Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Labor Day in the U.S., which took place Monday, marks the unofficial end of summer — which means saying goodbye to the promise of all life could be and once again squeezing it to fit the four walls of the office.
But there was someone eager to get back to work: U.S. President Donald Trump. (Not that he appeared to take a summer vacation at all, as CNN reported.) Trump said Tuesday he will request an “expedited ruling” from the Supreme Court to overturn a federal appeals court decision that most of his tariffs were illegal.
The White House leader blamed that ruling for the fall in stocks Tuesday. “The stock market’s down because of that, because the stock market needs the tariffs,” he said. “They want the tariffs.”
It’s a debatable assertion, given that stocks sankafter Trump announced his “reciprocal” tariffs on that fateful April day, and surged — in one of the biggest rallies in history — following a pause in the implementation of levies.
However, Trump is potentially right in one aspect of the market benefiting from tariffs: Treasurys. The yield on the 30-year bond nearly touched 5% as investors, fearing a hit to the U.S. government’s coffers if deprived of tariff revenue, demanded more returns for lending to a White House already persistently in fiscal deficit.
What you need to know today
Google will be allowed to keep Chrome, court rules. However, U.S. District Judge Amit Mehta said that Googlecannot have “exclusive” contracts to preload its products, such as making Google Search the default search engine on Apple’s iPhones.
Kraft Heinz to split into two companies. Formed from a $46 billion merger, the food company is expected to separate in the second half of 2026. Warren Buffett, whose Berkshire Hathawaysaid he was “disappointed.”
Musk says most of Tesla’s value will come from Optimus. That’s according to a post on X that TeslaElon Musk wrote Monday. Tesla sales are experiencing a slump, and it’s only begun testing robotaxis, lagging behind rivals such as Waymo and China’s Baidu.
U.S. stocks slipped Tuesday. Major indexes fell, dragged down by declines in Big Tech names. Treasury yields spiked on the prospect of the U.S. having to refund tariff revenue. The Stoxx Europe 600worst session in a month.
[PRO] ‘Generational shift’ for Nestle. While a spokesperson told CNBC that the company’s new CEO Philipp Navratil was a “changing of the guard,” analysts were wary of the abrupt switch in leadership.
And finally…
Why the UK’s long-term borrowing costs are at a 27-year high
The yield on 30-year U.K. government bonds, known as gilts, was up 7 basis points on the day at 1:56 p.m. in London (8:57 a.m. ET) at 5.709%, its highest level since 1998. Shorter-dated yields also ticked higher, with 2-year and 10-year yields up by 4 and 7 basis points respectively.
That coincided with a fall in the British pound, which dropped by 1.5% against the U.S. dollar, as investors assessed the Labour government’s reshuffle of several senior advisory roles. The moves have been interpreted as preparation for the highly-anticipated budget coming later this fall, and an attempt to drive a reset amid political pressures and tepid economic growth.
— Jenni Reid
International: Top News And Analysis
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