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

On today's podcast:

(1) The UK is set to get an indication of investor appetite for gilts, with its first bond sale since turmoil gripped the market last week.

(2) UK Prime Minister Keir Starmer said he has “full confidence” in Chancellor of the Exchequer Rachel Reeves and stressed that his government would stick to its fiscal rules in response to a surge in UK borrowing costs.

(3) Chinese officials are evaluating a potential option that involves Elon Musk acquiring the US operations of TikTok if the company fails to fend off a controversial ban on the short-video app, according to people familiar with the matter.

(4) The European Union is considering expanding its investigation into whether Elon Musk’s X social network breached its content moderation rulebook, the bloc’s top digital official said.

(5) Southern California is facing another round of dangerous fire weather, as crews struggle to contain wind-driven blazes that have paralyzed Los Angeles for nearly a week and killed at least 24 people.

(6) Members of President-elect Donald Trump’s incoming economic team are discussing slowly ramping up tariffs month by month, a gradual approach aimed at boosting negotiating leverage while helping avoid a spike in inflation, according to people familiar with the matter.

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

On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves returns to the UK from China on Monday with the Labour Party keen to brush off market turmoil around its fiscal difficulties and emphasise the government’s long-term ambitions.

(2) Traders in the options market are preparing for the pound to tumble as much as 8% more as fiscal woes that prompted a painful selloff across UK markets last week weigh on the currency.

(3) At least two rounds of vicious, dry Santa Ana winds are expected to blast through Southern California early this week, bringing powerful gusts that will challenge fire crews struggling to contain two destructive blazes and likely force thousands more residents to evacuate.

(4) JPMorgan's Jamie Dimon said that tariffs, if properly used, can help resolve issues such as unfair competition and national security.

(5) Amazon-founder and billionaire Jeff Bezos said the space industry has room for “multiple winners,” including his own firm Blue Origin LLC and the company it most hopes to challenge, Elon Musk’s SpaceX.

See omnystudio.com/listener for privacy information.

It’s been a rough week for UK assets. The pound fell to its lowest level in a year, gilt yields surged and investors are losing confidence in the government’s ability to control the nation’s deficit and high borrowing costs. Why are things spiraling now? Senior reporter Phil Aldrick joins this week’s In the City to explain.

See omnystudio.com/listener for privacy information.