Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Prime Minister Keir Starmer got a taste of the topsy-turvy politics of the coming Trump era as his government spent the weekend defending itself from attacks from Elon Musk, only to see the billionaire provocateur turn on his erstwhile British ally, Nigel Farage.

(2) UK business confidence has dropped to its lowest level since former Conservative Prime Minister Liz Truss’s disastrous mini-budget more than two years ago, according to a survey by the British Chambers of Commerce that echoes concerns over the current Labour government’s tax hikes.

(3) In his most wide-ranging interview as chief executive officer, Altman explains his infamous four-day firing, how he actually runs OpenAI, his plans for the Trump-Musk presidency and his relentless pursuit of artificial general intelligence—the still-theoretical next phase of AI, in which machines will be capable of performing any intellectual task a human can do.

(4) More than three months after winning the most seats at federal elections, far-right leader Herbert Kickl is on track to become the Freedom Party’s first Austrian chancellor in a tie-up with the conservative People’s Party.

(5) Justin Trudeau is expected to announce his resignation as leader of Canada’s Liberal Party this week, the Globe and Mail reported, a move that would trigger a contest to replace him as prime minister.

(6) The war risk insurance market is reaching new heights due to flaring geopolitical tensions and persistent piracy, with premiums estimated to generate up to $1 billion a year.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the December jobs report and Delta Airlines earnings.
• In the UK – a preview of the food and culture scene in the UK next year.
• In Asia – a preview of what to expect from China’s economy and the automobile sector in 2025.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Investigators say they haven’t found evidence linking separate deadly attacks in New Orleans and Las Vegas, as the FBI continues to probe two incidents that rattled Americans as they rang in 2025.

(2) South Korean anti-corruption investigators failed to arrest impeached President Yoon Suk Yeol after facing resistance from his security team and about a thousand protesters gathered outside his residence.

(3) President Joe Biden has decided to officially block Nippon Steel's proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter.

(4) Meta says Nick Clegg will step down as president of global affairs and named his deputy, Joel Kaplan, as policy chief, elevating a longtime executive with staunch Republican ties ahead of Trump’s second inauguration as US president.

(5) China is planning tougher scrutiny on exports of technology to make battery materials, as Beijing looks to protect its grip on a crucial supply chain amid rising global trade tensions.

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On today's podcast:

(1) A gruesome attack on revelers celebrating New Year’s in New Orleans thrust US domestic security back into the spotlight less than a month before Donald Trump is sworn in as president.

(2) Authorities are investigating a Tesla Cybertruck explosion outside the Trump Las Vegas hotel on Wednesday as a potential act of terror.

(3) Speaking to reporters Wednesday evening, Biden offered condolences to victims’ families and said authorities were probing if there were any links between the incidents.

(4) The European Central Bank’s 2% inflation target is in sight, according to President Christine Lagarde.

(5) Wall Street predictions for the year ahead are usually defined by expectations for growth, inflation and other dull-but-worthy economic indicators. For 2025, those are all overshadowed by a person — and he is anything but dull.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US Treasury Department was hacked by a Chinese state-sponsored actor through a third-party software service provider, according to a letter the agency sent to Congress on Monday.

(2) China’s services activity expanded at the fastest pace in nine months while the manufacturing sector grew for a third straight month, signaling improving domestic demand after Beijing’s stimulus blitz.

(3) European gas prices are up about 45% this year, adding to the burden on households and industry as they strive to recover from the worst cost-of-living crisis in decades. There’s likely to be more to come with Russian gas flows due to cease on Jan. 1.

(4) German Chancellor Olaf Scholz and his deputy, Robert Habeck, used their New Year addresses to castigate Elon Musk over his backing for a far-right party in February’s snap election.

(5) Former HSBC Holdings Plc Chief Executive Officer Noel Quinn was knighted in the UK’s prestigious New Year Honors list, joining London Mayor Sadiq Khan and Gareth Southgate, who served as the England men’s football team manager until earlier this year, in earning top awards.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Jimmy Carter, the former Georgia peanut farmer who as US president brokered a historic and lasting peace accord between Israel and Egypt in a single term marred by soaring inflation, an oil shortage and Iran’s holding of American hostages, has died. He was 100.

(2) Investigators probing the cause of the worst civil aviation accident ever in South Korea will focus on a bird strike and the unusual landing-gear failure in the final moments of the fateful flight that left all but two of the 181 occupants of the Boeing Co. 737 jet dead.

(3) South Korean police sought a warrant on Monday to arrest President Yoon Suk Yeol after the impeached leader repeatedly defied summons to appear for questioning over his martial law declaration.

(4) Britain’s ruling Labour Party would lose nearly 200 seats if elections were held today as the populist Reform UK Party surges, according to a Sunday Times poll.

(5) Elon Musk reiterated his support for the far-right Alternative for Germany party, or AfD, in a newspaper opinion piece published less than two months before Germans go to the polls.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look at what the Federal Reserve accomplished in 2024 and what to expect in 2025.
• In the UK – a look at what's on the horizon for Europe's stock market.
• In Asia – a look at some of the potential themes for Asian markets in the year ahead. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Azerbaijan Airlines’ Embraer SA 190 aircraft was damaged by Russian air defense systems near Grozny before it crashed in Kazakhstan during an attempted emergency landing, according to Azerbaijan government-backed Caliber news website.

(2) Israel struck multiple targets in Yemen it said were controlled by Houthis, the last of the Iran-backed groups still fully engaged in the regional war that began 14 months ago.

(3) The Bank of Japan signaled that a rate hike next month still remains on the table even as cautious views among the majority swayed the stand-pat decision at a policy meeting last week.

(4) Membership for the populist Reform UK party has surpassed that of the Conservatives, according to the party led by Nigel Farage.

(5) Apple is seeking to fight the US over a proposal in its monopoly case against Alphabet Inc.’s Google that would prohibit the search giant from entering into commercial deals with the iPhone maker.

(6) A less-than-perfect debut for the new season of Netflix’s blockbuster series Squid Game sent shares of related South Korean companies sharply lower Friday.

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In this Christmas Day special edition of Bloomberg Daybreak with Nathan Hager: 

• Tom Porcelli, Chief US Economist at PGIM Fixed Income, discusses what the Fed will do in 2025.
• Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets and Cameron Dawson, the Chief Investment Officer at NewEdge Wealth, break down what we can expect in equities 
• Burt Flickinger, the Managing Director at Strategic Resource Group, brings us the winners and losers of the 2024 holiday retail season. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French Prime Minister Francois Bayrou said he aimed to reach an agreement with parliament on a 2025 budget that would reduce the country’s deficit to close to 5%, near the level his predecessor unsuccessfully tried to reach.

(2) Honda sketched plans for a drawn-out deal that amounts to an acquisition of Nissan, as Japan’s automakers struggle to keep up in an increasingly competitive global car industry.

(3) German President Frank-Walter Steinmeier used his traditional Christmas address to urge citizens to focus on what unites the nation rather than be consumed by grief and horror over Friday’s fatal attack in Magdeburg.

(4) Luigi Mangione pleaded not guilty to New York state murder charges over the shooting of a top UnitedHealth Group executive, as his lawyer expressed concern about getting a fair trial in the high-profile case.

(5) House investigators found “substantial evidence” former Representative Matt Gaetz paid several women — including a 17-year-old girl — for sex and bought and used illegal drugs while in Congress, according to a bipartisan committee report released Monday.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal, saying its shipping tolls aren’t inflated and that sovereignty over the waterway isn’t negotiable.

(2) Donald Trump said Sunday that he will be president of the US — not Elon Musk.

(3) French Prime Minister Francois Bayrou is running out of time to meet his self-imposed deadline to name a new cabinet that won’t be quickly toppled by a no-confidence vote in parliament.

(4) UK private sector activity is set for a “steep” decline in the next three months, the Confederation of British Industry said, putting immediate pressure on Chancellor of the Exchequer Rachel Reeves to show she can deliver economic growth in the new year.

(5) The same kind of survey failures that have left the UK unsure about the number of people in Britain’s workforce are now raising doubts about the size of its economy.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal, saying its shipping tolls aren’t inflated and that sovereignty over the waterway isn’t negotiable.

(2) Donald Trump said Sunday that he will be president of the US — not Elon Musk.

(3) French Prime Minister Francois Bayrou is running out of time to meet his self-imposed deadline to name a new cabinet that won’t be quickly toppled by a no-confidence vote in parliament.

(4) UK private sector activity is set for a “steep” decline in the next three months, the Confederation of British Industry said, putting immediate pressure on Chancellor of the Exchequer Rachel Reeves to show she can deliver economic growth in the new year.

(5) The same kind of survey failures that have left the UK unsure about the number of people in Britain’s workforce are now raising doubts about the size of its economy.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of new home sales and retail outlook.
• In the UK – a look at what’s on the horizon for the European stock markets.
• In Asia – a look at Softbank’s pledge to invest $100 billion in the U-S over the next four years, and a look at a potential merger between Honda and Nissan.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The Republican-led House rejected a temporary funding plan backed by President-elect Donald Trump on Thursday with just over 24 hours to go before a US government shutdown.

(2) Prime Minister Keir Starmer’s government is talking to Britain’s election watchdog about tougher rules on political donations, amid fears that Reform UK leader Nigel Farage may secure funding from Elon Musk.

(3) Prime Minister Keir Starmer is set to appoint Peter Mandelson, a veteran Labour Party figure and trade specialist, as the UK’s ambassador to the US, in an effort to spare Britain from being hit by tariffs by Donald Trump.

(4) For most of the UK’s inflation shock over the past two years, Bank of England policy reacted to swings in wage and prices data. Now it’s leaning much more prominently on its own forecasts.

(5) The UK recorded its worst November car production numbers in 44 years amid weak demand both in Britain and across Europe.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signaling greater caution over how quickly they can continue reducing borrowing costs.

(2) The Bank of Japan kept its monetary policy settings unchanged as it waits a little longer before its next move, with a dissenter’s proposed rate increase suggesting momentum for another hike is building.

(3) The Bank of England is likely to warn of only gradual interest-rate cuts in 2025, ending the year with a cautious message to investors as the specter of stagflation — anemic growth and sticky inflation — hangs over the British economy.

(4) The UK’s minimum wage has been pushed up by 14 pence (18 cents) an hour as a result of changes to a faulty methodology in statistics that underpin the rate.

(5) Ukrainian President Volodymyr Zelenskiy said he’ll reinforce his push for security guarantees at a meeting with NATO Secretary General Mark Rutte and several European leaders in Brussels.

(6) Barclays s set to increase annual bonuses by as much as 20% in its investment bank after an improved year for traders and advisory teams.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Honda and Nissan are exploring a merger, according to people familiar with the matter, that would create a singular rival to Toyota in Japan and better position the combined company to face competitive challenges around the world. 

(2) Federal Reserve officials are likely to lower borrowing costs for a third-straight meeting this week while also signaling fewer interest-rate cuts next year than previously projected.

(3) First it was a collapse in the currency. Now the rest of Brazil’s financial markets are in the cross-hairs as investors lose faith in the government’s ability to contain a deepening fiscal crisis.

(4) UK government borrowing costs rose to the highest level in decades relative to Germany’s, as traders grew increasingly skeptical over how much more easing the Bank of England will manage to deliver next year.

(5) The UK government risks baking in higher energy costs for consumers as it pushes to meet a challenging — and upgraded — target to decarbonize the country’s power supply by 2030.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) The majority of Britain’s biggest listed companies will together account for less than 3% of the revenue raised by Labour‘s increased payroll tax, Bloomberg analysis shows, despite Prime Minister Keir Starmer’s promise to target “those with the broadest shoulders.”

(2) Prime Minister Keir Starmer’s plan to boost ties with Beijing faces new hurdles after a Chinese businessman’s close links to Prince Andrew spurred demands for tougher restrictions on China’s operatives in the UK.

(3) President-elect Donald Trump said Ukraine needs to reach a deal to end the Russian invasion and downplayed the value of occupied land, in the latest signal he may push for a settlement that codifies Russian territorial gains.

(4) Donald Trump failed to convince a judge to set aside his conviction in the New York hush money case on presidential immunity grounds, though it’s unclear if the case will still proceed to sentencing as the president-elect continues to challenge the verdict.

(5) Germany is headed for months of political deadlock as voters return to the ballot box for another federal election in February and with coalition negotiations potentially lasting several months after that.

(6) The Bank of France cut its domestic growth outlook just days after President Emmanuel Macron named the country’s fourth prime minister in a year, with the central bank citing the political upheaval as a drag on household and business confidence.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Germany's Chancellor Olaf Scholz will submit to a parliamentary vote of confidence today, which he intends to lose, triggering an early election on the 23rd of February. The country's economy is now 5% smaller than it would have been if the pre-pandemic growth trend had been maintained.

 (2) France’s Prime Minister Francois Bayrou will meet with far-right leader Marine Le Pen on Monday, kicking off an effort to form a government that can push a budget through a divided Parliament.

 (3) UK Chancellor Rachel Reeves is resisting calls from English mayors to extend their revenue-raising abilities, an awkward clash that comes as her government launches its plan to extend more powers to local leaders.

(4) French TV network Canal+ is set to become the largest listing on London's stock market in two years. Analysts expect the company will float with a 5 billion pound valuation when the market opens.

(5) China’s retail sales growth unexpectedly weakened in November despite signs of improvement in the housing market, highlighting the urgency for Beijing to further encourage residents to spend..

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of next week’s Fed decision and earnings from Nike.
• In the UK – a preview of the Bank of England’s monetary policy decision.
• In Asia – a look ahead to upcoming economic data in China.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French President Emmanuel Macron will name a new prime minister this morning via a statement, his office said on Thursday evening.

(2) Klarna Chief Executive Officer Sebastian Siemiatkowski said his company was able to stop hiring a year ago as it invested in artificial intelligence that’s doing the work of hundreds of staff across the firm.

(3) European Central Bank policymakers expect to cut interest rates by another quarter point in January and probably also in March as inflation stabilizes at the 2% target and economic growth remains sluggish, according to officials familiar with their thinking.

(4) UK consumer confidence remained subdued in December with households reluctant to splash out on big-ticket items ahead of Christmas amid ongoing economic uncertainty, a survey found.

(5) Russia is nearing an agreement with Syria’s new leadership to keep two vital military bases in the Middle East state, a key objective of the Kremlin after the fall of its ally Bashar al-Assad.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Fresh inflation figures are likely to make the Federal Reserve more cautious about the pace of interest-rate cuts — but not quite yet.

(2) Traders increased bets on interest-rate cuts from the European Central Bank following a similar move in Federal Reserve expectations, and now see 158 basis points of easing through the end of 2025, the most in a week.

(3) US President-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS reported, citing multiple sources.

(4) US economic indicators can move global markets by trillions of dollars at a time. The agencies that collect and publish those statistics have been pleading for an extra few million, to maintain the integrity of the financial world’s most important numbers.

(5) A closely watched gauge of UK house prices hit its highest in over two years in November as buyers were buoyed by a Bank of England interest-rate cut and an end to uncertainty over Labour’s first budget.

(6) All it takes is one hacker and a batch of faulty solar panels to threaten the safety of Europe’s electric grid.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) London's IPO market has declined 9% this year, with only $1 billion raised, pushing the UK to 20th place in global IPO rankings.

(2) Various trade unions criticized the UK government over public sector pay proposals for next year, raising the prospect of potential industrial action and tensions that would be a blow to Keir Starmer’s administration.

(3) The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.

(4) The suspect in the fatal shooting of UnitedHealth Group executive Brian Thompson is fighting being sent to New York to face a second-degree murder charge, setting up a potentially long legal process to prosecute Luigi Mangione.

(5) French President Emmanuel Macron is seeking to free his government from the stranglehold of National Rally leader Marine Le Pen by piecing together a coalition of moderates that will last until 2027.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Female representation in the boardroom almost tripled since 2010, with the most gender-diverse companies delivering higher shareholder returns compared to male-dominated boards, according to Bloomberg Intelligence.

 
(2) Women are controlling ever-greater sums of money around the world, setting the stage for major shifts in wealth management and philanthropy.

 
(3) One of the world's most prominent female CEOs is Jane Fraser, the boss of Citi Group. Currently halfway through her 5-year plan to turn around the bank, she tells Bloomberg she's now focusing her efforts on improving technology, reducing costs, and growing fee revenues.

(4) The rebel group that toppled Syria’s President Bashar Al-Assad tasked Mohammed Al Bashir to form a transitional government, Syrian television reported.

(5) Luigi Mangione, a “person of interest” in the fatal shooting of UnitedHealth Group Inc. executive Brian Thompson, was charged with possessing an illegal gun and using a fake identification after being arrested in Pennsylvania on Monday. 

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Israeli ground forces have crossed into Syria for the first time in more than 50 years. According to the country's military, troops have been operating in the Syrian Hermon region, advancing beyond the demilitarized zone on the border between the two countries.

(2) As Bashar Al-Assad fled to Moscow, the looters started raiding the presidential palace and people took to the streets of Damascus to celebrate his demise.

 
(3) US airstrikes hit dozens of Islamic State targets in central Syria on Sunday as President Joe Biden cautioned that Bashar al-Assad’s fall from power could open the door to a resurgence of Islamic extremism.

(4) President-elect Donald Trump said he has no plans to replace Federal Reserve Chair Jerome Powell once he returns to the White House, saying “I don’t see it.”

 
(5) Prime Minister Keir Starmer’s government is set to launch a £100 million fund aimed at helping the state run “more like a start up,” as Labour attempts to rebut criticism over its tumultuous first few months in power.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.
•    In the US – a look at U.S CPI data and a preview of Oracle earnings.
•    In the UK – a look ahead to the upcoming ECB decision.
•    In Asia – a look ahead to the upcoming RBA decision and Australia’s social media ban for teens.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Emmanuel Macron said he will serve out the remainder of his presidential term as he seeks to quickly stymie the political turmoil in France after Marine Le Pen’s far-right party allied with leftist lawmakers to topple his government.

(2) A measure of France’s bond risk fell amid hopes lawmakers will strike a deal on next year’s budget sooner than many investors had expected, ending months of political impasse that has weighed on markets.

(3) The words “delay” and “depose” were written on a shell casing and a live round recovered in front of the New York Hilton Midtown, where UnitedHealth Group Inc. insurance chief Brian Thompson was fatally shot on Wednesday, according to people familiar with the matter.

(4) UK household incomes will be held back by budget tax increases in a blow to Prime Minister Keir Starmer’s new goal of “raising living standards in every part of the UK,” according to the Confederation for British Industry.

(5) Citigroup has named 344 new managing directors, the most in at least six years for the Wall Street bank.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French President Emmanuel Macron is seeking a new prime minister after a no-confidence motion against his government was passed with the help of the far right and left.

(2) The French government's no-confidence vote has created uncertainty for the euro, which may face further headwinds due to the political instability.

(3) Brian Thompson, a 50-year-old UnitedHealth Group executive, was fatally shot in midtown Manhattan outside the New York Hilton Midtown where the company was hosting its investor day.

(4) President elect Donald Trump's pick for the head of the US securities regulator, Paul Atkins, has lifted Bitcoin's value to a record high of over $100,000.

(5) The boss of Lloyds Banking Group has warned the uncertainty around lawsuits and regulatory probes into motor finance mis-selling is making it difficult for investors to have confidence in British banking, with ripple effects across the economy.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Emmanuel Macron called on French lawmakers to set aside their personal ambition and reject a vote that would topple the government and throw the country into political turmoil.

(2)  South Korea’s currency recovered while its stocks fell Wednesday, as investors braced for prolonged political uncertainties following a brief decree of martial law by President Yoon Suk Yeol.

(3) Revolut boss Nik Storonsky would still prefer to float his fintech company in the US, saying that markets in the UK can’t compare.

(4) Takeovers of London-listed companies are shrinking the UK stock market at the fastest pace in more than a decade.

(5) Meta is seeking as much as 4 gigawatts of new nuclear energy as the company looks for a reliable electricity source for its data centers. About 45 companies have delisted from the London market this year due to mergers and acquisitions, up 10% from the tally for all of last year, according to data compiled by Bloomberg.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French Prime Minister Michel Barnier warned lawmakers that France has reached its "moment of truth," as far-right leader Marine Le Pen is set to join a left-wing coalition to topple his government as soon as this week.

(2) The UK doesn't need to trade off its special relationship with the US against its European alliances, Prime Minister Keir Starmer said, despite concern that President-elect Donald Trump's plans to ramp-up tariffs will drive a wedge between the allies. 

(3) SpaceX is in discussions to sell insider shares that could boost the value of Elon Musk's rocket and satellite company to around $350 billion, according to people familiar with the matter. 

(4) Elon Musk's record-setting Tesla Inc. pay package was struck down once again by a Delaware judge, threatening to wrest billions of dollars from the world's richest person and one of Donald Trump's closest confidants. The stock options package was initially worth $2.6 billion and spiked to $56 billion by the time the judge cancelled it. The package was worth $101.5 billion at Monday's closing price.

(5) Previously unreported documents show how the rollout of a landmark new EU biometric border system has been dogged by financial and technical problems that have led to multiple delays.

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On today's podcast:

(1) President Joe Biden has signed a sweeping pardon for his son Hunter Biden, reversing his previous stance that he would not use his executive powers to aid his son.

(2) In an exclusive Bloomberg interview, France's Finance Minister Antoine Armand refuses to accept Marine Le Pen's demands for budget changes, saying the government won't be blackmailed.

(3) Ireland is likely to return a coalition government of Fianna Fail and Fine Gael, bucking the international trend of ousting incumbent parties.

(4) Rebels in Syria opposed to President Bashar al-Assad captured Aleppo and are headed towards Hama, with Damascus in their sights.

(5) Stellantis CEO Carlos Tavares, known for his cost-cutting drive, stepped down from the automaker following a dispute with the board over how to arrest weakening sales and a stock slump.

(6) Workers across Europe are taking more sick days, and economic costs are mounting.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US - a preview of the November jobs report and oil outlook.
• In the UK - a preview of Poland’s Presidential election.
• In Asia – a look at the impact of Donald Trump tariffs on China, and Bitcoin outlook.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The world’s banks are on track to report the lowest revenue from foreign-exchange and rates trading since the pandemic, hit by tighter margins and a challenging macroeconomic backdrop.

(2) Marine Le Pen’s National Rally set out further demands for changes to the French government’s 2025 budget bill after Prime Minister Michel Barnier dropped plans to raise taxes on electricity in a key concession.

(3) President Vladimir Putin warned that his forces could strike “decision-making centers” in the Ukrainian capital of Kyiv with new ballistic missiles as retaliation for attacks on Russia using Western missiles.

(4) Ireland holds a general election on Friday, with Prime Minister Simon Harris hoping to capitalize on a strong economy to secure another five years in power.

(5) Murray Roos was until late last year central to an effort to revolutionise the world’s capital markets via the London Stock Exchange’s nascent digital assets platform. Now, the 48-year-old former trader is using technology to take on even more entrenched market — the UK’s centuries old livestock auctions.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French Finance Minister Antoine Armand said he is prepared to make concessions on the 2025 budget bill to avoid opposition parties toppling the government in the coming weeks. The prospect has pushed investors to sell French assets, driving up the country's borrowing costs compared with European peers. The rate on 10-year French notes matched Greece's for the first time on record on Thursday.

(2) UK Chancellor Rachel Reeves' £26 billion tax hike on businesses may cost as many as 130,000 jobs if bosses choose to pass on the burden by reducing employment, according to analysis by Bloomberg Economics.

(3)  The Biden administration is weighing additional curbs on sales of semiconductor equipment and AI memory chips to China that would escalate the US crackdown on Beijing's tech ambitions but stop short of some stricter measures previously considered, according to people familiar with the matter.

(4) Donald Trump had dinner with Meta CEO Mark Zuckerberg at the president-elect's Mar-a-Lago estate in Florida on Wednesday.

(5) Black graduates face racial discrimination when applying for jobs in financial, professional and legal sectors in the UK, new research shows, even as companies say they are committed to tackling under-representation of minorities at work.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) France’s banking stocks slid as a potential government collapse and deepening political crisis unsettled investors.

(2) The Biden administration is weighing additional curbs on sales of semiconductor equipment and AI memory chips to China that would escalate the US crackdown on Beijing’s tech ambitions but stop short of some stricter measures previously considered, according to people familiar with the matter.

(3) The Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago, helping explain policymakers’ more cautious approach to lowering interest rates.

(4) Black graduates face racial discrimination when applying for jobs in financial, professional and legal sectors in the UK, new research shows, even as companies say they are committed to tackling underrepresentation of minorities at work.

(5) Finland and Sweden have launched initiatives to prepare citizens for potential crises, including war, natural disasters, and cyberattacks.

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On today's podcast:

(1) Israel reached a deal for a 60-day cease-fire with the Lebanese militant group Hezbollah after weeks of talks mediated by the US, a first step toward ending a conflict that's killed thousands of people and opening the door to fresh peace initiatives in the Gaza Strip.

(2) French Prime Minister Michel Barnier said the country faces "storm" in financial markets if an "unlikely but possible" alliance of lawmakers across the political spectrum rejects his government's budget proposals and votes it out of power.

(3) Taxes on Britain's biggest businesses jumped sharply even before Chancellor of the Exchequer Rachel Reeves increased their burden in last month's budget.

(4) President-elect Donald Trump named Kevin Hassett to direct the National Economic Council and Jamieson Greer as the US Trade Representative, filling two key posts on his economic team.

(5) Bernard Arnault, CEO of LVMH, is set to testify in a criminal courtroom about an extortion attempt involving a former bodyguard and a paparazzo who demanded €300,000 in exchange for photos of him with a woman who wasn't his wife.

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President-elect Donald Trump has vowed additional tariffs on China as well as US neighbors Canada and Mexico. Trump said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada in posts to his Truth Social network on Monday. Former general counsel at the Office of the United States Trade Representative Jennifer Hillman says Trump announcing the plan before he’s in the office suggests he’s looking for Canada or Mexico to offer things to negotiate. She joined Eli Lee Chief Investment Strategist at Bank of Singapore for a special round table conversation with Bloomberg’s Haslinda Amin.

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On today's podcast:

(1) President-elect Donald Trump vowed additional tariffs on China as well as US neighbors Canada and Mexico, roiling markets with his first specific threat to curb global trade flows since his election win.

(2) The dollar rallied and shares dropped after President-elect Donald Trump said the US will impose additional tariffs on China, Mexico and Canada, ratcheting up concerns about his “America First” policies.

(3) Keir Starmer risks another battle over his Labour government’s controversial first budget, as the UK prime minister sets out his plan to reduce welfare spending by getting more people into work — at the same time as companies are warning of job cuts due to higher taxes.

(4) The UK government recently supplied Ukraine with dozens more Storm Shadow cruise missiles, according to people familiar with the matter, a first under Prime Minister Keir Starmer, who has pledged continued support for the country’s war against Russia.

(5) Ireland's election, like so many this year, has been littered with politicians promising voters the earth. What makes this different is that whoever wins has the money to deliver on many of their promises. Tiwa Adebayo

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On today's podcast:

(1) Firms across Britain are “in damage control” with nearly half planning to cut jobs after the Labour government’s tax-rising budget, according to the boss of the country’s most influential business lobby group.

(2) The UK could claw back pension tax breaks from asset managers that fail to invest enough domestically, the head of the British Business Bank said in a warning about the stakes for the industry as the government pursues a key growth initiative.

(3)The selection of Scott Bessent as the next Treasury Secretary has fueled a rally in currencies around the world against the dollar, as traders trim bets that the return of Donald Trump will send tremors throughout global markets.

(4) Apple Chief Executive Officer Tim Cook is visiting China for at least the third time this year, showing up at a suppliers’ conference on the same day a top Beijing official convened an important meeting with a group of foreign CEOs.

(5) Iran plans to hold talks about its nuclear program with the UK, France and Germany this week, Kyodo reported on Sunday, citing Iranian diplomatic sources who weren’t identified.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S GDP, and PCE data, and earnings from Macy’s.
• In the UK – a preview of the CBI's annual conference.
• In Asia – a look ahead to a meeting of the Bank of Korea and Trump-China trade.

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(1) American defense firms should be alert for Russian actors sabotaging their operations at home and abroad as Moscow seeks to undermine support for Ukraine, US intelligence and national security agencies said Thursday. 

(2) Matt Gaetz withdrew from consideration to be US attorney general in a setback for Donald Trump. Gaetz's campaign later disclosed millions in payments to Stripe, drawing an FEC complaint by a campaign-finance advocacy group. Pam Bondi will be nominated instead.

(3) Ken Griffin said he's open to selling a minority stake in his hedge fund Citadel. But he's steering clear of an IPO for his security unit for "the foreseeable future" due to regulatory burdens.

(4) UK consumer confidence posted a surprise increase in November after the budget ended uncertainty over the tax and spending plans of the new Labour government, a survey found.

(5) As the ultra rich flood a once quiet part of Portugal, Christian Louboutin is among those fighting to save the region

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On today's podcast:

(1) Nvidia predicted fiscal fourth-quarter sales of about $37.5 billion. Though the average analyst estimate was $37.1 billion, projections ranged as high as $41 billion. 

(2) US prosecutors charged Gautam Adani with helping drive a $250 million bribery scheme, throwing the Indian tycoon's conglomerate back into turmoil just as it was rebounding from a short-seller's fraud allegations.

(3) Archegos Capital Management founder Bill Hwang was ordered to spend 18 years in prison for fraud and market manipulation tied to the stunning 2021 collapse of his $36 billion family office, capping a case that riveted Wall Street.

(4) Ukrainian forces fired British cruise missiles at military targets inside Russia for the first time, expanding the use of Western-provided long-range weapons as the 1,000-day conflict enters a new phase.

(5) The Bank of Mom and Dad is becoming a growing source of finance for UK adults looking to get on the housing ladder, according a new Resolution Foundation report.

(6) Global havens for the wealthy see an opportunity to lure away UK non-doms — and they're hosting roadshow-type events to gauge their interest. 

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On today's podcast:

(1) Keir Starmer used his biggest international summit since becoming prime minister to say Britain was back and “looking outward to the world again.” Asserting a global role for his government proved more elusive.

(2) Vladimir Putin’s war on Ukraine is escalating after months of bloody attrition. The G20 meeting has been most notably overshadowed by the latest escalatory actions from Moscow and Kyiv.

(3) Hong Kong’s former newspaper titan Jimmy Lai dismissed the idea of advocating for independence as “crazy” and downplayed his foreign ties, in his debut testimony fighting national security charges that could silence the 76-year-old for life.

(4) President-elect Donald Trump is tapping Cantor Fitzgerald LP chief executive officer Howard Lutnick to lead the Commerce Department, a central pick in an administration that will likely be shaped by sweeping tariff hike proposals.

(5) Britain has underestimated the number of people in employment by almost 1 million, according to a new report that casts further doubt on official estimates that are crucial for the Bank of England.

(6) Nvidia is poised to deliver its latest quarterly results and forecasts on Wednesday, showing whether the world’s most valuable company can continue its remarkable run fueled by spending on artificial intelligence hardware.  

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On today's podcast:

(1) Hedge-fund titan Ken Griffin said he’s anxious about Donald Trump’s potential tariff policies, but that the US economy is going back to “the business of business” now that he’s returning to the White House.

(2) The UK will have to balance any deal on tariffs offered by US President-elect Donald Trump with wider concerns on how it would affect trade ties with the European Union, Business and Trade Secretary Jonathan Reynolds said Monday.

(3) Europe should pool its resources in areas like defense and climate as its productivity growth falters and the world fragments into rival blocs, European Central Bank President Christine Lagarde said.

(4) Top Justice Department antitrust officials have decided to ask a judge to force Alphabet Inc.’s Google to sell off its Chrome browser in what would be a historic crackdown on one of the world’s biggest tech companies.

(5) A Hong Kong court sentenced former democracy advocate Benny Tai to 10 years in prison, the longest sentence ever meted out using a China-imposed security law, in a move likely to further deter dissent in the finance hub and attract condemnation from Western governments. 

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On today's podcast:

(1) The US is approaching a final decision to lift some restrictions on Ukraine’s use of Western-made weapons to strike limited military targets in Russia, according to people familiar with the matter.

(2) Xi Jinping used his final meeting with Joe Biden to send a clear message to Donald Trump: China wants to be friends, but is ready for a fight if necessary.

(3) The search for Donald Trump’s chief economic policymaker devolved into disarray over the weekend, with contenders tussling for support, aides scrambling to find alternative candidates and the president-elect fuming over the behind-the-scenes jockeying that has spilled into public view.

(4) Support for Chancellor Olaf Scholz to lead Germany’s Social Democrats into an early election is starting to crumble within his own ranks, according to people familiar with the situation.

(5) UK inflation probably surged back above the Bank of England’s target in October, reinforcing the case for policymakers to act cautiously when cutting interest rates.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of Nvidia earnings and existing home sales.
• In the UK – a preview of the upcoming G20 summit.
• In Asia – a preview of the PBOC’s upcoming rate decision and also the G20 summit.

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On today's podcast:

(1) Federal Reserve Chair Jerome Powell said the recent performance of the US economy has been “remarkably good,” giving central bankers room to lower interest rates at a careful pace.

(2) Bank of England Governor Andrew Bailey has warned Chancellor of the Exchequer Rachel Reeves not to raise tariffs in retaliation to an expected wave of US-led protectionism, amid fears that President-elect Donald Trump will kick off a global trade war once he is sworn in next year.

(3) Rachel Reeves said the UK’s crackdown on banks in the wake of the global financial crisis has gone too far and vowed to give the country’s watchdogs new marching orders to ensure they’re focused on growing the economy.

(4) JPMorgan Chase Chief Executive Officer Jamie Dimon said President-elect Donald Trump’s tariff threats will “get people to the table,” adding that he hopes it’s “done wisely.” Trump ruled out giving a post to Dimon in his second-term administration in a jab at the prominent Wall Street chief executive officer.

(5) China’s economy showed encouraging signs as retail sales grew at the strongest pace in eight months, indicating Beijing’s recent stimulus efforts have boosted some key sectors.

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On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves said the UK will introduce legislation next year to pool £1.3 trillion ($1.7 trillion) of pension savings into a series of “megafunds,” as the new Labour government tries to deliver on its pledge to boost private investment and economic growth.

(2) President-elect Donald Trump shocked Washington with his decision to nominate ultra-loyalist Matt Gaetz as his attorney general. The move rammed home what’s become evident since he began announcing his nominations: Subservience to Trump is the main qualification for a job.

(3) Several Federal Reserve officials Wednesday reiterated their deep uncertainty over how far the central bank will need to lower interest rates, highlighting the difficulty policymakers face in trying to determine the right setting to keep the economy on an even keel.

(4) Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance.

(5) French President Emmanuel Macron has warned that Europe risks getting divided by Donald Trump’s economic policy and being thrown into a simultaneous trade war with Washington and Beijing.

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On today's podcast:

(1) Billionaire Elon Musk and entrepreneur Vivek Ramaswamy will lead a new Department of Government Efficiency tasked to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” President-elect Donald Trump announced.

(2) The expected appointment of officials with strong anti-China views to President-elect Donald Trump’s cabinet was welcomed by hedge fund veteran Kyle Bass, even as it risks straining ties between the world’s largest economies.

(3) Federal Reserve Bank of Minneapolis President Neel Kashkari said he’ll be looking at incoming inflation data to determine whether another interest-rate cut is appropriate at the US central bank’s December meeting. It comes as traders are loading up on bets for further losses in the Treasury market in anticipation that Donald Trump’s pledged policies will rekindle inflation and keep US interest rates high.

(4) Germany’s election campaign kicks into high gear on Wednesday, when Chancellor Olaf Scholz makes his case in a public address for another term, despite polls showing voters are overwhelmingly looking for a change.

(5) The Bank of France expects the economy to stagnate in the fourth quarter after growth was boosted by the Paris Olympics in the previous three months and as the political situation continues to add to business uncertainty.

(6) Apple, aiming to catch up with rivals in the smart home market, is nearing the launch of a new product category: a wall-mounted display that can control appliances, handle videoconferencing and use AI to navigate apps.  

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On today's podcast:

(1)  President-elect Donald Trump is poised to pick two men with track records of harshly criticizing China for key posts in his new administration, a sign relations between the superpowers may deteriorate further in coming years. Senator Marco Rubio — who has taken an aggressive stance on China's emergence as an economic power — is set to become the first sitting secretary of state to have been sanctioned by Beijing. Florida Representative Mike Waltz, who has called China a "greater threat" to the US than any other nation, is in line to be national security adviser.

(2) Bitcoin's record-breaking rally took the digital asset past $89,000 and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump.

(3) China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter. 

(4) The UK will begin issuing digital gilts within the next two years, using blockchain technology to "tokenize" its government debt, Chancellor Rachel Reeves is expected to say in a speech Thursday. The hope is that it will make gilt trading faster and cheaper.

(5) Nestle needed change at the top — so it's leaning on tradition with a new boss from within to win investors back 

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On today's podcast:

(1) President-elect Donald Trump said he will install Tom Homan, the former acting head of the U.S. Immigration and Customs Enforcement agency, as a “border czar” with oversight over immigration, maritime and aviation security.

(2) Trump spoke with Russian President Vladimir Putin on Thursday, the first phone conversation between the two men since Trump won the election, according to reporting in the Washington Post.

(3) The bond-market selloff unleashed by Donald Trump’s presidential victory last week ended almost as quickly as it began. Yet firms like BlackRock, JPMorgan Chase and TCW have issued a steady drumbeat of warnings that the bumpy ride is likely far from over.

(4) German Chancellor Olaf Scholz said he’s open to moving up a parliamentary confidence vote by several weeks to before Christmas, potentially speeding up the country’s early election to February.

(5) UK Chancellor Rachel Reeves will champion free trade and economic growth in a keynote speech this week, as Labour faces pressure to both preempt protectionist trade policies expected from the incoming Trump administration and to reassure businesses facing a higher tax bill. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S CPI data and earnings from Walt Disney.
• In the UK – a preview of UK Chancellor Rachel Reeves speech in London.
• In Asia – a look at the effects of Donald Trump's re-election on US-China relations, and a preview of Tencent earnings.

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On today's podcast:

(1) Federal Reserve Chair Jerome Powell made clear he's ready to defend the US central bank from political pressure following the re-election of Donald Trump, saying he wouldn't resign if asked and insisting the incoming president doesn't have the power to fire him or other senior Fed leaders.

(2) Donald Trump's team is forming a new administration and the president-elect is expected to draw top advisers and cabinet secretaries from a pool of Wall Street and business executives including officials from his first term — at least the ones who stuck by him.

(3) The Bank of England has supported UK Chancellor Rachel Reeves' debut budget, despite market concerns over inflation and borrowing

(4) The head of HSBC's new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring "very quickly" and could announce the first round of job cuts within weeks.

(5) Goldman Sachs has added 95 executives to its partnership, the largest addition since CEO David Solomon took over. 

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On today's podcast:

(1) Donald Trump's return to the White House is adding fresh ammo to a decade-long investment strategy that echoes his "Make America Great Again" mantra in a replay of the 2016 playbook.

(2) Vice President Kamala Harris told supporters to accept her election loss at the hands of President-elect Donald Trump but urged them to keep fighting for the ideals she espoused in her campaign as she publicly conceded the 2024 presidential race.

(3) After the Federal Reserve announces what's widely expected to be a quarter-point cut in interest rates, Chair Powell will have to field a barrage of questions about what Donald Trump's return to the White House will mean for growth, inflation and borrowing costs.

(4) The Bank of England is likely to lower interest rates for only the second time this year in a decision that will be overshadowed by the fallout from the UK budget and Donald Trump's election victory.

(5) German Chancellor Olaf Scholz called for a snap election after his fractious, three-way coalition finally collapsed over how to revive the lackluster economy. 

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On today's podcast:

(1) Republican nominee Donald Trump is on the cusp of recapturing the White House, projected as the winner across pivotal battleground states with his party set to control the Senate and markets swinging in expectation of his likely triumph.

(2) While Trump has not yet been declared the winner by most news outlets, he won Pennsylvania, puncturing Democrats’ Blue Wall and all but ending Democratic nominee Kamala Harris’ hopes of mounting a comeback.

(3) US stocks surged, with S&P futures climbing 1.4%; the dollar posted its biggest gain against major currencies since 2020; Treasury bonds tumbled, sending benchmark yields up more than 0.1 percentage point; and Bitcoin soared to a record.

(4) Republicans flip control of the US Senate. They now control at least 51 seats in the 100-member chamber. The GOP knocked out veteran Sherrod Brown in Ohio and picked up an open seat in West Virginia.

(5)World leaders congratulated Donald Trump as he declared victory in the US election, capping one of the most tumultuous campaigns in modern political history to defeat his Democratic challenger Kamala Harris. 

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On today's podcast:

(1)  Donald Trump and Kamala Harris concluded one of the most tumultuous and dramatic presidential campaigns in modern political history with dueling rallies late Monday, capping a furious final dash through battleground states that will decide the 2024 race.

(2) Stocks failed to gain traction and bonds climbed, with polls continuing to depict a tight race in the US presidential election ahead of the Federal Reserve rate decision.

(3) Elon Musk's daily million-dollar voter giveaway survived a legal challenge by Philadelphia's district attorney ahead of Tuesday's presidential election as a judge in the crucial battleground state of Pennsylvania declined to block it.

(4) Apple is exploring a push into smart glasses with an internal study of products currently on the market, setting the stage for the company to follow Meta Platforms into an increasingly popular category.

(5) The UK has spent more than a year trying to get hundreds of guns moved from floating armories that are helping Russia profit enormously from its oil trade despite widespread sanction 

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Be in the know this election with Bloomberg Podcasts. Follow Bloomberg News Now for up-to-the minute election results, all night long. And go deeper with The Big Take podcast, featuring in-depth global analysis of the US election every day this week. 

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On today's podcast:

(1) A flurry of polls released Sunday show Vice President Kamala Harris and former President Donald Trump remain poised for a photo finish in this week's presidential election, with voters narrowly split both nationally and across the pivotal swing states that will decide the election.

(2) Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East.

(3) Chancellor Rachel Reeves said she was wrong to tell British voters before the election that Labour wouldn't announce new tax increases, even as she assured them there wouldn't be a repeat of her first budget in the coming years. 

(4) Kemi Badenoch beat Robert Jenrick in the Conservative Party's leadership contest to become the first Black leader of a major UK political party.

(5) Novo Nordisk's Ozempic shot is likely to become the world's top-selling drug next year, but the company must prove it has something even better to stay ahead in the obesity market.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US - a presidential election preview and FOMC Meeting
• In the UK - Bank of England decision preview
• In Asia - Japanese autos earnings

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On today's podcast:
(1) Chancellor of the Exchequer Rachel Reeves sought to reassure the financial markets after her budget on Wednesday triggered a selloff in UK bonds, saying that the “No. 1 commitment” of the Labour government is “economic and fiscal stability.

(2) Apple heading into its most critical sales period of the year, sparked fresh concerns about revenue growth and lingering weakness in an intensely competitive China market.

(3) Intel gave a fourth-quarter revenue forecast slightly above estimates, sparking optimism that it’s capable of reclaiming some lost market share.

(4) Amazon reported strong results that showed a company humming on all cylinders, a testament to its efforts to cut and reallocate costs and put the cloud computing and e-commerce giant on sounder footing.

(5) Donald Trump and his allies are telling supporters that they’re on pace for a runaway victory barring fraud — setting the stage for outrage and legal challenges if the election doesn’t break in favor of Republicans. 

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On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves delivered a massive package of tax hikes alongside plans to ramp up public investment in a historic first budget that aimed to revive the UK economy — but fell short of delivering a major boost to its growth prospects.

(2) Labour's first budget in over a decade raises taxes by £40 billion a year to fund a £70 billion annual increase in public spending. The plan marks a shift back to big state economics, with spending as a share of GDP set to be 5 percentage points higher than before the pandemic.

(3) Shell kept up the pace of its share buybacks after profit fell less than expected amid rising sales volumes of natural gas. 

(4) Microsoft shares dropped in late trading after the software maker forecast slower quarterly cloud revenue growth, reflecting the company’s struggle to bring data centers online fast enough to keep up with demand for artificial intelligence services.

(5) Meta CEO Mark Zuckerberg will ramp up heavy investments in AI and other futuristic technologies, continuing a years-long tug-of-war between the company’s long-term bets and the core advertising business that provides the vast majority of Meta’s revenue.

(6) Starbucks' new Chief Executive Officer Brian Niccol, addressing investors for the first time since taking the company’s helm, laid out his vision of strategic changes to reboot the struggling coffee chain — from reining in drink customization to revising the staffing model.

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On today's podcast:

(1) UK Chancellor Rachel Reeves will pledge to “rebuild Britain” with her first budget, an historic moment that will include a major package of tax hikes and extra borrowing likely to define British politics for the rest of the decade.

(2) UBS posted third quarter results that broadly beat expectations, while warning of headwinds ranging from the US elections to falling interest income.

(3) The European Union has imposed higher tariffs peaking at 45% on electric vehicles from China, ratcheting up trade tensions between the world’s leading export powers.

(4) Google parent Alphabet showed on Tuesday that an expensive foray into artificial intelligence is starting to pay off, delivering better-than-expected traction for its cloud computing business and driving more usage for its flagship search engine.

(5) Advanced Micro Devices slid in late trading after the chipmaker’s revenue forecast missed analysts’ estimates, a sign its artificial intelligence sales are growing more slowly than some had anticipated.

(6) Democratic presidential candidate Kamala Harris argued a second Donald Trump presidency would be steeped in chaos and division — but not focused on Americans’ needs — as she looked to rally voters from the National Mall one week before Election Day. 

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On today's podcast:

(1) HSBC has announced a fresh multi-billion dollar stock buyback as it reported better-than-estimated earnings, days after unveiling a major overhaul of its businesses.

(2) Banco Santander has posted better-than-expected profit in the third quarter, as the lender sees progress in adjusting to lower interest rates.

(3) Goldman Sachs CEO David Solomon is sounding a bullish note on the outlook for dealmaking, singling out investments in technology as a bright spot.

(4) Volkswagen is embarking on an unheard-of German restructuring in what amounts to comeuppance for having allowed issues at its namesake brand to fester for years.

(5) A proposal to divide up the UK power market and unleash free electricity in the windiest parts of the nation is turning into a bitter fight between its biggest energy companies.

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On today's podcast:

(1) UK Prime Minister Keir Starmer said his government would “embrace the harsh light of fiscal reality,” as Chancellor of the Exchequer Rachel Reeves prepares to reveal a historic package of tax hikes and extra borrowing in a make-or-break budget on Wednesday.

(2) Oil tumbled more than 5% at the start of the week after Israeli strikes against targets in Iran avoided the OPEC member’s crude facilities, raising the prospect for easing hostilities in the region.

(3) Japan faces a period of political instability after the ruling coalition failed to win a majority in parliament for the first time since 2009, setting up a race among two main blocs to form a government.

(4) Boeing is planning to launch a capital raise as early as Monday, according to people familiar with the matter, in an offering that would help the beleaguered airplane maker boost its liquidity.

(5) Slowing profit growth is removing some of the invincibility surrounding the stock market’s technology giants as they prepare to report earnings this week. Whether they can reverse that trend will go a long way to determining if the rally in equities can keep going. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the October jobs report, and U.S tech earnings.
• In the UK – a look at diversity and inclusion efforts in the UK’s financial services sector.
• In Asia – a preview of Hong Kong’s FinTech week and a meeting of Bank of Japan officials.

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On today's podcast:
(1) City firms reported a 72% surge in non-financial misconduct complaints over the last three years following a string of high-profile scandals including sexual harassment allegations leveled at hedge fund chief Crispin Odey.

(2) Prime Minister Keir Starmer says Britons who get additional income from stock holdings don’t count as ‘working people,’ suggesting he’s willing to raise taxes on investors.

(3) President Xi Jinping’s boldest economic stimulus since the pandemic failed to impress global luminaries gathered in Washington this week, who called for more measures to rebalance China’s growth and greater clarity over Beijing’s policy plans.

(4) European Central Bank Governing Council member Pierre Wunsch said it’s far too early to start considering a half-point interest-rate reduction in December. Views among European Central Bank officials about where to take monetary policy are starting to diverge as the institution’s 2% inflation target moves within close reach.

(5) Clearing houses pose a risk to the financial system if they are not robustly operated, Bank of England Governor Andrew Bailey said. (6) Fragmentation in Europe’s banking markets is leading to lower returns for shareholders and higher borrowing costs, according to UBS Group AG chief executive officer Sergio Ermotti.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Vice President Kamala Harris deepened her closing argument to undecided voters that Donald Trump is unfit to serve a second term, classifying her opponent as a fascist in response to a question during a CNN town hall in key swing-state Pennsylvania.

(2) German Finance Minister Christian Lindner warned Donald Trump against starting a trade war with the European Union if he returns to the White House because imposing tariffs would hurt both sides.

(3) Tesla's market value soared by $80 billion after the EV maker reported its biggest quarterly profit in more than a year and issued upbeat forecasts for 2025.

(4) Boeing factory workers rejected a new labor contract that would have increased their wages by 35% over four years, dealing a blow to the embattled aircraft manufacturer as it tries to overcome a crippling work stoppage.

(5) Prime Minister Keir Starmer said there’s “no reason” for entrepreneurs to leave the UK, even as Chancellor of the Exchequer Rachel Reeves studies proposals to raise taxes on the wealthy, property, inheritance and pensions in her budget next week. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The last time US government bonds sold off this much as the Federal Reserve started cutting interest rates, Alan Greenspan was orchestrating a rare soft landing.

(2) Bank of America Chief Executive Officer Brian Moynihan has urged Federal Reserve policymakers to be measured in the magnitude of interest-rate reductions.

(3) UK Prime Minister Keir Starmer said Donald Trump’s legal complaint against his Labour Party over alleged election interference won’t jeopardize their relationship if the former president wins the US election next month.

(4) Deutsche Bank is seeking approval for further share buybacks after revenue at the investment bank rose and the lender largely settled a legacy dispute.

(5) Arm is canceling a license that allowed longtime partner Qualcomm to use Arm intellectual property to design chips, escalating a legal dispute over vital smartphone  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Bonds around the world are falling as investors mull prospects of slower US interest-rate cuts, a trend that risks upending debt positions everywhere.

(2) HSBC unveiled a broad restructuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedery embarks on ambitious cost cuts at the banking behemoth.

(3) President Vladimir Putin will play host to Russia’s biggest gathering of world leaders since the invasion of Ukraine and use the BRICS summit to show the US and its allies that he’s no pariah.

(4) US Secretary of State Antony Blinken took off Monday for his 11th visit to the Middle East in his so-far unsuccessful effort to engineer a cease-fire between Israel and Iran-backed militants since the attack on Israel more than a year ago.

(5) Plus -- Bloomberg's top 25 UK startups to watch in 2024.  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A day after a Hezbollah drone penetrated Israel’s air defenses and exploded next to the private home of Prime Minister Benjamin Netanyahu, he held a series of meetings with top security aides to discuss the next attack on Iran.

(2) China cut its benchmark lending rates after the central bank lowered interest rates at the end of September as part of a series of measures aimed at reviving economic growth and halting a housing market crash.

(3) The fast money on Wall Street has taken a close look at key sectors in the green economy and decided to bet against them.

(4) Vice President Kamala Harris predicted former President Donald Trump’s lack of decorum would be a disqualifier with voters as the candidates are locked in an exceedingly tight race with 16 days to go.

(5) UK Chancellor of the Exchequer Rachel Reeves will set aside billions of pounds for the National Health Service in her budget next week as the institution kicks off an extensive program of reform.  

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of Boeing and UPS earnings.
• In the UK – a look ahead to UK bank earnings.
• In Asia – a preview of next week's BRICS Summit in Russia.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Israeli soldiers killed Hamas leader Yahya Sinwar, the architect of the Oct. 7 attack, in a death that leaves a huge hole at the top of the militant group and spurred fresh US pressure for Prime Minister Benjamin Netanyahu to end the war in the Gaza Strip.

(2) China’s central bank moved to support markets just as data showed the economy expanding the least in six quarters, signaling the government’s intent to continue a stimulus push to draw a line under the slowdown.

(3) European Central Bank officials reckon another interest-rate cut in December is highly likely, with inflation to settle at 2% faster than envisaged, according to people familiar with the matter.

(4) Traders at some of the world's biggest banks have allegedly been misled by cold callers dangling the prospect of jobs at the likes of Goldman Sachs Group Inc. and Morgan Stanley in exchange for details about their salaries, the make-up of their teams and even their desk’s confidential profit and loss statements. But often the jobs don’t exist. Neither does the named caller. Even their supposed employer — firms like Omertion Group or AMO Search — aren’t real.

(5) Netflix added more than 5 million customers in the third quarter and eclipsed Wall Street’s expectations on every major financial metric despite a new programming slate constrained by last year’s strikes in Hollywood.

(6) City firms publicly say they’re still committed to diversity, equity and inclusion efforts. Their staff don’t agree. 

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 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Billionaire investor Stan Druckenmiller said markets are pricing in a Donald Trump victory ahead of next month’s US presidential election.

(2) Vice President Kamala Harris sought to deflect criticism over the administration’s handling of the border crisis, her stance on transgender rights and her ties to President Joe Biden in a combative interview Wednesday on Fox News.

(3) China’s economy likely grew at its weakest pace in six quarters, prompting Beijing to roll out a swath of stimulus measures in late September to draw a line under the slowdown.

(4) Europe should use the challenges posed by an increasingly fragmented world order and geopolitical conflicts as an opportunity to strengthen the foundations of its domestic market, according to European Central Bank President Christine Lagarde.

(5) UK Chancellor Rachel Reeves could raise £15 billion ($20 billion) a year from the wealthiest Britons by targeting capital gains and inheritance without triggering an exodus of millionaires, according to two think tank reports. 

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On today's podcast:

(1) UK inflation slipped below the Bank of England’s 2% target for the first time in more than three years, spurring investors to bet on a quicker pace of interest-rate cuts in the coming months. 

(2) ASML shares plunged the most in 26 years after it booked only about half the orders analysts expected, a startling slowdown for one of the bellwethers of the semiconductor industry.

(3)  LVMH’s sales of fashion and leather goods fell for the first time since the pandemic as the industry’s biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable.

(4) Chinese stocks dipped after early fluctuations, in a sign of growing disappointment over the pace of stimulus rollout.

(5) The European Union has prepared a list of American goods it could target with tariffs if former President Donald Trump wins the US election and follows through on his threat to hit the bloc with punitive trade measures.

(6) UK Prime Minister Keir Starmer’s political aides plan to confer with advocates for the nation’s so-called non-dom population of wealthy foreigners amid concerns his Labour Party’s intended tax hikes may end up costing money. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) ASML shares plunged the most in 26 years after it booked only about half the orders analysts expected, a startling slowdown for one of the bellwethers of the semiconductor industry.

(2) LVMH’s sales of fashion and leather goods fell for the first time since the pandemic as the industry’s biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable.

(3) Chinese stocks dipped after early fluctuations, in a sign of growing disappointment over the pace of stimulus rollout.

(4) The European Union has prepared a list of American goods it could target with tariffs if former President Donald Trump wins the US election and follows through on his threat to hit the bloc with punitive trade measures.

(5) UK Prime Minister Keir Starmer’s political aides plan to confer with advocates for the nation’s so-called non-dom population of wealthy foreigners amid concerns his Labour Party’s intended tax hikes may end up costing money.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Biden administration officials have discussed capping sales of advanced AI chips from Nvidia Corp. and other American companies on a country-specific basis, people familiar with the matter said, a move that would limit some nations’ artificial intelligence capabilities.

(2)  China has begun enforcing a long-overlooked tax on overseas investment gains by the country’s ultra-rich, according to people familiar with the matter.

(3) Prime Minister Keir Starmer used a glitzy London investment summit to proclaim growth and wealth creation the cornerstones of his government, seeking to draw a line under a rocky first three months in power that saw his negative rhetoric about the state of the public finances weigh on economic sentiment.

(4) UK wages grew at the slowest pace in more than two years over the summer, a sign of easing inflationary pressures that keeps the Bank of England on track to cut interest rates in November.

(5) Israel said it is listening to US misgivings about its planned counter-strike against Iran but will act based on its own assessments, following a report suggesting Prime Minister Benjamin Netanyahu could spare Tehran’s nuclear and energy facilities from any immediate reprisal. 

(5) Oil fell for a third session after a report that Israel may avoid targeting Iran’s crude infrastructure eased concerns over a major supply disruption.

(6) After JPMorgan & Wells Fargo positively surprised investors last week with unexpected gains in net interest income and investment bank fees, attention shifts to Goldman Sachs, Bank of America and Citigroup, followed by Morgan Stanley a day later.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) China’s highly anticipated Finance Ministry briefing on Saturday lacked the firepower that equity investors had hoped for, indicating that the volatility that’s gripped the market following a world-beating rally will likely extend.

(2) UK Prime Minister Keir Starmer will vow to scrap regulations holding back growth, as he seeks to soothe concerns among international investors after a rocky first 100 days in power.

(3) Vice President Kamala Harris needled her Republican opponent Donald Trump for keeping his medical records out of public view, saying he isn’t being transparent with American voters.

(4) TSMC is planning more plants in Europe with a focus on the market for artificial intelligence chips, according to a senior Taiwanese official, as the chip maker expands its global footprint.

(5) Cracks are finally appearing in the euro zone’s labor market after years of unexpected resilience — spurring the European Central Bank to lower interest rates more speedily.

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It's almost 100 days since Keir Starmer's Labour government was elected - on a pledge to 'change Britain' and reboot economic growth.

But the investors and business people Labour courted ahead of that landslide win are increasingly concerned about progress and the big decisions in the budget.

We spoke to top investors and financiers for their views on the new administration's first steps. Hosted by Caroline Hepker. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S Retail sales and Netflix earnings.
• In the UK – a preview of next week’s ECB meeting.
• In Asia -  a look ahead to China trade data and TSMC earnings.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) One hundred days into Britain’s new Labour government, executives say ‘we can’t live without the details indefinitely.’

(2) Elon Musk unveiled long-awaited prototypes of a Tesla robotaxi called Cybercab, saying production may start in 2026 and that the vehicle could cost less than $30,000.

(3) The French government unveiled a budget for next year that aims to deliver a €60.6 billion ($66.2 billion) remedy for its creaking public finances and rebuild investor confidence even as it risks eviction by a hostile parliament.

(4) Investors and analysts are expecting China to deploy as much as 2 trillion yuan ($283 billion) in fresh fiscal stimulus as Beijing seeks to shore up the world’s No. 2 economy and boost confidence.

(5) Three Federal Reserve policymakers on Thursday were unfazed by a higher-than-forecast September inflation report, suggesting the US central bank can continue lowering interest rates, but a fourth hinted he may favor a pause at their next meeting. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Hurricane Milton slammed into Florida’s west coast near Tampa with tree-snapping winds and heavy rain, pushing a wall of water onshore and putting lives at risk in the densely populated region.

(2) Federal Reserve Chair Jerome Powell is unlikely to win another big interest-rate cut from his policy committee so long as the labor market holds up.

(3) President Joe Biden has warned Israel against attacking Iran’s nuclear sites, and US officials worry a strike on its energy infrastructure could roil energy markets. But with Israeli retaliation against Iran expected at any time, the US is finding it has few assurances against further escalation.

 
(4) Keir Starmer’s new UK government unveils a package of new workers’ rights on Thursday, one of the Labour Party’s key promises in its election-winning manifesto that seeks to balance competing demands of trade unions and business leaders he’s been courting for the past four years.

(5) Conservative Members of Parliament knocked former Home Secretary James Cleverly out of the race to be the UK opposition’s next leader in a shock result that leaves two right wingers, Kemi Badenoch and Robert Jenrick, to battle it out.

(6) Craig Billings’ biggest wager as chief executive officer of Wynn Resorts is starting to pay off. The company is developing its newest outpost in the United Arab Emirates even though the government still hasn’t technically legalized gambling.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US Justice Department told a federal judge it’s considering recommending that Google be forced to sell off parts of its operations to alleviate the harm caused by its monopolization of the online search market, in what would be a historic antitrust breakup.

(2) Ever since President Xi Jinping sought to draw a line under China’s slowdown last month, investors have clamored for him to back up monetary easing with a powerful fiscal stimulus to help fuel one of the nation’s biggest stock rallies in years. 

(3) France is waking up to a harsh reality: its fall from favor in the eyes of global investors is pointing to a long, painful and uncertain rehabilitation.

(4) Regulators in the US and UK should make it easier for companies to go public, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.

(5) Hurricane Milton churned toward Florida’s west coast as a dangerous Category 5 storm, with flooding and high winds expected to inflict widespread damage and put lives at risk.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A rally in onshore Chinese stocks on their return from a week-long holiday cooled as traders questioned Beijing’s resolve to add more stimulus. Shares in Hong Kong tumbled.

(2) Brent oil tumbled below $80 a barrel as expectations for more stimulus from China fizzled, sparking a risk-off mood across markets.

(3) Milton, the Atlantic’s strongest hurricane this year, is set to approach the Florida peninsula as a catastrophic Category 5 storm, bearing down on a region still struggling to recover from Helene’s devastation.

(4) When Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves plotted Labour’s path to power in the UK, they banked on eye-catching moves to hike taxes on private equity and ultra-rich “non-dom” residents to fund key spending plans. Now, those promises are meeting reality.

(5) The UK is opening an office to speed up approvals of novel technologies, including drones and pest-resistant crops, as part of plan to improve the business climate ahead of a major government investment summit. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) As the Middle East marks a year since the deadly Oct. 7 attacks by Hamas, Israel is locked in a multi-front war with no clear end, sending troops back to northern Gaza and keeping up intense aerial attacks and a limited ground maneuver in Lebanon.

(2) Oil opened the week lower as the market waited to see if Israel would retaliate against Tehran for a missile attack last week, with President Joe Biden discouraging a strike on Iran’s crude fields.

(3) The world-beating rally in Chinese stocks is failing to convince many global fund managers and strategists.

(4) The European Central Bank will “quite probably” cut interest rates at its next meeting later this month, according to Governing Council member Francois Villeroy de Galhau.

(5) Keir Starmer replaced his top aide and the Treasury acknowledged that key tax-raising plans were under review, as the Labour government tried to correct course from what even allies say has been a rocky three months in power. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S CPI and PPI data, along with bank earnings.
• In the UK – a look ahead to the 2024 Nobel Prize selection.
• In Asia – a look ahead to what’s next for Japan, after its ruling party picked Shigeru Ishiba as its new leader.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Oil steadied — following its biggest one-day jump in almost a year — as fears that Israel may decide to strike Iranian crude facilities in retaliation for a missile barrage kept the market on edge.

(2) Planned tax increases to get France’s budget deficit under control will hit about 300 of the country’s biggest companies, Prime Minister Michel Barnier said.

(3) Online fashion retailer Shein is preparing to start early, informal meetings with investors to gauge interest ahead of a potential initial public offering in London, according to a person familiar with the matter.

(4) HSBC has canceled some internal events and further curtailed travel as the bank’s new chief executive seeks to keep a tight lid on costs ahead of his first quarterly results.

(5) Economists anticipate that hiring picked up slightly in September while the unemployment rate held steady at 4.2%, an outcome that would assuage any lingering concerns that labor demand is deteriorating. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Joe Biden said Israel should hold off from attacking Iran’s nuclear facilities in retaliation for a missile barrage this week, as Group of Seven nations sought to tamp down a spiraling conflict that threatens to pull the US even deeper in.

(2) OpenAI has completed a deal to raise $6.6 billion in new funding, giving the artificial intelligence company a $157 billion valuation and bolstering its efforts to build the world’s leading generative AI technology.

(3) French President Emmanuel Macron endorsed a temporary tax on the country’s largest companies, supporting his new government’s strategy even as it departs from his longstanding pro-business stance.

(4) Prime Minister Keir Starmer promised to “stand firm” during what are likely to be difficult negotiations to forge closer ties with the European Union, as he announced the first-ever UK-EU bilateral summit next year.

(5) UK Prime Minister Keir Starmer paid back more than £6,000 ($8,000) worth of gifts and hospitality he has received since entering 10 Downing St., as he sought to quell a freebie controversy that has distracted from the early work of his administration. 

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On today's podcast:

(1) Iran fired about 200 ballistic missiles at Israel on Tuesday, a sharp but brief escalation between Middle Eastern adversaries that threatened to trigger a fresh round of attacks as Prime Minister Benjamin Netanyahu vowed to retaliate.

(2) Global benchmark Brent climbed above $74 a barrel, after briefly spiking more than 5% on Tuesday following the Iranian assault, which was preceded by a warning from the US. West Texas Intermediate advanced to near $71, although it also remained below the previous session’s peak.

(3) Vice presidential nominees JD Vance and Tim Walz met for their first and potentially only debate before the November election, as the two Midwesterners with economic populist streaks try to win over undecided voters.

(4) Prime Minister Michel Barnier delayed a target date to bring the budget deficit within the European Union limit by two years in an admission of the dire state of France’s finances.

(5) Prime Minister Keir Starmer’s trip to Brussels on Wednesday will be his first real foray into forging a new post-Brexit relationship with Europe, a process expected to take months, if not years amid competing priorities. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Israel said it had begun “targeted ground raids” in southern Lebanon, escalating a campaign to root out Hezbollah despite international appeals for restraint.

(2) Federal Reserve Chair Jerome Powell said the central bank will lower interest rates “over time,” while again emphasizing that the overall US economy remains on solid footing.

(3) Christine Lagarde said the European Central Bank is becoming more optimistic that it will be able to get inflation under control, and will reflect on that at its October interest-rate decision.

(4) Business chiefs are the most pessimistic they have been about Britain’s economy since late 2022, when the country was still reeling from the effects of Liz Truss’s short spell as prime minister.

(5) Dockworkers have walked out of every major port on the US East and Gulf coasts, marking the beginning of a strike that could ripple through the world’s largest economy and cause political turmoil just weeks before the presidential election. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Nearly a year after Hamas’ unprecedented assault shattered their spirits, Israelis are in a triumphant mood over the pummeling their military has given Lebanon’s Hezbollah and the killing of its elusive leader.

(2) Chinese stocks extended one of their most remarkable turnarounds in history, soaring for a ninth straight day as government stimulus entices investors back to one of the most beaten-down markets worldwide.

(3) UK Chancellor Rachel Reeves is aiming to attend a meeting of EU finance ministers before the end of the year, the Financial Times reports.

(4) Rishi Sunak had one warning for the Conservatives in an otherwise low-profile speech at the party’s annual conference: End the “squabbling” that derailed his UK premiership. It likely fell on dead ears.

(5) Chinese manufacturers sold the fewest electric cars in 18 months to customers across Europe, with registrations falling by nearly half in August from a year earlier. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the September jobs report and the Vice Presidential debate.
• In the UK – a look at some of the challenges France’s new government will face.
• In Asia – a look ahead to China’s Golden Week.

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Your morning briefing, the business news you need in just 15 minutes.On today's podcast:

(1) China cut the amount of cash banks must keep in reserve Friday and lowered a key policy rate, as Beijing rolls out a strong stimulus package unveiled this week in a push to shore up the slowing economy and investor confidence.

(2) Israeli Prime Minister Benjamin Netanyahu vowed the military would maintain its bombardment of Hezbollah targets in Lebanon indefinitely, while engaging with efforts by the US and allies to secure a cease-fire that would ease the risk of a regional war. 

(3) Chancellor of the Exchequer Rachel Reeves is considering tweaks to her overhaul of the UK's tax regime for wealthy foreigners, amid concern that Labour's current plans may end up costing revenue.

(4) UK Prime Minister Keir Starmer dined with Donald Trump for two hours as he sought to move past previous criticism of the former president to burnish personal relations ahead of a US election that may return him to power.

(5) Vice President Kamala Harris has all but neutralized Donald Trump's advantage on economic issues, fueling an upbeat showing for the Democrat in battleground states where she and the former president are locked in a tight race about 40 days until the election.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) OpenAI is discussing giving Chief Executive Officer Sam Altman a 7% equity stake in the company and restructuring to become a for-profit business, people familiar with the matter said, a major shift that would mark the first time Altman is granted ownership in the artificial intelligence startup.

(2) China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.

(3) The US, European allies and Arab powers proposed a three-week cease-fire between Israel and Hezbollah in Lebanon as part of a bid to clear the way for negotiations and avert all-out war after days of air-strikes by Israeli forces.

(4)  Republican presidential nominee Donald Trump plans to meet with the new UK prime minister, Keir Starmer, as well as the president of the United Arab Emirates, according to a senior adviser, as the former president continues to hold sway with foreign leaders in the shadow of the US election.

(5) Qantas Airways ghost-flight scandal misled almost one million customers booked on tens of thousands of non-existent services, according to court documents that reveal the scale of the misconduct and the airline's awareness of the problem.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) China’s central bank lowered the interest rate charged on its one-year policy loans by the most on record, kicking off a sweeping program to revive confidence in the world’s second-largest economy.

(2) The debate over the magnitude of the Federal Reserve’s expected interest-rate cut in November is intensifying, with traders ramping up wagers in futures keyed to the central bank’s path as officials start to weigh in on their next move.

(3) The man who was found hiding in the bushes with a loaded rifle at Donald Trump’s golf course has been indicted for attempting to assassinate the former president.

(4) Keir Starmer warned Britons he will take “tough, long-term decisions” that will make him unpopular and said Labour’s program of “national renewal” is unchanged despite a slew of setbacks early in his premiership.

(5)Business Secretary Jonathan Reynolds dismissed warnings of a wealth exodus to escape potential Labour tax hikes, hitting back at criticisms that have been levied at Prime Minister Keir Starmer’s government. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Israel launched airstrikes on targets across southern Lebanon, killing nearly 500 people in one of the deadliest days of fighting in nearly two decades and fanning fears of all-out war.

(2) China’s central bank unleashed an unprecedented blitz of policy support for the economy, as authorities made their boldest swing so far to hit this year’s annual growth target of about 5%, after a flurry of Wall Street banks downgraded their forecasts.

(3) Prime Minister Keir Starmer will try to reset the UK political narrative by promising “light at the end of this tunnel,” amid criticism that his Labour government’s gloomy economic messaging has made things worse.

(4) UniCredit Chief Executive Officer Andrea Orcel used Barclay and Bank of America to help him quietly build up a stake in Commerzbank, a move that has shaken European finance and triggered a backlash from the German government.

(5) A handful of Federal Reserve officials on Monday left open the door to additional large interest-rate cuts, noting that current rates still weigh heavily on the US economy. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The UK’s new Labour government won’t return to the austerity cuts of its Conservative predecessors, Chancellor of the Exchequer Rachel Reeves will promise on Monday, as she pivots toward a more positive narrative after weeks of warning about the dire state of the public finances.

(2) Prime Minister Michel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France’s massive budget deficit and reassure international investors.

(3) Olaf Scholz’s Social Democrats held off the far-right Alternative for Germany and look set to cling on to power in the eastern state of Brandenburg, sparing the chancellor and his party another embarrassing electoral setback.

(4) China announced plans for a rare briefing on the economy by three top financial regulators just as it cut one of its short-term policy rates, fueling speculation officials are preparing to ramp up efforts to revive growth.

(5) Apollo Global Management has offered to make a multibillion-dollar investment in Intel, according to people familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

In the US: We preview PCE inflation data

In the UK: We're looking ahead to one of the most pivotal periods on the political calendar 

In Asia: We take a look at the Liberal Democratic Party presidential election

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Asian stocks extended a rally in global equities as jobs data backed the view that the US economy is headed for a soft landing. The yen gained as the Bank of Japan left interest rates unchanged.

(2) The Bank of England has given Chancellor of the Exchequer Rachel Reeves a £4 billion ($5.3 billion) lifeline to help ease spending pressures ahead of what she has said will be a tough first budget.

(3) The UK’s Labour government is considering raising wealth taxes. Small businesses and farmers fear liquidation if relief is cut.

(4) French Prime Minister Michel Barnier met with President Emmanuel Macron in Paris late on Thursday to propose a new government after two weeks of tense consultations with rival political groups.

(5) UK government borrowing came in higher than forecast in the first five months of the fiscal year, keeping Chancellor Rachel Reeves under pressure to raise taxes to balance the books in her budget next month.  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Asian stocks extended a rally in global equities as jobs data backed the view that the US economy is headed for a soft landing. The yen gained as the Bank of Japan left interest rates unchanged.

(2) The Bank of England has given Chancellor of the Exchequer Rachel Reeves a £4 billion ($5.3 billion) lifeline to help ease spending pressures ahead of what she has said will be a tough first budget.

(3) The UK’s Labour government is considering raising wealth taxes. Small businesses and farmers fear liquidation if relief is cut.

(4) French Prime Minister Michel Barnier met with President Emmanuel Macron in Paris late on Thursday to propose a new government after two weeks of tense consultations with rival political groups.

(5) The German government has started an internal probe into its Commerzbank AG share sale after the transaction allowed UniCredit  to swoop in and take a major stake in the lender. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Federal Reserve Chair Jerome Powell led his colleagues to an outsize interest-rate cut designed to preserve the strength of the US economy as risks to the labor market mount, marking an end to their single-minded focus on quashing inflation.

(2) Traders ramped up their bets on the pace of future US interest-rate cuts after the Federal Reserve reduced its benchmark by half a point and signalled more cuts coming this year.

(3) The Bank of England is likely to decide against cutting interest rates for a second straight meeting, maintaining a patient approach to reversing the most aggressive policy tightening in decades.

(4) Israeli Defense Minister Yoav Gallant declared what he called a “new phase” in the war with regional Islamist groups and said troops would be diverted to the Lebanese border, an indication that long-held fears of a wider conflict may soon be realized.

(5) The City of London thinks the UK could attract as much as £7.7 billion ($10.2 billion) more investment by 2030 if it did a better job of attracting foreign sovereign wealth.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Iran-backed Hezbollah accused Israel of orchestrating an attack that killed several people and left almost 3,000 wounded across Lebanon, increasing fears of an all-out war.

(2) Traders who are locked into record wagers tied to the Federal Reserve’s expected interest-rate cut Wednesday are risking sharp losses if officials opt for a standard-sized reduction.

(3) BlackRock Inc. and Microsoft Corp. are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence.

(4) Steve Cohen has stepped away from the trading floor. While the billionaire hedge fund founder remains Point72 Asset Management’s co-chief investment officer along with Harry Schwefel, he’s no longer investing clients’ capital.

(5) The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank despite UniCredit's move to buy all the shares offered last week, according to people familiar with the matter.  

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Not since the lead-up to the financial crisis have bond traders been so divided about the outcome of the next Federal Reserve decision.

(2) Donald Trump is poised to capitalize on the second attempt on his life in recent months, using the shocking development to try to snatch back the political momentum that Vice President Kamala Harris has enjoyed.

(3) Amazon.com Chief Executive Officer Andy Jassy is moving to streamline the world’s largest online retailer and cloud-computing company, cutting management layers and ordering employees to return to the office five days a week beginning in January.

(4) Intel Chief Executive Officer Pat Gelsinger has landed Amazon.com Inc.’s AWS as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker.

(5) Stavanger harbor bustled in the sun on a recent afternoon, the hoisting cranes, working ships and rigs under construction testament to the city’s status as Norway’s oil capital, and the main source of its wealth. Stavanger harbor bustled in the sun on a recent afternoon, the hoisting cranes, working ships and rigs under construction testament to the city’s status as Norway’s oil capital, and the main source of its wealth.

(6) Keir Starmer said he’s looking to his Italian counterpart Giorgia Meloni for lessons on tackling so-called irregular migration, as Britain’s prime minister grapples with an issue fueling a rise in Western democracies of right-wing parties that are not natural allies of his center-left Labour government. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Former President Donald Trump is safe after his Secret Service detail opened fire at a man who was wielding an assault rifle at his West Palm Beach, Florida, golf course Sunday, in what the Federal Bureau of Investigation called an apparent assassination attempt.

(2) Back in January, Premier Li Qiang trumpeted China’s success in exceeding its 2023 growth goal without resorting to “massive stimulus.” Repeating the same feat this year now looks less likely.

(3) The Bank of England looks set to stick to its tentative interest-rate cutting when it meets this week, defying skepticism from a growing cohort of investors who see a need for more aggressive action.

(4) Italy and the UK are poised to reaffirm their pledge to defend Ukraine as Prime Minister Keir Starmer travels to Rome to seek support for a proposal to let Kyiv use non-US long-range weapons against Russia.

(5) Widespread flooding in central and eastern Europe from days of unrelenting rain is playing havoc with rail transportation and causing more evacuations of residents as well as damage to homes and infrastructure. 

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• In the US – a preview of next week’s Fed meeting and FedEx earnings.
• In the UK – a preview of Eurozone data.
• In Asia – a look at next week’s BOJ decision and TOKEN2049 Summit .

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Clues on when the European Central Bank will next cut interest rates were in short supply on Thursday, with President Christine Lagarde and colleagues awaiting data on how drastically the economy is deteriorating — and how that will shift inflation.

(2) The US and UK governments are discussing allowing Ukraine to deploy British cruise missiles backed by US navigational data to conduct long-range strikes inside Russian territory, according to people familiar with the matter. 

(3) The Bank of England's former Chief Economist -- Andy Haldane -- says the Chancellor's claim of a 22-billion pound 'black hole' in government finances is 'unnecessary, unhelpful' and a 'bad' idea.

(4) Republican Donald Trump ruled out appearing at another debate with Democrat Kamala Harris two days after he delivered an uneven performance at their first showdown of the election cycle.

(5) OpenAI is releasing a new artificial intelligence model known internally as “Strawberry” that can perform some human-like reasoning tasks, as it looks to stay at the top of a crowded market of rivals. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The bond market has ended its long flirtation with the Federal Reserve cutting interest rates by half a point this month as resilient inflation and labor market data reinforce a measured course of action.

(2) The European Central Bank is set to lower interest rates again, but will remain tight-lipped on the pace and extent of further action with inflation not yet fully defeated.

(3) Donald Trump said he is not inclined to have another debate with Kamala Harris after initially suggesting several additional matchups to supplement Tuesday’s forum.

(4) At least three top investment bankers from different securities firms have been detained by Chinese authorities since August, sending a chill through the industry.

(5) The early release of thousands of prisoners is a calculated move by the new government to relieve pressure on an aging system. Will it pay-off? 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Democrat Kamala Harris and Republican Donald Trump sparred through their first debate on ABC News, with the former president often on the defensive over abortion rights, the January 6 insurrection and on foreign policy. This podcast includes extracts from that ABC News debate. 

(2) The Bank of Japan will continue to adjust policy going forward provided the economy performs in line with its projections, BOJ Board Member Junko Nakagawa said, in comments that bumped the yen to its highest level against the dollar since January.

(3) US banks scored a big break from regulators on new capital rules — only to ruin their own celebration with downbeat outlooks on lending.

(4) Keir Starmer received a warning shot from his own Labour Party over the difficult battles ahead as he tries to fix Britain’s public finances, after his government suffered a significant display of dissent over his decision to scrap winter fuel payments for most UK pensioners.

(5) Australian real estate listing provider REA Group Ltd. presented a £5.6 billion ($7.3 billion) takeover proposal for Rightmove Plc that was rejected by the UK’s biggest property portal by market value. 

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Apple has introduced the latest version of its flagship device, the iPhone 16, betting it can entice consumers with modest hardware upgrades and AI technology that's still on the horizon. 

(2) The biggest US banks would face a 9% increase in capital requirements — a dramatic retreat from the original plan — after regulators agreed to sweeping changes to a proposed package of rules, according to people familiar with the matter. 

(3) Goldman Sachs is signaling a note of caution to investors after posting some of the biggest stock advances among its peers this year.

(4) HSBC is weighing combining its commercial and investment bank divisions as part of new Chief Executive Officer Georges Elhedery's push to eliminate overlapping roles across the company and shed expenses.

(5)  For Wall Street, the faceoff between Vice President Kamala Harris and former President and Republican nominee Donald Trump may add another layer of volatility at a time when uncertainty around the labor market, interest rates and geopolitics is fraying investor nerves. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Worse-than-expected economic data is fuelling concerns of a broader global economic slowdown as concern shifts from inflation to growth.While the Fed has all but committed to reducing rates from their highest in more than two decades this month, investors have been scrutinizing economic data for clues as to the scope and pace of the reductions.

(2) China's core inflation cooled to the weakest in more than three years, fueling calls for greater efforts to boost households spending as weak demand puts the annual growth target under pressure."You leave the dollar and you're not doing business with the United States because we are going to put a 100% tariff on your goods," the Republican presidential nominee said at a rally in the battleground state of Wisconsin.

(3) Donald Trump pledged on Saturday to make it too costly for countries to shift away from using the US dollar, adding a new pillar to his tariff platform.

(4) Millions of UK pensioners are in line for an extra £500 next year, a boost the new Labour government hopes will contain a row that's raging over cuts to winter fuel subsidies for the elderly.

(5) British supermarket chain Asda is set to face a crucial stage in its equal pay fight with workers in what could form the tip of an £8 billion iceberg of claims against the biggest UK retailers. 

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Bloomberg Daybreak Weekend with Guest-Host John Tucker takes a look at some of the stories we'll be tracking in the coming week.

• In the US -  a preview of U.S CPI data and next week’s Presidential debate.
• In the UK – a look at next week’s ECB meeting.
• In Asia -  a look at Apple’s major product launch.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Forecasters anticipate a monthly report on US employment will show a bounce in hiring and a tick lower in the unemployment rate in August, marking a stabilization after the July data sparked a growth scare in financial markets.

(2) Donald Trump pledged to cut the corporate tax rate, slash regulations and audit the federal government, embracing an idea proposed by billionaire backer Elon Musk, as he pitched his agenda to Wall Street and corporate leaders in New York. 

(3) The man in charge of election fundraising for the Labour Party has been making recommendations for public appointments, according to people familiar with the matter, an arrangement that prompted party staff to raise concerns with top officials about the appearance of a conflict of interest.

(4) France’s new prime minister, Michel Barnier, made a plea for the country’s political factions to work together in order to move beyond the turbulence that’s caused so much chaos over the past two months.

(5) Hong Kong scrapped trading of its $4.9 trillion stock market on Friday as the city prolonged a storm warning due to Super Typhoon Yagi, which skirted the region overnight toward southern China. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A key segment of the US Treasury yield curve briefly turned positive as weaker-than-anticipated labor-market data bolstered bets on steep interest-rate cuts by the Federal Reserve.

(2)  Vice President Kamala Harris called for a 28% capital gains tax rate on people earning $1 million or more, touting it as a measure that would ensure the wealthy paid their fair share as she sought to detail her economic agenda and draw a contrast with Republican rival Donald Trump.

(3) Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week. 

(4) Nvidia, responding to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in contact with the government agency but hasn’t been subpoenaed.

(5)  Four people were killed and nine others injured after a teen gunman opened fire at a high school in Winder, Georgia, an old railroad town northeast of Atlanta. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia.

(2) The US Justice Department sent subpoenas to Nvidia Corp. and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors.
 
(3)  Oil has pushed lower after a loss of almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+'s plan to boost production, while demand concerns persist.

(4) Risks to smaller banks are likely to only increase as elevated interest rates, a faltering commercial real estate market and shaky economic conditions around the globe expose old fault lines in a sector that's often loosely regulated but also crucial to local economies from Mumbai to Memphis.

(5) Plans to scrap a preferential tax regime for wealthy foreigners living in the UK could cost the Treasury around £1 billion ($1.3 billion) a year in lost revenue and drive away global elites. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The UK will suspend some arms licenses to Israel after concluding the use of British components in Gaza risks violating international humanitarian law, Foreign Secretary David Lammy said, in a break from allies.

(2) Volkswagen AG is considering factory closures in Germany for the first time in its 87-year history, parting with tradition and risking a feud with unions in a step that reflects the deep woes roiling Europe’s auto industry.

(3) Hewlett Packard Enterprise Co. said it intends to pursue the $4 billion damages claim in London against the estate of the recently deceased British tech tycoon Mike Lynch.

(4) London lags behind other major global cities when it comes to working in the office, raising concerns about both productivity and the British capital’s appeal as an international investment destination.

(5) European officials expect Iran to deliver ballistic missiles to Russia imminently, a move that could prompt a swift response from Ukraine’s allies, people familiar with the matter said. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Chancellor Olaf Scholz’s ruling coalition was punished in two regional elections in eastern Germany on Sunday, with populist parties on the extreme right and left taking more than 60% of the vote in Thuringia and almost half in Saxony.

(2) President Emmanuel Macron will meet on Monday with Bernard Cazeneuve, a former Socialist Party official and ex-premier, as he heads toward naming France’s next prime minister.

(3) Inventories of key raw materials are piling up in China, evidence that economic activity remains too feeble to clear a surplus that’s crushing prices from steel to soybeans.

(4) Israel’s largest labor group is poised for a nationwide strike on Monday, the strongest push yet to force the government into a Gaza cease-fire and secure the release of hostages held by Hamas. 

 5) - Ernesto Bertarelli might be Switzerland’s wealthiest man, but a $135 million bet on a sailing race is a lot when it risks disappearing in day.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the August jobs report in the U.S, and earnings from Hewlett Packard Enterprise.
• In the UK -  a look at the challenges facing the UK's government as parliament returns from its summer break.
• In Asia – a preview of Taiwan's SEMICON summit.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Vice President Kamala Harris said helping address economic woes and bolstering the middle class would be her day one priority, in her critical first interview since capturing the Democratic presidential nomination.

(2) China is considering allowing homeowners to refinance as much as $5.4 trillion in mortgages to lower borrowing costs for millions of families and boost consumption.

(3) The UK’s top financial regulator is set to delay the next wave of bank capital reforms, according to people with knowledge of the situation, the latest example of a major global rulemaker abandoning its timetable for the changes until the US finalizes its package.

(4) The UK’s fiscal watchdog laid out the case for new Chancellor Rachel Reeves to embark on a public investment splurge, amid concern that she risks hurting growth with an overly cautious budget.

(5) The Netherlands plans to limit ASML Holding NV’s ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing’s efforts to develop a world-class chip industry.

(6) Nvidia, the world’s biggest chipmaker, has discussed joining a funding round for OpenAI that would value the artificial intelligence startup at more than $100 billion, according to people familiar with the matter. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1)Nvidia Corp. failed to live up to investor hopes with its latest results on Wednesday, delivering an underwhelming forecast and news of production snags with its much-awaited Blackwell chips.

(2) OpenAI is getting closer to raising funding at a valuation of more than $100 billion in a round led by Thrive Capital, people with knowledge of the matter said.

(3) Pavel Durov, the chief executive officer of Telegram, was charged in France for complicity in the spread of sexual images of children and other crimes such as drug trafficking on the messaging app.

(4) Israel launched a large-scale military operation in the West Bank to combat what the army said was terrorist activity, the latest surge in hostilities in the Palestinian area since the start of the war in Gaza.

(5) Britain’s Labour government has been urged to stick to its plan for higher taxes on wealth, even as business groups and advisers to the rich call for restraint. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) HSBC's incoming Chief Executive Officer Georges Elhedery is considering plans that could remove layers of middle management at Europe's largest bank, mirroring similar moves undertaken by rivals Citigroup and Standard Chartered

(2) Protests in China are on the rise as the effects of a slowing economy rattle citizens and Beijing refrains from taking bolder steps to shore up growth.

(3) US National Security Advisor Jake Sullivan and Chinese Foreign Minister Wang Yi met again for talks aimed at managing the two nations' contentious relationship.

(4) Burberry is poised to exit the FTSE 100 Index, ending the luxury-goods maker's 15-year stay in the UK blue-chip gauge.

(5) The UK and Germany are edging toward a major new treaty as part of Keir Starmer's efforts to improve ties with European allies.  

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(1)  BHP the world's biggest miner, posted a full-year profit broadly in line with expectations, as revenue from iron ore and copper increased despite a deteriorating Chinese demand outlook.

(2) Pavel Durov, the CEO of Telegram, has been detained in France over claims that the messaging service failed to properly fight crime on the app, including the spread of child sexual abuse material.

(3) Longtime Apple Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade.

(4) Despite a day of relative calm in the skies over Israel and Lebanon, tensions remained high Monday over the prospect that a regional war could erupt after Israel mounted what it called a preemptive strike that took out thousands of Hezbollah missile launchers.

(5) Prices in Britain's shops have fallen for the time in almost three years, as Bank of England policymakers mull further interest rate cuts.(6) UK banks are preparing for a red-hot corner in the lending market as the new Labour government's plan to address a housing shortage prompts developers to boost supply of homes. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S GDP and Core PCE data, and Nvidia earnings.
• In the UK – a look at the weakness in Germany’s economy.
• In Asia – a look at Japan’s leadership election.
  
  Edward Harrison, Bloomberg Senior Editor and the author of "The Everything Risk" newsletter
  Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst
  Oliver Crook, Bloomberg's Germany Correspondent
  Isabel Reynolds, Bloomberg Tokyo Bureau Chief

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Vice President Kamala Harris formally accepted the Democratic presidential nomination on Thursday, delivering a deeply personal speech as she vowed to prioritize a fight for the middle class and Americans' reproductive rights.

(2) The Bank of Japan is still on a path toward higher interest rates provided inflation and economic data continue in line with its forecasts, Governor Kazuo Ueda said in his first public remarks following a global market rout.

(3) Two Federal Reserve officials said they believe it's appropriate for the US central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be "gradual" and "methodical."

(4) Nestle Chief Executive Officer Mark Schneider is the latest consumer-goods boss to be shown the door as companies struggle to coax shoppers back to premium brands after a period of high inflation and belt-tightening.

(5) Mike Lynch, the British tech tycoon who was attempting to restore his reputation over the ill-fated sale of his software company to Hewlett Packard Co., has died. He was 59. 

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 Your morning briefing, the business news you need in just 15 minutes. 

 On today’s podcast: 

(1)  At least three banks managed to obtain key payroll numbers Wednesday while the rest of Wall Street was kept waiting for a half-hour by a government delay that whipsawed markets and sowed confusion on trading desks. 

(2) Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady.

(3) Vice presidential nominee Tim Walz wrapped himself in football and freedom on Wednesday, as Democrats used the third night of their convention to offer an open hand to the swing voters outside the country’s coasts. 

(4) Italian divers have retrieved four bodies from a sunken yacht off Sicily, where British tech entrepreneur Mike Lynch and Morgan Stanley International chairman Jonathan Bloomer were among those feared to have died earlier this week.

(5) A shadow fleet of tankers carries Russian oil through the Baltic Sea every day. Local authorities can’t stop the ageing vessels - and fears of a spill are growing.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Bond traders are taking on a record amount of risk as they bet big on a Treasury market rally fueled by expectations the Federal Reserve will embark on its first interest-rate cut in more than four years.

(2) Barack and Michelle Obama delivered blistering critiques of Republican nominee Donald Trump while painting Vice President Kamala Harris as the heir of their historic political legacy in addresses that capped the second night of the Democratic National Convention.

(3) After two days of search-and-rescue efforts, British tech entrepreneur Mike Lynch, Morgan Stanley International chairman Jonathan Bloomer and four others were feared dead aboard the sunken wreckage of a luxury yacht off the coast of Sicily.

(4) Keir Starmer’s government pledged to increase deportations of people with no legal right to stay in the UK to the highest rate in five years, an effort to show it is responding to Britons’ concerns about rising immigration.

(5)  Secretary of State Antony Blinken left the Middle East late Tuesday having failed to secure a deal to halt fighting between Hamas and Israel, highlighting how the two sides remain sharply divided despite US officials’ insistence that an agreement is close.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) President Joe Biden delivered an emotional and bittersweet call for Democrats to rally behind Kamala Harris, as his party used the first night of its national convention in Chicago to celebrate his presidency while simultaneously passing the torch to a new generation.

(2) British tech entrepreneur Mike Lynch is among those missing after a luxury yacht was struck by a tornado and sank off the coast of Sicily.

(3) US intelligence agencies said they were “confident” that Iran was behind a recent hack of former President Donald Trump’s presidential campaign, casting the intrusion as part of an increasingly aggressive effort by the Islamic Republic to disrupt the November election.

(4) US Secretary of State Antony Blinken said Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to halt the war in Gaza and the next step is for “Hamas to say yes,” putting the onus on the group to end the 10-month conflict even as violence continued.

(5) The UK government signed off on London City Airport’s plan to grow passenger numbers by nearly a third, angering environmental campaigners who say it will increase carbon emissions. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Ukraine's President Zelenskiy says the aim of Ukraine's incursion into Russian territory is to create a "buffer zone" between the two countries.

(2) Safety at the Russian-occupied Zaporizhzhia nuclear power plant in southern Ukraine is deteriorating after a drone strike Saturday, International Atomic Energy Agency monitors warned.

(3) UK companies stepped up advertising for jobs for the first time this year, a sign of strength in the labor market, data from Adzuna showed.

(4) Britain’s prospective home buyers stepped up their search for property after the Bank of England’s first reduction in interest rates since the start of the pandemic, Rightmove Plc said.

(5) All eyes will turn to the mountains of Wyoming in this week for the Federal Reserve’s Jackson Hole symposium, your best chance every year to see a Nobel Prize-winning economist in a cowboy hat.

(6) Israel and Hamas blamed each other for impeding a cease-fire and hostage deal as the top US diplomat arrived in Tel Aviv to press for an agreement.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of next week’s Jackson Hole Symposium and Target earnings.
• In the UK – a look at the UK’s immigration dilemma.
• In Asia – a look at Vice Presidential candidate Tim Walz’s relationship with China.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) European Union tariffs slowed the influx of Chinese-made electric vehicles in July, as the bloc moved to protect its automakers from low-cost competition.

(2) China's central bank chief has pledged further steps to support his nation's economic recovery, while cautioning that it won't be adopting "drastic" measures.

(3)Treasury yields surged after signs of a resilient US economy in the latest data releases prompted traders to lower their expectations of aggressive Federal Reserve interest-rate cuts this year.

(4) The UK government announces changes to a multi-billion pound compensation plan for victims of the infected blood scandal.

(5) As US-backed ceasefire talks restart in Doha, calls to reconstruct the Strip are becoming louder. So far, Israeli air strikes have left more than 42 million tonnes of debris across the Strip, according to the UN. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Federal Reserve Bank of Chicago President Austan Goolsbee said he is growing more concerned about the labor market than inflation amid recent progress on price pressures and disappointing jobs data. 

(2) The World Health Organization has declared a fast-spreading Mpox outbreak in Africa a global health emergency as the agency seeks to contain the spread of the potentially deadly virus

(3) Two weeks after Iran vowed to retaliate for the killing of a senior Hamas leader, the biggest surprise has been that the attack still hasn't happened yet.

(4) Apple is seeking new sources of revenue, is moving forward with development of a pricey tabletop home device that combines an iPad-like display with a robotic limb.

(5) Untreated waste that flows directly into rivers and lakes is making people sick and harming wildlife right across Europe 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Financial markets are flashing a higher probability of an oncoming recession in the wake of the market maelstrom that briefly sparked fear across Wall Street last week.

(2) Former JPMorgan Chase & Co. chief market strategist Marko Kolanovic re-emerged on social media this week, posting on LinkedIn and X on Monday and Tuesday for the first time since reports in early July that he was leaving his role at the bank.

(3) A rare bid to break up Alphabet Inc.’s Google is one of the options being considered by the Justice Department after a landmark court ruling found that the company monopolized the online search market.

(4) Ukrainian President Volodymyr Zelenskiy instructed his country’s army chief to prepare for more action as Kyiv’s troops continue to make advances in Russia’s Kursk region.

(5) The Biden administration approved the sale of up to 50 F-15 fighter jets, vehicles and ammunition to Israel in a deal valued at more than $20 billion.  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US believes an Iranian attack against Israel has grown even more likely and may come as soon as this week, officials said, as allied leaders sought to head off all-out war and the Pentagon deployed more forces to the region.

(2) Vladimir Putin abruptly interrupted an acting regional governor who said Ukraine's military had taken control of 28 towns and villages in Russia's Kursk border region, prompting a sixth of its population to flee.

(3) Donald Trump and Elon Musk held a warm, but glitch-delayed conversation on X that saw the tech mogul pitch a role for himself should the Republican nominee win a second White House term, but otherwise rehashed the notes that Trump routinely strikes at his campaign rallies.

(4) UK Prime Minister Keir Starmer's plan to continue handing swift justice to scores more rioters will hinge on a hamstrung UK court system and overworked criminal lawyers.

(5) The UK is reviewing the time it releases key economic statistics amid concerns the current pre-trading publication is helping spur volatility in interest-rate and bond markets.  

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 Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Faced with the heightened risk of attacks from Iran or its proxies in the region, Israel is diversifying and fortifying its critical infrastructure.

(2) Ukrainian President Volodymyr Zelenskiy said Russian troops started a fire on the grounds of the occupied Zaporizhzhia nuclear power plant in southern Ukraine, calling on the world and the International Atomic Energy Agency to react.

(3) The European Central Bank is now likely to cut its deposit rate once a quarter through the end of next year, a timetable that will see its easing cycle end sooner than previously anticipated, according to economists.

(4) Republican vice presidential candidate JD Vance floated more than doubling the federal child tax credit to $5,000, seeking to reframe a “pro-family” stance that has come under attack from Democrats.

(5) The chief executive officers of Britain’s biggest companies received record compensation last year but the slowing pace of increases saw the pay gap with the US widen. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S CPI and Retail sales data, and a look at earnings from Walmart and Home Depot.
• In the UK – a look at Europe’s sweltering summer.
• In Asia – a look at Japan’s economy and a preview of GDP.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) The S&P 500 had its best day since November 2022, while the Nasdaq advanced 3.1%.

(2) Initial applications for US unemployment benefits fell last week by the most in nearly a year, potentially alleviating some concerns that the labor market is cooling too fast following last week’s disappointing jobs report.

(3) Vice President Kamala Harris doesn’t support halting arms shipments to Israel as a way to pressure Prime Minister Benjamin Netanyahu’s administration over the war in Gaza, a top aide to the Democratic presidential challenger said on Thursday.

(4) Republican presidential nominee Donald Trump looked to recapture attention — and momentum — in his race against Vice President Kamala Harris on Thursday, dangling a series of debates and fielding questions for over an hour from reporters at his Mar-a-Lago resort.

(5) Keir Starmer called for a “mature conversation” with social media companies to limit malicious content that’s stoked days of rioting in the UK. Instead, he found himself in an escalating online confrontation with Elon Musk, the billionaire owner of X. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Three-quarters of the global carry trade has now been removed, with a recent selloff erasing this year’s gains, according to JPMorgan.

(2) Anti-racism protesters turned out in their thousands in towns and cities across the UK to counter far-right demonstrations that failed to materialize on Wednesday evening, offering some relief to a nation that’s been reeling from the worst outbreak of rioting in more than a decade.

(3) Britain’s employers stepped up hiring for white-collar roles and permanent staff, pointing to upward pressure on wages that the Bank of England is worried may feed inflation, two separate surveys indicated.

(4) Eurogroup chief Paschal Donohoe said the prospect of a second Donald Trump presidency is an impetus for the European Union to prepare itself by making its economy less dependent on the US.

(5) President Vladimir Putin summoned his top defense and security officials to brief him on efforts to repel Ukraine’s biggest assault on Russian territory since he ordered the 2022 invasion of the neighboring country. 

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 Your morning briefing, the business news you need in just 15 minutes. 

 On today's podcast:

(1) US Treasuries are at risk of a further selloff as traders in the futures and options markets cash in on their bets for aggressive Federal Reserve interest-rate cuts this year.

(2) Bank of Japan Deputy Governor Shinichi Uchida sent a strong dovish signal in the wake of historic financial market volatility in Japan by pledging to refrain from hiking interest rates when the markets are unstable.

(3) UK Police forces deployed extra officers and said they were ready to arrest hundreds more far-right activists if they followed through with plans circulated online to converge on immigration centers Wednesday night.

(4) Novo Nordisk shares plummeted as sales of its blockbuster weight-loss treatment Wegovy disappointed investors in a rare misstep for the high-flying drugmaker.

(5) Vice President Kamala Harris kicked off a critical campaign stretch aimed at putting Republican Donald Trump on the defensive in key swing states as she took the stage for the first time with her new running mate, Minnesota Governor Tim Walz. 

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Japanese equities powered higher, leading gains in Asia, as they retraced some of the losses sustained in Monday’s global rout that wiped out billions across markets from New York to London. US equity futures also advanced and Treasuries fell.

(2) Federal Reserve Bank of San Francisco President Mary Daly said the labor market is softening and indicated the US central bank should begin cutting interest rates in coming quarters, but stopped short of concluding the labor market has begun seriously weakening.

(3) Traders are rushing to insure their portfolios against an extreme market crash, in an echo of the chaotic period at the start of the pandemic.

(4) The US and its allies worked to head off an Iranian attack on Israel and avert a wider regional war as concerns grew that a strike may come at any moment in retaliation for the killing of a top Hamas leader in Tehran.

(5) UK Chancellor of the Exchequer Rachel Reeves declined to rule out increasing the capital gains tax after warning that difficult decisions will be taken to fill a £22 billion ($28 billion) budget black hole.

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Global stock markets tumbled as concerns about a US economic slowdown intensified. Traders ramped up bets that the Federal Reserve will step in with an emergency interest rate cut. For instant reaction to this selloff, and how Fed officials will respond, Bloomberg's Nathan Hager speaks with Veronica Clark, US Economist at Citigroup.

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Your morning briefing, the business news you need in just 15 minutes. 

On today's podcast:

(1) A global stocks selloff deepened on Monday as concerns grew that the Federal Reserve is behind the curve with policy support for a slowing US economy, sending investors into the safety of bonds.

(2) Global bonds have erased their losses for the year as concern the US economic outlook is rapidly worsening spurs demand for fixed-income assets.

(3) Bond traders are piling into bets that the US economy is on the verge of deteriorating so quickly that the Federal Reserve will need to start easing monetary policy aggressively to head off a recession.

(4) Israel braced for a possible attack from Iran and regional militias in retaliation for assassinations of Hezbollah and Hamas officials as the US sent defensive reinforcements while pressing for a Gaza cease-fire deal.

(5) Prime Minister Keir Starmer has called an emergency security meeting in a bid to quell anti-immigrant protests that rocked communities across the UK and threatened to plunge his month-old government into a polarizing cultural debate.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of quarterly earnings from Walt Disney. Also a look at earnings from Uber and Lyft.
• In the UK – a look ahead to a visit to the U.S by new UK Chancellor Rachel Reeves.
• In Asia -  a preview of Alibaba earnings and China trade data.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A rally in Treasuries extended into a seventh straight day, as traders fixated on upcoming jobs data to cement their view that the US will pivot to cut interest rates in September.

(2) The Bank of England voted 5-4 to cut interest rates for the first time since early 2020 and signaled further reductions ahead, offering some relief to households after a year of the UK’s highest borrowing costs for a generation.

(3) Apple predicted that its new artificial intelligence features will spur iPhone upgrades in coming months, helping the company reemerge from a sales slowdown that has hit its China business especially hard.

(4) Intel plunged more than 19% after delivering a barrage of startling news, including a grim growth forecast and plans to slash 15,000 jobs, in the latest sign that the chipmaker is ill-equipped to compete in the artificial intelligence era.

(5) US President Joe Biden and Vice President Kamala Harris welcomed home Wall Street Journal reporter Evan Gershkovich, former US Marine Paul Whelan and other Americans freed in the largest prisoner swap with Russia since the Cold War.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:
(1) Federal Reserve Chair Jerome Powell signalled central bank officials are on course to cut interest rates in September unless inflation progress stalls, citing risks of further labor-market weakening.

(2) It’s a close call, but Bank of England policymakers are likely to vote for the first interest rate cut since the start of the pandemic after inflationary pressures in the UK receded.

(3) The US is considering unilateral restrictions on China’s access to AI memory chips and equipment capable of making those semiconductors as soon as next month, a move that would further escalate the tech rivalry between the world’s biggest economies.

(4) Republican nominee Donald Trump questioned Vice President Kamala Harris’ racial identity at a contentious roundtable with Black journalists, fumbling an attempt to reach out to voters of color.

(5) More than 100 people have been arrested outside Downing Street after a violent protest broke out in the wake of the Southport attack. 

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Your morning briefing, the business news you need in just 15 minutes. 

On today's podcast:

(1) Hamas said its political leader, Ismail Haniyeh, was killed in an airstrike in Tehran that it blamed on Israel, putting the Middle East on edge for potentially even more violence.

(2) The Bank of Japan raised its benchmark interest rate and unveiled plans to halve its bond purchases in actions that underscore its determination to normalize policy.

(3) The chancellor has said the government will likely raise some taxes in October's Budget after months of speculation about Labour's stance on tax.

(4) Microsoft’s Azure cloud-computing service posted a slowdown in quarterly growth, disappointing investors anxious to see a payoff from huge investments in artificial intelligence products

(5) Far-right protesters fueled by anger and false online rumours hurled bottles and stones at police, wounding more than 20 officers Tuesday outside a northwest England mosque near where three girls were fatally stabbed a day earlier. 

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves made one thing clear in her audit of UK public spending on Monday. The new Labour government plans to front-load the bad news, leaving as much time as possible to repair and rebuild the economy before the next election in five years' time.

(2) Standard Chartered expanded its multi-billion dollar share buyback program as the bank reported a rise in pretax profits driven by its wealth business.

(3) Chinese brands captured 11% of the European electric-car market in June, notching record registrations as manufacturers raced to beat stiff European Union tariffs that took effect early this month.

(4) Donald Trump said he expects to eventually debate Vice President Kamala Harris, the presumptive Democratic nominee, after previously declining to commit to appear at a scheduled face-off.

(5) Venezuela's opposition can prove that Edmundo González won Sunday's election, according to María Corina Machado, who led the campaign against President Nicolás Maduro.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Israel attacked Hezbollah targets on Sunday and threatened further retaliation for a rocket strike that killed 12 youngsters while signaling openness to a proposed Gaza truce that could also calm the second and more combustible front with Lebanon. 

(2) Vice President Kamala Harris raised $200 million in her first week as a 2024 presidential contender, highlighting the surge of enthusiasm among Democrats for their new presumptive nominee that's also showing up in polls.

(3) Apple's upcoming artificial intelligence features will arrive later than anticipated, missing the initial launch of its upcoming iPhone and iPad software overhauls but giving the company more time to fix bugs.

(4) UK Chancellor Rachel Reeves will promise in a speech on Monday to "fix the foundations" of the British economy as she seeks to expose the spending squeeze she inherited.

(5) Former UK Business Secretary Kemi Badenoch is joining the race to lead the Conservative Party following the worst election defeat in its history, with bookmakers currently making her favorite to win the contest. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of next week’s Fed meeting and jobs report in the U.S, along with tech earnings..
• In the UK – a preview of next week’s Bank of England meeting.
• In Asia – a look at earnings from tech companies Apple and Samsung.

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Your morning briefing, the business news you need in just 15 minutes.On today's podcast:

(1) Trains to and from Paris, including the international Eurostar service, were hit by what authorities called a "massive attack aimed at paralyzing the network" of France's super-fast trains just hours ahead of the inauguration ceremony of the 2024 Olympic Games.  

(2) UK Chancellor of the Exchequer Rachel Reeves is leaning toward offloading a substantial portion of the government's £5.6 billion stake in NatWest Group to institutional shareholders rather than continuing with her predecessor's plans to offer it up to the UK public, according to people familiar with the matter.

(3)  NatWest shares soared after it boosted its forecast for full-year revenue as the lending giant continues to reap some benefits from stubbornly high interest rates.

(4) Wagers on aggressive easing by the Fed have been rising in recent days amid debate over whether the central bank should act when it meets next week. Former New York Fed President Bill Dudley told Bloomberg that US policymakers should reduce rates at that gathering.

(5) JPMorgan has launched a generative artificial intelligence tool and told employees to think of it as a research analyst that can offer information, solutions and advice, according to an internal memo viewed by Bloomberg. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) wagers on aggressive easing by the Fed have been rising in recent days amid debate over whether the central bank should act when it meets next week. Former New York Fed President Bill Dudley told Bloomberg that US policymakers should reduce rates at that gathering.

(2) The assumptions that have driven this year's global financial markets are being rapidly rethought. In bond and currency markets, investors are racing to redeploy money amid mounting doubt over the outlook for the US economy,

(3) Hermès sales jumped in the second quarter as the Birkin bag maker weathered the luxury demand slowdown better than peers, thanks to its reliance on the wealthiest clients.

(4) UK Chancellor of the Exchequer Rachel Reeves is leaning toward offloading a substantial portion of the government's £5.6 billion stake in NatWest Group to institutional shareholders rather than continuing with her predecessor's plans to offer it up to the UK public, according to people familiar with the matter.

(5) With the Summer Games set to open, organizers say they expect a flurry of additional cyberattacks. They have many reasons to worry. Russia, for one, is shut out of the Games. Geopolitical tensions in the Middle East and the South China Sea are running high, and cybercriminals continue to bombard corporate computer networks with hacking attempts. 

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Your morning briefing, the business news you need in just 15 minutes. 

 On today's podcast:

(1) President Joe Biden framed his momentous decision to drop out of the 2024 race as a bid to unify the nation under a new generation of leaders, in his first speech since ending his reelection campaign and political career.

(2) Donald Trump attacked Democrats on abortion, seeking to position himself as a moderate voice on the issue as he pivoted to a new general election challenger, Vice President Kamala Harris.

(3) Investors soured on the promise of artificial intelligence Wednesday, sparking a $1 trillion rout in the Nasdaq 100 Index as questions swirled over just how long it will take for the substantial investments in the technology to pay off.

(4) Chancellor of the Exchequer Rachel Reeves will tell international counterparts that Britain is “open for business” on her first overseas trip since taking office, as she continues the new Labour government’s push for growth.

(5) Thames Water asked regulators to help it avoid massive fines after it was downgraded to junk by Moody’s Ratings, adding to the financial pressure on Britain’s biggest water supplier. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Deutsche Bank said it will most likely refrain from conducting a second share buyback this year, after suffering its first quarterly loss in four years.

(2) BNP Paribas equities traders for the first time ever made more money than their fixed-income colleagues, highlighting the unit's growth over the past several years.

(3) Euro-area private-sector activity barely grew this month as its top economy unexpectedly slumped. S&P Global's composite Purchasing Managers' Index fell to 50.1 in July, according to data published Wednesday.

(4) Tesla reported another quarter of disappointing profit and confirmed a highly anticipated unveiling of autonomous taxis has been postponed, putting the carmaker's furious stock rally at risk.

(5) The UK's new prime minister Keir Starmer has suspended the party whip from seven of his own MPs after they backed a rebel amendment to scrap Britain's two-child cap on welfare payments, the first rebellion he's faced in the House of Commons since winning power. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Tesla reported its fourth straight quarter of disappointing profits on Tuesday, and Chief Executive Officer Elon Musk made clear that better days are still a ways off.

(2) Google parent Alphabet reported second-quarter revenue that exceeded analysts’ expectations, boosted by demand for cloud-computing services and advertising on its search engine.

(3) LVMH sales growth slowed last quarter as wealthy shoppers reined in spending on pricey Louis Vuitton handbags and Christian Dior couture.

(4) Vice President Kamala Harris assailed Republican Donald Trump in her first rally since launching her bid for the White House, characterizing their contest as a choice between two starkly divergent agendas for the US economy.

(5) The UK’s new prime minister Keir Starmer has suspended the party whip from seven of his own MPs after they backed a rebel amendment to scrap Britain’s two-child cap on welfare payments, the first rebellion he’s faced in the House of Commons since winning power. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Kamala Harris has more than enough pledged delegates to clinch the Democratic presidential nomination, following an extraordinary two-day blitz that saw the vice president consolidate her party’s backing to challenge Donald Trump in November.

(2) Vice President Kamala Harris, the clear favorite for her party’s presidential nomination after potential rivals lined to up back her, has a deep bench of Democratic rising stars to draw from in choosing her running mate.

(3) The sudden elevation of Vice President Kamala Harris as the Democratic front-runner injects fresh uncertainty into the US election for world leaders already grappling with the implications of Donald Trump’s potential return to the presidency.

(4) The European Union’s foreign policy chief said he plans on moving an August meeting of the bloc’s foreign and defense ministers from Budapest to Brussels to protest Viktor Orban’s diplomatic forays.

(5) Prime Minister Keir Starmer’s ambition to lift UK economic growth to 2.5% a year is expected to be dealt a blow when the Bank of England releases new forecasts next week.

(6) Porsche cut its full-year revenue forecast, saying a shortage of aluminum parts could cause it to stop production of some models. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Joe Biden abandoned his reelection bid, bowing to relentless pressure from Democrats to drop out over fears he was too feeble to beat Donald Trump and injecting fresh chaos into the 2024 election.

(2) Notable Democrats including Bill and Hillary Clinton and former Labor Secretary Robert Reich were quick to endorse Kamala Harris as the party’s presidential candidate after Joe Biden dropped out of the race.

(3) Investors have been amassing wagers on Donald Trump’s return to the White House for weeks, trimming holdings of long-term US bonds and buying Bitcoin, among other things. Now, they’re considering whether Joe Biden’s exit from the race boosts the odds of a Democrat victory — and how much they must re-calibrate their bets.

(4) As California attorney general, Kamala Harris brought lawsuits against fossil fuel companies, prosecuted a pipeline company over an oil leak and investigated Exxon Mobil Corp. for misleading the public about climate change.

(5) Xander Schauffele captured the British Open, shooting a 6-under 65 in the final round, which started with nine players separated by only three shots. With the win, Americans swept golf’s majors for the first time since 1982. 

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Listen to the 'Here's Why' podcast:  -  on Apple: https://apple.co/3Lg3RGn  -  on Spotify: https://spoti.fi/3LiIX9q  -  or Anywhere: https://bit.ly/3xYsHHy.    

Each episode of 'Here's Why' uses experts at Bloomberg to explain one news story in just a few minutes.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S GDP and Core PCE data, and a preview of Tesla earnings.
• In the UK – a look ahead to the Paris Olympic Games.
• In Asia – a look at how the U.S election will shape the U.S, China relationship.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A series of technical glitches disrupted services at airlines, banks and the London Stock Exchange on Friday, an unusually widespread cascade of failures that erupted from the US to Asia after Microsoft reported an outage across its online services.

(2) Donald Trump delivered his first public address since surviving a failed assassination attempt, relating an incident in detail that he called "too painful to tell."

(3) President Joe Biden's grasp on the Democratic presidential nomination appeared to be slipping Thursday, as he weighed increasingly public warnings from his party's top lawmakers while in isolation for a Covid-19 infection at his Delaware beach house.

(4) Chancellor of the Exchequer Rachel Reeves warned "difficult decisions" lie ahead as she tries to fix Britain's public finances, raising the prospect of tax hikes or spending cuts in her first Budget in the autumn.

(5) Englishman Daniel Brown is the surprise clubhouse leader going into the second round of the Open Championship golf. He's on 6-under par at Royal Troon, a stroke clear of 2019 winner Shane Lowry. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Donald Trump delivered his first public address since surviving a failed assassination attempt, relating an incident in detail that he called "too painful to tell."

(2) President Joe Biden's grasp on the Democratic presidential nomination appeared to be slipping Thursday, as he weighed increasingly public warnings from his party's top lawmakers while in isolation for a Covid-19 infection at his Delaware beach house.

(3) For more than two years, inflation has eclipsed everything else at the Federal Reserve. In a shift eagerly awaited by global markets, that's poised to change.

(4) Chancellor of the Exchequer Rachel Reeves warned "difficult decisions" lie ahead as she tries to fix Britain's public finances, raising the prospect of tax hikes or spending cuts in her first Budget in the autumn.

(5) Englishman Daniel Brown is the surprise clubhouse leader going into the second round of the Open Championship golf. He's on 6-under par at Royal Troon, a stroke clear of 2019 winner Shane Lowry. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Joe Biden can’t catch a break. It seemed like things couldn’t get much worse for the president after he was diagnosed Wednesday with Covid-19, dashing his hopes of counter-programming the Republican National Convention by forcing him to cancel an appearance before a key Latino advocacy group.

(2) Then, the dam broke. A flood of leaks detailed senior leaders in the Democratic Party warning Biden personally that he was unlikely to defeat Donald Trump and was putting his congressional allies at great risk.

(3) Senator JD Vance’s debut speech as the Republican vice presidential nominee was a fiery demonstration of the most powerful assets he offers Donald Trump’s campaign: a stridently populist economic message tailored for key swing states and a symbol of generational change.

(4) Keir Starmer spent the UK election campaign promising to reset Britain’s relationship with Europe after years of soured relations since Brexit. Just two weeks into his tenure, he’ll be able to immerse himself in that endeavor as he hosts over 40 of the continent’s leaders at Winston Churchill’s ancestral home on Thursday.

(5) Federal Reserve Governor Christopher Waller said the economy is getting closer to a point where the central bank can reduce borrowing costs but indicated he’d like to see a “bit more evidence” inflation is on a sustained downward path.  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US Secret Service boosted security around former President Donald Trump after picking up intelligence in recent weeks of an Iranian plot to assassinate him, people familiar with the matter said, adding that the threat was separate from the attempt on his life last weekend.

(2) Elon Musk said he will relocate the headquarters for X and SpaceX to Texas, a likely symbolic move that adds more fuel to the billionaire’s efforts to align himself with the political right and distance himself from left-leaning California .Musk made the announcement

(3) Prime Minister Keir Starmer will flesh out Labour’s plans from border control to smoking as he sets out the new UK government’s legislative agenda for the coming Parliamentary session in a King’s Speech on Wednesday.

(4) French President Emmanuel Macron appointed a caretaker government on Tuesday until negotiations to find a new prime minister bear fruit.

(5) A growing number of Wall Street economists are cautioning the Federal Reserve is waiting too long to reverse course after raising interest rates to a two-decade high. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Donald Trump tapped JD Vance as his running mate, elevating to the Republican presidential ticket a venture capitalist-turned-senator whose embrace of populist politics garnered national attention and made him a rising star in the party.

(2) President Joe Biden defended his suggestion that Donald Trump should be “put in the bullseye” in an NBC News interview Monday following the assassination attempt on his Republican opponent. 

(3) Elon Musk is pledging to pour $45 million a month into a pro-Donald Trump political group, a move that would flood the Republican nominee’s reelection effort with cash through the November election.

(4) Federal Reserve Chair Jerome Powell said second-quarter economic data has provided policymakers greater confidence that inflation is heading down to the central bank’s 2% goal, possibly paving the way for near-term interest-rate cuts.

(5) The euro-area economy is gradually picking up and activity is on track to accelerate over the remainder of the year, European Economy Commissioner Paolo Gentiloni said on Monday. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Former President Donald Trump says he rewrote Republican National Convention speech to call for unity instead of focusing on President Joe Biden, he says in an interview with Washington Examiner.

(2) President Joe Biden implored candidates to cool their rhetoric after the assassination attempt on Donald Trump, warning the nation was heading down a dangerous path in which violence subverts the will of Americans. 

(3) -The US Secret Service is facing harsh public scrutiny and investigations as the assassination attempt of former President Donald Trump thrusts an agency with a checkered past into the center of a political firestorm.

(4) China's economy grew at the worst pace in five quarters as efforts to boost consumer spending fell short, piling pressure on Beijing to lift confidence at a twice-a-decade policy meeting this week.

(5) England's 58 year wait for a trophy will continue after losing 2-1 to Spain in the Euro 2024 final last night. Gareth Southgate's side were aiming to become the country's first men's team to win a major trophy since 1966. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of U.S Retail sales and Netflix earnings.
• In the UK – a look ahead to a meeting of the European Political Community.
• In Asia – a preview of China’s Third Plenum meeting.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast: 

(1) President Joe Biden vowed he would remain in the 2024 presidential race, but two critical mistakes in the span of two hours deepened concerns about his mental acuity that threaten his campaign.

(2)  US and German security services foiled a Russian plot to assassinate the chief executive officer of Rheinmetall AG, a German arms manufacturer producing weapons for Ukraine, people familiar with the matter said.

(3) - President Emmanuel Macron sought to convince fellow NATO leaders in Washington this week that the political turmoil in France wouldn't affect his ability to support the military alliance's goals, particularly when it comes to Ukraine.

(4) Federal Reserve Bank of Chicago President Austan Goolsbee described the latest inflation data as "excellent," adding the figures provided the evidence he's been waiting for to be confident the central bank is on a path to its 2% goal.

(5) The UK's Labour Party was propelled to a landslide victory in last week's general election by voters with mortgages, a new study shows, suggesting a desire for change among homeowners who are facing higher borrowing costs. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Joe Biden faced mounting opposition within his own party Wednesday as a Senate Democrat joined a growing number of House lawmakers in calling on him to step aside. 

(2) UK regulators have overhauled their rules for companies looking to make their public debut in London, part of a concerted effort to draw more initial public offerings to the City.

(3) Chancellor of the Exchequer Rachel Reeves faces the prospect of a budgetary hole worth as much as £30 billion pounds ($39 billion) that would hinder the ability of the UK's new government to fix the country's ailing public services.

(4) Archegos Capital Management founder Bill Hwang was found guilty of criminal charges stemming from his firm's 2021 collapse, concluding a two-month trial that captivated Wall Street.

(5) Ukraine is deploying an aerial arsenal of toy drones and duct-taped bombs to fight Russia as the economics of war changes. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Keir Starmer signaled Ukraine can use Britain’s Storm Shadow missiles to strike military targets inside Russia, confirming he would continue the previous UK government’s policy on the use of its long-range weapons in the Russia-Ukraine war.

(2) Even as congressional Democrats argued Tuesday over whether to stand behind Joe Biden’s candidacy, the White House and lawmakers grasped for a unified strategy: trying to change the subject from the president’s mental acuity to Donald Trump’s policy goals.

(3) French President Emmanuel Macron’s former prime minister, Edouard Philippe, called for parties of the center and center-right to join forces to form a new government as political jockeying gains steam in the aftermath of a snap election that has left the country’s parliament deeply divided.

(4) Federal Reserve Chair Jerome Powell said officials are increasingly wary of potential risks to the labor market from high borrowing costs as they seek more evidence inflation is slowing down.

(5) China’s consumer prices eked out another small gain in June, hovering near zero for a fifth month, a sign that deflationary pressures continue to impede an economic recovery.

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 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Joe Biden has not undergone any special neurological testing since his annual physical in February, his physician said as the administration looked to quell concerns about frequent visits to the White House by a Parkinson’s specialist.

(2) Joe Biden and NATO’s 31 other leaders had hoped their summit this week would celebrate fresh unity against Russia’s Vladimir Putin, send a warning to China and prove the alliance is as strong as ever in its 75th year.

(3) A political shock in France has forced bond investors to confront the reality that the nation’s fiscal deficit is an issue for here and now, not years down the road.

(4) Traders should brace for a significant pullback in the stock market as uncertainty swirls around the US presidential campaign, corporate earnings and Federal Reserve policy, according to Morgan Stanley’s Mike Wilson.

(5) Archegos Capital Management founder Bill Hwang’s lawyer made his final pitch to a jury poised to start deliberating his fate, arguing the US government’s fraud and market-manipulation case over the meltdown of the prolific investor’s family office “makes no sense.”  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) A left-wing coalition is on course to win the most seats in France’s legislative election in a surprise blow to far-right leader Marine Le Pen, who had hoped to form the next government.

(2) France looks headed for political instability after a surprise win by a left-wing coalition in Sunday’s legislative election offered no party a path to claim the majority needed to govern.

(3) The likelihood of a fragile French government after a shock victory for the left has analysts rushing to gauge the impact on markets there and beyond.

(4) Rachel Reeves will lay out the new Labour government’s plans to spur private investment in her first major speech as Chancellor of the Exchequer on Monday, as the party tries to ride the momentum of its landslide UK election win last week in a dash for economic growth.

(5) Several influential congressional Democrats said privately on Sunday they want Joe Biden to step aside as the party’s White House nominee, as the US president enters a pivotal week for his teetering reelection campaign 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week:

• In the US – it's the start of earnings season and the Archegos trial goes to jury
• In the UK – we look at the challenges facing new Prime Minster Keir Starmer
• In Asia – we will preview China's trade and CPI/PPI data

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On today's podcast:

(1) Keir Starmer's Labour Party won the UK general election and is on course for a huge parliamentary majority with votes still being counted, a result that upends British politics after Rishi Sunak's Conservatives imploded.

(2) Labour passed the magic number of 326 seats for a House of Commons majority just before 5 a.m. on Friday, confirming a change of government that was predicted for months but is still a remarkable turnaround for Starmer's party in a single electoral cycle.

(3) Some big Tory names have already lost their seats including Defence Secretary Grant Shapps. The exit poll puts them on course to win 131 seats, as Nigel Farage's populist Reform UK Party took chunks out of the Tory support.

(4) UK equity-index futures climbed and the pound held recent gains after the Labour Party won a majority of seats in Parliament, giving it a clear mandate to deliver on its pledge for greater economic stability.

(5) Before the vote, Labour placed economic stability at the top of its manifesto and pledged to stick to tough spending rules. Rachel Reeves, an ex-Bank of England staffer who's set to become the UK's finance minister, said that the administration would not raise three of the UK's key taxes on wages and goods.  

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On today's podcast:

(1) The drumbeat of pressure on Joe Biden to drop out of the US presidential race intensified Wednesday with a bombshell report in the New York Times that he had conceded the possibility to a key ally, as well as movement within his own party to demand his withdrawal.

(2) Vice President Kamala Harris has long been written off by many fellow Democrats, with her struggles as the second-in-command seeming to dim her prospects of one day becoming president. But as pressure mounts on President Joe Biden to step aside, party members are suddenly seeing her in a new light.

(3) Ukrainian President Volodymyr Zelenskiy said Donald Trump should come forward with his plan to quickly end the war with Russia, warning that any proposal must avoid violating the nation’s sovereignty.

(4) Just over six weeks since a UK general election was called, voters will have their say on the next government with polling stations open from 7am to 10pm.

(5) Federal Reserve officials said they were awaiting additional evidence that inflation is cooling and were divided on how long to keep interest rates elevated at their last policy meeting 

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On today's podcast:

(1) Boris Johnson made an unexpected campaign appearance on Tuesday night to urge Conservative voters to deny Labour a landslide victory at the UK general election, a last throw of the dice by Rishi Sunak's Tories to try to prevent huge losses that are expected at Thursday's vote.

(2) The last time the Labour party took over from the Conservatives, it shocked markets by surrendering control of UK interest rates to a newly-independent Bank of England in its first days on the job.

(3) Marine Le Pen's National Rally is trying to outmaneuver rivals that are pulling out well-worn tricks to keep the far-right out of power in the final round of legislative elections on Sunday.

(4) President Joe Biden blamed travel plans that took him to France and Italy in the weeks ahead of his disastrous debate against Donald Trump for his poor performance on stage, seeking to explain a moment that has upended the 2024 race and imperiled his re-election prospects.

(5) For the first time in its history, the S&P 500 closed above 5,500 on Tuesday to extend a blistering 2024 rally that's left analysts scrambling to update their targets.  

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On today's podcast:

(1) The European Central Bank doesn’t yet have sufficient evidence that inflation threats have passed, President Christine Lagarde said — feeding expectations that officials will take a break from cutting interest rates this month.

(2) French President Emmanuel Macron’s centrist alliance and the left-wing New Popular Front are weighing whether to pull candidates from the second round of the legislative election on Sunday to keep the ascendant far right out of power.

(3) Tuition caps and rising inflation have forced schools to slash costs and recruit more lucrative international students. That strategy is now colliding with limits on immigration.

(4) The Democratic National Committee is considering formally nominating Joe Biden as early as mid-July to ensure that the president is on November ballots, while helping to stamp out intra-party chatter of replacing him after last week’s poor debate performance.

(5) The criminal trial over Donald Trump’s attempt to overturn the 2020 election could be delayed for a year or more after the US Supreme Court ruled Monday that presidents have some immunity for their “official” acts. 

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On today's podcast:

(1) Marine Le Pen’s National Rally scored an emphatic victory in the first round of France’s legislative election and set its sights on an absolute majority as President Emmanuel Macron and her other opponents began maneuvering to keep the far right from power.

(2) The euro strengthened as traders digested signs Marine Le Pen’s far-right party was poised to win the first round of France’s legislative election with a smaller margin than some polls had indicated.

(3) Officials arriving at the European Central Bank’s annual retreat in Portugal this week will struggle to escape the political drama engulfing the euro zone’s second-biggest state.

(4) Opinion polls in Britain are still pointing to a crushing defeat for the governing Conservatives after 14 years in power as the election campaign reaches its final days.

(5) President Joe Biden’s campaign is going on the attack against a chorus of donors, consultants, officials and media voices calling on him to drop out of the 2024 race after his devastating debate performance. 

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Bloomberg Daybreak Weekend with Guest Host John Tucker takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the June jobs report.
• In the UK – a look ahead to UK elections.
• In Asia – a look ahead to the July 1st anniversary of the handover of Hong Kong to China from British colonial rule.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Joe Biden stumbled through exchanges in Thursday's presidential debate, a performance that risks exacerbating concerns about his age and intensifying Democratic worries about their candidate's ability to defeat Republican Donald Trump in November's election.

(2) The International Monetary Fund said Thursday that the US is running deficits that are too big and is weighed down by too much debt, and it warned of dangers from increasingly aggressive trade policies.

(3)  European Union leaders nominated Ursula von der Leyen for a second term as president of the bloc's executive arm, as part of an agreement on top jobs for the next five-year mandate. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Keir Starmer accused Rishi Sunak of being “out of touch” with voters as the Labour leader promised to fix Britain’s stagnant economy and ailing public services, and the prime minister used the final televised debate to attack his poll-leading rival on taxes ahead of next week’s election.

(2) Finance chieftains are once again looking to invest in London as political turmoil in France and the US make the UK look more competitive on the global stage, according to the chief executive officer of a top London lobbying group.

(3) Former French President Francois Hollande indicated he’d be ready to build a new coalition that could govern if elections deliver a hung parliament as a leftist bloc he’s joined struggles to paper over internal divisions.

(4)European Union leaders are poised to nominate Ursula von der Leyen for a second term as president of the bloc’s executive arm as part of a top jobs deal for the next five-year mandate.

(5) The era of big paychecks for Chinese financiers is fast coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign.

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On today's podcast:

(1) Leaders of France’s three biggest political groups clashed in their first televised debate on everything from retirement and taxes to immigration as they sought to convince voters that they can be trusted to run Europe’s second-biggest economy.

(2) Keir Starmer, who polls show is on course to be Britain’s next prime minister, said his Labour Party would target economic growth of at least 2.5% if it came to power at the July 4 general election.

(3) Italy will be offered the chance to fill a senior role in the next European Commission as centrist parties look to wrap up a deal on the bloc’s top jobs before a summit later this week.

(4) Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates “at some point,” adding that she expects inflation to improve gradually this year before more rapid progress in 2025.

(5) Rivian Automotive will get a much-needed cash infusion through a new partnership with Volkswagen AG as automakers large and small rethink their strategies in a slowing electric-vehicle market. 

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On today's podcast:

(1) Nvidia Corp. shares entered correction territory on Monday, as an ongoing selloff erased a historic amount of value for the AI-focused chipmaker.

(2) The Federal Reserve has shown other US regulators a three-page document of possible changes to their bank-capital overhaul that would significantly lighten the load on Wall Street lenders, according to people familiar with the matter. 

(3) Wikileaks co-founder Julian Assange will plead guilty to leaking US national security secrets and return to his home country of Australia, under a deal with the Justice Department that ends an almost 15-year battle over his prosecution.

(4) President Emmanuel Macron said the agendas of the far-right and far-left blocs in France’s upcoming legislative elections pit the country’s people against each other, going so far as to say that “extreme” parties could spark a “civil war.”

(5) Britain’s housing crisis has become so acute that the next government will need to build the equivalent of another city the size of London to make up for five decades of below-target construction, analysis of official data shows.

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Your morning briefing, the business news you need in just 15 minutes.On today's podcast:

(1) Rishi Sunak's chances of avoiding a landslide defeat in the UK general election dwindled further as his governing Conservative Party struggled to contain revelations that several of the prime minister's close aides placed bets on the date of the vote.

(2) Emmanuel Macron again sought to explain his decision to dissolve parliament, saying he aimed to take into account the defeat his party suffered in European elections and to avoid an even greater risk of turmoil to come.

(3) China and the European Union agreed to start talks on the bloc's plans to impose tariffs on electric vehicles imported from the Asian nation. 

(4) US prosecutors have recommended to senior Justice Department officials that Boeing Co. face criminal charges for violating a settlement related to two fatal crashes, Reuters reported, citing two people familiar with the matter it didn't identify.

(5) The so-called Ozempic Revolution has wiped billions off the market value of food and drink companies. But new weight-loss drugs are giving a boost to at least one line of products that have sometimes previously faced sluggish demand: yogurt.  

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S GDP, PCE data.
• In the UK – a look ahead to Iran’s Presidential election.
• In Asia – a discussion on the first 2024 U.S Presidential debate and how the U.S-China relationship will gain attention.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French President Emmanuel Macron spent much of his tenure persuading bankers and fund managers to flock to Paris after Brexit. His decision to call snap elections may give some in the industry pause.

(2) German Chancellor Olaf Scholz and the leaders of the country’s 16 federal states discussed plans to outsource asylum procedures to a third country, inspired by similar initiatives in the UK and Italy.

(3) As the cheap-money era fades into history, the world’s biggest real-estate investor Blackstone is moving into riskier new terrain in the hunt for stellar returns. 

(4) The Bank of England breathed fresh life into hopes for an imminent cut in interest rates, hinting that more of its officials may be close to backing a pivot away from the highest borrowing costs in 16 years. UK consumer confidence improved for a third consecutive month to the strongest level in 2 and 1/2 years, reflecting a rosier economic outlook ahead of the general election.

(5) Keir Starmer is preparing a blitz of planning reforms if his Labour Party wins the UK election next month, aimed at immediately boosting housebuilding in Britain as he seeks to deliver 1.5 million homes over five years.

(6) A pair of large bets in the fed funds futures market are attracting attention on Wall Street by setting aside the market-implied consensus for the Federal Reserve’s first interest-rate cut. 

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On today's podcast:

(1) This may be one meeting where the Bank of England is thankful the decision has been made for them. Prime Minister Rishi Sunak’s move three weeks ago to call an election has all but ruled out a rate cut when policymakers announce their decision at 12 p.m London time.

(2) Rishi Sunak’s Conservative Party is heading for an electoral wipeout in the UK general election on July 4, according to three major polls on Wednesday, including one that projected even the premier will lose his seat.

(3) Amid a brutal hiring war, Steve Cohen’s Point72, Ken Griffin’s Citadel and other giant hedge funds are going in a radical new direction: Training schemes for in-house superstars.

(4) The head of France’s Medef business lobby criticized the campaign programs of both the far right and an alliance of leftist parties, saying they are a danger to the economy.

(5) Citigroup said artificial intelligence is likely to displace more jobs across the banking industry than in any other sector as the technology is poised to upend consumer finance and makes workers more productive.

(6) As in past disputes, China looks to be readying a series of actions to punish the European Union for its proposed tariffs on electric cars. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Nvidia’s relentless rally has propelled the semiconductor giant’s market capitalization over its mega-cap tech peers, helping it clinch the title of the world’s most-valuable company as the artificial intelligence wave continues.

(2) Rishi Sunak’s Conservatives are on track to lose more than two thirds of the seats they won at the last general election when Britons cast their votes next month, according to the latest seat-by-seat analysis pointing to an electoral wipe-out for the prime minister’s party.

(3) Some UK private schools say they’ll have to cut bursary programs that help low-income families should the party follow through on charging schools a value-added tax.

(4) France and Italy will be among seven countries that will face a European Union infringement procedure for their excessive deficits last year, according to a person familiar with the matter.

(5) National Rally leader Jordan Bardella said he will not become prime minister if his party doesn’t get a resounding victory in France’s snap election, setting a high bar for the far right to take the reins of policymaking.

(6) Russian President Vladimir Putin arrived for his first visit to North Korea in 24 years as the US warned the meeting could further arms transfers from Kim Jong Un’s regime that aid the Kremlin in its assault on Ukraine. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) France’s political turmoil is causing concern in some European Union capitals that initiatives like joint military spending and a fresh push to support Ukraine could fall by the wayside.

(2) European Central Bank President Christine Lagarde said officials are being “attentive” to financial market-developments, shortly after her colleague Philip Lane said he’s not worried about French turbulence.

(3) Nickel is pouring into the electric vehicle supply chain from an Indonesian industrial park with a history of fatal accidents.

(4) Russian President Vladimir Putin will visit North Korea and Vietnam in rare trips to long-time partners as he faces renewed challenges in his war on Ukraine.

(5) Banks and asset managers including HSBC Holdings and BlackRock are helping finalize proposals for UK housing and energy policy that could form key planks of the Labour Party’s growth agenda if it wins next month’s general election.

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 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Far-right leader Marine Le Pen said she won't try to push out President Emmanuel Macron if she wins France's snap parliamentary election in an appeal to moderates and investors.

(2) French and Swiss finance firms are more likely to have former politicians as board members than their European peers, underscoring the close links between policy making and the world of money in the two nations, an Ernst & Young study showed.

(3) The specter of the UK's epic market meltdown two years ago is looming large over politicians as Britain prepares to go to the polls on July 4.

(4) Less than three weeks before the UK's general election, Prime Minister Rishi Sunak was beset by disastrous polls over the weekend that suggest he has little chance of turning his Conservative Party's fortunes around before the vote on July 4th.

(5) In the face of calls around the world to diversify out of the dollar in recent years, the US has nabbed almost one-third of all the investment that flowed across borders since Covid struck. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S Retail Sales, and Housing data.
• In the UK – a preview of next week’s Bank of England meeting.
• In Asia – a look ahead to a slew of Chinese eco activity data.

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Your morning briefing, the business news you need in just 15 minutes.

 On Today's Podcast:

(1) The Bank of Japan is making investors wait until its July meeting for details on its paring of bond buying, sparking renewed weakness in the yen and a pushing back of bets on an interest rate hike next month.

(2) French bonds tumbled, driving yields over safer German peers to the highest level in seven years, amid concerns Marine Le Pen’s far-right National Rally party will usher in looser fiscal policies if it wins upcoming elections.

(3) Reform UK leader Nigel Farage declared his party “the opposition to Labour” after an opinion poll showed it had overtaken the Conservatives for the first time, the latest evidence suggesting Prime Minister Rishi Sunak is heading for a heavy election defeat.

(4) Labour Leader Keir Starmer set out his party’s plan for government in a cautious pitch focused on growth and security that prioritized preserving a commanding lead in UK polls, while skirting the tough economic choices he’ll have to make if he wins power.

(5) The UK’s Labour Party confirmed plans to raise taxes on private equity fund managers. In its election manifesto, published Thursday, Labour pledged to change the taxation rules, which the party said would raise £565 million ($722 million) annually if it wins the general election on July 4.  

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Federal Reserve officials have dialed back their expectations for interest-rate cuts this year, though Chair Jerome Powell kept the door open for more as he emphasized the new forecasts represented a conservative approach.

(2) G7 leaders are set to reach a political agreement to provide Ukraine with $50 billion of aid using the profits generated by frozen Russian sovereign assets, according to an Elysee official.

(3) Labour is expected to reiterate its promise to target carried interest in its election policy pledges when the party announces its election manifesto today.

(4) French President Emmanuel Macron said he won't resign if his party suffers a poor result in a snap parliamentary election as he appealed to voters not to succumb to the "fever of the extremists."

(5) Fired SpaceX engineers have filed a lawsuit against Elon Musk for sexual harassment and retaliation in California state court, escalating their multifront legal battle with the billionaire chief executive and his aerospace company. SpaceX and Elon Musk did not immediately respond to requests for comment on the lawsuit. 

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On today's podcast:

(1)  Finance Minister Bruno Le Maire warned that France would be plunged into a debt crisis similar to one sparked in the UK two years ago if far-right leader Marine Le Pen were to win legislative elections slated for the end of the month and implement her economic program. 

(2) Conservatives on the left and right of the UK's ruling party lashed out against Prime Minister Rishi Sunak's manifesto, saying there's little prospect the electoral offer will shift opinion polls showing Keir Starmer's Labour is set for power in next month's election.

(3) Federal Reserve officials may not be ready to finalize closely watched projections for interest rates until the publication of a key report on consumer prices on the final day of their two-day policy meeting.

(4) The Biden administration is considering further restrictions on China's access to chip technology used for artificial intelligence, targeting new hardware that's only now making its way into the market, people familiar with the matter said.

(5) While the Italian prime minister's star keeps rising internationally, problems lurk back home with allies she can't quite trust and an economy operating on borrowed time. 

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 Your morning briefing, the business news you need in just 15 minutes.On today's podcast:
(1) Rishi Sunak faced last-minute calls by cabinet ministers to add new tax cuts and a tougher migration policy to the Conservative manifesto after early drafts provoked disquiet over the lack of big-ticket pledges that might prevent a heavy defeat in the UK general election.

(2) Far-right leader Marine Le Pen’s National Rally is seen garnering 34% of voter intentions in the first round of upcoming French legislative elections, compared with 19% for President Emmanuel Macron’s ruling party, according to a poll.

(3) Bill Gross is finding opportunities in Europe after surprising election results in the region rattled markets and sent French bond yields to their highest mark this year.

(4) The European Central Bank must stay cautious, and last week’s cut in borrowing costs won’t necessarily be followed by further rapid moves, according to President Christine Lagarde.

(5) Apple took the wraps off long-awaited new artificial intelligence features, including a partnership with ChatGPT maker OpenAI, betting that a personalized and understated approach to the technology will win over customers. 

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On today's podcast:

(1) After a crushing defeat in the European Parliament election on Sunday, French President Emmanuel Macron called a snap legislative ballot in a desperate bid to stop the rise of his far-right rival, Marine Le Pen.

(2) Prime Minister Giorgia Meloni is set to solidify her power after winning the vote in Italy for the European Parliament as far-right parties gained across the union.

(3) Benny Gantz resigned from Israel's emergency government and called for elections, criticizing Prime Minister Benjamin Netanyahu over his handling of the war against Hamas.

(4) Britain's Labour opposition has scrapped plans to reintroduce a tax-free limit on pension saving as the five main political parties prepare to publish their manifestos this week amid questions about how they'll pay for their campaign pledges.

(5) Apple's developers conference on Monday will show whether the iPhone maker can become a major player in the burgeoning field of artificial intelligence, marking a critical moment for a company forced to adapt to a new era. 

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of next week’s U.S CPI data and Fed decision, and a look at Apple’s Worldwide Developers Conference.
• In the UK – a preview of London tech week.
• In Asia – a look ahead to India CPI data and a monetary policy decision from the Bank of Japan.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) After a series of recent setbacks, Europe’s far-right parties are aiming for gains in elections to the European Parliament that kicked off on Thursday. 

(2) The European Central Bank delivered on its promise to cut interest rates but left investors querying where policy is headed next by also saying it will take longer for inflation to reach 2%.

(3) In a staggering loss for US prosecutors, a jury found UK tech tycoon Mike Lynch not guilty of criminal charges that he pulled off Silicon Valley’s biggest-ever fraud 13 years ago by duping Hewlett Packard Co. into buying his software startup for $11 billion.

(4) Britain’s next government will immediately face a funding crunch in town halls after councils warned of a £6.2 billion ($7.9 billion) hole in their budget plans over the next two years.

(5) Keir Starmer’s Labour Party plans to provide mortgage guarantees to first-time buyers in a bid to help young Britons get onto the housing ladder if it wins next month’s general election.

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 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The European Central Bank is poised to start lowering interest rates from record highs, confident that inflation is sufficiently contained to ease the burden on the economy.

(2) Nvidia was already the world’s most valuable semiconductor firm. Now, it’s become the first computer-chip company ever to hit $3 trillion in market capitalization.

(3) A flood of cash from passive equity allocations will pour into the stock market in early July, setting up a continuing rally through the early summer, according to Goldman Sachs Group Inc.’s trading desk.

(4) LondonMetric Property will join the FTSE 100 Index in a reshuffle that pushes Ocado Group out of Britain’s blue-chip gauge for the first time in six years.

(5) The return of Brexit architect Nigel Farage as leader of Reform UK and a candidate in next month’s general election has seen the right-wing party close to within just two points of Prime Minister Rishi Sunak’s governing Conservatives, threatening a dire election result for the premier, a new poll by YouGov showed. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Rishi Sunak reached for a tried-and-tested Conservative weapon in his first UK election campaign debate with Keir Starmer, repeatedly warning that the Labour leader would raise taxes. But their heated prime-time TV clash showed up the prime minister’s own weaknesses as much as his opponent’s.

(2) Indian Prime Minister Narendra Modi is gearing up for coalition talks after his party lost its majority in parliament, forcing him to rely on allies to form a government for the first time since he stormed to power a decade ago.

(3) US job openings fell in April to the lowest level in over three years, consistent with a gradual slowdown in the labor market.

(4) Intel agreed to sell a stake in a venture that controls a plant in Ireland to Apollo Global Management Inc. for $11 billion, helping bring in more external funding for a massive expansion of its factory network.

(5) UK banknotes featuring the portrait of King Charles III will enter circulation Wednesday, though they’re likely to be rare for some time in everyday cash transactions. 

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On today's podcast:

(1) India will announce election results later today, with investors already cheering a third term victory for Prime Minister Narendra Modi based on exit polls, pushing stocks to a record.

(2) Rishi Sunak is considering hardening his Conservative Party’s position on the European Convention on Human Rights, as disastrous polling and Brexit architect Nigel Farage’s decision to stand for Reform UK in the general election leave the premier’s ruling party facing a potential wipe out.

(3) Marks & Spencer’s chief executive officer pay rose by about £2 million ($2.6 million) last year as the UK retailer’s turnaround progressed.

(4) A glitch during a software update early Monday led the New York Stock Exchange to erroneously halt trading on about 40 stocks and display odd trades showing a 99% drop in companies including Warren Buffett’s Berkshire Hathaway.

(5) GameStop shares have surged after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a $116 million position in the video-game retailer on Sunday.

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On today's podcast:

(1) South Africa's African National Congress has begun talks with rivals to form a government following its worst performance since Nelson Mandela led it to power at the end of apartheid in 1994. 

(2) Keir Starmer will today pitch Labour as the "party of national security" in a bid to squeeze Rishi Sunak's Conservatives on traditional Tory turf as the rivals prepare to face off in a UK election debate on Tuesday.

(3) Claudia Sheinbaum is set to become Mexico's first female leader in a landslide victory, capitalising on outgoing President Andres Manuel Lopez Obrador's popularity while also inheriting rampant criminal violence and a large fiscal deficit left by his government.

(4) Oil swung between gains and losses after OPEC+ set out a plan to restore some production as early as October, despite concerns over the demand outlook and robust supply from outside of the group.

(5) Emmanuel Macron wants to strengthen France's global influence. Unrest on an island territory thousands of miles from Paris is a huge test for that ambition  

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of the May jobs report in the U.S, and a look ahead to Gamestop earnings.
• In the UK – a look ahead to the next ECB decision and European Parliament elections.
• In Asia – a preview of China trade data, TSMC's sales and revenue, and the Computex tech show.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast: 

(1)   Donald Trump was found guilty in the first criminal trial of a former US president in the nation’s history, a verdict that could reshape the political landscape five months before Election Day.

(2)   President Joe Biden will allow Ukraine to launch US-provided munitions against military targets inside a limited area of Russia, overcoming concern that any such move could provoke a wider war with the West.

(3)  US officials have slowed the issuing of licenses to chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. for large-scale AI accelerator shipments to the Middle East, according to people familiar with the matter, while officials conduct a national security review of AI development in the region.

(4) Czech billionaire Daniel Kretinsky, who plans to purchase the company that owns UK’s Royal Mail, says the British postal service needs new investment to be competitive. 

(5) Just hours after South African President Cyril Ramaphosa confidently predicted that the ruling party would easily retain its three-decade stranglehold on politics, it was increasingly clear that voters had other ideas — sending the country into uncharted terrain. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) BHP has decided against making a firm offer for Anglo American, instead walking away for now from what would have been the biggest mining deal in over a decade.

(2) Jamie Dimon said he expects problems to emerge in private credit and warned that "there could be hell to pay," particularly as retail clients gain access to the booming asset class.  

(3) The European Central Bank is set to take the unprecedented step of imposing fines on several lenders for their protracted failure to address the impact of climate change.

(4) Saudi Arabia is preparing to formally launch a secondary offering of shares in oil giant Aramco as soon as Sunday, a deal that could raise more than $10 billion and rank among the largest of its kind in recent years.

(5) Wall Street firms are buying up family-owned businesses from electricians to pest control. The UK's richest plumber has regrets about selling out.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1)  Ukraine must be allowed to target missile crews inside Russia with European-supplied weapons, according to French President Emmanuel Macron.

(2)  Germany and France have agreed to make rapid progress to deepen the European Union’s capital markets to boost investment in the bloc after years of discussions, French President Emmanuel Macron said.

(3) Keir Starmer’s poll-leading opposition Labour Party is seeking to reassure the City of London it is not considering further taxes on Britain’s banks if it wins power at the UK general election on July 4.

(4) The White House said an Israeli strike on an encampment in Rafah that left dozens dead was devastating but would not cause President Joe Biden to freeze additional arms shipments to the country.

(5) With just hours left on the clock, advisers for BHP Group and Anglo American Plc were still struggling to find a breakthrough to salvage BHP’s ambitious $49 billion takeover plan. 

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 Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The killing of an Egyptian soldier in a clash with Israeli troops at a Gaza border crossing on Monday further inflamed regional tensions after an Israeli airstrike killed an estimated 45 Palestinians at a camp for displaced people.

(2) The Labour party has won the endorsement of 120 business executives who have said that a “new outlook” is needed so the UK can “break free” from a decade of economic stagnation in a letter to The Times.

(3) Prime Minister Rishi Sunak will promise pensioners a tax cut if his Conservatives upset the odds and win the general election, the latest gambit to try to shore up the core vote as internal polling showed the Tories could lose more than 100 seats due to the resurgence of the right-wing Reform UK party.

(4) Price increases at UK retailers fell in early May to their lowest level in more than two years, adding to signs of an improving economic outlook.

(5) The US stock market is finally as fast as it was about a hundred years ago. That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules.

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In this Holiday Edition of Bloomberg Daybreak:

We take a look at markets and inflation's impact on equities with Alicia Levine of BNY Mellon and Invesco's Brian Levitt

We check in on the strength of the global economy with Bloomberg's Michael McKee and Anna Wong. 

Plus, we get some travel tips for the summer with The Points Guy, Brian Kelly. 

Hosted by Nathan Hager

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a preview of core PCE inflation and GDP data, and a look ahead to Dell and HP earnings.
• In the UK - a look ahead to the 77th World Health Assembly in Geneva.
• In Asia – a preview of a two-day summit between Japan, South Korea and China in Seoul.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) In the City of London, executives are looking forward to the imminent general election as a chance for clarity after a turbulent few years.

(2) A two-speed global economy skewed by US strength is overshadowing this week’s Group of Seven meeting as officials confront the prospect of less synchronized monetary policies.

(3) Segantii is shutting down and returning capital to investors after an insider trading charge in Hong Kong sparked concerns about a flood of redemptions, according to people familiar with the matter.

(4) Elon Musk’s SpaceX has initiated discussions about selling existing shares at a price that could value the closely held company at roughly $200 billion, according to people familiar with the matter.

(5) Alphabet and Meta Platforms have held discussions with major Hollywood studios about licensing content for use in the tech giants’ artificial intelligence video generation software, according to people familiar with the matter.

(6) Citigroup, HSBC Holdings and Barclays are ordering more staffers to report to company offices five days a week as regulatory changes make it trickier for Wall Street to allow working from home. 

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Standing in the rain and being drowned out by protesters playing the Labour Party’s 1997 victory anthem “Things Can Only Get Better” will not have been Rishi Sunak’s preferred backdrop for his announcement naming the date of the next UK election.

(2) UK Prime Minister Rishi Sunak’s decision to stake the Conservative Party’s future on a rare summer election was so secret that even his chancellor of the exchequer, Jeremy Hunt, appeared surprised by the plan.

(3) Nvidia the chipmaker at the center of an artificial intelligence boom, gained in late trading after a bullish sales forecast showed that AI computing spending remains strong.

(4) Federal Reserve officials earlier this month coalesced around a desire to hold interest rates higher for longer and “many” questioned whether policy was restrictive enough to bring inflation down to their target.

(5) BHP Group just won an extra week to convince Anglo American Plc on its $49 billion takeover plan. But the world’s biggest miner still must resolve the deal’s most intractable obstacle: What to do about South Africa? 

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