Bloomberg Daybreak: Europe Edition

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 CPI and PPI data, along with Netflix earnings. In the UK – a look ahead to a speech from UK Chancellor Rachel Reeves. In Asia – a look at several key data points for the Japanese economy.   See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar. (2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned.   (3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit.   (4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies. (5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth. (6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.   (7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense.  Podcast Conversation: Hotels’ Luxury Brand Pop-Ups Are a Key Summer Strategy See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar. (2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned. (3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit. (4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies. (5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth. (6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies. (7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense. Podcast Conversation: BloombergUK to End Paper Shares After 400 Years to Boost City’s Appeal14 hours ago See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Donald Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency plunging as the US leader sharply escalated a dispute with Latin America’s largest nation and leftist leader Luiz Inacio Lula da Silva.   (2) President Donald Trump said the US would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move that will hurt American producers of everything from automobiles to appliances. (3) Nvidia became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market. (4) As the deadline for talks on US 'reciprocal' tariffs nears, Bloomberg Economics estimates the EU's best-case scenario - where the EU faces only 10% tariffs and no duties on cars, car parts, or metal products -- the tariff shock would drop to about 5.5 percentage points, down from 9 points under current policy. (5) Running could turn around the fortunes of Puma SE and Adidas AG as they look to make up ground lost to new upstarts before US tariffs start to bite. (6) The UK and French governments plan to order more of the Storm Shadow cruise missiles that they’ve been supplying to Ukraine, as well as accelerate efforts to develop a next-generation replacement for the weapons. (7) On Wednesday, scientists released a first-of-its-kind rapid attribution study linking recent deaths in Europe due to climate change-linked extreme heat, which killed an estimated 2,300 people in 12 European cities, including Barcelona, between June 23 and July 2. Podcast Conversation: The Part-Time Soldiers Signing Up to Defend Europe See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) US President Donald Trump sowed fresh chaos in metals markets with news of a higher-than-expected 50% tariff on copper imports, spurring a record spike in US futures and a drop in the global benchmark. (2) President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.   (3) As the European Union nears a trade deal with the US, its negotiators are focusing on protecting key industries from massive tariffs set to hit the bloc’s exports as soon as Aug. 1. (4) Britain is at risk of a £22 billion ($29.9 billion) surge in debt-interest costs as pension schemes buy fewer government bonds, threatening to worsen an “unsustainable” outlook for the public finances.   (5) UK officials were kept in the dark over a crucial report detailing major cultural failings at the statistics body that contributed to the breakdown of official unemployment data. (6) SpaceX is discussing plans to raise money and sell insider shares in a deal that would value Elon Musk’s rocket and satellite maker at around $400 billion, people familiar with the matter said. Podcast Conversation: From Delhi to Dubai: Food Trends That Will Dominate Snack Aisles See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, but suggested that he was still open to additional negotiations and pushed off increased duties until at least Aug. 1. (2) The European Union is seeking to conclude a preliminary trade deal with the US this week that would allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as they negotiate a permanent agreement.   (3) The UK is racing to secure US agreement to make operational a deal to eliminate tariffs on British steel ahead of a Wednesday deadline when American officials could choose instead to raise the levy to 50%. (4) More than 100 people have been confirmed dead in floods that tore through central Texas over the weekend, marking a grim milestone as searchers used boats, dogs and drones to locate victims and authorities debated whether anything more could have been done to prevent the disaster. (5) The UK government is moving to ban employers deploying nondisclosure agreements to muzzle workers who have been victims of misconduct on the job. (6) France's President Emmanuel Macron arrives in Britain today for the first state visit from a french leader since 2008. Podcast Conversation: Outdoor Baths, Americans Are Driving Cotswolds Property Trends See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS,” injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners.   (2) China will impose some reciprocal curbs on medical-device procurement for companies based in the European Union, adding tensions between the two major trading partners just as Beijing seeks to shore up ties while it fights a trade war with the US. (3) 82 people are now known to have died in Texas after catastrophic flooding that left officials struggling to explain whether they did enough to warn people of the fast-rising waters. (4) British bosses were clamouring for change after 14 years of rule by the opposition Conservative party. But a year on from the Labour Party’s landslide election win, that initial optimism has been replaced by discontent over tax increases, persistent red tape and a lack of dialogue with the government. (5) Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook. (6) The UK government talked down hopes that the two-child cap on parental benefits might be scrapped, as Prime Minister Keir Starmer seeks to hold the line on spending after failing to push through separate controversial welfare cuts. (7) President Donald Trump blasted Elon Musk’s bid to start a new political party, as the intensifying feud between the former allies deepens concerns among investors over the implications for Tesla Inc. and other companies helmed by the world’s richest man. Podcast Conversation: Trump's Style Is a Lot. But It's Not Rococo: Feargus O'Sullivan See omnystudio.com/listener for privacy information.

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 Delta earnings and a summer travel outlook.  In the UK – a look ahead to JP Morgan's Jamie Dimon visit to Ireland ahead of the US tariff deadline for Europe In Asia – a look at how recent data from China are providing an ambiguous read on the health of the world's second largest economy. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) US President Donald Trump said that his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which he said countries would have to begin paying on Aug. 1. (2) The Chinese government intends to cancel part of a two-day summit with European Union leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing. (3) Treasury Secretary Scott Bessent dismissed the idea that the dollar’s recent declines raise concerns about its status as the world’s key currency. (4) The smiling faces of Rory McIlroy, Scottie Scheffler and other millionaire champions beam out from the marketing material for next week’s Scottish Open. “This is Golf Country,” goes the tagline. But away from the sport’s royalty and the glitz of venues such as US President Donald Trump’s two resorts, the home of golf has little to smile about. (5) President Donald Trump secured a sweeping shift in US domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden’s efforts to move the country toward a clean-energy economy. (6) Chancellor of the Exchequer Rachel Reeves stressed her commitment to fiscal discipline in her management of the UK’s public finances after reassurances about her position from Prime Minister Keir Starmer led jittery markets to rebound on Thursday. (7) Tributes from the footballing world have continued for Liverpool's Diogo Jota, who died in a car crash alongside his brother in Spain yesterday. Podcast Conversation: The Cushiest Job in Corporate America Is No More See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) UK Prime Minister Keir Starmer said Rachel Reeves will stay on as Chancellor of the Exchequer, as he sought to draw a line under speculation about her future that sparked a bond selloff. (2) As speculation of Reeves’ potential ouster raced through markets, 30-year gilt yields surged 19 basis points Wednesday, the biggest jump since April and one strong enough to send ripples into US Treasuries. Stocks slid. And the pound tumbled as investors headed for the exits, skeptical of Starmer’s continued commitment to shoring up the nation’s precarious finances.   (3) The “weaponization” of foreign exchange is posing a growing headache for central bank reserve managers, giving them more reason to boost their holdings of gold. (4) House Republican leaders struggled to find the final votes to advance Donald Trump’s massive tax and spending package, holding a key vote open for hours as the president and his allies worked to win them over but expressing confidence the legislation would eventually pass.   (5) President Donald Trump’s administration has lifted recent export license requirements for chip design software sales in China, as Washington and Beijing implement a trade deal for both countries to ease some restrictions on critical technologies. (6) President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports. Podcast Conversation: Wimbledon Investors Turn 75% Profit Trading Access to VIP Seats See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Keir Starmer dramatically abandoned his flagship welfare reforms to avoid a historic defeat, leaving the UK prime minister’s authority badly damaged and his government facing a widening fiscal hole to fill.   (2) The Trump administration is halting the transfer of artillery rounds and air defenses to Ukraine, depriving the country of much-needed weapons as it endures stepped-up missile and drone attacks from Russia. (3) President Donald Trump said Israel has agreed to the conditions needed for a 60-day ceasefire in Gaza, adding that the plan would now be presented to Hamas. (4) AstraZeneca's Chief Executive Officer Pascal Soriot wants to move the drugmaker’s stock listing to the US, the Times reported, in what would be another sign of the UK’s waning status as a magnet for global capital. (5) Bank of England Governor Andrew Bailey said high interest rates are having less of an impact on inflation because of Britain’s low levels of debt among both businesses and consumers. (6) Banco Santander agreed to buy Banco Sabadell SA’s UK unit for £2.65 billion ($3.64 billion), a deal that will make it the UK’s third-largest lender by some measures. Podcast Conversation: Amazon's Goodreads Is Forgetting Why It Exists See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc’s exports, but wants the US to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. (2) President Donald Trump threatened to proceed with ramping up tariffs on Japan, while his top economic adviser said the White House aims to finalize deals with partners after the July 4 holiday. (3) UK Prime Minister Keir Starmer is girding for what could be the most consequential vote of his premiership, with Labour rebels warning that the government’s welfare overhaul still risks defeat despite huge concessions to push it through parliament. (4) Apple is considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort. (5) Cybersecurity woes are plaguing the US Treasury Department, deepening a rift between the agency responsible for protecting the integrity of the financial system and the banks it regulates. (6) Senate Republican leaders continue to scrounge for votes to pass Donald Trump’s $3.3 trillion tax and spending bill as lingering intraparty fights threaten to upend the legislative centerpiece of the president’s domestic agenda. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) With just 10 days to go until President Donald Trump’s country-specific tariffs are set to resume, the White House appears poised to fall short of the sweeping global trade reforms it promised to achieve during the three months they were on hold.  (2) Canada has withdrawn its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the US (3) Senate Majority Leader John Thune is rushing to meet President Donald Trump’s July 4 deadline for pushing through his massive tax and spending bill, but first he has to work through a list of approximately eight Republican senators who have expressed opposition to portions of it.  (4)  President Donald Trump said he has identified a buyer for the US operations of TikTok, the social media app owned by Chinese company ByteDance Ltd., without naming the winning bidder.  (5)  European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half, the most dramatic sign of how the region’s markets are staging a comeback after more than a decade in the doldrums. (6) Keir Starmer is working to contain the rebellion in his Labour Party ahead of a vote Tuesday on his flagship welfare policy that’s provoked widespread criticism and called his leadership into doubt. Podcast Conversation: UK’s Record-Breaking Sunshine Isn’t All Good News: Lara Williams See omnystudio.com/listener for privacy information.

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 the June jobs report and commodities outlook. In the UK – a look ahead to the annual summer economic conference in the Southern French city of Aix. In Asia – a look at relations between China and Iran. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The US Treasury Department announced a deal with G-7 allies that will exclude American companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill. (2) The European Union is prepared for all eventualities in its trade negotiations with the US, including for a breakdown in talks, Ursula von der Leyen said, after discussing the latest proposals from the Trump White House with the bloc’s leaders.   (3) The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners. (4) Keir Starmer agreed to pare back a divisive £5 billion ($6.9 billion) cut to welfare to quiet a rebellion by his own party, a decision that will likely leave both Britain’s fiscal plans and the prime minister’s own leadership in need of repair.   (5) The Labour government’s payroll tax is costing the UK jobs, depressing workers’ earnings and pushing up food prices, Bank of England Governor Andrew Bailey said as he warned that the risks to inflation remain “two-sided.” Podcast Conversation: Anna Wintour Is Giving Up Her Daily, Duties at Vogue Magazine See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) NATO leaders agreed to increase defense spending to 5% of GDP and renewed their “ironclad commitment” to mutual security in an historic move to push back against an increasingly belligerent Russia (2) President Donald Trump said the US would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country’s nuclear program, citing the damage that American bombing had done to key sites. (3) Worldline SA Chief Executive Officer Pierre-Antoine Vacheron blamed an orchestrated media campaign for the firm’s precipitous share decline in an effort to dig the company out of its current crisis. (4) President Donald Trump said he has three or four people in mind to succeed Federal Reserve Chair Jerome Powell when his term expires next year. (5) Chancellor of the Exchequer Rachel Reeves should resist the temptation to raise levies on UK companies further because of the risk of strangling economic growth, one of the country’s biggest business lobbies said. (6) The UK is seeking to increase the recognition of British professional certifications abroad, a move aimed at boosting the nation’s service-sector exports by making it easier for highly skilled employees to work for clients overseas. Podcast Conversation: Amazon Says Denis Villeneuve Will Direct Next James Bond Film See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) American airstrikes had only a limited impact on Iran’s nuclear program, according to early US intelligence findings, as the United Nations watchdog urged fresh inspection of the sites.   (2) Donald Trump ensured that NATO’s high-stakes summit would be a nervy affair to the end as he flew in to The Hague fueling doubts about whether the US remains fully committed to defending its allies.   (3) The European Union plans to impose retaliatory tariffs on US imports, including on Boeing aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect. (4) Chinese companies are ramping up shipments to Britain to levels not seen in years, a possible sign that the Asian factory powerhouse is finding export markets unimpeded by high tariffs like those President Donald Trump has imposed. (5) Federal Reserve Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them. (6) Former New York Governor Andrew Cuomo conceded to his upstart rival Zohran Mamdani in the Democratic primary in the race to become mayor of New York City after the 33-year-old Queens lawmaker racked up commanding leads across Brooklyn, Queens and Manhattan. Podcast Conversation: Elite Dating Services Are Thriving as Love Defies Economic Woes See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Iran and Israel appeared to be nearing a pause in their 12-day war after President Donald Trump announced a surprise ceasefire in a conflict that saw key Iranian military leaders and scientists killed, US bombing of Iranian nuclear sites and a salvo of missiles launched at Qatar. (2) An attack on a US air base near Doha on Monday that Iran billed as a retaliation to American airstrikes ordered by President Donald Trump ended with missiles were intercepted in the air, and no one was killed or hurt. The Qataris knew the missile barrage was coming. So did the Americans. The Iranians had told them. (3) Oil extended a slump as US President Donald Trump announced a tentative ceasefire between Iran and Israel. (4) UK Prime Minister Keir Starmer will vow to spend 5% of British economic output on security by 2035, embracing an ambitious NATO target sought by President Donald Trump without providing a path on how to get there. (5) The European Union and Canada have signed a security partnership that moves them closer to cooperation on military purchases, as Prime Minister Mark Carney aims to reduce his country’s dependence on the US for defense. (6) UK Prime Minister Keir Starmer welcomed a three-year program by Amazon.com Inc. to invest £40 billion ($54 billion) in the British economy over the next three years, including opening four new warehouses. Podcast Conversation: Ireland Sees Thousands of Jobs at Risk From US Pharma Tariffs and Stephen meeting Ireland's Finance Minister See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The unprecedented US airstrikes on Iran have set traders and governments worldwide on edge, as the Islamic Republic warns of retaliation and Israel shows no sign of letting up in its assault. (2) Iran warned there would be consequences for US strikes on its key nuclear sites and said it “reserves all options,” while showing restraint in its initial response. (3) The US State Department issued a “Worldwide Caution” alert for American citizens, flagging the potential of travel disruptions and demonstrations following the US strikes on Iranian nuclear facilities. (4) Oil jumped after the US struck Iran’s nuclear sites, stoking concerns that energy supplies from the Middle East could be disrupted. (5) Two supertankers, each capable of hauling about 2 million barrels of crude, U-turned in the Strait of Hormuz after US airstrikes on Iran raised the risk of a response that would ensnare commercial shipping in the region.   (6) The UK said its military wasn’t involved in American air strikes on Iran, although a cabinet minister expressed support for their results Podcast Conversation: To a President With a Midnight Hammer, Everything Is a Nail, The US Has Two Paths in Iran. Tehran’s Clerics Will Decide Both. See omnystudio.com/listener for privacy information.

American bombers struck Iran’s three main nuclear sites overnight, putting the US directly into Tehran’s war with Israel despite President Donald Trump’s longtime promises to avoid new conflicts. Addressing the nation late on Saturday in Washington, Trump said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated.” He threatened “far greater” attacks if Iran doesn’t make peace, raising the specter of even deeper US involvement in a Middle Eastern war that began with Israel’s strikes on the Islamic Republic nine days ago. Trump earlier said US planes dropped bombs on Fordow, a uranium-enrichment site buried deep under a mountain and seen as vulnerable only to “bunker buster” munitions that the US possesses. Natanz and Isfahan, two other sites, were also struck. “Our objective was the destruction of Iran’s nuclear enrichment capacity and a stop to the nuclear threat posed by the world’s No. 1 state sponsor of terror,” Trump said. “Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater — and a lot easier.” Iran’s foreign minister, Abbas Araghchi, said the US’s move “outrageous and will have everlasting consequences.”“Iran reserves all options to defend its sovereignty, interest, and people,” he said. Tehran’s nuclear regulatory agency said there was no sign of radiation contamination at the sites and that it had take precautions in anticipation of an attack. On this special edition of Bloomberg Surveillance, hosts Tom Keene and Paul Sweeney speak with: - Ethan Bronner, Israel Bureau Chief for Bloomberg News - Joe Mathieu, co-host of Bloomberg Balance of Power - Gautam Mukunda, professor at Yale School of Management and Bloomberg Opinion columnist - Dan Williams, Bloomberg News Jerusalem reporter - Jennifer Lawless, professor at University of Virginia See omnystudio.com/listener for privacy information.