| Bloomberg Evening Briefing Americas |
| |
| The European Union and the US are progressing toward an agreement that would set a 15% tariff for most products, according to diplomats briefed on the negotiations. That, combined with Japan's trade agreement with the US, sent stocks climbing Wednesday. Both sides in the EU-US talks accelerated discussions over the past weeks to avoid a full-blown trade war sparked by Donald Trump's barrage of tariffs against partners across the world. Negotiators were nearing an agreement two weeks ago, but the negotiations stalled when Trump issued a new threat, this time a 30% levy against the bloc if no deal is reached by Aug. 1. European member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors including cars. Steel and aluminum imports above a certain quota would face a 50% duty. But while the EU is optimistic a deal can be reached, it remains cautious since any final agreement needs approval from the mercurial US president. Trump, 79, has retreated on numerous threats over the past five months. But if no deal is reached in time and he follows through on this one, the EU said it's prepared to strike back hard.—Jordan Parker Erb | |
What You Need to Know Today | |
| America's small farmers are facing a crisis brought on by higher interest rates, Trump's trade war and dramatically reduced demand from China. In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low prices. Farm debt is expected to hit $561.8 billion this year, a record high, according to the Trump administration. | |
|
| The tally of firms compromised by a security vulnerability in Microsoft's SharePoint servers is increasing rapidly. The number has jumped more than six-fold in a few days, bringing the total to about 400 government agencies, corporations and other groups, according to estimates from Dutch cybersecurity company Eye Security. That's up from roughly 60 based on its previous estimate provided to Bloomberg News on Tuesday, and includes the National Nuclear Security Administration, the US agency responsible for maintaining and designing the nation's cache of nuclear weapons. | |
|
| |
|
| Tom Hayes, the former star UBS trader who was the face of the Libor rigging scandal, won a bid to overturn his conviction, clearing his name a decade after he was sent to jail. The UK Supreme Court quashed the convictions of Hayes and ex-Barclays trader Carlo Palombo on Wednesday. The court allowed both appeals, stating that the juries had been misdirected by judges at both criminal trials. The scandal—over the fixing of benchmark rates that underpinned more than $350 trillion of loans and securities—broke out when the banking community still faced public outrage after the 2008 financial crisis and led to global fines of almost $10 billion for a dozen banks and brokerages.  Tom Hayes, right, and Carlo Palombo, celebrate outside the Supreme Court in London. Photographer: Betty Laura Zapata/Bloomberg | |
|
| The meme-stock revival continued Wednesday, with GoPro, Krispy Kreme and Beyond Meat all surging in early trading before paring some of those gains. GoPro soared as much as 73%, before paring gains to 22%. Krispy Kreme was up 5.9% and Beyond Meat jumped 6.4%. The other two recent day-trader favorites were trending lower, with Opendoor dropping 23% and Kohl's falling 16%. Wall Street has been captivated in recent days by the resurgence in a handful of stocks popular on the WallStreetBets page of Reddit—despite what happened the last time. | |
|
| A few days after a federal judge cast doubt on one of Trump's various lines of attack on Harvard University, the Republican opened a new one. The State Department says it's investigating Harvard's participation in a program for foreign researchers and visitors, building on the administration's ongoing attempt to deprive the university of international students, many of whom pay full tuition. Trump's new effort potentially imperils the university's ability to attract top visiting researchers, professors and post-doctoral students. A Harvard spokesperson said in a statement that the action is "yet another retaliatory step taken by the administration in violation of Harvard's First Amendment rights." | |
| |
|
| |
What You'll Need to Know Tomorrow | |
| |
| |
| |
| Enjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: Explore all newsletters at Bloomberg.com. | |
| | This newsletter is just a small sample of our global coverage. For a limited time, Evening Briefing readers like you are entitled to half off a full year's subscription. Unlock unlimited access to more than 70 newsletters and the hundreds of stories we publish every day. | | | | | | |
| |
Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more. Want to sponsor this newsletter? Get in touch here. | | | You received this message because you are subscribed to Bloomberg's Evening Briefing: Americas newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. | | |
Mashadipati Location Hotel Clove is located in the heart of Bandung, in a ...
No comments