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The macroeconomic outlook is "much more uncertain" with oil prices expected to remain elevated for some time yet and a slowdown in global growth, says Australian Treasurer Jim Chalmers in budget speech.

1789 Capital Partner Paul Abrahimzadeh speaks to Romaine Bostick and Katie Greifeld on "The Close."

Australia will overhaul tax settings that have long favored property investors and assist households and firms grappling with soaring fuel costs in a budget presented by Treasurer Jim Chalmers.

While the US administration maintains its opposition to wind power, China is now installing nearly 75% of the world's new offshore turbines. From the South China Sea, Bloomberg's Stephen Engle reports on Ming Yang's new 50-megawatt floating turbine and how 45% lower pricing is securing China's lead in the global clean-energy race.

Alger CEO and CIO Dan Chung discusses AI investment in an interview with Romaine Bostick and Katie Greifeld on "The Close."

TIAA CEO, Retirement Solutions Kourtney Gibson discusses retirement in a complex market landscape. She speaks with Romaine Bostick and Katie Greifeld on "The Close."

Shortfalls could persist longer than current expectations and drive up the price of aluminum as an impact of war with Iran says Timna Tanners, managing director of equity research for Wells Fargo. Tanners talked about the different impacts of the war on commodity prices, including copper which neared record highs on Tuesday due to a rise in demand from China and fears about supplies of sulfur in the Mideast.

Anthropic is in early talks with investors to raise at least $30 billion in fresh financing, according to people familiar with the matter, setting the stage for what could be its largest funding round yet. Bloomberg's Kailey Leinz and Atlantic Council Geoeconomics Center Senior Director Josh Lipsky have more on "Balance of Power: Evening Edition."

Bloomberg reporters Silla Brush and Katherine Doherty break down how US derivatives exchange CME Group index provider Silicon Data are teaming up to create a futures market for the computing power that backs artificial intelligence infrastructure. Brush and Doherty report that a futures market would functionally set a price for computing power and say that the move signals to the rest of the industry that it is set to be a 'serious asset class.'

"Risk is on and at higher levels," Bob Sloan, managing partner at S3 Partners, says when discusses short covering in US stocks on "Bloomberg The Close."

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

President Donald Trump says inflation in the US is only "short term." He spoke before leaving for Beijing on Tuesday. US inflation accelerated in April due to rising gasoline and grocery costs, exceeding wage growth.