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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Tom McKenzie.

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Speaker 2: And I'm Stephen Carroll.

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Speaker 1: The United States and China have largely formalized their framework

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Speaker 1: deal following a face to face meeting between Presidents She

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Speaker 1: and Trump in the last few hours. According to Chinese officials,

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Speaker 1: the country will halt rare Earth export controls for one year,

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Speaker 1: while the US will suspend controls on subsidiaries that are

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Speaker 1: at least fifty percent owned by blacklisted companies for the

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Speaker 1: same period. The United States also announced that it would

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Speaker 1: immediately cut China's fentanyl related tariff to ten percent. Donald

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Speaker 1: Trump said the move brings the average US levy on

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Speaker 1: most Chinese goods down from fifty seven percent to forty

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Speaker 1: seven percent. Speaking on board Air Force one after the meeting,

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Speaker 1: the US president describes his talks with She as outstanding.

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Speaker 3: I thought it was an amazing meeting. He's a great leader,

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Speaker 3: great leader of a very powerful, very straw country, China,

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Speaker 3: and we what can I say, we have who was

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Speaker 3: an outstanding group of decisions.

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Speaker 1: I think that was made.

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Speaker 3: A lot of decisions were made to the job, much

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Speaker 3: left out there, and we've come to conclusion are many

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Speaker 3: very important points.

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Speaker 1: Trump's comments were followed by Chi Jinping, who said that

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Speaker 1: China would now cooperate with the US on trade. The

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Speaker 1: US president said that he rated the meeting a twelve

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Speaker 1: out of ten, and that he planned to travel to

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Speaker 1: China next April, with she due to visit the US

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Speaker 1: later in twenty twenty six.

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Speaker 2: After his meeting with China She, Trump also told reporters

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Speaker 2: the leaders discussed artificial intelligence semiconductors.

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Speaker 4: We did discuss chips, and he's going to be They're

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Speaker 4: going to be talking to Navidia and others about jaking

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Speaker 4: chips if we make great jeps, and Navidia is the leader,

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Speaker 4: and I'll be speaking to Jensen from Navidia, but they're

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Speaker 4: going to be discussing that with Navidia to see whether

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Speaker 4: or not they can do. I said, that's early between

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Speaker 4: you and the video, but we're sort of the arportrator

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Speaker 4: of the referee.

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Speaker 2: However, the US president made clear that he was not

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Speaker 2: open to giving Beijing access to Nvidia's most advanced Blackwell processors.

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Speaker 2: The comments come less than twenty four hours after in

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Speaker 2: vidia each day historic five trillion dollar market capitalization. The

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Speaker 2: mastel comes only four months after the company passed the

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Speaker 2: four trillion dollar mark, and coincides with reports from Reuters

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Speaker 2: that open Ai is preparing to go public as soon

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Speaker 2: as next year. The world's most valuable startup is said

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Speaker 2: to be targeting evaluation of one trillion dollars.

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Speaker 1: Some of the world's biggest tech companies meanwhile reported strong earnings,

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Speaker 1: but investors are instead focusing on their spending on AI.

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Speaker 1: Revenues at Alphabet, Microsoft, and Meta all beat estimates in

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Speaker 1: the last quarter. Together, the three firms ranked up some

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Speaker 1: seventy eight billion dollars in capital expenditure's last quarter, up

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Speaker 1: eighty nine from a year earlier. Meta also warned that

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Speaker 1: spending in twenty twenty six would be quite notably larger

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Speaker 1: than this year. Speaking on the investicle, Mark Zuckerberg sought

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Speaker 1: to make the case for the investment.

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Speaker 5: To date, we keep on seeing this pattern where we

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Speaker 5: build some amount of infrastructure to what we think is

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Speaker 5: an aggressive assumption, and then we keep on having more

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Speaker 5: demand to be able to use more compute, especially in

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Speaker 5: the core business, in ways that we think would be

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Speaker 5: quite profitable than we end up having compute for So

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Speaker 5: I think that that suggests that being able to make

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Speaker 5: a significantly larger investment here is very likely to be

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Speaker 5: a profitable thing over over some period.

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Speaker 1: Despite those words from Mark Zuckerberg meant To shares declined

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Speaker 1: by over seven percent in after hours trading. Microsoft shares

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Speaker 1: fell four percent in extended trading, as the software giant

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Speaker 1: warned it's still suffering from a computing capacity crunt. Shares

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Speaker 1: in alphabet with a bright Spot up seven percent postmarket.

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Speaker 2: The advertising giant WPP has cut its revenue growth guidance

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Speaker 2: for the year and says it's now overhauling its structure

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Speaker 2: to become more efficient. Sales excluding pass through casts are

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Speaker 2: expected to fall bay up to six percent in twenty

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Speaker 2: twenty five. That's a reduction from the three to five

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Speaker 2: percent decrease previously predicted by the company. The agency's new CEO,

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Speaker 2: Sindy rows Out of the firm now needs to simplify

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Speaker 2: its offer to clients, push harder into new technology, and

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Speaker 2: reduce cost. WPP shares down almost seven percent in London.

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Speaker 1: France's economy has grown by more than double the rate

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Speaker 1: anticipated by Anlist's third quarter output in the euro Area's

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Speaker 1: second largest economy rows half of a percent. That's up

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Speaker 1: from zero point three percent in the previous three months.

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Speaker 1: France's strong numbers come despite acute uncertainty gripping the country.

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Speaker 1: As Prime Minister Sebastin, you look on new struggles to

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Speaker 1: stabilize the budget and avoid being ousted by a divided

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Speaker 1: National Assembly like his two predecessors.

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Speaker 2: In the Netherlands, the Progressive Democrats sixty six party appears

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Speaker 2: to be the big winner from the Dutch parliamentary election

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Speaker 2: after voters delta blow to Heired Fielder's far out Freedom Party.

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Speaker 2: According to the preliminary forecasts based on an incomplete vote count,

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Speaker 2: d sixty six is projected to win around twenty six

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Speaker 2: seats in the one hundred and fifty House of Representatives,

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Speaker 2: with the Freedom Party poised to come in with a

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Speaker 2: similar tally. That would be a loss of over ten

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Speaker 2: seats for the Freedom Party. The result would put the

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Speaker 2: Democrats sixty six leader Rabietan in a position to form

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Speaker 2: a coalition government to potentially become the country's next prime minister.

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Speaker 1: Those are your top stories. Let's check in then, briefly

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Speaker 1: on the markets. The European stocks six hundred the benchmark

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Speaker 1: here is currently down two tenths of a percent. The

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Speaker 1: foot two one hundred here in the UK is also lower,

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Speaker 1: falling four tens percent, down forty one points at nine

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Speaker 1: seven hundred and thirteen, and on Wall Street smp E

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Speaker 1: meanies are currently flat. US futures showing no significant moves

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Speaker 1: right now and as DAK one hundred futures also looking

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Speaker 1: for the next Cantilus flat.

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Speaker 2: That's news when you want it with Bloomberg News Now.

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Speaker 1: I'm Stephen Carroll, I'm Tom McKenzie, and this is Bloomberg