Trump says he's reached a trade deal with Indonesia but offers no details
'Great deal, for everybody, just made with Indonesia. I dealt directly with with their highly respected President,' Trump wrote on his social media platform. 'DETAILS TO FOLLOW!!!'
This is a developing story and will be updated.
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Trump, FCC want to reshape the media landscape starting with CBS
By David Shepardson WASHINGTON (Reuters) -President Donald Trump and the Federal Communications Commission have vowed to force American broadcast media outlets to make significant changes. CBS may be just the beginning. "President Trump is fundamentally reshaping the media landscape," FCC Chair Brendan Carr told CNBC Friday. "The media industry across this country needs a course correction." On Thursday, the FCC voted 2-1 to approve the $8.4 billion merger between CBS parent Paramount Global and Skydance Media after Skydance agreed to ensure CBS news and entertainment programming is free of bias, hire an ombudsman for at least two years to review complaints and end diversity programs. Trump has repeatedly attacked broadcast networks for what he perceives as unbiased news coverage and called on Carr to rescind their licenses. "The new owners of CBS came in and said, 'It's time for a change. We're going to reorient it towards getting rid of bias," Carr said. "At the end of the day that's what made the difference for us." Carr's comments suggest the FCC will ramp up efforts to rid mainstream media of what he and President Trump consider a deep and enduring liberal bias, creating an opening for more conservative views among the biggest media companies. The FCC regulates broadcast media outlets, which use the public airways and are required to act in the public interest. Carr has cited the public interest standard in seeking the changes at CBS. Democratic FCC Commission Anna Gomez accused Paramount of "cowardly capitulation" to the Trump administration. She also said the FCC was imposing "never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law." Earlier this month, Paramount agreed to pay $16 million to settle a $20 billion lawsuit filed by Trump, claiming CBS News' "60 Minutes" deceptively edited an interview with former Vice President Kamala Harris. Paramount did not admit wrongdoing. Some Democrats have called the payment a bribe and vowed to investigate. "Trump demands allegiance from everyone around him and it's disgusting to see companies like Skydance and Paramount bowing to his endless and illegal demands," Representative Frank Pallone said. Soon after being designated chair by Trump in January, Carr reinstated a "60 Minutes" complaint, as well as complaints about how Walt Disney's ABC News moderated the pre-election televised debate between then-President Joe Biden and Trump and Comcast's NBC for allowing Harris to appear on "Saturday Night Live" shortly before the election. Disney and Comcast did not immediately comment Friday. Carr told Reuters Thursday the FCC is not closing its investigation into the "60 Minutes" interview. The FCC has required companies like T-Mobile and Verizon to end diversity programs before approving deals. Carr in February told Comcast he was opening a probe into its diversity efforts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trading day: Ending on another high
By Jamie McGeever ORLANDO, Florida (Reuters) -- TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'd love to hear from you, so please reach out to me with comments at . You can also follow me at @ReutersJamie and @ For the S&P 500 and Nasdaq, the week ended on Friday as it began on Monday: new highs on growing confidence that the U.S. will strike favorable trade deals with major trading partners and that tariffs won't choke growth, and optimism around the earnings-boosting power of artificial intelligence. This offset some less encouraging signals from U.S. and European earnings about the impact of tariffs and trade uncertainty. But the bulls are in control, it seems, and markets go into next week's heavy event risk at or near their all-time highs. This Week's Key Market Moves * The S&P 500 gains 1.5%, rising every day of the week, andthe Nasdaq rises 1%. * Intel shares slump 10.4% on Q2 loss. * Japan's Nikkei 225 jumps 4%, getting to within 1% of lastJuly's record high 42,426 points. * Japan's 10-year JGB yield rises 7.5 bps, its biggestweekly rise since May, to a 17-year high above 1.60%. * China's yuan rises to its strongest level of the year,reaching 7.1478 per dollar on Thursday. Ending on another high The week just ended saw a wave of record stock market highs on Wall Street and around the world as investors cheered the US-Japan trade deal and a raft of corporate earnings results. Next week will be packed with even more market-sensitive events. Policy decisions from the Fed and other major central banks, Fed Chair Jerome Powell's press conference, U.S. PCE inflation, earnings from four of the 'Magnificent Seven' tech giants, and Washington's August 1 tariff deadline for most countries await. Meanwhile, U.S. and Chinese officials will meet in Stockholm to discuss extending the August 12 deadline for reaching a trade deal. This will be U.S. Treasury Secretary Scott Bessent's third round of talks with his Chinese counterparts That's a lot to be heaped onto investors' plate, and one wonders how they will digest it all. It wouldn't be a surprise if market volatility picked up from surprisingly low levels - the VIX index is the lowest in five months, and the Treasury market's MOVE index is near its recent three and a half-year low. Meanwhile, demand for U.S. government debt will be tested as the Treasury auctions $173 billion of notes in the 2-7 year part of the curve. Recent auctions of longer-dated bonds have drawn strong demand and foreign private sector investors bought huge quantities of Treasuries in May, which bodes well. But the sales come as Treasury also announces its quarterly refunding plans, a reminder that investors will have around $1 trillion of new debt to absorb by year end, an increasing share of that in bills. Chart of the Week What's driving the rally on Wall Street? Lots of things, including tariff relief, trade deals, and renewed optimism around AI. One potential red flag, however, is the amount of leverage fueling it. Figures from the Financial Industry Regulatory Authority (FINRA) show that margin debt in U.S. stocks has crossed the $1 trillion mark for the first time. This comprises retail and institutional investors, but is thought to be more skewed toward the retail cohort. Of course, investors' margin debt should rise over time in line with inflation and the underlying equity indices. But it's a marker. Here are some of the best things I read this week: 1. How Europe can avoid a transatlantic trade war -Brookings 2. Rethinking the Politics of Money - Katharina Pistor 3. The Case that China is Now Actively Resisting Pressureon the Yuan to Appreciate - Brad Setser 4. Inflation Comes Home to Roost With the Help of Trump'sTariffs - Rebecca Patterson 5. Global Current Account Balances Widen, ReversingNarrowing Trend - IMF's Pierre-Olivier Gourinchas What could move markets on Monday? * India industrial production (June) * U.S. and Chinese officials meet in Stockholm for tradetalks * U.S. Treasury auctions $69 billion of two-year notes and$70 billion of five-year notes Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. (Writing by Jamie McGeever;)
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Get your act together on immigration, Trump tells Europe as he lands in Scotland
Europe 'better get your act together' on immigration, US President Donald Trump said as he landed in Scotland. Mr Trump is in the country for a four-day visit to both of his golf clubs in Aberdeen and Ayrshire. Landing at around 8.30pm on Friday, the president was greeted by Scottish Secretary Ian Murray before speaking to reporters. Asked about illegal immigration – which successive UK governments have sought to curb – Mr Trump said: 'On immigration, you better get your act together. 'You're not going to have Europe anymore, you've got to get your act together. 'As you know, last month we had nobody entering our country – nobody, (we) shut it down.' He added: 'You've got to stop this horrible invasion that's happening to Europe.' Immigration, Mr Trump said, was 'killing Europe'. Some European leaders, he continued, 'have not let it happen' and are 'not getting the proper credit they should', though the president did not say who he was talking about. Mr Trump said: 'Many countries in Europe, some people, some leaders, have not let it happen, and they're not getting the proper credit they should.' The president also praised Sir Keir Starmer ahead of a meeting between the two at one of his courses in the coming days, describing him as a 'good man'. 'I like your Prime Minister, he's slightly more liberal than I am – as you probably heard – but he's a good man. He got a trade deal done,' he said. 'You know, they've been working on this deal for 12 years, he got it done – that's a good deal, it's a good deal for the UK.' The president's motorcade – which contained more than two dozen vehicles – passed a small group of protesters as he entered his Turnberry golf club. Mr Trump also suggested he would be meeting Sir Keir 'tomorrow evening', although it is understood the pair will not meet until Monday. As well as the Prime Minister, Scottish First Minister John Swinney will meet with the president, as will European Commission president Ursula von der Leyen, who confirmed on X she will come to Scotland on Sunday in a bid to hash out a trade deal between the US and Europe. Mr Trump told journalists there was a 'good 50/50 chance' of a deal being struck, adding that it would be the 'biggest deal of them all'. The president and Sir Keir are expected to discuss potential changes to the UK-US trade deal which came into force last month. Mr Swinney has pledged to 'essentially speak out for Scotland'. Speaking as he boarded Air Force One in the US, Mr Trump said he would be having dinner with the Prime Minister at Turnberry, before 'going to the oil capital of Europe, which is Aberdeen'. He said: 'We're going to have a good time. I think the Prime Minister and I get along very well.' Mr Trump added: 'We're going to be talking about the trade deal that we made and maybe even approve it.' He also told journalists he was 'looking forward' to meeting with the 'Scottish leader' Mr Swinney, describing him as a 'good man'. During his time in Scotland, the president is also likely to spark a number of protests, with concerns being raised about how such demonstrations are policed. Police Scotland has called in support from other forces in the UK to help bolster officer numbers, though senior officers and the organisation which represents the rank-and-file have accepted Mr Trump's visit will have an impact.
