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US cuts China tariffs after Donald Trump met Xi Jinping in South Korea, after China agreed to buy US soybean, remove rare earths export curbs, and crack down on fentanyl trade.
Elena Casas explains the top market moving news of the day.
Kevin Green kicks off the trading day with his eyes overseas. He's watching developments with China ahead of Pres. Trump and Pres. Xi's highly-anticipated meeting, with particular attention to the soybean trade. KG notes positive commentary around a trade deal with South Korea.
Domestically, the Fed's decision to cut rates by 25bps is largely anticipated, but KG says investors should pay attention to quantitative tightening (QT) measures by the central bank. He says if the Fed changes course on QT it could help push mortgage rates down, which could help not only homebuyers but also homebuilders.
On the earnings front, KG looks at Boeing's (BA) "stabilizing report" and Caterpillar's (CAT) revenue growth thanks in part to the buildout in A.I. data centers. For today's session, he's looking at S&P 500 (SPX) upside to $6960, with downside to $6850. KG adds that he wouldn't be surprised if $7000 gets tested if there's any QT announcement from the Fed.
AMAIA ORMAETXEA Y RAQUEL MORENO. Banco Santander obtuvo un beneficio neto atribuido de 10.337 millones de euros en los nueve primeros meses de 2025, un 11% más que en el mismo periodo del año anterior.
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins.
On today's show, US President Donald Trump says he expects to lower tariffs the US imposed on Chinese goods over the fentanyl crisis and speak with Xi Jinping about Nvidia's Blackwell AI chip. Both leaders are in South Korea for the APEC summit.
UBS profit beat expectations, helped by its investment banking revenue and lower-than-forecast legal costs. Quarterly net income of $2.5 billion easily surpassed the $1.4 billion estimate. Deutsche Bank and Santander also beat.
Meanwhile, President Trump has defended Israel's strikes against members of Hamas, saying he thinks the peace deal he brokered earlier this month will hold. Israel ordered 'forceful strikes' against the militant group in response to attacks on Israeli soldiers in Gaza. Hamas denied it had anything to do with the Rafah shooting.
Hurricane Melissa is expected to make landfall in Cuba Wednesday after it became the strongest recorded storm to strike Jamaica.
Today's guests: Deutsche Bank's CFO James von Moltke & Anders Opedal, CEO of Equinor
