Bloomberg Daybreak: Europe Edition

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) UK Prime Minister Keir Starmer survived in post on Tuesday despite a slew of ministerial resignations which have so far failed to force his downfall.

(2) As UK Prime Minister Keir Starmer slowly loses allies in government and fights for his survival, the escalating political drama is heaping fresh pressure onto a bond market already battered by the country’s deep-rooted fiscal and economic problems.

(3) Jamie Dimon warned the UK that any move to hike taxes on banks in the event Keir Starmer is replaced as the UK’s prime minster would see JPMorgan Chase & Co. scrap plans to invest billions in a new London headquarters in Canary Wharf.

(4) France’s economy is showing signs of faltering as the fallout from the Middle East conflict hits growth and ratchets up inflation pressure, according to the central bank’s monthly survey of companies.

(5) Oil shipments from Iran’s main export terminal appear to have come to a standstill over the past several days, according to satellite images, the first sign of a prolonged halt since the start of the war.

(6) US President Donald Trump said he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping, and downplayed the amount of attention they would devote to the Iran war.

(7) When President Donald Trump sits down for talks with China’s Xi Jinping this week, the focus will be on whether the world’s two-biggest powers can stabilize a fraught relationship. But it is the countries caught in between that have been forced to navigate the fallout from the geopolitical storm.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Keir Starmer was facing growing pressure to step down as Britain’s prime minister after dozens of members of Parliament, including Cabinet allies, joined the calls for him to set out a timetable for his departure.

(2) A Schroders bond-fund manager is steering clear of UK debt on concern that political upheaval will drag yields higher in the coming months.

(3) The ceasefire between the US and Iran reached a particularly precarious moment Monday as President Donald Trump said the agreement was on “massive life support” after he rejected Tehran’s latest peace offer.

(4) The US sanctioned a dozen entities and individuals over the sale of Iranian oil to China, stepping up economic pressure just days before President Donald Trump meets his counterpart Xi Jinping.

(5) Michael Burry, the investor made famous in The Big Short, is warning that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights.

(6) In the time it usually takes to watch one football match, the Kospi index shed more than $300 billion in value as the gauge slumped on Tuesday. That’s a bit more than $3 billion a minute in the benchmark index alone, and the scale of the slide helped sour sentiment across Asia.

(7) On the 13th floor of the Berlaymont building in Brussels, Ursula von der Leyen has built a presidential operation that exerts control over every aspect of what goes on inside the European Commission

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Prime Minister Keir Starmer’s political problems have likely grown too big to solve with a single speech. For now, he will try to forestall an immediate challenge to his job.

(2) President Donald Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict as the two sides struggle to maintain a fragile ceasefire.

(3) President Donald Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday, hours before China confirmed the state visit.

(4) China’s factory prices grew at the fastest pace since the pandemic four years ago as the fallout from the Iran war sharply raises costs and leaves profits under pressure.

(5) US allies in Europe anticipate that President Donald Trump will withdraw more forces from the continent after he announced he would pull 5,000 troops out of Germany, people familiar with the matter said.

(6) Over the past year, Alphabet has gone from an artificial intelligence afterthought to the one firm in the market with dominant positions in nearly every aspect of the technology.

(7) Two months of crisis in the Middle East show the conventional tactic of ditching emerging-market assets in times of market stress is no longer a sure-fire defensive play.

Podcast Conversation: Gelato Is Getting Weird and Not Everyone Is Happy About That
See omnystudio.com/listener for privacy information.

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Prime Minister Keir Starmer’s political problems have likely grown too big to solve with a single speech. For now, he will try to forestall an immediate challenge to his job.

(2) President Donald Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict as the two sides struggle to maintain a fragile ceasefire.

(3) President Donald Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday, hours before China confirmed the state visit.

(4) China’s factory prices grew at the fastest pace since the pandemic four years ago as the fallout from the Iran war sharply raises costs and leaves profits under pressure.

(5) US allies in Europe anticipate that President Donald Trump will withdraw more forces from the continent after he announced he would pull 5,000 troops out of Germany, people familiar with the matter said.

(6) Over the past year, Alphabet has gone from an artificial intelligence afterthought to the one firm in the market with dominant positions in nearly every aspect of the technology.

(7) Two months of crisis in the Middle East show the conventional tactic of ditching emerging-market assets in times of market stress is no longer a sure-fire defensive play.

Podcast Conversation: Gelato Is Getting Weird and Not Everyone Is Happy About That
See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to U.S CPI, PPI, and Retail sales data, along with a focus on 3 stocks for the week ahead.
In the UK – a look ahead to the annual Cannes film festival.
In Asia – a look ahead to US Treasury Secretary Scott Bessent's Trip to Japan.

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