Good morning. Donald Trump weaponizes trade policy. Manhattan rents are going through the roof. And Elon Musk is on version four of Grok. Listen to the day’s top stories.
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Donald Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency and assets plunging. Not content with sending copper markets into a spiral, Trump used trade policy to take issue with Brazil’s treatment of former President Jair Bolsonaro, who has long seen Trump as his ticket out of legal limbo. Brazil’s current leader, Luiz Inacio Lula da Silva, fired back, saying his nation will not be “tutored” and had told the US president earlier this week to mind his own business.
Bitcoin’s broken through $112,000 for the first time—now derivatives suggest the next stop may be $120,000, according to Bloomberg’s MLIV. Meanwhile, Trump’s trade policies gave traders pause for thought on US equities as they await a fresh catalyst for the next leg up.
Don’t be fooled by the searing temperatures recently, winter is coming. And so too may be a sale of luxury parka-maker Canada Goose, whose main shareholder Bain is said to be weighing an exit. Understandably, given the stock’s rally this year. One selling point: Its Canada-based supply chain means US tariffs have barely made a dent.
Manhattan rents hit another record high—and there’s no relief in sight for apartment hunters in the market’s busiest season. Especially as it seems landlords are finding ways to get around a new law that eliminated some upfront moving fees.
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Deep Dive: Grok, Take Four
The chat window for chatbot Grok. Photographer: Andrey Rudakov/Bloomberg
If at first, you don’t suceed… Elon Musk’s artificial intelligence startup xAI is rolling out Grok 4 just months after releasing its previous iteration, underscoring the frenetic pace of AI development.
That’s not the only setback for Musk this week. X CEO Linda Yaccarino stepped down after two years on the job and less than three months after the social-media platform was absorbed by xAI.
Thailand’s newly elected Prime Minister Paetongtarn Shinawatra with her father and former Prime Minister Thaksin Shinawatra. Photographer: SOPA Images/LightRocket via Getty Images
Thaksin Shinawatra’s return to power in Thailand after 15 years in exile, only to align with the royal establishment that once tried to crush him, serves as a warning to Trump-era populists. Here’s why his billionaire dynasty is on the brink of losing power once again.
Nothing says talent war like a $100 million job offer, Parmy Olson writes. But AI is so ideologically charged that its most revered scientists are as motivated by the glory of being published in Nature or having a hand in the biggest new model, as they are by yachts and mansions.
A Puma SE Deviate Nitro 3 running shoe on display in a shop in London. Photographer: Chris Ratcliffe/Bloomberg
Just not On. German sneaker makers Adidas and Puma are looking to turn around their fortunes. Right now, neither’s shoes make the top 10 at Fleet Feet. Reviving demand is critical as they try to make up lost ground to new upstarts like Switzerland’s On before US tariffs start to bite.
