
Filet Mignon, Trump-Branded Watches and Protests at Memecoin Dinner
Last night 220 of the top holders of the $Trump memecoin were invited to attend a special event with the president. Bloomberg's Zeke Faux, who's written about cryptocurrencies' rise and fall, was there for the arrivals. Plus: The latest edition of the Everybody's Business podcast, and 10 books that should be on your summer reading list.
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27 minutes ago
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US Home Purchase Applications Gauge Declines to a Five-Week Low
US mortgage applications for home purchases declined to a five-week low even as rates eased from the highest level since late January. The Mortgage Bankers Association's index of applications for home purchases decreased 4.4% to 155 in the week ended May 30, which included the Memorial Day holiday. The contract rate on a 30-year mortgage fell 6 basis points to 6.92%, according to data released Wednesday.
Yahoo
29 minutes ago
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Trump Says China's Xi Is ‘Extremely Hard to Make a Deal With'
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'China's principle and position of developing China-US relations is consistent,' Chinese Foreign Ministry spokesman Lin Jian said at a regular press conference on Wednesday when asked about Trump's social media post about Xi. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. The White House didn't immediately respond to a request for comment placed in overnight hours after Trump's post. Tensions between the countries are ratcheting up again after a tariff truce in May. The Trump administration in recent weeks has barred the shipping of critical jet engine parts to China, throttled Beijing's access to chip-design software and sought to slap fresh curbs on Huawei Technologies Co. chips. US officials also announced last week a plan to start revoking visas for Chinese students. Beyond strains in economic ties, geopolitical tensions are also growing. China's Foreign Ministry over the weekend protested US Defense Secretary Pete Hegseth's assertion at a gathering of military chiefs that China poses an imminent threat to Taiwan, a self-ruled island claimed by Beijing. Market reaction was muted following Trump's post on Xi, given tensions between the US and China had increased in recent days. A gauge of Chinese stocks traded in Hong Kong pared gains to 0.5%, the Bloomberg Dollar Index slipped 0.1%, while US Treasuries were steady with the 10-year yield at 4.45%. Trump expressed hope Friday he would soon speak with Xi, telling reporters in the Oval Office that China violated part of the agreement the two nations made in Geneva to cut tariff levels and reduce tensions, but that 'I'm sure that I'll speak to President Xi, and hopefully we'll work that out.' While China has yet to confirm plans for direct leader-level talks, the White House has repeatedly insisted Trump and Xi were 'likely' to speak this week. A key sticking point appears to be critical minerals. Trump administration officials have accused Beijing of continuing to choke off access to rare earth magnets, despite Washington's decision to reduce tariffs last month hinging on China lifting such controls. Read: China's Rare Earths Grip Gives Xi Leverage in US Trade Duel One complication is that the US and China appear to have different understandings of what was agreed on rare earths at last month's trade talks in Geneva, Cory Combs, head of critical mineral supply chain research at Trivium China, told Bloomberg TV. 'On the US side, it seems clear now, there was a sense that Beijing would completely remove the requirement of an approval,' Combs said. 'That was not what Beijing seems to think it agreed to.' For its part, Beijing has accused the US of unilaterally introducing new discriminatory restrictions, and vowed to retaliate if the US insists on its own way. Trump has long said that direct talks with Xi were the only way to resolve differences between the nations, but the Chinese leader has been reluctant to get on the phone with his American counterpart — preferring that advisers negotiate key issues. Another reason is the world's No. 2 economy has shown resilience to America's steepest tariff regime in a century. But while record government spending and stimulus buoyed growth in the first quarter, the manufacturing sector shrank in recent months. Home prices have continued a yearslong slump, weighing on the spending power of consumers whose wealth is tied up in property. Trump had signaled a wish to have a call with his Chinese counterpart as early as February and later said he was willing to travel to the Asian nation to meet with Xi, although no such engagement has been scheduled so far. --With assistance from Colum Murphy, Lianting Tu, Josh Wingrove, Alice Gledhill and James Hirai. 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Bloomberg
43 minutes ago
- Bloomberg
Egan-Jones Private Credit Ratings Draw Scrutiny on Wall Street
Welcome to Going Private, Bloomberg's twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, a warning about private credit risks becoming systemic and Elon Musk's fundraising spree. But first, we take you to the Philadelphia suburbs, where a prolific credit grader has become an outsize player in the multi-trillion private credit industry — Isabella Farr and Davide Scigliuzzo. If you're not already on our list, sign up here. Have feedback? Email us at goingprivate@ In 2024, a small ratings firm headquartered in a four-bedroom colonial just outside of Philadelphia, stamped ratings on more than 3,000 private credit deals — all with a team of just 20 analysts.