Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) Chancellor of the Exchequer John Healey defended his first budget against criticism that it lacked ambition, while warning Britain would face “hard decisions” about its spending priorities in the years ahead.

(2) Federal Reserve Chairman Kevin Warsh on Wednesday left the central bank on track to raise interest rates again this year, even as he stuck to his refusal to offer any explicit guidance on the future path of policy.

(3) Traders haven’t increased bets on tightening by the European Central Bank recently despite more upside in oil prices. That’s bad news for the euro.

(4) Technology stocks trimmed their losses as the European session neared, after disappointing earnings from two industry heavyweights earlier revived doubts over whether billions of dollars in AI spending will deliver sufficient returns. Oil fell.

(5) Oil dropped as traders assessed fresh diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran.

Podcast Conversation:Healey Defends Scale of UK Budget And Warns Hard Decisions Ahead
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Israeli Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot are neck and neck in the first election since the 2023 Hamas attacks, setting up a tense period of negotiations over who will form the next government.

(2) - Oil rose on a report the US may resume military strikes on Iran after next week’s midterms, and as traders tracked a tight Israeli election.

(3) UK Chancellor of the Exchequer John Healey said his first budget would deliver “breathing space” for Britain, as Andy Burnham’s new administration seeks to sustain a poll bounce at minimal cost.

(4) Bullish bets in US Treasuries are vulnerable to a sharp reversal if the Federal Reserve takes a more aggressive stance at its upcoming monetary policy meeting.

(5) Brazilian senator Flávio Bolsonaro arrived in Miami on Tuesday after fleeing his country following a defeat in its presidential election, O Globo reported.

Podcast Conversation: Labour's Finance Gurus Are Both Worth Listening to
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Anthropic's initial public offering is laying bare the extremes of the multi-trillion-dollar AI boom business model: extraordinary growth paired with uncertainty about demand and the spending required to continue developing the technology

(2) A trio of mega artificial intelligence financing deals announced Monday morning had one name in common: Goldman Sachs.

(3) HSBC shares fell more than 5% in Hong Kong after the bank posted earnings that fell short of estimates in the third quarter and kept its outlook for the rest of year unchanged.

(4) Israel is holding its first election since the 2023 Hamas attack that traumatized the nation and triggered the wars in Gaza, Lebanon and Iran, a vote many consider to be the country’s most consequential in decades.

(5) Markets sold off in record fashion after Lula's win, fueled by fears that he will pursue tepid measures to address Brazil's fast-deteriorating fiscal situation, with high interest rates suffocating the economy and households drowning in record debt.

Podcast Conversation: Why I’m Excited About a Bucket of White Paint
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Luiz Inácio Lula da Silva came from behind to win Brazil’s runoff election, halting a right-wing wave sweeping Latin America and defying predictions that the 80-year-old political veteran had finally reached the end of his extraordinary career.

(2) Serbian longtime leader Aleksandar Vucic surprisingly conceded defeat in a snap vote, handing victory to a student-led movement that built mass support by pledging to fight graft and reverse democratic backsliding.

(3) France avoided a repeat of large-scale violence and looting that marred nationwide protests a week ago, suggesting the government’s decision to boost police numbers and contain marches paid off.

(4) Venezuelan opposition leader María Corina Machado arrived in Caracas Sunday night, capping a daylong journey through five states that drew crowds of supporters and raised expectations for a return to democracy.

(5) Elon Musk said SpaceX has closed a $40 billion debt deal to pay for the chips needed to fuel its artificial intelligence ambitions. People familiar with the discussions, though, told Bloomberg News that talks over pricing were still ongoing.

Podcast Conversation:Why the Book World Remains Obsessed With Celebrity Memoirs
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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 the next monetary policy decision from the Federal Reserve, along with U.S tech earnings.
In the UK – a look ahead to the UK's annual budget.
In Asia – a look ahead to the next monetary policy decision from the Bank of Japan.
See omnystudio.com/listener for privacy information.