Trump Cuts India Tariffs in Russian Oil Deal & Musk's SpaceX-xAI Combine | Daybreak Europe 2/3/2026

Watch on YouTube ↗  |  February 03, 2026 at 09:03  |  46:32  |  Bloomberg Markets
Speakers
Shonali Pinon — UK Economist, Bank of America
Stella Li — Head of Digital Assets, Fidelity
Joumanna Bercetche — Anchor, Bloomberg
Raphael Bostic — President, Federal Reserve Bank of Atlanta
Cristina Aquino — Anchor, Bloomberg

Summary

Bloomberg Daybreak Europe covered a rebound in Asian equities and precious metals after a volatile selloff, plus the SpaceX-xAI merger and the U.S. tariff cut on Indian goods tied to Russian oil. The show also focused on France's budget passage, upcoming BoE and Fed policy signals, and an interview with BYD's Stella Li on EV sales and international expansion.

  • Asian stocks rebounded and gold/silver stabilized after a sharp selloff.
  • SpaceX and xAI agreed to merge at a $1.25 trillion valuation, with a SpaceX IPO still planned.
  • Trump cut U.S. tariffs on Indian goods to 18% after Modi agreed to halt Russian oil purchases, boosting Indian assets.
  • France adopted a 2026 budget after the PM survived no-confidence votes; French-German yield spread narrowed.
  • BofA's Sonali Punhani expects the Bank of England to cut rates more, with two cuts in March and June.
  • BYD EVP Stella Li said China EV sales weakness is temporary and highlighted international and UAE expansion.
  • U.S. equity market breadth improved, with small caps and industrials participating.
  • Fed's Bostic signaled patience on rate cuts; Kevin Warsh's balance-sheet views were also discussed.
Ideas
Shonali Pinon UK Economist, Bank of America 31:06
BoE has more cuts ahead
The Bank of England has more easing to go, with two more rate cuts likely in March and June and neutral around 3.25%, though the balance of risks is somewhat hawkish because the terminal rate may be higher than the market expects. This dovish base case implies lower UK interest rates.
UK interest rates MED
Stella Li Head of Digital Assets, Fidelity 36:12
BYD global growth remains strong
BYD remains strong despite the 30% year-over-year drop in China EV sales, which she calls normal due to incentive timing and expects to pick up within two months. Overseas sales and international expansion, including a 25% increase in deliveries outside China, Europe demand, UAE battery-storage cooperation, and R&D for autonomous driving, support the company's global growth.
1211.HK HIGH
Joumanna Bercetche Anchor, Bloomberg 44:53
US rally broadening to small caps
The U.S. equity rally is broadening beyond the Magnificent Seven and AI into industrials and small caps, helped by stronger ISM manufacturing data. She sees this cyclical broadening as a positive for small caps and industrials.
US Small Caps XLI MED
Joumanna Bercetche Anchor, Bloomberg 45:19
Gold and silver hold key support
Gold and silver have bounced after the 50-day moving average held as technical support, suggesting the recent pullback may be stabilizing. She says to watch whether the support holds.
GLD SILVER MED
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This Bloomberg Markets video, published February 03, 2026, features Shonali Pinon, Stella Li, Joumanna Bercetche discussing UK interest rates, 1211.HK, US Small Caps, XLI, GLD, SILVER. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Shonali Pinon, Stella Li, Joumanna Bercetche  · Tickers: UK interest rates, 1211.HK, US Small Caps, XLI, GLD, SILVER