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Your morning briefing. The news you need in just 15 minutes. 
On today's podcast:

1) UBS shares rally as the bank brings back Sergio Ermotti as CEO

2) A second day of bank earnings get underway on Capitol Hill

3) President Biden and House Speaker McCarthy exchange demands on the debt ceiling  

Your morning briefing. The news you need in just 15 minutes. On today's podcast:
1) UBS shares rally as the bank brings back Sergio Ermotti as CEO
2) A second day of bank earnings get underway on Capitol Hill
3) President Biden and House Speaker McCarthy exchange demands on the debt ceiling

Listen for today's top stories, with context, in just 15 minutes. 

Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Listen for today's top stories, with context, in just 15 minutes. Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Bloomberg Daybreak: US Edition

UBS Rallies As Sergio Ermotti Returns to the Bank

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/2e237e92-71be-48b0-8627-afd4009b1047/transcript

The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in. 

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

The US Supreme Court struck down President Donald Trump&rsquo;s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House. Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his &ldquo;reciprocal&rdquo; tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking. The justices didn&rsquo;t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump&rsquo;s tariffs have brought in. For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with: - Bloomberg Washington correspondent Tyler Kendall - Bloomberg Legal Analyst and host of Bloomberg Law June Grasso - Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners - Dave Townsend, Partner with Dorsey &amp; Whitney

Instant Reaction: Trump's Global Tariffs Struck Down By Supreme Court

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d3db054a-5af4-40ac-9776-b3f70107a756/transcript

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. “We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump told reporters Thursday aboard Air Force One. On a deadline, Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue. The deployment is unlike anything the US has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the US isn’t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel.
2) President Trump declared victory in the fight over cost-of-living concerns, signaling a new approach that seeks to deny problems with his economic agenda while touting stock market gains to insist that his tariff plans have been a success. Pocketbook issues have emerged as the central focus of the upcoming November congressional elections with households hit hard by costs for groceries, utilities and housing. Polls show voters have soured on Trump’s economic policies, endangering Republicans’ hold on both chambers of Congress and the future of the president’s legislative agenda. Trump and allies have highlighted slowing inflation and job growth that has come in above expectations, but that has failed to assuage voters, and opened the door for Democrats who have seized on that discontent to boost their midterm prospects.
3) Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was released under investigation on Thursday after being arrested on suspicion of misconduct in public office. The Thames Valley Police confirmed it had released a Norfolk man in his sixties, without mentioning the former royal by name. Last week, the police force said it was leading the assessment of allegations tied to the US Department of Justice’s publication of files related to convicted sex offender Jeffrey Epstein. King Charles III issued a statement outlining his “deepest concern” about the matter and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities. The arrest of Andrew, who turned 66 on Thursday, heaps further embarrassment on Britain’s royal family following years of lurid allegations about ties with Epstein that the former prince has consistently denied. His arrest appears to be the first of a UK royal since King Charles I in the 17th century following his defeat in the English Civil War.

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President&nbsp;Trump&nbsp;saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. &ldquo;We&rsquo;re either going to get a deal, or it&rsquo;s going to be unfortunate for them,&rdquo; Trump told reporters Thursday aboard Air Force One. On a deadline, Trump said he thought 10 to 15 days was &ldquo;pretty much&rdquo; the &ldquo;maximum&rdquo; he would allow for negotiations to continue. The deployment is unlike anything the US has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the US isn&rsquo;t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel. 2) President Trump&nbsp;declared victory in the fight over cost-of-living concerns, signaling a new approach that seeks to deny problems with his economic agenda while touting stock market gains to insist that his tariff plans have been a success. Pocketbook issues have emerged as the central focus of the upcoming November congressional elections with households hit hard by costs for groceries, utilities and housing. Polls show voters have soured on Trump&rsquo;s economic policies, endangering Republicans&rsquo; hold on both chambers of Congress and the future of the president&rsquo;s legislative agenda. Trump and allies have highlighted slowing inflation and job growth that has come in above expectations, but that has failed to assuage voters, and opened the door for Democrats who have seized on that discontent to boost their midterm prospects. 3) Andrew Mountbatten-Windsor, the brother of the UK&rsquo;s King Charles, was released under investigation on Thursday after being arrested on suspicion of misconduct in public office. The Thames Valley Police confirmed it had released a Norfolk man in his sixties, without mentioning the former royal by name. Last week, the police force said it was leading the assessment of allegations tied to the US Department of Justice&rsquo;s publication of files related to convicted sex offender Jeffrey Epstein. King Charles III issued a statement outlining his &ldquo;deepest concern&rdquo; about the matter and promising Buckingham Palace&rsquo;s &ldquo;full and wholehearted support and co-operation&rdquo; with the investigating authorities. The arrest of Andrew, who turned 66 on Thursday, heaps further embarrassment on Britain&rsquo;s royal family following years of lurid allegations about ties with Epstein that the former prince has consistently denied. His arrest appears to be the first of a UK royal since King Charles I in the 17th century following his defeat in the English Civil War.

Trump Pushes Iran on Deal; Former Prince Andrew Released After Arrest

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7d415eb7-0835-4f41-a341-b3f700ac7ef9/transcript

On today's podcast:
1) While both the US and Iran have sounded cautiously upbeat about the latest round of diplomatic talks between the nations, analysts believe that strikes on Iranian targets remain a likely possibility. The US has amassed military assets in the Middle East and has dispatched a second aircraft carrier to the region. Concerns of a broader conflict held Brent crude above $70 a barrel. The US also announced new visa restrictions, with the State Department saying it is targeting 18 Iranian officials and telecommunications industry leaders and their immediate family members for the crackdown and communications blackout, blaming them for “inhibiting the right of Iranians to free expression and peaceful assembly.”
2) Billionaire retail tycoon Leslie Wexner told a US House panel Wednesday that he visited Jeffrey Epstein’s private Caribbean island but said at the time he wasn’t aware of any sex trafficking operation involving the disgraced financier. Wexner said he went to the island once with his wife and children “for a few hours” while the family was in the area on their boat, according to his opening statement in a deposition to congressional investigators that was provided to Bloomberg News by his attorney. The House Oversight Committee has been investigating what role Epstein’s broad network of connections may have played in facilitating his enterprise or delaying criminal prosecution. Wexner was questioned behind closed doors by congressional investigators for six hours on Wednesday, a spokesman for the panel said.
3) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. As the ChatGPT maker prepares to spend trillions in infrastructure investment, the overall valuation of the company, including the eventual funding, could exceed $850 billion, according to some of the people. That’s higher than the $830 billion initially expected. The company’s pre-money value will remain $730 billion, said one person, all of whom asked not to be identified discussing private information.

On today's podcast: 1) While both the US and Iran have sounded cautiously upbeat about the latest round of diplomatic talks between the nations, analysts believe that strikes on Iranian targets remain a likely possibility. The US has amassed military assets in the Middle East and has dispatched a second aircraft carrier to the region. Concerns of a broader conflict held Brent crude above $70 a barrel. The US also announced new visa restrictions, with the State Department saying it is targeting 18 Iranian officials and telecommunications industry leaders and their immediate family members for the crackdown and communications blackout, blaming them for &ldquo;inhibiting the right of Iranians to free expression and peaceful assembly.&rdquo; 2) Billionaire retail tycoon&nbsp;Leslie Wexner&nbsp;told a US House panel Wednesday that he visited&nbsp;Jeffrey Epstein&rsquo;s private Caribbean island but said at the time he wasn&rsquo;t aware of any sex trafficking operation involving the disgraced financier. Wexner said he went to the island once with his wife and children &ldquo;for a few hours&rdquo; while the family was in the area on their boat, according to his opening statement in a deposition to congressional investigators that was provided to Bloomberg News by his attorney. The&nbsp;House Oversight Committee&nbsp;has been investigating what role Epstein&rsquo;s broad network of connections may have played in facilitating his enterprise or delaying criminal prosecution. Wexner was questioned behind closed doors by congressional investigators for six hours on Wednesday, a spokesman for the panel said. 3) OpenAI&nbsp;is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools.&nbsp;As the ChatGPT maker prepares to&nbsp;spend trillions&nbsp;in infrastructure investment, the overall valuation of the company, including the eventual funding, could exceed $850 billion, according to some of the people. That&rsquo;s higher than the $830 billion initially expected. The company&rsquo;s pre-money value will remain $730 billion, said one person, all of whom asked not to be identified discussing private information.

US Ratchets Up Iran Pressure; OpenAI Funding to Top $100 Billion

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c70c7625-0483-4f77-88e1-b3f600ae531b/transcript

UBS Rallies As Sergio Ermotti Returns to the Bank

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