President Trump has signed a bill that requires the State Department to review guidelines for the United States's engagement with Taiwan. The Chinese Foreign Ministry spokesman responded, saying the US should, quote, handle the Taiwan issue with utmost caution. I should mention that this is something that happens at least every five years that it has to be done.Joining us now from Taipei is Bloomberg's Samson Ellis. So, Samson, as I say, this has to be done, but is there some extra significance to this new ...

Macy's Performance & Strategy - Macy's CEO reported satisfaction with foot traffic, but revenue gains in the recent quarter were primarily driven by larger transactions rather than increased customer volume [2] - Macy's shares experienced a slight decline due to comp sales growth lagging behind historical holiday season performance [3] - The average Macy's shopper is in their late forties, presenting a challenge for attracting younger demographics [4] - Macy's is revamping 350 stores to enhance the in-store experience, with approximately 125-150 stores completed so far and the remainder planned over the next 18-24 months [6] Retail Industry Trends & Challenges - The retail industry is seeing success with celebrity collaborations and influencer marketing, exemplified by American Eagle's performance [7] - Macy's, as a multi-brand retailer, faces the challenge of competing with direct-to-consumer brands that foster stronger connections with consumers [8] - Macy's utilizes collaborations, such as with "Wicked" and Madonna's "Material Girl" brand, to attract customers to stores [9] - Macy's is also focusing on exclusive private brands and celebrity partnerships, such as with Ryan Seacrest, to drive traffic [10]

Employment Data Analysis - ADP employment data indicates a negative outlook on the US economy, with a decline of 32,000 jobs [1] - Economists anticipated the creation of 10,000 jobs, contrasting sharply with the reported decrease [1][2] - Previous week's data was revised upwards to 47,000 jobs created, compared to the initially reported 42,000 jobs [1] - The 83 employment change doesn't always align with non-farm payrolls data [1] Labor Market Trends - The labor market is showing signs of softening, transitioning from low hiring and firing rates [3] - Major companies like Verizon and Apple have announced staff cuts or layoffs in recent weeks [3] - The ADP data carries significant weight due to the absence of official data from the BLS [3] - The decline of 32,000 jobs represents the lowest level in the ADP series since March 31, 2023 [4] Implications for Monetary Policy - This ADP data is the last jobs market update before the next Federal Reserve meeting [4] - The data suggests a continued softening of the employment market [4]

Market Competition & Global Landscape - The market anticipates increased competition, not only within the US but also from models in Europe and Asia, including China's emerging presence [1] - Cost-effectiveness is a key consideration, particularly in making Asia training more competitive [1] Investment Strategy & Market Resilience - The market views the overall situation as a rising tide that lifts all boats, emphasizing the importance of total market capitalization and valuation [2] - Clients are maintaining their positions in AI and semiconductor sectors, demonstrating resilience in recent weeks [2] Consumer Behavior & Economic Trends - Clients are reducing exposure to US consumer-related stocks, including discretionary staples like food production, indicating a K-shaped economy [3][4] - Earnings growth in real terms is being eroded by inflation, impacting corporate investment and equity performance, especially for companies concerned about US consumer spending [5] Margin Pressure & Resource Allocation - Potential margin stress in consumer staples may not align with current macro data [5][6] - Clients are shifting resource allocation towards investment and CapEx, away from the consumer side [6]

HSBC has appointed Brendan Nelson as its new chair or its next chair, replacing financier Mark Tucker, who has led Europe's largest lender for much of the last decade. He takes the reins as CEO George L. Henry pushes through a massive overhaul of HSBC that seen the bank reorganise into four new divisions.Let's get some perspective on what this means. Managing editor for India Finance Tom Metcalfe joins us on set right now. So what does this mean.Good morning, Tom. What does this mean that they've chosen thi ...

Markets Live executive editor Mark Cudmore. We've got a bit of a bouncing crypto going on this morning. That's after a bit of a sell off earlier on in the week.Are you more convinced by the bounce than you were by the sell off or vice versa. I mean, does this tell us anything about the overall picture of a risk assets. I'm not convinced that that crypto's back into to a bull market.Our colleague Connor Cooper on my team put out an extremely bullish macro view yesterday, saying go back at fresh record highs ...

What more do we know about the talks and whether or not there was any material progress. That's right. The Kremlin did pass these nearly 5 hours worth of negotiations as largely constructive, though they were clear that no final agreement had been reached, especially on the issue of territorial concessions.Now, that's hardly surprising because throughout the negotiating process, the Kremlin has stuck to maximalist demands that Ukraine is not willing to accept. Among those, obviously, is the issue of territo ...

[CC may contain inaccuracies] It's been about one week since the tragedy and authorities are continuing their investigations into really what caused a fire and a sense of ignored warnings are starting to stoke more public anger. Let's bring in Matt Miller, our China correspondent. And we are getting more information about these warnings, all these warnings that seem to have been missed.What do we know specifically. Yes, and this is based on our Bloomberg's team, our team's reporting after extensive intervie ...

Legal Concerns Regarding Military Strikes - The report raises serious legal questions about potential war crimes related to a second strike on survivors, even under the assumption of an armed conflict with drug cartels [1][2][3] - The legality of the strikes is questioned under the law of naval warfare and armed conflict, as survivors clinging to remnants of a boat are not considered an imminent threat and should receive protection [2][3] - The report highlights that such actions could violate customary international law incorporated into U S domestic law, potentially constituting murder [3] - The legality of potential land strikes is questioned, with concerns raised about whether they comply with the law of armed conflict regarding survivors who pose no threat [4][5] Evidence and Due Process - The report notes the lack of evidence supporting claims that the targeted boats were smuggling drugs related to the fentanyl crisis aimed at the U S [6][7][8] - The report emphasizes the importance of due process before engaging in deadly action, suggesting that interdiction and boarding of vessels should be prioritized over immediate deadly force [9][10] Congressional Oversight and Executive Power - The report underscores Congress's constitutional duty to oversee military actions and potentially declare war if the conflict becomes long-term and involved [5][11] - The report questions the consistency of the U S policy, citing the pardon of a former Honduran president convicted of drug trafficking while simultaneously striking boats allegedly involved in drug smuggling [11][12][13] Supreme Court and Tariff Regime - The report anticipates a Supreme Court ruling on President Trump's tariff regime, expecting a decision before the end of the year [15][16][17] - The report suggests the Supreme Court may apply the doctrine requiring an express delegation from Congress for executive actions with broad economic consequences, potentially leading to the tariffs being overturned [18][19]

Philanthropic Initiative - Dells are donating $25 million to give $250 each to 100,000 American children for savings and investment [1][4] - The initiative targets children aged 2-10 living in zip codes with a median income of $150,000 or less, who are not included in the government program [3][4] - The aim is to inspire hope, opportunity, and prosperity among the recipients [4] Investment and Savings Program - The government is providing $1,000 to every newborn in an account linked to the S&P 500 for long-term growth [2] - The funds can be used for education, starting a business, family expenses, continued savings, or buying a home when the child turns 18 [3] Corporate and Philanthropic Collaboration - The initiative aligns with the Invest America Act, encouraging contributions from companies, families, communities, and philanthropists [2] - Dell Technologies and other companies are expected to match the government's contribution [5] - Other philanthropists are expected to make significant gifts to support the program [5]