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This episode is sponsored by Morgan Stanley's Thoughts on the Market. Today's financial markets move fast. Morgan Stanley moves faster with their daily podcast, Thoughts on the Market. Thoughts on the Market covers daily trends across the global investment landscape with actionable insights from Morgan Stanley's leading economists and strategists. And with most episodes under five minutes long, staying informed has never been easier. Listen and subscribe to Thoughts on the Market wherever you get your podcasts.
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Nationwide strikes and thousands on the streets of France as unions call for a rethink on austerity. Live from the uk this is the Marketplace Morning Report from the BBC World Service. Good morning. I'm Stuart Clarkson. Well, we'll start In France, where 800,000 people are expected to take part in a day of protests and strikes across the country against planned budget cuts. It follows wildly unpopular austerity measures worth $50 billion. President Macro and his new prime minister, Sebastian Leconu, are facing a crisis as they try to plug France's $4 trillion black hole. Here's the BBC's Hugh Schofield in Paris.
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Some schools are shut. By no means a universal picture in general. It's a classic day of public sector action here. I mean, we're used to it and we've reported so often on these days over the years, they become less effective in a way because people can work from home much more now. And also there's a lot more planning involved with the rail company so that some trains are on online and on the street. There'll be a lot this afternoon in Paris. You know, I don't know what, 100, 200, 300,000, I don't know. It'll be big. And that will provide pictures and that will also provide potentially cover for the people who want to wreak violence who are now a regular occurrence on these occasions. So we can expect certainly a certain amount of trouble in the fringes.
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I would say that's Hugh Schofield reporting, where plans to abolish two public holidays have been scrapped. But unions in France want more spending on public services, more tax on the wealthy, and a climb down on unpopular state pensions reform. Charlotte de Montpellier is a French economist. She says there's a lot that needs to be ironed out.
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The political situation is very difficult and also the budget situation. So there is a lot of social pressure, I would say, on the new government, the new prime minister. You should keep in mind that the new prime minister does not have a government yet. They certainly don't have any agreement on the budget, on what's going to be a reform or plans for the new government. So it's a very tricky political situation. It's a very, very tricky, a social situation as well. And it's basically a political mess, I would say, because basically we are in a situation in France where public deficit is much too high and there is a need to bring it down. And of course, this is not popular.
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CHARLOTTE DE montpellier, let's do the numbers now. And European stocks were up in early trading today after the Fed's rate cut yesterday. But there was a mixed picture in Asia. Japan's Nikkei closed up 1.1%, but Shanghai and Hong Kong markets were both down. Asset management firm Blackstone plans to invest $120 billion in the UK over the next decade. It's the latest announcement from US companies made during President Trump's state visit to Britain. Now the family of four passengers who died in the Air India jet crash in June are suing two companies that they say are responsible. That lawsuit claims faulty fuel switches made by Boeing and parts maker Honeywell caused the crash. The flight from Ahmedabad bound for London went down shortly after takeoff, killing two hundred and 60 people. The U.S. federal Aviation Administration has previously said the fuel control switches in Boeing aeroplanes are safe. The Chinese firm Huawei has announced what it's calling the world's most powerful AI chip cluster to try to challenge US Company Nvidia's dominance. It comes as Beijing promotes homegrown alternatives. Earlier this week, there were reports China's cyberspace administration had told tech companies there to stop using Nvidia chips and cancel existing orders to Indian administered Kashmir Next, which is still reeling from this year's devastating floods that submerged entire villages. And the region's economy is also being hit with the all important fruit industry on the brink of collapse. The BBC's Ira Khan reports.
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In the sprawling valleys and scenic landscapes of Indian administered Kashmir, a new crisis is forming. Across the region, roads are littered with around 4,000 trucks carrying apples that were supposed to get to the rest of India but instead remain at a standstill because the highways used to transfer produce out of the region have been damaged, and it could not have come at a worse time. The blockades coincide with peak harvest season, where apples, walnuts and rice are gathered across the valley. Horticulture forms the backbone of Indian Kashmir's economy, and people's entire livelihoods depend on these harvests, with losses estimated to be up to $80 million. The government in Delhi says it's working around the clock to clear the highways and is dedicated a train to transport the fruit. But Kashmiri farmers say it isn't enough. They are worried that the prices of their produce have already started to fall, and in protest, they have closed down fruit markets. These apples that were nurtured in orchards since spring now sit rotting on blocked highways, an entire year of hard work gone to waste.
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That's Ira Khan. Now we end in Brazil, where President Lula da Silva has warned that steep US Tariffs on goods like coffee from his country will hit American consumers. Speaking to the BBC's Ione Wells, he also said he had no relationship with President Trump after levies of 50% were put on Brazilian imports.
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Coffee will become more expensive in the U.S. meat will become more expensive in the U.S. and the American people will pay for the mistakes that President Trump is incurring.
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What's the solution instead, though?
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Well, for any kind of conflict, the best alternative is to sit around a negotiation table and negotiate. What we cannot negotiate is the Brazilian sovereignty.
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You've written articles which you say are.
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To start a dialogue with Donald Trump. Why not just pick up the phone to him?
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Because they don't want to talk.
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But he said you can call him anytime.
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But they don't want to talk. It's important to remember that when President Trump communicated the taxation on imposing tariffs on Brazil, he didn't communicate in a civilized manner. But now I try to. He just published them in his portal in his social media, and I found out by the newspapers in Brazil.
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That's President Lula of Brazil Talking to the BBC's Irony Wells in the UK I'm Stuart Clarkson with the Marketplace Morning Report from the BBC World Service. Thanks for listening.
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Sometimes kids ask questions that reveal just how much adults still need to learn, like can you explain what causes an economic bubble? And why are things so expensive at the airport? Or how much national debt might be too much? Fear not. Million Bazillion is back with a new season to help you and your kids become pros at understanding how money shapes the answers to all those questions and more. Listen to the latest season of Million Bazillion on your favorite podcast. Apparently.