Reuters Morning Bid

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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