US corporate profits are crumbling from the bottom up
Big Tech put a gloss on earnings season, but things don’t look great below the surface
Economic news
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Bessent sees tariff agreement as progress in ‘strategic’ decoupling with China
The trade pact reached over the weekend represents another stage in the U.S. shaking its reliance on Chinese products, the Treasury chief said.
Cobalt Holdings plans London IPO with Glencore taking 10% stake
Metal investment company aims to raise $230mn from listing next month
Dispatch from the Milken jamboree
Plus, Pimco’s warning, a US copper rush and the National Gallery’s rehang
US tariff policy accelerates deeper structural changes
Unusual swings in markets and consensus economic narratives point to longer-term forces