Wednesday, April 1, 2026

There's no fooling the pope

Leo XIV's message for Trump is clear.
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Today's Agenda

Chat Is This Real

April Fools' Day is, without question, a journalist's worst nightmare. I've spent the day questioning every headline I've encountered: Did Nestle really launch a stolen KitKat tracker? Did a top FEMA official truly teleport to a Waffle House? Will Ryanair actually adopt a "more corporate and professional" tone on social media? Has Jonathan Bailey really been cast in Season 2 of Heated Rivalry? Is Red Lobster for real about bringing back endless shrimp? Would Oreo seriously release dill pickle-flavored cookies?

The answers to these questions — yes, so he says, no, no (but I WISH!), yes (incredulously) and yes (to my tastebuds' horror) — were not easy for me to glean, and I blame my troubles on the pope. More specifically, this pope:

Photographer: Hulton Archive

Nobody knows the exact origins of this ludicrous holiday, but one of the more popular theories involves Pope Gregory XIII, who introduced his namesake calendar in 1582. Up until that point, France had been following the Julian calendar (named after Julius Caesar), which had the new year beginning on April 1. The Gregorian calendar we use today bumped it to Jan. 1. In the 1500s, there was no TikTok or cable news, so not everyone realized the calendar had changed. That lag time meant that some clueless townsfolk were celebrating the old new year's on the first of April. Those people, as legend has it, were the OG fools.

Nowadays, the pope doesn't have time to tinker with the calendar. He's too busy lambasting President Donald Trump's administration during mass in St. Peter's Square: "Jesus, King of Peace, who rejects war, whom no one can use to justify war. He does not listen to the prayers of those who wage war, but rejects them, saying: 'Even though you make many prayers, I will not listen: your hands are full of blood.'" Andreas Kluth says Leo XIV's message on Palm Sunday "was as clear as modern popes get." Whether the administration will receive that message is a different story.

The executive branch is not a church, but you'd be forgiven for thinking it's turned into one during Trump's second term. The president has promoted a $59.99 "God Bless the USA Bible" and claims he was "saved by God to make America great again." Vice President JD Vance has announced a new memoir about his conversion to Catholicism. And Secretary of "War" Pete Hegseth hosts regular worship services at the Pentagon, where he prays for "overwhelming violence" against his enemies.

Invoking religion is by no means a new phenomenon for world leaders — see: Russia, Israel and Iran — but the US is different from other countries, thanks to a little clause in the Constitution that separates church and state. "America, of all countries, would be wise to leave God out of this war," Andreas writes.

If the administration fails to heed that advice, David M. Drucker says fractures may emerge in Trump's already fragile coalition. "The president's job approval rating sits at 41%. His handling of the economy is rated even worse, at 38%. Even on immigration, usually Trump's strong suit, he is underwater by a net negative 8.5 percentage points," he writes. In recent weeks, Mary Ellen Klas has warned that the Catholic vote might be reshaped by the president's systemic attacks on immigrants. "The fight has not only helped the newly minted US-born pope to bring a divided church together — it has helped galvanize opposition to Trump among Latino Catholics," she notes.

Despite religious divisions, Trump hasn't budged on his hardline immigration stance. On Wednesday, he reportedly made history by becoming the first sitting president to attend Supreme Court oral arguments, only to watch as his originalist appointees sounded "the death knell for his executive order ending birthright citizenship," says Noah Feldman.

On a day where everything can seem like a joke, one thing is very real: Leo XIV doesn't think God would approve of Trump's ways.

Swoosh Goes the Stock Price

I'm sure I'm not the first person to point this out, but it's sadly fitting that the CEO of Nike has the last name Hill — because right now, it's an uphill battle for him as the brand heads downhill.

The athletic giant's gloomy third-quarter earnings did not inspire confidence. Sales fell by double digits in North America, Europe and China, and shares fell as much as 13% after trading began Wednesday — Nike's lowest intraday in 11 years.

"Part of this is driven by efforts to clear out stale casual sneakers, which continue to be a drag, and will have reduced sales by about $4 billion from peak levels. But it's not the whole story," writes Andrea Felsted. "The change in fashion trends is complicating efforts by Chief Executive Officer Elliott Hill to turn around the Nike juggernaut."

"I'm so tired, and I know you are too, of talking about fixing this business," Hill said in an all-hands meeting on Tuesday. "I want to move to inspiring and driving growth and having fun." If selling the Converse brand, capitalizing on the upcoming World Cup games and brainstorming the next hit fashion product is fun, then Andrea says Hill should have at it.

Space Spending

At 6:24 p.m. Eastern Time, four astronauts aboard the Orion spacecraft will get catapulted into space, where they will spend the next 10 days circling the moon. The glossy White House trailer for NASA's Artemis II — complete with a gospel choir version of Madonna's Like a Prayer — makes the mission seem cutting-edge, but looks can be deceiving.

"Orion can orbit the moon, but isn't capable of landing there. A single moon launch of Orion on the SLS rocket is estimated to cost more than $4 billion," writes Thomas Black. That price tag is one reason why the legacy companies that played a critical role in Wednesday's Orion launch — Lockheed Martin, Boeing and the like — are falling behind upstarts with reusable rockets.

Elon Musk's SpaceX, which filed confidentially for an IPO, and Jeff Bezos's Blue Origin, he says, "have much lower operational costs and can carry more payload." It doesn't take a genius to guess which companies cash-strapped NASA is going to contract in the future.

Telltale Wartime Charts

Five weeks into a war Trump has declared "nearly over" twelve times, one must consider a scary question: Is the world about to run low on food? "Four years ago the supermarket trolley pushed up prices for households. So far this time, the weekly grocery bill is steadier," Javier Blas writes. "Pessimists warn that without fertilizers, farming production will plunge, causing food shortages by the next harvest. Cereal yields typically drop by about 40% after a year without any nitrogen fertilizer. But farmers are unlikely to cut its use to zero immediately; the reduction would be phased. Any impact on crops would be smaller initially."

How people will cook that food, however, is a separate concern. Andy Mukherjee says electric cooktops are vanishing from shelves in India. "This marks a pivot for a country where liquefied petroleum gas, or LPG, has 332 million customers," he writes. "Assuming 10% of households switch to electric and 70% cook dinner simultaneously, the extra 28-gigawatt demand equals nearly a tenth of the summer peak load." Andy equates the sum to "more than the power-guzzling potential of all data centers under construction globally." Good luck cooking a samosa at 8 p.m. — the neighborhood transformer might get fried along with it.

Further Reading

The US can't afford lower taxes without lower spending. — Bloomberg Editorial Board

Gen-Z revolts in South Asia show toppling leaders is just the start. — Mihir Sharma

Dubai's "everything is fine" narrative is starting to sound like a stretch. — Lionel Laurent

The OpenClaw mania in China provides messy, real-world training. — Catherine Thorbecke

"Peak Trump" has passed when it comes to US leverage over Ukraine. — Marc Champion

Monte Paschi's executive coup only hurts its backers. — Paul J. Davies

Private credit could produce a healthier market instead of a crisis. — Aaron Brown

ICYMI

After 50 years of Apple, Tim Cook talks shop.

Microsoft's spending confronts tech bubble fears.

Stellantis looks to make Chinese EVs in Canada.

Kickers

Taylor Lorenz is screen-maxxing.

Brand names in crisis. Or should I say, Crysís.

It's been a week for Disney's animatronics.

The internet is obsessed with this Boston reporter.

Notes: Please send jokes and feedback to Jessica Karl at jkarl9@bloomberg.net.

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