal conditions for central banks to lower interest rates. But the virtuous circle of an easier monetary policy feeding faster expansion will hit a big snag: governments’ inability, or unwillingness, to reduce their huge debt

02/01 Morning Bid: The first trading day of the year, be wary

A look at the day ahead in U.S. and global markets from Dhara Ranasinghe.

02/01 Breakingviews - Moutai will raise a glass to its LVMH moment

Kweichow Moutai–Li Ning, or KMLN, may not have the same ring as Louis Vuitton Moët Hennessy, but it could be China’s next national consumer champion. Moutai , the world’s largest distiller, wants to appeal to young shoppers. Marketing gimmicks with brands from Dove chocolates to Luckin Coffee have so far failed to gain traction. A bold swoop on the iconic but struggling sportswear retailer, Li Nin

02/01 Breakingviews - AI will become a Madison Avenue sensation in 2025

The next big thing in technology will be powered by advertising money, too. Google, Facebook and Instagram ballooned in prominence and profitability by leveraging brand-building budgets from Tide laundry detergent to local plumbers. Even companies such as Netflix and Amazon , which until recently relied mainly on subscriptions, are getting in on the action. Artificial intelligence business models

02/01 Breakingviews - Trading disruptors will mimic banks and beat them

Sometimes the danger to an incumbent business comes as a bolt from the blue. At other times, it approaches with a familiar face. That’s the case for trading giants like JPMorgan , Morgan Stanley , Bank of America and Deutsche Bank , who in 2025 will notice electronic market-makers acting more like banks. The trend is exemplified by Jane Street’s gargantuan balance sheet, and Citadel Securities’ hi

31/12 Breakingviews - Warnings and worries haunt best-read views of 2024

The past year was a buoyant one for markets. Yet even as share prices rose, our readers sought out columns exploring the risks of imploding stocks, regulatory shocks and Washington’s new status quo. Our best-read views of 2024 feature familiar faces and old obsessions, too.

30/12 Breakingviews - Debt brake release will pull Germany out of slump

Only unforeseen circumstances could prevent Friedrich Merz, the hard-talking chief of the CDU conservative party, from heading the government of Europe’s largest economy after the general elections in February. With the country barely growing after a two-year-long recession, Merz will push for a German version of shock therapy. That will only work if he finds creative ways to loosen the “debt brak

30/12 Breakingviews - Smart glasses give tech giants dangerous FOMO

Smart glasses will come into focus in 2025. Meta’s collaboration with EssilorLuxottica has become a bestseller in most Ray-Ban stores across Europe, the Middle East and Africa, with total sales topping 1 million units, according to Counterpoint Research. Early success has emboldened rivals to develop their own specs.

30/12 Breakingviews - Art of the 2025 deal will be postBidenism

The man credited with writing “The Art of the Deal” is turning out to be more muse than creator. With his return to the White House, Donald Trump will help inspire a fresh wave of corporate mergers already primed by lower borrowing costs, surging stock markets, growing confidence and itchy buyout firms. Strategists at Morgan Stanley are predicting a roughly 50% pickup in M&A activity in 2025, doub

30/12 Breakingviews - Jimmy Carter's policy legacy is as germane as ever

As Jimmy Carter is laid to rest, the policy issues that dominated his time in the White House have come roaring back to life. The 39th U.S. president, who died on Sunday at 100, gets deserved credit for some four decades of good works after leaving the Oval Office and undeserved blame for the economic conditions that cost him a second term leading the country. Whether it’s the inflation and energy

27/12 Breakingviews - Insurance risks will be a proxy carbon tax

A robust global price on carbon is the holy grail of climate change. If emitting activities were artificially made more expensive, proceeds from richer citizens’ carbon usage could help poorer states adapt to already existing signs of global warming. In 2025 a quasi-carbon price will become increasingly apparent – but in a much more regressive way.

27/12 Breakingviews - Tokyo’s property boom looks built to last

Tokyo is bustling. Office vacancy rates in the Asian city are around 3%, sharply lower than 15% for New York and 8% for London. Japan’s rising appeal to financiers, tourists and global buyout firms alike, plus its enduring low interest rates, will underpin another strong year for its commercial property market.

27/12 Breakingviews - Buyout barons will find ways to douse fire sale

If necessity is the mother of invention, fans of financial engineering have a treat in store from private equity titans in 2025. The buyout industry has been sitting on portfolio companies for longer than usual. The question is whether KKR , EQT , CVC Capital Partners and the rest can avoid taking markdowns when offloading their giant backlog of assets. Some innovative disposal tricks will help.

26/12 Breakingviews - Credit markets’ calm veneer will crack

Debt investors have been surprisingly relaxed in recent years, despite a rapid run-up in interest rates. In 2025, the period of tranquillity will end. Firms are grappling with heavy borrowings and expensive funding costs. And losses on risky private-credit loans will mount.

26/12 Breakingviews - SpaceX will be a better $1 trln bet than Tesla

Rocket maker SpaceX’s internal $350 billion valuation makes it among the globe’s most valuable private startups. That’s still a fraction of the worth of boss Elon Musk’s electric-car company Tesla , which sports a $1 trillion market value. In 2025, though, it will become clear that terrestrial ambitions are no match for the stars.

24/12 Breakingviews - India’s green power producers will get a shakeout

Dealmaking is coming for India’s renewable energy industry in 2025. More than a dozen generators of wind and solar power are looking for new owners as private equity-style firms like Brookfield Asset Management, as well as industry players like Siemens and Enel, look for an exit. Despite New Delhi’s target of renewables providing half the country’s electricity by 2030, success isn’t assured.

24/12 Breakingviews - Insurers will stake their claim in private credit

Picture this: a U.S. insurance industry grown fat after a period of explosive growth began extending private loans, buying up debt churned out by wheeling and dealing financiers. That was the year 1905. It might also describe, in more measured form, the situation more than a century later. This time, expect traditional insurers to turn the tables and buy up private credit managers.

23/12 Breakingviews - Honda-Nissan merger moves too slow for comfort

Speed limits are usually intended to prevent drivers from going too fast. Occasionally, though, they warn against bumbling along the road too slowly. Honda Motor boss Toshihiro Mibe and his Nissan Motor counterpart Makoto Uchida will need reminding of this if they don’t soon shift out of low gear for the tie-up they proposed on Monday.

23/12 Breakingviews - Trump and Tesla will turbocharge self-driving race

In 2025, a competition to master assisted and autonomous driving will begin in earnest. Carmakers like Tesla are chasing a market that McKinsey reckons could be worth $400 billion by 2035. But the benefits may prove elusive.

23/12 Breakingviews - China will wield big mop to clean up property mess

China is struggling with a property glut. Millions of unsold homes are weighing on real estate valuations and undermining President Xi Jinping’s efforts to stimulate the world’s second-largest economy. In 2025, expect the authorities in Beijing to step up by creating a housing policy “bad bank”.

20/12 Morning Bid: Government shutdown and tariff fears jar year-end markets

A look at the day ahead in U.S. and global markets from Mike Dolan

20/12 Breakingviews - Chinese investment banking will roar back in 2025

Past performance, the saying goes, is not indicative of future results. For investment bankers in China’s once-bustling equity markets, that has been a particularly painful post-pandemic lesson to learn. After a long run of lean years, things are finally looking up.

20/12 Breakingviews - California will put secession back on the map

Corporate breakups are in vogue and a national one will soon join them. In spite of the vocal and financial support from tech billionaires for Donald Trump, he mustered less than 40% of the vote in California. Gavin Newsom, the Democratic governor, already has called on the state legislature to “safeguard California values and fundamental rights” from the president-elect’s second term in office. S

20/12 Breakingviews - Microsoft’s AI setback: an imaginary letter

Breakingviews imagines the letter that Microsoft Chief Executive Satya Nadella might write to shareholders after the artificial intelligence bubble deflates.

20/12 Breakingviews - Nuclear power pitch has magical thinking at core

For a great example of how not to pitch nuclear energy, look to Australia. The country's right-wing opposition parties head into next year's federal election claiming that adding seven atomic power stations to the main electricity system would decarbonise it for A$263 billion ($167 billion), or 44%, less than building the renewables-heavy grid the ruling Labor Party government favours. But the fin

19/12 Morning Bid: Seeking respite from Fed; PBOC set to hold the line

A look at the day ahead in Asian markets.

19/12 Fed's hawkish cut fires up rate hike debate

The end of the Federal Reserve's interest rate-cutting cycle is suddenly in sight, and a complete U-turn with rate hikes next year can no longer be ruled out.

19/12 Morning Bid: Markets fear Fed floor at 4%, dollar booms

A look at the day ahead in U.S. and global markets from Mike Dolan

19/12 Breakingviews - Brick phones will ring in an unlikely revival

Smartphone makers will soon face an unlikely competitor. Concerns about the impact of social media are driving demand for old-school Nokia brick-like handsets, now known as feature phones. If Apple and Samsung don’t find a way of selling safer versions, they may lose out.

19/12 Breakingviews - Luxury firms will warily cut prices to boost sales

Europe’s top fashion houses will reluctantly conclude that high profit margins are a luxury they can no longer afford in 2025. The likes of LVMH , Kering and Chanel aggressively hiked prices on handbags, shoes and jackets during the pandemic. As demand from Chinese consumers rapidly cools, CEOs will be forced to rethink.

19/12 Breakingviews - India starts resembling China in unflattering ways

There are some startling similarities developing between India and China. How many and how concerned investors should be will rank among the big questions in 2025.

19/12 Hot topics of 2024 will smoulder into new year: podcast

Inflation in the United States, a struggling Chinese economy and Boeing’s existential challenges were among the stories that dominated this year. In this Viewsroom podcast, Breakingviews columnists explain why these issues – among others – will keep cropping up in 2025.

18/12 Morning Bid: Fed's 'hawkish cut' slams markets, BOJ up next

A look at the day ahead in Asian markets.

18/12 Morning Bid: Markets edgy as Fed awaited

A look at the day ahead in U.S. and global markets from Mike Dolan

18/12 Breakingviews - Saudi’s sports M&A splurge will get smarter

The best athletes know that brute force isn’t always the right strategy. Saudi Arabia’s sports investors could learn as much in 2025, by taking stakes in less monied but more potentially growthy endeavours like women’s soccer and rugby.

18/12 Breakingviews - BREAKINGVIEWS-EU joint debt will reappear despite French squalls

“Europe will be forged in crisis, and will be the sum of the solutions adopted for those crises.” So said European Union founding father Jean Monnet, back in 1967. In 2025, a security flashpoint on the EU’s eastern border coupled with a lack of U.S. action could prompt EU member states to break the glass on a key emergency tool: jointly issued debt. The biggest obstacle may be Monnet’s home countr

18/12 Breakingviews - Donald Trump will meet his match in bond markets

Donald Trump has bullied and bluffed his way through boardrooms, backrooms, newsrooms, courtrooms and even the White House Situation Room. There’s no room, however, for his blustering bravado in the bond market.

18/12 Breakingviews - Nissan-Honda merger would be far from cure-all

If only M&A solved everything. Japan's Nissan Motor and Honda Motor certainly need help. The country's second- and third-largest automakers are in talks to set up a holding company, Reuters reported on Wednesday, citing a source. That may yet lead to a full merger and possibly include smaller rival Mitsubishi Motors , according to the Nikkei. Cost cuts would bolster margins at the trio, whose comb

17/12 Morning Bid: Central bank fever builds, saps risk appetite

A look at the day ahead in Asian markets.

17/12 Morning Bid: Bonds agitated as Fed meets, G7 politics rumble

A look at the day ahead in U.S. and global markets from Mike Dolan

17/12 Breakingviews - BHP will try a club deal for Anglo American

Mike Henry will take another crack at buying Anglo American – with a partner. The BHP boss’s previous attempt to buy his smaller rival to become the world’s top copper miner failed in May due in part to his proposal’s complex structure and in part to his unwillingness to pay a big premium. The six-month cooling-off period imposed by UK takeover rules expired at the end of November. But recent deve

17/12 Breakingviews - Green energy will be a smart contrarian trade

On the face of it, 2025 is shaping up to be a stinker for renewable energy. The planet seems ever further from restricting global warming to a manageable 1.5 degrees Celsius level, and the election of Donald Trump as U.S. president means that the world’s biggest economy will visibly retreat from the collective fight against climate change. Yet while the year ahead will be painful for some green po

17/12 Breakingviews - Obesity giants will begin $80 bln M&A face-off

Eli Lilly and Novo Nordisk will kick off a massive shopping spree in 2025. The two obesity giants will be sitting on cash piles of around $80 billion by 2028, according to LSEG data, thanks to the runaway success of their weight-loss drugs. The challenge will be to put that money to work and avoid overpaying.

17/12 Why private credit is shrinking as it booms: podcast

Non-bank lenders, sitting atop $2 trln in assets, keep taking more of the market away from the traditional titans of Wall Street. Yet the industry is now rapidly consolidating. In this episode of The Big View podcast, Marc Lipschultz, co-CEO of Blue Owl Capital, explains why.

17/12 Breakingviews - Why private credit is shrinking as it booms: podcast

Follow on Apple or Spotify. Listen on the Reuters app. Read the episode transcript.

16/12 Morning Bid: Political jitters ripple ahead of cenbank fest

A look at the day ahead in Asian markets.

16/12 Morning Bid: Making bitcoin great - and above $105,000

A look at the day ahead in U.S. and global markets by Amanda Cooper.

16/12 Breakingviews - US-China tech war will hold Asian allies hostage

China will turn Washington’s technology weapons on its Asian neighbours in 2025. U.S. curbs on imports of semiconductors and other goods have hobbled advances in artificial intelligence in the world’s second-largest economy. The People’s Republic is starting to retaliate. Its leverage over corporate giants in Japan and South Korea makes them prime hostage targets.

16/12 Breakingviews - OpenAI IPO would create the next hot meme stock

Artificial intelligence models require vast amounts of data. The companies that run them, like ChatGPT creator OpenAI, require vast amounts of cash. There’s a logical solution to the $157 billion group’s perpetual fundraising quest: the mother of all meme-stock initial public offerings in 2025.

16/12 Breakingviews - Oil will aid rather than hinder Trump-MbS bromance

Donald Trump and Mohammed bin Salman each have contradictory objectives in 2025. The U.S. president-elect wants to apply “maximum pressure” on Iran, but won’t want the spike in oil prices that may accompany it. The Saudi crown prince is sick of forgoing oil revenue by pumping 3 million barrels below his 12 million barrel daily capacity – but will be wary of a price crash if he opens the taps. Even

16/12 Breakingviews - Yuan’s fall would be a gift to Bank of Japan

Chinese leaders are discussing the possibility of letting their currency weaken to blunt the impact of potential U.S. trade tariffs, Reuters reported last week, citing sources. A weaker yuan could pummel currencies across Asia but there could be a silver lining for Governor Kazuo Ueda at the Bank of Japan which meets on Wednesday to decide whether to raise interest rates for the third time this ye

15/12 Morning Bid: 2024 bull run in home stretch, China 'data dump' eyed

A look at the day ahead in Asian markets.

13/12 Breakingviews - Private equity bids long goodbye to IPOs

Buyout firms are frantically seeking the nearest exits, and stock exchanges have become an impractical egress. The situation gives investors of all shapes and sizes two important things to consider for 2025: Private equity will benefit only marginally from any rebound in initial public offerings, while the premium on creative finance will keep growing.

13/12 Breakingviews - AstraZeneca lacks good medicine for Chinese limbo

Pascal Soriot is stuck in a Chinese limbo. In recent months, the CEO of $205 billion drug giant AstraZeneca has seen his China boss detained by Beijing and his shares underperform rivals. Yet the value which investors assign to his Middle Kingdom operations complicates a quick fix.

13/12 Morning Bid: Wall St near records as central banks end 2024 with rate cuts

A look at the day ahead in U.S. and global markets by Samuel Indyk

13/12 Breakingviews - AI models’ slowdown spells end of gold rush era

Amid the many uncertainties in the artificial intelligence field, one thing has always seemed clear: bigger and more expensive systems produce better results. Hence the relentless fundraising of model developers like $157 billion OpenAI and the mammoth capital expenditures of Big Tech groups. Now, however, that kernel of certainty seems to be disintegrating. Having run out of novel data on which t

12/12 Morning Bid: China deepens stimulus drive, global signals mixed

A look at the day ahead in Asian markets.