Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) Greater Manchester mayor Andy Burnham won a decisive victory for the ruling Labour party in a by-election that delivers him a seat in the UK parliament and with it a pathway to challenge Prime Minister Keir Starmer for his job.

(2) British policymakers declared that the business world could fend for itself during Brexit. History suggests they were partly right, but the underlying story, however, is more complicated as the missed opportunities of a lost decade start to stack up.

(3) The pound is set to face growing pressure as its recovery from the post-Brexit selloff has made it the most overvalued currency among major peers, according to Goldman Sachs.

(4) Vice President JD Vance will not depart Thursday night for face-to-face negotiations with Iran in Switzerland, the White House said, as the US and Iran begin a 60-day countdown to reach a nuclear agreement and a more permanent peace deal.

(5) Dutch chip-equipment giant ASML Holding NV is contending with its biggest challenge yet under the Trump administration: In a series of recent meetings, Commerce Secretary Howard Lutnick outlined concerns to ASML’s senior leaders that one of its top-of-the-line machines may have made its way into China, in violation of US-led export restrictions.

(6) Lithuanian President Gitanas Nauseda said the European Union shouldn’t rush into peace talks with Russia, distancing himself from recent EU efforts to engage Vladimir Putin.

Podcast Conversation: Why Guinness Keeps Growing While Beer Sales Worldwide Fizz Out
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump and his team had several red lines that they used to justify the US war against Iran. At a press conference on Wednesday, Trump largely brushed them aside.

(2) Hosting his very last Group of Seven summit, Emmanuel Macron needed every base covered to make sure it was a success and he came prepared, even for a surprise at the end.

(3) It didn’t take Kevin Warsh long to get the bond market’s attention. In his first press conference as the Fed chair, Warsh again and again emphasized the Fed’s commitment to getting inflation under control.

(4) The Bank of England is expected to hold interest rates on Thursday as inflation proves less of a threat than feared and energy costs fall on hopes for an end to the conflict in the Middle East.

(5) Harry Kane scored twice to equal the English record for World Cup goals, and Jude Bellingham put England in front for good two minutes into the second half of a 4-2 victory over Croatia on Wednesday.

(6) While Europe has fallen behind the US and China in consumer AI, it has a deep trove of production and manufacturing data and expertise from an industrial sector stretching back more than a century.

Podcast Conversation: Middle Management Is Getting an Overhaul in the Age of AI

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

On today's podcast:

(1) Iran is set to receive broad financial incentives as part of its agreement with the US, including the right to sell oil immediately, tap a $300 billion development fund and get eventual access to its frozen assets, according to a final draft of the deal.

(2) European Central Bank officials are signaling that a US-Iran peace accord won’t necessarily stop them lifting interest rates further, even if it prevents a more pronounced overshoot in inflation.

(3) Federal Reserve policymakers are expected to hold interest rates steady on Wednesday, posing an early test for new chairman Kevin Warsh as rising inflation erodes households’ purchasing power and President Donald Trump continues to press for lower borrowing costs.

(4) SpaceX jumped for a third straight day on Tuesday, overtaking Amazon.com in value to become the fifth-largest stock in the world.

(5) HSBC said it will use Alphabet’s Google Cloud to roll out artificial intelligence across its global operations, including through projects that can each generate more than $100 million in extra revenue or savings.

(6) When Rupert Lowe was ejected from Reform UK in early 2025 over alleged bullying and threatening behavior, party leader Nigel Farage thought he was cutting loose a liability. Instead, he created one of a different kind.

Podcast Conversation: Sam Altman’s Career Coach Teaches AI Bosses ‘Emotional Clarity'

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

On today's podcast:

(1) US President Donald Trump keeps repeating that the Strait of Hormuz — through which one fifth of the world’s oil and liquefied natural gas supplies normally flow — will reopen by Friday.

(2) The UK said it would impose fresh sanctions on Russia and extend further energy support to Ukraine, as Prime Minister Keir Starmer and his European allies seek to increase pressure on Vladimir Putin and encourage US President Donald Trump to push for new peace talks to end the conflict.

(3) Swiss voters are more inclined to back closer ties with the European Union than reject it, a poll showed in the wake of a plebiscite that had threatened to upend the relationship.

(4) China’s consumer spending and investment slumped to levels unseen since the pandemic, exposing risks still facing the economy even as it benefits from a deescalation in tensions around Iran while exports boom.

(5) SpaceX shares jumped in their second day of trading, adding to gains following a blockbuster debut that instantly vaulted it into the ranks of the world’s most valuable public companies.

(6) Andy Burnham, the prime ministerial-hopeful who markets worry may be too far to the Left, has at least one economic idea that should go down well across the political spectrum: reverse deindustrialization.

Podcast Conversation: Polymarket Traders Clash Over $345 Million Iran Peace Market
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The US and Iran said they reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for 60 days of negotiations on the fate of Tehran’s nuclear program.

(2) Oil sank after the US and Iran agreed to an interim deal to end their months-long war, potentially allowing the Strait of Hormuz to reopen and easing a supply crunch that has rattled global energy markets.

(3) “We are prepared to lift relevant sanctions in response to clear, verifiable steps by Iran on its nuclear programme,” according to a joint statement from the leaders of the UK, France, Germany and Italy.

(4) The Iran war has produced an unusual sight on the Bank of England’s rate-setting panel: unity. Economists don’t expect it to last.

(5) Artificial intelligence is pulling the global labor market in two opposite directions, rewarding companies that use AI to enhance human skills, while leaving those who use it merely to cut costs further behind, a new study suggests.

(6) Keir Starmer will start a crucial week for his premiership by announcing a package of strong restrictions designed to protect British teenagers from online threats.
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