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Reeves's Big State Gamble, Microsoft Shares Drop & Meta's AI Losses | Bloomberg Daybreak: Europe...
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October 31, 2024
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On today's podcast:
(1) Chancellor of the Exchequer Rachel Reeves delivered a massive package of tax hikes alongside plans to ramp up public investment in a historic first budget that aimed to revive the UK economy — but fell short of delivering a major boost to its growth prospects.
(2) Labour's first budget in over a decade raises taxes by £40 billion a year to fund a £70 billion annual increase in public spending. The plan marks a shift back to big state economics, with spending as a share of GDP set to be 5 percentage points higher than before the pandemic.
(3) Microsoft shares dropped in late trading after the software maker forecast slower quarterly cloud revenue growth, reflecting the company’s struggle to bring data centers online fast enough to keep up with demand for artificial intelligence services.
(4) Meta CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.
(5) China’s economy showed signs of stabilizing after Beijing unleashed the boldest stimulus measures since the pandemic, although an upcoming US election injects uncertainty into the recovery.
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