We'll soon find out who the new Fed chair is

In a moment reminiscent of a reality show finale, all eyes are on the upcoming announcement regarding the next chair of the Federal Reserve. U.S. President Donald Trump has revealed that he will disclose his choice for this pivotal role on Friday morning, impacting a staggering $112 trillion global economy. Among the candidates, former Fed Governor Kevin Warsh emerges as the frontrunner, according to the prediction market Kalshi. Reports suggest that Warsh was seen at the White House on Thursday, fueling speculation about his potential selection. During the same event, where Trump made his announcement, he cautioned the U.K. about the risks of engaging in business with China. This warning comes as U.K. Prime Minister Keir Starmer is currently in China, where diplomatic discussions have led to agreements on tariffs, visa-free travel, and business investments, as noted by Downing Street. In the world of finance, Apple shared impressive news of a 16% increase in its fiscal first-quarter revenue, driven by remarkable demand for its iPhones, surpassing market estimates. Despite this success, the reaction from investors was muted, with Apple shares rising only 0.5% in after-hours trading. Analysts speculate that this could be linked to Apple's perceived lag in artificial intelligence advancements. Conversely, Meta Platforms saw a surge in its stock, climbing more than 10% as investors showed optimism for its AI initiatives. Microsoft, however, faced a stark decline, with its shares dropping 10% due to concerns over spending plans and a slowdown in cloud growth, resulting in a significant market cap loss of $357 billion—the company's worst day since March 2020. This uneven performance contributed to a 0.72% decline in the tech-heavy Nasdaq Composite, while the S&P 500 fell 0.13%. In contrast, the Dow Jones Industrial Average managed to gain 0.11%. The overall market sentiment seemed to shift towards caution, with precious metals and cryptocurrencies also experiencing declines. Spot gold dropped over 4%, and Bitcoin fell to its lowest value in nearly two months. In related news, Denmark expressed satisfaction with constructive discussions with the U.S. regarding Greenland's future. Additionally, Trump has initiated a lawsuit against the IRS and U.S. Treasury over alleged leaks of confidential tax information, seeking at least $10 billion in damages. Meanwhile, China's government unveiled a strategic plan aimed at stimulating consumer spending across various sectors, including tourism and sports events, as they seek to enhance domestic consumption over the next five years. As for Asia-Pacific markets, they faced losses on Friday, with Hong Kong's Hang Seng Index leading the downturn with a nearly 2% drop.