Reuters Morning Bid

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

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

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

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

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

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

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

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