Markets are buzzing as Fed officials stoke expectations of a December rate cut - so why is the dollar playing it cool? Plus, Alphabet edges closer to the $4 trillion club alongside Apple and Nvidia, and retail sales data drops just in time for Black Friday. Join hosts Peter Devlin and Amanda Cooper for all the stories shaping your trading week. Learn more about your ad choices. Visit megaphone.fm/adchoices

In our first episode of our new daily show, hosts Mike Dolan and Anna Szymanski dig into why markets are suddenly betting on a December Fed rate cut and digest what the Ukraine plan means for oil prices. Find out everything you need to know to start your trading day as investors get read for a volatile Thanksgiving week. Follow us on your favorite platform for markets news straight from our newsroom. Today’s recommended read: Japan fiscal experiment is lab test for Treasuries Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets move fast. And every shift tells a story. Reuters Morning Bid brings you everything you need to know about markets, business and finance. Join our smartest financial minds live from the Reuters markets desk every morning. Host Mike Dolan will be joined by colleagues across the globe to give you the smartest takes on the news, trends and data points that are top of mind for investors.  Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Learn more about your ad choices. Visit megaphone.fm/adchoices

The AI wars just got real - Alphabet is muscling in on Nvidia’s chip turf, and markets are watching every move. Meanwhile, President Trump may name a new Fed chair before Christmas, and investors brace for the UK’s tax-heavy budget. Join Mike Dolan and Elena Casas as they break down the big stories moving global markets today. Learn more about your ad choices. Visit megaphone.fm/adchoices

Shoppers hunt bargains while markets hunt stability. A CME tech glitch freezes futures, the dollar faces its worst week in months, and oil is in focus as Ukraine peace talks swirl. Plus, why your Black Friday discount might not be as deep as you hoped. Learn more about your ad choices. Visit megaphone.fm/adchoices

From Black Friday shoppers to the data center failure that froze futures, and a looming Fed decision – the market news didn’t stop this Thanksgiving week. Join Nell Mackenzie and Elena Casas for Morning Bid: Week in Review. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

December rolls in, with big questions looming: Who's ahead in the Fed race? Which tech titan takes the AI crown? And what might 2026 look like for markets? Join hosts Anna Szymanski and Mike Dolan for Reuters Morning Bid: The Week Ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hawkish comments from the Bank of Japan put stock markets under pressure. Record-breaking Black Friday spending suggests U.S. shoppers are still splurging online - but inflation and shaky confidence tell a more complicated story. Meanwhile, OPEC+ is holding oil output steady heading into 2026. Today’s recommended read: Hassett may be 'shadow Fed Chair' for five months, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets digest Trump’s Fed chair tease and oil is back in focus after Kremlin talks. Plus, Boeing’s stock takes flight on cash flow optimism after years of turbulence. Today’s recommended read: Bond termites, not vigilantes, are the big risk, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Our Standards: The Thomson Reuters Trust Principles Learn more about your ad choices. Visit megaphone.fm/adchoices

December isn’t feeling so merry for Wall Street. Investors are on edge after a slide in cryptocurrencies and a global bond selloff triggered by a looming interest rate hike in Japan. Plus, Tesla’s European sales slump continues. Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering by Sebastian Sommer Today’s recommended read: OPEC+ to spark spending race with new oil quota system, Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

The dollar just logged its worst day since October as weak U.S. jobs data and Fed uncertainty weigh on markets. Meanwhile, Japan’s 30-year bond auction draws its strongest demand in six years, and Microsoft stumbles on concerns about its software targets. Today’s recommended read: Can AI break a 150-year trend without overheating the economy?, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Learn more about your ad choices. Visit megaphone.fm/adchoices

Netflix stuns Wall Street by winning the bidding war for Warner Brothers. Plus, Europe takes steps towards building a multilateral defense bank, and Kevin Hassett takes the lead in the race for Fed chair. Join Anousha Sakoui and Elena Casas for Morning Bid: Week in Review. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Mark Zuckerberg is scaling back on the Metaverse as investors demand frugality. Meanwhile, Netflix pulls ahead in the Warner Brothers deal, and the Fed’s inflation numbers could seal the case for a holiday rate cut.  Today’s recommended read: U.S. consumer delinquency glass is half full, Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Learn more about your ad choices. Visit megaphone.fm/adchoices

All eyes are on Fed chairman Jay Powell, whose rate-setting committee meets this week and the central bank's independence continues to be a hot topic of debate. As oil markets are roiled by the prospect of Ukraine peace, the potential for equities to overheat the entire financial system is also coming into focus. Join hosts Anna Szymanski and Mike Dolan for Reuters Morning Bid: The Week Ahead. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Nvidia wins approval from the White House to sell its second-most-powerful chip to China, raising new questions about the AI race. Plus, oil prices slide as Ukraine peace talks continue. And in Hollywood, Paramount’s hostile bid for Warner Brothers is setting up a dramatic showdown with Netflix. Today’s recommended read: Texas makes clean power breakthrough as solar output overtakes coal by Gavin Maguire Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets are betting big on a rate cut this week as the Fed meets for its final decision of the year. Meanwhile, China’s exports rebound with a record $1 trillion trade surplus, and Netflix’s $72 billion Warner Brothers deal raises questions about antitrust and corporate debt. Today’s recommended read: As Fed meets, elusive r-star still packs a punch, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Learn more about your ad choices. Visit megaphone.fm/adchoices

Another rate cut is priced in, but the real story is the Fed’s guidance for next year - and who will deliver it. Plus, Canada signals the end of its easing cycle, and Oracle’s results reveal cracks in AI’s debt-fueled growth. Today’s recommended read: AI masking the economy cuts both ways, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Our Standards: The Thomson Reuters Trust Principles Learn more about your ad choices. Visit megaphone.fm/adchoices

The Fed gives markets the rate cut they were expecting, but Powell’s guidance hints at a tricky road ahead. Plus, Oracle stumbles on AI spending plans, and silver hits a record as investors seek safe havens. Today’s recommended read: Fade the Fed, global rates are heading higher, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

In a watershed moment for Hollywood, Walt Disney is letting OpenAI use iconic characters like Mickey Mouse, Cinderella and Yoda as part of a $1 billion deal. Oracle slumps as its massive spending and weak forecasts fan doubts over how quickly big bets on AI will pay off. And the oil market takes Washington’s pressure campaign against Venezuela in stride. Today’s recommended read: Permian to retain US oil crown even after hitting peak by Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oracle’s surprise spending spree reignites concerns about an AI bubble and debt-fueled tech growth. Meanwhile, the Fed cuts rates but signals a pause ahead, and Japan’s borrowing costs hit an 18-year high as markets brace for a hike. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Two central banks in two major economies are expected this week to head in different directions, with Japan likely to raise and the UK expected to cut interest rates. Plus, traders are anticipating long-awaited US employment data, and the possible arrival of a so-called Santa Rally to finish the year. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Beijing’s property woes and weak retail data weigh on Asia. Meanwhile, investors face  a tense start to the last full trading week of the year as U.S. markets wrestle with AI anxiety and bond market jitters before jobs data. Today’s recommended read: Sterling laps up UK-Japan rate squeeze, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Our Standards: The Thomson Reuters Trust Principles Learn more about your ad choices. Visit megaphone.fm/adchoices

Wall Street faces a double dose of payroll data as investors hunt for clues on the Fed’s next move. Meanwhile, Nasdaq pushes for near-24/7 trading and Ford pivots on EVs amid Trump's policy shifts. Today’s recommended read: US Treasuries rebuilding risk premia, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Crude oil rebounds on talk of a Venezuelan blockade, but the bigger story is a looming global glut. Plus, US jobs data muddies the waters for markets, and Warner Brothers is facing a blockbuster takeover decision. Today’s recommended read: Investment herd got it mostly right a year ago by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI stocks are taking another beating as Oracle and Nvidia lead a bruising tech selloff into year-end. Meanwhile, U.S. inflation is set to show prices still running hot, and Europe’s central banks deliver their final policy calls of 2025. Today’s recommended read: BoE needs to rein in rising real rates, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Bank of Japan ends a 30-year era of near-zero interest rates with a historic hike in an effort to tackle sticky inflation. Meanwhile, U.S. inflation may be sliding - but the data is leaving some economists scratching their heads. Plus, TikTok may have found a new set of ownership partners for its U.S. business.  Today’s recommended read: Five charts that defined agricultural markets in 2025 by Karen Braun Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Central banks sound hawkish heading into 2026. Plus, Warner Brothers rejects Paramount’s hostile bid, and Trump Media bets $6 billion on fusion energy. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

A backlog of U.S. economic indicators will hit markets this week, including GDP, consumer confidence, factory orders, and jobless claims. What story will they tell? Plus, geopolitical events are continuing to stir up energy markets ahead of the holidays. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Japan’s yen keeps sliding despite last week’s rate hike, raising the specter of government intervention. Meanwhile, Washington’s campaign against Venezuelan oil tankers is keeping energy markets on edge. And with Christmas week underway, traders are still waiting for the famed Santa rally to appear.  Today’s recommended read: Oil’s geopolitical premium vanished in 2025 - and may not return by Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Join Amanda Cooper and Mike Dolan for a special edition of Reuters Morning Bid, as they look back on a whirlwind year for global markets. From Trump’s return to the White House and the ripple effects on trade and tariffs, to the AI-fueled stock boom and Europe’s historic rearmament, 2025 has been a year to remember for traders. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets are waiting today to see how the U.S. economy performed in Q3. Plus, Novo Nordisk has capped off a difficult year with a decisive victory, with the FDA approving sale of its weight-loss pill for U.S. consumers. And Japan may have calmed its currency markets - for now.  Today’s recommended read: Guns and gold win in 2025, but other 'safety' trades bomb by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Precious metals are shining, with silver surging to $80 an ounce and outpacing gold as investors hedge against uncertainty and potential Fed rate cuts. Markets now await the Fed’s meeting minutes for clues on policy shifts, even as leadership changes loom. Meanwhile, dealmakers stayed busy through the holidays - could next year break M&A records?  Today’s recommended read: Every mineral is critical in the new metals age by Andy Home Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fed minutes reveal sharp divisions on rate cuts, leaving markets cautious and the dollar under pressure. Plus, Warner Bros looks set to reject Paramount’s latest hostile bid. Meanwhile, IPO momentum is building, with potential record-breaking listings from OpenAI and SpaceX coming in the new year. Today’s recommended read: What just happened? Ten charts to help make sense of markets in 2025 by Anna Szymanski Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Chinese onshore yuan has reached its highest level against the U.S. dollar in years, while silver and gold swing wildly on thin year-end liquidity. Plus, traders are watching geopolitical flashpoints - from Iran to Taiwan - going into one of the last trading days of the year. Today’s recommended read: Tariffs, China, and the dollar: What Wall Street got wrong in 2025 by Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Investors are bullish, cash levels are low, and fiscal stimulus is set to supercharge growth. But with inflation still sticky and Trump’s policies only beginning to bite, could this be the year the bull market stumbles? Anna Szymanski and Mike Dolan discuss on this special Year Ahead episode of Reuters Morning Bid. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. action in Venezuela sets the stage for a major shift in global energy flows. But rebuilding Venezuelan output from 900,000 barrels per day to its former glory will take years, billions of dollars, and political stability that’s still far from certain. Today’s recommended read: US oil refiners win, Chinese rivals lose in Trump’s Venezuela strike, Ron Bousso Subscribe to Ron Bousso’s Power Up newsletter Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets react to plans to ship stranded Venezuelan oil to the U.S., reigniting oversupply fears. Attention now turns to U.S. labour data and jitters in Asia after China tightens export rules. Today’s recommended read: Trump's Venezuela oil grab revives 'petrodollar' debate, Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

Nvidia and automakers take centre stage at CES with big bets on AI and autonomy, while the dollar drifts as investors refocus on U.S. data and Fed easing. Meanwhile, a $400,000 Venezuela wager shines a light on the risks - and reach - of prediction markets. Today’s recommended read: Trump offers US oil companies a poisoned chalice in Venezuela, Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump takes aim at defense companies and Wall Street landlords, jolting markets. Bond investors pile in as yields slide, jobs data looms, and the AI trade keeps roaring - even as signs of fatigue creep in. Today’s recommended read: Trump’s ‘Donroe Doctrine’ targets China, US oil firms could pay the price, Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

A spike in copper prices is reviving talks of a mining mega‑merger that could reshape global supply. Elsewhere, investors brace for a pivotal tariff ruling and fresh signals on whether the U.S. labor market is quietly cracking. Today’s recommended read: Murky US jobs data risk deepening historic Fed divisions, Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Rio Tinto revived merger talks with Glencore, eyeing a more than $200B deal amid soaring copper demand. Warner Bros continued to resist Paramount’s advances. And defense stocks climbed after Trump pledged $1.5T in military spending. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Big banks kick off earnings season with expectations of blockbuster results after a record year for M&A and IPOs. Investors eye inflation data for clues on Fed rate cuts, while tech watchers await TSMC’s numbers to see if the AI boom will keep rolling along. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Fed Chair Jerome Powell says the unprecedented threat of a criminal indictment “should be seen in the broader context of the administration’s threats and ongoing pressure”. Meanwhile, December’s U.S. jobs report shows weak hiring but steady unemployment, and unrest in Iran is sending oil prices swinging. Today’s recommended read: Big Oil offers reality check to Trump’s Venezuela dream by Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Three former Federal Reserve chairs are warning that attacks against the central bank could cause inflation to jump. Meanwhile, Trump is upping the ante against Iran, threatening to issue tariffs against its trading partners. Plus, traders are watching the yen today after Japan’s prime minister reportedly hinted at early elections. Today’s recommended read: Fighting the Fed, Trump tries credit easing by decree by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

JPMorgan warns President Trump’s proposed cap on credit card rates would hurt consumers as its shares sink on earnings. Investors digest softer U.S. core inflation even as rising food and energy costs keep pressure on the Fed. Plus, China’s record trade surplus is reshaping global flows. Today’s recommended read: Trump's mortgage foray at odds with aggravating Treasuries by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

TSMC’s stellar earnings buoy tech sentiment after some volatility in the sector yesterday. Plus, Reuters sat down with President Trump in the White House for a wide-ranging conversation on everything from Iran to the Federal Reserve - we tell you how markets are responding to his comments.  Today’s recommended read: Is that it? The great dollar reversal fizzles by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Taiwan announces a $250 billion US investment deal focused on semiconductor production. Plus, oil markets calm as expectations of a US strike on Iran fade, and Goldman Sachs and Morgan Stanley report blowout earnings driven by a resurgence in deal-making. Today’s recommended read: Japan's long-awaited return to normalcy brings uncertainty, volatility, by Jamie McGeever Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest. Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Business leaders and global central bank chiefs stood up for Federal Reserve Chair Jay Powell, who was threatened with an indictment at the beginning of the week. Traders were also watching geopolitical hotspots - from Greenland to Iran - and a flurry of results from the biggest banks on Wall Street.  Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Donald Trump’s trip to Switzerland sets the tone for the week as business leaders gather at Davos. Plus, the U.S. Supreme Court is preparing to hear from Federal Reserve Governor Lisa Cook, and heavyweight tech earnings later in the week give markets plenty to navigate. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

A new tariff threat over Greenland puts the U.S. and Europe on edge. Meanwhile, Trump’s trip to Davos raises fresh questions about the next Fed chair, and China’s 5% growth headline masks weak demand and a cooling economy. Learn more about your ad choices. Visit megaphone.fm/adchoices