Cryptocurrency trading may get a boost with a plan Morgan Stanley is working on to add it to its E*Trade platform. The nascent project would would be the most significant move by a major US bank to help everyday customers buy into the asset class since the Trump administration began removing regulatory barriers.

Executives envision launching the service sometime next year, according to people familiar. The firm is considering partnering with one or multiple established crypto firms as it sets up the mechanics for the brokerage’s clients to buy and sell popular tokens including Bitcoin and Ether. A spokesperson for Morgan Stanley declined to comment.

The move comes amid a dramatic shift in US policy toward virtual assets. During his presidential campaign, President Donald Trump hawked his own digital collectibles and soaked up campaign donations from crypto enthusiasts while vowing to make the US the “crypto capital of the planet.” His election victory in November prompted the biggest banks to start rethinking their years-long posture of largely avoiding the notoriously volatile sector. — Jennifer Duggan

What You Need to Know Today

HSBC Holdings’s Chairman Mark Tucker said he would stand down by the end of the year after a turbulent eight-year tenure. He has overseen three changes of CEO, a clash with one of the bank’s largest shareholders, and a public slapdown from the US government. Tucker said in a statement that “strong foundations” had been laid for Europe’s largest bank to grow since he took over as chairman in 2017 and that he expected the business to go from “strength to strength” over the coming years. 

Mark Tucker, chairman of HSBC Holdings Plc.  Photographer: Paul Yeung/Bloomberg

Technology companies are powering US stocks higher after the latest batch of strong earnings, with major indexes close to erasing losses sparked by the tariff shock that rattled markets just weeks ago. The S&P 500 and the Nasdaq 100 gained more than 1% each as Microsoft and Meta jumped on upbeat results. Treasury yields rose, with the 10-year rate around 4.20%. A dollar index rose. Tech earnings are largely driving optimism in the markets along with expectations that trade deals will offer many countries a reprieve from the highest tariffs first unveiled April 2. 

Traders are scooping up wagers tied to the European Central Bank’s interest-rate decision in September, moving on from bets on June when a quarter-point cut is seen as a foregone conclusion. Trading volumes on options targeting a rate reduction in September have jumped this week, surpassing activity on the contracts aimed at next month’s decision. Some of the bets hinge on policymakers lowering rates by as much as 75 basis points to 1.5% in four months, more than what swaps are currently pricing.

Mercedes-Benz Group plans to move production of another vehicle to the US as Trump’s tariffs raise costs and threaten to make imported cars uncompetitive. The German automaker said in a statement that it will shift assembly of a “core segment vehicle” to its factory in Tuscaloosa, Alabama, by 2027. It didn’t specify which model. Trump earlier this week signed a pair of directives easing the impact of his tariffs on the automotive industry following weeks of lobbying.

Trump’s national security advisor, Michael Waltz, and one of his top deputies are stepping down, according to a report on CBS News. CBS said Waltz and his deputy, Alex Wong, will be leaving their posts. The report cited several people familiar with the matter. The White House didn’t immediately respond to a request for comment. Waltz had come under fire in the weeks since he acknowledged inadvertently adding Atlantic editor Jeffrey Goldberg to a Signal chat group set up to discuss pending attacks on Houthi rebels in Yemen.

Investors are in for a shock in the next few weeks as the slowing flow of goods from China underscores the risks tariffs bring to the US economy. Of the 248 respondents to a poll conducted by MLIV Pulse, 82% said the impact of fewer shipments from China to American businesses is either somewhat or heavily underpriced in markets. A large majority also see tariffs triggering a US recession this year.

Portuguese Prime Minister Luis Montenegro reaffirmed a plan to cut income taxes as he tries to attract voters before facing an election in three weeks. He said he wants companies to be providing more tax revenue not because the tax rate is higher but because they’re more productive. Portugal will hold an early election on May 18, its third in just three years, after parliament toppled Premier Montenegro’s center-right minority government in a confidence vote in March.

What You’ll Need to Know Tomorrow

For Your Commute

From a star chef spot for last-minute meals to terrific cheap eats near one of London’s priciest shopping zones, these are the key dining rooms to have on your agenda right now.

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