Trump 'Testing Markets' On Powell's Job , €2T EU Budget Rejected, Failing UK Water Industry

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Once again, President Donald Trump demonstrated his power to shake up global financial markets. This time, by returning to one of his favorite topics: whether to fire Federal Reserve Chair Jerome Powell. (2) The US President said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda. (3) JPMorgan Chase keeps putting more distance between itself and key rivals.The first half saw the bank’s market value surpass that of its three largest competitors — BofA, Citigroup and Wells Fargo — combined. (4) Wall Street banks were optimistic Donald Trump’s second term would unleash a dealmaking boom. Instead, it’s delivered a trading bonanza. (5) When Jon Cunliffe arrived at the Bank of England in 2013 he had a daunting task: implement the biggest ever clean-up of Britain’s banking system — designed in the wake of the financial crisis — to prevent highly leveraged lenders from collapsing. Tempted out of retirement in 2024, the 72-year-old has been asked to pull off a similar job, but this time as the architect of a reform package to fix the UK’s heavily indebted and wildly unpopular water industry

(6) Germany has rejected the European Commission’s €2 trillion ($2.3 trillion) budget proposal, hours after it was announced by European Commission President Ursula von der Leyen in Brussels. (7) UK Prime Minister Keir Starmer and German Chancellor Friedrich Merz will sign a new Anglo-German treaty in London on Thursday that includes a commitment to assist each other in case of armed attack.

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