Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) What had been a steady pullback from the US stock market accelerated sharply Monday as investors retreated from virtually every type of risk and economic fear raced across Wall Street.

(2) Citigroup downgraded its view on US equities while upgrading China to overweight, another sign of the growing divergence in the outlook toward the world’s top two markets.

(3) Talks between the US and Ukraine in Saudi Arabia on Tuesday are intended to help clarify what concessions might be possible in the push toward a ceasefire with Russia, Secretary of State Marco Rubio said, playing down the possibility of a major breakthrough.

(4) A cargo ship crashed into an oil tanker off the UK’s east coast, causing fires, a jet-fuel spill, and leaving one person missing in one of the most significant maritime disasters near the country in many years.

(5) Keir Starmer has reportedly backed up the Chancellor's plans to reform Britain's benefits system and cut costs. According to the BBC, the Prime Minister told a private meeting of his MPs that the UK's welfare system was 'indefensible' and 'unfair'.

(6) Key UK economic data will continue to be released at 7 a.m., a blow to traders and investors who wanted the statistics office to revert to the pre-pandemic norm of 9:30 a.m.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump said the US economy faces “a period of transition,” deflecting concerns about the risks of a slowdown as his early focus on tariffs and federal job cuts causes market turmoil.

(2) Chinese tariffs on a slew of American farm products have officially come into effect, the latest retaliation in the unfolding trade war between the world’s top two economies.

(3) Mark Carney won the race to become Canada’s next prime minister, putting the former central banker in charge of the country just as US President Donald Trump’s administration threatens its economic future.

(4) US President Donald Trump said he had largely lifted a freeze on US intelligence sharing with Ukraine as he looked to push both Kyiv and Moscow to the negotiating table in hopes of brokering a peace deal.

(5) Wages for new hires in the UK rose at the slowest pace in four years in February as businesses scrambled to cut expenses ahead of a looming hike in employment costs, according to a survey closely watched by the Bank of England.

(6) Germany's Conservatives and Social Democrats are moving closer to a forming coalition, announcing over the weekend they would deepen talks over joining forces in a new government. They face massive challenges to restart growth after two years of contraction boost defence spending, as well as risks of trade tariffs from Donald Trump.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S CPI and PPI data, along with earnings from Oracle and Adobe.
• In the UK – a preview of European Central Bank Chief Christine Lagarde addressing central bankers.
• In Asia – a recap of China’s NPC and outlook for its’ economy.

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