AI Trade Shows New Cracks, Healey Defends UK Budget’s Scale

A global rally in technology shares stalled after disappointing earnings from two industry heavyweights revived doubts over whether billions of dollars in artificial intelligence spending will deliver sufficient returns.

Chancellor of the Exchequer John Healey defended his first budget against criticism that it lacked ambition, while warning the UK would face “hard decisions” about its spending priorities in the years ahead.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – "The Opening Trade" Begins: Tech Earnings, Fed and UK Budget in Focus
00:02:14 – The Agenda: Alphabet and Samsung Disappoint on AI
00:04:27 – The Agenda: Fed Holds Rates, ECB Decision Amid Market Turbulence
00:05:55 – The Agenda: UK Budget: Big Decisions Delayed
00:08:05 – Breaking News: Lloyds and Shell Earnings
00:11:46 – BNP Paribas’ Sam Lynton-Brown on Fed Holds Rates, December Hike in Play
00:15:15 – ECB Preview and Rate Outlook
00:20:03 – BNP Paribas’ Sam Lynton-Brown on UK Budget and Bank of England Impact
00:25:47 – Alphabet Slides on Search and AI Concerns, Samsung, AI Demand and Chip Capacity
00:32:06 – UK Chancellor Healy Defends UK Budget
00:34:31 – Live Post-Budget Coverage Preview
00:36:24 – OBR’s David Miles on UK Growth, Energy and Fiscal Headroom
00:41:07 – MLIV: Tech Earnings and Fed Market Reaction
00:48:11 – European Markets Open
00:51:18 – Plurimi Wealth’s Patrick Armstrong on AI Investment, Semiconductors and Central Banks
01:00:14 – Special UK Budget Analysis Begins: After the Budget, Before the Bell With The Opening Trade
01:01:37 – Is the UK More Investable After the Budget
01:07:49 – JPMorgan’s Hugh Gimber on Bond Markets, Fiscal Headroom and UK Growth
01:16:37 – Britain’s Billionaire Exodus
01:19:14 – Energy Bill Relief and Personal Finance
01:25:19 – Welfare, Youth Unemployment and Fiscal Drag
01:28:59 – Santander CIB’s Victoria Clarke on UK Growth, Gilts and Future Spending Decisions
01:37:16 – Key Budget Takeaways and Challenges Ahead
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